Equity benchmark <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> jumped over 500 points in early trade on Wednesday, tracking gains in index majors HDFC twins, <keyword id="6357147" type="General" weightage="80" keywordseo="tata-steel" source="Orion">Tata Steel</keyword> and <keyword id="6355199" type="General" weightage="20" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> amid positive cues from Asian markets. The 30-share index was trading 515.05 points or 0.90 per cent higher at 57,579.92 in initial deals. Similarly, the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> rose 185.15 points or 1.09 per cent to 17,168.35. IndusInd Bank was the top gainer in the Sensex pack, rising 3.21 per cent, followed by <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword>, HDFC, Tata Steel, SBI, Asian Paints and NTPC. On the other hand, Dr Reddy's and PowerGrid were among the losers. In the previous session, the 30-share BSE index settled 195.71 points or 0.34 per cent lower at 57,064.87. Similarly, the NSE Nifty declined 70.75 points or 0.41 per cent to close below the 17,000-mark at 16,983.20. Elsewhere in Asia, bourses in Tokyo, Hong Kong, Shanghai and Seoul were trading with gains in mid-session deals. Stock exchanges in the US ended with losses in the overnight session. Meanwhile, international oil benchmark Brent crude fell 3.91 per cent to USD 70.57 per barrel. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 5,445.25 crore on Tuesday, as per exchange data. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ola-to-invest-up-to-786-crore-in-ola-financial-services/articleshow/88020745.cms">Ola to invest up to ₹786 crore in Ola Financial Services</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a>

Sensex surges over 500 points in early trade; Nifty above 17,150 — IndusInd Bank, Tech Mahindra, HDFC, Tata Steel, SBI, Asian Paints and NTPC top gainers

Zomato-backed online grocery delivery firm <keyword id="2466939" type="General" weightage="20" keywordseo="grofers" source="Orion">Grofers</keyword> has rebranded as <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> to indicate its focus on the quick commerce or 10-minute grocery delivery space. The rebranding comes months after the company launched an initiative to deliver groceries in 10 minutes or less. "We learnt a lot as Grofers, and all our learnings, our team, and our infrastructure is being repurposed to pivot to something with staggering product-market fit - quick commerce. Today, we are surging ahead as a new company, and we have a new mission statement - "instant commerce indistinguishable from magic". And we will no longer be doing this as Grofers - we will be doing it as Blinkit," Albinder Dhindsa, Co-founder and CEO of Grofers, said in a statement. Grofers had recently attained unicorn status or $1 billion in valuation, after raising over $120 million from food aggregator <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> Ltd. "We need people who can think like founders (and not like employees). If you are reading this, and you want to join a company which will trust you and empower you to change the world in 10 minutes," Dhindsa added. Grofers has witnessed a sharp surge in its popularity in the past year as several Indian states enforced strict lockdown restrictions to contain the spread of the virus. Meanwhile, online food delivery platform Swiggy recently said that it will invest $700 million in its express grocery delivery service Instamart as it looks to double down on non-food delivery categories. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms" data-type="tilCustomLink">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms" style="">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-vedanta-spicejet-and-other-top-stocks-to-watch-out-for-on-december-13/slidelist/88247469.cms" style="text-decoration-line: line-through;"></a><a href="https://www.businessinsider.in/stock-market/news/makemyindias-ipo-has-been-subscribed-six-times/articleshow/88209139.cms">It’s the last day to subscribe to MapmyIndia’s IPO, which is oversubscribed by six times</a>

Grofers puts on a new name, Blinkit, to show how the focus of its business is changing

Equity benchmark <keyword id="6484188" type="General" weightage="20" keywordseo="Sensex" source="Orion">Sensex</keyword> rallied over 700 points in early trade on Wednesday, tracking gains in index majors Infosys, Reliance Industries and ICICI Bank ahead of the <keyword id="6354335" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="Orion">Reserve Bank of India</keyword>'s monetary policy outcome. According to experts, markets bulls are enthused by a positive sentiment in global markets after top US public health expert Dr Antony Fauci observed that the Omicron variant is unlikely to be more severe than the Delta variant, removing market concern regarding the economic impact of the new variant. The 30-share index was trading 729.05 points or 1.26 per cent higher at 58,362.70 in initial deals. Similarly, the <keyword id="6354813" type="General" weightage="20" keywordseo="Nifty" source="Orion">Nifty</keyword> rose 202.15 points or 1.18 per cent to 17,378.85. HCL Tech was the top gainer in the Sensex pack, rising over 2 per cent, followed by Infosys, Bharti Airtel, Tech Mahindra, <keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword>, Reliance Industries and ICICI Bank. On the other hand, <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword> was the sole laggard. In the previous session, the 30-share equity benchmark ended 886.51 points or 1.56 per cent higher at 57,633.65, and Nifty rallied 264.45 points or 1.56 per cent to 17,176.70. Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 2,584.97 crore on Tuesday, as per exchange data. The Reserve Bank of India is scheduled to announce the outcome of its bi-monthly Monetary Policy Review at 1000 hours. The RBI's policy announcement is unlikely to be market-moving since the Monetary Policy Committee (MPC) is likely to retain the status quo on policy stance and rates, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. A 10 per cent correction from the peak in a raging bull market provides good buying opportunities, particularly when the global equity backdrop is 'risk-on.' This favourable setting continues with the strong rally in the US market yesterday, he stated. However, he noted that since FIIs continue to be in the sell mode, markets may come under selling pressure at higher levels. Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo were trading with significant gains in mid-session deals, while Hong Kong was in the red. Stock exchanges in the US too rallied in the overnight session. Meanwhile, international oil benchmark Brent crude fell 0.42 per cent to USD 75.12 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/shriram-properties-limited-ipo-open-today-all-you-need-to-know/articleshow/88145471.cms">Shriram Properties Limited IPO open today — All you need to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/here-is-how-you-can-check-tega-industries-ipo-allotment-status/articleshow/88145164.cms">Here is how you can check Tega Industries IPO allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/zoho-freshworks-and-top-indian-saas-companies-have-given-500-entrepreneurs-to-the-indian-startup-ecosystem/articleshow/88145310.cms">Zoho, Freshworks and top Indian SaaS companies have given 500 entrepreneurs to the Indian Startup ecosystem</a>

Sensex rallies over 700 points in early trade; Nifty tops 17,350 — HCL Tech, Infosys, Bharti Airtel, Tech Mahindra, L&T, Reliance Industries and ICICI Bank

<keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword> is making an investment of up to Rs 786.1 crore in Ola Financial Services (OFS), which will now become a 100 per cent subsidiary of the ride-hailing platform, as per regulatory documents. As per documents submitted by ANI Technologies (which operates Ola) to the Registrar of Companies (RoC), Ola has received the nod to "make an investment in Ola Financial Services Pvt Ltd up to Rs 786,64,12,400 in-kind consideration against swap of shares of the company". According to sources, ANI Technologies will now own 100 per cent of Ola Financial Services in an all-stock deal. Emails sent to Ola did not elicit a response. Ola Financial has sold over 675 million policies sold and is a key part of Ola's mobility platform. In a recent regulatory filing, ANI Technologies had said OFS is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia, and New Zealand (ANZ) markets. It had noted that OFS had a turbulent year (FY21) with the impact of external factors on the lending environment in general and the double impact on mobility business and its spillover to the OlaMoney brand. OFS had launched a slew of new products and capabilities in both the lending and insurance businesses and further deepened its partnerships with the leading merchants in the ecosystem. OFS is expanding its suite of products by launching new lending offerings in the form of two-wheeler, four-wheeler, and personal loans to offer a comprehensive financial product ecosystem to the customer, as per that filing. OFS recently strengthened its leadership team in Financial Services with the appointment of PV Harinarayan as the Vice President of the Lending business. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms" data-type="tilCustomLink">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a> <a href="https://www.businessinsider.in/science/news/high-speed-space-junk-risk-prompts-nasa-to-abruptly-delay-spacewalk-on-the-international-space-station/articleshow/88018185.cms" data-type="tilCustomLink">High-speed space junk risk prompts NASA to abruptly delay spacewalk on the International Space Station</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-top-scientist-mikael-dolsten-tells-us-the-2-factors-that-will-determine-if-omicron-is-a-true-threat-and-shares-pfizers-worst-case-scenario-plan/articleshow/88017388.cms" data-type="tilCustomLink">Pfizer's top scientist, Mikael Dolsten, tells us the 2 factors that will determine if Omicron is a true threat and shares Pfizer's worst-case-scenario plan</a>

Ola to invest up to ₹786 crore in Ola Financial Services

<ul><li>Last week, the government of India had taken the call to resume all the <keyword id="131277" type="General" weightage="20" keywordseo="international-flights" source="Orion">international flights</keyword>.</li><li>The DGCA published a circular on December 1 announcing the dismissal of its initial plan.</li><li>The government is in discussion with stakeholders and will soon finalise an effective date of resumption of scheduled <keyword id="6367662" type="General" weightage="20" keywordseo="flights" source="Orion">flights</keyword>.</li></ul>The government of India has put its plan to resume international flights from December 15 on hold, the Directorate General of Civil Aviation (DGCA) has confirmed. The DGCA, in a circular published on December 1, noted that the plans have been halted due to the global concerns over the new <keyword id="10514304" type="General" weightage="20" keywordseo="covid-19-variant" source="Orion">COVID-19 variant</keyword> ‘<keyword id="1609796" type="General" weightage="20" keywordseo="Omicron" source="Orion">Omicron</keyword>’ that was discovered in Africa last week. The department also highlighted that they are in discussions with stakeholders and will soon finalise an effective date of resumption of scheduled commercial international passenger services. The circular was sent to all foreign and domestic scheduled airlines operating to/from India, the chairperson of the Airport Authority of India (AAI), all airport operators in India and the commissioner of the bureau of immigration. “In view of the evolving global scenario with the emergence of the new variant of concern, the situation is being watched closely in consultation with all stakeholders and an appropriate decision indicating the effective date of resumption of scheduled commercial international passenger services shall be notified in due course," the circular read. <a href="https://twitter.com/DGCAIndia/status/1465969745287528458">https://twitter.com/DGCAIndia/status/1465969745287528458</a> The government of India had<a href="https://www.businessinsider.in/india/news/india-to-resume-scheduled-international-flights-from-december-15-says-aviation-ministry/articleshow/87933099.cms"> taken the call to resume all the international flights</a>, last week. This decision was taken 20 months after certain flights were first discontinued during the global pandemic. Only special international passenger flights were allowed to operate from July 2020 under an “air bubble agreement'' formed by 31 countries — including the United Kingdom, Canada, Maldives, Qatar, United Arab Emirates (UAE) and more. "The matter of resumption of scheduled commercial international passenger services to and from India has been examined in consultation with the Ministry of Home Affairs, the Ministry of External Affairs and the Ministry of Health and Family Welfare and it has been decided that scheduled commercial international passenger services to and from India may be resumed from December 15, 2021," the previous order by the ministry of civil aviation read. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/amazon-and-flipkarts-biggest-rival-in-buy-now-pay-later-just-raised-40-million/articleshow/88027181.cms" data-type="tilCustomLink">Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million</a> <a href="https://www.businessinsider.in/business/startups/news/kunal-shahs-cred-buys-corporate-expense-management-company-happay-for-180-million/articleshow/88025009.cms">Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a>

International flights from India will not be resuming on December 15 due to concerns of new COVID-19 variant

<ul><li>The acquisition will allow <keyword id="1763236" type="General" weightage="20" keywordseo="cred" source="Orion">CRED</keyword> to enter the enterprise spending space.</li><li>Professional expense management was a natural proposition for CRED, says CEO <keyword id="192201" type="General" weightage="20" keywordseo="kunal-shah" source="Orion">Kunal Shah</keyword>.</li><li><keyword id="2738808" type="General" weightage="20" keywordseo="happay" source="Orion">Happay</keyword> manages work-related expenses for over 1 million users globally with approximately $1 billion in annual spends.</li></ul>Kunal Shah-led credit cards payment company CRED will be acquiring corporate expense company Happay for a cash and stock deal worth $180 million. The acquisition will allow CRED to enter the enterprise spending space. “While Happay will operate as a separate entity, the team will work closely with CRED leadership to leverage its ecosystem, build distribution, expand the product offering and drive scale,” CRED said in a press note. Shah, in the media statement, added that CRED has been able to grow rapidly in the last three years by solving the pain of credit card management. He added that now, professional expense management was a natural proposition for the company. Founded in 2012 by Varun Rathi and Anshul Rai, Happay is a business expense, payments and travel management platform serving over 6,000 businesses. It manages work-related expenses for over 1 million users globally with approximately $1 billion in annual spends. The company creates 3 million expense reports annually and counts TATA Grow, PwC, Maruti, OYO, Byjus and hundreds of larger enterprises as its customers. “Happay software stack and in-house payment engine, along with its ease of use, will complement the card management experience that CRED members enjoy for their personal expenses. It is the only unified platform that automates the spend management workflow, a trend that is set to explode in a contactless, paperless world, while ensuring compliance and visibility with an end-to-end audit trail,” the company said. In October 2021, CRED had acquired alcohol delivery startup <keyword id="4335663" type="General" weightage="20" keywordseo="hipbar" source="Orion">HipBar</keyword> in order to foray into the wallet payments business with the prepaid payment instrument licence held by the company. Though the details of the transactions are still unknown, Kunal Shah <a href="https://timesofindia.indiatimes.com/business/india-business/cred-acquires-liquor-delivery-app-hipbar/articleshow/87193580.cms">reportedly</a> joined as the director of Hipbar post this acquisition. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a> <a href="https://www.businessinsider.in/science/news/high-speed-space-junk-risk-prompts-nasa-to-abruptly-delay-spacewalk-on-the-international-space-station/articleshow/88018185.cms">High-speed space junk risk prompts NASA to abruptly delay spacewalk on the International Space Station</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-top-scientist-mikael-dolsten-tells-us-the-2-factors-that-will-determine-if-omicron-is-a-true-threat-and-shares-pfizers-worst-case-scenario-plan/articleshow/88017388.cms">Pfizer's top scientist, Mikael Dolsten, tells us the 2 factors that will determine if Omicron is a true threat and shares Pfizer's worst-case-scenario plan</a>

Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more

<ul><li><keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword> has accepted 21 out of the 33 recommendations submitted by a <keyword id="6358156" type="General" weightage="20" keywordseo="central-bank" source="Orion">central bank</keyword> working group on ownership and corporate structure for private sector banks.</li><li>Among other recommendations, the cap on promoters holding in the long run of 15 years to be raised to 26% from 15%.</li><li>Small finance banks to now list within eight years of commencement of operations.</li></ul>IndusInd Bank may benefit from the RBI’s latest change in ownership norms as promoter Hinduja Group might finally be able to raise its shareholding in the bank. This comes after the Reserve Bank of India (RBI) brought new guidelines on the ownership and corporate structure norms for private sector banks. The central bank has accepted 21 out of the 33 recommendations submitted by a central bank working group. Among other changes, it has raised the cap on promoters’ stake from current 15% to 26% of the paid-up voting equity share capital of the bank. “The move will definitely allow promoters to raise stake in the bank to 26% from 15% at present, which is a positive. The only question is will they really increase stake, because the stock has corrected too much in the last few years and I am not very sure about Hinduja’s financial status right now,” said Nitin Aggarwal, research analyst at Motilal Oswal. <div type="image" title="indusind bank" height="900" width="1200" msid="87934004" hostid="261"></div> Further, the RBI may introduce a reporting mechanism for pledging of shares by promoters of private sector banks. Adding to it, RBI may create a monitoring mechanism to ensure that control of promoting entity/major shareholder of the bank does not fall in the hands of persons who are not found to be fit and proper. Here are some important changes accepted by RBI from recommendations made by internal working group: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Changes in ownership and corporate structure for Indian private sector banks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cap on promoter holding increased to 26% from current 15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-promoter shareholding will be capped at 10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Natural persons and non-financial institutions/entities shareholding capped at 15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Small finance banks to now list within eight years of commencement of operations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Universal banks will list within six years of operations </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RBI to introduce a reporting mechanism for pledging of shares by promoters of private sector banks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net worth required to set up a new universal bank increased to ₹1000 crore from present ₹500 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net worth required to set up a new small finance bank increased to ₹300 crore from present ₹200 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-to-open-next-week-from-december-1-to-december-3/articleshow/87930500.cms">Tega Industries’ IPO to open next week along with Star Health and Allied Insurance</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-nearly-7-billion-in-the-last-two-months-and-over-12-billion-since-april-this-year/articleshow/87927351.cms">Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year</a>

IndusInd Bank promoter Hinduja Group may raise stake in bank to 26% after RBI’s latest change in private bank norms

<ul><li><keyword id="2466939" type="General" weightage="20" keywordseo="grofers" source="Orion">Grofers</keyword> has decided to rebrand itself to <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword>, a few months after launching 10 mins delivery.</li><li>This is the third pivot grofers has carried out in the last five years.</li><li>The company had earlier shifted its focus from a marketplace model to an inventory one.</li></ul>Zomato-backed groceries delivery startup Grofers has decided to rebrand itself to Blinkit as it aims to gain more prominence in India’s emerging quick commerce segment. The development comes only a few months after Grofers announced its entry into the 10-minute grocery delivery space. The company — which had earlier decided to move out of its 90-minute delivery option five years ago — now believes that “instant commerce is indistinguishable from magic”. This has to say a lot about how the Indian ecommerce space has developed in the last few years. Grofers made its first pivot in 2016, when it decided to move from a marketplace model to an inventory one as it was taking a toll on customer experience. This was also the time when the company decided to do away with its 90-minute delivery concept because it did not see any path of profitability in that business model. The company’s founder and chief executive officer Albinder Dhindsa, in an interview with Entrackr<a href="https://entrackr.com/2017/12/grofers-painful-pivot/"> a year later</a>, highlighted, “We didn’t see a path of profitability with the 90 minutes delivery concept. It was causing significant burns and gradually we figured out that unit economics can’t be worked out with it.” <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Development </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2013 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Albinder Dhindsa and Saurabh Kumar launches Grofers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shifts from marketplace to inventory-led business, scraps 90-minute delivery concept </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Launches 10-minute delivery option, rebrands to Blinkit </td></tr></tbody><tbody></tbody></table> Dhindsa, in a <a href="https://blinkit.in/blog/grofers-blinkit">blog post</a> announcing the rebranding, said, “We learnt a lot as Grofers, and all our learnings, our team, and our infrastructure is being repurposed to pivot to something with staggering product-market fit – quick commerce.” Currently, players like Flipkart and Swiggy are also experimenting with faster delivery options by developing their infrastructure. Meanwhile, Reliance Industries and Tata Digital are reportedly chasing delivery app Dunzo to further enhance their offerings such as JioMart and BigBasket, respectively. Zepto — a quick commerce player founded six months ago by two 19-year-old Stanford dropouts — raised $60 million, at a valuation of $250 million. The company is now in talk to raise capital at a valuation of $500 million. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms" style="">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms" style="">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a> <a href="https://www.businessinsider.in/stock-market/news/makemyindias-ipo-has-been-subscribed-six-times/articleshow/88209139.cms" style="">It’s the last day to subscribe to MapmyIndia’s IPO, which is oversubscribed by six times</a>

After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery

<ul><li>The company will be hiring across the board, especially focusing on engineering, data science and AI roles.</li><li>It has raised over $83 million to date and counts Valar Ventures as well as IA Ventures as investors.</li><li><keyword id="3711711" type="General" weightage="20" keywordseo="simpl" source="Orion">Simpl</keyword> has disbursed more than 49 million loans in the ‘Buy Now, Pay Later’ space, as per a Macquarie report.</li></ul>Bengaluru-based fintech startup Simpl has raised $40 million in funding, the company’s founder and chief executive officer (CEO) Nitya Sharma told Business Insider. The company — which offers buy now, pay later (<keyword id="9522245" type="General" weightage="20" keywordseo="bnpl" source="Orion">BNPL</keyword>) services — plans to use this capital to hire aggressively across the board, especially focusing on the engineering, data science and artificial intelligence (AI) departments. The company has a team of 150 and it plans to double the team size. “We are growing very aggressively. So, we’ll be investing in the growth of the platform,” he added. The Series B funding round was led by Valar Ventures and IA Ventures with participation from LFH Ventures and other existing investors. With this, the company has raised over $83 million to date. Simpl was founded in 2018 by Nitya Sharma and Chaitra Chidanand. The company enables merchants to offer simple payments solutions to their customers. <div type="image" title="Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million" msid="88027213" hostid="261"></div> According to a report by Macquarie, published last month, Simpl has disbursed more than 49 million loans in the ‘Buy Now, Pay Later’ space. It has recorded more transactions than Flipkart Pay Later, Amazon Pay Later and Paytm Postpaid. The report also noted that it is among the biggest BNPL players in terms of active user base. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Active User Base </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Simpl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZestMoney </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Krazybee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LazyPay </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mobikwik </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Macquarie Paytm may be among the largest players in the digital payments space with over 120 million users, but its user base is spread across unified payments interface (UPI), wallet payments, financial services, ecommerce, and more. The company aims to make money from its lending business. “Since Paytm will largely be engaged in selling down these loans to partner banks or NBFCs (non-banking financial companies) balance sheets, the addressable fee pool is much lower,” said Macquarie. A Redseer report added that the BNPL market is nascent in India, valued at $3-3.5 billion that could grow 15-fold over the next five years to $45-50 billion. Simpl’s flagship product is the one-step “Pay Later” option, which allows customers to delay the payment of the product they have purchased for 15 days. The payments solution can be used to purchase food, apparels and more. The company also allowed the users to make bill payments online. Its latest offering includes “Pay-in-3”, which allows customers to make the payment of their purchases in three equally payments every month. It claims that their monthly active user base has grown nearly 10-fold in the last 18 months. It works with over 7,000 category leading online merchants such as Zomato, MakeMyTrip, BigBasket, Jio Platform, 1mg, Crocs and more. "We built a fullstack checkout platform that gives merchants ultimate control of user experience and helps them build trust with consumers at checkout. Simpl is like a Khata (account) or a Tab for online commerce. This intuitive user experience, built on the bedrock of trust, will enable a larger ecommerce market and will lead to greater adoption of mobile payments in India and the rest of the world," Sharma added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/kunal-shahs-cred-buys-corporate-expense-management-company-happay-for-180-million/articleshow/88025009.cms" data-type="tilCustomLink">Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-ipo-opens-today-and-gmp-at-310/articleshow/88017369.cms">Tega Industries’ ₹600 crore IPO opens today; GMP at ₹310</a> <a href="https://www.businessinsider.in/science/news/high-speed-space-junk-risk-prompts-nasa-to-abruptly-delay-spacewalk-on-the-international-space-station/articleshow/88018185.cms">High-speed space junk risk prompts NASA to abruptly delay spacewalk on the International Space Station</a>

You Searched For "Tega IPO" and got 9 results

Sensex surges over 500 points in early trade; Nifty above 17,150 — IndusInd Bank, Tech Mahindra, HDFC, Tata Steel, SBI, Asian Paints and NTPC top gainers

PTI

Grofers puts on a new name, Blinkit, to show how the focus of its business is changing

IANS

Sensex rallies over 700 points in early trade; Nifty tops 17,350 — HCL Tech, Infosys, Bharti Airtel, Tech Mahindra, L&T, Reliance Industries and ICICI Bank

PTI

Ola to invest up to ₹786 crore in Ola Financial Services

PTI

International flights from India will not be resuming on December 15 due to concerns of new COVID-19 variant

Kritti Bhalla

Kunal Shah’s CRED has spent $180 million to acquire Happay, a corporate expense manager for Byju’s, OYO and more

Kritti Bhalla

IndusInd Bank promoter Hinduja Group may raise stake in bank to 26% after RBI’s latest change in private bank norms

Bhakti Makwana

After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery

Kritti Bhalla

Amazon and Flipkart’s biggest rival in ‘Buy Now, Pay Later’ just raised $40 million

Kritti Bhalla