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Dear readers, As another week ends and festive season lights up India, the world of business, tech, and sustainability brings you some new stories to explore. <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> is preparing for a grand IPO launch, expected to open on November 6, which could set the tone for India’s tech sector. Meanwhile, a Blinkit customer was in for a shock when he ordered a gold coin online. There was also a stark forecast that India could lose 25% of its economy by 2070 if immediate action isn’t taken. In addition to this, <keyword id="19974102" type="General" weightage="20" keywordseo="Amazon-Web-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Web Services" meta.hostid="261" meta.entityid="Amazon Web Services">Amazon Web Services</keyword> CEO was in the limelight for his comments on <keyword id="20294959" type="General" weightage="20" keywordseo="work-from-office" source="keywords">work from office</keyword> mandate. <h2>Top stories of the week </h2> Swiggy sets IPO price band between ₹371-₹390; offer likely to open on November 6 Swiggy has announced its initial public offering (IPO) price band, which will range between ₹371 and ₹390 per share. The much-anticipated IPO includes both fresh issues and an offer for sale, and it is expected to open on November 6. Swiggy’s move to go public this year highlights its growth trajectory as one of India’s top tech IPOs, with proceeds likely aimed at expanding its footprint and product offerings. <a href="https://www.businessinsider.in/stock-market/news/swiggy-sets-ipo-price-band-between-rs-371-390/share-offer-likely-to-open-on-november-6th-heres-all-you-need-to-know/articleshow/114722518.cms" data-type="tilCustomLink" target="_blank">Read more</a> “I was scammed, cried while talking to delivery executive,” man orders gold coin from Blinkit, claims to receive wrong item In a recent incident, a Delhi resident reported receiving a 0.5 gm gold coin instead of the 1 gm he had ordered from Blinkit. Despite sharing evidence and CCTV footage, Jain’s complaints were not addressed in time, as Blinkit’s support team said the complaint window had closed. The issue has sparked a social media discussion, highlighting concerns about quality control and customer service on e-commerce platforms. <a href="https://www.businessinsider.in/tech/news/i-was-scammed-cried-while-talking-to-delivery-executive-man-orders-gold-coin-from-blinkit-claims-to-receive-wrong-item/articleshow/114767787.cms" data-type="tilCustomLink" target="_blank">Read more</a> India could lose a quarter of its economy by 2070, here’s why A new report has forecast that India’s economy could shrink by up to 25% by 2070 due to unchecked climate risks. Key sectors across the country may face significant productivity and revenue losses if policies aren’t adapted to mitigate these impacts. This sobering projection calls for urgent action in sustainability efforts to protect India’s economy and ensure long-term resilience against climate-induced disruptions. <a href="https://www.businessinsider.in/sustainability/news/india-could-lose-a-quarter-of-its-economy-by-2070-heres-why/articleshow/114840631.cms" data-type="tilCustomLink" target="_blank">Read more</a> 'Find another company if it doesn’t work for you’: Amazon Web Services CEO on work from office mandate Amazon Web Services (AWS) CEO Adam Selipsky has reaffirmed the company’s commitment to a work-from-office mandate, even suggesting that employees unhappy with the policy may want to consider alternatives. AWS’s stance underscores Amazon’s prioritization of in-office work, aligning with its broader efforts to encourage collaboration. The decision comes as many tech firms continue to face challenges in balancing remote and in-office work. <a href="https://www.businessinsider.in/tech/news/find-another-company-if-it-doesnt-work-for-you-amazon-web-services-ceo-on-work-from-office-mandate/articleshow/114677655.cms" data-type="tilCustomLink" target="_blank">Read more</a> Partner pay at big 4 firms is dropping, the latest sign of the consulting slowdown A slowdown in the consulting industry is leading to notable reductions in partner pay at Big 4 firms. This comes as demand for consulting services sees a dip amid economic uncertainty, with firms choosing to cut back on bonuses and other expenses. This trend reflects broader economic pressures affecting consulting firms worldwide, forcing some to rethink their strategies and compensation models. <a href="https://www.businessinsider.in/finance/news/partner-pay-at-big-4-firms-is-dropping-the-latest-sign-of-the-consulting-slowdown/articleshow/114696160.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories </h2> <a href="https://www.businessinsider.in/travel/india/webstories/8-incredible-getaways-from-jaipur-this-november/slidelist/114769420.cms" data-type="tilCustomLink" target="_blank">8 incredible getaways from Jaipur this November</a> <a href="https://www.businessinsider.in/science/health/food/webstories/weight-loss-myths-debunked-facts-you-need-to-know/slidelist/114726093.cms" data-type="tilCustomLink" target="_blank">Weight loss myths debunked</a> <a href="https://www.businessinsider.in/thelife/webstories/9-budget-friendly-bhai-dooj-gifts-to-make-your-sister-feel-special/slidelist/114841910.cms" data-type="tilCustomLink" target="_blank">9 budget-friendly Bhai Dooj gifts</a>

Weekend wrap: Swiggy IPO price band, BlinkIt gold coin customer's ordeal, India's GDP woes, and more

<ul><li><keyword id="19945904" type="General" weightage="20" keywordseo="Ola" source="keywords" meta.keywordsubtype="org" meta.entityname="Ola" meta.hostid="261" meta.entityid="Ola">Ola</keyword> is reportedly looking to re-enter the <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword> business.</li><li>The company is also planning to offer UPI services to customers.</li><li>The company’s earlier quick commerce service, <keyword id="22710114" type="General" weightage="20" keywordseo="ola-dash" source="keywords">Ola Dash</keyword> was shut in 2022.</li></ul> Ola tried its hand in the quick commerce business with Ola Dash but failed to crack the market and wind up operations in 2022. Amid the rising popularity of quick commerce apps such as <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword>, <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy Instamart" meta.hostid="261" meta.entityid="Swiggy Instamart">Swiggy Instamart</keyword> and Zepto, Ola is now looking to re-enter the business. According to a<a href="https://economictimes.indiatimes.com/tech/technology/ola-drawing-up-a-route-map-to-join-quick-commerce-party/articleshow/112354202.cms"> report</a> by Economic Times, <keyword id="20138354" type="General" weightage="20" keywordseo="ANI-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="ANI Technologies" meta.hostid="261" meta.entityid="ANI Technologies">ANI Technologies</keyword>, the parent company of <keyword id="20138355" type="General" weightage="20" keywordseo="ola-cabs" source="keywords">Ola Cabs</keyword> is planning on setting up <keyword id="21641710" type="General" weightage="20" keywordseo="dark-stores" source="keywords">dark stores</keyword> to ride the quick commerce wave. <h2>What are dark stores?</h2>Dark stores are special warehouses used to fulfil online orders. They are not open to the public and are designed to make packing and shipping items fast and efficient. Dark stores are often used by grocery stores, supermarkets, and other retailers to handle the growing demand for online shopping. The term "dark" refers to the fact that these stores are not open to the public, as they are not intended for in-store shopping. <div type="Article" hostid="261" msid="112288793" title="Electric two-wheeler sales cross the 1 lakh mark after four months, Ola Electric leads the market" mstype="2" mssubtype="0"></div> According to the report, the dark stores will be operated by Ola and the company is planning on deploying robots to minimize human involvement. “It's a dark store as a service where the whole setup will be delivered with significant automation but there will be some people involved,” a source familiar with the matter told ET. <h2>Ola plans to offer UPI services</h2>It’s not just quick commerce, Ola is reportedly planning on offering UPI services to its customers. The company already has the Ola Money app, which has found few takers. The company had converted from a full wallet to a small prepaid instrument (PPI) wallet earlier this year. <keyword id="19914967" type="General" weightage="20" keywordseo="Bhavish-Aggarwal" source="keywords">Bhavish Aggarwal</keyword> is expected to talk about the company’s upcoming initiatives at an event on August 15. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a> <a href="https://www.businessinsider.in/business/auto/webstories/top-10-selling-cars-in-india-in-july-2024/slidelist/112337262.cms">Top 10 selling cars in India in July 2024 – 6 out of 10 are from Maruti Suzuki</a> <a href="https://www.businessinsider.in/stock-market/news/ola-electric-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/112319824.cms">Ola Electric IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart

In 2024, grocery shopping is a thing of the past in India. Delivery platforms like <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords" meta.keywordsubtype="org" meta.entityname="Blinkit" meta.hostid="261" meta.entityid="Blinkit">Blinkit</keyword> and <keyword id="19939134" type="General" weightage="20" keywordseo="Zepto" source="keywords" meta.keywordsubtype="org" meta.entityname="Zepto" meta.hostid="261" meta.entityid="Zepto">Zepto</keyword> have made life easier for millions of people by delivering regular household items at their doorsteps. Ran out of salt? Order it online. Ran out of flour? Order it online. Need some stationery items for your kid’s school project? It can be delivered too. The list is endless. <h2><keyword id="21384253" type="General" weightage="100" keywordseo="Zepto-CEO" source="keywords">Zepto CEO</keyword> compares it with Zomato</h2> Zepto, which is newer when compared to Swiggy and Blinkit, is a popular choice in many areas. And its CEO and co-founder <keyword id="22736526" type="General" weightage="20" keywordseo="Aadit-Palica" source="keywords">Aadit Palica</keyword> feels that the company is in the stage where <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> was in 1990s or early 2000s. While speaking at the Moneycontrol Startup Conclave 2024 on Friday, Palicha drew a bold comparison between his company’s current trajectory and that of Amazon during the late 1990s and early 2000s. He added that with the right execution, Zepto could potentially achieve a valuation between $50 billion and $80 billion, positioning itself as a leader in the global quick commerce sector. With that being said, Palicha is keenly aware that success isn’t guaranteed. “It is largely just execution,” he noted, talking about the importance of flawless operational strategy in turning potential into reality. He also acknowledged the history of companies that had the right ingredients for success but failed to execute, highlighting Zepto’s commitment to staying focused on its core business for the foreseeable future. Over the past year, Zepto has been on an aggressive fundraising streak, securing significant investments that have fuelled its growth. In August 2023, Zepto raised $231 million at a valuation of $1.4 billion, marking its entry into the unicorn club. But that was just the beginning. The startup recently closed another funding round, pulling in $665 million and boosting its valuation to $3.6 billion. The momentum doesn’t stop there. Zepto has attracted further interest from investors, with discussions underway for an additional $250 million in funding. This new round, which could grow to as much as $400 million, is expected to push the company’s valuation to around $4.6 billion. <h2>When Palicha said Zepto will be bigger than D-Mart </h2> This isn’t the first time that Palicha has made a bold prediction about Zepto. Last month, Palicha had said that Zepto would be bigger than D-Mart in the near future. Speaking at the JIIF Foundation Day event in Delhi, Palicha had pointed out that despite D-Mart’s impressive $30 billion valuation, the retail behemoth is currently only 4.5 times larger than Zepto in terms of sales. "D-Mart is a $30 billion company, and they are only 4.5 times our size in sales. If we maintain our current pace, growing 2-3 times each year, we could potentially surpass them in the next 18-24 months," Palicha had said.

Zepto CEO compares his startup to Amazon, says it can be worth 80 billion if things go right

New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

<ul><li><keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>’s ecommerce market is expected to reach $130 billion by 2025. </li><li>Social ecommerce firms in India like Meesho are performing better than traditional ecommerce firms. </li><li>The world’s biggest ecommerce company is struggling to gain a foothold in India’s Tier 2 and 3 cities due to regulatory setbacks.</li></ul><keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> marked a spectacular entry into India in 2013 and not just because <keyword id="191583" type="General" weightage="50" keywordseo="jeff-bezos" source="Orion">Jeff Bezos</keyword> sat atop a colourful truck or it invested $7 billion into the market. India is one of the biggest emerging ecommerce markets globally, estimated to reach $130 billion by 2025. Almost ten years later, its success is being questioned by a wealth management firm, Bernstein, in its latest report. Amazon is now the second largest player behind Flipkart with a gross merchandise value of $18-20 billion and has over 170 million products. But it’s yet to turn profitable in a market where the average order value is below $10 (approx. ₹800). “Besides growth-related investments, profitability has also been impacted by a higher mix of low margin product categories (e.g., smartphones with sub 5% net margins). Amazon has struggled to scale volumes in higher margin categories such as fashion and beauty and personal care,” said the Bernstein report. Fashion has seen the highest growth in the last few years, and so has grocery. But the latter is led by quick commerce players like Dunzo, Zepto and <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword>. Amazon and Flipkart are market leaders in mobiles and consumer electronics. But the share of this segment in the ecommerce market is declining. Indian regulations give <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword> an edge over Amazon In spite of having 700,000 sellers on its platform, Amazon is yet to gain ground in a very important category in India — tier 2 and tier 3 markets. As per the report, these markets account for around 50% of all e-commerce sales, and they’re growing. “Reliance leads in India with a strong 1P business with over 15,000 store retail footprints. Flipkart is the frontrunner in the apparel category and social ecommerce firm Meesho is winning in tier 2/3 cities where Amazon struggles to perform,” it said. 1P business is where retailers have an online presence like Reliance with a wide brick and mortar footprint. Amazon however is a 3P player who works with sellers. The regulations in India are skewed towards the former, and tougher for MNCs. “Regulations don't allow for an inventory-led 1P model for a foreign entity like Amazon. The company has made investments into local retailers like <keyword id="64373" type="General" weightage="50" keywordseo="shoppers-stop" source="Orion">Shoppers Stop</keyword> (fashion), More (grocery), and a rumoured stake in <keyword id="1560087" type="General" weightage="50" keywordseo="ecom-express" source="Orion">Ecom Express</keyword> (logistics) but integration has been limited as the regulations don't allow for full control,” the report said. At the same time, its key competitor Reliance scaled up its ecommerce operations to around 19% of core retail sales, thanks to its 15,000 stores and ability to manage an inventory-led model. “Amazon's management attrition has also increased recently, potentially signaling difficulties achieving desired scale,” the report said. Amazon’s worldwide consumer CEO Dave Clark left the company after 23 years in 2022. Here’s where ecommerce growth is at The sweet spot for ecommerce growth in India is Tier 2+, the report says, which is a market that’s seeking products tailored to their needs. <keyword id="3030142" type="General" weightage="50" keywordseo="myglamm" source="Orion">MyGlamm</keyword>, <keyword id="1932100" type="General" weightage="50" keywordseo="bewakoof" source="Orion">Bewakoof</keyword> and Sleepy Owl are able to achieve this with a large chunk of their business coming from these towns. However, due to regulations, Amazon cannot make headway here too. The inability to operate a 1P model has limited the availability of private labels versus the competition, which further pressures margins, the report says. “Despite the importance of the market, we estimate that it contributes less than 5% to Amazon's overall value. At Amazon's current valuation, we see the India business as a call option for Amazon investors, as long as the company is disciplined around capital allocation,” says Bernstein. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/upcoming-new-smartphones-launching-in-india-in-september-2022/slidelist/93945270.cms">Upcoming smartphones launching in India in September 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/cash-rich-family-offices-of-small-towns-are-buying-into-the-india-startup-story/articleshow/93944024.cms">Cash-rich family offices of small towns are buying into the India startup story</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-laxman-narsimhan-the-pune-boy-wholl-soon-be-the-ceo-of-starbucks/slidelist/93941369.cms">Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks</a>

Amazon is struggling in India unlike Reliance, Meesho says wealth management firm Bernstein

<ul><li>There is an increased demand for Korean noodles and more sellers are joining the platform.</li><li>India’s South Korean ramen imports rose from ₹10.44 crore in 2020 to ₹30.63 crore in 2021.</li><li>The surging demand is mainly from Tier 1&amp;2 cities. </li></ul>There is something new on the plate for <keyword id="2884394" type="General" weightage="20" keywordseo="instant-noodle" source="Orion">instant noodle</keyword> lovers in India – ramen from Korea. Long used to the comfort of Maggi and Yippee, Indian consumers are warming up to the spicier noodle options offered by Korean brands like Nongshim, Samyang, <keyword id="14761789" type="General" weightage="80" keywordseo="paldo" source="Orion">Paldo</keyword> and more as the Korean wave sweeps the nation. Korean ramen is also the latest viral food on Instagram. Influencers are posting reels on social media, reviewing them and jumping on the hallyu which means the Korean wave. GenZs and Millennials cannot get enough of these K-noodles, just like their love for K-dramas and K-pop. “Korean noodles have grown more than the instant noodles category. Most of the demand is coming from the Tier-1 and Tier-2 cities,” said Seshu Kumar Tirumala, national head-buying and merchandising at Bigbasket. However, it is to be noted that Korean instant noodles have a very low base in India, with Nestle’s Maggi and ITC’s Yippee dominating the Indian instant noodles market. <div type="image" title="Korean Noodles" msid="93663312" hostid="261" sizebytes="171884"></div> However, imports of noodles are growing slowly but steadily. India’s South Korean ramen imports rose from ₹10.44 crore in 2020 to ₹30.63 crore in 2021, according to an Economic Times <a href="https://economictimes.indiatimes.com/prime/consumer/riding-the-hallyu-wave-how-korean-packaged-food-is-making-its-way-into-indian-homes/primearticleshow/86045707.cms">report</a>. “Korean noodles have seen a growth of 140% over the last year in the Indian market and ramen noodles are contributing to 90% of the overall category on Bigbasket,” said Tirumala. Most of the demand for these niche products seems to be coming from quick commerce players or grocery delivery services as opposed to the traditional kiranas. Apart from quick commerce, specialised K-stores like Seelamart in Delhi, and Korean online retailer korikart.com cater to the buyers in the segment. “Nongshim, Paldo and Samyang are the top Korean ramen sellers in the Indian market,” said Akhil Jetly, assistant manager at Seelamart. A <keyword id="12724311" type="General" weightage="80" keywordseo="blinkit" source="Orion">Blinkit</keyword> spokesperson says that there has been an increased demand for global cuisine in general and Korean noodles in particular. “Just a year ago, there was hardly any interest in this category but now, the business has been growing about 20% month-on-month. More sellers are joining the platform, and since the market has turned competitive, prices are low,” said Blinkit’s spokesperson. Korean noodles however are pricier than their Indian counterparts – in some cases by as much as 10 times. The cheapest Korean noodles pack costs around ₹50, and goes as high as ₹200. Most of them are in the ₹100-150 range, according to data from wholesalers and retailers. Yet, that hasn’t prevented those who have acquired the taste of K-noodles from digging in and expanding their palate. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/tiktoks-in-app-browser-on-ios-includes-code-that-can-monitor-your-keystrokes-and-taps/articleshow/93662878.cms">TikTok’s in-app browser on iOS includes code that can monitor your keystrokes and taps</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/there-is-a-yawning-gap-between-the-confidence-of-consumers-and-businesses/articleshow/93662752.cms">There is a yawning gap between the confidence of consumers and businesses</a>

Beyond the squid game: Indian taste seekers are warming up to K-noodles

<ul><li><keyword id="12724311" type="General" weightage="100" keywordseo="blinkit" source="Orion">Blinkit</keyword> on Thursday announced to deliver printouts.</li><li>The service will be available in some areas under the pilot before a wider rollout takes place.</li><li>Blinkit was acquired by <keyword id="830092" type="General" weightage="80" keywordseo="zomato" source="Orion">Zomato</keyword> for ₹4,447 crore.</li></ul>Zomato-owned Blinkit on Thursday announced to deliver printouts at your doorsteps in 11 minutes, a move that will be useful for parents and working professionals alike. The 10-minute delivery platform, acquired by Zomato for ₹4,447 crore (about $568 million) sand the curreny facility is available in some areas now. "Have never had a printer at home and getting it from cyber cafe or library or neighbours or offices has always been cumbersome specially when it's needed at the point of approaching deadlines," said Jitesh Goel, Product at Blinkit. "This should be really useful specially at the rates it is available at. You just have to upload the file and we will deliver it to you in minutes. And we will delete the uploaded file after delivery. Do try it out and share your feedback," he said in a LinkedIn post. The new service on the platform arrives as Zomato is set to experiment with cross leveraging its customers base for Blinkit and vice versa. "We will also start working on integrating the delivery fleet back-ends which should drive higher delivery efficiency over time," Zomato Founder and CEO Deepinder Goyal said recently. Tech integrations between the two companies will accelerate the pace of progress at both ends, he added. According to the company, the losses for Blinkit are coming down every month -- from ₹2,040 million (about $26 million) in January 2022 to ₹929 million ($12 million) in July. The company said that Blinkit has also shut down a number of unviable dark stores, which were not scaling and the team will continue to evaluate non-performing stores. In just six months, the Blinkit business has scaled to 20 per cent of Zomato's food delivery GOV while being present in less than 15 cities. SEE ALSO: <a href="https://www.businessinsider.in/business/news/iit-bombay-and-jsw-group-to-establish-a-technology-hub-for-steel-manufacturing/articleshow/93642574.cms">IIT Bombay and JSW Group to establish a technology hub for steel manufacturing</a> <a href="https://www.businessinsider.in/business/auto/news/indians-are-buying-more-pre-owned-cars-scorpio-fortuner-among-the-top-picks/articleshow/93619467.cms">Indians are buying more pre-owned cars: Scorpio, Fortuner among the top picks</a>

Zomato’s quick commerce app Blinkit to deliver printouts at your doorsteps in 11 Minutes

Once the Rs 4,447 crore (about $568 million) acquisition of <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> is closed, <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> will experiment with cross leveraging its customers base for Blinkit and vice versa, its Founder and CEO <keyword id="476451" type="General" weightage="20" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> has stressed. Goyal said that in India, super brands will work better than super apps. "Which means that the Blinkit app will continue to operate independently. We will also start working on integrating the delivery fleet back-ends which should drive higher delivery efficiency over time," he said in the letter to shareholders. Tech integrations between the two companies will accelerate the pace of progress at both ends, he added. According to the company, the losses for Blinkit are coming down every month -- from Rs 2,040 million (about $26 million) in January 2022 to Rs 929 million ($12 million) in July. "The losses have come down owing to a) operating leverage and b) improved execution. As the GOV (gross order value) per day per store goes up, losses come down given the high operating leverage in the business," said Zomato CFO Akshant Goyal. The company said that Blinkit has also shut down a number of unviable dark stores, which were not scaling and the team will continue to evaluate non-performing stores. In just six months, the Blinkit business has scaled to 20 per cent of Zomato's food delivery GOV while being present in less than 15 cities. According to Akshant, Zomato took about 45 months since the launch of food delivery to get to the current monthly GOV scale of Blinkit. Deepinder said that there is a misconception that Zomato would have gotten to the same (or perhaps bigger) scale and size had we launched quick commerce organically seven months ago. Akshant added that in Gurugram, Blinkit GOV is 70 per cent of Zomato food delivery GOV (for June). "Quick commerce cuts across a wide range of essential spends including grocery, fruits and vegetables, beauty and personal care, OTC medicines, stationery items, among others. Therefore, we expect the overall customer base, average order value as well as monthly order frequency to be higher than food delivery," he mentioned. With continued solid execution and synergy realisation with Zomato, post the transaction, the Blinkit journey to profitability "should only accelerate", the company noted. Zomato reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter. The consolidated revenue saw 67 per cent increase at Rs 1,413.9 crore from Rs 844.4 crore (same quarter last year), and 16.68 per cent up from Rs 1,211.8 crore in the last reported quarter. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/markets-on-a-wait-and-watch-mode-as-they-await-cues-from-rbi/articleshow/93290015.cms">Markets on a wait and watch mode as they await cues from RBI</a> <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive</a> <a href="https://www.businessinsider.in/business/startups/news/physicswallah-purplle-leadsquared-and-open-were-the-only-for-unicorn-of-last-quarter-in-india/articleshow/93271392.cms">In the funding winter, only four companies turn unicorns in the June quarter</a>

Zomato, Blinkit will cross-leverage each other's customer base soon, says Deepinder Goyal

<keyword id="3378387" type="General" weightage="50" keywordseo="zomato-founder" source="Orion">Zomato Founder</keyword> and CEO <keyword id="476451" type="General" weightage="50" keywordseo="deepinder-goyal" source="Orion">Deepinder Goyal</keyword> has announced a new structure for the company that will see its businesses like <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword> and Hyperpure run by different CEOs under one umbrella organisation called 'Eternal'. In a note sent to employees on an internal communication channel, <keyword id="6361408" type="General" weightage="50" keywordseo="goyal" source="Orion">Goyal</keyword> said that they are now at a stage of life where "we are maturing from running (more or less) a single business, to now running multiple large companies". "Now that the Zomato-Blinkit deal is approved, we have three companies -- Zomato, Blinkit and Hyperpure -- in the order of business size/impact," Goyal said in the note seen by IANS. "We are transitioning from a company where I was the CEO to a place where we will have multiple CEOs running each of our businesses (e.g. Zomato, Blinkit, Hyperpure, Feeding India), all acting as peers to each other, and working as a super-team with each other towards building a single large and seamless organisation," he elaborated. The company is going to call this larger organisation "Eternal", at a time when Zomato's stock gets hammered on Dalal Street (it was hovering around Rs 46 on Monday and has nosedived around 69 per cent this year). Goyal said that 'Eternal' will have multiple companies. "It already has Zomato (delivery+dining out), Blinkit, Hyperpure, and Feeding India. Eternal will remain an internal name for now," he said. The new branding has been acknowledged by the company employees, with the "Eternal" logo now being placed at the company's premises and merchandise like t-shirts. Late last month, the online food delivery platform Zomato allotted nearly 4.66 crore shares to its employees from its employee stock option plan (ESOP) pool at the face value of Rs 1. The board of directors approved the allotment of 4,65,51,600 equity shares to employees upon exercise of vested stock options, according to its filing with the stock exchanges. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/plant-based-meat-proves-to-be-healthier-and-more-sustainable-than-animal-products-study/articleshow/93264677.cms">Plant-based meat proves to be 'healthier and more sustainable than animal products': study</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/usain-bolts-startup-with-indian-firms-investment-stops-operations-in-us/articleshow/93264886.cms">Usain Bolt's startup with Indian firm's investment stops operations in US</a>

Zomato's Deepinder forms umbrella organisation 'Eternal' with multiple CEOs

Former <keyword id="12987696" type="General" weightage="20" keywordseo="bharatpe-co-founder" source="Orion">BharatPe Co-founder</keyword> and managing director <keyword id="2988161" type="General" weightage="50" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> said on Tuesday that <keyword id="830092" type="General" weightage="100" keywordseo="zomato" source="Orion">Zomato</keyword> should have acquired its arch rival <keyword id="6358977" type="General" weightage="80" keywordseo="swiggy" source="Orion">Swiggy</keyword> than 10-minute grocery platform <keyword id="12724311" type="General" weightage="50" keywordseo="blinkit" source="Orion">Blinkit</keyword> to avoid the mayhem it is experiencing on Dalal Street. Zomato's share price tanked over 11 per cent on Monday and more than 7 per cent to hit an all-time low of Rs 43.05 on Tuesday. According to <keyword id="3433" type="General" weightage="50" keywordseo="grover" source="Orion">Grover</keyword>, merging Swiggy would have seen Deepinder Goyal-led Zomato to reach Rs 450 a share. "On the stock market - letsblinkit served piping hot misery to zomato in 10 minutes! Yeh hi agar Swiggy ko merge kar liya hota to Rs 450 ka stock hota!" (<keyword id="14560447" type="General" weightage="50" keywordseo="had-zomato" source="Orion">Had Zomato</keyword> merged with Swiggy, its stock price would have been Rs 450) tweeted Grover. Zomato acquired Blinkit for about $568 million, saying quick commerce is a natural extension of its food delivery business. The shares of the food delivery platform touched a new low of Rs 43.05 on Tuesday, wiping out more than Rs 89,000 crore. In May, Grover had said that buying Zomato shares, even when it had been falling for months, wouldn't be a bad idea. "It's all about perspective. If you were a Zomato employee and exercised your ESOP (employee stock ownership) at Rs 140 or higher post IPO, you probably paid more cost per share as Income Tax, than what you can buy today from the market freely. At Rs 56 per share price, markets are giving everyone ESOPs," he had tweeted. Grover, along with his wife <keyword id="13057738" type="General" weightage="50" keywordseo="madhuri-jain-grover" source="Orion">Madhuri Jain Grover</keyword>, has incorporated a new company called 'Third Unicorn Private Limited' that has both husband and wife as directors, according to the data available on Tofler. Third Unicorn has an authorised share capital of Rs 20 lakh and a total paid-up capital of Rs 10 lakh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dgca-gives-clean-chit-to-spicejet-says-no-safety-violation-found/articleshow/93133139.cms">DGCA gives clean chit to SpiceJet, says no safety violation found</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/star-javelin-thrower-neeraj-chopra-ruled-out-of-commonwealth-games-due-to-groin-injury-ld/articleshow/93133172.cms">Star javelin thrower Neeraj Chopra ruled out of Commonwealth Games due to groin injury (Ld)</a>

You Searched For "blinkit business" and got 10 results

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Beyond the squid game: Indian taste seekers are warming up to K-noodles

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Zomato’s quick commerce app Blinkit to deliver printouts at your doorsteps in 11 Minutes

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Zomato, Blinkit will cross-leverage each other's customer base soon, says Deepinder Goyal

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Zomato's Deepinder forms umbrella organisation 'Eternal' with multiple CEOs

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Ashneer Grover blames Zomato's Blinkit acquisition for its share price fall

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