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Food and grocery delivery behemoth <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> declared its <keyword id="23466580" type="General" weightage="20" keywordseo="Q2FY25-results" source="keywords">Q2FY25 results</keyword> today. The company's revenue from operations stood at Rs 4,799 crore, up from Rs 2,848 crore from the year-ago period. Zomato's GOV (gross order value) for its B2C business was at Rs 17,670 crore, a 55% YoY growth. On a like-for-like basis, i.e., excluding the impact of the acquisition of <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword>'s ticketing business, the GOV growth stood at 53% YoY. However, the company's <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> skyrocketed, jumping by 389% YoY. For the quarter ended September 30, 2024, Zomato's net profit stood at Rs 176 crore, significantly up from the Rs 36 crore level in the year-ago period. Ahead of the IPO of rival food and grocery delivery competitor <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>, Zomato's board also approved the raising of Rs 8,500 crore through qualified institutional placement of equity shares. “While the business is now generating cash (vis-à-vis a loss-making business at the time of the IPO), we believe that we need to enhance our cash balance given the competitive landscape and the much larger scale of our business today,” said the company, explaining the fundraise. Additionally, in a letter to shareholders, Founder and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="Deepinder-Goyal" source="keywords">Deepinder Goyal</keyword> shared that the "District" app, a new platform aimed at consolidating going-out services such as dining, movies, sports ticketing, live performances, shopping, and staycations, is expected to go live within the next month. "At this point, we are focused on making sure we do a good job at migrating the business from the Zomato and Paytm platforms to the new District app," Goyal added. During the reported quarter, Zomato made many notable acquisitions, which include Orbgen Technologies Private Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL). These were the holding companies of Paytm's' movie ticketing' business and events business, respectively. In the letter to shareholders, the company's Chief Financial Officer, Akshant Goyal, shared that its cash balance had reduced by Rs 1,726 crore as compared to the previous quarter, mainly on account of the deal consideration of Rs 2,014 crore for the acquisition of Paytm's entertainment ticketing business.". <keyword id="20069203" type="General" weightage="20" keywordseo="Blinkit" source="keywords">Blinkit</keyword>, Zomato's quick commerce business, saw a 129% year-on-year growth in adjusted revenues, which touched Rs 1,156 crore. Blinkit's gross order value (GOV) also saw a 122% year-on-year increase to Rs 6,132 crore. Blinkit saw massive improvements on almost all operational metrics. The average order value jumped from Rs 607 in the year-ago period to Rs 660 in Q2 FY25. The average GOV per day per store also inched up from 757 in Q2FY24 to 981 in Q2FY25. Similarly, orders also skyrocketed from 45.5 million in the year-ago period to 92.9 million for the quarter ended September 30, 2024. As for Zomato's <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> business, the average monthly transacting users also inched up from 18.4 million in Q2 FY24 to 20.7 million in Q2 FY25. The results did not do much to move Zomato's stock on the bourses, which fell by 3.44% during the day to close at Rs 256.55.

Zomato's net profit jumps 389% YoY, board approves Rs 8,500 crore fund-raise proposal

Three years after rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> went public, raising Rs 9,375 crores, food and grocery delivery behemoth Swiggy is set to open for subscription on the Indian bourses between November 6th and 8th, 2024. Looking to raise Rs 11,327.43 crore from the markets, Swiggy has set a price band of Rs 371 to Rs 390 per share. The company is targeting a valuation of $11.3 billion, around 25% down from its initial target of $15 billion. The issue comprises Rs 4,499 crore worth of fresh issue, with the remaining Rs 6,828.43 crore coming via <keyword id="19951016" type="General" weightage="20" keywordseo="OFS" source="keywords">OFS</keyword> (offer for sale), with stakeholders like <keyword id="20294899" type="General" weightage="20" keywordseo="Prosus" source="keywords" meta.keywordsubtype="org" meta.entityname="Prosus" meta.hostid="261" meta.entityid="Prosus">Prosus</keyword> offloading about 5.2% of their stakes, which could translate into proceeds worth $510 million. The offer will conclude on November 8, and listing is tentatively scheduled for November 13, 2024. Other stakeholders who will be participating in the OFS at the present valuation include <keyword id="20064356" type="General" weightage="20" keywordseo="Accel" source="keywords" meta.keywordsubtype="org" meta.entityname="Accel" meta.hostid="261" meta.entityid="Accel">Accel</keyword>, which will sell around $60 million worth of their stake. Elevation Capital and Tencent's stake sale could earn them up to $30-35 million each. Swiggy's CEO <keyword id="20304807" type="General" weightage="20" keywordseo="Sriharsha-Majety" source="keywords">Sriharsha Majety</keyword> and co-founder Nandan Reddy are also expected to offload their shares. Currently, they hold 6.23% and 1.76% stakes in the company, respectively. The sale of around 0.1% stake by each is expected to earn them about $14 million in total. Notably, the company does not have any identifiable promoters, as per SEBI ICDR Regulations and the Companies Act 2013. From funds raised via IPO, the company plans to allot Rs 1,648 million for repaying borrowings made by its subsidiary, Scootsy. The app, which operated independently of Swiggy, offered <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> services from a selected list of high-end bakeries and restaurants in the city. Notably, Swiggy had acquired Scootsy in 2018 at a reported valuation of Rs 50 crore. However, Swiggy's foray into the premium-food delivery segment did not pan out well, and the company decided to shut Scootsy in 2020. However, per the company's RHP (red herring prospectus), Swiggy is planning to reinvest and revive Scootsy for extending their dark store network and making lease/license payments for the same. About Rs 11,787 million would be utilised for expanding Swiggy's dark store network for its quick commerce wing, <keyword id="20255906" type="General" weightage="20" keywordseo="Instamart" source="keywords">Instamart</keyword>. Swiggy has also allocated Rs 11,153 million for enhancing the brand's visibility and outreach. <h2>Negative cash flows from operations</h2>The company has only incurred net losses since its inception in 2014. However, the company's annual losses as a percentage of its revenue from operations has come down in the recent years. From 63.61% in 2022 to 20.90% in 2024, the losses as part of its revenue from operations further narrowed to 18.96% for the quarter ended June 30, 2024. Moreover, Scootsy is yet to receive requisite registrations and approvals for each of the dark store it intends to set up. It does not help that Scootsy has not run into greens over the past 2-3 years. The subsidiary had incurred losses worth Rs 2,953.5 million, which have burgeoned to Rs 4,239.72 million in FY24. Swiggy also lags behind its rival Zomato in terms of monthly transacting users (MTU), along with many other key financial and operational metrics. Zomato has a wider, pan-India presence, commanding a 57% <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword> in FY24. Compared to this, Swiggy's market share stood at 43% during the same period. As of FY24, Swiggy's MTUs, at 12.7 million, are about 31% lower than Zomato's MTU of 18.4 million.

Swiggy sets IPO price band between Rs 371-390/share; offer likely to open on November 6th. Here's all you need to know

<ul><li>Co. looking at fresh issue worth Rs 9,000 crore </li><li><keyword id="23310552" type="General" weightage="20" keywordseo="pre-IPO-shares" source="keywords">Pre-IPO shares</keyword> lapped up by <keyword id="19901337" type="General" weightage="20" keywordseo="Karan-Johar" source="keywords">Karan Johar</keyword>, <keyword id="19898963" type="General" weightage="20" keywordseo="Amitabh-Bachchan" source="keywords">Amitabh Bachchan</keyword>, <keyword id="19923639" type="General" weightage="20" keywordseo="Rahul-Dravid" source="keywords">Rahul Dravid</keyword></li><li>SEBI greenlights company's IPO in November this year</li></ul>Food and grocery delivery behemoth <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 all set to launch its IPO in November this year. The firm is likely to raise around Rs 11,000 crore, which will include a fresh issue of Rs 5,000 crore, via the confidential filing route. In contrast, its counterpart Zomato, which came out with its IPO in 2021, was looking to raise Rs 9,375 crore, which included a fresh issue worth Rs 9,000 crore, and an OFS (offer for sale) worth Rs 375 crore. However, the company's pre-IPO shares have already drawn the attention of multiple prominent investors, the likes of which include Bollywood biggies like Amitabh Bachchan, Madhuri Dixit, Rahul Dravid, Karan Johar, tennis star Rohan Bopanna and cricketing legends like Rahul Dravid and Zaheer Khan. Even market veteran Ramdeo Agrawal, who heads Motilal Oswal Group, has also acquired a stake in the company. First introduced by market regulator in 2022, this method allows companies to keep their offer document, or DRHP (draft red herring prospectus) out of public eye, till the time they strengthen their IPO plans. However, the company will have to put out its updated draft red herring prospectus, or UDRHP for public review, allowing 21 days for them to offer feedback, before proceeding with their IPO. If it goes through, Swiggy will become the first company to go public via this route. Previously, Tata Sky had planned to go public via this way, but eventually ended up dropping its plans. <h2>About Swiggy </h2>Currently valued at a staggering $9.8 billion, the company, which enjoys a duopoly with Zomato in the <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> space, Swiggy has, till date, seen 16 funding rounds, where it has raised a total of $3.62 billion from 57 institutional and 9 angel investors. Per the company's annual reports, the company's net sales during FY2023 was Rs 46,533 million, which rose to Rs 63,723 million in 2024. Recently, the company also saw an uptick in its average monthly transacting users of 32%(from 1.1 million in FY22 to 4.2 million in FY24), and average order value of 16% (from Rs 394 in FY22 to Rs 460 in FY24). The company's quick delivery segment, Instamart, also managed to earn more revenue than Blinkit, which is operated by Zomato. In FY23, Instamart earned Rs 870 crore, while Blinkit raked in Rs 664 crore during the same period. However, estimates suggest that Blinkit is set to earn more than Instamart in FY24. While the company's food delivery segment turned profitable in 2023, the company overall continued to remain in losses. Swiggy incurred a loss of Rs 35,247 million in FY2023, which narrowed down to Rs 17,854 million in FY2024. See also: <div type="Article" hostid="261" msid="113661667" title="The “ultimate Zomato and Swiggy hack” might be opting for COD while placing your order, claim redditors!" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="113658837" title="Hyundai Motor India’s ₹25,000 crore IPO gets SEBI approval – India’s biggest IPO expected to launch in October" mstype="2" mssubtype="0"></div>

Swiggy IPO likely in November, looking to raise Rs 11,000 crore; Rahul Dravid, Karan Johar bite into pre-IPO pie

<ul class="summary-list"><li>Elliott Investment Management launched a podcast to influence Southwest Airlines shareholders.</li><li>The activist investor holds 11% of Southwest and is seeking a top-level shake-up.</li></ul>Last week, <a target="_blank" href="https://www.businessinsider.com/southwest-airlines-call-for-changes-new-leadership-ceo-elliott-management-2024-6">activist firm</a> Elliott Investment Management launched a podcast as part of its efforts to influence <a target="_blank" href="https://www.businessinsider.com/southwest-airlines-changes-turnaround-plan-assigned-seats-routes-bags-2024-9">Southwest Airlines shareholders</a>.Elliott, which built an 11% stake in the US airline, has called for a new CEO and board members. The firm also told Southwest to review its operations and develop a plan to improve performance.Southwest's stock has shed nearly half its value in the last five years, and its passenger volumes are below pre-pandemic levels despite strong travel demand. On an earnings call in July, company executives said revenues were hurt because Southwest did not optimize summer demand and faced overstaffing because of Boeing's <a target="_blank" class="" href="https://www.businessinsider.com/boeing-delays-wreak-havoc-with-airline-industrys-plans-2024-10">plane delivery delays</a>.Southwest's CEO, Bob Jordan, has been with the company for three decades and was appointed as chief in 2022. Elliott said Jordan and chairman Gary Kelly are responsible for the company's underperformance.The activist hedge fund started its public campaign against Southwest's leadership in June and called for a December 10 shareholder vote to decide on Elliott's eight board nominees.Southwest's 15-member board consists of 13 independent members, according to a filing. Last month, the company said it intends to appoint four new independent directors, potentially including some of those proposed by Elliott.Elliott said its "Stronger Southwest" podcast will have one-on-one conversations with the firm's nominated directors. The first episode — an interview with former WestJet CEO Gregg Saretsky — was released last week on platforms including Apple Podcasts and Spotify. The video version has 3,900 views on YouTube.Well before the first episode dropped, the airline started making changes — and more are likely on the way. Last month, Southwest introduced a dramatic turnaround plan, scrapping its <a target="_blank" rel="" href="https://www.businessinsider.com/southwest-airlines-history-2021-8">unique playbook of more than 50 years, which included open seating,</a> in favor of becoming an airline that resembles most of its peers.The airline and Elliott are now working on a settlement that would give the hedge fund representation without controlling Southwest's board, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-20/southwest-looks-for-truce-with-elliott-after-major-policy-tweaks">Bloomberg</a> reported on Monday.While it is unclear if new episodes of the podcast will still be released amid settlement talks, communication strategists told Business Insider that Elliott's novel move has benefits, including cost-effectiveness.<h2 id="a8daa6d8-8149-4352-a143-8815af696f72">Cheaper and more direct</h2>Traditionally, activist investors have communicated directly with investors, because most companies have 10 to 20 major shareholders who decide their elections, said Scott Bisang, a founding partner of financial communications firm Collected Strategies.But companies like Southwest and <a target="_blank" class="" href="https://www.businessinsider.com/disney-heirs-shareholder-letter-nelson-peltz-hostile-takover-bob-iger-2024-3">Disney, which saw similar activist interest last year</a>, have a lot of individual investors."You can't call every retail shareholder, and sending direct mail to every holder multiple times is expensive," Bisang said.A podcast allows the activist to completely control the content, compared to a media outlet shaping an interview. Shareholders may subscribe to the podcast and get notifications directly, which could create a recurring benefit if they watch more than one episode. If lots of people subscribe, the activist could collect data and retarget ads to investors through other channels, Bisang said.Before the podcast, Elliott rolled out a website and accounts on Instagram, X, and YouTube.Cas Sydorowitz, the global CEO of shareholder engagement service Georgeson, said an activist's podcast could go beyond investors, since employees, customers, and suppliers might also listen."Investors understand the need to communicate with shareholders and other stakeholders to garner support for their director candidates," Sydorowitz said. "Hosting a podcast is a new and potentially effective way for an activist to showcase the qualifications of their director candidates."<h2 id="a8a88bd5-62cd-48d8-9b2d-a2d413d0c090">Podcasts are the new activist battleground</h2>Earlier this year, Disney was caught in a proxy war against activist investor Nelson Peltz.At Disney's annual meeting in April, shareholders voted to keep CEO Bob Iger and Disney management's board and rejected the activist's two candidates."While Disney didn't do its own podcast series last year, they actually advertised heavily on entertainment podcasts like 'The Town,'" a podcast about Hollywood, Bisang said.If the Southwest battle continues, he said to expect direct paid ad campaigns from both sides."It's no different than what we see with a presidential election, except in a proxy fight, you can target advertising much more specifically on your investor base versus every voter in a state," Bisang said.Southwest and Elliott did not respond to requests for comment.

Why a hedge fund made a podcast about a shake-up it's pushing for at Southwest Airlines 

The entire country celebrating Raksha Bandhan today. But are you one of those elder siblings still mulling and stuck over the perfect gift to give your younger ones? Well, then it is time for you to move beyond your traditional gift ideas like sweets, gadgets, clothes, and jewelry, and invest in their future prosperity. How? By gifting them <keyword id="19905382" type="General" weightage="20" keywordseo="stocks" source="keywords">stocks</keyword>, or even mutual fund units. Here's a deep dive into how you can lay the foundations of a lasting bond with your siblings, and cement their financial future, one stock and one mutual fund unit at a time. <h2>How can I gift shares ?</h2>You can swiftly transfer shares online, provided both you and your siblings have a <keyword id="19977340" type="General" weightage="20" keywordseo="demat" source="keywords">demat</keyword> account. Many brokerage firms like Zerodha, Groww and others also offer this facility. For this, you will need to input details like your sibling's name (who you wish should receive these shares), particulars of their demat account, the amount of shares you wish to give as gift, and the name and 12-digit ISIN number of the company whose stocks you want to transfer. In addition, you will also have to provide the beneficiary owner ID of your siblings, reason for transferring these shares, and bank account details. In order to kickstart the process, you'll have to initiate what is known as an off-market settlement. This means without the stock exchange coming into the picture, two parties i.e. you and your sibling will mutually settle shares. For this, you will have to submit a delivery instruction slip (DIS) to your DP, or depository participant, which serves as a bridge between you and the depository. When you are transferring shares, you are essentially transferring your ownership of such stocks to them, and thus, you need to inform your DP and depository of the same. At present, there are only 2 depositories present in the country, namely NSDL and CDSL. You can submit this DIS both online and offline. If you have more than one siblings you wish to transfer shares to, remember to use separate DIS for each recipient's account. Once you initiate the transfer, your broker will send an email and SMS to the recipient, who will have 7 days to accept this. But remember, once you've transferred these shares, there is no provision to revoke this transfer. And just like with your clothes, accessories and everything else in life, your siblings will have full freedom and ownership to do whatever they deem fit with these shares! However, what you can certainly do, and make this gift more meaningful, is drive home the value of holding these securities for the long term, so that they are able to make the most of this investments. Ideally, a good start would be to start investing in stocks of large-cap, blue-chip companies, and them eventually complement them with small and midcap stocks, which offer higher legroom for growth. Per brokerage firm Master Capital Services Ltd, "consider choosing stocks from well-established companies with a solid track record and growth potential. It is essential to consider risk tolerance, investment horizon, and financial goals before selecting stocks for your brothers and sisters. The finest present you could give your siblings this year would be long-lasting financial stability". If you're looking for some stock recommendations you can consider for your siblings, we have you covered as well: <h4>Larsen &amp; Toubro Ltd. </h4>Why you should consider this? The company has shown consistent revenue growth and profitability in the past years while maintaining stability with its ROCE &amp; ROE of around 19% and 15%. L&amp;T has a significant global presence, with projects and operations in various international markets. This geographic diversification helps in tapping into global opportunities and reduces dependence on the domestic market. <h4>HCL Technologies Ltd. </h4>Why you should consider this? HCL Technologies is one of the IT giants of India, which is ranked amongst the top five Indian IT services companies in terms of revenues. HCL offers a wide array of IT, business services, engineering, R&amp;D services, and software products with operations in 60 countries. The company has been investing heavily in digital technologies, including cloud computing, artificial intelligence (AI), and automation. This focus aligns with current industry trends and positions the company to capture growth in the high-demand areas. <h4>TATA Motors Ltd.</h4>Tata Motors Limited is a leading manufacturer of automobiles and one of the largest OEM in India offering a wide range of passenger and commercial vehicles. Tata motors owns the flagship brand of Jaguar and Land Rover (JLR) which is a dominant automobile player in the global market. Its early entry in the electric vehicle segment has positioned it well ahead of many competitors and currently, it enjoys the largest market share in the EV segment in India. The focus on innovation and sustainability, along with a robust product lineup, positions Tata Motors well for future growth and market opportunities. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Tax Implications of gifting shares</h2>The best part about gifting shares is that it is tax-exempt, since you're giving it to your relative. This means your sibling will not be liable to pay any taxes on this gift. However, to be on the safer side, make sure that the market value of the shares that you gift them does not exceed Rs 50,000, or else your siblings, i.e. the recipient will have to incur a tax liability. If your siblings decide to sell these gifted shares, they will have to pay LTCG (long-term capital gains) tax at the rate of 12.5%, or STCG (short-term capital gains) tax at the rate of 20%, depending on how long they hold these securities for. <h2>Gifting mutual fund units? </h2>Unfortunately, you cant transfer your mutual fund units to your siblings. The transfer of mutual fund units is only possible in case the unitholder passes away. But the one thing you can certainly do is start an SIP, or systematic investment plan (SIP) in their name. With as much as Rs 5,000 per month, invested over a period of 10 years, you 'll have invested Rs 6,00,000 for you siblings, which would have earned returns worth Rs 5,61,695, taking their total corpus to Rs 11,61,695. You can even start an SIP with just Rs 500/month in their name. You can nudge them into continuing this, so that you instill the value of financial discipline and long-term investing in them. Remember, at the end of the day, the true value of your gift lies not just in its monetary worth, but in the knowledge, responsibility, and financial acumen that you will pass on to your siblings. So, this <keyword id="22639140" type="General" weightage="100" keywordseo="Rakshabandhan" source="keywords">Rakshabandhan</keyword>, consider tying not just a rakhi, but also a knot of financial empowerment.

Move over regular gifts! Gift your sister stocks, MF units this Rakhi

Back in November 2022, when <keyword id="19918826" type="General" weightage="20" keywordseo="ChatGPT" source="keywords">ChatGPT</keyword> was launched for the public, interest around <keyword id="19896272" type="General" weightage="20" keywordseo="generative-AI" source="keywords">generative AI</keyword> reached new heights. The AI chatbot’s ability to respond to questions in a manner as if a human being was talking left many people surprised as well as awestruck. Soon, AI became a buzzword in the tech industry and investors started pouring funds heavily into AI companies. <h2><keyword id="19959576" type="General" weightage="100" keywordseo="Dunzo" source="keywords" meta.keywordsubtype="org" meta.entityname="Dunzo" meta.hostid="261" meta.entityid="Dunzo">Dunzo</keyword> co-founder staring his <keyword id="20128843" type="General" weightage="20" keywordseo="AI-company" source="keywords">AI company</keyword></h2>In May, an Economic Times report based on insights from market research firm Tracxn said that AI startups in India have already raised USD 91.7 million in funding so far this year, which is a significant increase from USD 29.6 million during the same period last year. And now, former <a href="https://www.businessinsider.in/business/startups/news/quick-commerce-platform-dunzo-lays-off-30-of-its-workforce/articleshow/99290084.cms" data-type="tilCustomLink" target="_blank">Dunzo </a>chief <keyword id="22628971" type="General" weightage="20" keywordseo="Mukund-Jha" source="keywords">Mukund Jha</keyword> is reportedly looking forward to start his own AI company. A Moneycontrol report citing sources said that Jha is in discussions to raise between Rs 50-80 crore (approximately $6-10 million) from <keyword id="22628972" type="General" weightage="20" keywordseo="Together-Fund" source="keywords" meta.keywordsubtype="org" meta.entityname="Together Fund" meta.hostid="261" meta.entityid="Together Fund">Together Fund</keyword> for his new venture. This comes after Jha stepped down from the board of the cash-strapped startup Dunzo last year. Jha's new venture reportedly focuses on generative <a href="https://www.businessinsider.in/business/startups/news/ai-startup-neysa-raises-20-mn-from-matrix-partners-nexus-venture-partners-more/articleshow/109181059.cms" data-type="tilCustomLink" target="_blank">artificial intelligence</a> (Gen AI) and aims to automate quality assurance (QA) processes. "Think of it as a blend of AI and SaaS," an insider told Moneycontrol. QA involves creating and running tests, identifying errors, and providing feedback to ensure products meet quality standards. <h2>What happened with Dunzo?</h2>The delivery startup Dunzo delivers essential goods like groceries, household items, fruits and vegetables, pet supplies, pharmaceuticals etc to people locally. Supported by <keyword id="19901342" type="General" weightage="20" keywordseo="Reliance-Retail" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Retail" meta.hostid="261" meta.entityid="Reliance Retail">Reliance Retail</keyword>, the startup has faced strong competition from companies like Zepto, Swiggy, and BlinkIt. Despite raising around $500 million, Dunzo has struggled to secure additional investment and manage payroll. In February, there were rumors that Flipkart might acquire the platform, but there have been no updates on this matter since. Dunzo, on the other hand, was making headlines earlier this year for facing various financial struggles. The company’s top investor Lightbox also exited in May this year. On the other hand, the company is reportedly experiencing a cash crunch and owes approximately Rs 11.4 crore to various vendors, including Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance. <h2>About Together Fund</h2>Together Fund, from which Jha is reportedly going to raise funds for his new venture, has invested in over 20 companies across various SaaS sectors, including recruitment, sales intelligence, marketing, healthcare, and cloud solutions for connected devices. “Our areas of focus span across SaaS, enterprise software, developer tools, open source software, cloud-native infrastructure and API-first businesses. We typically invest early (seed, pre A or series A) to help founders through the crucial zero-to-one part of their journey,” the company’s website reads. Together Fund was founded in 2021 by Girish Mathrubootham of Freshworks, Manav Garg of Eka Software, and Shubham Gupta formerly of Matrix Partners India. It initially raised USD 85 million for its first fund and increased the total to USD 150 million with its second fund announced in 2023

Dunzo co-founder Mukund Jha plans to start his own AI company, seeks to raise up to Rs 80 crore from Together Fund

New Delhi, Online food delivery platform <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> on Tuesday said it has facilitated over Rs 450 crore in loan disbursal to more than 8,000 restaurant owners as part of its capital assist programme. Launched in 2017, the capital assist programme is a first-in-the-segment solution designed to bridge the financing gap and empower restaurant owners. Over 8,000 restaurants have availed loans so far, of which 3,000 availed loans in 2022 alone, the company said in a statement. Partnering with multiple lending partners, including Indifi, Incred, FT Cash, PayU Finance, and IIFL, Swiggy offers tailored financial solutions like term loans and credit lines. "The NBFCs will soon facilitate more exciting solutions like pre-approved loans to enable our partners to gain easier and quicker access to capital, driving even more growth for their businesses," said Swapnil Bajpai, VP-Supply, Swiggy. From quick sign-ups to even quicker approvals, through capital assist programme, the NBFCs take a fast, easy, and efficient approach to provide funds for restaurant partner's business needs. "We have done three rounds of financing so far and have used these funds for our working capital requirements. The entire process from the application to receiving funds is incredibly quick, efficient, and transparent," said Aarti and Sumit Rastogi, owners of ARTINCI -- Indulge Guilt Free! in Bengaluru.

Swiggy disburses over Rs 450 cr in loans to 8000 restaurant owners

Equity benchmark indices <keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> hit their lifetime peaks in early trade on Thursday, amid firm global market trends, buying in blue-chip stocks and robust <keyword id="22282036" type="General" weightage="20" keywordseo="FIIs-inflows" source="keywords">FIIs inflows</keyword>. The 30-share <keyword id="19950208" type="General" weightage="20" keywordseo="BSE-Sensex" source="keywords">BSE Sensex</keyword> jumped 388.84 points to hit a record peak of 80,375.64 in early trade. Also, the Nifty climbed 114.45 points to hit a <keyword id="20376687" type="General" weightage="20" keywordseo="lifetime-high" source="keywords">lifetime high</keyword> of 24,400.95. Among the Sensex pack, <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword>, ICICI Bank, Mahindra &amp; Mahindra, Infosys, HCL Technologies and Tata Consultancy Services were the biggest gainers. HDFC Bank, IndusInd Bank, Adani Ports and <keyword id="20093248" type="General" weightage="20" keywordseo="special-economic-zone" source="keywords">Special Economic Zone</keyword>, and Bharti Airtel were among the laggards. Foreign Institutional Investors (FIIs) bought <keyword id="19925781" type="General" weightage="20" keywordseo="equities" source="keywords">equities</keyword> worth Rs 5,483.63 crore on Wednesday, according to exchange data. "The big FII buying of Rs 5,484 crore on Wednesday is largely due to the massive delivery-based buying in <keyword id="20065292" type="General" weightage="20" keywordseo="banking-stocks" source="keywords">banking stocks</keyword> led by HDFC Bank. This delivery-based buying may sustain for a few more days imparting resilience to the market. "The FIIs with 3.78 lakh long contracts have taken a 'U' turn in their market approach from the big short contracts in early June. A decline in the US 10-year bond yield to 4.35 per cent and the dollar index declining to 105.29 are positives for <keyword id="22282037" type="General" weightage="20" keywordseo="fund-inflows" source="keywords">fund inflows</keyword>," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. Market will start responding to the Q1 results which will start flowing in from next week, he added. In Asian markets, Tokyo and Seoul were trading in the positive territory on Thursday, while Shanghai and Hong Kong were quoting lower. US markets ended higher on Wednesday during the shortened trading session. The markets are closed on Thursday on account of Independence Day. Global oil benchmark Brent crude fell 0.60 per cent to USD 86.82 a barrel. On Wednesday, the 30-share Sensex hit the historic 80,000 mark for the first time intra-day trade. It surged 632.85 points or 0.79 per cent to a record intraday high of 80,074.30. The index later closed near the 80,000 level at 79,986.80, up by 545.35 points or 0.69 per cent over the last close.

Sensex, Nifty hit fresh lifetime high levels in early trade

EV-as-a-service platform <keyword id="19895200" type="General" weightage="20" keywordseo="zypp-electric" source="keywords" meta.keywordsubtype="org" meta.entityname="zypp electric" meta.hostid="261" meta.entityid="zypp electric">Zypp Electric</keyword> on Monday said it has raised USD 15-million <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> from <keyword id="21822063" type="General" weightage="20" keywordseo="japanese-firm" source="keywords">Japanese firm</keyword> ENEOS. The series C funding comprises USD 15-million in <keyword id="21822065" type="General" weightage="20" keywordseo="equity-closure" source="keywords">equity closure</keyword>, as part of its ongoing USD 50-million round, which comprises USD 40-million in equity and USD 10-million in debt, the company said in a statement. The fresh capital raised under Series C, in which other investors existing investors 9unicorns, IAN fund, venture catalysts, WFC and others also participated, will be utilised to expand Zypp's fleet from 21,000 to 2-lakh electric scooters and extend its services to 15 cities across India by 2026, it added. The fresh investment will help Zypp in the last-mile delivery space with sustainable EV solutions, said Akash Gupta, Co-founder and CEO of Zypp Electric. "We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. These funds will be utilised to drive the company towards the full path of growth along with earnings before interest, taxes, depreciation, and amortization (EBITDA) profitability," he added. Further, Zypp Electric said it has forayed into the three-wheeler cargo business and claims of soon crossing 1,000 electric L5 loaders in its EV fleet and added that the company is set to cater to a wider range of business needs while maximising revenue streams, among others. According to Zypp Electric, it clocked Rs 325-crore revenue in FY 2023-24 and launched operations in Mumbai and Hyderabad recently. "In India, the last-mile delivery market is skyrocketing especially within urban areas. Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness and this is the reason why we made the decision to invest," ENEOS was quoted as saying in the statement. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/poco-f6-vs-realme-gt-6t-which-mid-range-smartphone-should-you-buy/slidelist/110388110.cms" target="_blank">Poco F6 vs Realme GT 6T – which mid-range smartphone should you buy?</a><a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-gt-6t-vs-motorola-edge-50-pro-price-specs-and-features-compared/slidelist/110366047.cms" target="_blank">Realme GT 6T vs Motorola Edge 50 Pro – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearable-shipments-rise-by-2-1-in-q1-2024-average-price-declines/articleshow/110354913.cms" target="_blank">India’s wearable shipments rise by 2.1% in Q1 2024, average price declines</a>

Zypp Electric raises $15 million funding in Series C Round

<ul class="summary-list"><li>Tony Marciante is weaning his Maryland restaurants off of popular food-delivery apps.</li><li>Marciante said the apps were cutting too far into his margins and had quality control issues.</li></ul>Tony Marciante has run Chef Tony's Seafood in Bethesda, Maryland, since 2007. When the food-delivery apps like <a target="_blank" href="https://www.businessinsider.com/uber-lyft-doordash-drivers-earn-below-minimum-wage-tips-study-2024-5">DoorDash, UberEats</a>, and Grubhub came out, he signed up, like many restauranteurs."They were a necessary evil," Marciante, 55, told Business Insider.But now he's weaning his restaurants off the apps. Marciante, who now has a second Chef Tony's location in Rockville, Maryland, and a couple of pizza concepts, said the tide appears to be turning and that other restaurant owners are also looking for alternatives.Food delivery apps have also come under scrutiny for charging customers high fees and underpaying drivers. A recent study found customers who order takeout via <a target="_blank" href="https://www.businessinsider.com/doordash-postmates-food-delivery-costs-twice-as-much-as-pickup-2024-1">Postmates or DoorDash</a> could be paying twice as much for their meal. Meanwhile <a target="_blank" href="https://www.businessinsider.com/golden-age-gig-work-instacart-doordash-delivery-jobs-over-2023-12">delivery drivers</a> previously told BI's Alex Bitter that the job isn't as lucrative as it once was.From a restaurateur's perspective, Marciante said there were two main drawbacks to using the apps.He said one issue was quality control, adding that the food-delivery apps don't always do enough to vet drivers.When customers dine in, the chef and restaurant staff can control the speed, presentation, and delivery of a meal from kitchen to table. But with the delivery apps, once the food goes in the takeout bags and into the hands of an intermediary, the restaurant no longer controls if the driver drops or spills the food, has three stops before it gets to the customer, or forgets half the order.Even though the driver may have made a mistake, Marciante said some customers blame the restaurant."The drivers are a representation of the restaurant to some degree," he said.Cost was another major factor that turned Marciante off from the apps.During the pandemic, food-delivery apps gained even more popularity, and customers started ordering food for delivery that they may not have considered getting to-go in the past. With more people ordering delivery from Marciante's seafood restaurants, it started taking a significant toll on his margins."It's a very thin margin business," he said, adding, "every dollar matters."It's common for the apps to take a commission fee of 20% to 30% per order from the restaurant, Marciante said.But delivery and ordering online have become a big part of his business. Marciante said that at one of his locations, take-out orders often account for 22% to 30% of their business."I started looking at the fees that we were paying and all that money, and I said, as they say, 'There's got to be a better way,'" he said.<h2 id="ef57a24d-029d-4e9c-9855-957010ef3ef6">An alternative to the usual food-delivery apps</h2>To wean off the apps, Marciante now uses a white-label delivery service. Customers place their orders directly on the restaurant's website, and a third-party delivery service picks up and delivers the order.Marciante uses <a target="_blank" href="https://www.businessinsider.com/owner-startup-for-independent-restaurants-fundraising-pitch-deck-2022-3">Owner.com</a>, a startup that has raised millions in funding to help restaurants ditch the food-delivery apps. The company helped Marciante build out his website and his own app to take orders directly and has its own <a target="_blank" href="https://www.businessinsider.com/7-food-tech-delivery-startups-alternative-doordash-grubhub-ubereats">network of delivery drivers</a>.He said he pays about $500 per month per location for all the services and that Owner.com charges a flat delivery fee of $7 per order, which can be paid by the restaurant, charged to the customer, or split between them.Marciante said he'd been using <a target="_blank" href="https://www.businessinsider.com/high-school-dropout-raises-millions-help-restaurants-curb-delivery-fees-2020-9">Owner.com</a> for less than two months but was already super pleased with it and that he'd recommend it to other restauranteurs looking to get out from under the popular food-delivery apps.It's worth noting that some of the apps, like Uber Eats and DoorDash, also offer white-label delivery services, where customers can place orders directly with a restaurant but they can be delivered by the app's drivers. This option will typically save the restaurant money compared to when customers order in the app itself, so it may be another option for restauranteurs to explore.Marciante said DoorDash reached out to him after being contacted by BI and that they "offered to up their game" working with him and assigned him a sales executive.The other food-delivery apps did not respond to requests for comments from BI.<h2 id="8c502edb-9ef3-4d5e-9db2-202b20454184">The apps are useful for restaurants to get discovered</h2>While the apps can be costly to restaurants, Marciante said they are still useful tools for restaurants to connect with first-time customers."A lot of people will just pull up their phone and go to Uber and just figure out what they want to eat," he said.But after being in business for 17 years, Marciante has plenty of repeat customers, many of whom order takeout or delivery on a regular basis. Now, those customers can go straight to Chef Tony's website or app and place their orders rather than give a third-party app an increasingly high cut each time.For now Marciante plans to maintain his presence on the apps in order to keep reaching new potential customers. But now, when those people find him and want to order from him again, they can go straight to his site and cut out the middleman.Are you a restaurant owner who wants to share your experience using food-delivery apps? Have you stopped using the apps or are you trying to get off them? Contact this reporter at <a target="_blank" href="mailto:kvlamis@businessinsider.com">kvlamis@businessinsider.com</a>.

A GenX chef says he's weaning off delivery apps like DoorDash and Uber Eats because of 2 big downsides. Here's what he's doing instead.

<ul><li>Low ticket size and low margin can never be solved through forced low delivery cost, said <keyword id="2988161" type="General" weightage="20" keywordseo="ashneer-grover" source="Orion">Ashneer Grover</keyword> on 10-minute grocery delivery. </li><li>Hari Menon, the CEO of BigBasket said that consumers never wanted quick delivery, and that it was thrust on them. </li><li>Legacy e-commerce companies who have not generated significant net profit have no authority to make remarks on quick commerce, said Aadit Palicha, the co-founder of Zepto. </li></ul>A war of words has been raging between the heads of quick commerce companies and their non-quick counterparts in the last few weeks. Entrepreneur and startup investor Ashneer Grover too joined in the conversation — insisting that 10-minute quick commerce delivery has no economics. He was commenting on the Blinkit (by Zomato) delivery personnel strike. “Low ticket size and low margin can never be solved through forced low delivery cost,” Grover tweeted summarising Zomato’s Blinkit journey in three steps — 90 Min (bull run) —&gt; Next day (bear run) —&gt; 10 Min (bull run) —&gt; ?? Quick commerce sector has players like Zepto, Reliance-backed Dunzo, Zomato’s Blinkit and Swiggy’s Instamart. While most of them provide 10-minute deliveries, others too offer lightning-fast deliveries of a wide range of groceries — catching the imagination of consumers. However, quick commerce has had its set of detractors, and recently Hari Menon, the chief executive officer (CEO) of BigBasket stirred up the controversy with his comments against quick commerce. While BigBasket has its quick commerce avatar called BigBasketNow, it delivers its groceries in 30 minutes. ‘Qcommerce was thrust on customers’ Grover’s negative opinion on the economics of quick commerce delivery has another backer. Last week at the Sharrp Summit, Menon said that consumers never wanted quick delivery, and that it was thrust on them. A sensible business case involves 15-30 minutes to make a delivery, he added. “Quick commerce has certain dynamics required for unit economics to work, which means you need a high density of orders, it will be cut off at some point. The Bigbasket model will scale, but quick commerce without density doesn't work,” <a href="https://www.cnbctv18.com/business/companies/consumers-never-wanted-10-minute-delivery-says-bigbaskets-co-founder-16394831.htm">Menon said</a>. Menon’s comments had irked Aadit Palicha, the co-founder of Zepto and a Stanford dropout, who started the business during the pandemic when he was 19 years old. He hit back at Menon at the very summit saying that legacy e-commerce companies who have not generated significant net profit have no authority to make remarks on quick commerce’s sustainability. Palicha, who is preparing to take the company public in the next two years,<a href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms"> had told Business Insider India</a> in a recent interview that a large part of his ‘dark stores’ are profitable, and the financial metrics of the company are very strong. Indians take to quick commerce According to Redseer, Indian consumers are taking to quick commerce, and the adoption is much better than in other countries. India has a quick commerce penetration of 13% versus 7% in China and 3% in EU, respectively. The current market size of quick commerce in India is $5.5 billion – and as of now caters to only 1% of the total domestic grocery market. Redseer also says that the total addressable market (TAM) of quick commerce is at $45 billion. “Emerging as one of the fastest growing e-commerce models, quick commerce is fundamentally changing consumer purchase behaviour and the grocery retail market on the whole by providing faster delivery options (in as little as ten minutes) as well as a more convenience-driven shopping experience,” said the Redseer report. Quick commerce players who have set up dark stores that aid quick deliveries, cater to the mid to upper middle-class consumers, and also offer an eclectic mix of products —- in order to stay ahead of the competition from local kiranas. As of now however, around 70% of all quick commerce purchases are top-up orders. Many platforms have informed that milk, eggs and more are the most searched and purchased items for fast deliveries. Stockup purchases like staples and packaged foods are either purchased offline or through online e-commerce. Apart from the time and the economics, the war of words around e-commerce is about average order value (AOV). Many players are trying to push for it by offering free delivery for larger sized orders. A few services like Instamart charge different delivery prices for faster delivery of services. Moreover, the funding winter which has been taking the wind off the sails for most startups has also had its effect on quick commerce players. Moreover, grocery delivery – fast or otherwise – itself is becoming a tougher business to be in. JioMart Express, which offers 90-minute deliveries, has recently shut this service. At the same time last year, fast delivery service Ola Dash folded up. This, however, can be a blessing in disguise, say analysts. “Competitive intensity has slowed down in quick commerce, which gives incumbents room to build scale moats; and the expectation that the life cycle value of the incremental transacting user in quick commerce could be significantly better than in food delivery at the current stage,” says a recent report by JM Financial. When the dust settles on the war of words around quick commerce, it will be incumbent on the existing players to prove their detractors wrong by delivering profitable businesses. SEE ALSO <a href="https://www.businessinsider.in/business/news/samosas-versus-burgers-the-great-indian-dilemma/articleshow/99488590.cms">Samosas versus burgers: The Great Indian Dilemma</a> <a href="https://www.businessinsider.in/thelife/personalities/keshub-mahindra-the-man-who-played-in-a-role-in-building-indias-auto-industry/articleshow/99425922.cms">Keshub Mahindra: The man who thought impossible is possible</a>

The Big Fight: Ashneer Grover wades into controversy around 10-minute delivery

<ul class="summary-list"><li>The US Army is receiving its first delivery of a new, short-range ballistic missile.</li><li>The Precision Strike Missile can travel 250 miles and be outfitted with a cluster munition payload.</li></ul>The US Army just received its first batch of a new, short-range ballistic missile that's set to eventually replace its arsenal of powerful MGM-140 Army Tactical Missile Systems, or ATACMS, tactical ballistic missiles with a longer reach than artillery.In a Friday statement, the Army announced an initial delivery of its next-generation Precision Strike Missile (PrSM) following <a target="_blank" href="https://www.businessinsider.com/us-army-tests-missile-replace-atacms-weapon-hammered-russia-ukraine-2023-11">successful qualification testing</a> of its baseline variant — called Increment 1 — last month."The Precision Strike Missile will provide Joint Force commanders with a 24/7, all-weather capability that will counter the enemy's ability to conduct combat maneuver and air defense operations," Assistant Secretary of the Army for Acquisition, Logistics and Technology Doug Bush said in a <a target="_blank" href="https://www.army.mil/article/272301">statement</a>."The rapid development and delivery of this capability," he added, "is a prime example of the Army's aggressive use of new acquisition authorities from Congress that allow us to move at much greater speed to get improved equipment to Soldiers."<div type="image" title="A missile is fired from a HIMARS launcher." height="1000" width="734" msid="105848220" hostid="261" sizebytes="22396"></div>Developed by Lockheed Martin, the PrSM is a surface-to-surface missile that can be launched from the M142 High Mobility Artillery Rocket Systems (HIMARS) and M270A2 Multiple Launch Rocket Systems.According to the Army's <a target="_blank" rel=" nofollow" href="https://asc.army.mil/web/portfolio-item/ms-prsm/">Acquisition Support Center</a>, the missile is capable of performing in all weather conditions and can be outfitted with a cluster munitions payload, allowing it to scatter small bomblets over a large area in the middle of its flight.The Army said in November that the Increment 1 variant will <a target="_blank" href="https://www.army.mil/article/271709/army_announces_precision_strike_missile_completes_successful_production_qualification_test_1_flight">soon replace</a> its inventory of ATACMS, "significantly" extending the range and lethality of the military's long-range precision fires.The PrSM's 250-mile range easily surpasses the maximum distance that any ATACMS variant can travel, which is a maximum of 186 miles with a unitary warhead. The new missile also doubles the volume of fire for a HIMARS launch pod, which can hold two PrSMs as opposed to just a single ATACMS munition, according to a Pentagon <a target="_blank" href="https://www.dote.osd.mil/Portals/97/pub/reports/FY2020/army/2020prsm.pdf?ver=X-RZWEVUK7kEWnUGrtBkJw%3D%3D">document</a> detailing the PrSM program.ATACMS have entered the spotlight amid Russia's war against Ukraine, which long sought to acquire the missiles from the US in an attempt to build-up its stockpile of longer-range fires. Washington, however, was reluctant to do so, citing pressure on its own inventory of the weapons and concerns over potential escalation.Kyiv eventually received a secret shipment of a small number of the <a target="_blank" href="https://www.businessinsider.com/us-cluster-rockets-ukraine-punish-russian-artillery-cut-off-army-2023-9">M39 ATACMS variant</a>, a deadly cluster missile that's packed with nearly 1,000 submunitions and has a range of around 100 miles. The weapon made its debut in Ukraine in a series of <a target="_blank" href="https://www.businessinsider.com/ukraine-atacms-russian-airfield-strikes-attack-enemy-helicopters-2023-10">devastating strikes</a> on Russian airbases in October, destroying a number of helicopters and raising questions about how Moscow might <a target="_blank" href="https://www.businessinsider.com/ukraine-atacms-missiles-force-russia-make-hard-choices-experts-say-2023-11">reassess protecting</a> its vulnerable assets.The missiles, however, have since fallen quiet, with no recent ATACMS strikes of note.<div type="image" title="US Army Tactical Missile System (ATACMS) firing a missile into the East Sea during a South Korea-U.S. joint missile drill." height="2657" width="2274" msid="105848222" hostid="261" sizebytes="530406"></div>It's unclear whether the introduction of the PrSM into the US Army will alleviate strains on the US stockpile and create opportunities for more ATACMS to head to Ukraine. It comes at a time of widespread uncertainty over long-term Western military support for Kyiv and a disappointing outlook on the battlefield, where the front line has remained <a target="_blank" href="https://www.businessinsider.com/how-the-ukrainian-counteroffensive-ran-into-trouble-2023-11">largely unchanged</a> for months.The Biden administration has sounded the alarm that <a target="_blank" href="https://www.businessinsider.com/gop-blocks-ukraine-war-aid-russia-advantage-putin-analysis-2023-12">without more funding</a> from Congress, it will not be able to provide Ukraine with the security assistance needed to continue defending against the Russian invasion, which is inching closer toward the two-year mark."Congress cannot let [Russian President Vladimir] Putin prevail," White House Press Secretary Karine Jean-Pierre told reporters on Wednesday, stressing that "the stakes are just too high."

You Searched For "delivery funding" and got 12 results

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