SWIGGY FINANCIAL REPORT
Girish Mathrubootham exits Freshworks: A timeline of the SaaS major’s 15-year journey
The vision of the founder of the company is summed up in one of his posts: “I wanted us to think and act like a global company even if we were still a team of 10.” Per its website, the provider of enterprise-grade, AI-assisted service software has served more than 73,000 customers in over 120 countries.
Ola Electric auditor raises alarm; Urban Company's pre-IPO deal
Ola Electric's auditor draws attention to missing internal controls at a key subsidiary. This and more in today's ETtech Top 5.
Festive cheer with GST 2.0; Amazon’s $200 million NBFC bet
Happy Friday! Ecommerce is expected to win big this festive season on the back of new GST relief. This and more in today’s ETtech Morning Dispatch.
Zomato, Swiggy's GST woes; Amazon's $200-million Axio deal
With the overhaul of India's GST regime, food delivery companies Zomato and Swiggy stare at a new tax burden. This and more in today's ETtech Top 5.
Stocks in news: Jio Financial, Swiggy, Aptus Value Housing, Coal India, Maruti Suzuki
Indian markets surged, fueled by GST Council optimism. Key highlights include BHEL securing a ₹2,600 crore order and Swiggy raising platform fees in high-demand areas. Aptus Value Housing faces a potential share sale by WestBridge Capital, while Maruti Suzuki unveils its new Victoris SUV. Coal India is venturing into renewable energy with significant solar and wind power plant tenders.
In India's Rs 1 .5 lakh crore IPO boom, check which law firms earned the highest bills from companies
Large IPOs above Rs 5,000 crore attracted legal fees in the range of Rs 6–20 crore, depending on complexity. For mid-sized issues between Rs 1,000 crore and Rs 5,000 crore, lawyers billed in the range of Rs 3–8 crore per deal.
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Eternal shares rise 2% as Zomato hikes platform fee to Rs 12 ahead of festive season
Zomato's parent company, Eternal, saw shares rise by 2% after increasing its platform fee to Rs 12, mirroring a similar move by competitor Swiggy ahead of the festive season's expected surge in demand. While Zomato's profits declined YoY, revenue increased. Swiggy's losses doubled due to investments in its Instamart vertical.
Hotel Rooms to Casinos: GST on key services in spotlight ahead of council meet
Team GST is convening to address service tax classifications within the 12%, 18%, and 28% slabs, aiming to simplify the regime and potentially shift items to the 5% slab. However, the timing coincides with the festive season, creating uncertainty for consumer firms and retailers as buyers delay purchases awaiting rate cuts.
BigBasket top brass churn; RMG ban pain manifests
Happy Tuesday! BigBasket CEO Hari Menon is expected to take a step back as part of a leadership transition. This and more in today's ETtech Morning Dispatch.
Festive lift for etailers; Elevation’s late-stage push
Happy Friday! Online sales this festive season are expected to reverse three years of slowdown. This and more in today’s ETtech Morning Dispatch.
Sunil Singhania-led Abakkus buys equity worth Rs 64 crore in Edelweiss Financial via block deal
Abakkus Asset Manager, led by Sunil Singhania, bought 64.3 lakh shares of Edelweiss Financial Services worth Rs 64 crore in a block deal from Edelweiss Employees Welfare Trust and Edelweiss Employees Incentives and Welfare Trust
Not just groceries: Blinkit, Zepto & others turn festive bazaars on your phone
Quick commerce platforms in India, including BigBasket, Zepto, and Swiggy Instamart, experienced a surge in sales during Raksha Bandhan and other festivals. These platforms, initially focused on grocery delivery, are expanding into electronics, apparel, and home furnishings, driven by changing consumer shopping patterns.
Walmart International’s margins squeezed by Flipkart, Myntra quick commerce bets
Walmart International’s gross profit dipped in the June quarter due to rising investments in India’s quick commerce sector via Flipkart and Myntra. Kathryn McLay, CEO of Walmart International, said the company is ramping up its focus on rapid deliveries in India. This move comes as competition heats up with players like Blinkit, Swiggy Instamart, and Zepto.
ET Soonicorns Summit 2025: Karnataka Deputy CM to unveil report on soonicorns and minicorns across priority sectors
DK Shivakumar, Deputy Chief Minister of Karnataka, is set to unveil the Economic Times Top Soonicorns and Minicorns of Karnataka 2025 report, based on data from January 1, 2020, to June 9, 2025, revealing 31 unicorns, 85 soonicorns, and emerging innovation clusters across five urban hubs.
Ahead of Market: 10 things that will decide stock market action on Friday
Indian equities closed higher for the sixth straight session, supported by optimism over GST cuts, strength in financials, and Reliance gains. Analysts noted mixed sentiment with profit booking, cautious trading ahead of Jackson Hole, and positive technical signals.
Aikyam Capital launches GIFT City–domiciled Aikyam India Discovery Fund
Aikyam Capital has launched the Aikyam India Discovery Fund (AIDF), a GIFT City-domiciled, USD-denominated Category III AIF offering tax-efficient access to India’s equity markets. Targeting NRIs and global investors, AIDF invests in top mutual funds and ETFs with dynamic allocation, delivering transparency, governance, and long-term exposure to India’s growth story.
Eyeing leadership in quick commerce; won't hold back investments: Samir Kumar, Amazon India chief
Amazon aims to lead India's e-commerce and quick commerce sectors. The company plans significant investments to achieve scale in quick commerce. Amazon will focus on selection, value, and supply chain depth. Recent sales events show strong demand, especially from smaller towns. The company sees potential in reaching the next 200 million customers beyond top cities.
Swiggy to appoint two separate heads of finance for Instamart and food delivery
Swiggy is restructuring its organisation and is set to appoint two new vice presidents to oversee finance for Instamart and its food delivery division separately. This move reflects the growth of both arms. It comes amid industry discussions on shifting to an inventory-led model, though Swiggy has no immediate plans for such a change.
Ahead of Market: 10 things that will decide stock market action on Monday
The Indian market was closed for a national holiday on Friday. On Thursday, the Sensex and Nifty closed higher, breaking a six-week losing run driven by trade tensions and muted quarterly earnings, with gains in Infosys after it agreed to buy a stake in Australia’s Versent Group.
Silicon dreams meet India; FirstCry’s Q1 report
Happy Thursday! International semiconductor companies are vying to cash in on the India opportunity. This and more in today’s ETtech Morning Dispatch.
Norwest Venture eyes a bite of Belgian Waffle
Norwest Venture Partners (NVP) is in advanced discussions to acquire a minority stake in The Belgian Waffle Co, potentially valuing the dessert chain between ₹350-500 crore. This comes after previous talks with ChrysCapital fell through due to stake disagreements.
Trent, AU SFB and Eternal should be part of portfolio; buy Bharti Airtel if you get a 3% discount: Rahul Shah
Rahul Shah from Motilal Oswal analyzes key financial events. Titan's earnings beat expectations, especially in the jewellery segment. AU Small Finance Bank's move to a universal bank is a positive step. Eternal is favored over Swiggy due to valuation comfort. While PSU banks face NIM pressure, Bharti Airtel shows strong performance.
Trump’s 39% tariffs on gold bars to wreak havoc on COMEX. Peter Schiffs explains how
A new 39% US tariff on Swiss gold bars may disrupt global gold markets, warns Peter Schiff. Prices could spike as COMEX shorts cover positions. The ruling ends previous duty exemptions, risking $24 billion in tariffs on Swiss exports and fueling diplomatic strains with Switzerland.
Ahead of Market: 10 things that will decide stock market action on Friday
Indian markets closed slightly higher on Thursday after recovering from sharp intraday losses. Buying resumed in the final hour amid optimism that US tariff hikes on Indian exports may have limited impact and potential diplomatic resolution.
FIIs just pulled out $4 billion from 5 sectors. Should you join the selling spree?
Foreign institutional investors triggered a significant selloff of $4.17 billion in July, heavily impacting Indian equity markets, particularly the IT sector, which saw outflows exceeding $2 billion. Disappointing Q1 results and global economic headwinds fueled the selling pressure across financials, realty, and auto sectors.
CFOs are quitting Indian firms before finishing 2 years
Many Chief Financial Officers in India leave their jobs quickly. Misalignment of responsibilities is a major reason. Other factors include career opportunities and IPO delays. Sectors like consumer businesses see higher turnover. Internal hires and good onboarding improve retention. Leaving CFOs often advance to bigger roles. Autonomy and clear decision-making are crucial for keeping CFOs.
ETtech Explainer: Swiggy's losses balloon despite push to improve economics
While Swiggy has laid out a series of steps to improve profitability, the high cash burn indicates that these measures may take some time to show their impact. For its quick commerce business, Instamart, Swiggy continued to guide for a contribution margin break-even between Q3FY26 and Q1FY27.
Swiggy Q1 revenue surges 54% but loss nearly doubles to Rs 1,197 crore on Instamart burn
Swiggy reported a doubled net loss of Rs 1,197 crore for the April-June period despite a 54% increase in operating revenue, accompanied by a cash burn of Rs 1,053 crore. Instamart's losses widened even as its gross order value more than doubled in annual terms. The company now intends to sell its stake in Rapido as the latter makes a food delivery foray.
Small-value payments to cost banks; Swiggy’s grim Q1
Happy Friday! Banks are scrambling as the government cut incentive on small-value UPI transactions. This and more in today’s ETtech Morning Dispatch.
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