Banking on the growing demand for fast food and beverage deliveries, foodtech platform Swiggy has now launched its quick food delivery app SNACC in Noida and Gurugram.

Earlier this year, SNACC was rolled out to serve select pincodes in Bengaluru, delivering quick bites, beverages and meals in 15 minutes.

On its home page, the SNACC app displays a comment saying “ We’re still expanding,” when a user tries to add an address from any other city.

Via SNACC app, Swiggy claims to deliver a wide range of products  across food and beverages, including snacks, breakfast specials, tea, coffee cold beverages, dessert and fruit bowls, among others. 

“After a great response in Bengaluru, we have now launched our services in Noida and Gurugram- corporate hubs with a large urban population, especially youth. We are confident that we will soon emerge as the go-to app for customers in the two cities. We will continue to add more offerings to our app in the coming times,” said Satheesh Raman, business head of SNACC.

(The story will be updated soon)

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Enterprisetech startup Uniqus Consultech is reportedly in advanced discussions with a clutch of new and existing investors to secure fresh capital.

An ET report, citing sources, said that the company is seeking to raise up to $20 Mn (around INR 172.2 Cr) in its Series C funding round at a valuation of $200-250 Mn.

Uniqus is currently in talks with WestBridge, Accel, Norwest, Lightspeed, Bessemer Venture Partners and Peak XV, along with existing investors such as Nexus Venture Partners and Sorin Investments, the report added.

Founded in 2022 by Jamil Khatri and Sandip Khetan, Uniqus specialises in ESG and accounting and reporting consulting.

The startup claims to be operational across eight cities in the US, India and the Middle East with over 500 employees. 

Currently, it caters to more than 200 clients and has also launched an AI assistant for financial reporting and ESG.

Other than Nexus and Sorin, Uniqus is backed by UST and a clutch of angel investors worldwide. 

Inc42 has reached out to Khatri for comments on the development. The story will be updated based on his response.

ET report further said that the startup was valued $100 Mn following its last funding round.

Last year, Uniqus bagged $10 Mn in its Series B funding round to capitalise on its growth as well as scaling up existing solutions and technology.

This comes at a time when the enterprisetech market is projected to net funds to the tune of $2.3 Bn+ in 2025, as per Inc42 data.

During the first quarter of this year, early stage startups, including Singulr AI secured $10 Mn and Gyaan AI (now MaxIQ) raised $7.8 Mn, reflecting the investors’ growing interest in the enterprise tech and SaaS startups. 

According to the Inc42 Funding Report 2024, the Indian enterprise tech sector raised over $1.8 Bn across 167+ deals last year.

The post Uniqus In Talks To Raise $20 Mn In Fresh Funding Round appeared first on Inc42 Media.

Joining the ‘Desh Wapsi’ brigade, customer engagement platform MoEngage is reportedly looking to shift its base to India from San Francisco.

The Goldman Sachs-backed startup is in discussions with a host of advisors and bankers about the potential move, Moneycontrol reported.

“Several SaaS companies are looking to shift base to India as it is much easier to go for an IPO here. MoEngage is in the very initial stages of shifting base to India,” a source was quoted as saying in the report.

Inc42 has reached out to MoEngage cofounder and chief executive Raviteja Dodda for comments on the development. The story will be updated based on the response.

Founded in 2014 by Dodda and Yashwanth Kumar, MoEngage helps consumer brands amplify and scale customer engagement, and it has been providing its services from startups to global enterprises.

Since its inception, the company has raised $207.38 Mn in total funding till date and counts Eight Roads Ventures, Exfinity Venture Partners, Helion Venture Partners and Matrix Partners India among its investors.

This comes at a time when a majority of startups based outside the country have started a counter-trend, known as ‘reverse flipping’, as they look to capitalise on the boom in India’s economy, access to a bigger pool of investors, better initial public offering (IPO) prospects and favourable government policies.

The headquarters’ shift is evidently a step closer to a potential public listing in India, where investors are going all-in for tech-led businesses.

Notably, ecommerce giant Flipkart, fintech unicorn Razorpay, quick commerce unicorn Zepto and fintech company Pine Labs are eyeing a ‘desh wapsi’ in 2025 ahead of their eventual public listings.

Only a day ago, fintech major Pine Labs secured the final approval from the National Company Law Tribunal (NCLT) to merge its Indian and Singapore entities.

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Digital transactions were impacted today due to a widespread Unified Payments Interface (UPI) outage with several users reporting problems in the instant payment interface.

As per DownDetector, a platform that monitors service disruptions based on users’ report, a large number of users flagged the issues with UPI around 11:26 AM.

Further, the outage peaked around 12:54 PM, when more than 2,387 users reported issues on the platform. 

While 81% of the complaints were related to payments, 17% complained of funds transfer and a meager 2% issues related to purchases.

As per social media platform X, many users faced difficulties while making payments on third-party platforms like Paytm and Google Pay, among others. 

“UPI is down again today, all payments are getting failed. At least there should be prior intimation sent in case of planned outage,” a user said. 

However, the service restored functionality as of 3:39 PM, as reports on the downdetector displayed a decline in reports.

Confirming the status on the social media platform X, the National Payments Corporation of India (NPCI) said, “NPCI is currently facing intermittent technical issues, leading to partial UPI transaction declines. We are working to resolve the issue, and will keep you updated.”

But, the NPCI is yet to address about resolving the outage.

This was the sixth major outage for UPI in the past year.

Meanwhile, the Reserve Bank of India (RBI) allowed the NPCI to revise transaction limits for person-to-merchant (P2M) payments on the UPI, earlier this week.

To note, UPI transactions in the country reached a record high of 18.30 Bn in March after falling 5% to 16.11 Bn in February. March’s transactions accounted for a total amount of INR 24.77 Lakh Cr, a 12.8% month-on-month (MoM) surge against transactions worth INR 21.96 Lakh Cr in February.

IPO-bound fintech company PhonePe maintained its leadership position in the UPI market in March, processing 864.7 Cr, or 47.25% of the total UPI transactions, followed by Google Pay, which notched up 36.04% of the total UPI transactions, accounting for 34.98% of the total UPI value.

Additionally, the Centre also approved an ‘incentive scheme’ with an outlay of INR 1,500 Cr recently, to promote low-value BHIM-UPI transactions among small merchants. 

The post UPI Down For Several Users Across Country appeared first on Inc42 Media.

Bengaluru-based coliving spaces provider Zolo is set to sell its student accommodation business to Mumbai-based Good Host Spaces Management Services for INR 107.8 Cr (around $12.5 Mn) via a slump sale.

The board of Zolo approved the startup’s proposal to sell its student accommodation vertical to Good Host Spaces on February 10, as per regulatory filings accessed by Inc42.

The transaction will be a mix of cash and debentures, with 90% of the consideration (INR 97.02 Cr) payable in cash, while the remaining 10% (INR 10.78 Cr) will be paid in the form of optionally convertible dentures (OCDs).

Inc42 has reached out to Zolo for comments on the development. The story will be updated based on the response.

Entrackr reported the development first.

“The sale will enable Zolostays to focus on business operations and pursue growth opportunities. The lump sum consideration will improve the company’s liquidity position and strengthen its balance sheet. The transaction will allow the company to streamline its operations and improve overall efficiency,” the company said in a statement.

Founded in 2015 by Akhil Sikri, Isha Choudhry, Nikhil Sikri and Sneha Choudhry, Zolo offers affordable paying-guest accommodations, service apartments and independent flats to students and working professionals via its AI-powered app. 

It counts Investcorp, Nexus Ventures Partners, Mirae Assets and Trifecta Capital among its backers.

The startup presently has housing facilities in more than 10 cities across the country, and competes with brands, including Isthara, Stanza Living and Hosteller, among others.

In March 2023, Akhil Sikri stepped away from his operational role at the coliving startup to pursue a new entrepreneurial venture. Currently, he is the chief technology officer at Apsona, a software service provider.

Prior to that, Isha Choudhry who headed the operations and human resources quit in 2020.

On the other hand, Good Host Spaces was launched in 2017 by Nimesh Grover and Stanley D’britto, to offer third-party on-campus student accommodation services in the country.

The company claims to have a presence in about five cities, operating approximately 20,000 beds at universities such as Manipal University, OP Jindal Global University, T A Pai Management and Shoolini University. 

The development comes at a time when the hospitality industry has been attracting investments and acquisitions, with vacation season coming up close and the increasing tourist population.

Earlier this week, aviation giant IndiGo’s parent InterGlobe Aviation and French hospitality major Accor have announced a partnership to jointly invest in Treebo Hotels. 

Prior to that, Ritesh Agarwal-led hospitality giant OYO was looking to invest $10 Mn (INR 86.6 Cr) in its recently-bought G6 Hospitality, the US-based operator of the Motel 6 and Studio 6 brands, in February.

As per data from Tofler, Zolo’s revenue from operations rose 122.5% to INR INR 94.65 Cr in the financial year ending 2023, compared to INR 42.54 Cr from FY22.

Despite its strong topline performance, the company’s net loss for the year widened by 2% to INR 67.96 Cr in FY23, while it incurred INR 66.59 Cr in the previous year.

The post Zolo Sells Student Accommodation Business For INR 108 Cr appeared first on Inc42 Media.

Market intelligence platform Tracxn has allotted 4.3 Lakh stock options to eligible employees under TRACXN Employee Stock Option Plan 2016 (ESOP 2016). 

In an exchange filing, the company said that its Nomination and Remuneration Committee approved the allotment of 4,28,488 equity shares at a face value of INR 1 each to eligible grantees upon exercise of vested options under TRACXN ESOP 2016.

The exercise price for the allotted shares is also INR 1 per share.

With the fresh allotment, the paid-up equity share capital of the company has increased to INR 10,68,94,582 (10.64 Cr) from INR 10,64,66,094 (10.64 Cr) earlier.

As per the stock’s closing price on Monday (April 7), the newly allotted equity shares are worth INR 2.19 Cr.

Shares of Tracxn are volatile for the day, and as of 11:29 AM, it was trading marginally low at INR 51.39 apiece on the BSE today (April 11), compared to its last close of INR 51.40 per share.

The volatility of stocks has been largely a ripple effect of US president Trump’s tariff announcement against over 180 countries on April 2.

To note, Tracxn recently hit its all time low of INR 48 on April 7, while the stock has lost 49.5% in value in the past 12 months.

The company’s market capitalisation currently stands at INR 547.13 Cr ($63.5 Mn).

Most recently, the company has made multiple announcements related to ESOPs. In March, the company allotted 2.84 Lakh equity shares under the same plan. Prior to that, it allotted 2.88 Lakh stock options also under ESOP 2016 in February as well.

On the financial front, Tracxn reported a net profit of INR 1.42 Cr in the third quarter of the fiscal year 2024-25, down 36% from INR 2.22 Cr in Q3 FY24.

Meanwhile, its revenue from operations increased 1.2% to INR 21.39 Cr in Q3 FY25 from INR 21.14 Cr in the year-ago quarter.

The post Tracxn Allots Shares Worth INR 2.19 Cr Under ESOP Scheme appeared first on Inc42 Media.

BluSmart Mobility has reportedly delayed salary payments for the month of March as the electric cab-hailing startup grapples with a financial crisis.

In an email to the employees, cofounder Anmol Singh Jaggi has assured that all the pending dues will be cleared by the April end, the Morning Context reported.

“Due to current cash flow constraints, there will be a short delay in processing salaries. However, we want to assure you that all dues will be cleared within the month of April itself,” Jaggi said in the mail.

“To ensure fairness and sensitivity to those who may be more impacted, we will be releasing salaries in phases—starting from the lowest pay grades and moving upwards,” he added.

Inc42 has reached out to BluSmart for comments on the development. The story will be updated  based on the response.

Founded in 2019 by Jaggi and Punit K Goyal, BluSmart offers EV ride-hailing services and charging infrastructure across Delhi NCR and Bengaluru. It expanded its services to Mumbai in January this year, and also had a presence in Dubai.

Mounting Troubles For BluSmart

Weeks ago, Refex Industries terminated its deal to acquire 2,997 electric vehicles from Gensol Engineering.

In January, Gensol’s EV financing arm Gensol EV Lease Pvt Ltd agreed to sell 2,997 EV cars, which were leased initially to BluSmart, to Refex’s subsidiary Refex Green Mobility Limited (RGML). 

Prior to that, reports surfaced that Uber was in early talks to acquire BluSmart, which was again denied by the latter about any negotiations.

The startup’s Dubai operations were also reportedly shut down in mid-March, while its plans of expanding its services in Saudi Arabia aborted.

The reports further revealed there have been top-level exodus in BluSmart, as of March this year. Chief executive officer Anirudh Arun, chief business officer Tushar Garg, chief technology officer Rishabh Sood, and vice president Priya Chakravarthy have all exited. Nandan Sharma, who was earlier a vice president, will be taking over as the chief executive officer. 

To add to that, BluSmart reportedly defaulted on INR 30 Cr of bonds in early February, during which the company denied issues of cash crunch and confirmed that it is set to build a strong brand supported by strategic expansion, increasing focus on premium offering, and expanding user base.

Since its inception, BluSmart has raised $180 Mn in a mix of debt and equity funding rounds till date, from investors such as bp Ventures, Venture Catalysts, Green Frontier Capital, responAbility and Deepika Padukone, among others.

In terms of financial performance, the company reported its operating revenue rose more than 245% to INR 13.84 Cr in the year ending March 31, 2023, from INR 4.01 Cr in FY22.

Meanwhile, BluSmart also narrowed its loss to INR 14.89 Cr in FY23, a decline of almost 58% when compared to a loss of INR 35.37 Cr from the previous year.

The post BluSmart Delays Salaries Citing Cash Flow Issues: Report appeared first on Inc42 Media.

T Koshy, the managing director and chief executive officer of the government-backed Open Network for Digital Commerce (ONDC), has stepped from his role after a three-year stint.

However, the reason behind his resignation has not been disclosed.

“As with any dynamic and evolving organisation, a leadership change is currently underway. Koshy has expressed his desire to step down while helping on with the change. The MD and CEO responsibilities have been transitioned to an executive committee with Koshy available to the board over the next three months for advise,” ONDC said in a statement.

As per Koshy’s LinkedIn profile, he had previously worked with consulting firm Ernst & Young (EY) for more than a decade. Prior to that, he worked with the National Security Depository Limited (NSDL) as executive director for over 14 years.

The CEO’s exit comes close to the recent exit of ONDC’s chief business officer Shireesh Joshi, who served the network for about three and half years.

Prior to that, ONDC’s non-executive chairperson Ram Sewak Sharma also stepped down from his role due to personal reasons in December 2024, having worked only three months with the state-backed network.

Weeks ago, ONDC crossed the 200 Mn transactions, a milestone hit over two years after it started operations in January 2023. 

Despite that, it is observed that the target could have been attained earlier, given the market opportunity of rapid expansion post pandemic.

To deepen the awareness of the network and to boost transactions, the ministry of micro, small and medium enterprises (MSME) partnered with ONDC to launch MSME Trade Enablement And Marketing (TEAM) with an allocation of INR 277.35 Cr in January, with an aim to help over 5 Lakh MSMEs with a special focus on women-led businesses get onboard the network.

As of January 3, commerce minister Piyush Goyal posted on social media platform X that more than 7 Lakh sellers and service providers have so far been onboarded on ONDC. He said that these sellers are from over 600 cities and towns, and the network has so far processed more than 15 Cr transactions.

Further, similar to private businesses, it has begun levying a fee of INR 1.5 for every transaction above INR 250 from the start of this year.

The post ONDC Chief T Koshy Steps Down After Three-Year Stint appeared first on Inc42 Media.

Union minister Ashwini Vaishnaw has reportedly asked the Unique Identification Authority of India (UIDAI) to come up with a new Aadhaar law aligned with the Digital Personal Data Protection (DPDP) Act, 2023.

Speaking at Aadhaar Samvaad event on Tuesday, the minister underlined the need to update legal framework surrounding Aadhaar.

“When the Aadhaar Act was made, there was no appropriate data protection and privacy protection law,” Vaishnaw was quoted as saying in an ET report.

“Now we have the Digital Personal Data Protection Act. After a lot of consultation and discussions, the rules have been formulated and prepared. Very soon the rules will be notified. Now the work of making the Aadhaar law compatible with this DPDP Act needs to be done…,” he added.

The minister called on UIDAI to take the lead on this initiative moving forward.

Aadhaar App With Face ID Authentication

This comes days after Vaishnaw announced a new Aadhaar app featuring face ID authentication, eliminating the need for physical cards and photocopies.

The app, currently in beta testing, allows users to share only necessary data with their consent, ensuring stronger privacy and preventing misuse.

This comes at a time after reports surfaced that the upgraded image generator in OpenAI’s ChatGPT has generated government identity cards with fake PAN and Aadhaar numbers.

In January, the government unveiled the draft Digital Personal Data Protection Act for public consultation, aiming to balance between user privacy and innovation. It mandates parental consent for children’s online accounts and big tech to localise certain data.

Later, the Centre extended the time for draft DPDP rules feedback till March 5.

As of March, the Centre reviewed the comments and has addressed doubts around consent management, authority in control, data localisation, parental control and verifiable parents.

The government is set to release the finalised rules soon.

To note, the rules for data privacy and security in India so far functioned under the Digital Personal Data Protection (DPDP) Act, 2023, passed by the Lok Sabha in August 2023. This was aimed at replacing the data protection rules that were largely enforced through Section 43A of the Information Technology Act, 2000.

The post Revise Aadhaar Law To Align With Data Act: Ashwini Vaishnaw To UIDAI appeared first on Inc42 Media.

As the Centre steps up its efforts to develop public AI compute infrastructure under the IndiaAI Mission, the initiative has reportedly attracted interest from a clutch of tech and telecom majors, including Google, Airtel, Tata Consultancy Services and Infosys.

IndiaAI Mission was approved in March last year with an allocation of INR 10,372 Cr over the course of next five years. It aims to create an AI ecosystem, offering supercomputing capabilities comprising over 10,000 GPUs to various stakeholders.

It covers initiatives such as IndiaAI Compute Capacity, IndiaAI Innovation Centre (IAIC), IndiaAI Datasets Platform, IndiaAI Application Development Initiative, IndiaAI FutureSkills, IndiaAI Startup Financing, and Safe & Trusted AI.

An ET report, citing people familiar with the matter, said that on March 26, Google, Airtel, TCS and Infosys participated in the pre-bid meeting for the second round of applications under the IndiaAI Mission’s graphics processing unit (GPU) initiative.

The meeting also saw participation from companies such as Palo Alto Networks, Salesforce, ST Telemedia, Hewlett Packard Enterprise (HPE), IBM, Netweb, NTT, Oracle, Ola Krutrim, Neysa, AMD, BSNL, Dell, Deloitte, Kyndryl, L&T and NetApp, the report added.

The development comes days after a report surfaced that Reliance Jio and CtrlS, which emerged as the lowest price (L1) bidders in the tender for sourcing GPUs, are set to get AI workloads by the second week of April. 

The pre-bid meeting for the second round for GPU tender had a good response and IndiaAI is expecting a lot of companies in the upcoming round, as per reports.

The IndiaAI Mission received around 120 applications in the second round of bidding, which closed on March 15.

Meanwhile, IT minister Ashwini Vaishnaw revealed that the evaluation of AI Large Language Model (LLM) applications is in the final leg, and the Centre is looking to finalise the shortlisted entities soon, which would let them secure funding under the IndiaAI Mission.

As per the report, some of the companies may decide to not formally apply at a later stage. The last date to submit the bids in the second round is April 30.

In January, MeitY received offers for 20,000 GPUs, double of what was initially proposed for empanelling companies, earlier this year.

Following which, the Centre reportedly selected ten tech giants including Jio Platforms and Tata Communications for the final bidding process to procure 10,000 graphic processing units (GPUs) under the IndiaAI Mission.

The post Google, Other Tech Majors Express Interest In India’s AI Compute Infrastructure appeared first on Inc42 Media.

Delhi NCR-based snacking brand Let’s Try has secured $2.5 Mn (around INR 21.64 Cr) in a Pre-Series A funding round led by SWC Global.

The round also saw participation from existing investors, including Wipro Consumer, 100Unicorns, Venture Catalysts and boAt cofounder Aman Gupta.

The startup plans to use the fresh capital to expand its distribution across Tier I, II and III cities, while also strengthening its supply chain and backend operations.

Apart from this, some proceeds would be deployed for launching new product varieties and building online and offline brand initiatives.

Founded by Nitin Kalra in 2021, Let’s Try offers a variety of healthy snacking products, including namkeens, mixtures, chips, roasted channa and cookies, selling primarily through its digital platform. The company uses in-house manufacturing to ensure quality and innovation.

The brand is planning to launch several new SKUs in modern trade and regional formats to appeal to a wider consumer base while deepening its presence across e-commerce platforms and D2C channels.

Earlier, it raised an undisclosed sum from Wipro Consumer Care – Ventures in exchange for a minority stake, in July last year.

Let’s Try claimed that in just three years, the company scaled up from INR 1 Cr to INR 120 Cr in annualised revenue run rate. It is eyeing to cross INR 1,000 Cr in revenue by 2028.

The development comes at a time when consumer behaviour in the country has shifted towards opting for healthy options of their cravings such as snacks and ice creams.

The snacking industry has thus been seeing the growth of new entrants such as EAT Anytime, The Whole Truth, Naturell India, Soulfull, and Snackible with their innovative healthy snacking alternatives in the market.

In April alone, Jaipur-based Eat Better raised INR 17 Cr and Chennai-based Sweet Karam Coffee raised $8 Mn.

The Indian snacks market reached INR 42,694.9 Cr in 2023 and is projected to grow to INR 95,521.8 Cr by 2032, with a CAGR of 9.08% from 2024 to 2032, as per reports. 

The post Snacking Brand Let’s Try Bags $2.5 Mn From SWC Global, Others appeared first on Inc42 Media.

Quick commerce major Zepto has reduced cash burn and is nearing $4 Bn in annualised gross order value (GOV), cofounder and chief executive Aadit Palicha has claimed.

“Zepto is getting close to $4Bn in annualised GOV, which represents around 300% year-on-year growth, and about 30% growth since my last update in January,” Palicha said in a LinkedIn post.

“We have reduced EBITDA (excluding ESOPs) and operating cash flow (OCF) burn by 50% even as we grew meaningfully during the last three months,” he added.

Earlier in January, Palicha said, “In April 2024, we shared with Goldman Sachs in a research note that Zepto had crossed $1 Bn in annualised GOV. Eight months later, in January, we are approximately at $3 Bn in annualised GOV.” 

The startup’s newly launched dark stores are also on the track to achieve breakeven in EBITDA. 

Zepto doubled its dark store count to 700 in 2024.

In February, the company expanded its presence in Tamil Nadu by launching more than 20 dark stores across several districts, including Coimbatore, Tiruchirappalli, Madurai, Vellore and Salem.

Meanwhile, its competitors have been investing heavily in expanding their dark stores across the country, where Blinkit added 216 new locations in Q3 FY25, with its plan to reach 2,000 stores by December this year, and Swiggy Instamart added 96 new dark stores in Q3 FY25.

With the quick commerce players competing on grounds of dark store expansion, JP Morgan recently noted that Zepto has been moderating the number of additions, implying lower marketing for new user acquisition.

The brokerage further noted that this move would possibly help the company keep its quick commerce burn contained in the March quarter of the ongoing fiscal year (Q4 FY25).

In terms of the quick commerce sector’s quarterly cash burn of around INR 5,000 Cr, Palicha rejected the statement of Zomato CEO Deepinder Goyal that more than half of this burn would be accounted for by Zepto.

Zepto’s consolidated revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24), jumping 120% from INR 2,025.70 Cr in FY23. The quick commerce unicorn’s net loss saw a marginal decline of 2% to INR 1,248.64 Cr in FY24 compared to INR 1,271.84 Cr from a year earlier.

The post Zepto Nears $4 Bn Annualised GOV: Aadit Palicha appeared first on Inc42 Media.

Apple exported iPhones worth more than INR 1.5 Lakh Cr ($17.32 Bn) from India in the financial year ending March 2025, Union Minister Ashwini Vaishnaw said.

This also marks a 76% year-on-year (YoY) jump and doubling Apple’s committed target under the production-linked incentive (PLI) scheme, according to a report by Business Standard.

In the calendar year 2024, Apple surpassed the INR 1 lakh Cr mark in iPhone exports from India, with total shipments reaching a record $12.8 Bn (around INR 1.08 Lakh Cr).

The report also highlighted that the tech major’s PLI target under mobile devices scheme stood at INR 74,900 Cr for FY25.

Following the report, Vaishnaw announced on X, “FY25 saw the highest ever INR 2 Lakh Cr smartphone exports in a fiscal.”

The smartphone exports in the year under review translated to a 54% increase from FY24, as global value chains (GVCs) integrate into the Indian economy, he added.

The development comes amid a report that Apple almost doubled its iPhone exports from India in March, surging to INR 20,000 Cr from INR 11,000 Cr a year earlier.

The spike in international shipments comes in the shadow of its efforts to stock up inventory ahead of the tariffs announced by the Donald Trump administration from April 2.

Further, Apple chief executive Tim Cook said that the company posted record quarterly sales in India during the October-December period with iPhone becoming the top selling smartphone model in the country during the quarter.

While Apple sets its targets for FY25, for the first half of the fiscal year, Apple’s vendors anticipate a FOB production value of $9 Bn. By the end of the fiscal year, India is projected to contribute 17-18% of the global iPhone production volume and 14% of its value.

Meanwhile, banking on India’s growth as a manufacturing hub for smartphones, the IT ministry recently finalised a PLI scheme for manufacturing electronics components with an allocation of INR 23,000 Cr in March, for a total period of six years, aimed at increasing the local value addition.

The post Apple Exported iPhones Worth INR 1.5 Lakh Cr From India In FY25: Vaishnaw appeared first on Inc42 Media.

The Competition Commission of India (CCI) has reportedly asked the All India Consumer Products Distributors Federation (AICPDF) for details on the relevant market share of each of the quick commerce players such as Blinkit, Zepto and Swiggy Instamart in the fast-moving consumer goods (FMCG) sector.

The competition watchdog has sought additional information from the distributor’s body on its complaint against these quick commerce startups, the Business Standard reported citing sources familiar with the matter.

Moreover, it has asked for a clarity if the FMCG companies have any exclusive agreement for distribution, one of the sources said.

Further, the CCI also requested evidence of quick commerce players forming tie-in-agreements to result in bundling products and selling the same as a package.

About a month ago, the AICPDF president Dhairyashil Patil raised a complaint against the quick commerce giants, alleging unfair pricing and market monopolisation.

The report further said that the commission has also sought evidence from the complainant of discriminatory pricing by any of the players from any consumer based on consumer location, device type or purchasing behaviour, along with the evidence of any product being sold below cost price.

This follows after the Food Safety and Standards Authority of India’s recent revelation that there have been over 21,000 consumer complaints against online food delivery apps registered in the past five fiscal years.

Notably, quick commerce giants have already been caught in the web of complaints from restaurant partners after having rolled out their 10-minute food delivery standalone apps, Bistro and Snacc, in January.

Prior to that, the Central Consumer Protection Authority received complaints with mentions of quick commerce labels refusing to make mandatory disclosures, such as expiry and best before date for grocery and other daily essentials being sold on their platforms.

Meanwhile, the quick commerce sector is expanding with numerous emerging brands entering the market with offerings such as clothing and medicines aside from groceries and food, to challenge the existing players in terms of the timelines.

Collectively Blinkit, Instamart and Zepto recorded nearly $1 Bn in sales in FY24. 

However, the rising competition has set Blinkit and Swiggy Instamart off the adjusted EBITDA margin breakeven course by at least 12 months, according to Bernstein.

A Statista’s report suggests that revenue in the quick commerce sector is expected to jump 16.60% CAGR, resulting in a projected market volume of $9.95 Bn by 2029.

The post CCI Seeks Details Of Quick Commerce Firms Market Share In FMCG Space: Report appeared first on Inc42 Media.

The Centre is reportedly finalising a move that could bring online real money gaming (RMG) platforms such as Games24x7, Junglee Games, Dream11 and Head Digital Works (A23) under the purview of anti-money laundering laws.

A report by the Indian Express said that these laws would enforce stricter requirements on these apps, including know-your-customer (KYC) process, tracking and reporting suspicious transactions.

Guided by the finance ministry, the proposal has been dispatched for consultation between ministries. It may lead to the classification of the online real money gaming firms as “reporting entities” under the Prevention of Money Laundering Act (PMLA), 2002.

The PMLA Act was brought in force to prevent money laundering, and provides the right to confiscate the property or valuables involved in the matter.

“We believe there is a lot of unaccounted money circulating within the online gaming apps and that has to be curtailed. So, the government is moving to bring them under the PMLA ambit and require them to track and report suspicious transactions,” a senior government official was quoted as saying in the report.

The noise around regulating the online gaming sector has been on the surface since 2023, during which a hike in levy of 28% GST shook the gaming industry.

The development comes at a time when multiple state government bodies have been taking stricter measures to control the operations of online gaming platforms, given the rise in complaints of money laundering across the country.

Almost two months ago, the Tamil Nadu government updated the new online gaming rules, barring all minors (under the age of 18) from playing online real money games, while also making it compulsory for these platforms to conduct KYC verification for account creation.

States like Andhra Pradesh, Telangana and Odisha had earlier slapped a blanket ban on real money games.

Also, in September last year, the Enforcement Directorate (ED) discovered a money laundering operation being operated by illegal gaming and betting apps via kirana stores.

Earlier reports highlighted that more than two dozen offshore gaming applications were under the radar of ED for remitting and round-tripping funds, as they have caused gamblers to incur losses to the tune of INR 1 Lakh Cr.

According to a report by Lumikai, India’s online gaming market is expected to cross $9.2 Bn by FY29, averaging a 20% annual growth rate.

The post Centre Finalising Move To Bring Online Gaming Apps Under PMLA: Report appeared first on Inc42 Media.

Increff cofounder Nirmal Jain’s direct-to-consumer (D2C) apparel startup OUTZIDR has raised INR 30 Cr (around $3.5 Mn) in a seed funding round led by Stellaris Venture Partners.

The round also saw participation from eight other angel investors, including Livspace cofounder and chief executive Ramakant Sharma and Mamaearth cofounder and chief innovation officer Ghazal Alagh, among others.

“The startup will deploy the fresh proceeds to bolster its business model and product design. Additionally, another portion of the capital will be used for marketing, brand building and inventory management,” Jain told Inc42.

Jain, who previously led Landmark Group’s Styli as founder and CEO in Dubai before launching Increff, joined Mani Kant Mani and Justin Mario to launch OUTZIDR last year. The startup offers western and party wear for women falling in the age group of 17-27 years. 

The fashion startup has been active in the market with its offerings since February 2025, selling via its D2C platform, as well as on fashion ecommerce platforms like Myntra, Nykaa Fashion and AJIO.

Bengaluru-based OUTZIDR has an overall headcount of 22 employees.

The brand operates on a hybrid manufacturing model, sourcing from about 30 factories in India and a few overseas too. The company claimed that it is aiming to reach an annualised run rate of INR 100 Cr by the end of this calendar year.

OUTZIDR competes with brands such as FS Life (previously known as FableStreet) and Berrylush, among others.

The development comes at a time when the fashion industry is transforming with new business models to attract the growing young audience. The switch to omnichannel operations, partnering with quick commerce players, and offering trials at their doorsteps of consumers, has been reshaping the D2C fashion line today.

With the extended funding winter revival, investors are backing D2C clothing startups banking on the lifestyle switch of consumers’ towards fast-fashion.

Shark Tank fame The Bear House raised INR 50 Cr earlier this month, to boost its offline expansion plans.

Meanwhile, B2B manufacturing and supply chain enablement startup Groyyo acquired a majority stake in New York-based online women’s wear company Oussum Inc to strengthen its presence in the US B2B fashion retail market.

As per Inc42 data, India’s D2C space broadly is projected to become a $300 Bn market opportunity by 2030 on the back of continued innovation and the emergence of new players across diverse categories.

The post Increff Founder’s D2C Apparel Venture OUTZIDR Bags INR 30 Cr appeared first on Inc42 Media.

Bengaluru-based nanotechnology startup Vimano has bagged INR 25 Cr (around $2.9 Mn) in a seed funding round led by Ankur Capital. 

A company spokesperson also told Inc42 that the round also saw participation from eight undisclosed investors.

Vimano plans to use the fresh capital to fuel its energy transition, initiate pilot projects with strategic partners in the energy ecosystem, expand the team and build a manufacturing process for its membranes.

Founded in 2019 by Murari Ramkumar and Nagesh Kini, Vimano makes customised low polyfluoroalkyl substances (PFAS) or PFAS free, green chemistry formulations for flow batteries, electrolysis and fuel cells based on operating conditions and end applications, as per its website.

PFAS is a group of man-made chemicals used in many consumer products such as non-stick cookware, stain-resistant carpet and furniture and waterproof clothing, as well as in industrial processes, including artificial turf and building materials, among others.

The startup claims that its tunable ion-conductive membrane platform has led to the development of membranes that lower the cost of electrolysers, which are used in green hydrogen production and other LDES systems.

In the cleantech sector, the startup competes against companies such as Log9 Materials, ION Energy and Gegadyne Energy, among others.

“This investment will enable us to accelerate our commercialisation efforts and bring our high-performance membranes to market at scale,” Ramkumar said.

The development comes at a time when startups in the cleanteach space have been addressing both domestic and global environmental challenges. 

Meanwhile, the Centre has also taken initiatives to enhance India’s cleantech value chain. In January, commerce and industry minister Piyush Goyal launched the ‘Bharat Cleantech Manufacturing Platform’ providing an opportunity for Indian companies to collaborate and co-innovate.

The Indian cleantech ecosystem was the fifth most funded sector in 2024, raising $829 Mn across 75 deals. 

Investors have also been betting on the cleantech startups to fuel their technological innovation in driving India’s clean energy goals.

For instance, earlier this year, Bengaluru-based materials science startup Whizzo raised $4.2 Mn to boost R&D capabilities and expansion of its supply chain.

Prior to that, rooftop solar solutions startup SolarSquare bagged $40 Mn to expand its operations to 50 cities across India, hire talent and invest in brand building.

The post Nanotechnology Startup Vimano Bags INR 25 Cr From Ankur Capital, Others appeared first on Inc42 Media.

Mumbai-based impact investor Asha Ventures, which counts Adda 24×7, Vaastu Housing Finance, Avanti and Nepra among its portfolio companies, has secured a commitment of $10 Mn (around INR 85.65 Cr) from the British International Investment for its maiden fund.

This commitment brings Asha Ventures Fund-I closer to its target size of $91 Mn.

Asha Ventures’ managing partner Amit Mehta told Inc42 that the fund is aiming for its final close in September this year.

The fund aims to support high-growth and impact-focused early-to-growth stage startups in India operating across sectors such as financial services, healthcare, education, climate and agriculture, Asha Ventures said in a statement.

Asha Ventures was founded by former Morgan Stanley India head and president Vikram Gandhi and former Genpact president and chief executive Pramod Bhasin in 2015.

Asha Ventures Fund-I marked its first close at $ 50 Mn in December 2023, backed by limited partners, including Small Industries Development Bank of India (SIDBI), Self-Reliant India (SRI) Fund and a clutch of family offices.

Back then, the investor said that it would be deploying the funds into 4-5 startups each year, with the ticket size ranging between $2 Mn and $10 Mn.

Through the fund, Asha Ventures has invested in three startups, including EV financing startup Ascend Capital, healthtech startup Truemeds and vehicle financing startup AutoMony.

The development comes at a time amid an increasing number of impact investors taking interest in early stage businesses in India that primarily focus on creating positive social impact.

C4D Partners, Bengaluru-based peer impact investor has backed about 13 companies, including Ananya Finance, Ecotasar Silk and Alpine Coffee, across two funds till date.

According to an India Impact Investors Council (IIC) report, the first two months of 2025 saw $419 Mn (INR 3,597.3 Cr) being deployed across 71 deals within the impact domain.

The post Asha Ventures Secures $10 Mn Commitment From BII For Its Maiden Fund appeared first on Inc42 Media.

Former NITI Aayog CEO Amitabh Kant believes that India’s advancement not only depends in the hands of corporates but also on the innovation driven by young startups.

Speaking at the ongoing Startup Mahakumbh, Kant said it is essential for India to have a strong foundation in deeptech, including artificial intelligence, mobility, battery storage and green hydrogen, as these sectors provide a huge market opportunity to startups. 

The G20 Sherpa further said that India has to maintain its sovereignty in technology. “We must build an end-to-end AI ecosystem and not just the application layer.”

“Startups must get into the areas of AI, machine learning, blockchain and big data as disruption in these areas will be very critical. The future lies in India becoming a champion in deeptech,” he added.

Kant also called for the need to have good corporate governance, while backing the various initiatives launched by the government to boost growth of emerging startups in the country.

“If the governments have to be kept at arm’s length, self-regulation will have to be critical and for that there should be ethical governance, good audits and better financial management,” he said.

Kant’s comments come at a time when the government has pulled out all stops to spur the AI adoption in the country and ramp up the development of AI-centric offerings.

Last month, the government launched AIKosha, IndiaAI Compute Portal, an accelerator programme to incubate homegrown AI startups, and other offerings to foster innovation. Besides, the government is also working on acquiring 18,000 graphic processing units (GPUs) to offer AI computing to startups, researchers, students and academicians.

Meanwhile, the growing demand for business and customer-centric use cases has also spawned the rise of AI startups in the country. India is home to more than 200 GenAI startups that raised more than $1.2 Bn in funding between 2020 and 2024. 

Yesterday, electronics and information technology ministry (MeitY) additional secretary Abhishek Singh reportedly said that the Centre is also planning to finalise the “first set” of proposals for building indigenous foundational AI models in the next two weeks.

Overall, the Indian AI ecosystem is projected to become a $17 Bn market opportunity by 2030.

The post India Needs Strong Deeptech Foundation To Fuel Startups Growth: Amitabh Kant appeared first on Inc42 Media.

Amid a series of high-profile exits over the past year, Ola group’s artificial intelligence venture Krutrim is reportedly stepping up hiring efforts for its AI labs located in Bengaluru, US and Singapore.

An ET report said that the startup is actively recruiting for roles such as GenAI research engineer, research scientist for speech and audio recognition, and AI cloud platform engineer.

Confirming the hiring plans, Krutrim’s spokesperson told Inc42, “Krutrim has a bold mission to build the full AI stack for India — from frontier AI model development, and AI Cloud, to silicon design. There is a lot of interest amongst top talent globally towards this mission, and we are bringing together exceptional minds from India, Singapore, Silicon Valley to help shape this future of AI.”

Recently, the startup appointed Sunit S as senior vice president of product, as a part of its commitment to bolster its leadership team. However, the company also witnessed two senior departures earlier this year, including applied AI director Ashish Kumar and senior engineering manager Priyanka Nayak.

While Kumar stepped down in February after working about a year with Krutrim, Nayak exited in January after an 18-month stint.

Despite these challenges, CEO Bhavish Aggarwal is optimistic about the AI unicorn’s future. In February, the company announced plans to invest INR 2,000 Cr in Krutrim, with a commitment of INR 10,000 Cr by next year.

Aggarwal also revealed that Krutrim is building its AI models, including Krutrim 2 LLM, vision language model Chitrarth 1 and speech language model Dhwani, accessible to the open source community.

The announcement of rolling out the Krutrim AI lab was made in February, just days after Krutrim announced it is hosting open source AI models of Chinese GenAI company DeepSeek on its cloud platform.

Krutrim AI Lab has released a host of models that aims to redefine the AI ecosystem in India including Krutrim 2 and Krutrim 1 LLMs, Chitrarth, Dhwani , Vyakhyarth 1 and Krutrim Translate 1. It also  introduced BharatBench, a tool designed to assess AI models’ effectiveness in Indian contexts.

Amid growing demand for AI services, investor interest in the sector is gaining significant momentum. India’s GenAI startup brigade has raised $1.2 Bn in funding since 2014.

Besides, the Centre is also ramping up its efforts to develop AI models in the country through its IndiaAI mission. Recently, a report surfaced that the government has been inviting private entities, including startups to share anonymous, non-personal datasets of their users to the AIKosha platform.

AIKosha features AI sandbox capabilities via integrated development environment along with tools and tutorials, while also equipped with features such as content discoverability, scoring of datasets, permission based access and security mechanisms, secure APIs and firewalls.

In January, union minister Ashwini Vaishnaw said that India is planning to build its own domestic large language model (LLM) as part of the INR 10,037 Cr IndiaAI Mission.

As per Inc42 data, the homegrown GenAI market is expected to see a major boom in the coming years and will likely cross the $17 Bn mark by 2030.

The post Ola Steps Up Hiring For Krutrim AI Labs Amid Exits: Report appeared first on Inc42 Media.

Foxconn’s India arm Bharat FIH is reportedly looking to pivot its strategy to focus on Apple’s supply chain service rather than competing in the electronics manufacturing services (EMS) space amid drops in Xiaomi orders.

Bharat FIH, which has been weathering a rough spell following exits of several board members last year, has overhauled its board by roping in two new independent directors, UExcelerate cofounder and chief business officer Payal Koul Mirakhur and chartered accountant Arun Todarwal.

As per Mirakhur’s LinkedIn profile, she has been with Bharat FIH’s board since September 2024.

As per the company’s official website, currently the board comprises chairman Hui Chung Chen, Yu Yang Chih and Kam Wah Danny Tam as non executive directors and Abraham Joseph as managing director.

Inc42 has reached out to Bharat FIH’s chief marketing officer Shailendra Jha for comments on the development. The story will be updated based on his response.

Bharat FIH is looking to manoeuvre itself from an EMS company into a different direction after hitting a roadblock due to a drastic drop in orders from its primary client Xiaomi, an ET report said, citing sources close to the matter.

“They are getting into equipment servicing and maintenance for Apple suppliers,” a source was quoted as saying in the report.

The EMS company has been working with Foxconn Hon Hai at its Chennai and Bengaluru units, alongside Tata Electronics-owned Pegatron and Wistron, so far. A source highlighted that Bharat FIH is looking to be an independent service provider to these players and have been doing this work for about a year now.

The source explained that Bharat FIH is equipped with people trained to look into servicing of these equipment stationed at the Apple suppliers’ sites.

Established in 2015 in Andhra Pradesh, Bharat FIH was formerly known as Rising stars Mobile India. The company is one of the largest EMS companies in the country and is a renowned vendor of smartphone majors like Apple and Xiaomi.

Other than assembling iPhones for Apple, it also makes mobile phones, electric vehicle components, telecom network equipment, televisions and hearables, among others. 

Besides its Sri City plant in Andhra Pradesh, Bharat FIH has two other facilities in Sungavarchatram and Sriperumbudur near Chennai, India. Currently, it employs 25,000 workers, based on its website data.

Foxconn’s Plans On Boosting iPhone Production

The development comes days after a report said that Foxconn is eyeing to double its iPhone production to 25-30 Mn units at its India facilities in the ongoing calendar year.

The manufacturer has been experimenting with restricted testing operations at its new Bengaluru facility over the past 3-4 months, to check if the plant can produce Apple’s flagship product at scale without flouting quality standards.

Prior to that, Karnataka chief minister Siddaramaiah, in his state budget speech, mentioned that the iPhone manufacturer will receive an incentive of INR 6,970 Cr under the state’s Electronics System Design and Manufacturing (ESDM) policy, in early March.

Apple’s Push Towards Domestic Production

The iOS maker has been banking on the Indian government’s PLI schemes to expand its production abilities in the country via partnerships with domestic suppliers and manufacturers in the past year.

Reports from January revealed that Apple surpassed INR 1 lakh Cr mark in iPhone exports from India in 2024, with total shipments reaching a record $12.8 Bn (around INR 1.08 Lakh Cr), marking a 42% rise compared to the previous year.

Prior to that, Apple was reportedly looking to assemble 32% of the global iPhone production volume and 26% of its value in India by 2026-27, for which discussions were held between Apple and its vendors and central and state governments, regarding the assembly of the devices in the country.

For the first half of FY25, Apple’s vendors anticipate a freight-on-board (FOB) production value of $9 Bn. By the end of the fiscal year, India is projected to contribute 17-18% of the global iPhone production volume and 14% of its value.

Two months ago, the tech giant was assembling its newly launched iPhone 16e locally through its contract manufacturers for domestic users while exporting it to other countries.

The post Foxconn’s India Arm To Focus On Apple Supply Chain Service, Rejigs Board appeared first on Inc42 Media.

Foodtech major Zomato has allotted 2.17 Lakh equity shares to eligible employees under its existing employee stock option plans (ESOPs).

Based on the stock’s last close of INR 202.05 per share on the BSE, the newly allotted equity shares are worth INR 4.4 Cr.

In an exchange filing, Zomato said, “Nomination and Remuneration Committee of the company, on April 01, has approved a total grant of 2,17,960 stock options under Foodie Bay Employee Stock Option Plan 2014 (ESOP 2014) and Zomato Employee Stock Option Plan 2021 (ESOP 2021) to the eligible employees.”

Of the total grant, the largest portion of stock options has been allocated under ESOP 2021, accounting for 2,17,802 options, and the remaining 158 were granted under ESOP 2014.

As per the filing, each stock option is convertible into one fully paid up equity share having face value of INR 1 each.

Further, the company said in a statement that the equity shares allotted, pursuant to the exercise of the stock options, would not be subject to the lock-in system.

This comes hours after a report surfaced that Zomato laid off nearly 600 employees from its customer support team.

As per Outlook Business report, the employees were laid off due to performance issues, tardiness, and an overall restructuring effort at the foodtech major. Besides, Zomato has been increasingly leveraging AI to automate its customer support functions to trim costs.

The company notably made headlines for its in-house AI-native, no-code customer support platform Nugget, in February. The platform provides AI agents ranging from conversational AI chatbots to co-pilots, to address complex queries and streamlining support. 

Previously, the listed foodtech player allotted 4.17 Cr stock options under its existing ESOP plans, in January, translating to a worth of about INR 903.82 Cr.

Zomato’s consolidated net profit slumped 57.2% to INR 59 Cr in the third quarter of the financial year 2024-25 from INR 138 Cr in the year-ago quarter. However, operating revenue surged over 64% to INR 5,405 Cr in Q3 FY25, compared to INR 3,288 Cr in the same quarter last year.

Shares of the company were last up 2.7% at INR 207.50 apiece on the BSE today.

The post Zomato Allots Shares Worth INR 4.4 Cr Under ESOP Schemes appeared first on Inc42 Media.

In the last five fiscal years, more than 21,000 consumer complaints against online food delivery apps were registered with the Food Safety and Standards Authority of India (FSSAI), the government has informed the Parliament.

In a written response to the Rajya Sabha, Minister of State for Food and Consumer Affairs BL Verma said that the FSSAI conducts regular inspections, monitoring, and random sampling of food products sold online through e-commerce platforms, including those from manufacturers, sellers, hotels, and restaurants, NDTV Profit reported. 

A total of 21,042 grievances were filed with the FSSAI during this period. In 2024-25, the number of grievances stood at 7,482, compared to 4,708 in 2023-24, 4,321 in 2022-23, 3,726 in 2021-22, and 805 in 2020-21.

Other Complaints Mounting Against Food Delivery Platforms

Earlier last month, the All India Consumer Products Distributors Federation (AICPDF) reportedly filed a petition with the Competition Commission of India (CCI) against quick commerce players like Blinkit, Zepto and Swiggy Instamart alleging unfair pricing and monopolising the market.

In January, the National Restaurant Association of India (NRAI) approached the CCI to intervene regarding the launch of 10-minute food delivery standalone apps, Bistro and Snacc, disturbing the restaurant brands with their entry in private labelling and selling food directly via new labels.

Further, the companies have also been in trouble for their quick commerce labels, for refusing to make mandatory disclosures such as expiry and best before date for grocery and other daily essentials being sold on their platforms.

The Central Consumer Protection Authority (CCPA) sent notices to 11 ecommerce and quick commerce companies, including Blinkit, Zepto, Meesho, among others, for flouting metrology norms, in October last year.

Following which, the FSSAI hosted a meeting with the quick commerce labels in November 2024, to address concerns related to sale of packaged food items, which are nearing their expiry dates, on these platforms.

FSSAI Issue Norms For Ecommerce, Foodtech Platforms

Issued in December last year, the FSSAI advisory directed food delivery and quick commerce platforms to comply with five new measures to ensure consumer safety and product integrity, which included prioritising the training of last-mile delivery executives in food safety and hygiene practices.

It also barred foodtech platforms from listing any seller on their platform without displaying their FSSAI licence or registration numbers. 

This was brought in force after the FSSAI team found 90 packets of button mushrooms labelled with a “future packing date” on a food safety raid at Zomato’s Hyperpure warehouse in Hyderabad, in October last year.

The post FSSAI Received 21K Complaints Against Food Delivery Apps In Five Years: Govt appeared first on Inc42 Media.

OYO founder Ritesh Agarwal expects the travel tech major’s Q4 FY25 revenue to zoom 60% year-on-year (YoY) to INR 2,100 Cr.

Citing an email sent by Agarwal to the startup’s senior leadership team, PTI reported that the founder said the jump in quarterly revenue reflects OYO’s ability to drive sustainable and profitable growth. 

“We are on track to register over 60% YoY revenue growth in Q4 FY25, reaching over INR 2,100 Cr. This marks a significant milestone and highlights our ability to drive sustainable, profitable growth. A key contributor to this performance has been the successful integration of G6 Hospitality, adding INR 275 Cr to our revenue,” the report quoted Agarwal as saying.

Excluding the contribution of US-based G6 Hospitality, the parent of Motel 6 and Studio 6, the unicorn’s revenue is expected to grow 42% YoY to INR 1,886 Cr, Agarwal added. 

OYO refused to comment on Inc42’s queries on the development, saying the email was for internal consumption.

It is pertinent to note that OYO clocked its maiden profitable year in FY24. While it posted a net profit of INR 229 Cr, its revenue declined 1.3% YoY to INR 5,388.78 Cr in FY24.

OYO Bets Big On G6 Hospitality

In order to shore up its revenue and expand presence in the US, OYO acquired G6 Hospitality from Blackstone Real Estate for $525 Mn (around INR 4382.72 Cr) in an all-cash transaction in September last year. 

The move was aligned with OYO’s strategy to increase its presence in international markets like Europe and the US, where it earns higher revenues. As part of this, OYO also acquired Paris-based rental homes company Checkmyguest for INR 230 Cr in a cash and stock deal in August last year.

The unicorn is especially bullish on G6 Hospitality. Earlier, Agarwal said that the US-based motel chain would lead to an improvement in its top line in FY26. Besides, the hospitality unicorn expects G6 Hospitality to contribute INR 630 Cr to its overall EBITDA of INR 2,000 in FY26.

Overall, Agarwal expects OYO to report a profit of INR 1,100 Cr in FY26. 

OYO’s Expansion Spree Ahead Of IPO

The startup is looking to make big investments to increase its revenue from overseas markets. Earlier this year, it said it would invest £50 Mn (about INR 450 Cr) in the UK over the next three years to strengthen its premium hotel portfolio.

Besides, it was also looking to invest $10 Mn (about INR 86 Cr) to strengthen the digital assets of G6 Hospitality.

All of these come ahead of the potential IPO of the startup, which provides holiday homes, coworking spaces, budget hotels, corporate stays, among others. In February, a report said that Agarwal was facing pressure from its creditors to take the startup public by October this year or pay $383 Mn as part of a loan he took. 

It is pertinent to note that the startup’s IPO has been in limbo for years. It first filed its draft papers with SEBI in 2021 for INR 8,430 Cr public issue.

Overall, OYO has raised a total funding of about $4.5 Bn till date and counts the likes of SoftBank Group, Peak XV Partners and Microsoft, among others, as its investors.

The post OYO’s Q4 Revenue To Surge 60% YoY To INR 2,100 Cr: Ritesh Agarwal appeared first on Inc42 Media.