hi,
Things are heating up in the clash of convenience czars.
Quick commerce unicorn Zepto is running full steam ahead on its profitability journey, as it more than doubled its accounting revenue and managed to rule in a complete loss in FY24.
Zepto, which competes with Zomato’s Blinkit and Swiggy’s Instamart, earned Rs 2,025 crore last year in accounting revenue in FY24, while its profit after tax as a percentage of revenue improved from -63% to -28%.
Its competitors are not far behind. Public food delivery player Swiggy has launched its ‘View’ feature on its dineout tab, competing with Zomato’s District offering bookings and tickets for live events, concerts, food-related events and workshops.
A rapid commercial boom has its advantages and disadvantages.
Giant Mega Mart’s IPO drew $19 billion in bids on Friday as institutional investors gathered, underscoring confidence in the budget retailer’s growth potential and its resilience.
While Vishal’s rivals have struggled with high inflation and the growth of fast-paced commerce companies, analysts say the retail company, with 70% of its stores in small towns where brisk commerce is nascent, is relatively immune to the threat.
In other news, meet 2024’s latest animal superstar—Zhunjun, an 11-month-old bear cub in Shanghai!
After the roaring popularity of Mu Deng the Pygmy Hippo in Thailand and Pesto the King Penguin in Australia, Junjun has taken the internet by storm.
After seeing her videos and photos online, netizens are commenting on her resemblance to the teddy bear and popular Disney character Doffy. And he comes out every couple of days to meet his beloved fans!
Cute baby animals rule the world, we’re just living in it.
We will talk about it in today’s newsletter
- India’s second most popular tech list
- Indigenous Drones for Indian Army
- Tennis legend Andre Agassi at TiE
Here’s your trivia for today: What was the last album recorded by The Beatles?
IPO
India’s second most popular tech list
One MobiKwik Systems Ltd’s IPO has set a new benchmark for India’s tech startup listings, emerging as the second-most subscribed new-age tech IPO in the country. As per the latest update, this offer has been subscribed 119.32 times, surpassing the previous record of companies like Unicommerce and Awfis.
MobiKwik is looking to raise Rs 572 crore through a fresh issue of equity shares.
Key measures:
- On December 13, 2024, the third day of subscription, the data revealed that cumulative bids were placed for over 141 crore shares, which translated to an aggregate subscription of 79.73 times, compared to 1.18 crore shares on offer.
- Of the total action, Rs 150 crore has been earmarked to strengthen MobiKwik’s financial services, including its digital credit offerings such as MobiKwik ZIP and ZIP EMI, targeting retail and SME customers through default loss guarantees.
- Around Rs 135 crore of proceeds will go towards funding organic growth in paying off the vertical balance of Mobikwik’s core business. The net proceeds will increase investment in AI and ML capabilities to enhance user experience and strengthen fraud prevention mechanisms.
Top fund deals of the week
Startup:
Amount: $210M
Round: Series G
Startup:
Amount: $180M
Round: Series E
Startup: CarDekho SEA
Amount: $60M
Round: Outer
Startup
Indigenous Drones for Indian Army
India’s drone industry is on the brink of significant change, and companies like IG Drones are playing an important role in shaping this evolution. Founded in 2018 by Bodhisattva Sanghapriya and Om Prakash, the startup is addressing some of the major challenges facing the industry, such as over-dependence on foreign suppliers and skill gaps in drone technology.
Made in India:
- The Gurugram startup currently provides services such as surveying, mapping, and inspection, and has partnered with the Indian Army, various state governments, and several large enterprises.
- One of its innovations is India’s first 5G-enabled drone – the IG Drone Jaga. This AI-powered surveillance drone excels in applications such as security, defense, agriculture, precision mapping, surveying, inspection, and infrastructure monitoring.
- In October 2024, IG Drone raised $1 million in its initial funding round led by India Accelerator and saw participation from angel investors. The plan is to raise an additional 3 million dollars in the next 6 months.
IG Drone
Sports
Tennis legend Andre Agassi at TiE
“We spend the first part of our lives thinking we have to perform, we have to achieve, and then life smacks us in the face … then comes broken relationships and broken dreams,” tennis star Andre Agassi told a packed audience. TiE Global Summit in 2024.
Tennis legend Andre Agassi, speaking at the summit in Bengaluru, discussed why he started playing tennis and how he discovered his true passion after his tennis career.
Life Lessons:
- Having started his tennis career in 1986 at the age of just 16 – in an arena chosen by his father – the Grand Slam champion was not satisfied with his life. Agassi wanted to go beyond sports and contribute to society.
- A career Golden Slam winner — when a tennis player wins an Olympic gold medal and all four Grand Slam tournaments — believes humility and vulnerability are key to healing.
- The former World No. 1 player, who dropped out of school in Grade 8 to play tennis, is now vocal about creating educational opportunities for students.
News and updates
- Make it: Apple will start manufacturing its AirPods wireless earphones in India for the first time early next year, marking a milestone for the iPhone maker to diversify beyond China. A unit of Foxconn will begin assembly of AirPods at a new factory near Hyderabad in the first quarter of next year.
- NEW: Microsoft revealed a new addition to the Phi family of GenAI models. Called Phi-4, this model improves on its predecessors in several areas, Microsoft claims, particularly in solving math problems. Phi-4 is available only with limited access to Microsoft’s Azure AI Foundry development platform.
- Probe: The US SEC has reopened an investigation into Elon Musk’s brain-chip startup Neuralink, according to a letter Musk shared on X. The agency issued a 48-hour deadline for Musk to accept the monetary payment or face charges under investigation. In his $44 billion acquisition of Twitter.
What was the last album recorded by the Beatles?
Answer: Abbey Road.
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