Author: Business Matters Author

Wakefit Reduces Losses by 90% in FY24 with Robust Revenue Growth and Improved Margins Wakefit, the Bengaluru-based direct-to-consumer (D2C) furniture and mattress startup, has made a remarkable turnaround in its financial performance for the fiscal year 2023-24 (FY24). The company successfully reduced its net loss by 90%, bringing it down to INR 15.05 crore from INR 145.68 crore in FY23. This dramatic improvement underscores the effectiveness of Wakefit’s business strategy and operational efficiency, highlighting its resilience in a competitive market. A key factor contributing to this positive shift was Wakefit’s strong revenue growth. The company’s revenue from operations surged by…

Zepto Achieves Massive Growth in FY24, Revenue Doubles Amid Quick Commerce Surge Zepto, the fast-growing quick commerce unicorn, has achieved impressive growth in the fiscal year 2023-24 (FY24), with its consolidated revenue more than doubling. The company’s operating revenue surged 120%, reaching INR 4,454.52 crore, up from INR 2,025.70 crore in the previous year (FY23). This remarkable growth is largely attributed to the growing popularity of quick commerce, a sector that has gained significant traction in recent years as consumers increasingly demand faster, more efficient delivery services. Quick commerce, which focuses on delivering goods, often groceries and essentials, within a…

Nuvama Wealth and Investment Limited, representing a consortium of family offices, has made a significant investment in Oravel Stays Limited, the parent company of the popular hospitality giant OYO. The firm has acquired shares worth INR 100 crore in a secondary market transaction, marking a crucial step as OYO heads towards its much-anticipated initial public offering (IPO). The transaction saw shares being purchased at INR 53 apiece, which places the company’s valuation at an impressive $4.6 billion. The Deal and Its Implications The shares acquired by Nuvama Wealth and its consortium came from OYO’s early investors, InCred Wealth and Huazhu…

Bluestone Posts Revenue Growth Despite Losses Ahead of IPO Launch Bluestone, an omnichannel jewellery company preparing for its initial public offering (IPO), has reported impressive operating revenue for the first quarter of FY25 but also a notable net loss. According to its draft red herring prospectus (DRHP), the company posted a total operating revenue of INR 348 crore in the quarter ended June 2024 (Q1 FY25). Despite this revenue growth, Bluestone’s net loss stood at INR 59.2 crore for the same period, reflecting ongoing challenges in achieving profitability even as it expands its business. Revenue Growth and Declining Losses in…

Uber Launches Women-Only Bike Rides in Bengaluru to Empower Female Riders and Drivers Uber, the leading ride-hailing platform, has launched a new service in Bengaluru called Uber Moto Women, aimed at providing safer and more convenient transportation options for women. This initiative is part of Uber’s ongoing efforts to enhance safety, convenience, and empowerment for women, both as passengers and drivers. The service introduces a women-only bike ride option, where both riders and drivers are women, making it a significant step toward addressing safety concerns in the urban mobility sector. Enhancing Safety and Empowering Female Gig Workers The Uber Moto…

Delhivery Approves Allotment of 7.8 Lakh Equity Shares under ESOP Delhivery, a leading logistics and supply chain management company, has announced the approval of the allotment of 7,84,927 equity shares under its Employee Stock Option Plan (ESOP). The allotment was made to employees who exercised their vested stock options, reflecting the company’s continued focus on employee engagement and retention. The decision was taken by the Stakeholders’ Relationship Committee of Delhivery Limited on December 10, 2024, as per the exchange filing issued by the company. The shares allotted include stock options from different ESOP programs, demonstrating the company’s commitment to rewarding…

Super.money Surpasses Amazon Pay in UPI Transactions, Emerges as 7th Largest Player In a remarkable shift within the UPI (Unified Payments Interface) ecosystem, Flipkart-backed super.money has surpassed Amazon Pay in terms of transaction volume. This achievement comes only five months after its launch, marking a significant milestone for the fintech startup in India’s rapidly growing digital payments sector. According to the latest monthly data released by the National Payments Corporation of India (NPCI) for November, super.money has firmly secured its place among the top players in the UPI landscape, taking the seventh spot. Super.money’s Surge in UPI Transactions In November,…

Perfios, a leading fintech SaaS startup, has posted impressive financial results for the fiscal year 2023-24 (FY24), recording an astounding 819.2% year-on-year growth in its consolidated net profit. The company’s net profit reached INR 71.7 crore, a significant leap from the INR 7.8 crore reported in FY23. This remarkable surge in profit highlights Perfios’ strong business performance, driven by healthy revenue growth and improved margins. Founded in 2008 by VR Govindarajan and Debasish Chakraborty, Perfios has emerged as a major player in the fintech sector, providing a range of software solutions to financial institutions. These solutions support critical functions such…

Ranjit Babu, the head of consumer electronics at Amazon India, has resigned after nearly three years with the e-commerce giant, as per reports. His departure comes at a time when Amazon is undergoing significant restructuring within its operations. According to a report from Economic Times, citing sources familiar with the matter, Babu’s resignation is part of a broader shift within Amazon’s leadership, which has seen several high-level exits as the company adjusts its strategy for future growth. Babu had been serving as the director at Amazon India, overseeing various departments, including selling partner experience, wireless and home entertainment, and consumer…

Bluestone, the omnichannel jewellery startup based in Bengaluru, has received approval from its board to proceed with its much-anticipated initial public offering (IPO). The company, known for its seamless integration of online and offline sales channels, aims to raise INR 1,000 crore (approximately $118.2 million) through the IPO. With an estimated valuation between INR 12,000-13,000 crore (around $1.4-1.5 billion), Bluestone’s entry into the public market marks a significant milestone in its growth journey. IPO Details and Valuation The Bengaluru-based jewellery startup plans to offload a 15% stake in the company through the offer-for-sale component of the IPO, as reported by…