In the competitive landscape of quick commerce, Zepto is making significant strides towards profitability. The startup has reported impressive growth, doubling its accounting revenue to Rs 4,454 crore in FY24, a substantial increase from the Rs 2,025 crore it earned the previous year. This growth is particularly noteworthy as Zepto also managed to reduce its losses, with its profit after tax improving from -63% to -28% of revenue.
Facing competition from prominent players like Zomato’s Blinkit and Swiggy’s Instamart, Zepto’s success highlights the ongoing quick commerce boom, which, while advantageous, presents both opportunities and challenges in the sector. In response to the rising competition, Swiggy recently launched its ‘Scenes’ feature on the Dineout tab, enabling users to book tickets for live events, concerts, and workshops, positioning itself against Zomato’s District.
Meanwhile, in the retail sector, the IPO of Vishal Mega Mart garnered overwhelming interest, with bids totaling $19 billion, reflecting strong confidence in the company’s growth potential amidst challenges faced by its rivals, particularly with inflation and the increase of quick commerce companies. Analysts believe that the retailer’s focus on smaller cities, where quick commerce is still developing, provides a buffer from direct competition.
On another front, the internet is buzzing over Junjun, an 11-month-old bear cub in Shanghai, who has quickly captured the hearts of netizens. Similar to previous animal sensations like Moo Deng in Thailand and Pesto the penguin in Australia, Junjun has garnered attention for his endearing appearance, reminiscent of the Disney character Duffy. His frequent public appearances, occurring every two days, have only fueled his rising fame.
In the realm of finance, the recent IPO of One MobiKwik Systems Ltd has set a new standard for tech listings in India, becoming the second-most subscribed new-age tech IPO. MobiKwik is aiming to raise Rs 572 crore, with its offering oversubscribed 119.32 times. The company plans to utilize these funds to bolster its digital credit services and enhance its core payments business. Notably, about Rs 150 crore is earmarked for expanding financial services, while a portion will be allocated towards advancing AI and machine learning capabilities.
In the drone industry, IG Drones is making waves as it collaborates with the Indian Army and various state governments, addressing challenges such as dependency on foreign suppliers and expertise in drone technology. The startup has introduced India’s first 5G-enabled drone, enhancing capabilities in sectors including security and agriculture. Following a successful initial funding round, IG Drones plans to secure further investment to drive growth in the coming months.
Tennis legend Andre Agassi also made headlines, sharing insights during his appearance at the TiE Global Summit 2024 in Bengaluru. Reflecting on his early career and the pressures of performance, Agassi spoke about his transformation beyond sports and his commitment to creating educational opportunities for students.
In technological advancements, Apple is set to begin assembling its AirPods in India, marking a significant step in diversifying its manufacturing operations away from China. Concurrently, Microsoft has unveiled Phi-4, a new generation of their GenAI models, which promises improvements in various applications, particularly in mathematical problem-solving.
As the tech and retail landscapes continuously evolve, these developments underscore the dynamic interplay between innovation, competition, and consumer engagement in current market trends.
