Zomato
Zomato CEO Deepinder Goyal steps in as human customer support executive after viral post slams its automated system
Zomato CEO Deepinder Goyal personally responded to a viral customer complaint on X, stepping into the role of a support agent. The complaint, posted by ex-Zomato employee Ravi Sutanjani, criticized the platform’s declining customer service and AI reliance. Goyal’s gesture reignited debate around the need for real human support in India’s increasingly automated digital services.
Rajesh Bhosale explains why Eternal and Bank of Baroda are on his radar
The market is experiencing a weak start to the week. Profit booking is expected to continue. Rajesh Bhosale suggests strong market support around 25,000 to 24,900. He highlights strength in the midcap sector. Eternal, formerly Zomato, shows a range breakout with a positive outlook. Bank of Baroda is also displaying strength in the PSU banking space.
Eternal shares rally 5% on Blinkit’s plans to switch to inventory-led model
Eternal shares: Starting September 1, 2025, Gurugram-based Blinkit will shift to a new model in which it will directly purchase inventory from sellers and brands, moving away from its current marketplace approach of storing third-party listed products.
Zomato’s Deepinder Goyal adds 10,813 sq ft DLF Camellias flat worth Rs 52 crore to his luxury line-up
Zomato co-founder Deepinder Goyal has registered a luxury flat in DLF’s The Camellias, Gurugram, for ₹52.3 crore. He bought it in 2022 but completed the paperwork this March, paying over ₹3.6 crore in stamp duty. This 10,813 sq ft apartment with five parking spots highlights how India’s wealthy tech founders are pouring money into premium real estate. Goyal’s purchase joins other big-ticket deals in The Camellias, underlining Gurugram’s growing reputation for ultra-luxury homes.
ONDC mulls subsidy comeback amid slowdown in food delivery
The move, if implemented, will allow firms such as Magicpin, Paytm, Ola Consumer and Waayu to use the ONDC incentives to offer discounts to customers. The government ecommerce platform's decision to revive subsidies over a period of time may attract 80–100 million orders for restaurants.
Temasek's $10 billion investment strategy in unique India
Singapore's Temasek is aggressively pursuing investment opportunities in India, having already deployed over $6 billion of its earmarked $10 billion by 2026-27. Confident in India's robust domestic consumption and resilience, Temasek focuses on digitisation, consumption, healthcare, and sustainable living.
Eternal and RIL among stocks that Kotak Mutual Fund bought and sold in June
Kotak Mutual Fund increased holdings in Eternal (Zomato) and 380 stocks while cutting exposure in RIL and 139 others. Three new stocks were added. HDFC Mutual Fund exited six stocks, including Orient Cement and Elin Electronics.
Eternal appoints Aditya Mangla as food delivery CEO
Eternal, Zomato's parent company, has named Aditya Mangla as the new CEO for its food delivery operations for a two-year term. Mangla will take over from Rakesh Ranjan on July 6. He has been with Eternal since March 2021. He previously held leadership positions in product, supply, and customer experience.
Lenskart's Bansal set to join list of founders with pre-IPO stake boosts
Lenskart may issue shares to CEO Peyush Bansal, potentially increasing his stake by 1.5-2%. This mirrors a trend among tech firms rewarding founders before IPOs. Bansal's stake will increase at fair market value. Companies often compensate founders with stock options to retain them. Swiggy and Zomato have also granted stock options to their founders.
Zepto to raise $450 million-$500 million at $7 billion valuation: Report
Zepto, a fast-growing Indian grocery and food delivery startup, is reportedly raising $450–$500 million in new funding at a $7 billion valuation—marking a 40% increase from last year.
CA says you don't need Rs 50 lakh in bank to invest like the rich, suggests a 3 small steps to start with
Nitin Kaushik's investment advice goes viral. He suggests that anyone can invest like a millionaire. Three habits are key. First, define investment goals. Second, budget and save 10-20% of income. Third, automate investments with SIPs. Consistency and avoiding panic are crucial. Start small and let compounding grow wealth. Investing is the path to becoming rich.
School assembly headlines for July 7: Top national, international, sports, and business news students should know today
Narendra Modi engages in high-level talks in Argentina. Elon Musk introduces the 'America Party'. Shubman Gill achieves a record-breaking performance in Test cricket. A UK team inspects a grounded F-35 jet in Kerala. Zomato appoints Aditya Mangla as delivery CEO. Public sector banks plan to hire 50,000 employees. IIT Madras is set to launch a ₹200 crore venture capital fund.
NRI-focussed fintech startup Belong raises $5 million in round led by Elevation Capital
Relentless Ventures and angel investors, including Urban Company cofounders Abhiraj Singh Bahl and Varun Khaitan, Zomato CFO Akshant Goyal, Mamaearth cofounder Varun Alagh, PayU senior vice president Vineet Sethi, and Aditya Sharma, partner at McKinsey, participated in the round. The fresh money will be used to acquire regulatory licences, build the product suite, and invest in marketing and geographic expansion.
Namakkal restaurants cut ties with Swiggy, Zomato over commission dispute
Restaurants in Namakkal have suspended services on Swiggy and Zomato following a commission dispute. The decision, effective from July 1, comes amid growing tensions between local eateries and food aggregators over pricing practices and delayed payments, according to the Times of India.
Blinkit plans transition to inventory led model from September 1; pings sellers to switch
During the company’s January-March quarter earnings, Eternal’s chief financial officer Akshant Goyal had said that assuming Blinkit owned 100% of inventory in fiscal 2025, it would have ended up deploying less than Rs 1,000 crore in working capital. This accounts for 15 days of working capital, and about 3-4% of Blinkit’s gross order value of Rs 28,274 crore in FY25.
Eternal shares up 30% since March. Investors are feasting, but can Zomato’s parent justify the appetite?
Eternal's shares have surged 30% since March, fueled by Blinkit's rapid growth and dark store expansion. While Blinkit aims for EBITDA breakeven by Q3FY26, aggressive competition and store additions may impact near-term profitability. Despite challenges, brokerages favor Eternal over Swiggy, citing market leadership and free cash flow generation, but analysts caution about long-term sustainability.
Two Trades for Today: A quick-commerce major for almost 8% rise, a mid-cap air compressor maker for close to 6% upmove
Technical analysis identifies select stocks that may gain momentum even in volatile markets. Here are the technical calls for today.
Ahead of Market: 10 things that will decide stock market action on Friday
The Indian market closed lower on Thursday, dragged down by losses in financial and IT stocks, as investor sentiment turned cautious amid lingering uncertainty over Federal Reserve Chair Jerome Powell’s tenure and hopes pinned on a favourable outcome from the ongoing US-India trade talks.
Ahead of Market: 10 things that will decide stock market action on Thursday
Indian markets closed slightly higher on Wednesday, aided by gains in PSU banks and IT stocks. Positive domestic cues helped counter global concerns over sticky U.S. inflation and trade tariffs.
Ahead of Market: 10 things that will decide stock market action on Wednesday
Indian equities rebounded on Tuesday after four straight losses, driven by lower-than-expected inflation and hopes of a rate cut. Most sectors gained, though HCL Tech's margin outlook limited upside. Sensex rose 317 points; Nifty closed above 25,190.
20 UPI Rupay credit cards to earn cashback, rewards, airport lounge access from everyday payments
UPI RuPay credit cards provide a way to earn rewards. Several banks offer these cards with UPI convenience. Users can get cashback and reward points on payments. ET Wealth lists 20 UPI RuPay credit cards. These cards offer benefits like lounge access. Linking the card to UPI apps is simple. Enjoy rewards with everyday UPI payments.
Traffic on IPO exit route; Founders dig in pre-listing
Happy Thursday! Public debuts were the popular exits for private equity and venture capital last year. This and more in today's ETtech Morning Dispatch.
Vaishnaw on India tech manufacturing; Startups make Aadhaar plea
Happy Monday! India’s tech manufacturing capabilities are expanding, IT minister Ashwini Vaishnaw told ET. This and more in today's ETtech Morning Dispatch.
Ahead of Market: 10 things that will decide stock market action on Tuesday
The Indian stock market declined for a fourth session, led by weakness in IT stocks and concerns over trade tariffs, foreign fund outflows, and cautious earnings sentiment. Broader indices dropped nearly 1.7% in the past four sessions.
Time to shed bias? 8 stocks from the consumer space with potential upside of between 6 and 20%
In the consumer goods space, we can speak of two types of businesses: Cyclical and non-cyclical. If, say, a slowing economy and lower disposable income impacts a business, you can say it has an element of cyclicality tied to the economic cycle. There are, however, businesses that have enough demand and scope for overall growth despite a slowdown. They would be non-cyclical. But there are many businesses that fall in a gray area. Where the argument of falling disposable income impacting growth does not hold if one looks at long-term trends. Now, in which category would a company like Zomato (now Eternal) fall?
Rapido eyeing food delivery service Ownly’s pilot in Bengaluru by next week
Rapido will pilot its food delivery service, Ownly, in Bengaluru's Koramangala, HSR, and Sarjapur areas. Targeting 10 cities by next July, it aims to undercut Zomato and Swiggy on commissions. The company is collaborating with restaurants for data access and pricing strategies, prioritising sustainable growth and early learnings.
Ahead of Market: 10 things that will decide stock market action on Monday
Indian markets closed lower for the second straight week, dragged by weak earnings, US tariff threats, and global uncertainty. IT stocks underperformed while Glenmark Pharma led in turnover. Analysts expect volatility ahead amid weak momentum. Global markets also declined. Over 130 stocks hit 52-week highs despite a broadly bearish sentiment.
Bullish on these 7 sectors; Biocon and Nykaa are two top picks: CA Rudramurthy BV
Expert CA Rudramurthy BV suggests a bullish stance. He recommends buying on dips, especially in pharma stocks like Glenmark, Laurus Labs, and Biocon. Consumer discretionary and FMCG sectors also present opportunities. PSU banks such as SBI and PNB look promising. OMCs benefit from low crude oil prices. Select new-age tech and NBFCs show potential.
Swiggy shares rebound 28% from 52-week low ahead of Q1 earnings. What analysts say?
Swiggy's shares are recovering before the Q1FY26 results. The stock rose 27.9% from its low in May. Kotak Institutional Equities lowered its rating but raised the target price. They expect strong growth in food delivery and Instamart. ICICI Securities is also positive on Swiggy. Analysts suggest watching key support and resistance levels for trading.
REC, PFC shares rally up to 3% after Morgan Stanley initiates coverage with overweight rating
The global brokerage has assigned a price target of Rs 485 for REC and Rs 508 for PFC, indicating potential gains of 23% and 21%, respectively, from their last closing prices.
Indian market to benefit as investors seek opportunities beyond the US: Samir Arora
Samir Arora of Helios Capital believes that global investors are reducing their US market exposure, favoring ex-US ETFs, which benefits India due to its strong growth narrative. This shift reflects a broader diversification trend as investors seek opportunities beyond the US. Further, he anticipates increased FII flows into India, especially with the resolution of events like the 'Jane Street' issue.
Avoid IT for now, wait for green shoots before re-entering: Ambareesh Baliga
Ambareesh Baliga suggests the market downside is limited, projecting a range between 24,800 and 26,200, influenced by potential US-India tariff agreements. He anticipates positive surprises in the BFSI, FMCG, consumer durables, and specialty chemical sectors, driven by tax cuts and the China plus one strategy. Baliga recommends a cautious approach, favoring sectors showing 'green shoots' over immediate bottom fishing.
Valuation froth has moderated after market correction, good reason to bet on high-growth and high-quality mid-cap stocks, per Sundaram Alternate Assets MD
Vikaas M. Sachdeva of Sundaram Alternate Assets suggests investors await June 2025 results for market clarity, favoring mid-caps despite stretched valuations due to their high-growth potential. In his view, the mid-cap space still has some promising investment opportunities. He recommends a diversified approach, including equity, private credit, and tactical exposure to silver and defence ETFs. Sectors like power, NBFCs, and travel are expected to drive growth.
Ahead of Market: 10 things that will decide stock market action on Friday
Indian markets ended lower on Thursday, dragged by IT stocks and caution ahead of TCS earnings and a possible U.S.-India trade deal. Analysts noted muted sentiment, particularly in large-cap stocks, while mid- and small-caps showed resilience.
‘Opaar Bangla’ off the menu? Kolkata’s ‘mini Bangladesh’ restaurants turn local to stay afloat
Restaurants in Kolkata's 'mini Bangladesh' are changing their menus. A decline in Bangladeshi tourists after July 2024 has impacted business. Eateries around Free School Street now focus on local Bengali and other cuisines. Signature Bangladeshi dishes are prepared less often. Restaurants like Kasturi and The Bhoj Company are adding Indian and Chinese items.
Ban-battered bike-taxi riders say struggling to make both ends meet
Karnataka's bike-taxi ban has severely impacted Bengaluru's gig workers, slashing incomes by half. Approximately 150,000 riders are affected, forcing many into already saturated delivery services. This shift has also reduced earnings for existing food and grocery delivery workers. While some find alternatives like DriveU, many struggle to cover expenses and support families, hoping for the ban's revocation with regulated rules.
Swiggy rolls out '99 store' for Gen Z and price-conscious users
Under the 99 store, Swiggy will be offering quick-prep dishes at a flat Rs 99 and free delivery on orders under the ‘eco saver’ delivery mode. The eco saver delivery mode groups multiple orders together to reduce the number of trips.
ONDC dangles discount carrot; Tariff woes hit TCS
Happy Friday! ONDC is set to reintroduce incentives amid food delivery growth cooling off. This and more in today’s ETtech Morning Dispatch.
Ahead of Market: 10 things that will decide stock market action on Thursday
Markets closed lower on Wednesday, with losses in IT, oil & gas, and Reliance Industries weighing on sentiment. Uncertainty around U.S. tariff policies kept investors cautious despite improving domestic demand trends.
Ahead of Market: 10 things that will decide stock market action on Wednesday
Indian equities closed higher on Tuesday amid gains in financial and IT stocks, buoyed by U.S. President Trump's tariff delay and optimism over a potential India–U.S. trade deal.
Ola, Paytm, Swiggy tumble up to 50% in 2025: Are your loss-making tech bets still worth it?
In the first half of 2025, Indian new-age tech stocks experienced a performance divergence. Ola Electric, Swiggy, and Paytm declined due to execution concerns and cash burn, while Nykaa and PB Fintech surged on profitability improvements. Investors are now prioritizing earnings and sustainable models over growth potential, marking a recalibration in market expectations.
Ahead of Market: 10 things that will decide stock market action on Tuesday
Indian markets closed nearly unchanged on Monday amid cautious sentiment ahead of the US tariff deadline. Gains in FMCG and oil stocks were offset by IT and financial losses.
Neeraj Chopra Classic live streaming details: Here's how to watch India's first international javelin event
The inaugural Neeraj Chopra Classic 2025, India's first international javelin competition, is set for this Saturday in Bengaluru. Co-organized by Neeraj Chopra and JSW Sports, and sanctioned by the Athletics Federation of India, the World Athletics Gold level event aims to elevate Indian athletics globally. Chopra envisions this as a pivotal moment, aspiring to create world-class athletic events in India.
Nykaa block deal; VC funding report
One of Nykaa’s early investors is offloading a part of his stake through a $150-million block deal. This and more in today's ETtech Top 5.
Ahead of Market: 10 things that will decide D-Street action on Monday
The Indian market closed higher on Friday, supported by gains in financial and IT stocks, after a turbulent session marked by sharp intraday swings. The Sensex fell over 400 points from its day’s high, while the Nifty slipped 135 points from its peak, reflecting prevailing investor caution.
Startups aim to raise over Rs 18,000 crore via IPOs in major D-Street push
Indian startups are increasingly eyeing local stock exchanges for their listings, driven by robust valuation multiples in the public markets and growing maturity of the domestic startup ecosystem, analyst and investment bankers pointed out. Smaller cos are opting for the IPO route not only to raise capital, but also to provide exit to their investors.
India’s e-commerce stocks Swiggy and Eternal outrun Chinese peers on profit hopes
India’s top e-commerce and quick-commerce stocks have surged ahead of local indices and regional peers, driven by renewed investor confidence in their growth and profitability. Swiggy rose 20% in June, while Eternal Ltd. gained 11%, outpacing the Nifty 100. The rally contrasts with China’s food delivery sector, where intense price wars have led to sharp declines.
Figma’s much-anticipated IPO: All you need to know
Figma, a cloud-based design platform, has filed for a high-profile US IPO after scrapping its $20 billion Adobe deal. Valued at $12.5 billion, it plans NYSE listing under "FIG" to fund AI, growth, and repay debt.
Neeraj Chopra Classic tickets: Check price, ways to buy, venue and other details here
India is set to host its first international javelin event, the NC Classic, spearheaded by Neeraj Chopra in Bengaluru on July 5. Tickets are now available for fans, ranging from Rs 199 to Rs 9,999, with premium experiences also offered. Tickets can be purchased online through Zomato or in person at the Kanteerava Stadium box office.
New-age IPO frenzy; Hoping against H-1B hope
Happy Thursday! Startups are lining up to list in a reinvigorated public market. This and more in today's ETtech Morning Dispatch.
What is Swiggy’s 99 store for Gen Z and price-conscious users?
Swiggy has introduced the '99 store' segment, offering meals at Rs 99 to attract price-conscious and Gen Z consumers, complete with 'eco saver' delivery. This initiative arrives as Rapido, a Swiggy-invested company, prepares to launch its food delivery service, Ownly, in Bengaluru, challenging the Swiggy-Zomato duopoly with lower commission rates for restaurants.
Can HDB Financial Services maintain its momentum after a strong IPO listing?
HDB Financial Services debuted strongly on the NSE at ₹835, a 13% premium over its IPO price. Despite closing slightly higher at ₹840.25, analysts suggest current investors hold for the long term, while new investors await dips due to concerns about FY25 performance. The IPO, heavily subscribed and backed by HDFC Bank, marks a significant event in the NBFC sector.
Can you trust AI to manage your mutual funds?: Bruce Keith on human vs AI debate
Bruce Keith, CEO of InvestorAI, explains how AI is transforming mutual fund investing, particularly in the U.S. He urges cautious adoption in India, stressing transparency, human oversight, and diversification. AI excels in data-driven insights and behavioral analysis but carries inherent biases and lacks accountability without regulatory frameworks.
Ahead of Market: 10 things that will decide stock market action on Friday
Sensex today: The Indian stock market closed lower on Thursday amid F&O expiry volatility and caution ahead of a potential U.S.–India trade deal. The Sensex fell 170 points, while the Nifty slipped 48 points. Analysts expect rangebound movement ahead, with investors eyeing the earnings season and macroeconomic developments.
How will the Indian market react if July 9th deadline passes without a tariff deal? Mukul Kochhar answers
India anticipates a crucial tariff deadline on July 9th. This deadline could affect the rupee and external finances. A trade deal with the US is expected. This deal is beneficial for both countries. Market outlook is positive with double-digit growth expected in FY26. PSU banks are fundamentally strong. Discretionary consumption is attractive. Retail sector is positive.
Mobikwik elevates Saurabh Dwivedi to CTO, Dhruv Wadhera to SVP
In their new roles, Dwivedi will lead engineering across payments, financial services, core platform and infrastructure & information security, while Wadhera, who has been heading the fintech firm’s offline payments business since June 2023, will continue to build on expanding payment and financial solutions to small businesses from small towns to remote villages.
Driving Change: Ecomm firms amp up for sustainable future
India's ecommerce giants like Flipkart, Amazon, BigBasket, Swiggy, and Eternal are rapidly adopting electric vehicles for last-mile delivery, driving a green transformation. This shift not only cuts costs and reduces emissions but also resonates with environmentally conscious consumers. Companies are expanding their EV fleets significantly, with some exceeding targets ahead of schedule, aiming for a fully electric delivery system.
Quick commerce apps stack up extra fees to curb losses
Quick commerce cos in India are increasingly adding various fees like handling, convenience, and rain charges to customer orders to improve their unit economics amidst rising competition. These fees, ranging from Rs 6 to Rs 30 per order, are in addition to delivery charges.
Curefoods files IPO papers, to raise Rs 800 crore
Cloud kitchen operator Curefoods has filed its draft red herring prospectus for an IPO, comprising a fresh issue of Rs 800 crore, alongside an offer for sale of 48.5 million shares. JM Financial, IIFL, and Nuvama are the bookrunning lead managers for the IPO.
Curefoods India files DRHP with Sebi for Rs 800 crore IPO. Check Details
Curefoods India has filed its Draft Red Herring Prospectus (DRHP) with the market regulator, Securities and Exchange Board of India. The offer comprises a fresh issue of face value of Re 1 aggregating up to Rs 8,00 crore.
Eternal and Swiggy will quadruple the size of the business over next 3 years, while keeping losses in check: Kunal Vora
India's unorganized retail sector is experiencing a quick commerce surge, with companies like Eternal achieving EBITDA breakeven through dark stores. Major players are investing heavily to secure first-mover advantage, prioritizing growth while managing EBITDA losses. BNP Paribas anticipates Eternal reaching EBITDA breakeven by FY27, while Swiggy may take longer, around FY29 or FY30, highlighting a decadal opportunity.
Big FOMO! Investors bring Rs 1.8 lakh crore to Rs 15,600 crore IPO party
The Indian IPO market experienced a robust week, with five IPOs collectively receiving bids exceeding ₹1.85 lakh crore. HDB Financial's IPO stood out, attracting significant institutional interest and becoming the largest NBFC public issue since Zomato. Improved market sentiment fuels this IPO surge, with numerous companies preparing to enter the primary market, anticipating favorable subscriptions and listing gains.
Tata Digital shores up board; Rapido’s tasty new ride
Happy Tuesday! The Tata Group has appointed two consumer-focused group CEOs to Tata Digital’s board. This and more at today’s Morning Dispatch.
‘It’s not easy…’: Swiggy CEO Sriharsha Majety on Rapido’s entry into food delivery
Speaking at an investor event organised by Prosus in London, Swiggy CEO Sriharsha Majety said it will be interesting to see if there is an alternate take to food delivery that can grow the category. Prosus is a common investor in Swiggy and Rapido. Also, Swiggy owns about a 15% stake in urban mobility firm Rapido.
IPO watch: Which Indian startups are next to hit the stock market?
A significant number of companies hailing from a wide range of sectors––from fintech to consumer goods and logistics––are set to mark their entry into the Indian stock market soon.
HDB Financial's IPO gets $19 billion in bids as institutional buyers pile in
HDB Financial Services' $1.5 billion IPO drew bids worth $19 billion by Friday's close as institutional buyers rushed for India's largest offering so far this year, signaling investor confidence in a stock market recovery.
Traditional IT in a spot; betting on 4 midcap platform companies: Dipan Mehta
Dipan Mehta of Elixir Equities says Indian IT faces disruption. Global platforms and specialized firms challenge traditional services. Fortune 500 clients establish capability centers in India. This impacts established IT firms. Mehta highlights RateGain, Affle India, and IndiaMART InterMESH as future players. He notes a shift towards platforms and products.
Digital lenders stay cautious; Swiggy sees no easy wins for Rapido
Happy Thursday! Some digital lending startups reported modest profit growth in FY25, while others have pulled back on IPO plans. This and more in today’s ETtech Morning Dispatch.
Combined brand value of India’s top 100 companies has reached $236.5 billion: Brand Finance
India's top 100 brands have collectively reached a brand value of $236.5 billion, showcasing significant growth across various sectors. Tata Group leads, exceeding $30 billion in value, followed by Infosys and HDFC Group. Adani Group recorded the highest growth, while Taj Hotels remains the strongest Indian brand.
These large-caps have ‘strong buy’ & ‘buy’ recos and an upside potential of more than 25%
On Monday, market breadth remained positive, even as the Nifty and Ssensex came under pressure, indicating the underlying bullish sentiment of the street. As the second quarter of the current fiscal year begins today, the focus will shift to how earnings are going to shape up in Q1. Remember that corrections happen for two reasons. One, because of profit-booking; and two, for structural reasons. In January-February, over-valuations and lower growth made it a structural issue. At this point, however, it is more likely to be profit-booking, especially as earnings have shown signs of recovery.
Swiggy GOV growth came at the cost of profitability: Prosus
Swiggy invested heavily in building quick commerce capacity to tackle competition from Zomato’s Blinkit and Zepto. During the March quarter, Swiggy Instamart added 316 dark stores, bringing the total count to 1,021, achieving its target of over 1,000 dark stores by the end of FY25. Going forward, the challenge would be to balance growth with sustainable cost management, as competition in the quick commerce space intensifies.
BFSI to metal: Pankaj Pandey’s sector playbook for Nifty’s run to 27,000
As market earnings normalise, Pankaj Pandey of ICICIdirect.com sees Nifty heading to 27,000, driven by a bullish stance on BFSI, capital goods, and infrastructure. With central capex up nearly 60% and FII sentiment improving, he believes PSU banks, steel, cement, and real estate are well-positioned to benefit. However, he advises caution in digital and consumption plays where valuations remain stretched.
Most expensive Nifty stock ever? Eternal at 455 PE dares you to doubt the hype
Eternal, formerly Zomato, boasts a PE ratio of 455, making it the Nifty 50's most expensive stock, signaling investors' shift towards long-term growth. Despite competition from Rapido and others, mutual funds are heavily invested, drawn by Eternal's leadership in food delivery and quick commerce.
From Paytm to MakeMyTrip: How Indian startups are unwinding Chinese ownership
India’s largest online travel platform plans to raise $3 billion through a mix of debt and equity to buy back shares from Trip.com Group. Other Indian companies have also been reducing the stakes held by Chinese investors after geopolitical tensions between the two nations.
Curbs on ecommerce dark patterns to raise compliance costs
The government is cracking down on deceptive online practices. Consumer internet companies face increased scrutiny. They must conduct self-audits to eliminate 'dark patterns'. These patterns trick users into unwanted purchases. A joint working group will monitor compliance. Companies will need dedicated teams. Experts believe sustained enforcement is crucial for consumer trust. This move impacts startups and large firms alike.
Erratic weather is hurting Indian firms in the biggest consumer market
Indian companies, already facing a demand slump, are now grappling with unpredictable weather patterns. Unseasonal rains and cooler summers have impacted sales for major players in sectors like air conditioning and beverages, forcing production cuts and inventory adjustments. Businesses are increasingly turning to advanced weather forecasting to mitigate risks and adapt to the growing challenges posed by climate change.
I-Sec maintains Buy on Eternal, target price Rs 310
ICICI Securities recommends a 'buy' for Eternal (Zomato), setting a target price of Rs 310. Currently priced at Rs 251.05, the small-cap company reported a consolidated total income of Rs 6201 crore for the quarter ending March 31, 2025, a 9.62% increase from the previous quarter and a 63.31% surge year-over-year.
Swiggy shares may rally 50%, says IIFL as it initiates coverage with buy call
Swiggy shares: Swiggy, India’s second-largest foodtech player, is projected to achieve a 28% compound annual revenue growth between FY25 and FY28, and reach Ebitda profitability by FY27. According to IIFL, margins are expected to improve across both food delivery and quick commerce (QC), with QC anticipated to grow over four times by FY28.
Swiggy shares rally 8% in 2 days; IIFL sees 46% upside potential
Swiggy's share price surged following a 'buy' rating from IIFL Capital, projecting a 46% upside. The brokerage emphasises Swiggy's improving execution in food delivery and the underappreciated potential of its quick commerce venture, Bolt.
Buy Eternal & Swiggy, sell Nykaa & BSE: Latest investing mantra of mutual funds
Mutual funds significantly increased their investments in Eternal and Swiggy, allocating approximately Rs 7,500 crore in May, while simultaneously reducing their holdings in Nykaa and BSE. This shift reflects growing confidence in the long-term potential of food delivery and quick commerce, despite current market challenges.
MakeMyTrip’s record raise, Zuck’s AI talent grab
MakeMyTrip has raised $3.1 billion in the largest fundraise by a listed Indian internet company. This and more in today’s ETtech Top 5.
He came to deliver food but what the customers did next left this delivery agent in tears. Watch video
A Zomato delivery agent in Hyderabad was recently taken by surprise when a group of customers celebrated his birthday during a food delivery. In a video that has gone viral, the man is seen entering a room expecting a regular order drop-off but instead finds balloons, a cake, and people singing for him. Overwhelmed by the gesture, he breaks down in tears.
Urban Company turns profitable; GlobalBees faces insolvency
IPO-bound at-home services company Urban Company turned profitable in FY25. This and more in today’s ETtech Top 5.
MakeMyTrip plans $3 billion buyback; China’s Trip.com stake to drop below 20%
MakeMyTrip intends to raise $3 billion through debt and equity to repurchase shares from Group, reducing their stake from 45.34% to 19.99%. This move follows allegations of data security concerns related to Chinese shareholding. The company reported record gross bookings and profits for FY25, despite a share price drop after the announcement.
Rapido will need to go all out to battle Zomato, Swiggy in food delivery, say brokerages
Rapido is entering the competitive food delivery market dominated by Zomato and Swiggy, initiating a pilot program in Bengaluru. While analysts anticipate minimal immediate impact on the market leaders' shares, Rapido's lower commission structure could attract restaurants, particularly in tier-II cities. Success hinges on significant investment in customer acquisition through discounts and technology to achieve substantial GMV.
BlueStone’s pre-IPO glow up; PE funds go tech shopping
Ahead of its listing, BlueStone is poised to become India’s next unicorn through a secondary deal. This and more in today’s ETtech Morning Dispatch.
Rapido crashes food delivery party. Should Swiggy and Eternal investors be worried?
Rapido has entered the food delivery space with an aggressive low-commission model, undercutting Swiggy and Zomato and shaking investor sentiment. Shares of Swiggy’s parent, Eternal, fell as much as 4% over two sessions. While Rapido lacks a dedicated fleet, analysts say its growing rider base and disruptive pricing could pressure incumbents' profitability and challenge their dominance.
Rapido trying a bite in a market that has burned big names
Rapido, the two-wheeler ride-hailing company, is venturing into the competitive food delivery market, backed by significant funding and plans to expand its reach. Aiming to disrupt the Zomato-Swiggy duopoly, Rapido offers lower commission rates to restaurants. However, the company faces challenges, including high operational costs and the need to differentiate itself in a demanding industry.
Nifty Internet index outperforms peers with 19% returns since Feb launch. Is the dotcom boom here to stay?
The Nifty India Internet Index has shown impressive growth since its inception in February, outperforming the Nifty 50 and many sectoral indices. This growth is fueled by increasing investor confidence in digital-first business models and the shift towards online platforms. While some internet stocks have struggled, consumer-facing digital disruptors have largely driven the index's positive performance.
Rapido cuts food delivery charges by half to counter Zomato, Swiggy
The partnership terms state Rapido will charge a fixed fee of Rs 25 on orders below Rs 400 and Rs 50 on orders over Rs 400. This translates to a range of 8-15% commissions from restaurants, compared to 16-30% charged by Zomato and Swiggy. Consumers will be able to place orders on the Rapido app where restaurants will be listed.
Shares of Eternal, Swiggy drop as Rapido undercuts food delivery commission
Zomato and Swiggy shares declined following Rapido setting significantly lower commission rates for its food delivery foray, ranging from 8–15% compared to the 16–30% charged by the established players. This move has resonated with restaurant owners who have voiced concerns over the high costs associated with Zomato and Swiggy.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Pine Labs, Meesho eye D-Street address; Rapido’s food delivery outlook
Pine Labs is set to file its draft prospectus for its IPO by June-end, while Meesho may follow suit in the coming weeks. This and more in today’s ETtech Top 5.
BigBasket to launch 10-minute food delivery across India by March 2026, executive says
The Tata-backed grocery giant will take on established players such as Swiggy's Snacc, Blinkit's Bistro and Zepto Cafe, which already deliver coffee and ready-to-eat snacks in less than 15 minutes.
Nexus Venture to invest Rs 125 crore in Rapido ahead of food delivery launch
Rapido is also chalking out plans to enter the insurance distribution space where it could target its driver partners and customers for products such as health, life, general and motor insurance. In fiscal 2025, Rapido’s gross order value (GOV) more than doubled to $1.25 billion on the back of growth in its ride-hailing services.
At 79% Bengaluru house prices rose the most in five years, check the property price rise in these 7 major cities
Bengaluru's housing market has seen a remarkable surge, with prices soaring by 79% in the last five years, surpassing all other major Indian metropolitan cities. This growth is fueled by the city's thriving IT sector and high concentration of tech professionals. In contrast, Hyderabad witnessed a significant increase in unsold housing units despite a rise in per square feet prices.
Rapido’s fresh funding; Starlink’s gotcha moment
Rapido has bagged fresh capital from an investor ahead of its food delivery rollout. This and more in today’s ETtech Top 5.
Govt may increase scrutiny on quick commerce firms following hygiene, food safety issues
The government is likely to increase oversight of quick commerce companies’ dark stores following a spate of complaints about food safety violations at facilities run by leading players. Officials told us that the Food Safety and Standards Authority of India (FSSAI) will lead the effort, with plans for surprise inspections at dark stores and other storage facilities across the country.
