500 Swiggy employees to enter the ‘crorepati’ club💸
Nykaa Q2 results, SoftBank swings to profit, Funding Deals and more.
Good morning and welcome to Wednesday’s edition of Rise & Shine!
"There are two cardinal sins from which all others spring: Impatience and Laziness."
— Franz Kafka
Today, Kafka’s words invite us to reflect on the pitfalls of impatience and laziness, and how overcoming these tendencies can lead us toward a more fulfilling life.
By cultivating patience and maintaining a strong work ethic, we lay the groundwork for steady, meaningful progress.
Tech Updates
Swiggy’s IPO to unlock Rs 9,000 crore in Esop wealth for 5,000 employees
Food and grocery delivery major Swiggy’s upcoming initial public offering (IPO) will unlock Rs 9,000 crore in employee stock ownership plan (Esop) wealth, benefiting around 5,000 current and former employees. This will be one of the largest wealth creation events in India's startup ecosystem, with around 500 employees set to enter the ‘crorepati’ club through this offering.
Nykaa Q2 results: Profit jumps 66% YoY to Rs 13 crore; revenue rises 24%
Omnichannel fashion and beauty retailer Nykaa on Tuesday reported a 66% growth in its consolidated net profit for the quarter ended September 2024 to Rs 13 crore, from Rs 7.8 crore a year earlier. Revenue from operations rose 24% year on year (YoY) to Rs 1,875 crore.
SoftBank swings to profit with help from hot Indian IPO market
SoftBank posted record profits nearing $8 billion in the September quarter, driven by successful IPOs of Indian firms FirstCry and Ola Electric. The financials are as of September but Ola Electric's stock has since declined due to consumer complaints and increased competition. FirstCry listed with a 40% premium at Rs 465 per share, now trading at Rs 532.25 on the BSE. Swiggy, one of its key India bets, is set to make its market debut on Wednesday.
Funding Deals
Homegrown casual gaming studio Funstop Games has raised $5 million in its Series A funding, in a round led by 360 ONE Asset alongside InfoEdge Ventures.
Enterprise AI solutions platform Connecty AI has raised $1.8 million in its pre-seed round led by Market One Capital. The round also saw participation from Notion Capital and data industry experts including Marcin Zukowski, co-founder of Snowflake and Maciej Zawadzinski, founder of Piwik PRO.
Tech-enabled fertility platform India IVF has raised $1.24 million in a pre-Series A funding round led by Tomorrow Capital.
Shopfloor hyper-automation company DesignX has raised $1 million in a pre-Series A funding round led by Piper Serica Angel Fund.
Business-to-business (B2B) visa platform, StampMyVisa, has secured Rs 6.6 crore in a pre-Series A funding round led by Unicorn India Ventures.
🖼️ Short Story: The Patient Artist
Alex, an aspiring painter, was often frustrated when his work didn’t yield immediate results. Impatiently, he rushed through his paintings, leaving them unfinished or unsatisfactory.
Realizing his impatience's impact, he approached his art with greater patience and discipline, dedicating time to learn new techniques and refine his style.
Over time, his paintings evolved, reflecting the care and effort he invested in each piece. By overcoming impatience and embracing consistent effort, Alex found success in his artistic journey.
Tweet of the day🐥
Today, consider how patience and commitment can enhance your progress. Avoid the traps of impatience and laziness, and trust that steady effort will lead you to your goals.
Rise & Shine encourages you to cultivate patience and diligence as you pursue your dreams.
Have a focused and persistent Wednesday!
Thanks for reading till the end!