Flipkart plans IPO in 12-15 months📊
Myntra revenue jumps 15%, Paytm shares up 3%, Financial institutions double down on more checks, Funding Deals and more.
Good morning and welcome to Monday’s edition of Rise & Shine!
"Change your life today. Don't gamble on the future, act now, without delay.”
— Simone de Beauvoir
Simone de Beauvoir’s empowering words remind us that the path to transformation begins with action today. The future depends on the choices we make right now.
Every small action taken now sets the foundation for tomorrow’s success.
Tech Updates
Reverse flip in cart, Flipkart plans IPO delivery in 12-15 months
Flipkart, India’s largest ecommerce company, has begun work for its mega initial public offering (IPO) in India. Valued at $36 billion, Flipkart has set the ball rolling for an IPO here in the next 12-15 months. The Walmart-owned firm has secured internal approvals to move its domicile from Singapore to India. This is a key step before filing for an IPO.
Myntra swings to profit in FY24, revenue jumps 15%
Flipkart-owned fashion platform Myntra posted a net profit in FY24 from a net loss a year ago. This turnaround was driven by increased revenue and a reduction in overall expenses. The Bengaluru-based company reported a net profit of Rs 31 crore for fiscal year 2024, a significant improvement from the net loss of Rs 782 crore in the previous year. Operating revenue grew by 15% to Rs 5,122 crore from Rs 4,465 crore, per regulatory filings.
Paytm shares up 3% to fresh 52-week high on nod to sale of PayPay stake for Rs 2,364 crore
Paytm shares rallied over 3% to a fresh 52-week high of Rs 1,007 on Monday after its Singapore-based unit approved the sale of its stock acquisition rights (SARs) in Japanese payments firm PayPay for net proceeds of JPY 41.9 billion, equivalent to Rs 2,364 crore. The deal is expected to strengthen the company’s consolidated financial position.
Financial institutions double down on more checks for tech partners
The recent data breach at regulatory technology startup Signzy has prompted banks and financial institutions to scout for backup partnerships and strengthen their data-sharing norms with third-party agencies. Hundreds of gigabytes of personally identifiable data belonging to customers of several large financial institutions (FIs) were leaked last week.
Funding Deals
Wooden Street, a furniture and home decor brand, has raised Rs 354 crore (approximately $43 million) in its Series C round from Premji Invest.
Orange Health Labs, a diagnostics lab and healthcare platform, has raised $12 million in a funding round led by Amazon Smbhav Venture Fund. Existing investors, including Accel, General Catalyst, Bertelsmann India Investments, and Y Combinator, also participated in the round.
🤝🏻 Short Story: The Proactive Decision
Raj had been unhappy in his career for years but kept delaying his decision to pursue his dream of opening a bakery, waiting for "better timing."
One day, inspired by Beauvoir’s words, he took the first step. Raj enrolled in a baking course and started experimenting with weekend recipes.
Within a year, his small side hustle turned into a thriving business. By acting in the present, Raj changed his life in ways he never imagined.
Tweet of the day🐥
As you start your week, remember that action today shapes your tomorrow. Don’t gamble on a future that might never come—start creating the change you want right now.
Rise & Shine is here to remind you that your life transforms when you decide to act.
Have an action-packed and transformative Monday!
Thanks for reading till the end!