MapmyIndia debuts🤑, Zepto $570Mn in 5 months💸, iPhone 13 production in India📱

MapmyIndia makes a strong debut, Zepto bags $100 million, Apple starts production of iPhone 13 in India, Funding Deals & more.

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Dec 22, 2021

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MapmyIndia makes a strong debut, husband-and-wife team worth Rs 4400 Crores🗺

More than two decades ago, when Rakesh and Rashmi Verma decided to create digital maps of India, the couple were treading new terrain, quite literally. Long before Google revolutionized web cartography, the Vermas traversed India’s mega-cities by foot, painstakingly charting streets and landmarks.

But the mammoth task of building their company, MapmyIndia, paid off Tuesday. The Vermas’ startup met with resounding success during its trading debut after its initial public offering. The stock rose around 35% to 1,393.65 Indian rupees ($18.4), pushing the couple’s net worth to about $586 million (about ₹4,400 crore).

Rakesh, 71, and Rashmi, 65, started their company in the mid-1990s, when businesses had little interest in buying mapping data. The husband-and-wife team, who own nearly 54% of the company post-IPO, are the latest founders to strike gold during this year’s stock market boom.

Home-grown businesses such as MapmyIndia have led the surge in new fundraisings, setting IPO records and pricking the ears of investors looking for the next big market in Asia.

Zepto bags $100 million, valuation jumps to $570 million in 5 months🎁

Within just five months of inception, quick grocery delivery app Zepto on Tuesday has raised $100 million in a Series C round led by Y Combinator's Continuity Fund at a valuation of $570 million.

The startup's newest funding comes 45 days after it had bagged a $60 million at $225 million valuation. Zepto, founded by 19-year-olds, Aadit Palicha and Kaivalya Vohra, has raised $160 million till date.

Zepto Co-Founders: (L-R) Kaivalya Vohra, CTO; Aadit Palicha, CEO

"Today, our Month-on-Month Buyer retention is 65% with an 88-point Net Promoter Score (NPS). This data has given us the confidence to expand the 10-minute model across the country. In just 5 months, we’ve launched 100 micro-warehouses - each of which has the capacity to do 2,500+ orders/day - and we’re planning to launch at an even faster rate going forward," said co-founder and CTO, Kaivalya Vohra.

Zepto is competing against startups like SoftBank Group Corp.-backed Blinkit, Google-backed Dunzo and Naspers Ltd-backed Swiggy, as well as the likes of Amazon.com Inc and Walmart Inc-backed Flipkart.

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Apple starts trial production of iPhone 13 in India📱

Apple has started trial production of its flagship iPhone 13 in the Foxconn plant near Chennai as the US technology major prepares to make almost all of its top-selling smartphone models in the country. The company expects to start commercial production of iPhone 13 in India for both the domestic market and exports by February.

Apple said that securing a supply of semiconductor chips – which are in short supply across the world -- has helped it plan an expansion of its production in India.

Production of iPhone 13 in India will help Apple to improve supplies of the model into its global markets since around 20-30% of its phones produced in India are usually exported, the executives said.

Apple already produces iPhone 11 and iPhone 12 in the Foxconn plant and iPhone SE in the Wistron plant in Bengaluru. As per estimates, Apple produces almost 70% of the smartphones that it sells in India within the country.