PhonePe enters quick commerce⚡️
Paytm launches new QR for Maha Kumbh Mela, Groww in talks for IPO, Zepto secures NCLT approval, Funding Deals and more.
Good morning and welcome to Tuesday’s edition of Rise & Shine!
"Nothing in this world is harder than speaking the truth, nothing easier than flattery."
— Fyodor Dostoevsky
Today, Dostoevsky’s profound words remind us of the courage it takes to speak the truth and the ease with which we can resort to flattery.
Speaking the truth may be challenging, but it builds trust and fosters meaningful relationships, unlike the fleeting comfort of insincere words.
Tech Updates
PhonePe enters quick commerce via Pincode: Report
According to a media report, Walmart-backed PhonePe is set to enter the quick commerce market through its e-commerce venture, Pincode. This marks the third attempt by the Sameer Nigam-led company in online retail. In April last year, PhonePe's Pincode app exited non-food categories on the Open Network for Digital Commerce (ONDC). It now offers only food delivery and unreserved ticket booking on ONDC. According to a report, Pincode has fully pivoted to the quick commerce model, launching 15-minute deliveries in select areas of six cities: Bengaluru, Mumbai, New Delhi, Pune, Hyderabad, and Varanasi.
Paytm launches new QR for merchant partners, soundbox at Maha Kumbh Mela
Paytm, operated by One 97 Communications, has announced its participation in the Maha Kumbh Mela by deploying its soundbox and card machines across the event to pay for parking, eateries, daily commutes, and travel arrangements. Apart from services through Paytm UPI, UPI Lite, and card payments, the fintech has also launched the 'Bhavya Mahakumbh QR' for its merchant partners.
Stockbroking startup Groww in talks for IPO at $6-8 billion valuation
Stockbroking company Groww is gearing up for its initial public offering (IPO), according to a media report. While a few fintech startups have already gone public, the Lalit Keshre-led company will be the first contemporary startup from the stockbroking industry to take this step. The firm is targeting a listing in 10-12 months, with a valuation goal between $6 billion to $8 billion.
Zepto secures NCLT approval for reverse merger
Quick-commerce firm Zepto has secured approval from the National Company Law Tribunal (NCLT) for its reverse merger, enabling the transfer of its domicile from Singapore to India. The Mumbai-based firm had sought the amalgamation of Kiranakart Pte. Ltd with Kiranakart Technologies Private Limited.
Funding Deals
WeWork India, a flexible workspace operator in India, has raised Rs 500 crore (around $57.8 million) via a rights issue. The proceeds will be used for the repayment of debt, strengthening the company’s pathway to being debt-free, and reducing our cost of capital.
Electric two-wheeler manufacturer BGauss has raised Rs 161 crore in funding from Bharat Value Fund (BVF).
RePut.ai, a supply chain solutions provider, has raised $1 million in a pre-seed funding round led by GrowthCap Ventures. The funding round also saw participation from angel investors, including Anshul Sharan (Founder of Elevate), Abhijeet Kumar (Founder of Table Sprint), Harshit Panday, Satish Shetty, Vidya Sridharan, Munendra Singh, Srihari Sahu, Preeti Sagtani, Dr. Biju Jacob, Anand Tiwari, KK and Vishal Jain of Deloitte, among others.
Jabalpur-based Tractor Factory has raised Rs 4 crore (around $500,000) in its pre-seed round led by early-stage investment firm All In Capital. Several marquee investors, including Bharat Founders Fund, Devc, and family offices such as Dhingra Partners Prosperity Trust (associated with the Kirloskar Generators family office), participated in the round.
🧢 Short Story: The Honest Leader
As a team leader, Maria faced a difficult situation when a project didn’t meet expectations. Instead of sugarcoating the feedback, she chose to have an honest yet constructive conversation with her team. Her sincerity helped the team identify their mistakes and improve.
Maria’s commitment to truth strengthened her team’s bond and collective progress, proving that honesty, though difficult, leads to growth and respect.
Tweet of the day🐥
Today, embrace the courage to speak the truth, even when it’s uncomfortable.
Rise & Shine reminds you that honesty, though challenging, is the foundation of trust and genuine progress.
Have a truthful and courageous Tuesday!
Thanks for reading till the end!