Zomato to launch District🎪
Zomato revenue up 74%, Blinkit's expansion, Ola Electric's IPO receives $2 bn worth of bids, India is the largest market for Meta AI, Funding Deals and more.
Good morning and welcome to Friday’s edition of Rise & Shine!
“The journey is what brings us happiness, not the destination.”
— Dan Millman
Today, Dan Millman’s quote reminds us of the profound joy found in the process of pursuing our goals, not just in achieving them. It’s a reminder to appreciate each step of our journeys.
Tech Updates
Zomato Q1 profit jumps multifold to Rs 253 crore; revenue up 74% YoY
Food delivery giant Zomato reported multifold year-on-year growth in its consolidated net profit while revenue soared for the June quarter.
Revenue up 74% on year to Rs 4,206 crore
Profit after tax (PAT) surged to Rs 253 crore, as against Rs 2 crore in Q1FY24
Gross order value (GOV) across the company's B2C businesses (food delivery, quick commerce and going-out) accelerated 53% on year to Rs 15,455 crore
Adjusted EBITDA at Rs 299 crore, against Rs 194 crore in the preceding quarter
Blinkit is looking to take its total dark store count to 2,000 by the end of 2026, it said in its financial report for the first quarter of FY25.
Zomato to launch District app for dining out, events, ticketing biz
Foodtech and quick commerce platform Zomato has announced the launch of ‘District,’ a new app for its “going-out” business, including dining and ticketing (movies and events). “Today, Zomato and Blinkit are our two large consumer businesses, serving customers’ needs at home. However, we also have one of India’s largest ‘going-out’ businesses, helping our customers discover restaurants for dining out,” founder Deepinder Goyal said.
Ola Electric's IPO receives $2 billion worth of bids from big institutions: Report
Ola Electric received more than $2 billion worth of bids for $330 million quota reserved for big institutions for its much-awaited initial public offering (IPO), Reuters reported. SBI and HDFC Mutual Funds were allocated shares worth $30-$36 million each, while Nomura and Norges Bank were allocated $24 million each, the report added.
India is the largest market for Meta AI, Q2 profit soars 73% at $13 billion
India has become the largest market in terms of usage for Meta AI, the artificial intelligence (AI) chatbot from Facebook parent Meta, chief financial officer Susan Li said. The company said around 3.27 billion people use at least one of Meta’s apps every day.
Funding Deals
Kinetic Green, the EV-making arm of Kinetic group, has raised Rs 168 crore or $20 million in equity and debt from Greater Pacific Capital.
Scimplify, a platform for sourcing and manufacturing specialty chemicals, has raised Rs 59 crore (approximately $7 million) in its Series A round from new and existing investors. Omnivore led the round with Rs 24.7 crore while 3One4 Capital, Beenext Asia, and Bertelsmann participated with Rs 13.56 crore, Rs 5.6 crore, and Rs 14.82 crore, respectively.
Jaipur-based insurance broking startup Square Insurance has secured $3 million in equity funding led by early-stage investor BizDateUp and angel funding platform Negen Capital. Prashant Kothari, owner of Jaipur Color Stone, and Yogesh Chaudhary, owner of Jaipur Rugs, also participated in the round.
Acculi Labs, a deep-tech life growth solution provider, has raised $1.5 million in a new investment round at a valuation of $25 million led by Sabi Holding India Ltd.
Artificial Intelligence driven quantum software startup Bloq Quantum has raised Rs 1.3 crore in a pre-seed funding round led by Inflection Point Ventures.
🚆 Short Story: The Writer’s Path
Sophia always dreamed of becoming a bestselling author. Early in her career, she was so focused on publishing a hit novel that she rushed through the writing process, neglecting the joys of creativity and expression. Despite her efforts, her first publications did not meet her expectations.
Feeling disillusioned but not defeated, Sophia decided to change her approach. She began to savor each moment of writing—researching her characters’ backgrounds, crafting detailed settings, and enjoying the flow of words. As she immersed herself in the process, her writing improved, and she found joy in the work itself, regardless of the outcome.
Eventually, one of Sophia’s novels caught the attention of a major publisher and became a great success. While this achievement was rewarding, Sophia discovered that her greatest happiness came from the daily discipline and creativity of writing. She had learned to love the journey, making every day fulfilling, regardless of the destination.
Tweet of the day🐥
As you wrap up your week, remember to find joy in the journey of whatever you are pursuing. Whether it's a project at work, a personal hobby, or a long-term goal, cherish the process.
Rise & Shine is here to remind you that the path to fulfillment is often found not in fleeting achievements but in consistent and joyful pursuits.
Have a fulfilling and joyous Friday!
Thanks for reading till the end!