Zomato to raise Rs 8,500 crore💰
Paytm posts first-ever profit, Zomato hikes platform fee, Meta tests facial recognition feature, Funding Deals and more.
Good morning and welcome to Wednesday’s edition of Rise & Shine!
“Only those who will risk going too far can possibly find out how far one can go.”
— T. S. Eliot
Today, Eliot’s inspiring words remind us that true growth and discovery come when we are willing to push beyond our perceived limits.
Playing it safe keeps us within familiar boundaries, but daring to go further allows us to unlock new possibilities and reach new heights.
Tech Updates
Zomato to raise Rs 8,500 crore via QIP to fight Swiggy Instamart, Zepto
Zomato’s board on Tuesday approved plans to raise Rs 8,500 crore via a qualified institutional placement (QIP), the food and grocery delivery major said in a stock exchange filing. “We believe that capital by itself does not give anyone the right to win (and that service quality is the key determinant of success), but we want to ensure that we are on a level playing field with our competitors, who continue to raise additional capital,” CEO Deepinder Goyal said.
Paytm posts maiden profit helped by ticketing biz sale to Zomato; revenue down 34% YoY
Paytm parent One 97 Communications on Tuesday posted a 34% year-on-year fall in second-quarter operating revenue at Rs 1,660 crore, but the sale of its ticketing platform to Zomato helped the digital payments company report a net profit of Rs 930 crore.
Zomato hikes platform fee on food delivery to Rs 10 during festive season
Gurgaon-based Zomato has increased the platform fee it charges users for food delivery transactions to Rs 10 per order during the festive season from Rs 7 earlier, according to information on the company’s app. “This fee helps us pay our bills to keep Zomato running. To maintain services during festive season, it has increased slightly,” a notification on the app said.
Meta tests facial recognition feature to stop scams
Social media giant Meta said it was testing a feature using facial recognising technology to prevent and stop misuse of images and videos of public figures, especially in cases of fraud, scams and impersonation on Facebook and Instagram. The technology will also monitor advertisements using the faces of public figures. If the system flags a match and confirms the ad as a scam, Meta will block it from being displayed to users, Agranovich added.
Funding Deals
Avaana Capital raises $135M fund for climate and sustainability tech startups
Managed care provider Even Healthcare has raised $30 million in a Series A funding round led by Khosla Ventures, with participation from Founders Fund, 8VC, and Lachy Groom, among others. This round brings the company’s total funding to $50 million.
👨🏻💼 Short Story: The Adventurous Entrepreneur
Jake, an entrepreneur, had a thriving local business but always dreamed of expanding internationally.
He hesitated for years, afraid of the risks involved in entering unfamiliar markets. One day, inspired by Eliot’s quote, Jake decided to take the leap and began laying the groundwork for global expansion.
The road wasn’t easy, and there were numerous challenges along the way. But by pushing beyond his comfort zone and risking failure, Jake’s business flourished in new markets.
He realized that had he never taken that risk, he would have never discovered just how far he could go.
Tweet of the day🐥
As you go through your day, consider what risks you may be avoiding. By daring to go further than you thought possible, you’ll uncover new potential within yourself.
Rise & Shine is here to remind you that it’s through risk that we truly find out how far we can go.
Have a bold and adventurous Wednesday!
Thanks for reading till the end!