Ola's Dominance, Groyyo's Leadership Changes, Gaming App Fraud and more

Ola solidifies its dominance in the electric two-wheeler market, while former Myntra executive Prateek Mehta takes a strategic role at South Park Commons. Groyyo is reshaping its leadership with new appointments, and the Enforcement Directorate cracks down on a major INR 400 Cr gaming app fraud. On the regulatory front, the DGFT extends its import authorisation regime until the end of 2024, and Zoho makes waves by joining ONDC with its seller app Vikra and launching a low-code platform for IoT solutions.

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What Matters

“Yahan Ke Hum Sikandar”: Ola Extends Lead Over Rivals In EV 2W Market

Bhavish Aggarwal's Ola Electric is speeding ahead of competitors in the EV two-wheeler market, with a diverse product line and competitive pricing strategies. Supported by government subsidies, Ola boasts the highest gross margins among rivals, setting a clear path toward profitability.

With a narrow EBITDA margin of -2%, Ola outshines competitors like TVS, Bajaj, and Ather Energy.

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“Kar Chale Hum Vida”: Former Myntra Executive Prateek Mehta Joins South Park Commons

Former Myntra executive Prateek Mehta has joined Silicon Valley-based venture fund South Park Commons, following his recent stint as chief business officer at Angel One. With a wealth of experience, including co-founding Scripbox, Mehta is now part of South Park Commons' expansion into India.

This move aligns with their Bengaluru outpost launch in collaboration with Flipkart cofounder Binny Bansal.

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“Badlaav Hi Sansaar Ka Niyam Hai”: Groyyo Rejigs Top Deck, Ropes In Geniemode Executive Smita Verma

Groyyo has revamped its leadership team, appointing Smita Verma Kansal, former SVP at Geniemode, as Chief Business Officer and Alessandro Bertini as VP Commercial. Kansal will focus on US exports and global growth, while Bertini will enhance brand partnerships.

With 19X revenue growth to INR 509.8 Cr in FY23, Groyyo aims to scale its AI-driven platform across 10 countries.

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“Waqt Rehte Sudharna Tha”: ED Arrests Four Accused In INR 400 Cr Gaming App Fraud

The Enforcement Directorate (ED) has arrested four individuals involved in the INR 400 Cr fraud linked to the gaming app Fiewin, which deceived users with false promises of earning money through games.

The scam, masked as a legitimate platform, defrauded thousands before being exposed. With the arrests, ED continues to crack down on online gaming frauds in India.

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“Naya Yug, Naye Niyam”: DGFT Extends Existing Import Authorisation Regime Till 2024-End

The Directorate General of Foreign Trade (DGFT) has extended the existing import authorisation regime for IT hardware until the end of 2024, providing relief to the struggling sector.

However, importers will need fresh authorisations starting January 2025. The regime, imposed last year, restricts the import of key IT hardware items like servers and computers.

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“Hum Saath Saath Hai”: Zoho Joins ONDC With Seller App Vikra, Launches Low-Code Platform Zoho IoT

Zoho has joined ONDC with its new seller app Vikra, aimed at helping businesses onboard and manage operations on the network, while also simplifying payment reconciliation and dispute resolution.

Alongside this, Zoho has launched Zoho IoT, a low-code platform allowing companies to create custom IoT solutions. These new offerings follow a string of recent Zoho launches, including the revamped Zoho CRM and Zakya.

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1. Bread brand The Health Factory has raised $3.5 million in seed funding from Peak XV's Surge and other investors. The startup, founded in 2018, plans to use the funds to expand its product portfolio and boost R&D.

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2. Zerodha's profit surged 61% year-on-year to INR 4,700 Cr in FY24, with revenue growing 21% to INR 8,320 Cr. However, founder Nithin Kamath warns of potential revenue challenges ahead due to upcoming regulatory changes.

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3. HRtech startup Atomicwork has raised an additional $3 million in seed funding, bringing its total to $14 million. The funds, backed by industry veterans and tech leaders, will be used to enhance workflow automation for enterprises.

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4. AI-powered legal tech startup Jhana has raised $1.6 million in its seed funding round, led by Together Fund. The startup aims to revolutionize legal services with its AI-driven paralegal solutions.

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5. Zomato-backed adtech startup AdOnMo has secured $25 million in funding to expand its presence to 40 cities across India. The round was led by Singapore-based Rigel Capital and Indonesia's Sinar Mas.

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6. D2C kids' personal care brand Tuco Intelligent has raised $2 million to scale its operations, with funding led by Fireside Ventures and Whiteboard Capital. Launched in 2023, Tuco offers a range of natural and sustainable products available on major marketplaces like Amazon and Flipkart.

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