OYO Expands, Blinkit’s Surge, Zomato’s Strategic Maneuvers

OYO is expanding its horizons with a new B2B venture into corporate travel, while Blinkit reports an impressive Q2 revenue surge, doubling year-on-year to INR 1,156 crore. Zomato continues its strategic maneuvers, acquiring an 8% stake in kitchen appliance maker Byondnxt and gearing up to raise INR 8,500 crore through a QIP, alongside granting ESOPs worth INR 53 crore just before its earnings release.

Meanwhile, former OYO executive Abhishek Gupta steps into the CFO role at Lenskart, and Paytm is ramping up its lending efforts with a new FLDG agreement. Adding to the drama, CoinSwitch raises eyebrows by alleging that WazirX moved $73 million in crypto post-data breach.

Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.

What Matters

“Yahan Ke Hum Sikandar”: OYO Enters Corporate Travel Space With B2B Venture

OYO is making a quiet yet significant move into the corporate travel sector with its new B2B venture. Leveraging its network of over 500 company-serviced accommodations, OYO is now offering customised solutions for business travel, conferences, and events.

With major clients like Tech Mahindra and Reliance Group already onboard, this marks a strategic shift in OYO's journey towards catering to the corporate world.

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“Waah, Kya Scene Hai”: Blinkit Q2 Revenue More Than Doubles YoY To INR 1,156 Cr

Blinkit has more than doubled its Q2 FY25 revenue, reaching an impressive INR 1,156 crore, compared to INR 505 crore in the same period last year.

However, while gross order value surged by 122%, Blinkit’s adjusted EBITDA loss also widened to INR 8 crore. This sharp growth comes with its challenges, but Blinkit’s rapid expansion in the quick-commerce space remains undeniable.

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“Soch Samajh Ke Khel Khelo”: Zomato To Acquire 8% Stake In Kitchen Appliance Maker Byondnxt

Zomato is stepping into the kitchen appliance space with its latest move to acquire an 8% stake in Byondnxt, founded by Eshwar Vikas of Mukunda Food fame.

With board approval, Zomato will invest INR 6,000 for 600 equity shares. This partnership hints at Zomato’s expanding vision beyond food delivery, tapping into innovative kitchen technologies.

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“Badhai Ho Badhai”: Zomato Gets Board Nod To Raise INR 8,500 Cr Via QIP

Zomato posted a net profit of INR 176 crore in Q2 FY25, marking a 30% drop from the previous quarter. However, it’s planning a big financial move with board approval to raise INR 8,500 crore through a qualified institutional placement (QIP).

This could increase domestic shareholding to over 50%, signaling Zomato’s focus on strengthening its presence in the Indian market.

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“Aaiye Aapka Intezaar Tha”: Former OYO Executive Abhishek Gupta Joins Lenskart As CFO

Former OYO CFO Abhishek Gupta has taken on a new role as the CFO of eyewear giant Lenskart. After joining OYO in 2015 and leading its financial operations, Gupta brings a wealth of experience from his time at Philips and General Electric.

His move to Lenskart marks another key leadership shift as the company continues its rapid growth in the eyewear market.

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“Kaddu Katega, Sab Mein Batega”: Zomato Grants ESOPs Worth INR 53 Cr Ahead Of Q2 Results

Ahead of its Q2 FY25 results, Zomato has granted ESOPs worth INR 53 crore, signaling confidence in its team’s future contributions. This comes after a stellar performance in the June quarter, where net profit surged to INR 253 crore from just INR 2 crore a year earlier.

All eyes are now on Zomato's upcoming earnings announcement, as the company continues its strong upward trajectory.

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“Umeed par Duniya Kayam Hai”: Paytm Inks FLDG Pact To Boost Lending Play For Merchants

Paytm has taken a bold step in boosting its lending game by signing a first loss default guarantee (FLDG) pact with SMFG India Credit.

With board approval to provide guarantees of up to INR 225 crore on merchant loans, Paytm is moving from being just a loan distributor to actively backing its lending partners. This strategic shift strengthens Paytm’s role in the merchant credit space, offering a safety net against potential defaults.

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“Aapne Ghabrana Nahi Hai”: CoinSwitch Alleges WazirX Moved Crypto Worth $73 Mn Post Data Breach

CoinSwitch has accused WazirX of moving $73 million worth of crypto following a data breach, raising alarms about WazirX's financial stability. CoinSwitch's CEO expressed concern over the transfers, while WazirX claims it has implemented real-time tracking of its wallet addresses.

With legal action looming, CoinSwitch aims to recover funds it had previously deposited on the platform, escalating tensions between the two crypto giants.

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1. GlobalBees has infused INR 4.5 crore into Dynamic IT Solution, the company behind the Strauss brand of sports and fitness products. With a turnover of INR 27.4 crore in FY24, Dynamic IT Solution is set to strengthen its offerings in the sports and fitness market.

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2. Zomato’s Q2 FY25 profit dropped 30% quarter-on-quarter to INR 176 crore, down from INR 253 crore in Q1. The decline is attributed to rising expenses, impacting the foodtech giant's bottom line this quarter.

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3. Zouk has raised $10 million (approximately INR 84 crore) in a Series B funding round led by Aavishkaar Capital to enhance its D2C lifestyle offerings. The fresh capital will be used to boost its offline presence and improve brand awareness and supply chain operations.

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4. Paytm’s shares fell nearly 6% to INR 683.8 despite reporting a consolidated profit of INR 930 crore in Q2 FY25, rebounding from a loss of INR 292 crore last year. The fintech company’s profitability was bolstered by a one-time exceptional gain of INR 1,345 crore from the sale of its entertainment ticketing business to Zomato.

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