Taxing Homecoming, Swiggy's Slim Loss, and UPI's Global March: India's Startups on the Move

Today's StartupChai serves up a rich blend of policy, progress, and persistence within India's startup ecosystem.

As Piyush Goyal outlines tax expectations for startups considering a return to Indian soil, the landscape of entrepreneurship braces for a new chapter of growth and compliance. Simultaneously, PhonePe breaks new ground, enabling UPI payments in the UAE, marking a significant step towards financial globalization. Meanwhile, Myntra's revelation of sustained profitability and Swiggy's shrinking losses showcase the resilience and adaptability inherent in India's e-commerce sector.

What Matters

"Bach ke Rehna Baba": Piyush Goyal Draws the Tax Line for Startups Eyeing Homecoming

The man with the fiscal plan, Piyush Goyal, has laid down the tax gauntlet for reverse-flipping startups considering an Indian base. Goyal’s message: Welcome home, but the taxman awaits. Reverse-flipping, the journey back to Indian roots for better valuations, now comes with a clearer tax roadmap.

Goyal's highlighting the tax implications, emphasizing that tax revenue fuels social development. As evidenced by Walmart's $1 billion tax bill during PhonePe's separation from Flipkart, it is evident that the startup dance floor is being regulated to provide a balanced spin.

Why care? Because the tax dance could decide the next big Indian unicorn's address.

Dive in here

"Badhaai Ho Badhaai": UPI Goes Global with PhonePe's UAE Adventure

For Indian wanderers in the UAE, life just got simpler. Thanks to PhonePe's latest move, UPI payments are now a tap away at Mashreq's NEOPAY terminals across the UAE. Shop, dine, and explore with the ease of Indian rupees and favorable exchange rates. This game-changer means smoother transactions and one less hassle for Indian tourists.

Why bother? Because your next UAE trip could be wallet-free.

Read more here

"Put on Your Red Shoes and Dance the Blues": Myntra's Financial Groove

Looks like David Bowie’ song “Let’s Dance” came true for Myntra. Myntra, the go-to spot for online style, is all smiles as it flaunts positive EBITDA in the last two quarters of 2023. Not just that, their gross merchandise value doubled during this time, fueled by a growing customer base, chic collaborations, and tech innovations.

What's in it for you? A glimpse into the vibrant future of online shopping.

Read more here and here

"Zor Ka Jhatka": Swiggy's Financial Dish Serves a Mixed Flavor

Swiggy's financial recipe got a bit tangy this year, with a Rs. 1,600 crore loss in the first nine months of 2023. Though it's a hefty number, it's a savory improvement from last year's Rs. 4,000 crore. It seems Swiggy is simmering towards a richer flavor of sustainability.

Why chew on this? Because it's a peek into the cutthroat kitchen of food delivery giants. Taste the details here

"Apne Toh Apne Hote Hai?": RateGain's Family Stir with a 3% Stake Sale

In a plot twist at RateGain, founder Bhanu Chopra's family has stirred the pot by selling a 3% stake. Megha Chopra and Usha Chopra, part of the promoter group, made this decision on March 28. Despite the shake-up, RateGain seems to be on a winning streak, with its profit after tax tripling to INR 40.42 Cr in the quarter ended December 2023. Let’s see how this family drama unfurls further in future.

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"Ye Hai Jalwa": Varanasi's Starbucks Debut Brews a Storm

Move over rajbhog and rabri, there is a new king in town!

The unique blend of traditional vibes with global flavors resulted in long lines. Why sip on this story? Because it's a window into how global brands localize and thrive.

Catch the buzz here

Make Idli Not War: Hyderabad Man Orders ₹7.3 Lakh Worth Of Idlis On Swiggy

A reminder of the special place idlis hold in the hearts of desis. We just hope he didn’t eat those all alone!

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Fundraising and Financials

SydeLabs just scooped up $2.5M to keep your digital world safe, using their AI magic to sniff out and squash vulnerabilities like high-tech bug busters.

Read more here

Skyflow just snagged $30 million, courtesy of Khosla Ventures, to shield your data like a digital superhero, ensuring privacy in the wild world of AI while keeping it cozy with global data residency rules.

Read more here