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- Zomato Faces Backlash, magicpin Reduces Platform Fee, Delhivery Expands ESOP and more
Zomato Faces Backlash, magicpin Reduces Platform Fee, Delhivery Expands ESOP and more
Zomato's CEO stepped in to address concerns over 'future dated' mushrooms found in a Hyderabad warehouse, while Kenko Health's founder pointed to IRDAI's red tape as a factor in the startup's shutdown. In a bid to enhance growth, magicpin has reduced its platform fee by 29%, while WOW Skin Science managed to narrow its losses to INR 130 Cr despite a revenue dip.
Delhivery is expanding its employee stock option pool, and former Titan Capital partner Bipin Shah has launched a micro VC firm. Meanwhile, OLX India’s CEO Amit Kumar has resigned, CRED is entering the insurance market, and Swiggy is adapting by introducing longer delivery timelines on Instamart.
Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.
Zomato's CEO Deepinder Goyal stepped in to clear the air after an FSSAI inspection found 'future dated' mushrooms at a Hyderabad warehouse.
Goyal explained on X that the wrong packing date was simply a manual error by the vendor, not a compliance lapse. He reassured that Zomato’s quality control had already flagged and rejected the 90 packets in question before distribution.
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“Badi Mushkil Baba, Badi Mushkil”: Kenko Health Founder Alleges IRDAI Red Tape To Blame For Shutdown
Kenko Health’s cofounder Aniruddha Sen has spoken out, pointing fingers at IRDAI's red tape as a major factor behind the startup's closure.
Sen described a two-year ordeal of chasing an insurance license that led nowhere, likening it to a “wild goose chase.” Adding a twist, he hinted at involvement from an undisclosed Indian family office, deepening the story’s intrigue.
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“Gareebo Ko Thodi Reham Do”: magicpin Cuts Platform Fee By 29% To Drive Growth In Daily Orders
In a bold move to boost growth, magicpin has slashed its platform fee by 29%, bringing it down to INR 5, while rivals Zomato and Swiggy raised theirs to INR 10.
This strategy paid off during the festive weekend, with magicpin clocking 500K food orders—double the figures from last year. With a vision to onboard 100K restaurants, backed by a INR 100 Cr investment, the platform is upping the competition in the ONDC space.
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“WOW Ka Kamaal”: WOW Skin Science Narrows Loss To INR 130 Cr, Revenue Dips 10% In FY24
WOW Skin Science made strides in FY24, narrowing its net loss by 40% to INR 130.2 Cr from last year’s INR 258.1 Cr.
However, the company faced a 10% dip in revenue, showcasing the challenge of balancing profitability with growth. This mixed financial performance reflects the evolving landscape for D2C skincare brands amid market pressures.
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“Kaddu Katega, Sab Mein Batega”: Delhivery Expands ESOP Pool With Over 73K Stock Options
Delhivery is expanding its employee rewards with the board’s approval to grant over 73K stock options, each worth INR 1 face value.
In this new move, 10% of the options will vest after 12 months, adding an enticing incentive for its workforce. This follows last month’s substantial allotment of 8.6 Lakh equity shares, signaling the company’s commitment to employee retention and motivation.
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“Achha Chalta Hoon, Duaon Mein Yaad Rakhna”: OLX India CEO Amit Kumar Resigns
After seven years at OLX India, Amit Kumar has stepped down from his role as CEO and managing director, citing “better opportunities” as the reason for his departure.
Kumar joined the OLX Group in 2017 as vice president and worked his way up to lead the company. His career includes stints at prominent firms like Snapdeal, Jabong.com, and Times Internet, showcasing a strong legacy in the Indian tech ecosystem.
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“At Service Of Fans”: Swiggy to roll out separate infrastructure for longer delivery timelines on Instamart
Swiggy is gearing up to enhance its Instamart service by launching a separate infrastructure for longer delivery timelines, allowing for a broader selection of products.
Co-founder and CEO Shriharsha Majety noted that while quick deliveries are appealing, consumers often seek an expanded range that can't be fulfilled in just 10 minutes. Initially, the focus will be on smaller items suitable for bike transport, as the foodtech giant continues to diversify its offerings ahead of its IPO.
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“I’m Steppin’ Out”: CRED Forays Into Insurance Vertical
CRED is stepping into the insurance sector with CRED Garage, collaborating with three insurance partners to extend coverage benefits to its members.
This new offering includes perks like credit score discounts and reminders for challans and PUCC. Following recent launches of CRED Money and CRED Guarantee, plus a partnership with L&T Finance for personal loans, the fintech unicorn continues to diversify its portfolio.
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“Haan, Yahi Sapna Hai Tera”: Former Titan Capital Partner Bipin Shah Floats Micro VC Firm
Former Titan Capital partner Bipin Shah has launched his own micro VC firm, Zeropearl, promising a sharp focus on quality over quantity with only 12-15 high-stakes investments annually.
Sticking to a “Founder Only” thesis, Shah aims for rapid response, committing to reply to founders within 7 days. While Zeropearl is open to pre-revenue SaaS startups, consumer startups need to show a minimum monthly revenue of INR 1 Lakh to secure investment.
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Hala Mobility has raised INR 51 Cr in a pre-Series A funding round to expand its electric vehicle fleet, with plans to enter six new cities and deploy 10,000 new EVs. The funding round saw contributions from founders Srikanth Reddy and Snehith Reddy, alongside other investors, signaling a strong commitment to sustainable transportation.
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Viraa Care, a health-tech platform based in Chandigarh, has successfully raised $108,000 in a pre-seed funding round from a group of European angel investors. This follows their earlier $100,000 raised in January 2024, highlighting growing investor interest in innovative healthcare solutions.
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Mihup, a Kolkata-based conversation intelligence platform, has secured ₹50 crore in a fresh funding round led by public market investor Ashish Kacholia, with participation from Madhusudan Kela's family office. This new capital injection underscores the growing interest in innovative tech solutions within the conversational AI space.
Read more here
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