Zomato Surrenders RBI Licence, Govt. Issues Security Alerts, Mudrex to Make Life Easier for Crypto Tax Filing

From Zomato's strategic shift in relinquishing its RBI license to Blinkit's impressive revenue surge, Indian startups are making waves. Government alerts on security vulnerabilities in Google Chrome and Apple iTunes keep users on guard, while Apax Partners gears up to boost India investments with a new team. Meesho strengthens its board with a former Flipkart exec, as Flipkart contemplates a return to India for its IPO. Meanwhile, Mudrex teams up with ClearTax to simplify crypto tax filing.

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What Matters

“Kyun, Hila Daala Na”: Zomato to Surrender RBI Licence to Operate as an Online Payment Aggregator

In a surprising move, Zomato has decided to surrender its RBI licence to operate as an online payment aggregator. The decision comes after Zomato Payment Private Limited, its subsidiary, chose to withdraw its application to be an issuer of prepaid payment instruments.

This shift marks a significant departure from its previous plans, signaling a strategic reevaluation within the foodtech giant.

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“I’m Unstoppable”: Blinkit Clocks INR 769 Cr Revenue In Q4 FY24, Loss Narrows To INR 37 Cr

Blinkit, the rising star in the quick commerce sector, has posted impressive numbers for the fourth quarter of FY24. With a revenue of INR 769 Cr, the company seems to be hitting its stride.

What's even more impressive is the significant reduction in losses, now narrowed down to just INR 37 Cr, showcasing a commendable improvement in operational efficiency.

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“Ae Bhai Zara Dekh Ke Chalo”: Google Chrome And Apple iTunes Users Alert! Govt Warns Of Security Vulnerability

The government has issued a security alert after detecting vulnerabilities in these popular applications, alongside others like Microsoft Edge and Digisol Router. Both tech giants have swiftly responded by rolling out patches to address these concerns.

This warning comes hot on the heels of a crackdown by the Department of Telecommunications against rising incidents of OTP and digital scams.

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“Hum Kisi Se Kam Nahi”: Apax Partners Eyeing To Scale Up Its India Investments With New Team

Apax Partners, London-based private equity giant, plans to dive deeper into sectors like pharmaceuticals, consumer goods, and tech services. Bolstering its efforts, Apax has assembled a dedicated team focused solely on scouting out promising buyout opportunities across various industries.

Having already invested a hefty $3.5 billion in India over the past two decades, Apax is primed to further fuel growth and innovation in the Indian market.

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“Ekta Mein Shakti”: Meesho Beefs Up Board With Former Flipkart Executive

Meesho is upping its game with a strategic addition to its board, welcoming former Flipkart executive Tanmay Chatterjee. This move comes at an opportune time, with Meesho reportedly eyeing a significant increase in its upcoming funding round.

Chatterjee brings a wealth of experience, having previously served as the chief product officer at cryptocurrency exchange Coinbase.

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“Homecoming”: Flipkart Mulling Reverse Flip To India With IPO On The Horizon

Flipkart might be on the brink of a reverse flip, considering a return to its roots with a potential IPO in India. This move not only symbolizes a homecoming but also hints at substantial tax advantages for the Indian government.

With discussions underway within the company's top brass, this shift could mark a strategic step towards Flipkart's long-term goal of going public.

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“Badhaai Ho Badhaai”: Mudrex Partners with ClearTax to Simplify Crypto Tax Filing

Mudrex, the crypto investment platform with Y-Combinator backing, has joined forces with ClearTax to simplify the daunting task of crypto tax filing in India.

This partnership, announced on May 13th, promises to ease the burden for users navigating the complexities of tax compliance in the crypto sphere. Now, managing your crypto investments and tax obligations just got a whole lot easier.

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1. Zomato's Q4 sees a remarkable turnaround as net profit skyrockets by 27% quarter-on-quarter to INR 175 Cr, amidst a surge in operating revenue to INR 3,562 Cr.

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2. Supply chain innovator 3SC secures a fresh infusion of funds, raising Rs 31 crore from existing investor GEF Capital's South Asia Growth Fund in its latest funding round.

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3. BEYOBO, the B2B cross-border e-commerce venture, secures Rs 6.7 crore in an oversubscribed pre-Series A2 round, led by Indian Angel Network and featuring participation from International Startup Foundation, SAN Angels, and various angels and HNIs.

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