Amongst the extravagance and luxury of Dubai’s towering skyscrapers and exotic cars, lies a stark reality of hundreds of abandoned supercars that make up the abandoned car market in Dubai.
These expensive cars in Dubai, left to gather dust and decay in parking lots and impound yards, serve as a reminder of the consequences of impulsive purchases and financial mismanagement in a city known for its excess.
Supercars like Ferrari, Lamborghinis, Porsches, Bentley’s and many other luxury cars are quite common in the streets of London, Los Angeles, Monaco, Paris, New York, and Dubai.
Another place where thousands of supercars can be seen is in the Airports and different parking areas of the United Arab Emirates, especially in Dubai.
You might feel, what’s wrong in that, well nothing would have been wrong if the cars were there for just a limited time.Those cars are abandoned there, in simple word left there to rot.
The cars that are extremely expensive and some cost over millions of dollars are left there for years. In this article we will talk about why the Supercars are abandoned in Dubai and what happens to those.
Supercars Graveyard in Dubai
No one would have thought that cars that cost millions of dollars would be abandoned every year in Dubai, and not just two or three but thousands of them by their owner. In fact, it’s a common practice there.
This caused a big debate on social media, when someone spotted the picture (below) of a £1 million Ferrari Enzo.
Ferrari Enzo in Supercar Graveyard Dubai
Abdul Majeed Saifaie, the director of Dubai’s Waste Management Department, has shed light on the abandoned car market in Dubai.
He explains that if any cars happen to obstruct other vehicles or congest the roads, they are immediately removed. However, if this is not the case, these vehicles are often left untouched in the same spot for several years.
Contrary to popular belief that these abandoned sports cars in Dubai are by affluent individuals who no longer value their vehicles, the truth is far from it.
Why these Supercars are Abandoned in Dubai
Financial Crisis
People come to Dubai to make their career, however, because of the financial crisis, there are very few people who make it to the top. Then the rest of them struggle with their career and sometimes even after buying their dream car, they are not able to pay the rest of the money, so they abandon the car and flee from the city to avoid going into jail.
There are also foreigners who get a high-paying job and start buying many luxurious things, which sometimes include a supercar as well, but the financial crisis becomes a struggle for them to keep up with the living cost. Therefore many exclusive sports cars like BMW, Ferrari’s, and Lamborghini’s were abandoned by their owners as they got bankrupt.
Well! The case of abandoned luxury cars in Dubai is a prime example of how financial difficulties can arise even for those who are initially financially stable.
It just goes to show that no matter how much you earn, it’s important to manage your finances well. If you want to learn how to avoid such financial troubles, you should check out our article on “10 Steps To Organize Your Personal Finance In New Financial Year“
The Strict Law in Dubai
Sharia law is followed by Dubai’s legal system, in here if your debt is not paid by you, it becomes a criminal offense. For those who go bankrupt, the legal system of Dubai doesn’t show an ounce of mercy to them. The people take loans from the bank to buy these supercars and when they are not able to pay off the loan of their cars they are forced to leave their cars and flee Dubai.
The law strictly states that if they are not able to repay for their cars and credit card bills, they end up in jail. Sometimes, the keys of the cars are left in the ignition as well while they flee to avoid jail time.
This doesn’t just include foreigners but the locals as well; they bought those supercars by taking loans to keep up with their acquaintances but end up with the sword of debts hanging on their heads. The amazing cars left behind keeps on getting more dust added to them with time, as the harsh laws remain the same for everyone and one will find no protection for bankruptcy.
Many people assume that the wealthy are immune to financial hardships, but the reality is that even the richest individuals need to safeguard their assets.
That’s why insurance is so important for anyone, regardless of their financial standing. If you want to learn more about why the rich choose to invest in insurance, check out this article on “8 Reasons Why The Rich People Buy Insurance?”
What Happens To The Abandoned Supercars in Dubai?
Now the main question, What happens to these cars? Well, to be specific when abandoned cars are found by the police and authorities, they notify the owners of these cars.
Most of the time, the owners choose to ignore the notification and don’t show up for their luxury cars, so the vehicles get confiscated. These cars often remain unclaimed and are auctioned at a much lower price.
Some reports claimed, every year over 3000 cars are left alone in the urban center of Dubai. Whoever wants to buy a luxury car at a much cheaper price can take a look at the auctions held for the cars in Dubai.
Is It Possible To Buy An Abandoned Car In Dubai?
Absolutely! It is possible to buy an abandoned car in Dubai, but the process can be quite complicated and may involve legal requirements.
According to the Dubai Municipality, an abandoned vehicle is defined as any motor vehicle that has not been moved from a public place or private property for a period exceeding 30 days, and the owner or operator cannot be identified or contacted.
When the Dubai police find an abandoned car, they give the owner a 15-day notice to claim it. If the owner doesn’t come forward, the Dubai municipality seizes the car.
The owner still has six months to claim the car before it’s auctioned off. The auctions of the cars are through invitation-only, so buyers need to register with the police to verify they can afford the car.
Alternatively, buyers can ask a dealer to help them bid on their desired abandoned car.
To buy an abandoned car at a car auction, follow these steps:
As a guest, you’ll get a document with all the car details.
Register for the auction by showing your Emirates ID and paying a deposit fee at the counter.
You’ll receive a bidding number.
A panel of 4 to 5 people will run the auction, and the car will go to the highest bidder.
You must pay for the car within 48 hours after the auction.
Remember, these cars don’t come with any manufacturer or dealer warranty.
Points to Consider Before Buying an Abandoned Supercar in DUbai
Before buying an abandoned luxury car in Dubai, it’s essential to perform a thorough inspection both inside and out. These cars often sit in impound lots or other locations for long periods, which means dust and sand can accumulate in the engine, affecting the car’s performance. Even after a detailed wash, some dirt might remain, so it’s a good idea to take the car to a detailing shop in Dubai for a deep clean.
Luxury cars are often abandoned in Dubai for various reasons. Now that you know what happens to these cars and how they’re sold, if you’re interested in purchasing one, be sure to contact a licensed dealer. Also, ensure you have all the necessary documents for buying a new or used car in Dubai.
Conclusion
So what can we learn from the issue of abandoned supercars in Dubai? The message is clear:
Financial planning and responsible spending are crucial to long-term success.
It’s easy to get caught up in the allure of luxury and excess, but these things can quickly become a burden if not properly managed.
By taking a lesson from the abandoned supercars in Dubai, we can avoid the pitfalls of overspending and ensure that our businesses and finances remain on solid footing.
Why are supercars abandoned by their owners in Dubai?
The owners after facing bankruptcy often flee the country and left the luxury cars behind, as under Sharia law, if the debt is not paid, then it’s a criminal offence and the person is subjected to jail.
Where is the supercar graveyard?
Dubai abandoned supercars are often left on the streets, attracting attention due to their high value. The supercar graveyard is in Dubai. They can be found randomly in the Airports and other parking lots abandoned by their owners.
How much time is given in Dubai to the owners to claim their cars back?
As per the law of Dubai, once the abandoned car is found and is seized, they have only six months to claim their car back.
Dubai has come to be regarded as a global wealth-making place, hosting a rare amalgam of various strategic positions, visionary and risk-takers of decisions, and an upbeat economy.
The tax-haven status and free repatriation of all revenues attract foreign investments, whereas a glorious placement facilitates businesses to operate in over 3 billion markets. The Dubai International Financial Centre (DIFC) offers interstitial assurance to the financial services domain, while the initiatives in AI, Web3, and data analytics foster the necessary innovation.
The boom in the real estate sectors, courtesy of Expo 2020 advantages and sustainable development, is ripe with opportunities.
Here is a list of the top 30 richest people in Dubai.
Pavel Durov, who was born on 10th October 1984 in Russia, an IT entrepreneur, is a person known for founding Telegram. He moved the headquarters of Telegram to Dubai in 2017. He was ranked 120th on the billionaire’s list of Forbes in 2023, with a personal worth of $15.5 billion as of 25th August 2024, and is one of the richest man in Dubai.
In February 2023, Arabian Business called him the most powerful entrepreneur in Dubai. Durov is a supporter of Internet freedom and uses his platform to speak against laws that impose restrictions. He has citizenship in Russia, Saint Kitts and Nevis, UAE, and France; since 2021. Durov has an impact around the world.
Mohammed Bin Rashid Al Maktoum
Name
Sheikh Mohammed bin Rashid Al Maktoum
Position
UAE vice president and prime minister
Net Worth
$18 billion
Richest Person in Dubai – Sheikh Mohammed bin Rashid Al Maktoum
Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, and currently the UAE vice president and prime minister, was born on July 15, 1949. He became the ruler of Dubai on January 4, 2006, following the death of his brother Sheikh Maktoum bin Rashid Al Maktoum; the next day, he was appointed vice president of the UAE and approved as prime minister on February 11 and is one of the top 10 richest person in Dubai.
A billionaire deriving most of his fortune from real estate served mainly within the world of development. Given his blurred line of state and personal assets, his worth is said to be around $14 billion in 2025.
Sunil Vaswani
Name
Sunil Vaswani
Position
Chairman of Stallion Group
Net Worth
$1.6 billion
Richest Person in Dubai – Sunil Vaswani
Sunil Vaswani, who was born on July 11, 1963, in Jaipur, India, is one of the Nigerian billionaires of Indian origin. He is also the chairman of Stallion Group, a Dubai-based conglomerate with interests in roads, foods, steel, plastics, and petrochemicals. Stallion Group has grown under his leadership to include outlets in Asia, the United Arab Emirates, and Africa, as well as acting as a representative of international brands and industries such as rice milling and vehicle assembly. He lives in Emirates Hills in Dubai and is of dual nationality, holding both Nigerian and British citizenship. As of February 2025, Forbes estimated his worth at $7.48 billion.
M.A Yusuffali
Name
M. A. Yusuff Ali
Position
Chairman of Lulu Group International
Net Worth
$5.8 billion
Richest Person in Dubai – M. A. Yusuff Ali
M. A. Yusuff Ali, a businessman who was born on November 15, 1955, in Nattika, Kerala, is now an Indian billionaire and the chairman of Lulu Group International. He moved to Abu Dhabi in 1973 to turn his uncle’s distribution business into a multinational empire: his Lulu Group has over 250 hypermarkets and most malls in the Middle East, Asia, and Europe, making an annual turnover of $ 8.4 billion with the largest Indian diaspora workforce.
He was the top Indian businessman in the Arab region according to Forbes Middle East in 2018. By 2025, his net worth will be calculated at about $6.4 billion.
Joy Alukkas
Name
Joy Alukkas
Position
Chairman Joyalukkas Group
Net Worth
$4.4 billion
Richest Person in Dubai – Joy Alukkas
Joy Alukkas, born on September 4, 1956, in Thrissur, Kerala, is chairman of Joyalukkas Group, the largest jewel retail chain. Coming from a family background as a jeweler, he started the brand in the year 2001 and has expanded the brand to more than 160 showrooms in 11 countries. The Middle East remains a stronghold for the brand. His business prides itself before the court of customer service and quality production, while at the same time operating under Joyalukkas Exchange and Joyalukkas Lifestyle Developers. He is a great philanthropist involved in various social service initiatives. He stays in Dubai and keeps building new avenues. As of Feb 2025, Forbes estimated his net worth to be $4.4 billion, thereby making possible checks on him as a key figure in the global jewelry market.
Hussain Sajwani
Name
Hussain Sajwani
Position
Founder DAMAC Properties
Net Worth
$5.1 billion
Richest Person in Dubai – Hussain Sajwani
Hussain Sajwani, a UAE born back in 1952 or 1953, is the brains of DAMAC Properties, the largest luxury real estate developer across the Middle East. Joining Abu Dhabi Gas Industries in 1981 as a finance officer, Sajwani saw entrepreneurship by launching Global Logistics Services, a catering company, in 1983. He founded DAMAC Properties in 2002 and developed around 27,400 homes under it. According to estimates in August 2024, Sajwani’s net worth is estimated at $5.1 billion. The company has formed partnerships with luxury brands such as Versace, Fendi, and Roberto Cavalli. In 2025, he and Donald Trump announced a $20 billion investment in U.S. data centers.
Abdulla Bin Ahmad Al Ghurair
Name
Abdulla bin Ahmad Al-Ghurair
Position
Founder of Mashreqbank
Net Worth
$3.9 billion
Richest Person in Dubai – Abdulla bin Ahmad Al-Ghurair
Born in or around 1930, Abdulla bin Ahmad Al-Ghurair is an Emirati billionaire who is the founder of Mashreqbank. Although he resigned as chairman in October 2019, he continues to be a board member. He also founded Oman Insurance in 1975, re-branded as Sukoon in 2022, while his construction company was pivotal in the development of Dubai Metro and for the external cladding of Burj Khalifa. Forbes’s real-time calculations on February 12, 2025, pegged his family’s valuation at $4.7 billion, while some report it as $4.9 billion. He has diversified sources of income, with a net worth increment of $911.59 million as of 2023.
Sunny Varkey
Name
Sunny Varkey
Position
Founder and executive chairman of GEMS Education
Net Worth
$3.8 billion
Richest Person in Dubai – Sunny Varkey
Sunny Varkey, born April 9, 1957, in Kerala, India) is a Dubai-based entrepreneur and philanthropist. He is the founder and executive chairman of GEMS Education, the largest private K-12 school operator in the world. He was raised by teacher parents who moved to Dubai in 1959; after spending some time in banking, trading, and health care, he began to develop his family school. The formal establishment of GEMS Education was in 2000, offering varying curricula with a worldwide scope. He is also the chairman of the Varkey Group and has established the Varkey Foundation for improving education across the globe. As of February 2025, his estimated net worth is $4 billion.
Feroz Allana
Name
Feroz Allana
Position
Founder of the Allana Group
Net Worth
$4.3 billion
Richest Person in Dubai – Feroz Allana
Feroz Allana is a UAE businessman active since 1975, and he is one of the founders of the Allana Group; the IFFCO Group mammoth conglomerate based in the UAE professing business in consumer products the other. Under his stewardship, IFFCO burgeoned into 38 factories located in 37 countries, producing over $7 billion a year with a workforce of more than 12,500 employees; its products touch consumers in 101 countries across the world. His estimated net worth as of November 2024 is about $4.3 billion, making him one of the foremost business personalities in the UAE.
Ravi Pillai
Name
Ravi Pillai
Position
Founder and chairman of RP Group
Net Worth
$4.3 billion
Richest Person in Dubai – Ravi Pillai
B. Ravi Pillai was born in the year 1953 on the second day of September. An Indian businessman per se, now residing in Dubai, and the founder and chairman of RP Group, the transnational corporate giant that spans businesses from construction, hospitality, steel, and cement to oil and gas. He started up an engineering contracting firm in the Kerala state but later shifted to Saudi Arabia to make a home in 1978 after a labor strike.
There, he founded Nasser S. Al Hajri Corporation (NSH) which thereafter became the flagship of RP Group. As of 2023, Forbes calculated his net worth at $3.5 billion, pegging him as one of the top business personalities in the Middle East.
Abdulla Al Futtaim
Name
Abdulla Al Futtaim
Position
Founder of Al-Futtaim Group
Net Worth
$2.6 billion
Richest Person in Dubai – Abdulla Al Futtaim
Abdulla Al Futtaim is an Emirati billionaire businessman, investor, and philanthropist who owns Al-Futtaim Group, a diverse conglomerate engaged in automotive, retail, real estate, financial services, and healthcare. His businesses also include Al-Futtaim Motors, the exclusive distributor of Toyota, Lexus, and Hino in UAE, and the association with Al-Futtaim Trading, Real Estate and Retail arms. In 2000, the Al-Futtaim family separated business interests with Abdulla running the automotive and retail while his late cousin Majid Al Futtaim was given the property development area. Forbes assesses the billionaire’s case to be worth $2.9 billion in February 2025.
Shamsheer Vayalil
Name
Shamsheer Vayalil Parambath
Position
Founder and chairman of Burjeel Holdings
Net Worth
$2.1 billion
Richest Person in Dubai – Shamsheer Vayalil Parambath
Shamsheer Vayalil Parambath, a radiologist and businessman, was born on January 11, 1977. He is the founder and chairman of Burjeel Holdings, one of the leading healthcare providers in the Middle East. Through his family office, VPS Healthcare, he manages a wide-ranging investment portfolio that includes Burjeel Holdings, RPM, LifePharma, Lakeshore Hospital, Ziva, Keita, and Educare Institute. He is also the vice-chairman and Geschäftsführer of Amanat Holdings.
Vayalil began his career as a radiologist at Sheikh Khalifa Medical City in Abu Dhabi. In 2007 he opened his first hospital, the LLH Hospital, in Abu Dhabi. In the following twelve years, his company VPS Healthcare would inaugurate 20 hospitals in three countries. Currently, there are over 23 medical centers run by VPS Healthcare, with almost 13,000 employees across the Middle East. Vayalil’s net worth stands at $2.6 billion as of 2023 making him one of the richest man in Dubai.
Raghuvinder Kataria
Name
Raghuvinder Kataria
Position
Chairperson of Kataria Holdings
Net worth
$ 2.1 billion
Richest Person in Dubai – Raghuvinder Kataria
Raghuvinder Kataria, a British billionaire businessman born in April 1949 in Jinja, Uganda, has a major interest in telecommunications and real estate. At 16, he moved to London, where he became a chartered accountant and began his career with International Computers Limited (ICL) before assuming the role of European treasurer. He set up Jasmine Telecom in Thailand, which merged with Bharti Enterprises, and received a load of money for a minority stake in Bharti Airtel for approximately $500 million. Apart from being chairperson of Kataria Holdings, based in Dubai, he manages investments focusing on infrastructure and financial services. Forbes reports a net worth of $2.1 billion in February 2025.
Saket Burman
Name
Saket Burman
Position
Vice-chairman of Dabur
Net worth
$ 1.4 billion
Richest Person in Dubai – Saket Burman
Saket Burman, the British billionaire businessman, was born in either 1976 or 1977; he is the vice-chairman of Dabur Ltd., a top-end consumer goods company. Upon the death of his father Sidharth Burman in 2015, he inherited a 12.4 percent stake in Dabur. After completing a bachelor’s degree in marketing and finance from the University of Wisconsin-Madison, he rose to senior management positions in the company. He is also a director of Dabur International Ltd., based in Dubai. He leads an international life, having residences in Dubai, London, and Delhi. In 2025, Forbes estimated his net worth to be $1.5 billion, mostly from his stake in Dabur.
Philip Day
Name
Philip Day
Position
Chairman – Edinburgh Woollen Mill
Net worth
$ 1.2 billion
Richest People in Dubai – Philip Day
Philip Day is a billionaire businessman from the United Kingdom, born in October 1965, who resides in Dubai and serves as the owner and chief executive officer of The Edinburgh Woollen Mill Group, which includes Peacocks and Bonmarché. He began his career at Coats Viyella and later became Joint Managing Director of Aquascutum. He joined The Edinburgh Woollen Mill in 2001 and led the buyout of that company in 2002. Under his management, the acquisitions of other companies such as Ponden Mill, Rosebys, and Jaeger were carried out by Edinburgh Woollen Mill. Known for turning around ailing retail chains, he bought Peacocks in 2012. Forbes estimates that his net worth is $1.2 billion as of February 2025.
Divyank Turakhia
Name
Divyank Turakhia
Position
Co-founder of Directi
Net worth
$ 1.8 billion
Richest People in Dubai – Divyank Turakhia
Divyank Turakhia, one of the billionaires in Dubai was born on January 29, 1982. He is an entrepreneur and investor of Indian origin, working extensively in technology and advertising. At 18, he co-founded Directi with brother Bhavin, who later founded multiple successful ventures, including Media.net, sold in 2016 for $900 million—one of the largest-ever ad-tech deals. Dubbed one of the youngest billionaires, he loves learning, flying, and scuba diving and splits his time between Dubai, Los Angeles, London, and San Francisco. According to Forbes, he has a projected net worth of $1.8 billion as of February 2025, signifying his imprint on the tech sector as an innovative entrepreneur and vision-driven investor.
Mohammed Khalaf Al Habtoor
Name
Mohammed Khalaf Al Habtoor
Position
Chairman and CEO of Al Habtoor Group
Net worth
$ 1.5 billion
Richest People in Dubai – Mohammed Khalaf Al Habtoor
Mohammed Khalaf Al Habtoor, one of the billionaires in Dubai was born on September 30, 1968. He is Vice Chairman and CEO of Al Habtoor Group, one of the leading Emirati conglomerates involved in hospitality, automotive, real estate, and education. Son of the founder Khalaf Al Habtoor, Mohammed Khalaf received a degree in Hotel and Restaurant Management and played a crucial role in almost all major developments in Dubai, including Al Habtoor City and Waldorf Astoria Dubai Palm Jumeirah. Based out of Dubai, he deals with a myriad of activities involving all the different business ventures of the group as well as their philanthropic undertakings. Forbes estimates their worth at $1.5 billion as of February 2025, which underscores his influence within the UAE corporate landscape.
Abdulla Al Naboodah
Name
Abdullah Al Naboodah
Position
Chairman of the Saied and Mohammed Al Naboodah Group
Net worth
$ 1.5 billion
Richest People in Dubai – Abdullah Al Naboodah
Abdullah Al Naboodah is an eminent Emirati businessman and chairman of the Saied and Mohammed Al Naboodah Group, a major Dubai-based conglomerate having diverse interests in realms including construction, real estate, automotive, and investment. Starting humbly as a management trainee in 1978, he grew and led the group through major developments and into involvement with big projects throughout the UAE. Besides his industrial ventures, he has made tremendous contributions to sports in the UAE, serving since 2010 as the chairman of Al Ahli Club and Al Ahli Football Company. Forbes estimates that in February 2025, he had a net worth of $1.5 billion and he is one of the richest men in Dubai.
Saeed Bin Butti Al Qebaisi
Name
Abdullah Al Naboodah
Position
Chairman of the Saied and Mohammed Al Naboodah Group
Net worth
$ 1.5 billion
Richest People in Dubai – Saeed Bin Butti Al Qebaisi
Saeed Bin Butti Al Qebaisi is a famous Emirati businessman and chairman of Centurion Investments, a private equity firm in Abu Dhabi. With a diverse range of interests spanning healthcare, money exchange, and retail, he has been director of the boards of NMC Health Plc and Tasameem Real Estate Co. LLC. His leadership has helped many sectors of growth in the UAE. Based out of Abu Dhabi, he constantly oversees his investments and businesses. Forbes estimates his net worth at $1.2 billion in February 2025, establishing him as a highly influential person on the Emirati business scene.
Azad Moopen
Name
Azad Moopen
Position
Founder of Aster DM Healthcare
Net worth
$ 1.1 billion
Richest People in Dubai – Azad Moopen
Azad Moopen, born on July 28, 1953, hails from Kalpakanchery, Kerala, India. He is a prominent healthcare entrepreneur and is behind Aster DM Healthcare. After being a medical lecturer, he traveled to Dubai in 1987 to establish Aster DM Healthcare, the country that now runs over 697 hospitals, clinics, and pharmacies in seven countries. Through the Aster DM Foundation, Moopen is known for being dedicated to affordable and high-quality healthcare and various philanthropic initiatives. The Padma Shri Award was given to him in 2011 as a recognition of his accomplishments. As of February 2025, he has an estimated net worth of 1.1 billion USD, according to Forbes, and resides in Dubai.
Micky Jagtiani
Name
Micky Jagtiani
Position
Chairman of Landmark Group
Net Worth
$3 billion
Richest People in Dubai – Micky Jagtiani
Mukesh Wadhumal Jagtiani aka Micky Jagtiani is one of the top billionaire businessmen in Dubai. He was born in India and has an established UAE based business. He is the owner and chairman of Landmark Group, based in Dubai.
Micky Jagtiani is known for its remarkable Landmark retail stores. His business provides livelihood to more than 45000 people. There are more than 1000 stores of Landmark Group across the Middle East, Persian Gulf region and India.
Saif Al Ghurair
Name
Saif Al Ghurair
Position
Al Ghurair Group
Net Worth
$1.7 billion
Richest People in Dubai – Saif Al Ghurair
Saif Al Ghurair is the chairman and head of the largest manufacturing and real estate companies in the Emirate, The Al Ghurair Group.
He is known for his tremendous investments that always bring profitable results. He has received his prosperity and wealth by investing in Mashreq, which is known as the oldest private bank in the United Arab Emirates.
B.R Shetty
Name
B.R Shetty
Position
Chairman, NMC Health and Finablr
Net Worth
$3.15 billion
Richest People in Dubai – B.R Shetty
Bavaguthu Raghuram Shetty, one of the billionaires in Dubai is the founder, and acquirer of the United Arab Emirates companies accommodating Abu-Dhabi-based NMC Health, BRS Ventures, Neopharma, and Finablr. B.R. Shetty is an Indian-born businessman who is counted among the top businessmen in Dubai. Also, ranked as the 42nd richest person in 2020.
B.R. Shetty began his career with his interest in hospitals and hospitality. He then expanded into the financial services, advertising, pharmaceuticals, information technology, and retail business.
Richest People in Dubai – Vinod Shantilal Shah Adani
The Indian businessman and head of Adani Group of Industries, Vinod Shantilal Shah Adani is the director of Trident Trade and Investment Private Ltd, Radiant Trade and Investment Private Ltd, Adani Power Pte Ltd, Venture Trade and Investment Private Ltd, Pride Trade and Investment Private Ltd, Adani Power (Overseas) Limited, Adani Global Limited, Adani Global FZE, Adani Enterprises Ltd, and Adani Bunkering Pte. Ltd.
Vinod Shantilal Shah Adani is the elder brother of Gautam Adani. Since 2016, the Adani Group has kept lowkey from the media reports because of the major issue of the offshore entities in the Panama Papers.
The richest-ranked person in Dubai, Majid Al Futtaim is the chairman of the Majid Al Futtaim Holding (MAF), the entertainment and retail conglomerate. It originated in 1992 and soon grew into one of the largest companies in the UAE. Today, it includes more than 120 stores around North Africa, the Central Asia region, and the Middle East.
Majid Al Futtaim Holdings’ turnover is around US$8.8 billion in revenue and made a profit in 2017 of up to US$600 million. It owns the exclusive rights to manage the franchises of All Saints, Carrefour, Abercrombie & Fitch, and Lululemon Athletica.
Abdullah bin Ahmad Al Ghurair
Name
Abdullah bin Ahmad Al Ghurair
Position
Chairman, Mashreqbank
Net Worth
$4.9 billion
Richest People in Dubai – Abdullah bin Ahmad Al Ghurair
Abdullah bin Ahmad Al Ghurair is the founder of one of the leading banks in the United Arab Emirates, Mashreqbank. His wealth can be easily estimated by the standard of the bank. He acts as the chairman meanwhile his son, Abdul Aziz holds the position of CEO.
Moreover, Abdullah bin Ahmad Al Ghurair holds many eponymous companies and mammoth corporations with an interest of real estate and food construction.
Founder, Advanced Info Services and Shin Corporation
Net Worth
$1.8 billion
Richest People in Dubai –Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman who is also a well-known politician and visiting professor. He served Thai in the Department of Thai Police for 14 years (1973-1987). Then he was elected as the Prime Minister of Thailand for 5 years (2001-2006). But, with the abundance of power, in 2008 he was found guilty of corruption. That’s why now he is living in self-exile.
Thaksin Shinawatra is the founder of Advanced Info Service which is a mobile phone operator company and the Shin Corporation which is an IT and telecommunications alliance-based company. This made him on the list of the richest people in Thailand.
Abdullah Al Futtaim
Name
Abdullah Al Futtaim
Position
Al-Futtaim Group
Net Worth
$2.1 billion
Richest People in Dubai – Abdullah Al Futtaim
The Emirati billionaire who is the fellow cousin of Majid Al Futtaim and owner of the Al-Futtaim Group, Abdullah Al Futtaim is counted as one of the richest men in Dubai.
Abdullah Al Futtaim owns the nationality of Emirati with a net worth of 2.1 US billion dollars. He specialized in the field of retail and real estate, and operations in the automotive industry. Abdullah Al Futtaim is the CEO of Al-Futtaim Private Company LLC.
Lubna Khalid Ali Qasimi
Name
Lubna Khalid Ali Qasimi
Position
Leader, Emirati Party and Member of Sharjah
Net Worth
$1-5 billion
Richest People in Dubai – Lubna Khalid Ali Qasimi
The Emirati Politician and member of the ruling family of Sharjah, Lubna Khalid Ali Qasimi is one of the most powerful women in the world. Previously, she has served as the Minister of State for Tolerance, Minister of Economics and Planning of the United Arab Emirates, and Minister of State for International Cooperation. Lubna Khalid Ali Qasimi is the first woman ever to serve as a minister in the United Arab Emirates.
She has graduated from the California State University, Chico with a bachelor’s in Computer Science. She completed her Executive MBA from the American University of Sharjah.
In the listing of 2017 by Forbes, Lubna Khalid Ali Qasimi is the 36th most popular woman in the world. She won the ITP Best Personal Achievement Award in 2000. Moreover, she was honored as the Dame Commander of the Most Excellent Order of the British Empire in the year 2013.
Bernard Arnault
Name
Bernard Arnault
Position
Chairman – LVMH and Christian Dior SE
Net Worth
$192 billion
Bernard Arnault
Bernard Jean Étienne Arnault, the French Billionaire businessman, investor and art collector, is the chief executive and chairman of LVMB Moët Hennessy – Louis Vuitton SE which is the largest luxury goods company around the world.
Bernard Arnault is counted among the top billionaires in the UAE. According to Forbes, Bernard Arnault is the wealthiest man in the world. His estimated net worth is around US$192 billion.
Conclusion
Dubai is one of the most popular cities in the world and one of the major cities of the United Arab Emirates (UAE). The city has one of the highest percentages of people with top-notch wealth. Most of the billionaires of Dubai are listed as the top billionaires of the world. Dubai is the largest city in the UAE which is known as the hub of business and culture. Dubai is the home to tons of famous and rich, wealthy people in the world.
Dubai is a very busy port thronging with billionaires. Businessmen and women from different professions like information technology, real estate, retail, and healthcare are paying a visit now and then to Dubai. Here is Pavel Durov, founder of Telegram, 2025, who stood with a net worth of $15.5 billion. Wealth is derailed and sways with market changes. The durability of the structure good location and friendliness combined are the ones that made this city never parched for high network people.
FAQs
Who is the richest person in Dubai?
Dubai billionaires own some of the most luxurious properties and businesses in the world. Pavel Durov is the richest man in the UAE and the youngest self-made billionaire in the region in 2021. He was named the richest UAE resident in 2021 by Forbes magazine with a wealth of $17.2 billion.
Who is the richest woman in Dubai?
Huda Kattan is known as the richest woman in Dubai. She is an American makeup artist, beauty blogger, and entrepreneur and is also the founder of the cosmetics line Huda Beauty.
Who is Dubai’s richest kid?
Rashid Belhassa is the richest kid in Dubai.
Who are the top 10 richest people in Dubai?
Here are the top 10 richest people in Dubai:
Sunny Varkey
Micket Jagtiani
M.A Yusuff Ali
Modhammed Khalaf Al Habtoo
Saif Al Ghurair
B.R Shetty
Shamsheer Vayalil
Saket Burman
Philip Day
Divyan Turakhia
What are the best businesses in Dubai for Indians?
Some of the best businesses in Dubai for Indians are associated with:
E-Commerce
Healthcare
Construction
Beauty
Travel and Tourism
Real Estate Agency
Handyman Business
Consultancy Service
Is Dubai the richest city in the world?
Dubai is one of the richest cities in the world, however, Abu Dhabi, the capital of UAE is the richest city in the world.
HiWiPay, a next-generation cross-border payments platform revolutionizing international remittances for students, parents, and businesses has raised $2 Million in a seed round led by Unicorn India Ventures. The round also saw participation from Dewang Neralla’s family office and Jupiter Metaverse LLP along with other well known angels – Dr. Ritesh Malik, Mr. Mitesh Shah, and Mr. Nilesh Doshi. Funds raised will be used to expand and enhance the trade remittance business, as well as to scale up operations in the education remittances sector.
Founded by Fintech veteran Dewang Neralla along with Geeta Chauhan and Ujwal Tamminedi, HiWiPay is a cross-border payments platform that offers a seamless digital experience, eliminating paperwork hassles and ensuring secure, compliant transactions.
The cross-border payment landscape is afflicted with problems due to lack of transparency in exchange rates, perceived high forex margins, due diligence, compliance requirements & documentation challenges, HiWiPay’s mission is to streamline these processes across various sectors and industries confronted with intricate procedures. The platform provides competitive exchange rates and real-time tracking, making global payments effortless. Led by a team of fintech experts, HiWiPay is redefining the future of cross-border transactions with innovation and transparency.
Dewang Neralla, Co-founder HiWiPay, “Securing this funding is a significant milestone for HiWiPay as we continue our mission to revolutionize cross-border payments. This investment fuels our commitment to innovation, enabling us to enhance our platform, expand our reach, and deliver a frictionless experience for students and businesses globally. We are grateful for the trust our investors have placed in us and look forward to driving the next phase of growth.”
In the last 12 months, the company’s education portal for study abroad consultants has seen significant transaction activity, with over 500 consultants onboarded and actively facilitating student remittances. The Company is also introducing HiWiPay student app in the UK with an aim to build their presence in key hubs across Europe. The company has partnered with multiple banks and NBFCs to help individuals secure education loans, making studying abroad more accessible and achievable.
HiWiPay plans to enter the SME trade remittance space, expanding beyond student payments and is slated to launch co-branded forex cards and other financial services to cater to students.
Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, says, “There are major complexities of cross-border transactions and HiWiPay is tapping into this potential to make the process much easier. We have witnessed significant growth and believe HiWiPay’s highly innovative business model is ripe for disruption because of changing customer demands, emerging market growth, and financial inclusion. HiWiPay has been working tirelessly in that direction to meet the growing demand and the funding will help the company scale its services to a more advanced stage.”
The company has also developed a portal that enables exporters to seamlessly collect payments with all necessary documentation in place. Over time, the company plans to build a similar portal for importers to facilitate smooth payment transactions. HiWiPay’s goal is to become a global payment orchestrator, empowering SME exporters and importers to carry out remittance services efficiently.
In the next 12 – 18 months, HiWiPay plans to on-board 5,000 international students on the HiWiPay Student App. The company expects its transaction volume to $100 million in remittances and double the network of education consultants to 1,000. HiWiPay also plans to support 1,000 SME exporters with trade remittance solutions and strengthening banking partnerships to improve FX rates and payment efficiency.
About Unicorn India Ventures:
Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore and invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.
Fund II is a Rs 300 Cr fund launched in 2020 that has invested in 20 companies so far like Gamerji, Probus, Daalchini, Windo, HiWi. Most of the portfolio is scaling up fast and has had several uprounds.
Unicorn India Ventures is closing its Rs 1000 Cr Fund III. The first close was reached at Rs 225 crore. The Fund is expected to reach its final close this year. With this Fund, UIV aims to build a portfolio of 20 startups that are focused mostly in the deep tech sector that includes semiconductor, space tech, and medical diagnostics apart from SaaS and India digital platforms. Unicorn has already made 12 investments from this fund and includes companies like Netrasami, Qubehealth, Orbitaid, Aurassure amongst others.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Credit cards are central to today’s life. They ease purchasing products in bulk, let the users invest in a dozen ways when the time is right, and help them keep backup funds if needs arise. Among some of the basic things that the users need to bear in mind while using credit cards is that they need to keep a limit while spending via credit cards, and they need to be wary of paying the amount within the stipulated time ahead without lengthening it to EMIs. Yes, because slashing the total amount due to easy monthly instalments costs an extra percentage of money to be paid, which becomes yet another cause of worry.
Cross-checking all these points and using a credit card judiciously is not everyone’s piece of cake. This is the reason why Slice came into being.
With a revolutionary idea to cause a disruption in the credit card landscape, Slice has decided to launch Slice cards or Slice super cards to give the users the freedom of slicing their total amount into 3 easily payable sums of money. This is after it initially was founded as a buy now, pay later service provider.
One thing that distinguishes Slice super cards from regular credit cards is that the Slice cards would not require any extras to be paid. Besides, by using these cards, one can also shop anytime, anywhere, and everywhere and even transfer instant cashback to their banks, with numerous benefits attached to it. Thus, you won’t have to pay any hidden charges to be paid later. The benefits of using Slice don’t end here. Furthermore, Slice has also entered the UPI payments sector of India, which is seeing huge growth now across the Indian subcontinent and the world. All of these pivots and the growth that Slice has witnessed, which is also counted among the Indian unicorn startups, are some of the things that make the Slice success story an important and interesting read.
Pivoting a new model of providing classic term loans, Slice decided to make a new way forward in response to the RBI-announced restrictions on the provision of credit lines for non-bank prepaid instrument (wallet) providers.
To know what’s more to it, read the article below to get a deep insight into Slice startup story, founder, funding, revenue, valuation, business model, revenue model, future plans, and more!
Slice company is a Bengaluru-based payment and credit startup that extends hassle-free payment cards to deal with your daily payments, which can also be converted into Equated Monthly Installments, or EMIs, for the ease of the user without any added expense.
Slice cards, also referred to as Slice Super cards, are zero-fee cards that can be utilized to make transactions both online and offline. The Slice super cards have grown to be one of the leading competitors of traditional credit cards. With these, you can make payments instantly to e-wallets like PhonePe, Google Pay, etc.
Furthermore, Slice company also claims to reward users with up to 2% cashback on every transaction. These cards are looking forward to redesigning the economic experience of all the common people. Slice is an enthusiastic unicorn fintech startup that crossed the $1 billion valuation mark on November 29, 2021.
Slice cards have completely changed the way people used to pay! Credit cards are no longer a burden! The process is now smoother and more transparent than usual. The credit limit starts from Rs. 2,000 to Rs. 10 lakhs. Slice provides its consumers with the longest interest-free installments. Since the company deals with the cardholders in full clarity, it has turned out to be a very positive aspect towards gaining trust and referrals.
Slice founder and CEO Rajan Bajaj aims to hand powerful and relevant financial products to young India so that they can start building their credit scores right from the beginning.
“We saw the need for a payment card with a credit line. As the card is interlinked with Slice’s interactive app, the user gets regular data on expenses, insights on spending patterns, regular repayment reminders, and suggestions to convert dues to monthly EMIs in case there are difficulties in paying the whole amount. All this leads to good credit habits,” he added.
Slice – Startup Story
We have all heard at least once that credit cards can make one’s life easier! But is it actually so? Well, it is far from the truth! Nowadays, getting one such card is becoming increasingly difficult, and this first step often leads to more hassles. One needs to have a decent job to drop himself or herself into a specific income bracket in order to qualify for it.
Besides, these cards involve higher interest rates too, as already mentioned above. Getting to know all these loopholes in the whole credit industry, Rajan Bajaj, the founder-CEO of the company, came up with a product that would be simple, easily accessible, and usable for the masses. Along with the hurdles faced by others, as reported by Bajaj, it was primarily the hassles that he himself faced, being an avid credit card user, that enkindled the spirit of entrepreneurship in Rajan.
Rajan was only 22 years of age when he founded the startup. He knew that credit cards were one such thing that ensued numerous hassles and plagued the whole generation, especially those who hail from middle-class families in Tier 2 and Tier 3 cities. Besides, he also took a keen interest in the banking space. All of these led to the development of Slice.
Target Market of Slice
The target audience of Slice is college and university students and early-age business associates, who are often declared ineligible for the usual credit cards. The aim of Slice is to simplify financial products for young people. Besides, freelancers, startups, and other individuals often wish to experience the pleasure of having credit cards. This is the reason why Slice came into existence—to change the game. The average age of Slice customers is 22 years.
Slice – Mission and Vision
Slice is on a mission to ease access to credit in India. The company is looking to change this by helping the students get credit options to buy their books or other relevant products like laptops and mobile phones, which they can then repay in monthly instalments.
The goal of Team Slice is to build a transparent, modern, and simple financial platform for the Indian youth community.
Slice – Name, Tagline and Logo
The name Slice comes from the unique feature of slicing a particular amount or bill into three without having to pay anything extra, which the Slice app offers.
Slice often chooses the phrase “India’s best credit card challenger” to define itself and its products, which can be considered the Slice tagline.
Slice Logo
The Slice logo is colored white with a purple background and denotes the slicing of a quarter circle.
The founder of the company, Slice, is Rajan Bajaj.
Rajan Bajaj
He is the founder and the CEO of the company. Rajan began his career as a business analyst intern at Walmart. He was also the founder of the company Mesh Internet. Rajan has pursued his bachelor’s degree in civil engineering from the Indian Institute of Technology, Kharagpur.
Slice Founder – Rajan Bajaj
Slice currently has somewhere around 1,001–5,000 employees, as mentioned in its LinkedIn profile.
Slice – Business Model
The Slice business model revolved around subvention income from merchants like Amazon and Flipkartfor no-cost EMIs. Furthermore, it also took into consideration the interchange income from cards, interest income from EMIs, and more.
The Slice cards provided the users with the following information:
Daily data on payments
Knowledge about the spending pattern
Regular expenses indications
Recommendations to convert dues to EMIs (if only facing difficulties in paying the entire amount)
Slice fintech has significantly altered its model of business after the RBI announced that no non-bank prepaid instrument (wallet) providers like Slice can offer credit lines. Slice has pivoted with the offering of classic term loans, as per reports dated July 20, 2022.
The company informed its users via email that it will stand as a provider of classic term loans in July 2022. This new credit disbursal mechanism is referred to as “purchase power.”. This purchase power would help the customers borrow an amount from the company. So, as soon as a user uses his or her Slice card, the best amount to be borrowed will be reflected right away, which will be on par with their credit limit or the maximum amount that the lender has decided to borrow.
This means that the flexible, borrower-friendly terms would be replaced by a service that would be similar to regular credit cards but without the fixed credit limit. Slice will now analyze the creditworthiness of the borrowers while proceeding with every single transaction, which previously offered credit lines for them.
Slice mainly earns via handling fees and commissions that contribute centrally to its revenue collections. To sum up, the Rajan Bajaj-led micro-credit platform earns via:
One of the earliest challenges that startups face is raising the capital required to make a head start and hire a competent team, but Slice had no such major issues with it. The only obstacle that Slice had to face when it started off was convincing the lenders, who were shying away from extending credit to the youngsters.
Building adequate systems to manage risk was the next hurdle that Slice needed to overcome. The third challenge that Slice is still battling against is to keep serving its customers in the best possible way, thereby enriching the overall customer experience.
Some other challenges of Slice include a low adoption rate and high chances of defaults.
Slice App Flagged by Google Play Store
The Google Play Store flagged the Slice app as harmful, as per reports dated June 30, 2022. The Google store of apps warned that the Slice app was harmful as it tries to spy on customers and their personal data and had recommended that they delete the same from their phones.
RBI Notification Challenges Slice
The RBI notified the NBFCs in June 2022 that they would be barred from offering credit on PPI. This means that Slice will no longer be able to challenge the credit cards as easily as it did before. These challenges in the past year (2021, marred much of the Slice momentum. In response to the same, Slice announced that it has switched to the model of providing classic term loans in place of providing credit lines via the Slice app.
Slice – Funding and Investors
In June 2024, Slice secured $20 million (approximately INR 170 crore) in debt funding from Neo Asset Management’s Credit Opportunities Fund, according to regulatory filings from the fintech startup. The funding is part of a total $30 million (about INR 255 crore) debt round. While Slice has received $20 million, the remainder is anticipated to be received soon.
Slice achieved unicorn startup status on November 29, 2021, securing $220 million in funding. The company joins India’s list of Unicorn Startups, becoming the 31st to achieve this milestone in 2021. As of March 2023, Slice is valued at $1.8 billion.
Date
Transaction Name
Money Raised
Lead Investors
June 15, 2024
Debt Financing
$20 million
Neo Asset Management’s Credit Opportunities Fund
November 14, 2023
Debt Financing
$9 million
Stride Ventures
June 1, 2022
Series C
$50 million
Tiger Global, Moore Strategic Ventures, Insight Partners
November 29, 2021
Series B
$220 million
Insight Partners and Tiger Global
July 29, 2021
Debt Financing
$10.04 million
–
June 28, 2021
Venture Round
$20 million
–
May 24, 2021
Debt Financing
$22.63 million
–
November 11, 2020
Debt Financing
$5.19 million
–
June 25, 2020
Series B
$6.12 million
Gunosy Capital
October 20, 2019
Debt Financing
$1.4 million
–
September 19, 2019
Debt Financing
$2.72 million
Gunosy Capital and Pegasus Wings Group
September 3, 2018
Series A
$14.9 million
FINUP
February 15, 2016
Seed Round
$0.5 million
Blume Ventures
Slice is funded by eight lead investors. The most recent investor is Stride Ventures.
Slice – Shareholding
Slice’s shareholding pattern as of October 2024, sourced from Tracxn:
Slice Shareholders
Percentage
Rajan Bajaj
21.3%
Gunosy
15.3%
Tiger Global Management
6.8%
Insight Partners
5.7%
Blume Ventures
10.2%
DAS Capital
4.3%
Simile Venture Partners
3.8%
Moore Ventures
2.6%
FinUp
1.9%
Anfa
1.3%
DG Daiwa Ventures
1.1%
Sony Innovation Fund
1.1%
M&S Capital Partners
1.0%
IIFL Asset Management
1.0%
Tracxn Labs
0.8%
DMI Sparkle Fund
0.8%
Zinal Growth
0.7%
RTP Global
0.5%
GMO Venture Partners
0.5%
Paramark Ventures
0.4%
MSA
0.4%
Kochi Holdings
0.4%
8i Ventures
0.3%
EMVC
0.2%
Exponent Founders Capital
0.2%
GMO Payment Gateway
0.1%
Angel List
0.1%
Three State Capital
< 0.1%
QED Innovation Labs
< 0.1%
Norgard Capital
< 0.1%
Oliphans Capital
< 0.1%
All Access Fund
< 0.1%
RTP Global
–
Lenarco
1.7%
Axis Bank
0.3%
Star Harbor Asia
0.3%
Navi Finserv
–
Culture Cap
–
Angel
1.3%
Other People
< 0.1%
ESOP Pool
13.1%
Total
100.0%
Slice Shareholding
Slice – ESOPs
Slice announced an ESOP buyback program in February 2022 that is worth Rs 65 crore. Around 60 former and existing employees of Slice who hold vested options in the company were eligible for the buyback.
Slice – Growth and Revenue
Slice has already crossed the one million mark of transactions through its app within 5 months after the company launched its first physical card in May 2019. 60% of the transactions were done offline, and the rest, 40%, were done online back then. Slice had last boasted of having a user base of 12 million and mentioned that it was operating in over 16 cities.
Slice has claimed that the platform is growing over 40% month-on-month. It had been looking to launch its UPI product for quite some time until it finally launched the same on May 19, 2022. Slice now seeks to be a payments-first UPI company rather than a credit-based startup.
Slice started its game as a buy now, pay later (BNPL) company in 2016, which soon pivoted with its card product in 2019, and now the company has again pivoted with its UPI product, thereby entering the already crowded market dominated by top-of-the-line players like PhonePe, Google Pay, Paytm, BharatPe and more.
Slice is a unicorn startup in India, whose valuation increased by 5X within six months of its existence. Besides, it was also revealed when the startup turned unicorn that the company was issuing 2 lakh Slice cards per month, which rose from 20K at the beginning of 2021. In 2022, this went further up to become 3 lakh cards issued per month.
With Slice embracing classic term loans as a central part of their offering after the RBI announced in June 2022 that non-bank prepaid instrument (wallet) providers such as Slice can no longer offer credit lines, it is interesting to watch how the unicorn grows.
Slice – Financials
Slice has shown steady growth in revenue over the past few years, though it has faced consistent losses in its recent financials. The company continues to invest heavily in its operations while facing significant challenges in achieving profitability.
Particulars
FY23
FY22
FY21
FY20
Revenue
INR 867.8 crore
INR 292.9 crore
INR 37.5 crore
INR 40.7 crore
Expenses
INR 1,272.6 crore
INR 542.5 crore
INR 47.9 crore
INR 41.7 crore
Profit/Loss
INR -405.8 crore
INR -253.7 crore
INR -8.9 crore
INR -1.2 crore
Slice Financials FY23
Slice Revenue:
The revenue has grown substantially from FY22 to FY23, increasing from INR 292.9 crore to INR 867.8 crore.
Particulars
FY23
FY22
Revenue from operations
INR 846.7 crore
INR 283.1 crore
Other income
INR 21.1 crore
INR 9.8 crore
Total Revenue
INR 867.8 crore
INR 292.9 crore
Revenue from operations grew from INR 283.1 crore in FY22 to INR 846.7 crore in FY23, showing a sharp increase. This growth indicates strong business traction.
Slice Profit/Loss:
Slice’s losses have increased from INR 253.7 crore in FY23 to INR 405.8 crore in FY24, reflecting the ongoing investment in operations with no immediate profitability.
Particulars
FY23
FY22
Profit before tax (PBT)
INR -404.7 crore
INR -249.6 crore
Tax Expense
INR 1 crore
INR 4.1 crore
Profit/Loss for the year
INR -405.8 crore
INR -253.7 crore
The company posted a larger loss in FY24 compared to FY23, with a loss of INR 405.8 crore in FY24 compared to INR 253.7 crore in FY23. This is a reflection of heavy operational costs without sufficient revenue growth to offset them.
Slice Expenses:
The company’s expenses have surged from INR 542.5 crore in FY23 to INR 1,272.6 crore in FY24, largely due to higher employee and operational costs.
Particulars
FY23
FY22
Employee benefit expense
INR 286.9 crore
INR 98.9 crore
Finance cost
INR 169.1 crore
INR 65.1 crore
Depreciation and amortization
INR 21.8 crore
INR 6.6 crore
Other expenses
INR 794.7 crore
INR 371.9 crore
Total Expenses
INR 1,272.6 crore
INR 542.5 crore
There was a significant increase in expenses in FY24 compared to FY23, from INR 542.5 crore to INR 1,272.6 crore. This rise was driven mainly by an increase in employee benefit expenses and other operational costs.
Quick Summary:
Revenue Growth: Strong increase in revenue from INR 292.9 crore in FY23 to INR 867.8 crore in FY24, signaling growth in the company’s business.
Losses Increase: Losses widened from INR 253.7 crore in FY23 to INR 405.8 crore in FY24, indicating challenges in achieving profitability.
Rising Expenses: Operational expenses surged, with a marked rise in employee and finance costs, reflecting the company’s increased investments.
EBITDA
Slice’s EBITDA and ROCE margin stood at -25% and -22% respectively. This rise in scale helped the fintech startup improve its expense-to-revenue ratio in FY23. To earn a rupee, Slice spent INR 1.50 in FY23.
Slice
FY22
FY23
EBITDA Margin
-61%
-25%
ROCE
-16%
-22%
Expense/Rupee of Ops Revenue
INR 1.92
INR 1.50
Slice – Products and Services
Some of the prominent products of Slice are:
SlicePay
Slice has launched a student payment card with a limit of up to 1 lakh to help undeserved students and freelancers in November 2019.
Slice Pivoted with Slice Card
Slice added their own Slice card in 2019 and claims to add around 200K cards each month, as reported in December 2021.
The average revenue run rate of the company is $100 million. Slice processes $265 million (Rs 2000 crore) worth of gross transactional value (GTV) each month.
Slice is working on adding amazing features to change the stereotypical system of people being engaged with their credit cards. Reports also say that Slice is looking forward to adding rewards to the app because its goal is to turn the normal plastic card into a greater financial tool.
Purchase Power Feature
Slice introduced a feature called “purchase power” to users in July 2022 to evaluate each transaction made by consumers and determine if it will be executed.
Slice Launched its UPI Product
Slice launched its UPI payments feature, which can be availed of by its waiting list of 10 million customers who have not been able to get access to credit yet.
Slice – Partnership
Slice has partnerships with the following companies:
Quadrillion Finance Private Limited
DMI Finance Private Limited
Northern Arc Capital Limited
Vivriti Capital Limited (Formerly known as Vivriti Capital Private Limited)
Poonawalla Fincorp Limited (formerly known as MAGMA FINCORP LIMITED)
Hinduja Leyland Finance Ltd
SBM Bank (India) Ltd
Slice – Sponsorship
A three-year agreement between the fintech firm Slice and the Mumbai Indians cricket team in the Indian Premier League has been announced in January 2022, and Slice will be the principal sponsor. All of the Mumbai Indians’ official jerseys will include the company’s logo on the front as part of the agreement. The collaboration will be the business’s first foray into sports sponsorships.
Slice – Acquistion
Slice has acquired one company to date.
Company Name
Amount
Date
Trustio
–
Feb 2, 2017
Slice – Investment
Slice invested in North East Finance Bank on March 8, 2023.
Company Name
Funding Stage
Amount
Date
North East Small Finance Bank
Corporate round
$3.4 million
March 8, 2023
Slice – Competitors
The top competitors of Slice are LazyPay, ZestMoney, and KreditBee.
LazyPay
LazyPay is among the top competitors of Slice. The company is headquartered in Gurgaon, Haryana, India, and was founded in 2017. LazyPay works in the Fintech sector.
ZestMoney
ZestMoney is perceived as one of the top competitors of Slice. The company is headquartered in Bengaluru, Karnataka, India, and was founded in 2015. ZestMoney also works in the fintech field.
KreditBee
KreditBee is another competitor of Slice Card. The company is headquartered in Bangalore, Karnataka, India, and was founded in 2018. KreditBee also operates in the Fintech industry just like the above-mentioned companies.
Slice – Future Plans
Slice looks forward to having around 150 million users who would opt for credit cards or BNPL products over the next 5–7 years. Furthermore, the unicorn credit startup also aims to extend its presence to over 24 cities by the end of 2022, most of which would be in Tier 2 and Tier 3 cities.
In March 2024, fintech unicorn Slice, received CCI approval to merge with Guwahati-based North East Small Finance Bank (NESFB). Approved by the RBI in October 2023, this merger aims to expand Slice’s financial services to northeastern states and West Bengal beyond Tier I cities. Slice is now waiting for approval from the National Company Law Tribunal (NCLT) for its merger. Once approved, the fintech startup will obtain a banking license.
FAQs
Who is the payment app slice company owner?
Rajan Bajaj is the Founder & CEO of Slice, the payment app.
When was Slice founded?
Slice was founded in 2016.
Where can I use my Slice card?
Sliced super cards can be used in a wide variety of ways. For example, you can always use it for transactions with all online and offline merchants where you can pay with credit or debit cards, excluding those merchants who prefer payments via prepaid wallets. Some merchants might allow the Slice cards only in the debit card section, while others stick to the credit card section, where users will need to use their Slice pay cards.
Slice company belongs to which country?
Slice company was founded in 2016 and has its headquarters in Bangalore, Karnataka, India.
What is a Slice Pay card?
Slice brings its own payment cards, known as Slice pay cards or Slice super cards. These cards don’t have any hidden charges and are zero-fee cards that can be used to pay e-commerce websites and other merchants in place of debit or credit cards. Furthermore, with these cards, you would also be able to slice your total bill into 2, 3, or more EMIs that will continue for a period of 12 months without any added charges.
What are the Slice credit card benefits?
Slice cards or slice super cards help the users slice their total amount into three easily payable sums of money. The Slice credit cards don’t require any extra amount to be paid.
What are slice charges?
Slice charges are nil for joining or renewal. However, when the Slice card is used in the ATMs and if they need to be replaced, then these cards accrue some charges.
What is Slice business model?
The Slice business model revolved around subvention income from merchants like Amazon and Flipkart for no-cost EMIs. Furthermore, it also took into consideration the interchange income from cards, interest income from EMIs, and more.
How does Slice make money?
Slice makes money through:
Transaction Fees: It earns a fee when users make purchases using its card.
Interest on Repayments: Charges interest if users don’t repay within the interest-free period.
Merchant Partnerships: Slice earns revenue by partnering with merchants who pay to access its customer base and offer discounts.
Late Payment Fees: If users miss payments, Slice charges a late fee.
What is Slice net worth?
As of February 21, 2025, Slice’s valuation was $1.8 billion, according to Tracxn.
What does Slice company do?
Slice is a fintech company that offers a credit card-like product, primarily targeting young consumers. It provides a digital platform for users to make payments, earn rewards, and manage their spending. The company focuses on offering flexible repayment options, allowing users to pay in installments. Slice also partners with merchants to provide exclusive discounts and deals to its users. It aims to simplify credit access, especially for individuals without traditional credit history.
In the ever-changing and dynamic field of technology, many multinational corporations set the standard for developing web-based business tools and computer software. Leading organizations in an ever-changing sector, they are experts in creating novel approaches to solve present-day business problems, foresee requirements in the future, and identify chances for long-term expansion.
Their aim is centered on the transformative potential of software, which they see as an expression of intelligence and expertise that advances businesses.
A notable participant in the tech sector, Zoho Corporation, is one such example in this field. Zoho, which was founded in 1996 by Sridhar Vembu and Tony Thomas, has grown to become a major global player. Its headquarters are situated in Chennai, Tamil Nadu, India, while its corporate headquarters are located in Del Valle, Texas.
In this article, we will delve into the successful journey of Zoho, its startup story, history, business model, revenue model, funding, financials, growth, competitors, and more.
Zoho Corporation, an Indian multinational technology company founded in 1996 by Sridhar Vembu and Tony Thomas, is a renowned provider of computer software and web-based business tools. With headquarters in Chennai, Tamil Nadu, India, and corporate headquarters in Del Valle, Texas, the company is well-known worldwide for its Zoho Office Suite. With its wide range of innovative productivity tools, Zoho is a leading force in the IT industry.
Zoho – Industry
According to the insightful analysis provided by Statista, By 2025, the revenue in this market segment is expected to reach US$740.89 billion. Additionally, the software market is projected to grow at a steady annual rate of 4.87% from 2025 to 2029.
Zoho was founded by Sridhar Vembu (Co-Founder and CEO) and Tony Thomas in 1996. However, the company was not famous as Zoho but as AdventNet (1996-2009) back then.
Sridhar Vembu
Sridhar Vembu, Co-Founder and CEO of Zoho
Zoho Co-Founder and CEO Sridhar Vembu comes from a humble background. Sridhar was born as a farmer in a small village outside Thanjavur, but his dreams were big! He dreamt of studying in an IIT and then moving to the US, and he successfully seized his dreams.
Sridhar studied in a Tamil Medium Government School till the 10th standard and completed his graduation from IIT Madras in 1989. Sridhar eventually received a scholarship to pursue his Masters and Ph.D. in Electrical engineering from Princeton University in New Jersey. The founder of Zoho got his doctorate degree and opted for a professorship in Australia. He moved to Australia, but after 2 weeks, he came back, resigning from the job.
He started his career at Qualcomm in 1994. Two years later, in 1996, he kickstarted his own venture, AdventNet, with Tony Thomas, who is also an IIT Madras graduate and was an old friend of Sridhar. It was Tony, who wrote a rough draft of networking software and needed help to sell it when Sridhar joined him as the Chief Evangelist to form AdventNet, which later came to be known as Zoho in 2009.
Sridhar Vembu was awarded the Padma Shri, on the occasion of India’s 72nd Republic Day (2021). Sridhar is the 59th richest man in India, according to Forbes 2020. However, the founder billionaire, is known for his modest attitude and often loves to go barefoot. Sridhar once said in an interview, “I live fairly simply, I hate wearing shoes. If I can avoid it, I do.”
A moment of great honor and pride—the Government of India has bestowed the prestigious Padma Shri on our CEO, @svembu!
Zoho Co-Founder Tony Thomas worked at Bell Labs, before founding AdventNet. Sridhar and Tony both had similar interests in business and technology which led them to build their massive venture.
The amazing tale of Sridhar Vembu’s startup starts with his modest upbringing in a Tamil Nadu middle class family. He worked for two years at Qualcomm in San Diego after earning his degree in electrical engineering from IIT Madras in 1989 and going on to pursue a Ph.D. in the United States.
Many were shocked when Sridhar decided to bravely return to India despite the comforts of his life in the US. Driven by a visionary mindset, he and his brother co-founded AdventNet, a software development company, in 1996. Later on in 2009, this endeavor developed into the well-known Zoho Corporation.
Zoho’s mission is “empowering small businesses and startups, simplifying customer operations, and creating ever-lasting customer relationships.”
Zoho’s vision is to create superior software to solve all business problems. The company’s investment is more in developing its products and customer support than in focusing on sales and marketing.
Zoho – Name, Tagline, and Logo
Zoho Logo
The name ‘Zoho’ was the result of the abbreviation “Small Office/Home Office SOHO,” says founder Sridhar Vembu.
Zoho – Products and Services
Zoho Corporation has been divided into the following divisions –
Zoho.com – This division offers products related to Online business, and productivity and collaboration applications.
Qntrl – Qntrl’s streamlined workflow orchestration platform redefines operational efficiency by making it simple for organizations to create, automate, and analyze their business processes.
Trainer Central – Enhancing training capabilities, TrainerCentral makes it easy to build and offer captivating online courses as well as conduct live workshops for learners who are located remotely.
Zoho offers over 55 products.
Zoho CRM – Released in 2005. Zoho CRM (customer relationship management software) is being used by over 250,000 businesses. Zoho CRM India helps businesses manage their sales, marketing, and customer service activities all from a single platform.
Zoho Writer – This is a cloud-based word processor. Zoho writer allows one to create documents and collaborate with the team members in real-time.
Zoho Sheet, Zoho Creator, Zoho Show, Zoho Meeting, and Zoho Docs are some other popular products by Zoho.
Zoho eventually propelled in almost every sector of sales, finance, communication, and marketing. The company brought in a greater digital transformation with more than 50 million users in 2019, and introduced ‘Zoho Remotely’, a toolkit to expedite work-from-home.
Zoho – Business Model
Zoho’s unique business model emphasizes its dedication to high-quality products by focusing on “Marketing via Engineering.” Using a “freemium” concept, customers can register for no cost and select premium upgrades as needed. Zoho prioritizes product quality, believing that powerful goods should be able to speak for themselves and only allocating low budget to marketing.
Zoho even boldly disrupted Salesforce’s global user conference in 2013 by trolling them, which helped drive the company’s annual growth to an astounding 35%. From its humble beginnings in a modest flat in Chennai, Zoho has grown into one of the top suppliers of web-based business solutions, providing a feature-rich cloud platform for smooth corporate operations.
Zoho – Revenue Model
Zoho makes revenue from different resources. Some of the most prominent ones are listed below:
Software Product Licensing: Zoho makes money by selling licenses for a wide variety of software packages that meet different company requirements.
Consulting Services: As part of its revenue model, Zoho provides clients with extra value by making sure their software investments are used to their full potential.
Software Maintenance: Zoho generates income by providing clients with continuous software maintenance services, which guarantee that their products receive frequent updates, patches, and additions.
Sales of Cloud Software Suite Licenses: Zoho’s cloud software suite, which provides a vast array of tools and applications for enterprises, is a major source of income.
Software Subscription Price: As part of its business strategy, Zoho charges users a subscription price to access its software, which grants them access to additional features and services.
While many businesses had difficulties in the wake of the tech bubble crash in 2001, Zoho Corporation’s experience stood out. Amidst the repercussions, Zoho, a company in the B2B space, faced a lack of customers. The creators used a novel strategy in response to these difficulties by emphasizing research and development, which resulted in the development of the ground-breaking product ManageEngine.
Simultaneously, efforts were focused on improving marketing and sales strategies. By overcoming these challenges, Zoho not only resolved its immediate business issues but also distinguished itself from other companies suffering from the recession and became a dominant force in the market.
Zoho – Funding and Investors
Zoho is one of those companies that is bootstrapped yet successful. Zoho has not raised any funding to date.
Zoho – Shareholding
Zoho’s shareholding pattern as of March 2023, sourced from Tracxn:
Zoho Shareholders
Percentage
Radha Vembu
47.8%
Sekhar Vembu
35.2%
Tony G Thomas
8.0%
Sridhar Vembu
5.0%
Shailesh Kumar Davey
3.0%
Sreenivas Kanumuru
1.0%
Total
100%
Zoho Shareholding
Zoho – Investments
Zoho has invested in 9 companies to date.
Below are the details of the investments made by Zoho:
Date
Funding Round
Amount Invested
Organization
May 25, 2022
Corporate Round
Rs 20 crore
GenRobotic
May 8, 2022
Non Equity Assistance
Rs 186K
Presear Softwares PVT LTD
December 9, 2021
Series C
$15 million
Ultraviolette Automotive
September 7, 2021
Series A
$5 million
Voxelgrids
May 30, 2020
Seed Round
–
Boson Motors
December 20, 2016
Seed Round
$516K
Zentron Labs
September 8, 2016
Series C
$6.2 million
Zenedge
November 24, 2014
Corporate Round
–
Zentron Labs
January 31, 2013
Seed Round
$524K
Zentron Labs
Exits
Zoho has exited from two companies: GenRobotic and Zenedge.
Zoho – Acquisitions
Zoho has acquired one company to date. ePoise is the maiden company that Zoho acquired on March 7, 2019.
Zoho – Growth
Zoho’s noteworthy growth milestones are:
It had served 150+ countries as of January 2024.
It has 14 data centers as of January 2024.
The company has 100 million+ users as of January 2024.
It has 55+ products as of January 2024.
The company has installed a 5 MW solar energy farm in India to supply electricity to the data centers and offices. They are able to reduce annual carbon dioxide emissions by almost 7,200 tons, which is the same as planting 14,400 trees as of January 2024.
Zoho Founder Mr. Sridhar Vembu is revered as an inspiration among the entrepreneurs of the nation and has been conferred with a Padma Shri in 2021.
Zoho – Financials
Zoho has seen strong revenue and profit growth over the last few years. Revenue increased significantly, and profit margins improved despite rising expenses.
Particulars
FY23
FY22
FY21
FY20
Revenue
INR 9,158.9 crore
INR 6,998.8 crore
INR 5,442.4 crore
4,386.0
Expenses
INR 5,392.8 crore
INR 3,571.7 crore
INR 3,024.2 crore
INR 3,369.7 crore
Profit/Loss
INR 2,846.9 crore
INR 2,747.3 crore
INR 1,917.7 crore
INR 800.9 crore
Zoho Financials
Revenue grew from INR 6,998.8 crore in FY22 to INR 9,158.9 crore in FY23. Profit also rose from INR 2,747.3 crore to INR 2,846.9 crore despite an increase in expenses.
Zoho Revenue Breakdown:
Revenue Source
FY23
FY22
Revenue from operations
INR 8,703.6 crore
INR 6,710.8 crore
Other income
INR 455.3 crore
INR 288.0 crore
Total Revenue
INR 9,158.9 crore
INR 6,998.8 crore
Revenue from operations grew by INR 1,992.8 crore, while other income saw a rise of INR 167.3 crore.
Zoho Profit/Loss Breakdown:
Profit Type
FY23
FY22
Gross Profit
INR 3,766.1 crore
INR 3,427.1 crore
Operating Profit
INR 3,766.1 crore
INR 3,425.7 crore
Net Profit/Loss
INR 2,846.9 crore
INR 2,747.3 crore
Net profit increased from INR 2,747.3 crore in FY22 to INR 2,846.9 crore in FY23, reflecting stable profitability.
Zoho Expenses Breakdown:
Expense Type
FY23
FY22
Employee Benefits
INR 2,721.6 crore
INR 1,826.8 crore
Finance Costs
INR 1.7 crore
INR 10.2 crore
Amortization & Depreciation
INR 312.8 crore
INR 277.3 crore
Other Expenses
INR 2,356.6 crore
INR 1,457.4 crore
Total Expenses
INR 5,392.8 crore
INR 3,571.7 crore
Expenses increased by INR 1,821.1 crore, primarily due to a rise in employee benefits and other expenses.
It won the Leader in CRM Software Awards, Crozdesk (2021).
Featured Clients: CRM Software Market Leader (2021).
Top-Rated CRM Software: TrustRadius (2021).
It won the Expert’s Choice Award for Finances Online (2021).
GetApp: Top Rated Apps for Sales Forecasting (2021).
Zoho – Competitors
Major competitors of Zoho include,
Freshworks– Provides SaaS products for IT, customer service, sales, marketing, and HR.
Salesforce – Salesforce’s products include sales cloud, service cloud, marketing cloud, commerce cloud, and community cloud.
Oracle – Oracle has developed many products to meet the need of various industries. Oracle’s products include applications, databases, operating systems, and cloud services.
Pipedrive – Offers a fully customizable, visual sales CRM that is suitable for every sales team big or small.
HubSpot – HubSpot’s products include marketing software, Sales CRM, customer service software, and content management software.
QuickBase – Like Zoho, QuickBase also offers a wide range of services, including supply chain management, CRM and sales management, project management, and training management.
Zoho’s co-founder and CEO, Sridhar Vembu, provided YourStory with an interview in September 2024, that revealed the company’s ambitious future goals and highlighted its extensive R&D efforts. Zoho Corporation plans to set up data centers in every country across the globe by the end of this decade, according to CEO Sridhar Vembu. Vembu described Zoho’s early involvement in a number of projects, including collaborations, investments, and self-initiated initiatives.
Zoho Corporation, an Indian software company, plans to grow by expanding data centers, AI, global reach, chipmaking, and sustainability efforts. It aims to set up data centers in almost every country by 2030, ensuring better service for customers. Zoho is also investing in AI to improve operations, warehouse management, and customer support. As part of its global expansion, the company plans to enter markets like the Middle East, Brazil, Japan, and Mexico, while also reaching rural areas in India and adapting products to local needs. Additionally, Zoho is venturing into chipmaking, focusing on specialized semiconductors and seeking government support for a fabrication plant. Committed to sustainability, Zoho is working on reducing its environmental impact and contributing to community development.
Yes. Zoho is an Indian company headquartered in Chennai, Tamil Nadu, India.
Who is Sridhar Vembu?
Sridhar Vembu is the Founder of Zoho. He was awarded the Padma Shri, on the occasion of India’s 72nd Republic Day (2021).
What is Zoho company?
Zoho is a SaaS company that offers online software, including e-mail, word processors, spreadsheets, wikis, and even customer relationship management. It is the Zoho mail company that functions diversely as a CRM and a suite.
Which companies use Zoho?
IIFL, SpiceJet, Deloitte, KPMG, and Amazon India are the top companies that use Zoho CRM.
Where is the Zoho Corporation headquarters?
The Zoho Corporation headquarters are listed in Chennai, Tamil Nadu, India.
What is the Zoho Corporation Chennai Address?
If you are wondering about the ZOHO Corporation Chennai address, then the research and development campus is located in Estancia IT Park, Chennai, whereas the product Zoho Desk was built and launched at the Zoho office at Tenkasi.
What is Zoho business model?
Zoho follows a bootstrapped SaaS business model. It offers a suite of cloud-based software for businesses, including CRM, collaboration, finance, and IT tools. Revenue comes from subscription fees, with a focus on affordability and no external funding. It targets small to large enterprises worldwide.
How does Zoho make money?
Zoho makes money through subscription fees for its cloud-based business software, including CRM, finance, and IT tools. It follows a freemium model, offering free basic plans and charging for premium features.
How Zoho started?
Zoho was started in 1996 by Sridhar Vembu and Tony Thomas as AdventNet, focusing on network management software. In 2009, it rebranded to Zoho and shifted to cloud-based business software. It grew without external funding, focusing on affordable SaaS solutions.
Why Zoho is so successful?
Zoho’s success comes from its bootstrapped growth, maintaining full control without external funding. Its affordable SaaS model offers high-value business software at low costs, while a diverse product suite covers CRM, finance, and IT needs. A strong focus on in-house R&D drives innovation, and its global reach serves businesses of all sizes. Additionally, Zoho prioritizes an employee-centric culture, investing in talent and training. Its strategy of self-reliance, affordability, and innovation ensures sustained growth.
What is Zoho revenue?
Revenue of Zoho Corporation grew from INR 6,998.8 crore in FY22 to INR 9,158.9 crore in FY23. Profit also rose from INR 2,747.3 crore to INR 2,846.9 crore despite an increase in expenses.
Zinka Logistics Solutions, the parent company of logistics giant BlackBuck, has received two tax notifications amounting to INR 14.2 crore. This encompasses a demand of INR 10.02 crore from the Assistant Commissioner of Commercial Taxes (Audit), Bengaluru, for the period from April 2020 to March 2021, and a demand of INR 4.18 crore from the Office of the Deputy Commissioner of Income Tax (TDS). The initial order, given on February 24, 2025, concerns the company purportedly misappropriating input tax credit (ITC) under GST amounting to INR 10.02 crore, as stated by BlackBuck in an exchange filing.
The notice states that the total tax liability is INR 2.88 crore under IGST, INR 3.56 crore under CGST, and INR 3.56 crore under KGST. Furthermore, the corporation has been mandated to remit an interest of INR 7.67 crore and a penalty of INR 1.02 crore.
Company’s Response
The logistics company stated in a separate exchange filing that the Income Tax agency had issued a tax demand for default for short-deduction/non-remittance of TDS totalling INR 4.18 Cr (with interest). According to BlackBuck, the firm feels it has a good argument on the grounds of both rulings. An appeal against the order will be submitted by the corporation to the relevant body. BlackBuck is a B2B marketplace for intercity full truckload (FTL) transportation that was founded in 2015 by Rama Subramaniam, Chanakya Hridaya, and Rajesh Yabaji, both of whom were graduates of IIT Kharagpur. Through its tech-enabled platform, it instantly links truck drivers with companies that need to ship.
BlackBuck’s Financial Outlook
After going public in November of last year, the company’s consolidated net loss increased 145% from INR 19.57 Cr in the previous quarter to INR 48.03 Cr in Q3 FY25. In Q3, however, it incurred INR 69.44 Cr in share-based payment expenses and INR 8.45 Cr in IPO expenses. The business would have reported a profit of INR 29.86 Cr from ongoing operations if not for these extraordinary factors. Meanwhile, its operating revenue increased 41% from INR 80.86 Cr in Q3 of FY25 to INR 113.98 Cr.
How BlackBuck Operates?
More than 93% of BlackBuck’s income comes from contract trucking. Additionally, it offers clients telemetry services that allow them to follow all trucks in real time, keeping an eye on their shipment during the entire process. Additionally, BlackBuck has a partnership with banks and marketers of petroleum goods for which it serves as an agent. It collects a commission for handling the management and distribution of radio frequency identification (RFID) tags.
The remaining amount of operating revenue is generated by these supplementary services. In exchange for business from the trucks it rents, the corporation receives a commission of roughly 15–25%. Its platform features truck services that are appropriately described, and its job is to match clients with trucks in an intelligent manner based on the needs of each individual. The heart of every invention is logistics.
Beyond Chennai, Zepto, a fast commerce startup based in Bengaluru, has already established itself throughout Tamil Nadu. Coimbatore, Tiruchirappalli, Madurai, Vellore, and Salem are just a few of the districts in the state where the company has started operations. With more than twenty dark stores open in Tamil Nadu, each one well situated to maximise delivery within two to three kilometres, enabling partners to transport purchases in ten minutes while staying safe, Zepto is poised to solidify its position in the state.
Going Vocal for Local
Zepto users and other clients can purchase delicate coconuts and green vegetables from over 100 farmers in Tamil Nadu, including Palacode and Pollachi. This provides Zepto with a much-needed local connection. With its vibrant cities and high desire for convenience, the state of Tamil Nadu is a crucial market for Zepto, according to Divesh Sawhney, Chief Growth Officer.
In addition to enabling sellers to serve customers more quickly, service expansion opens up new business prospects for nearby companies. He went on to say that the company is dedicated to strengthening our ties with the community while delivering speed, quality, and affordability to every home.
Setting up Another Bench Mark
Zepto Cafe, the company’s fast food delivery division, has exceeded one lakh orders daily. Aadit Palicha, the CEO and co-founder of Zepto, shared the accomplishment on social media, emphasising the Zepto Cafe’s expansion in the quick-service food (QSR) sector. In a post on X, Palicha claimed that Zepto Cafe currently receives 100,000 orders every day. Every day, Zepto Cafe receives 100,000 orders.
That’s getting close to a steady-state gross margin of 50% and an annualised GMV run rate of $100M. “We still have a long way to go, but I think the QSR sector in India is about to undergo a revolution,” he posted. According to an article in a renowned media outlet, Zepto Cafe has been growing rapidly, launching 100 new locations each month. Zepto reported operating revenue of INR 4,454 crore in fiscal year 2024 (FY24), a 120% increase over FY23.
Rapid Commerce Race is Getting More Intense
The rapid commerce industry has evolved into a high-cash-burn sector, with companies allocating billions towards expansion and client acquisition. Industry estimates indicate that the aggregate monthly cash burn of rapid commerce entities, including new entrants, ranges between INR 1,300 and 1,500 crore—more than double in recent months.
Despite nearing operational breakeven in Q2 FY25, Blinkit’s losses escalated in Q3 FY25, with operating losses rising to INR 103 crore from INR 8 crore in the preceding quarter. Swiggy reported a net loss of INR 799 crore, while Instamart had an adjusted EBITDA loss of INR 578 crore in Q3, compared to INR 358 crore in Q2.
Zomato’s ability to continue investing in Blinkit stems from its financial stability. In November 2024, Zomato secured INR 8,500 crore in a qualified institutional placement (QIP) to enhance its balance sheet and finance its rapid commerce operations. As of December 31, 2024, Zomato possessed cash reserves amounting to INR 19,235 crore, providing adequate liquidity to support Blinkit’s expansion.
As part of its investigation into the INR 6,600 crore GainBitcoin cryptocurrency scam, the CBI carried out coordinated nationwide searches at 60 locations on 25 February, according to officials. A CBI spokeswoman stated in a statement that the searches, which targeted locations allegedly connected to important accused individuals, were conducted in several cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru. The authorities claimed that Amit Bhardwaj, who is no longer alive, and his brother Ajay Bhardwaj were the masterminds of the ponzi scheme, which was carried out through a network of platforms, including the flagship website www.gainbitcoin.com. They said that the illegal enterprise, which was started in 2015, was disguised as Variabletech Pte. Ltd.
How Scheme Attracted the Investors?
Over an 18-month period, the scheme enticed investors with spectacular profits of 10% per month in Bitcoin, enticing them to buy the cryptocurrency from outside exchanges and deposit it with GainBitcoin through “cloud mining” contracts, according to the central agency. The spokesman went on to explain that the model used a multi-level marketing (MLM) structure, which is frequently linked to pyramid-structured Ponzi scams, and that rewards were reliant on attracting new investors.
Investors were paid in Bitcoin in its early days, creating the appearance of a successful business. But by 2017, the illusion was starting to fall apart as the flow of fresh funds decreased. The allegation added that GainBitcoin unilaterally changed payouts to its own in-house cryptocurrency, MCAP, which was much less valuable than Bitcoin, in an effort to conceal the losses, further deceiving investors.
Multiple FIRs Filed
Due to the scam’s immense scope and complications, several FIRs were registered and filed throughout India, ranging from Delhi to West Bengal and from Maharashtra to Jammu & Kashmir. Given the scope of the operation and its global implications, the Supreme Court assigned the inquiry to the Central Bureau of inquiry (CBI).
According to the statement, the CBI took over these cases and is now carrying out a thorough and all-encompassing investigation to determine the full scope of the fraud, identify all persons involved, and track down the money that was embezzled, including transactions that took place abroad. In order to determine the entire scope of the fraudulent actions, find all people involved, and track down the embezzled money—including any that may have crossed international borders—the agency has started an investigation. According to the Central Agency, a small number of cryptocurrency wallets, digital gadgets, and damning material were found during searches. Additionally, the evidence found in emails and cloud storage has been confiscated.
90,500 equity shares have been distributed by omnichannel cosmetics retailer Nykaa as part of its employee stock option plan (ESOP). Nykaa stated in an exchange filing that the equity shares are allocated following the execution of vested stock options by employees under the company’s ESOP Plan. The filing indicated that the allotted equity shares shall rank equally with the existing equity shares of the company in all respects.
Financial Outlook of Nykaa
Nykaa‘s consolidated net profit increased by 51% to INR 26.4 crore in the third quarter of the financial year 2024-25 (Q3 FY25), up from INR 17.5 crore in the same time last year, driven by robust development in the beauty and fashion sectors. The corporation disclosed its financial results for the quarter ending in December earlier this month. On a quarter-on-quarter basis, net profit increased by 104% from INR 12.97 crore.
Following its impressive performance in the reviewed quarter, broking firm JM Financial maintained its ‘BUY’ recommendation on the stock, setting a target price (TP) of INR 240, due to the company’s capacity to achieve substantial growth in a sluggish market landscape. In the September-December quarter, the company’s operational revenue increased by 26.74% to INR 2,267.2 Cr from INR 1,788.8 Cr during the same time the previous year.
It rose sequentially by 20.93% from INR 1,874.7 crore. The company run by Falguni Nayar stated in an investor presentation that its consolidated gross merchandise value (GMV) in Q3 FY25 was INR 4,527.9 Cr, a 25% increase over INR 3,617.9 Cr in the same period last year. In Q3 FY25, sales from Nykaa’s beauty and personal care (BPC) segment surged 27% year-over-year to INR 2,060.01 crore, while Nykaa Fashion persisted as a loss-incurring division during the period. Nykaa Fashion successfully reduced its loss by 12.3% year-over-year to INR 25.41 crore.
Current ESOP Scenario in India
According to a 2024 survey of 160 companies, 78% of them offered employee stock option plans (ESOPs) to their staff, a considerable increase from 59% in 2021. This indicates that ESOPs are becoming more and more popular among startup owners. More firms are now offering ESOPs to all employees, not only senior management, according to a survey done by Saison Capital, XA Network, and Carta. Compared to one in four in 2021, one in three firms now provides these plans to all employees.
Furthermore, the median ESOP pool size grew from 9% in 2021 to 12.6% in 2024, and 90% of founders now talk about ESOPs with candidates during interviews or job offers, up from 75% in 2021. Additionally, the reasons for providing ESOPs have changed; in 2024, 40% of founders cited cost reductions, up from 28% in 2021.
The founders cited the necessity to retain people as the second most important reason for putting these plans into action, behind creating a sense of ownership and company culture. Even with this increase, fewer than 30% of founders still fully understand the complexity of ESOPs, a percentage that hasn’t changed since 2021.
Flipkart Group’s UPI application, super.money, has purchased BharatX, a checkout financing platform supported by Y Combinator, for an unknown sum to enhance its current services, particularly in Buy Now Pay Later (BNPL). Checkout financing enables users to purchase things online in installments during the checkout process.
In conjunction with the transaction, the principal team of BharatX will collaborate with super.money to enhance its services in the credit-on-UPI sector. Prakash Sikaria, CEO and founder of super.money, stated that the company regards credit-on-UPI as a transformative development for financial accessibility in India. By utilising BharatX’s platform, the organisation is creating distinctive credit-on-UPI solutions that correspond with its collective mission of financial inclusion, enabling millions to interact effortlessly.
About BharatX
BharatX, established in 2019 and located in Bengaluru, has partnerships with over 200 businesses for checkout financing alternatives via four financial partners, according to the company’s website. The startup secured $4.74 million through two fundraising rounds from investors including Y Combinator, Multiply Ventures, Soma Capital, Java Capital, and 8i Ventures.
Mehul Jindal, Founder of BharatX, stated that during the past four years, beginning in college, BharatX has successfully extended credit to hundreds of thousands of people in India profitably, without requiring documentation or a credit score. Through this acquisition, the brand will elevate its offering by leveraging the broader distribution network of super.money.
Super.money’s Operations
Launched in July 2024, super.money ascended to become the sixth largest payments entity by November, surpassing Amazon Pay and WhatsApp Pay. In January, the firm reported a 24% month-on-month increase, enabling approximately 125 million transactions, according to data from the National Payments Corporation of India (NPCI), which manages UPI.
The company introduced fixed deposits in November in collaboration with four small finance banks and is poised to launch credit products, including credit cards and personal loans, in the forthcoming months. The acquisition occurs as Super.money engages in advanced negotiations for a funding round between $35-40 million, spearheaded by Flipkart, with more external investors expected to join, according to a media report.
Not a Full Acquisition Deal
Sikaria stated that this agreement does not entail a complete acquisition of BharatX due to its current credit-related obligations. Super.money has purchased the technology, intellectual property (IP), and personnel, while BharatX will continue to function temporarily to oversee the current 12- to 18-month loan cycles before concluding its operations. Sikaria stated that Super.money intends to introduce several checkout financing solutions, utilising BharatX’s loan management, collection management, and risk underwriting technologies.
Two products under development are BNPL ‘Khata’-style credit, allowing customers to make purchases throughout the month and settle payments at the end, and the ‘Paying Free’ installment plan, wherein users pay one-third of the total at the time of purchase, followed by equal payments in 30 and 60 days. The items are aimed at youthful people seeking to enhance their smartphones, fashion, and vacation experiences.
Pratyusha Srivastava
