Supported by former Tesla Chief Information Officer Jay Vijayan, Tekion is an automotive software platform that has relocated to a larger, modern facility in Bengaluru. According to a January 6 press release, the cloud-native platform that supports the automotive retail ecosystem also intends to hire over 300 experts in product, design, and engineering jobs.
Some of the top car dealers in the US, Canada, and the UK use the California-based company, which has onboarded more than 52 original equipment manufacturer (OEM) brands on its platform, according to the company. The platform connects OEMs (automotive assembly), merchants (car dealers), and customers through the utilisation of big data, machine learning, and artificial intelligence (AI).
Scaling its Operations and Product Portfolio
Tekion’s CTO, Binu Mathew, stated that the company would keep using the top talent to revolutionise the retail automobile industry. More than 300 AI, engineering, design, and product management specialists are joining the company worldwide, particularly in India. To enable rapid growth, accelerate AI-based disruption of old business processes, and solidify its position as the industry’s innovation leader, the company is increasing its product, technology, and AI infrastructure, according to Mathew.
In order to accommodate up to 2,300 people, Tekion has leased 240,000 square feet of office space in Bagmane Solarium City, Brookfield. Nearly 3,000 people work for Tekion in North America, Asia, and Europe. Founded in 2016, Chennai is the regional hub, and Bengaluru is the APAC headquarters. The business reported receiving $200 million in growth equity finance from Dragoneer Investment Group in 2024, increasing its valuation to more than $4 billion. The funding announcement came after Tekion’s 2023 performance, which saw a 97% year-over-year increase in run rate revenue. By the end of 2023, it had generated over $100 million in revenue.
Foreign-Incorporated Businesses are Returning to India
Many Indian firms have been exploring or are already moving their headquarters to India over the years, including Razorpay, Pine Labs, Zepto, Meesho, and Udaan. In 2022, PhonePe, which has its headquarters in Bengaluru and is supported by Walmart, moved from Singapore to India. For the startup’s investors, this action had a significant tax impact of around $1 billion, which Walmart mostly paid for.
India has launched a number of focused programs and initiatives in response to the country’s recognition of the need for greater ease of doing business and the critical role that startups play in promoting innovation. Seed capital and subsequent credit needs are supported by the Fund of Funds for Startups and Credit Guarantee Scheme.
One of the top travel and hotel booking websites in India, OYO, announced a significant policy change for its partner hotels on 5th January. The new rules state that unmarried couples would no longer be permitted to check in at the establishments. According to the corporation, the new regulation will initially only be in effect in Meerut, Uttar Pradesh.
According to Pawas Sharma, OYO North India’s Region Head, maintaining responsible and safe hospitality practices is a priority for the brand. In addition to upholding individual liberties, the business must cooperate with law enforcement and local communities to provide a peaceful workplace.
Empowering Hotel Partners
The business added that unmarried couples might not be accommodated, and hotel partners have the right to turn down reservations in accordance with regional customs. OYO claims that the action is a part of a larger plan to respond to community input and change its reputation as a reliable and secure lodging option for families, business travellers, students, religious pilgrims, and lone travellers.
OYO’s ruling came after civil society organisations, especially in Meerut, repeatedly called for stronger laws prohibiting unmarried couples from staying. Residents of other cities have submitted similar petitions, so the company decided to test the policy in Meerut and, depending on response, consider extending it to other areas.
The policy is now only applicable in Meerut. OYO states that the feedback from the initial launch will determine whether or not the guidelines are extended to more places.
OYO’s Business and Financial Dynamics
Redsprig Innovation Partners, the company founded by Ritesh Agarwal, contributed INR 550 Cr, or around $65 million, to OYO last week. In order to obtain funds, the business issued 12.91 Cr equity shares at an issue price of INR 42.6 per share, according to its filings with the Ministry of Corporate Affairs.
OYO is a hospitality services firm that was founded in 2012 by Agarwal and offers reasonably priced lodging options to clients worldwide. It states that it provides over 40 integrated products and solutions in over 35 countries, including Southeast Asia, Europe, and India. In the second quarter of the current fiscal year, which concluded in September, OYO’s parent company reported a net profit of INR 158 Cr. This follows a profit of INR 132 Cr in the previous quarter (Q1 FY25). This represents a 19.6% sequential increase. From INR 1,413 Cr in Q1 FY25 to INR 1,578 Cr in Q2 FY25, the company’s revenue increased by 12%.
Through its app, used car marketplace Cars24 has introduced Car24 Driving School, a discovery engine for finding local driving schools. According to a media report, the new offering was introduced two weeks ago and is accessible in a number of locations, including Bengaluru, Chennai, Mumbai, Ahmedabad, and Delhi NCR. The business started testing the service at the end of last year, according to the media report. These driving schools are not currently subject to listing fees from Cars24. This might alter, though, if the offering becomes popular. By providing all car-related auxiliary services, the company hopes to become a one-stop shop for car owners.
Company Already Offering Plethora of Services
A dashboard to track PUC, challans, insurance, and service history; a vault to keep papers; driver recruiting; car scrapping; and a car management system are just a few of the car-related services that the business introduced last year. The business previously referred to its app as a “super app.” Cars24, a platform for buying and selling old automobiles in India, Australia, and the United Arab Emirates, was founded in 2015 by Gajendra Jangid, Vikram Chopra, Ruchit Agarwal, and Mehul Agrawal. Additionally, it offers financing for auto purchases.
Cars24’s Financial Outlook
CarTrade, CarDekho, Spinny, and Droom are some of the competitors of Cars24. Cars24 has raised more than $1.3 billion in capital so far, and its investors include well-known companies like Alibaba, SoftBank, DST Global, Peak XV Partners, and Alpha Wave. When it raised $400 million in 2021, its latest valuation was $3.3 billion. Due to a rise in unit sales and the average selling price per car, the startup’s operational revenue increased by 25% to INR 6,917.1 Cr in FY24 from INR 5,529.6 Cr the year before. From INR 467.7 Cr in FY23 to INR 498.4 Cr, its net loss increased by 7%.
India’s Used Car Market
Numerous reasons, including the COVID-19 pandemic’s effect on personal mobility preferences, the expansion of financing options available in the used car market, and the decline in cash inflow for new car purchases, are contributing to the dramatic alteration of the Indian used car industry.
Due to consumers looking for alternatives to new cars, the supply and demand for used cars have increased as a result of this change. With the introduction of new pollution regulations and an emphasis on lowering the production of diesel cars, the market is expected to rise significantly.
The Indian used automobile industry is projected to reach $36.39 billion in 2025 and increase at a compound annual growth rate (CAGR) of 15.10% to reach $63.87 billion by 2029, according to an analysis by Motor Intelligence. With more than INR 5,500 crore in revenue, Cars24 is the top used automobile company in India. Last year, Spinny’s revenue increased by almost 30 times, putting it in second place. Next on the list are Droom, OLX, CarDekho, and CarTrade.
Amod Malviya, a co-founder of the B2B marketplace Udaan, has launched a new business called Pre6 two months after leaving Udaan’s board. Malviya shared an announcement on LinkedIn that reads, “New beginnings!” and included a photo of the founding team.
To incorporate the new Bengaluru-based firm, he has partnered with Rishi Kedia, the former chief financial officer (CFO) of Udaan. Malviya has been working on the new platform since November 2024, according to his LinkedIn post. With the exception of the fact that it would be a “technology, information, and internet” corporation, nothing much is known about the new platform’s features. The startup’s website simply says “coming soon” and is not yet operating.
Malviya’s Journey in the Startup Sector Till Now
Malviya, a former member of Flipkart’s core team, is an IIT Kharagpur alumnus. In 2015, he left his position as the e-commerce giant’s chief technology officer (CTO) to launch the B2B e-commerce platform Udaan the following year, in 2016.
Malviya resigned from the startup’s board late last year after leaving an operational position at Udaan in 2022. While the B2B e-commerce platform Udaan has been experiencing turbulent waters, Malviya has floated its new venture with a hope of striking a positive chord.
Current Financial Outlook of Udaan
During the fierce funding winter of 2023, Udaan’s valuation dropped to $1.8 billion, a significant decrease from its previous valuation of $3.2 billion in 2020. In October of last year, the business also announced the completion of its INR 300 Cr debt fundraising round, which was provided by Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital.
The B2B e-commerce company has been having financial difficulties growing. According to reports, it was able to raise its gross income from INR 5,609.3 Cr in FY23 to INR 5,706.6 Cr in FY24, a slight rise of 1.72%. At INR 1,674.1 Cr, its loss decreased 19% year over year (YoY).
Launching Their Own Startups Became a New Norm for Co-Founders
There has been an uptick in the number of new businesses launched by startup cofounders, and Malviya is the latest to sail Pre6. It was announced earlier this week that Mayank Kumar, a cofounder of upGrad, has founded a new company named “BorderPlus.”
With the establishment of his new company, Sports For Life, in 2024, DealShare cofounder Sourjyendu Medda made his foray into the sportstech space. In September 2024, Koo cofounder Mayank Bidawatka also founded Billion Hearts Software Technologies to develop consumer goods for customers throughout the world.
Prashanth Ranganathan, a cofounder of the fintech startup PaySense, also founded Zinc, a fintech company focused on international education, last year. Nexus Venture Partners led the $25.5 million seed fundraising round for Zinc.
The Indian startup environment is steadily improving in 2024 after plunging to a seven-year financing low during the extended funding winter of 2023. At $12 billion, the total amount of money raised by Indian entrepreneurs increased 20% year over year (YoY), reaching levels last observed in 2020.
The main highlight of the 2024 funding trend was Mumbai surpassing Bengaluru to become the nation’s most funded startup hub, according to the Indian Startup Funding Report 2024, even though the increase in overall funding has given the founders something to be grateful for and raised hopes for a better 2025. Mumbai’s startup funding skyrocketed to $3.7 billion in 2024, up from just $1.5 billion the year before, with an astounding 154% year-over-year (YoY) growth.
Speaking on this development, Tanay Sharma, COO & Co- Founder, CITTA, sated “It’s exciting to see Mumbai overtaking Bengaluru as India’s most-funded startup hub in 2024. For years, Bengaluru has been the go-to city for startups, often called the ‘Silicon Valley of India,’ but Mumbai’s rise underscores the city’s versatility and growing appeal as a startup destination. Mumbai brings its own unique advantages to the table. Being the financial capital, it naturally attracts a strong investor network. Add to that its access to diverse industries like media, entertainment, fintech, and real estate, and it’s no surprise that the city is drawing significant startup funding.”
Similar thoughts were echoed by Shreya Sharma, Founder, Rest The Case, she added, “Mumbai’s rise as India’s most-funded startup hub in 2024 isn’t just a reshuffling of numbers—it’s a powerful story of how the Indian startup ecosystem is evolving. From attracting $3.7 billion in funding—a staggering 154% jump from the $1.5 billion it raised in 2023—to dethroning Bengaluru, Mumbai is proving it’s more than just the financial capital; it’s the future of entrepreneurship. What’s driving this shift? It’s Mumbai’s unique blend of financial institutions, diverse talent, and the city’s relentless energy. Sectors like fintech, media, and consumer-focused startups have found their footing here, bringing a fresh perspective to India’s startup landscape.”
“For a music-tech startup like Hoopr, Mumbai’s vibrant creative scene and access to a diverse talent pool across sectors have always been significant strengths. Overall, I also feel that Mumbai has a much stronger culture of inclusivity. I believe the city is poised to become a leading hub for innovation and entrepreneurship in India. That said, there is still a long way to go before Mumbai can rival the kind of ecosystem that enables startups to thrive and flourish in Bengaluru,” stated Gaurav Dagaonkar, Co-founder & CEO of Hoopr.
Why Mumbai Notched Ahead of Bengaluru?
Zepto‘s numerous large finance arrangements during the year are partly responsible for this surge. In June 2024, the fast commerce juggernaut raised $665 million in its Series F fundraising round, nearly doubling its valuation from $1.5 billion to $3.6 billion. In August and November, the quick-commerce giant raised a further $340 million and $350 million, respectively. As a result, Zepto contributed 37% of Mumbai’s overall 2024 fundraising boost. Notably, Zepto relocated its headquarters from Mumbai to Bengaluru this year. To keep the data consistent, Mumbai has been given credit for its funding rounds.
“Zepto, this rising star contributed a whopping $1.3 billion to Mumbai’s total funding in 2024, showcasing how game-changing ideas are finding solid ground in the city. While Bengaluru still leads in the sheer number of deals (285 in 2024 compared to Mumbai’s 175), Mumbai’s growth signals that India is no longer a one-hub nation,” opined Sharma.
In terms of median ticket sizes, Mumbai also surpassed Bengaluru, rising 15% year over year to $3.4 million. But when it came to the number of deals, the city trailed Bengaluru. In 2024, Mumbai had a meagre 4.5% increase in investment deals, with 175 projects coming to fruition. Bengaluru, in contrast, continued to hold the top spot with 285 transactions, which is 14% more than the 249 deals that were signed in 2023.
Why Bengaluru is Still a Major Player?
Mumbai is unquestionably a significant hub, but the city has suffered from a few issues. The departure of major corporations like Zepto from Mumbai would have a big effect. In the past, Ola has relocated its headquarters from Mumbai to Bengaluru. If key actors leave an ecosystem after it has grown, it will not thrive. According to Rajesh Sawhney, the creator of GSF Accelerator, these businesses require people as they grow, but Mumbai’s prospects are continually harmed by the city’s inability to get talent at a reasonable price.
Since the majority of new founders come from larger startups or huge tech businesses, Bengaluru is gaining talent and startups from Mumbai. Future business owners are leaving Mumbai at the same time that big corporations are. He continued by saying that even though the city has the biggest pool of cash, there aren’t enough new businesses there, which results in little seed-stage activity.
While Base-Level Activity is Still Low, Late-Stage Funding is Flourishing
In 2024, Mumbai saw a significant increase in the number of growth-stage investment deals. In 2024, the city’s growth-stage startups raised $472 million or more, a 28% year-over-year increase. Additionally, the number of deals increased 67% year over year to 50 deals. In addition to the growth stage, Mumbai’s late-stage funding saw a 206% YoY increase to $3 billion or more. Furthermore, in 2024, there were 29 late-stage deals, a 16% increase.
Mumbai accounted for four of the top ten investment deals in the Indian startup ecosystem in 2024. In addition to Zepto, notable investments were obtained by Mumbai-based startups PharmEasy, Eruditus, and Rebel Foods. In April 2024, the Manipal Group chairman Ranjan Pai’s family office led a $216.2 million fundraising round for the healthtech unicorn PharmEasy. Following in October, Edtech unicorn Eruditus raised $150 million in a Series F investment spearheaded by TPG’s global impact investing platform. Temasek led the $210 million Series G investment round for cloud kitchen unicorn Rebel Foods in December.
What’s Up Next For Startups In Mumbai?
Mumbai’s consumption is still high, and the city is still a financial centre with the media, entertainment, and Bollywood sectors at its heart. Consequently, the region is expected to produce advances in areas such as media technology and direct-to-consumer businesses. Additionally, the Maharashtra government is launching numerous startup initiatives. According to Uday Samant, the minister of industries for Maharashtra, the state hopes to increase the number of startups it has from the current 8,300 to 50,000 in the near future.
The good news is that, thanks to the state’s proactive government measures, startups are seeing Maharashtra as a prime location to establish their manufacturing operations. The IPO-bound electric two-wheeler manufacturer Ather Energy said last year that it would open its third factory in the state to construct battery packs and e-scooters. India’s goal to become a global centre for chip production was further strengthened when the Maharashtra cabinet approved Adani Group’s plan to establish a $10 billion semiconductor manufacturing facility in partnership with Israel’s Tower Semiconductor. IIT Bombay’s Society for Innovation & Entrepreneurship (SINE) is also bolstering Maharashtra’s startup scene by establishing its first venture capital fund, worth INR 100 Cr, to assist tech-focused firms.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
The e-commerce industry has garnered immense popularity in India in a really short span of time. It has allured the younger generation specifically. Consumers have become choice-savvy because online retail has redefined the concept of the shopping catalog; there are thousands of search results for every item you could possibly imagine. Why should medicines be left out when everything, from apparel to real estate, can be purchased online?
Medicines have long been a market dominated by unorganized players that were distanced from online business concepts. However, it is with the emergence of medicine eCommerce that the problems of shopping for medicines from traditional physical stores are likely to be alleviated. Netmeds, a Chennai-based company, is one of the promising medicine eCommerce service-based companies that are here to help you through its online pharmacy.
StartupTalky covers the success story of Netmeds in this post. Know all about how Netmeds works, its revenue model, business model, parent company, history, funding, founder, owner, startup challenges & more.
Netmeds is one of the top online pharmacies in India that deals with a wide range of healthcare products like high-quality prescription medicines, over-the-counter pharmaceuticals, general healthcare products, Ayurvedic medicines, and homeopathic medicines. It has delivery facilities across India. Netmeds is a subsidiary of Dadha & Company, one of India’s most trusted pharmacy brands possessing over 100 years of experience in dispensing quality medicines. Pradeep Dadha founded the company in 2010, and it is headquartered in Chennai, Tamil Nadu. Netmeds’ parent company is Reliance Industries.
Netmeds – Target Market Size
It is estimated that more than 250 online pharmacies have sprung up in India in recent years, cornering INR 1,000 crores ($140 million) of the Indian drug market. The country’s overall drugs and medicines retail market is worth over INR 1.2 lakh crores.
Netmeds – Founder and Team
Pradeep Dadha is the founder and CEO of Netmeds.
Pradeep Dadha, Founder and CEO, Netmeds
Pradeep Dadha
Pradeep, the founder of Netmeds, was born and raised in the Chennai suburb of Royapettah. He worked in his family’s business—Dadha & Company—and later set up its online presence. Along with being the Founder and CEO of Netmeds, Dadha also runs the Pradeep Dadha Group of Companies, a private holding company, and is the chairman of its subsidiary—Notch Media.
The other core member of the team is Bruce Schwack. Bruce is the Chief Communication Officer at Netmeds. The company strength is currently estimated 1500 plus employees.
Bruce Schwack left Netmeds in April 2023 and assumed the role of Director of Marketing and Business Development at SHAI. Prior to this, he had a long and accomplished tenure at Netmeds, where he served as the Chief Communication Officer for approximately eight years.
Pradeep’s family was steeped in the pharmaceutical retailing business since 1914 and forayed into the manufacturing sector of drugs in 1972. It was the manufacturing unit of Tamil Nadu Dadha Pharmaceuticals Ltd (TDPL) that the family of Pradeep Dadha managed when it was acquired by Sun Pharmaceutical Industries Ltd in 1997. TDPL then merged with Sun Pharma. S. Mohanchand Dadha, Pradeep’s dad and founder of the family business is on the board of Sun Pharma. Pradeep Dadha, CEO of Netmeds, started Netmeds.com to take advantage of e-retail and add a new dimension to his father’s efforts.
Netmeds – Mission and Vision
The mission of Netmeds is to “provide the people of India with convenient and affordable access to their everyday medicines”.
The vision of Netmeds is built around the idea of providing “access to a full range of genuine medicine and reliable healthcare products to the consumers,” said the company founder Pradeep Dadha.
Netmeds – Name, Tagline and Logo
Netmeds’tagline reads as India Ki Pharmacy.
Netmeds Logo
Netmeds – Products and Services
Netmeds’ platform offers an impressive selection of both prescription drugs and non-prescription products (OTC).
Ordering medicines online at Netmeds.com is as easy as ABC; browse for the product, add it to your cart along with your prescription (if required), and proceed to make payment. Netmeds offers a wide range of products. It deals with prescription-based medicines for all major and minor ailments, ayurvedic, Unani, and homeopathic medicines, health foods, drinks, supplements, personal care products, and equipment such as orthopedic devices, surgical accessories, etc.
Products are sourced from more than 200 Indian manufacturers. The top 25 among these manufacturers are listed on the Netmeds website. These include Sun, Ranbaxy, Cipla, Dr. Reddy, and many other pharmaceutical companies. The company also has a diagnostics service that provides customers with expert advice from medical professionals.
The company also provides the following value-added services:
Automated refill reminders.
Loyalty programs.
Expense analytics.
Digital copy of prescriptions.
It uses data analytics to predict demand with high accuracy. This enables Netmeds to improve its inventory management setup and ensure the availability of stocks during unforeseen situations like changing seasons and epidemics.
It normally takes just one day to deliver in metro cities. In general, the delivery time may vary depending on the location. No delivery charges are imposed on orders above INR 1000. For orders below this value, shipping charges are from INR 25 to INR 50.
Netmeds – USP and Innovation
Netmeds banks on the following USPs:
Over 100 years of service in the Pharma industry.
Delivery all over India.
Pharmacy of choice for more than 3 million Indians.
High-quality, genuine medicines.
A team of highly experienced pharmacists.
State-of-the-art warehouses.
A large inventory of medicines/35000+ SKUs.
The customer gets to know the expiry date of the medicines while ordering.
The company also has an app that makes it convenient for users to find and order medicines, track orders, and make payments. It is available on both theApp Store and Google Play Store. The app offers benefits such as amazing discounts on shopping, online consultation, free access to healthcare and medicine-related information, and timely medicine refill reminders.
Netmeds sells prescription-based medicines, over-the-counter medicines, and health-related products online. Furthermore, the company also has certified pharmacists who screen the prescriptions uploaded by the customers before dispatching their orders.
The company is considering a B2B business model through which it will offer medicines to pharmacies at wholesale rates. At present, the company offers up to 20% discount to its customers on prescribed medicines. Netmeds is currently evaluating the B2B business model’s potential.
Netmeds founder Pradeep says, “It would work like a B2B business, we will be doing wholesale business with them”.
Netmeds – Franchise
Netmeds is also taking the franchise route to expand its presence in India. The company is planning to open a minimum of 1000 franchise stores within the next five years. Besides publicizing the brand name, it will use this model to assist franchise partners with inventory planning, stock-keeping, IT infrastructure, and marketing efforts. Netmeds is also attempting to partner with banks to provide loans to applicants eligible for a franchise.
To be eligible for a franchise, one is expected to have a 300 sq. ft. store on the ground floor located on the main road of any neighborhood. Anyone meeting these conditions and willing to invest around INR 20 lakhs can tie up with the company to set up a Netmeds store. One can contact Netmeds for franchise-related queries through the contact details available on its site.
“With the selection of the right location and stock availability, we expect about 100 footfalls a day. Indicative break-even period is 12-18 months”, netmeds owner Pradeep tells.
The company opened its first franchise store in Nanded (Maharashtra) in 2018. In 2019, Netmeds opened its first retail store in Karnataka’s Belgaum. It plans to open 20 more such retail stores in Karnataka by 2020.
Netmeds’ revenue model is divided into 3 parts: commission, marketing, and shipping charges. Of these, commission is the largest contributor as the company earned INR 4.46 crores from commissions in FY18.
Our revenue model caters to the chronic segment, which represents patients across India and totals about $10 billion a year. Thus, we provide medicines to those patients who take the same medication regularly with a dependable online resource. It helps them accessing their medication and having them delivered to their home without any hassle on time. We also offer a wide range of OTC (over the counter) and FMCG products. So like the typical US Walgreens, CVS or Boots, customers will come for the prescription drugs, available at great prices, while they fill the basket with other needed items – Pradeep Dadha, Netmeds owner said.
Netmeds – Growth / Revenue
Netmeds has quickly established itself as a leading name in the online pharmacy segment. Some growth milestones achieved by the company are:
Netmeds India provides prescription medicines and healthcare products to more than 3,000,000 patients across India, serving over 19,000+ pin codes.
It has seen double-digit growth rates month-on-month since inception. In FY 2018, its revenue grew 2.5 times. In 2017, it earned a revenue of INR 3.94 crores while in 2018, its turnover increased to INR 10.05 crores.
It has around 35,000 stock-keeping units (SKUs) across various tier-2 and tier-3 Indian cities.
The company plans to expand its presence soon by setting up warehouses through tie-ups in 16 metro and non-metro cities. Netmeds will be focusing on building its infrastructure to improve overall efficiency.
Netmeds Revenue/Financials
Netmeds Financials
2023
2024
Operating Revenue
INR 145.31 crore
INR 67.24 crore
Total Expenses
INR 135.40 crore
INR 60.83 crore
Profit/Loss
INR 11.23 crore
INR 7.97 crore
Netmeds Financials
In 2023, Netmeds reported an operating revenue of INR 145.31 crore and total expenses of INR 135.40 crore, resulting in a profit of INR 11.23 crore. In 2024, its operating revenue dropped to INR 67.24 crore, with total expenses reduced to INR 60.83 crore, leading to a profit of INR 7.97 crore.
In FY21, Netmeds’ revenue from operations amounted to INR 13,423.42 lakh and decreased to INR 10,776.96 lakh in FY22. Simultaneously, the company’s profit surged from INR 104.77 lakh in FY21 to INR 1,057.69 lakh in FY22.
Expenses Breakdown
Expenses FY23-FY24
FY23
FY24
Employee Benefits Expense
INR 3148.66 lakh
INR 1,822.16 lakh
Finance Costs
INR 44.15 lakh
INR 0.07 lakh
Depreciation and Amortisation Expense
INR 202.14 lakh
INR 94.90 lakh
Other Expenses
INR 10141.63 lakh
INR 3921.65 lakh
In FY23, employee benefits expenses were INR 3,148.66 lakh, which dropped to INR 1,822.16 lakh in FY24. Finance costs saw a sharp decline from INR 44.15 lakh in FY23 to just INR 0.07 lakh in FY24. Depreciation and amortisation expenses also decreased from INR 202.14 lakh to INR 94.90 lakh. Other expenses significantly reduced from INR 10,141.63 lakh in FY23 to INR 3,921.65 lakh in FY24.
In the fiscal year 2022 (FY22), Netmeds saw a reduction in several key expenses compared to FY21. Employee benefits expense decreased to Rs 2,268.13 lakh, finance costs decreased to Rs 144.12 lakh, and depreciation and amortization expenses were reduced to Rs 134.19 lakh. Additionally, other expenses also decreased to Rs 7,544.59 lakh in FY22, reflecting the company’s efforts to manage its operational costs.
Netmeds – Valuation, Funding and Investors
Netmeds has raised $99 million in funding over 3 rounds. The latest round of funding was in September 2018 when it raised $35 million from the Southeast Asian business conglomerate Daun Penh Cambodia Group (based in Singapore).
Here is a list of funding rounds of Netmeds:
Date
Stage
Amount
Investors
September 1, 2018
Series C
$35 Million
Sistema Asia Fund, Tanncam Investment, and Daun Penh Cambodia Group
October 31, 2017
Series B
$14 Million
Sistema Asia Fund, Tanncam Investment
October 26, 2015
Series A
$50 Million
OrbiMed
Mukesh Ambani-led Reliance Industries Limited is reportedly in advanced talks to acquire a majority stake in Chennai-based online pharmacy Netmeds. As part of the deal, Reliance may integrate $130-$150 million for the asset through one of its subsidiaries along with a fresh infusion of capital in Netmeds to expand the operations.
It’s worth noting that Netmeds recently launched its grocery delivery service via RIL-owned Reliance Retail.
Reliance Industries Ltd acquired a majority stake in Netmeds for approximately $83 million (INR 620 crore) in cash. This investment secured 60% ownership in Vitalic Health’s equity share capital and 100% ownership of its subsidiaries.
Pluss is an on-demand medicine, healthcare, and wellness products delivery app, which standardizes your experience irrespective of your location and the store from where your medicines come. JustDoc is one of the largest global online doctor consultation platforms that provide better healthcare services via audio, video, and chat. KiviHealth is a health-tech startup that aims to provide an affordable, patient-centric, digital health information management system.
Netmeds’ multi-crore TV, digital, and print advertising campaigns have made it a household name with the backing of a large customer base. The company launched a TV commercial featuring actors Krushna Abhishek and Sudesh Lehri in its initial days.
Netmeds has signed MS Dhoni as its brand ambassador. The commercial starring Dhoni has garnered more than 34 million views to date.
Netmeds.com – India ki Pharmacy!
Netmeds – Startup Challenges
Buying medicines online brought a new paradigm shift. Convincing and educating consumers to adopt this shift and think beyond traditional brick-and-mortar pharmacies was a challenge for Netmeds.
Like any other e-commerce company, dealing with the logistics of a country so vast has not been easy. The typical chronic patient may be taking as many as six medicines a month and sometimes more. Netmeds has to quickly source and deliver the required prescription-based medicines and over-the-counter products in one basket.
The need for a medical prescription for ordering from Netmeds may seem awkward and unnecessary for many. But by doing so, it is encouraging people who have avoided hospital visits to finally see a doctor.
Netmeds – Challenges faced
Netmeds – Competitors
Netmeds competes in a segment filled with well-funded rivals. Major competitors include:
Netmeds bagged the Health Tech Start-Up of the Year at the NDTV Unicorn Start-up Awards 2016. It was selected as ‘Asia’s Most Promising Brand 2018’ by Int+ WCRC International.
Some other awards and recognitions that Netmeds received are:
Netmeds was declared as ‘Asia’s Most Promising Brand 2018’ by Int+ WCRC International
Announced as the ‘Best Digital Healthcare Start-up’ by ET’s Now World Health and Wellness Congress in 2019
Conferred upon the title ‘Digital Healthcare Company of the year’ in 2019 by ET Now World Health and Wellness Congress
Voted as one of the 50 Most Influential e-Commerce Professionals of India by E-commerce Summit and Awards 2019
Received the Global Adjustments’ India Living Award where it was named as ‘Business Innovator of the Year’ 2018
Declared as the winner of the Zee Business Dare to Dream Award where it was named as the ‘Emerging company of the year’ in 2018
Obtained the title ‘Game changer of India ’ by Economic Times in 2018 Named as ‘Asia’s Most Promising Brand’ WCRC in 2018
Netmeds – Future Plans
Netmeds plans to grow by offering more telehealth services and using AI for personalized healthcare. It will work with insurance companies to provide complete healthcare solutions and expand into smaller cities and rural areas in India. Netmeds also aims to add more products like wellness items, supplements, and personal care products. It will partner with healthcare providers for extra services and use technology to improve customer engagement with recommendations, loyalty programs, and interactive features.
FAQs
What is Netmeds?
Netmeds is an online pharmacy in India, founded in 2015. It offers medicines, healthcare products, and teleconsultations. Reliance Industries acquired it in 2020.
Which is Netmeds parent company?
Reliance Industries is the parent company of Netmeds.
Who is the Founder of Netmeds?
Pradeep Dadha is the founder and CEO of Netmeds.
Who is the Owner/Parent Company of Netmeds?
Reliance Industries Ltd. It has acquired a majority stake in online pharmacy Netmeds for about $83 million.
How much is Netmeds Revenue?
In 2023, Netmeds reported an operating revenue of INR 145.31 crore and total expenses of INR 135.40 crore, resulting in a profit of INR 11.23 crore. In 2024, its operating revenue dropped to INR 67.24 crore, with total expenses reduced to INR 60.83 crore, leading to a profit of INR 7.97 crore.
Who are the top competitors of Netmeds?
1mg, PharmEasy, mChemist, Myra, BigChemist, Care on Go, Click on Care, and Lybrate are the main competitors of Netmeds.
What is Netmeds founder net worth?
Pradeep Dadha’s net worth as of 2023 is between $6-$9 million.
Is Netmeds profitable?
Yes, Netmeds is a profitable company.
Which is the best online medicine app?
Some of the best online medicine apps include Netmeds, 1mg, Pharmeasy, mChemist, Myra, and more.
Is Netmeds safe?
Yes, Netmeds is safe to use. It is a trusted Indian online medical store.
India is a country with a bit different thinking than what people believe and opt for in other parts of the world. The south Asiatic region has cultural differences that affect the youth and families, who try to ignore the risks, critical thinking, and odd decisions.
A simple question of career choice would define the perspective of the Indian parents, who strictly oppose any of such decisions. But thanks to Shark Tank India, which showed the youths of the country by the Arabian Sea, a path to discuss their pitches with their parents even before they do it with the actual investors.
The reality show has fostered startups in India and has even brought significant changes for budding entrepreneurs. The youth from middle-class families who were afraid to discuss their projects and business plans in front of their parents and family gatherings, now had an open sky to spread their wings of ideas.
Filled with eagerness, several about to be 9 to 5 employees have now dared to step into the world of business. In addition, Shark Tank has given them confidence and proof that they too can have a successful future.
The Indian business market has never seen such a drastic shift, as it is witnessing today. Let’s take a look at how Shark Tank India has had an impact on the entrepreneurial mindsets in the country.
Before Shark Tank was aired in 2021 on Sony TV, only a few knew business terms such as pitching, raising external investments for startups, and more. But having Shark Tank being televised on their idiot boxes, the audiences have been influenced and are now exposed to new terms.
These terms and topics included valuation, investment, gross margin, D2C, pitching, and more. Today not only those who have studied entrepreneurial works know about the meaning behind these terms but from a kid to an 80-year-old has become familiar with such terms, filling in the age gap.
Startup culture is now an attraction and has even changed the way people perceive this bravery by youths.
Number of Government Recognized Startups From 2016 to 2024
Example for Future Contestants
The investors on the reality show Shark Tank, who are also regarded as the Sharks have stated that the first season was just a warm-up season as the entrepreneurs didn’t have a perfect pitch or presentation ready.
But with the end of the initial season, the future contestants will have a better picture in mind of how to please the Sharks on the show. They will have knowledge and understanding of how pitches work. The future Shark Tank entrepreneurs will even feel confident to go on national television while discussing their innovative ideas.
Changing the Age-Old Idea and Promoting Mass Entrepreneurship
The Indian culture raises kids within a conservative environment. This atmosphere usually suggests they choose a secure career instead of pursuing entrepreneurship. Thanks to Shark Tank, for changing this age-old mindset.
Shark Tank India can promote mass entrepreneurship and boost the startup ecosystem in the country. India roughly has a population of 500 million between the ages of 15 and 44, the generation is capable of taking a risk and starting their own business.
As Shark Tank has reached the Indian middle-class families, there is a chance that the country could see a shift in its mentality towards startups in the coming years as well.
Examples work a lot in India. Parents calling their son the next Sachin Tendulkar and daughters Kalpana Chawla have lasted through generations.
With Shark Tank India, now is the time to call the young ones to be the next Peyush Bansal and Vineeta Singh. This is already happening in India which means the country has seen a huge cultural shift.
Shark Tank introduced a panel of investors, Sharks who have experienced struggle and are now in a position to negotiate investment on the reality show. The sharks are people who have filled in a gap with their unique ideas.
These Sharks are the ones who came up with solutions for issues that the people around them weren’t even aware of. Moreover, the Sharks are admired by the people in India and hence are a great example for the future generation.
Boost to Products by Entrepreneurs
Best of all! Shark Tank gave entrepreneurs in India a great platform to showcase their innovative ideas and portray them in front of the whole nation. But the opportunity just didn’t stop here, the products showcased on Shark Tank India have been in high demand since they aired.
Revenue for these businesses has increased exceptionally. The show has worked as a golden opportunity for entrepreneurs and startups, through Shark Tank’s medium they have increased their brand value and established a well-built position in the market.
Shark Tank India in its first season received 62000+ applications out of which only 198 startups were shortlisted.
Out of the 198 startups that had pitched in front of Sharks, a mere 67 were able to raise capital through the show.
When talking about the entrepreneurs, 87% were the founders who had no IIT/ IIM degrees. Besides this, 67% of the startups had a co-founder who was below the age of 25 years.
Amongst the 198 startups, 60% were never funded before, while 30% of the startups belonged to Tier 2/3 cities or were from rural parts of the country.
Similarly, the first season of Shark Tank had 27% of startups that had couples or families as co-founders, while 43% of the businesses showcased, had at least one woman co-founder.
Conclusion
Shark Tank has inspired the people of India by introducing them to business terms. Now even a layman speaks the language of an entrepreneur. With that, Shark Tank also explained the benefits of investing in a business.
Even if not through a reality show, entrepreneurs today have found the courage to approach pretty successful investors and have their money-making cycle roll.
Shark Tank has altered the psychology of Indian society, bringing a positive change in the entrepreneurial landscape.
What is the impact of Shark Tank India on teens/young generation?
Shark Tank India inspires teens and young people to think creatively, start businesses, and learn about entrepreneurship, pitching, and investments.
Does Shark Tank encourage entrepreneurship?
Yes, Shark Tank encourages entrepreneurship by showcasing startup ideas, teaching business strategies, and motivating people to turn their ideas into businesses.
What is the role of Shark Tank in promoting startups?
Shark Tank India promotes startups by providing a platform for entrepreneurs to pitch ideas, secure funding, gain mentorship, and receive exposure, helping them grow their businesses.
Kabeer Biswas is among some entrepreneurs in India who, with his friends, made the delivery of daily essentials quick and easy for us. Kabeer Biswas founded the delivery startup Dunzo in January 2015, headquartered in Bengaluru, Karnataka, India. Kabeer serves as the Chief Executive Officer (CEO) at Dunzo. Kabeer is the Co-founder of Dunzo along with three of its Co-founders, including Ankur Agarwal, Dalvir Suri, and Mukund Jha. They are broadening the service of quick commerce startups in top cities across India. According to the latest reports as of January 2025, Kabeer Biswas is preparing to step down from his role at Dunzo.
Know all about the personal and professional life of Kabeer Biswas, his education, success story, net worth, Dunzo’s net worth & more in the post ahead!
Kabeer was born in 1984. His father died while Kabeer was only 19 years old. His father left considerable wealth for him, which allowed him to experiment with various ideas and take risks without thinking of choosing a safe route. His mother knew the business left behind by his father. Hence, she was secure with Kabeer, not worrying about his mother’s well-being. Thus, Kabeer himself asserted that this is the reason he has no dependents and can formidably experiment on the ideas he took an interest in.
Kabeer Biswas – Education
Kabeer pursued a Bachelor of Electronics in Computers from the University of Mumbai (2000-2004). He later did a Master in Business Administration (MBA) from SVKM’s Narsee Monjee Institute of Management Studies (NMIMS).
Kabeer Biswas – Professional Life
Bharti Airtel Limited
Kabeer started his professional career as soon as he completed his MBA in 2007. He joined Bharti Airtel Limited in 2007 as a Rural NPD. After two years, he was promoted to the Social, Communities, and Location Based Services. He thus spent about three and half years working in this company, from June 2007 to October 2010.
Videocon Telecommunications Limited
He later worked for Videocon Telecommunications Limited in the New Product Development area. He worked there for almost three months, from October 2010 to December 2010.
Y2CF Digital Media Private Limited
Kabeer then worked for Y2CF Digital Media Private Limited in the Product area. He worked there for three years, from January 2011 to December 2013. He founded a company called Hoppr, which was acquired by Hike in 2014.
Kabeer Biswas, Ankur Agarwal, Dalvir Suri and Mukund Jha | Dunzo Founders
Kabeer started his local delivery set-up Dunzo from a small WhatsApp group. It eventually gained popularity and transformed into a hyperlocal mobile application service.
He believed that in the space of delivery and logistics, if all systems do not work on tech-based business, then at least customers who need such service should be served well. This thinking should be approached by companies, and they must think of gaining not only customers but valuable customers.
Thus, Kabeer thought of establishing a business that would help people who formerly needed delivery services. Dunzo renders its delivery services in top cities:
Kabeer, the Dunzo founder, started off with the hyperlocal delivery service Dunzo in 2015. It began delivering its services in some of Bengaluru’s most opulent areas like Indiranagar, Koramangala, and the central business district, aiming at making life easier for its users, abiding by the time-consuming tasks.
Dunzo provides its delivery services in packages, pick up and drop, online restaurant discovery, ordering online food, grocery, medicine, laundry, local couriers, and Bike taxis as well. The company receives ten lakh orders monthly.
Dunzo eventually became the first Indian tech company to receive funding from Google in 2017. Dunzo started providing a platform to local businesses. The company has also started food delivery services in direct competition with Swiggy and Zomato. It has become a favorite brand among Bengaluru’s digital-savvy and time-strapped elite. At one point, Biswas’s net worth was estimated to exceed INR 6,000 crore.
The Dunzo Journey
Kabeer Biswas – Funding Raised via Dunzo
Dunzo has raised a total funding of $700 Million till January 2022. Reliance Retail has funded $240 million in January 2022 with Vikas Poddar and five other investors.
Dunzo received its first round of funding from Blume Ventures Aspada Ventures, escorted by other investors such as the MD of Google India- Rajan Anandan and Sandipan Chattopadhyay, worth $650k in March 2016.
In December 2017, the existing ventures and investors provided investments to Dunzo in another round of funding. This was Google’s first direct investment in a startup in India.
In August 2019, Dunzo raised a funding of Rs. 34.56 crores by issuing debentures and Series C1 preference shares to one of the existing investors, Alteria Capital. Dunzo has raised around $498 Mn across multiple funding rounds till date.
Kabeer, the founder of Dunzo, declared last year that he and his company will be focusing on the local businesses that are offline. He is trying hard to make the local economy a lot more efficient. For example, once a local grocer’s shop was declining and about to shut down, then Dunzo, under the leadership of Kabeer, signed it up as one of its delivery merchants. The shop is now gaining profits more than ever, in several past years.
Kabeer has specifically designed Dunzo to use the data of its core delivery areas to make life easier for its users. It is through this service that they got to know that the well-to-do users were frequently searching for some specific foodstuffs, which led them to open a food delivery service as well. At that time, no one knew what his customers needed, neither the user nor the retailer.
Kabeer Biswas – Stepping Down from Dunzo
Kabeer Biswas is planning to step down, as reported by Moneycontrol on 2nd January 2025. He may soon join Flipkart Minutes as head of operations. The 10-year-old company has faced difficulties in the last few years and now operates in fewer areas. Biswas is the last co-founder to leave, following the earlier exits of Dalvir Suri, Mukund Jha, and Ankur Agarwal.
Conclusion
Kabeer Biswas’s main aim was to make a living by saving people’s time. Dunzo, a hyperlocal delivery startup lets users transfer or deliver their desired product or parcel from one corner of the city to the other corner with just a click.
Dunzo can change the way you move things and how you shop and lets you access your city like never before. An app that connects you to the nearest delivery partner who can make purchases pick up items from any store or restaurant in the city, and bring them to you.
FAQs
Who is Dunzo CEO?
Kabeer Biswas is the Co-Founder & CEO at Dunzo. But he is set to quit from his position and join Flipkart Minutes.
What is Kabeer Biswas education?
Kabeer pursued a Bachelor of Electronics in Computers at the University of Mumbai and later obtained an MBA from SVKM’s Narsee Monjee Institute of Management Studies.
Is Dunzo funded by Google?
Dunzo has raised $40 million in Series E funding from Google and existing investors, including Lightbox, Evolvence, Hana Financial Investment, LGT Lightstone Aspada, and Alteria Capital in January 2021. Earlier in September 2020, Dunzo received $ 28 million from Google, Lighrock, and other investors.
Why did Google invest in Dunzo?
Dunzo is reimagining how e-commerce and delivery could be done in India, thereby posing a challenge to Amazon and Walmart-owned Flipkart, as well as local food and grocery delivery startups such as Swiggy, Zomato, BigBasket, and Grofers.
Who is Dunzo owner?
Dunzo was founded by Kabeer Biswas, along with Co-founders Ankur Agarwal, Dalvir Suri, and Mukund Jha, in 2014.
What is the valuation of Dunzo?
Dunzo has a net worth of $744 Million as of 2023.
What is Kabeer Biswas age?
Dunzo founder, Kabeer Biswas was born in 1984. He is 40 years old.
Who are Dunzo founders?
Kabeer Biswas, Ankur Agarwal, Dalvir Suri and Mukund Jha are the founders of Dunzo.
Everybody heard of the largest social media medium – YouTube; it is time to see the man who made this miracle possible – Chad Hurley, the co-founder and former CEO. He was the brains behind the platform and played a central role in how people could share and consume videos. From his modest background as a graphic designer to becoming a tech entrepreneur, he not only created one of the most influential platforms of the 21st century but also changed the entire media landscape forever.
Let’s look at the biography of Chad Hurley, the Co-founder and former CEO of YouTube. We will discuss his early life, personal life, career, philanthropy, achievements, and more.
Chad Hurley – Biography
Full Name
Chad Meredith Hurley
Birthplace
Reading, Pennsylvania, USA
Nationality
American
Education
Bachelor’s degree in Fine Arts, Indiana University of Pennsylvania
Chad Hurley was born on January 24, 1977. He hails from Reading, Pennsylvania. Since he grew up in a highly creative environment, Hurley took a keen interest in art and technology at an early age. He was involved in his school’s art programs and showed considerable potential in applying design to make things functional. This interest evolved into a passion for building user-friendly digital platforms.
Hurley completed a Bachelor of Fine Arts degree in graphic design from Indiana University of Pennsylvania, after which he moved on to perfect his knowledge of user interface and branding, a significant contribution later on in the success of this venture.
Chad Hurley is rather low-key in comparison to his accomplishments. He is married to Kathy Clark, daughter of tech entrepreneur James H. Clark, and they have two children. Hurley’s hobbies include motorsport, for which he actively competes as a co-owner of a Formula One team.
Chad Hurley – The Birth of YouTube
Founders of YouTube – Chad Hurley, Steve Chen, Jawed Karim
The Idea
It was in 2005 when Chad Hurley was working at PayPal that he joined two colleagues, Steve Chen and Jawed Karim, who shared the same enthusiasm for innovation. The trio observed a significant gap in the digital space. There was no platform by which users could easily upload and share their videos online. Recognizing this opportunity, they conceptualized YouTube, a platform designed to democratize video content creation and sharing.
Early Development
YouTube’s first version came in February 2005. Hurley applied his design skills to create YouTube’s logo, and he managed the user interface design so that it remained simple and straightforward. This resulted in a high growth rate, as users perceived the site to be easy and intuitive.
Rapid Growth
Within months of its launch, YouTube had very quickly gained popularity, accommodating millions of users that ranged from personal vloggers to professional content providers. By November 2006, YouTube had become the world’s most visited video-sharing website. It caught Google’s attention, and it acquired YouTube in stocks for $1.65 billion; this deal sealed the deal for Hurley in the book of tech history.
Chad Hurley – Career Highlights
CEO of YouTube
As the chief executive officer of YouTube, Chad Hurley focused on scaling the platform while staying true to its core mission of empowering creators. Some of the notable innovations introduced under his leadership included video monetization through ads and introducing high-definition video streaming.
MixBit
After leaving the post of YouTube’s CEO in 2010, Hurley co-founded MixBit, a video editing and sharing platform that aims to encourage creativity and collaboration among users. Though MixBit was not as successful as YouTube, it demonstrated Hurley’s unrelenting pursuit of innovation in the digital media space.
Investments and Ventures
Hurley has also been actively investing in startups in the tech and entertainment spaces. His investment portfolio includes creativity-driven, user engagement-focused, and socially impactful companies. Chad Hurley’s net worth as of 2024 is $800 million.
Chad Hurley is an innovator and philanthropist who understands the value of contributing back to society. He mainly focuses on education and technology by bridging gaps in access and opportunity.
Education: Some initiatives where Hurley extended his support toward underprivileged children to help avail quality education coupled with appropriate resources of technology also include making every possible stride through education a harbinger for bringing innovation as well as a social revolution.
Environmental and Social Causes: In addition to education, Hurley has contributed to environmental conservation projects and organizations that promote sustainability. His approach to philanthropy reflects a holistic vision of societal betterment.
Chad Hurley – Awards and Recognition
Chad Hurley, YouTube co-founder and former CEO, has won many awards and recognition for his contribution to technology and digital media. Some of these include:
Webby Person of the Year 2007: Hurley with co-founder Steve Chen was chosen by the International Academy of Digital Arts and Sciences for his efforts that have shaped the internet with YouTube.
Business 2.0 “50 People Who Matter” (2006); Ranked No. 28 on that list, “Business and technology,” which established Hurley as someone who would impact the space in both.
Lifetime Achievement Emmy Award (2019): The National Academy of Television Arts & Sciences recognizes Hurley and Chen for the work that changed the media landscape through YouTube.
PGA Vanguard Award (2008): Hurley received the PGA Vanguard Award presented by the Producers Guild of America for distinction in new media and new technology.
These accolades signify Hurley as a leading and influential figure responsible for the actual development of new digital media to this day.
Facts About Chad Hurley
YouTube’s First Video called “Me at the Zoo,” was published by YouTube’s co-founder Jawed Karim.
Google Acquisition: Google’s purchase of YouTube for $1.65 billion has become one of the most memorable tech deals.
Motorsport Enthusiast: Hurley is a co-owner of the US-based Formula One team Haas F1, demonstrating his love for speed and design.
Focus on Collaboration: Through MixBit and other ventures, Hurley has emphasized the importance of collaboration in content creation.
Chad Hurley’s story exemplifies the transformative power of creativity and vision. In creating YouTube, he revolutionized the consumption pattern and provided a breakthrough opportunity to millions of other creators, enabling them to express themselves to the entire world. In this direction, he correctly identified gaps in the market and developed solutions that reached out to people on a global scale.
FAQs
Who is Chad Hurley?
Chad Hurley is an American entrepreneur. He co-founded YouTube in 2005 and served as its first CEO. He is also the founder and current CEO of MixBit.
Who is the founder of YouTube?
Jawed Karim, Chad Hurley, and Steve Chen are the founders of YouTube.
What is Chad Hurley net worth?
The net worth of YouTube founder, Chad Hurley stands around $800 million as of 2024.
According to a media outlet, Kabeer Biswas, a cofounder of the hyperlocal delivery service Dunzo, is expected to become the chief of operations at Flipkart Minutes. Following the departure of numerous other cofounders, including Mukund Jha, Dalvir Suri, and Ankur Agarwal, in recent months, Dunzo has been going through a difficult time. Reliance Retail, Dunzo’s biggest stakeholder, recently wiped off its $200 million stake in the business. Additionally, it was stated that due to its financial difficulties, Reliance Retail will not be purchasing Dunzo or investing more money in it.
Denzo Navigating Through Troubled Waters
Due to Dunzo‘s problems—such as a liquidity shortage and a retreat from fast commerce—Biswas began searching for possible purchase opportunities and reportedly valued Dunzo at about INR 300 Cr, or $25–30 million. Compared to the $770 million valuation of its most recent investment round, in which Reliance contributed funds, this represents a significant decrease. Over the past year and a half, these difficulties have caused employees’ salaries to be delayed. In addition, the business has looked into possible buyout discussions with Tata’s BigBasket and Swiggy, although the conversations most likely failed. Reliance Retail looked into the idea of purchasing Dunzo at a much lower price earlier this year. Notably, Biswas told staff members in July that major investors, such as Reliance Retail, had promised to contribute more money to the business. This funding, though, never materialised.
In 2014, Dunzo began as a WhatsApp group and has now raised nearly $400 million from investors including Reliance, Google, Blume Ventures, Lightrock, and additional companies. Even though it developed into a strong hyperlocal competitor that faced off against Swiggy Instamart, Tata BigBasket, and Blinkit, which is owned by Zomato, the company suffered from excessive capital burn and a more competitive environment.
With Biswas, Flipkart Miniutes Likely Gain an Edge
Having spent more than ten years in the industry, even before rapid delivery became a popular trend just a few months ago, Biswas’s leadership of Flipkart Minutes is likely to give the Walmart-owned company an advantage over other major players in quick commerce, including Zomato-owned Blinkit, Swiggy Instamart, Zepto, Tata BigBasket, and others. Given that Flipkart Minutes launched just in August 2024—many months later than the others—and that it still has some catching up to do, this is particularly important.
Hemant Badri, Flipkart’s senior vice president (SVP), is probably going to collaborate closely with Biswas. In April 2022, this development first appeared in the media that Badri had been given more responsibility as the leader of Flipkart’s rapid commerce initiative. Badri is the head of supply chain for the e-commerce giant Flipkart, where he has worked for more than three years.
Nitin Konde
