On November 25, Zomato Ltd., a food delivery aggregator, launched its INR 8,500 Qualified Institutions Placement (QIP) offering. The floor price for each equity share was INR 265.91. The indicative price is INR 252.62 per share, which is 7.6% less than the closing market price of INR 272.9 per share on 25 November. 33.65 crore shares, or 3.8% of the total stock, are up for grabs.
On November 23, 2024, the company declared that a plan to raise money through a Qualified Institutions Placement (QIP) had been authorised by its shareholders. Its board authorised a qualified institutions placement (QIP) last month, raising up to INR 8,500 crore. The company stated in a filing that the goal of the fundraising is to enhance the balance sheet at this time.
Levelling Up the Reduced Cash Balance
Due to the INR 2,014 crore agreement consideration for the purchase of Paytm’s entertainment ticketing business, Zomato said that its cash balance had decreased by INR 1,726 crore from the previous quarter.
Zomato has announced that its equity shares, which have a face value of INR 1 apiece, are being issued in accordance with the applicable requirements of the Companies Act of 2013 and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. In its announcement, the business also stated that, with shareholder approval, it may provide a floor price discount of up to 5%.
How Zomato Plans to Utilise Proceeds?
Zomato intends to use the money raised mostly for marketing and advertising, as well as for growing the reach of its rapid commerce division Blinkit, according to the QIP’s preliminary placement document. INR 2,137 crore will be used for “expenditure towards setting up and running operations of dark stores and warehouses,” according to the statement. By the conclusion of the current fiscal year, Blinkit plans to have 1,000 dark stores—micro warehouses from which 10-minute deliveries are made—and 2,000 of these stores by the end of 2026. The company is currently engaged in a large expansion exercise. By the end of FY25, Zepto also plans to run more than 700 dark stores, and Swiggy Instamart wants to increase the number of its dark stores from about 557 as of June 30 to 741.
In its prospectus, Swiggy stated that it intended to invest INR 1,179 to grow its rapid commerce business. Additionally, Zomato announced that it would invest INR 2,492 crore in “branding, marketing, and advertising initiatives across our business offerings.”
Staying Ahead in the Race
Zomato operates a business-to-business (B2B) grocery supply division called Hyperpure, a live events and ticketing vertical through its District app, and meal delivery, which is the company’s major business section. This is Zomato’s first fundraising effort since its July 2021 IPO, and it coincides with a period in which its competitors have raised substantial sums of money.
Zepto, a 10-minute delivery service, has acquired more than $1.3 billion in the last four to five months, while its largest rival, Bengaluru-based Swiggy, collected INR 4,499 crore in primary capital through its first public offering (IPO) earlier this month. Deepinder Goyal, the founder and CEO of Zomato, announced last month that the company was gathering funds to fortify itself in the market.
Zomato revealed in its qualified institutional placement (QIP) documentation that its founder and CEO, Deepinder Goyal, has chosen to put his salary on hold for an extra two years, until March 31, 2026. The food delivery giant’s FY24 annual report stated that Goyal has previously waived his pay for 36 months, starting on April 1, 2021. With this most recent extension, he will be unpaid for a total of five years.
According to the QIP document, Deepinder Goyal has voluntarily waived his salary for a period beginning on April 1, 2021, and ending on March 31, 2026, in letters dated March 24, 2021, and April 1, 2024, addressed to Zomato’s Board. During this time, he will continue to carry out his responsibilities as managing director and chief executive officer.
Asking for INR 20 Lakh Donation From the Employee
As of right now, Goyal owns a 4.2% share in Zomato, which is valued at about INR 10,000 crore. In just two years, Zomato’s share price has increased by more than 300%.
Goyal recently made waves for hiring a “hungry” Chief of Staff for the company through a job posting on his X account. The person should be hungry with empathy and common sense, according to the post. Goyal first stated that the candidate would have to contribute INR 20 lakh to Zomato’s Feeding India charity as part of the employment qualifications, but he later clarified that this criterion was merely meant to filter out candidates.
How Zomato Plans to Use its QIP Funds?
In order to set up Blinkit‘s darkish stores and warehouses, Zomato has set aside INR 2,137 Cr. As of September 30, it had 791 dark-coloured stores spread throughout 48 Indian cities. It plans to open more dark stores in order to expand into new Indian cities and grow its existing community across the country. According to the corporate, the darkish retailer’s common built-up space of 3,100 square feet will be worth INR 58 lakh. In addition, Zomato’s total common operating expenses for running a darkish shop come to INR 12 lakh.
Zomato plans to spend INR 2,492 Cr on activities related to model construction and promotion. It anticipates spending INR 2,492 Cr on promotional actions by March 31, 2028, at the latest, and intends to increase its advertising expenditures in the near future.
Zomato would invest INR 1,769 Cr to build its tech capabilities and cloud infrastructure in order to maintain and upgrade the expertise infrastructure as needed to meet business needs. The remaining funds may be set aside for essential business operations.
Zomato Closes Stores in Qatar
Zomato also disclosed in a change submission that it was closing its operations in Qatar. When Zomato Web LLC (ZIL) submitted its pink herring prospectus (RHP) in July 2021, the company claimed that its step-down subsidiary had no active enterprise operations and was under liquidation.
According to the RHP, on December 28, 2016, ZIL joined the Qatar Monetary Centre Corporations Registration Workplace as a restricted legal responsibility firm under the Corporations Rules. It worked for a number of knowledge-based businesses, including desk reservations, online restaurant ordering, and commercial enterprises. The closing legal responsibility and amount charged to restate the consolidated monetary claim for ZIL was INR 2.3 Lakh, according to Zomato’s RHP.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
In the dynamic world of startups, tales of early closures brought on by a lack of funding and operating capital limitations are common. In order to close this significant gap in the market, Harshvardhan Lunia and Mukul Sachan founded Lendingkart in 2014. The corporation saw short-term working capital provision for new ventures as an ongoing difficulty and set out to transform it.
The goal of Lendingkart is to support your businesses financially so you can survive the difficult dynamics of the sector. This overview examines how Lendingkart, led by Mukul Sachan and Harshvardhan Lunia, has emerged as a key player in helping startups close the funding gap, thereby fostering expansion and operational success.
In this article, let’s explore the world of Lendingkart—its founders, mission and vision, funding and investors, growth, and more.
Lendingkart is helping micro, small, and medium-sized enterprises access working capital loans to facilitate the easy functioning of the enterprise. The whole idea behind Lendingkart is that entrepreneurs in the 35–45 age bracket need short-term working capital loans for their SMEs. Lendingkart’s whole business module revolves around facilitating the availability of credit to small and microbusinesses digitally, and this process is effectively driven by data and analytics. So, cutting a long story short, it lends short-term capital loans to the companies that need them to carry on with their day-to-day activities.
Lendingkart aims to solve the huge gap in developing markets where firms have to wait for days before they get paid by their previous clients. And this possesses a huge hurdle for many who haven’t ploughed back any profits. Therefore, Lendingkart came into being to service these firms because their options are severely limited, as traditional banks find them too risky to lend money.
India’s digital lending market has witnessed an extraordinary Compound Annual Growth Rate (CAGR) of 132% from 2017 to 2022. This remarkable growth is attributed to the transformative impact of new digital lending enterprises on the country’s traditional financial landscape. Notably, investments exceeding $1 billion have been poured into the Indian digital lending sector, underscoring the high confidence that investors place in its potential for further expansion.
The momentum is set to propel the digital lending sector to an astonishing USD 515 billion by 2030, as projected by a comprehensive analysis from IIFL FinTech. This significant forecast not only positions India as a major player in the global digital lending ecosystem but also reflects the increasing acceptance and integration of digital financial services into the nation’s economic fabric.
Lendingkart – Founders and Team
Harshvardhan Lunia & Mukul Sachan (L to R) Lendingkart Founders
Harshvardhan Lunia
Harshvardhan Lunia is the co-founder and CEO of Lendingkart. Before founding Lendingkart, Harshvardhan was a founder and director at Domestic Finance and Investment private limited. A chartered accountant by profession, Harshvardhan also worked as a Relationship Manager at ICICI Bank, City Manager (SME banking) at Standard Chartered Bank, and Small Business Relationship Manager at HDFC Bank, before starting his entrepreneurial journey.
Mukul Sachan
Mukul Sachan, co-founder of Lendingkart and an alumnus of IIT and IIM, with extensive experience in engineering and finance, exited Lendingkart in May 2019 to launch his venture, Optimus Capital. Later, he assumed the role of Managing Director at Affinidi India, contributing his expertise to the fintech sector’s leadership.
Lendingkart – Startup Story
The path Harshvardhan took changed when he made the decision to quit his London job in order to pursue his goal of launching a debt consulting platform. Having experience with Awards, particularly small ones, and their funding plans, he decided to pursue entrepreneurship. Even though the first enterprise did not live up to expectations, it was a turning point that encouraged him to look for ideas from profitable businesses in the US, UK, and China.
The idea for Lendingkart was born out of this investigation and study in 2014. Motivated by the goal of filling financial gaps in neglected Indian market segments, Harshvardhan imagined a debt advising platform that would resemble well-established international models. This initiated the groundbreaking journey of Lendingkart to rethink financial help for Indian enterprises.
The mission of Lendingkart Group is to provide enterprises with easy access to working capital financing; therefore, they won’t have to worry about the gaps in their cash flows and can concentrate on their business.
Lendingkart vision is to build a business that can generate a greater Return on Equity (ROE) while still being sustainable.
Lendingkart – Name, Tagline, and Logo
Name – Lendingkart
Lendingkart Logo
The Lendingkart tagline says, “Simplifying MSME Finance.”
Lendingkart – Business Model
Lendingkart distinguishes itself through a business model centered around the customer, prioritizing minimal effort for business owners seeking financing. This customer-centric approach aims to alleviate financial burdens, enabling entrepreneurs to focus on the growth of their enterprises rather than being weighed down by constant money concerns. As the favored financing option for small and medium business owners in India, Lendingkart’s emphasis on expedited procedures,rapid accessibility, and commitment to facilitating business expansion sets it apart in the dynamic landscape of Indian businesses.
The distinctive attributes of Lendingkart, including a streamlined process and quick access to funds, resonate with businesses seeking financial solutions. This commitment to a hassle-free experience and a clear focus on business expansion further solidifies Lendingkart’s position as the preferred financial choice, addressing the evolving needs of entrepreneurs in the dynamic Indian business environment.
Lendingkart – Revenue Model
Lendingkart, specializing in serving small and medium businesses, predominantly garners revenue through the interest income generated from the loans it extends. This primary income source is driven by the interest charged on the financial support provided to businesses seeking capital. In addition to interest income, Lendingkart diversifies its revenue channels through commissions, advertising, and gains on the assignment of loans.
A noteworthy contributor to commission income is the innovative 2gthr program, which stands for “together.” Through 2gthr, Lendingkart collaborates with both banks and non-banking financial corporations (NBFCs) to offer co-lending services, providing an additional avenue for revenue generation and fostering collaborative financial solutions.
Lendingkart – Challenges Faced
Every business has particular difficulties, and Lendingkart is no exception. Throughout its assistance of Micro, Small, and Medium-Sized Enterprises (MSMEs), Lendingkart has faced unique challenges. Among these is the susceptibility of these businesses to changes in the market, which can have an impact on revenue even on modest drops in sales. Since many MSMEs do not have official financial records or a credit history, evaluating creditworthiness becomes difficult.
Longer loan disbursement periods and the paperwork associated with loan applications contribute to the complexity. Geographical restrictions make quick loan approval difficult because the majority of MSMEs are located in rural areas. Lendingkart’s objective to effectively help MSMEs is further complicated by language difficulties, with businesses more comfortable speaking in regional languages, the lack of collateral or guarantees, and high interest rates from gray market players.
Lunia, in 2022, said, “Even today, the credit process in traditional FIs takes months as credit evaluations are hampered due to the absence of crucial data points. When we started in 2014, MSMEs had very few resources, and the ones that existed should have done some hand-holding for business owners due to the complicated nature of these transactions. But no one did it.”
Lendingkart – Funding and Investors
Lendingkart has raised 18 rounds of funding to date, which equals $325.7 million.
Some of the funding details are:
Funding Date
Stage
Amount
Investors
Jun 3, 2024
Debt Financing
$12.1 million
Stride Ventures
May 7, 2024
Convertible Note
$10 million
BlueOrchard Finance S A
Jun 27, 2023
Debt Financing
$24.3 million
EvolutionX
Aug 12, 2022
Convertible Note
$6.1 million
–
July 2, 2022
Debt Financing
$9.1 million
GMO LLC and Triodos Investment Management
Jan 12, 2022
Debt Financing
$5.95 million
BlueOrchard Finance Ltd
Apr 6, 2021
Debt Financing
$15 million
FMO
May 19, 2020
Series D
$38.8 million
Bertelsmann India Investments, Fullerton Financial Holdings, India Quotient, Sistema Asia Capital
Aug 16, 2019
Venture Round
$2.55 million
Sistema Asia Capital
Aug 9, 2019
Series D
$25.8 million
Fullerton Financial Holding, Bertelsmann India Investments and India Quotient.
Jun 17, 2019
Debt Financing
$9.7 million
Alteria Capital
Feb 12, 2018
Series C
$87 million
Fullerton Financial Holdings
In 2024, Temasek’s Fullerton picks up a controlling stake in Lendingkart for INR 252 cr.
Lendingkart – Investments
On April 5, 2019, Lendingkart made a strategic investment in Federal Transport Private Limited through a Debt Financing Round.
Lendingkart – Mergers and Acquisitions
Lendingkart has expanded its portfolio through strategic acquisitions, with the recent addition being Upwards Fintech on February 8, 2023, involving a substantial amount of INR 100 crore. Prior to this, the company acquired Kountmoney on October 18, 2016, further enhancing its position in the financial landscape.
Lendingkart – Growth
Lendingkart has been founded in 2014 in Ahmedabad. The company first started with a single office in Ahmedabad, it has gradually set up several other offices as well, in Bengaluru, Gurgaon,Mumbai, Hyderabad, and is currently also offering pan-India services. All of these directly indicate that Lendingkart is a growing company.
It has also cultivated a robust presence, extending its reach across an extensive network of 14,700+ pin codes within 4,100+ cities and towns. With a commendable track record, the company has facilitated the successful disbursement of 3,00,000+ loans, totaling an impressive INR 20,000+ crore to date. This widespread reach underscores Lendingkart’s dedication to delivering financial solutions to businesses in both urban and rural areas, establishing itself as a key player in the financial landscape.
Financials
Lendingkart Financials
FY22
FY23
FY24
Operating Revenue
INR 616 crore
INR 798.5 crore
INR 1090.6 crore
Total Expenses
INR 889 crore
INR 684.4 crore
INR 1022.7 crore
Profit/Loss
Loss of INR 203 crore
Profit of INR 185.93 crore
Profit of INR 174.92 crore
Lendingkart Financials
Expenses
Lendingkart total expenses has increased from INR 684.4 crore in FY23 to INR 1022.7 crore in FY24.
EBITDA
Lendingkart FY22-FY24
FY22
FY23
FY24
EBITDA Margin
-34%
53.37%
44.39%
Expense/Rs of Op Revenue
INR 1.44
INR 0.86
INR 0.94
ROCE
-17%
25.26%
23.33%
Lendingkart – Advertisements and Social Media Campaigns
Lendingkart Campaign
Campaigns from Lendingkart, which feature Rajkummar Rao as their brand ambassador, cleverly illustrate the difficulties that companies may have in the absence of enough funding. TILT Brand Solutions cleverly narrates the story using the term ‘atakna,’ which means becoming stuck, in their concept.
Lendingkart offers ways to increase companies’ access to capital by utilizing data and technology. These minimalist short films are meant to be easily understood, and Rajkummar Rao’s magnetic presence lends a certain something more.
Lendingkart – Awards and Achievements
Lendingkart has earned several awards and achievements. Here are the details:
2020: Dream Company to Work For Acknowledged by World BFSI, affirming our dedication to providing an exceptional work environment.
2020: Most Influential Business Leader Honored by World BFSI, recognizing the leadership prowess of our visionary founder.
2020: Digital Technology Award Secured at the Business Leader of the Year Awards, underscoring our technological prowess.
2019: Best Lending Tech of the Year Conferred at the 9th India Digital Awards, a testament to our cutting-edge lending technology.
2019: Best Fintech Award Received in the Lending category from KPMG and Business Today, highlighting our fintech excellence.
2019: SIDBI ET India MSE Award Earned in the Fintech Lender’s category at SIDBI-ET India MSE Awards, reinforcing our impact in the industry.
2019: Best Lending Tech of the Year Recognized by ABP News BFSI Awards, showcasing our continued excellence in lending technology.
2019: Fintech Personality of the Year Acknowledged by ABP News BFSI Awards, honoring our leadership in the fintech space.
2018: Dream Companies to Work For Positioned in the financial services category by Times Ascent, reflecting our commitment to a fulfilling workplace.
2018: Deal of the Year Acknowledged by APAC Insider, recognizing our impactful business transactions.
2017: Startup of the Year Conferred at Express IT Awards 2017 organized by Financial Express, a testament to our groundbreaking startup journey.
2016 – 2019: Global Fintech100 & Global Top 50 Established Fintech Firms Recognized consistently by KPMG and H2 Ventures, solidifying our global standing in the fintech domain.
Lendingkart – Competitors
Lendingkart Technologies operates as a fintech company in the working capital space. Lendingkart’s top competitors working in the same domain include ventures like:
According to a June 2023 news report, Lendingkart has set an ambitious goal for the fiscal year 2023–2024. Lendingkart Group’s visionary CEO and founder, Harshvardhan Lunia, is full of confidence that the company’s main operation would cross a significant milestone—that of INR 6,000 crore. This estimate represents a significant improvement above the INR 4,000 crore distributed during the fiscal year (FY23). Lendingkart’s dedication to growth and innovation highlights its crucial role in transforming the financial technology industry.
FAQs
What is Lendingkart?
Lendingkart is an Ahmedabad-based online financing company, which helps SME attain short-term working capital loans.
Where are the Lendingkart headquarters?
Lendingkart headquarters is in Ahmedabad, Gujarat, India.
Who are the founders of Lendingkart?
Harshvardhan Lunia and Mukul Sachan are the founders of Lendingkart.
Did you know shoppers saved an average of £350 on Apple products during last year’s Black Friday sales? Yet most people miss out on the best apple black friday deals because they’re looking in the wrong places. While Apple’s own store typically offers modest gift cards, authorised retailers often slash prices by up to 30% during the black friday sale 2024. We’ve spent years tracking black friday iphone deals and other Apple product discounts. The secret? It’s not just about waiting for the big day – it’s about knowing where to look, when to buy, and how to stack multiple discounts.
Ready to save hundreds on your next Apple purchase? We’ll show you exactly how to spot and secure the best deals this Black Friday season. Let’s dive in!
Let’s uncover Apple‘s unique approach to Black Friday deals. We’ve analysed years of pricing data, and the pattern is fascinating.
Historical pricing patterns
Over the years, we’ve observed that Apple maintains a consistent strategy for black friday sales in 2024. Instead of slashing prices directly, they offer gift cards with purchases. This year, from November 29 to December 2, customers can earn gift cards worth up to £160 on select products.
Setting price alerts and tracking tools
We’ve found Visualping to be invaluable for monitoring the best Black Friday deals. Here’s how we set it up:
Copy-paste your desired product URL into Visualping
Select specific areas of the page to monitor
Choose notification frequency (we recommend every 6 hours)
Set your alert email address
Creating a prioritised shopping list
Based on our analysis of historical pricing, we recommend this buying strategy:
Buy iPads and MacBooks early when deals appear
Wait for AirPods and Apple Watch deals closer to Black Friday
Monitor iPhone prices daily starting mid-November
Pro tip: Create separate wish lists on major retailer websites to track black friday iphone deals across multiple platforms simultaneously.
Maximising Savings Through Multiple Channels | Apple Black Friday Deals
We’ve discovered that combining multiple savings channels can lead to significantly better apple black friday deals than focusing on a single source. Here’s our insider guide to maximising your savings this black friday sale 2024.
Carrier deals and bundle offers
Our research shows that carriers are offering some of the most aggressive deals this season. Verizon’s current bundle offers exceptional value:
Get a free iPhone 16 with new Ultimate Unlimited plan
Receive a complimentary iPad 10.9 and Apple Watch Series 10
Save up to £837 monthly on device costs
Note: These bundles typically require a 36-month commitment and may include activation fees of around £35.
Cashback and reward programs
We’ve tested numerous shopping portals and found these best Black Friday deal strategies particularly effective:
Stack rewards by using:
Shopping portal cashback (like Rakuten)
Credit card rewards (3% back with Apple Card)
Quarterly bonus categories
Maximise protection benefits:
Use credit cards offering extended warranty
Ensure purchase protection coverage
Get return protection for holiday purchases
Pro tip: We recommend using Cashback Monitor to compare rates across different portals before making your purchase. Some portals offer up to 10% cashback on Apple products through authorised retailers.
Remember, while Apple Store rarely allows stacking discounts, authorised retailers often let you combine education pricing with black friday sale 2024 offers for maximum savings.
Our extensive price tracking reveals that timing is everything when hunting for apple black friday deals. I’ve noticed that retailers like Amazon are already offering record-low prices on the latest M3 MacBooks and iPad Air models. We’re seeing the 256GB 9th generation iPad at £120 off, which is the lowest price ever recorded. Let’s dive into our expert product-specific strategies that have helped us save thousands.
Price matching policies
We’ve discovered that most retailers will match competitors’ black friday sale 2024 prices within 14 days of purchase. Here’s what I recommend:
Keep your receipts and monitor prices post-purchase
Screenshot competitor prices as evidence
Contact customer service promptly when you spot a lower price
Remember, Apple’s price protection excludes special sales events like best black friday deals, but authorised retailers often have more flexible policies.
Refurbished vs new considerations
After years of experience with both new and refurbished Apple products, I can confidently say that Apple’s refurbished products offer exceptional value. Here’s what makes them worth considering:
Save 15-25% off retail prices
Receive full one-year warranty coverage
Get completely new batteries for iOS devices
Enjoy identical AppleCare+ eligibility
Receive pristine exterior conditions
I particularly recommend considering refurbished MacBooks and iPads, as they undergo rigorous testing and often come with the latest operating systems installed. However, for black friday iphone deals, we typically find better value in new models due to carrier promotions and trade-in offers.
Pro tip: We’ve found that refurbished stock fluctuates daily, so I recommend checking Apple’s refurbished store first thing in the morning for the best selection.
Black Friday shopping for Apple products requires smart planning and knowing where to look. Through our years of tracking prices and deals, we’ve learned that authorised retailers often beat Apple Store offers significantly. Smart shoppers who combine multiple savings channels – from trade-ins to education discounts and cashback programmes – can save up to £350 or more on their purchases. Remember that timing matters greatly for different products. MacBooks and iPads often see early deals, while iPhone deals peak during Black Friday week.
Refurbished products present another excellent way to maximise savings while still getting like-new quality and full warranty coverage. Make sure you check StartupTalky’s Instagram for daily updates on the latest Apple deals, tech news, and exclusive giveaways that could boost your savings even further. Set your price alerts now, prepare your trade-ins, and keep our product-specific timing guide handy. With these strategies and tools at your disposal, you’re ready to secure the best Apple deals this Black Friday season. Stay vigilant, act fast when you spot a great deal, and don’t forget to stack those savings whenever possible.
FAQ
Will Apple have a Black Friday sale in 2024?
Yes, Apple is hosting a Black Friday sale in 2024. Their four-day shopping event, running from November 29 to December 2
Is the iPhone cheaper on Black Friday?
Yes, iPhones are generally cheaper during Black Friday sales, with discounts varying based on models and retailers.
What is Apple Black Friday?
Apple Black Friday is a yearly event offering gift cards up to $200 on select products during Thanksgiving weekend.
Looking to make the most of Black Friday 2024? It’s the perfect time to boost your profits and end the year on a high. With the holiday season just around the corner, customers are eager to grab the best deals, making it a golden opportunity to showcase offers they can’t resist.
As Black Friday nears, businesses everywhere are gearing up to attract attention and drive sales. To stand out and make a real impact, you need the right tools and strategies in place. Whether it’s running smarter campaigns, connecting with your audience, or streamlining operations, preparation is everything.
Make this season work for you by exploring the best Black Friday deals designed for marketers. It’s the perfect way to take your career to the next level while making the most of this shopping frenzy!
Yes (Free forever plan for up to 2,500 subscribers and 15,000 emails/month)
Rating
4.5
Platforms Supported
Web
Sender – Top Black Friday Deals for Marketing Tools
Sender simplifies marketing automation with its intuitive drag-and-drop email builder, making it effortless to create impactful email campaigns. It’s designed to support personalized workflows, helping businesses engage customers on a deeper level and boost results.
The platform offers detailed analytics to monitor campaign performance, enabling teams to track key metrics and make data-driven optimizations. Whether you’re focused on nurturing leads or launching special promotions, Sender is a powerful tool for any marketing team aiming for efficiency and results.
With features like campaign personalization and automated workflows, Sender ensures a seamless experience for both marketers and their audiences. Its ability to deliver actionable insights makes it an essential choice for teams striving to enhance their outreach and maximize engagement.
Deal: 30% off all plans Coupon code: PARTNER20 Validity: Until Dec 3, 2024
MySignature – Top Black Friday Deals for Marketing Tools
MySignature is a versatile tool for small businesses, creators, and freelancers to build their brand, improve their online presence, and manage email communication.
It allows you to create a professional link-in-bio page to share your social links and generate custom email signatures that match your brand. You can also track email opens and link clicks without restrictions, helping you stay on top of your communication and engagement.
With MySignature, managing your branding and email outreach becomes simple and efficient.
Deal: 30% off for the first payment Coupon code: BFW2024 Validity: Until Dec 2, 2024
OptinMonster
Website
www.optinmonster.com
Free Trial
No
Rating
4.3
Platforms Supported
Web
OptinMonster – Top Black Friday Deals for Marketing Tools
OptinMonster is a lead generation tool designed to help you create eye-catching holiday campaigns with ease. It offers ready-to-use templates, including a Black Friday option, and a simple drag-and-drop builder, so no coding skills are needed.
With OptinMonster, you can recover visitors who are about to leave your site, grow your email list, and promote products on sale effectively. It’s a beginner-friendly solution that makes setting up and running campaigns quick and hassle-free.
Deal: 30% off for the first payment Coupon code: NA Validity: Until Nov 30, 2024
Icegram – Top Black Friday Deals for Marketing Tools
Icegram offers simple and powerful plugins to boost website engagement and conversions. Its three key plugins—Express, Engage, and Collect—help businesses connect with visitors, grow their audience, and capture leads with ease.
Express makes email marketing easy, Engage lets you create popups and notifications to interact with visitors, and Collect helps you gather leads effectively. Together, these tools provide everything you need to improve your site’s marketing performance.
This Black Friday, Icegram is offering a 50% discount on all its plugins. It’s a great opportunity to enhance your website’s capabilities, reach more people, and drive better results. Take advantage of these tools to make your website more engaging and grow your business effortlessly.
Deal: 50% OFF Sitewide Coupon code: NA Validity: Until Dec 5, 2024
Influencer Hero
Website
www.influencer-hero.com
Free Trial
Yes
Rating
4.7
Platforms Supported
Web
Influencer Hero – Top Black Friday Deals for Marketing Tools
Influencer Hero is a platform that connects brands with influencers to create genuine, value-driven partnerships. It makes it easy to find, contact, and collaborate with influencers for your campaigns. Brands can manage the entire partnership process from start to finish.
With features like content monitoring, cross-platform tracking, real-time analytics, and automated reporting, Influencer Hero helps brands measure campaign success effectively. The platform offers a single place to track performance and manage relationships, making influencer marketing simpler and more efficient.
By streamlining the process, Influencer Hero helps brands reach a wider audience and boost engagement with their target market. It’s a great solution for brands looking to improve their influencer marketing and see better results.
Deal: 40% off on all annual plans Coupon code: BFCM40 Validity: Until Dec 13, 2024
Woorise
Website
www.woorise.com
Free Trial
Yes
Rating
4.6
Platforms Supported
Web
Woorise – Top Black Friday Deals for Marketing Tools
Woorise is a platform that combines lead generation with customer engagement through interactive landing pages and viral campaigns. It allows businesses to create engaging content like quizzes, giveaways, and contests without needing any coding skills. The no-code tools make it easy for anyone to build campaigns that capture attention and drive user interaction in just a few minutes.
It helps businesses connect with their audience and gather valuable data from these campaigns. Whether you’re aiming to increase brand awareness, grow your email list, or drive customer loyalty, Woorise provides the tools to do it effectively.
With its gamified approach, Woorise encourages user participation, making it easier to capture leads and engage potential customers.
Deal: 50% off on all plans. Coupon code: BLACKFRIDAY Validity: Until Nov 30, 2024
Plerdy – Top Black Friday Deals for Marketing Tools
Plerdy is an all-in-one tool for website analysis, focusing on Conversion Rate Optimization (CRO) and SEO. It helps businesses track and analyze website performance to turn visitors into customers. With features like UX analytics, e-commerce insights, and heatmap capabilities, Plerdy provides valuable data to improve user experience and increase conversions.
The platform also offers A/B testing to optimize website elements and ensure maximum engagement. Plerdy’s tools give businesses the insights needed to make data-driven decisions and enhance their online presence. Whether you’re looking to improve user experience or boost sales, Plerdy makes it easier to analyze and optimize your website for better results.
Deal: 50% off on all plans. Coupon code: plerdyBF2024 Validity: Until Dec 1, 2024
Envato Elements
Website
www.elements.envato.com
Free Trial
No
Rating
4.6
Platforms Supported
Web
Envato Elements – Top Black Friday Deals for Marketing Tools
Envato Elements is a comprehensive platform offering a wide range of creative assets for marketing teams and designers. With unlimited downloads of templates, stock photos, videos, and more, it provides everything you need to create professional materials quickly.
The platform’s user-friendly interface makes it easy to navigate, allowing users to create content without a steep learning curve. From high-quality visuals to customizable templates, the platform gives you access to a vast library of creative tools, making it easier to produce polished and engaging marketing materials in no time. Envato Elements is ideal for teams looking to streamline their creative process while maintaining a high standard of work.
Deal:30% off all plans (excludes Enterprise solutions) Coupon code: NA Validity: Until Dec 2, 2024
PostNitro
Website
www.postnitro.ai
Free Trial
Yes
Rating
5
Platforms Supported
Web
PostNitro – Top Black Friday Deals for Marketing Tools
Postnitro is a social media management tool designed to simplify scheduling and analyzing posts across various platforms. Its no-code interface is ideal for new users, allowing them to set up and execute campaigns quickly and easily, without any technical expertise.
The platform lets you schedule posts across multiple social media channels, saving time and ensuring consistent content delivery. With Postnitro, managing social media campaigns becomes more streamlined and efficient.
Postnitro also provides in-depth analytics, helping you measure the performance of your posts and refine your strategy for better engagement. By offering detailed insights into what’s working and what isn’t, it enables users to optimize their content for maximum impact.
Deal:30% discount on monthly & 50% discount on annual Coupon code: BF30OFFMONTHLY, BF50OFFANNUAL Validity: Until Dec 1, 2024
Replug – Top Black Friday Deals for Marketing Tools
Replug is a powerful link management platform that lets you shorten, brand, and track links to optimize your digital marketing efforts. It’s designed to boost engagement and conversions, making it ideal for sales and marketing teams.
By customizing the branding of your links, Replug helps you create a more professional and consistent online presence, while its tracking features allow you to gather valuable data on link performance. This enables businesses to retarget visitors and increase the chances of conversion.
With detailed analytics, Replug gives you insights into how your links are performing, allowing you to fine-tune your marketing strategy. It seamlessly integrates with major platforms, ensuring a smooth experience for managing links across multiple channels.
Deal: 75% on your first annual plan Coupon code: NA Validity: Until Dec 2, 2024
As Black Friday approaches, it’s the perfect time to invest in marketing tools that can take your business to the next level. Whether you’re looking to boost engagement, optimize conversions, or streamline your campaigns, the right tools can make a huge difference in achieving your goals. From powerful email marketing platforms to social media management solutions, these deals offer great opportunities to save while upgrading your marketing strategy. Don’t miss out on these discounts to enhance your workflow, gather valuable insights, and ultimately grow your business. Make the most of this Black Friday by grabbing the best deals that align with your marketing needs and setting yourself up for success in the coming year.
FAQ
How do you market on Black Friday?
Market on Black Friday by offering exclusive discounts, creating urgency with limited-time deals, running social media ads, sending promotional emails, and using influencers to promote your products.
How to create a deal for Black Friday?
Create a Black Friday deal by offering discounts, adding urgency, promoting early, and simplifying checkout.
What are the best Black Friday Deals on Marketing tools?
Here are some of the best Black Friday Deals on Marketing tools:
Sender – 30% off all plans
MySignature – 30% off for the first payment
OptinMonster – 30% off for the first payment
Icegram – 50% OFF Sitewide
Influencer Hero – 40% off on all annual plans
Woorise – 50% off on all plans
Plerdy – 50% off on all plans
Envato Elements – 30% off all plans (excludes Enterprise solutions)
PostNitro – 30% discount on monthly & 50% discount on annual
When it comes to the Indian business arena, one simply cannot ignore Mr. Mukesh Ambani—the owner of Reliance Industries, and the wealthiest businessman in India. He has footprints in some of the most important sectors of the Indian economy such as refining, oil & gas, petrochemicals, telecom, retail, and media. Reliance’s oil refining business has been its crown jewel to date.
In September 2016, Mukesh Ambani officially launched his telecommunication venture called Jio (Joint Implementation Opportunities) and set an example by turning Jio into the largest mobile network in India and the third-largest mobile network operator in the world with over 477.94 million subscribers as of November 2024. Witnessing the growth in revenues, profits, and market share in the above-mentioned sectors, Mukesh Ambani is now all set to try his hand at e-commerce through his new venture called JioMart. So what exactly is JioMart all about?
JioMart is an online grocery store that provides 50,000+ grocery products at discounted rates at your doorstep through an express delivery system. Itfollows an on-demand model. The company will avoid the system of warehousing and partner with local retailers instead. These retailers will source the grocery products and deliver them to the customers.
JioMart began functioning in January 2020 and is available in over 200 cities and towns across India, including Mumbai, Chennai, Kolkata, Hyderabad, Delhi, Bengaluru, Jaipur, and Trivandrum.
JioMart’s app is available for download on Google Play Store and Apple Store.
JioMart will operate on the online-to-offline business model; it will connect with local retailers and deliver goods to customers by procuring them from the nearest store located in the customer’s vicinity. This model is unlike the warehouse model used by Grofers and Amazon Now.
The company wants to correct the unorganized retail sector and help local shopkeepers whose businesses were adversely affected due to competitive pricing and warehousing strategies of online retail stores. In addition to increased sales and margins, these shopkeepers will be equipped with point-of-sale (PoS) terminals, integrated billing applications, and GST compliance. It will also upskill them in inventory management and supply chain management.
RIL wants to establish its new venture, termed ‘Desh Ki Nayi Dukaan’, in this manner.
JioMart claims to offer the following consumer-friendly services:
Free home delivery: It will give you the benefit of delivery of commodities at your doorstep by procuring it from the nearby store, and that too free of cost, which your ‘Kirane wala bhaiya’ may not.
No minimum value: Generally, e-commerce sites set up a minimum value of a purchase to validate free delivery. For example, Grofers has a policy of free delivery on a minimum purchase of INR 500. JioMart will not expect a ‘minimum payment’ and abstain from delivery charges, even for the smallest of items ordered.
Express delivery: Express delivery means quicker delivery than ordinary services. In the e-commerce segment, it is generally within 24 hours.
No questions asked return policy: When you wish to return the goods that you ordered online, you are almost always bombarded with unnecessary questions. And most of the time, they cannot avoided. JioMart will save you this hassle.
Early bird discount of INR 3000: The platform has come up with a promotional strategy of pre-registration wherein people can save up to Rs 3000 on future shopping. Reliance Jio has started sending invites to its existing telecom service users in selected areas.
AI-Powered Inventory Management: JioMart leverages artificial intelligence to monitor inventory in real-time, ensuring better product availability and faster deliveries, eliminating the hassle of out-of-stock items.
Hyperlocal Approach: JioMart expanded beyond major cities by partnering with local kirana shops, reaching the core of India to ensure quick deliveries, no matter the location.
JioMart wasn’t an overnight expedition of Mukesh Ambani but a well-assessed move with the sole motive of capturing the highly sought-after e-commerce segment.
Mukesh Ambani already has a formidable customer base in the retail sector with Reliance Fresh which functions successfully on the brick-and-mortar model. JioMart owner Mukesh Ambani’s plan to set up an e-commerce platform goes back to 2019. His ambitious project emulates his desire to compete with global e-commerce giants such as Amazon and Walmart-owned Flipkart.
Reliance acquires Grab A Grub and C-Square
Acquisition of Grab A Grub: Grab A Grub is an Indian logistics startup founded in 2013. In March 2019, Reliance Industrial Investments and Holdings Limited (RIIHL) acquired it for $14.9 million to support the logistics of Jio Mart founder Mukesh Ambani’s ‘planned e-commerce venture’. Grab was chosen because it worked successfully with some mega-brands such as McDonald’s, BigBasket, Myntra, Amazon Now, and Swiggy.
Acquisition of C-Square: C-Square Info Solutions Private Limited, founded in 2002, provides software solutions for verticals like e-commerce, salesforce, retail, etc. It was acquired by RIIHL in March 2019 for $11.56 million. A strategic move by RIL, it was aimed to strengthen JioMart.
JioMart – Business Model and Revenue Model
RIL is offering local merchants an O2O (online-to-offline) marketplace through JioMart. This business model was pioneered by the Chinese e-commerce giant Alibaba Group Holding Ltd. Under the O2O model, a consumer searches for the product or service online but buys it through an offline channel.
JioMart, Reliance Retail’s e-commerce platform, has tripled its number of sellers compared to 2023, as shared in its December 2024 quarter results. While groceries remain its main focus, JioMart is now working to increase its share of non-grocery items.
It connects with local retailers and delivers goods to the customers by procuring them from the nearest store located in the customer’s locality. The customer will use his or her official WhatsApp number to place the order. Post confirmation, the user will receive the bill which is to be paid in cash. When the store is ready with the order, the customer will receive a notification to pick up the order from the store.
A retailer can register with JioMart to become a seller. After registering with JioMart, retailers will receive the required support for the smooth delivery of goods to customers.
Registered grocery store owners will be able to list their inventories, take orders, create offers, and manage online sales using the app. JioMart will ensure that the sellers associated with its platform get a smooth selling experience.
How JioMart Consumers and Retailers Benefitted from the Jio-Facebook Deal
The Jio-Facebook deal, wherein Facebook invested INR 43,574 crore ($5.7 billion) in Jio platforms, made lives easier for the consumers and retailers associated with JioMart. As part of this deal, WhatsApp – Facebook’s popular messaging platform collaborated with JioMart. Owing to this collaboration, JioMart users can place their order through WhatsApp and Facebook while payments can be made using the ‘WhatsApp Pay’ feature.
JioMart services have been made available on WhatsApp from 25 April 2020 in Navi Mumbai, Thane and Kalyan. JioMart is currently operating in these three cities only. However, the only mode of payment currently available is cash.
“In the very near future, JioMart – Jio’s digital new commerce platform, and Whatsapp – will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood”- Mukesh Ambani said, CEO, Jio Mart.
Grocery delivery startups like Blinkit (formerly Grofers), Big Basket, Zepto, and Swiggy Instamart have seen remarkable success in recent years, driven by significant funding and rapid revenue growth. Recognizing the market’s potential, major e-commerce players like Amazon have also entered the grocery and essentials delivery space.
With the entry of the biggest player in the Indian market, a serious threat looms over existing grocery delivery ventures. Besides being a popular brand name, JioMart has some features that lend it an upper hand over its competitors.
The company plans to deliver orders in 30 minutes as quick commerce grows popular.
Next month in December 2024, it will start 30-minute delivery in the top eight metros and later expand to 20-30 cities in phase one. Eventually, it will cover the rest of the country.
Deliveries will be managed through its 3,500+ stores. However, JioMart won’t open dark stores or compete in the 10-20 minute delivery race.
Conclusion
When Jio entered the telecom segment, it stirred a revolution and turned the tables. Big shots like Airtel and Vodafone who dominated for years were sent tumbling. A potential revolution is on the cards again because of Reliance’s JioMart. JioMart’s business model showcases its ambition to dominate India’s e-commerce space by expanding Reliance’s vast retail network, focusing on groceries, and steadily focusing on quick commerce, making it a key player in the digital commerce ecosystem.
FAQs
What is JioMart?
JioMart is Reliance Retail’s e-commerce platform offering groceries, essentials, and other products online.
What is JioMart’s business model?
RIL is offering local merchants an O2O (online-to-offline) marketplace through JioMart. This business model was pioneered by the Chinese e-commerce giant Alibaba Group Holding Ltd. Under the O2O model, a consumer searches for the product or service online but buys it through an offline channel.
Who is JioMart founder?
Mukesh Ambani is the owner of JioMart.
Does JioMart charge for delivery?
JioMart charges a delivery fee for orders under INR 250, but not for orders over INR 250 or new customers’ first three orders.
When was JioMart launched in India?
Jiomart was initially soft-launched in 2019. It was fully launched in May 2020 in 200 cities in India.
Sustaining a startup is perhaps the most difficult phase for any entrepreneur. While everyone advocates entrepreneurship as a shortcut to mint money and get rich scheme, the uncertainty and constant pressure to perform is a huge responsibility even for the toughest of individuals. The team at StartupTalky decided to analyze some unsuccessful startups in India.
As of April 2024, India is home to over 1.28 lakh startups, a significant increase from just 450 in 2016, making it the third-largest startup ecosystem in the world.
The startup failure case study discussed below covers unsuccessful entrepreneurs’ stories in India and will give you insights into the failure of some Indian startups that were destined to reach new heights.Learn from the mistakes these Indian ventures made so that you don’t end up repeating the same.
Summery on why Startups fail and how to bounce back from Startup failure
Serving home-cooked food is becoming a trend among today’s startups. Yumist was one such venture. It was launched in 2014 to cover the daily meals segment in India, a largely untapped market. The founders were Alok Jain and Abhimanyu Maheshwari who managed to raise nearly $3 million in funding. It is one of the top 10 failed startups in India.
Reason for failure:A business model with a high burn rate that required extensive capital beyond Yumist’s reach for achieving growth. Enough funding was also not available to run the startup. So the startup had to shut down. The Yumist case study is often mentioned when one talks about famously failed startups in India.
Let’s be honest, a chance to talk with your favorite celebrity is on everyone’s bucket list. Banking on this wish, Dial-A-Celeb was a short-lived yet exciting concept founded in 2016 by Gaurav Chopra and Ranjan Agarwal and they could be considered as unsuccessful entrepreneurs in India. In addition to video chats with actors and celebs, the platform also allowed customers to get autographed items such as toys and diaries. However, the startup closed its doors within a year.
Reason for failure: The major reason for Dial-A-Celeb’s failure was that celebrities were coming up with their apps to interact with fans. This trend resulted in immense competition for Dial-A-Celeb and a direct impact on profitability. Dial-A-Celeb was shut down in 2017. Know your rivals well and also brace yourself for competition that may arise in the future.
Once on the path to becoming the largest homestay network in India, Stayzilla is reminiscent of a riches-to-rags story. With around $33.5 million in funding and establishing itself in the hotel-rental segment, this brainchild of Yogendra Vasupal, Rupal Yogendra, and Sachit Singhi started crumbling after it failed to repay vendors. The troubles were then aggregated and in February 2017, Yogendra Vasupal officially announced the closure of Stayzilla’s operations.
Reason for failure: Stayzilla was way ahead of its time when launched. People were not ready for such Hi-Fi technology. However, the company somehow managed some time on the funding it received. But when people started becoming familiar with online booking, new competitors emerged with better discounts and deals. Stayzilla was unable to provide the same due to the unavailability of funds. Additionally, legal disputes and a lack of focus on growing the business destroyed Stayzilla.
Roder
Industry
Cab Service
Founder(s)
Abhishek Negi, Ashish Rajput, and Siddhant Matre
Founded
2014
Dissolved
2017
Roder – Failed Startups in India
Inter-city travel has become a mainstream requirement— traveling 100 km or more every day is deemed as just another day to some. The reason may be anything: office location, excursion, meeting a friend, etc. These journeys can burn a hole in the pocket.Roder (earlier known as Insta Cabs) was founded by Abhishek Negi, Ashish Rajput, and Siddhant Matre in 2014 to ease inter-city rides. One of Roder’s highlights was offering one-way rides at nearly half the market price. It is one of the famous startups that failed in India.
Reason for failure:The inability to cope with customer acquisition costs and not keeping up with the user retention rates. Moreover, increased competition from experienced ventures like Ola and Uber added to Roder’s woes. Having a bigger competitor that is more aggressively funded makes the entrepreneurs lose their zeal. And this is one of the major causes of entrepreneurial failure.
Turant Delivery
Industry
Logistics
Founder(s)
Ankur Majumder and Satish Gupta
Founded
2015
Dissolved
May 2017
Turant Delivery| Failed Startups in India
TheB2B startup was an intra-city logistics provider that was launched in 2015 to bring a new flavor to the Indian logistics industry. The algorithm followed by Turant Delivery permitted it to offer services at a price as much as 15% less than what fellow competitors charged for the same trip (as per the endeavor’s claim) and is one of the top 10 failed startups in India.
Reason for failure: The company did not have the funds to sustain itself in the long run.A logistics service provider needs intensive cash flow to run. Hence, funding is essential for any logistics startup.
Students are the new target audience when it comes to offering small loans. Acting on this, Finomena came out with an app that provided ‘EMI without cards’. The aim was to allow students to purchase mobile phones and other electronics on a loan. In March 2016, Finomena raised its seeding funding and then made quick strides before going down in 2018.
Reason for failure: Finomena is counted amongst those Indian startups that failed unexpectedly despite having enough funding. It was a fintech startup that focused on providing loans, a segment already dominated by established players before its entry. Fierce competition from rivals like ZestMoney was the major reason behind Finomena’s failure. Also, burning cash where it was not needed was another cause. Before you launch your startup, check if the target segment has reached its saturation levels. Also, use your funding wisely!
MrNeeds
Industry
Grocery Delivery
Founder(s)
Hitashi Garg, Ravi Verma, Ravi Wadhwa, and Yogesh Garg
Founded
2016
Dissolved
2018
MrNeeds | Failed Startups in India
MrNeeds was a grocery delivery startup founded by Hitashi Garg, Yogesh Garg, Ravi Wadhwa, and Ravi Verma. It provided a subscription-based grocery delivery service. People could easily pay for their subscriptions and receive their groceries on the set date. MrNeeds, a Delhi-based startup, did well with more than 10,000 deliveries in Noida alone.
Reason for failure:MrNeeds was a subscription-based Indian startup that failed. Hence, turnover might not have been that great given how frugal Indians usually’ tend to be. So it is possible that the startup had a lack of funding to sustain itself. The entry of funded grocery delivery startups like Grofers and Big Basket can also be another reason for MrNeeds’ failure. It is considered as one of the top 10 failed Indian startups.
CardBack
Industry
Fintech
Founder(s)
Nidhi Gurnani and Nikhil Wason
Founded
2013
Dissolved
2017
CardBack logo | Failed Startups in India
A fintech platform founded by Nidhi Gurnani and Nikhil Wason, CardBack lets credit and debit cardholders with multiple cards know which card provider would offer the best rewards and points on transactions. The venture was funded by famous angel investors such as Alok Mittal and Sunil Kalra and managed to raise $170k in five years. It is one of the unsuccessful startups in India.
Reason for failure: CardBack could not secure funds after 2014, and the number of multiple cardholders in India was less than what the fintech startup had expected. Hence, the main reason for CardBack’s failure was its over-expectation of market growth. The plan to shift the headquarters to Singapore, where the multiple credit card culture abounds, also failed. The failure to move to Singapore was the final nail in the coffin for CardBack.
Overcart
Industry
Re-Commerce
Founder(s)
Saptarshi Nath and Alexander Souter
Founded
2012
Dissolved
2017
Overcart logo | Failed Startups in India
Overcart was the first Indian fintech player to provide a platform for purchasing refurbished, overstock, and pre-owned items. It was founded in 2012. People could buy and sell their electronic devices on the website. Overcart received substantial angel investment; however, the company failed to capitalize on it.
Reason for failure: Overcart did not seem to be very focused on its business. Unsatisfactory services such as late delivery, poor quality of purchased items, and bad customer service led to customer rebuke, thereby causing Overcart to shut down in 2017.
RoomsTonite
Industry
Hospitability
Founder(s)
Suresh John
Founded
2014
Dissolved
2017
RoomsTonite logo | Failed Startups in India
Last-minute hotel bookings usually end up in a mess and utter disappointment. RoomsTonite was launched to deal with this issue. It received around $1.5 million in funding and ceased functioning by September 2017. The startup rose and crumbled within three years! It is one of the unsuccessful startups in India.
Reason for failure: Having strong rivals in the form of MakeMyTrip and OYO was one reason for RoomsTonite’s failure. The credit crunch also added to RoomsTonite’s woes. Facing a sudden reduction in the loan’s availability is called a credit crunch. Roomstonite faced a credit crunch in 2016 which didn’t allow it to flourish. It is one of the famous startups that failed in India.
Founded in 2015, Doodhwala was a subscription-based platform that delivered milk and grocery items directly to the customer’s doorstep. Founded by Ebrahim Akbari and Aakash Agarwal, Doodhwala claimed to complete about 30,000 deliveries in a day. It is also considered one of the top failed startups in India.
Reason for failure: According to experts, lack of funds and tough competition from the big shots like BigBasket, Milkbasket, and SuprDaily caused Doodhwala to shut down.It is a prime example of startups that failed in India that failed due to strong competitors.
Russsh, one of the failure companies in India, was founded in 2012 by Bharat Ahirwar. Russsh offered both first-mile and last-mile on-demand delivery services to individuals and businesses. The company claimed to have a database of over 50,000 loyal clients and completed 500,000 transactions. However, on June 3rd, 2019, the company announced its closure and is considered a failed business in India.
Reason for failure:The major reason for Russsh’s failure was the lack of funds. It was a self-funded startup and in the absence of enough funds, Russsh was unable to resist the intense competition from its rivals. Bharat Ahirwar also admitted that being a single-founder venture and the absence of a strong team were equally responsible for Russsh’s shutdown.
Rakesh Yadav, Rahul Raj, and Aditya Naikfounded Koinex in August 2017, and in no time the company established itself as India’s largest cryptocurrency exchange. With a user base of over 1 million, Koinex claimed to have a trading volume of over $3 billion and the successful execution of 20 million+ orders.
Reason for failure: Koinex suspended its services on 27th June 2019. The cryptocurrency trading business has seen many ups and downs in India and this instability affected Koinex. The founders stated the lack of a clear regulatory framework for cryptocurrencies in India to be a major deterrent that prevented them from running Koinex’s operations smoothly. Koinex is one of the famous startups that failed in India.
DocTalk
Industry
Health-tech
Founder(s)
Goenka, Chamakura and Aluru
Founded
2016
Dissolved
2018
DocTalk | Failed Indian Startups
Founded in 2016, by Krishna Chaitanya Aluru, Akshat Goenka, and Vamsee Chamakura, Doctalk connected doctors with patients. Through the Doctalk app, one could find good doctors in the vicinity and after just one in-person visit, the patient could connect to the doctor through the Doctalk app for further consultation and queries.
The patients had to pay a subscription fee, whereas the doctors were charged an initiation fee. In 2018, Doctalk pivoted to a new business model wherein it built an electronic medical record (EMR) solution to help doctors write digital prescriptions on customized prescription templates. The EMR business was launched under a new brand name ‘Pulse’ and was sold to the doctors as a tool that let them digitalize the entire consultation, and share the same with the patients.
Reason for failure: Doctalk’s pivot from its initial business model into the electronic medical record solution (EMR) business was not successful; it is often cited as the cause of DocTalk’s closure by company insiders. It is considered as one of the biggest startup failures in India.
LoanMeet
Industry
Fintech
Founder(s)
Ritesh Singh and Sunil Kumar
Founded
2016
Dissolved
May 2019
LoanMeet | Failed Startups in India
P2P lending platform LoanMeet was started in 2015 by Ritesh Singh and Sunil Kumar to help small businesses grow through ultra-short-term loans (for 15, 20, or 30 days) for buying inventories. LoanMart’s services included B2B marketplace financing, working capital financing, cash credit line, and channel financing in the range of Rs 5,000 to 5 lakh for a period of 15 days to 9 months. The company claimed to have an average lending ticket size of Rs 50,000 at around an 18% interest rate.
Reason for failure: LoanMeet raised funding from Chinese investors Cao Yibin and Huang Wei in 2017 but failed to secure any funding after that. LoanMart’s shutdown is attributed to the lack of funds and tough competition from players like Capital Float, Loan Frame, and Happy Loan.
Houseparty
Industry
Social Media, Video Chat
Founders
Ben Rubin, Sima Sistani, Itai Danino, Scott Ahn
Founded
2016
Dissolve
2021
Houseparty | Failed Startups in India
Houseparty was a social media and video chat application that was founded in 2016 by Ben Rubin, Sima Sistani, Itai Danino, and Scott Ahn. The app gained popularity for its unique feature that allowed users to connect with friends in group video calls and play games together in real-time.
Reasons for failure: Houseparty’s closure was influenced by multiple factors, including the decline of the pandemic, insufficient funding, and Epic Games’ prioritization of other areas, and is considered one of the biggest startup failures in India.
Dark Sky
Industry
Weather and Forecasting
Founder
Adam Grossman, Jack Turner
Founded
2011
Dissolve
June 2021
Dark Sky | Failed Startups in India
Dark Sky was a weather forecasting app that provided hyperlocal weather information and accurate forecasts to users. It was founded in 2011 by Adam Grossman and Jack Turner. Dark Sky gained popularity for its user-friendly interface and precise weather predictions, which were based on real-time data and advanced algorithms.
Reasons for failure: Sky announced that it had been acquired by Apple and would be discontinued on other platforms, including Android. The acquisition by Apple led to the dissolution of Dark Sky as an independent entity, and its features were integrated into Apple’s own weather services.
ShopX
Industry
E-commerce
Founder
Amit Sharma, Apoorva Jois
Founded
2015
Dissolve
2022
ShopX | Failure Company in India
Amit Sharma and Apoorva Jois founded the startup, which had secured a total funding of $56.4 Mn from multiple rounds since its inception. The startup had received backing from prominent investors, including Infosys co-founder Nandan Nilekani and Fung Investments.
Reasons for failure: The B2B e-commerce startup operated by 10i Commerce Services had to close its operations and file for bankruptcy. In a filing with the Registrar of Companies (RoC), the startup informed its board that it faced challenges in generating sufficient cash flow or raising new capital through the sale of stakes. It is considered one of the top 10 companies that failed in India.
Lido Learning
Industry
Education Technology (EdTech)
Founder
Sahil Seth
Founded
2019
Dissolved
Feb 2022
Lido | Failed Startups in India
Lido Learning was a Mumbai-based Indian educational technology (EdTech) startup that focuses on providing online education. February 2022, Lido Learning made headlines as the first tech startup to lay off more than 150 employees, using the term “pink-slipped,” which raised concerns about the company’s employment practices.
Reasons for failure: Lido Learning faced a concerning situation when payments to their teachers and employees were not being adequately taken care of.
Amazon Food, Distribution
Industry
Food
Founder
Jeff Bezos
Founded
May 2020
Dissolve
Dec. 29, 2022
Amazon Food | Failed Startups in India
In May 2020, Amazon Food entered the competitive Indian food delivery market. However, after trying it out for more than two and half years, Amazon decided to shut down its food delivery platform, which was being piloted in Bengaluru, India, by 29 December 2022.
Reasons for failure: Amazon Food failed in India due to stiff competition from established players like Zomato and Swiggy, localization challenges in catering to diverse culinary preferences, operational complexities in building a reliable network of restaurants and delivery partners, and broader cost-cutting measures undertaken by Amazon in a challenging economic environment.
Koo was an Indian-language microblogging site designed for connecting, commenting, and engaging. The platform was available in multiple Indian languages and included features such as English-to-regional language keyboards, local language news feeds, and hyper-local hashtags. It allowed users to express themselves on various topics through text, audio, and video.
Reasons for failure: Koo shut down after failing to secure deals with several major internet companies, conglomerates, and media houses. Although Koo had successfully expanded to Brazil, gaining over 1 million downloads within 48 hours of its launch, it struggled to gain traction in the Indian market. It is considered as one of the famous failed companies in India.
Lack of understanding of the market and preparedness
Doodhwala
2015
2019
Aakash Agarwal and Ebrahim Akbari
Online Milk Delivery
Unfavorable circumstances and lack of Margin
Local Banya
2012
2016
Amit Naik, Karan Mehrotra & Rashi Choudhary
E-Commerce
Lack of operation capability and margin
Tiny Owl
2014
2016
Saurabh Goyal
Online Food Delivery Apps
Lack of experience of founders in handling business
Bite Club
2014
2016
Prateek Agarwal
Online Food Delivery App
Lack of capability to handle expansion and competition
Dazo
2014
2015
Monica Rastogi & Shashank Sekhar Singhal
Food Delivery
Lack of funds and management due to intense competition
Yumist
2014
2017
Alok Jain and Abhimanyu Maheshwari
Food Delivery
Lack of funds and high cost of operation
GrocShop
2015
2016
Rahul Kumar and Ayush Garg
Grocery Delivery
Lack of
Mr.Needs
2016
2018
Hitashi Garg, Ravi Verma, Ravi Wadhwa, and Yogesh Garg
Online Milk Delivery
Intense competition and low margin
Monkey Box
2015
2018
Sanjay Rao
Food Delivery
Lack of execution, and planning & model
iProf
2009
January 2014
Sanjay Purohit and Saurabh Jain
Ed-Tech
Intense competition and low margin
Purple Squirrel
2013
May 2016
Aditya Gandhi and Sahiba Dhandhania
Ed-Tech
Intense competition and poor product service
GoZoomo
2014
2016
Arnav Kumar and Himangshu Hazarika
Food Delivery
Intense competition and management
Zebpay
2014
September 2018
Sandeep Goenka, Saurabh Agarwal, and Mahin Gupta
Fintech and Finance
Legal Challenges and Issues
Koinex
2017
June 2019
Rahul Raj, Rakesh Yadav, and Aditya Naik
Fintech and Finance
Legal Challenges and Issues
Card Back
2013
2017
Nidhi Gurnani and Nikhil Wason
Fintech
Lack of funds and execution
DocTalk
2016
2018
Goenka, Chamakura and Aluru
Health Tech
Intense competition
BabyBerry
2012
2018
Bala Venkatachalam and Subhashini Subramaniam
Child Care
Flaws in the revenue model
Doormint
2014
2016
Abhinav Agarwal
E-Commerce
Lack of funds and flaws in the model, poor management
Task bob
2014
January 2017
Amit Chahalia
House Hold
Lack of funds and low-profit margin
GetNow
2014
2016
Jayesh Bagde
Local Electronics Shop Provider
Poor choice for business and low margin
Flashdoor
2015
–
–
House Hold Solution
RUSSSH
2012
June 2019
Bharat Ahirwar
Logistics
Lack of funds and intense competition
Jabong
2012
February 2020
Arun Chandra Mohan, Praveen Sinha, Lakshmi Potluri and Manu Kumar Jain
E-Commerce
Poor service and intense competition
Buttercups
2011
2019
Arpita Ganesh
E-Commerce
Poor execution
Wooplr
2013
May 2019
Zacharia, Praveen Rajaretnam, Soumen Sarkar and Ankit Sabharwal
Social Commerce Platform
Merger
Klozee
2015
2016
Aman Haji, Pratik Moona, and Prashant Jain
E-Commerce
Low sales and poor techniques
Just Buy Live
2015
2022
Rituraj Singh
E-Commerce
Lack of understanding of the market and preparedness
Shopo
2017
2017
Rithika Nelson and Theyagarajan S
E-Commerce
Lack of funds
Finomena
2015
August 2017
Abhishek Garg & Riddhi Mittal
Fintech
Lack of funds
Fashionara
2011
2016
Arun Sirdeshmukh and Darpan Munjal
E-commerce
Lack of funds, Intense competition
Shotang
2013
2021
Roy Singh and Vishal BG
E-commerce
Niche-specific failure and no funds
Hike Messenger
2012
January 2021
Kavin Bharti Mittal
Social Platform
Intense competition
COGXIO
2014
July 2016
Layak, Kinshuk Bairagi and Sarit Prajna Sahu
Dating Platform
Lack of revenue
Parcelled
2014
2016
Bhandari, Xitij Kothi, Abhishek Srivastava, Nikhil Bansal, and Rikin Kachhia
Courier Service
Intense competition and poor service
Ezytruck
2015
2018
Srikanth Maheswarappa, Anand Mutalik, and Narasimha Bs
Logistic
Intense competition
Truckmandi
2015
2016
Ankit Singh, Anurag Jain, and Nishant Singh
E-Commerce
Cash burn and lack of funds
Roder
2014
2017
Abhishek Negi, Ashish Rajput, and Siddhant Matre
Transportaion Service
Cash burn due to corruption involved in the field and also poor management
Tazzo Technologies
2015
January 2018
Priyam Saraswat, Priyank Suthar, Shivangi Srivastav, and Vikrant Gossain
Transportaion Service
Poor business model
AUTOnCab
2014
2016
Surendra Goel and Vinti Doshi
Transportaion Service
Poor business model
Hey Bob
2015
2016
Vishal Kumar, Vinay Reddy, Girish Nadig and Suman Kundu
Transportaion Service
Poor business model
Freshconnect
2018
2022
Amit Kashyap and Tarun Gupta
Agri Tech
Lack of awareness and low-profit margin
Dial-a-Celeb
2016
2017
Gaurav Chopra and Ranjan Agarwal
Media and Entertainment
Poor business model
App Surfer
2011
May 2022
Akshay Deo, Amit Yadav, Aniket Awati, and Ratnadeep Deshmane
Mobile Solution Provider
Intense competition
Intelligent Interfaces
2015
2016
Azeem Zainulbhai and Rahul Yadav
Software Solution
Legal Challenges and Issues
InoVvorX
2010
2020
Maxim Dsouza
IT
Poor business model and management
Stayzilla
2006
February 2017
Yogendra Vasupal
Tourism
Lack of funds
Rooms Tonite
2014
2017
Suresh John
Hospitability
Intense competition
Job Bridge
2017
–
–
Job consultancy
Lack of proper management
Turant Delivery
2015
May 2017
Ankur Majumder and Satish Gupta
Logistic Provider
Lack of funds
Overcart
2012
2017
Saptarshi Nath and Alexander Souter
Cryptocurrency Exchange
Lack of clear regulatory framework for cryptocurrencies in India
LoanMeet
2016
May 2019
Ritesh Singh and Sunil Kumar
Finance (Short-term)
Tough competition from other big players
Main Reasons Why Startups Fail in India
The above-mentioned examples shed light on major issues that are responsible for the failure of nearly 90% of the emerging startups in India:
Lack of funds: On close observation, it is evident that insufficient funding or the lack of it caused most of the startups to shut down.
Highly anticipated model, not in sync with the nature and lifestyle of the Indian population: Some of the startups listed above failed because their highly anticipated models were not appropriate for Indians. Startups should either wait for the right time or educate their future consumers about their technology in advance. Also, the company should pivot only after a thorough market study.
Poor customer service and sub-par quality of the products offered: Be it an online startup or a brick-and-mortar store, customer service is of utmost importance. Some startups compromise on customer service and the quality of their products; the compromise always results in the closure of business.
Lack of focus and legal disputes: It is imperative for any startup to focus on building a solid foundation and then growing it further. Entrepreneurs should also focus on the legalities which may cause disruptions in the future. What if you ignore these two factors? You cease to operate like Stayzilla.
Why Do Startups Fail?
How to Bounce back from your Startup’s Failure
Panic doesn’t help in failure; relaxation and progressive thinking will prove to be useful. Successful people have seen failures and have overcome all challenges.
Here are some tips to bounce back from your startup’s failure:
Share Your Feelings
Don’t think that life ends after a failure. Don’t spend time criticizing yourself or anyone else, but feel proud of the takeaways from that failure. Keep in touch with friends, family, and relatives to stay calm and relaxed in times of failure. Find a mentor or a group of experienced people. Learn from them. Seek guidance and mental support from mentors and entrepreneurs who have seen both success and failure.
Find Different Sources Of Income To Recover Your Loss
Failures will lead to financial difficulties. So work on expanding your income stream. Contact mentors and entrepreneurs for suggestions on income generation. Do not get depressed because money is meant to come and go. Calculate how long your savings will last and plan accordingly. It will be great if you already have a secondary source of income. If not, spend some time creating a source of income through freelancing or consulting.
Prepare And Plan With Consciousness
A lot of lessons are learned after hard times. Use these lessons to prepare and prioritize. Make a survival plan. Startup founders are very comfortable with planning and execution. Appoint suitable founders and workers to assist you. Hard work always pays off, so work until you achieve success. If your startup fails, create an Excel sheet, and write down the skills in one column and the potential income from those skills in the second column. By doing this simple exercise, one will get some clarity on how to keep the business running for a few more months.
Wait For The Right Time To Get The Right Opportunities
Don’t take any important decision at the time of failure because the mind is depressed at such a time. Wait and then plan for the future. Take whatever time is required to make up your mind but once the thought process is in place, do not go back to thinking about the failure. Great opportunities do not come frequently. So wait for the right moment. It is better to wait for several months for the right kind of work than to get stuck on the wrong assignment.
Actions Speak Louder Than Words
Be mindful of your actions after a bout of failure. The right attitude is important during stressful moments. Take the right action with the right attitude. Say no to poor opportunities. Work to the best of your abilities. Aim high and let your failures be the stepping stones to success.
Failure is not an end. It’s the first step to success. Whether you are running a startup or are planning to launch one, note down the mistakes discussed in this post. Nothing hurts more than committing a mistake you were already aware of. If this case study on the failure of some promising Indian startups was useful to you, let us know in the comments.
Recent studies as of August 2024, show that up to 90% of startups in India fail within their first few years, highlighting the crucial need for strategic planning, market research, and strong financial management for entrepreneurs.
What happens when startups fail?
The startup may gather outstanding accounts, take up loans to settle outstanding debts, sell resources for paying debts, and cater to the investors who funded the startup. Venture capitalists and other investors usually end up at a loss when a startup fails.
Why do 90% of startups fail or why do most Indian startups fail?
Here are some of the major reasons: 1. Lack of funds. 2. Highly anticipated model against the nature and lifestyle of the target audience. 3. Poor customer service and low-quality products. 4. Lack of focus and legal disputes.
Which are the failed startups in India 2024?
The startups that failed in 2024 are Resso, Rario, OKX, Muvin, GoldPe, and many more.
What is the hardest business to start?
Businesses that require huge funds to start off with are the hardest to start. Businesses pertaining to logistics, restaurants, and travel agencies are deemed some of the most difficult businesses to start.
What is the safest business to start?
Businesses that require low investment are the safest. Things that can be done entirely from the comfort of your home are the easiest. Some examples are logo designing, digital marketing, website building, online tutoring, virtual assistance, and so on.
Am I too old to start a business?
There is no age limit for starting a startup. You can be 50 and have a unique idea that might take off in the market.
Despite the frantic efforts of rapid commerce enterprises to introduce and expand their fashion portfolios, fashion companies appear to be retaliating.
With its new quick-commerce programme, Myntra promises to deliver goods to customers in as little as 30 minutes. The service, called M-Now, is being tested in a few pin codes in Bengaluru. Myntra is now the first significant e-commerce platform to introduce a quick-commerce solution.
Myntra Express
Previously, Myntra has tried experimenting with quicker delivery times. Myntra Express, which offered 24-48 hour product delivery, was introduced in 2022. M-Now, on the other hand, strives to be even quicker and will deliver goods to clients in between 30 minutes to 2 hours.
Myntra’s entry into the quick-commerce space follows many quick-commerce businesses that have been quickly adding fashion items to their portfolios in recent months. Zepto has partnered with Puma, Swiggy Instamart has partnered with FabIndia, and Blinkit has partnered with Decathlon. All of these companies are rapidly expanding their fashion categories. Blinkit has even introduced a 10-minute return policy for fashion items, which may be important for the vertical. Fashion items are returned far more often than other types due to fit and size problems, so enabling returns for these items could encourage quick commerce platforms to gain traction.
It has Become Need of the Hour for Myntra
Due to all these recent developments in the quick commerce domain, it is now essential for established e-commerce companies to start their own businesses. It wouldn’t make sense for customers to wait days for deliveries through conventional e-commerce channels if fast commerce startups could deliver goods at the same costs in ten minutes. Additionally, more impulsive purchases would result from faster deliveries, which would open up demand that traditional e-commerce wasn’t fully meeting.
It appears that traditional e-commerce companies have recognised this and are taking steps to expedite the delivery of their products to consumers. Nykaa has introduced a three-hour cosmetic delivery service called Nykaa Now. Additionally, Flipkart has introduced Flipkart Minutes, a quick-commerce platform that offers a variety of things for delivery in ten minutes. Additionally, it looks like rapid commerce may be the next battleground for India’s several e-commerce businesses, as Myntra has joined the game with M-Now.
Currently, M-Now offers consumers the ability to access a variety of brands, including Mochi, Wrangler, Metro, Being Human, and Lavie, at an unprecedented pace. Myntra is stepping up its Gen Z-focused initiatives in tandem with M-Now. In 2024, Myntra’s Gen Z user base has already doubled to 16 million, thanks to the FWD fashion segment, which caters to trend-savvy young consumers. Myntra has positioned itself as a major player in youth-centric fashion with aims to gain an additional 20–25 million users from this group.
Price sensitivity seems to be higher among Indian consumers than private telecom corporations had anticipated. Following the announcement of rate increases in July, Reliance Jio, Airtel, and Vodafone have continued to lose customers. With the addition of new subscribers for the second consecutive month, state-owned BSNL, which had not hiked its tariffs, seems to be benefiting at their expense. A number of years of price battles came to an end in July when India’s telecom companies jointly announced price hikes.
With 79.7 lakh members lost in September, Jio experienced the most subscriber loss. In the meantime, Vodafone Idea lost 15.5 lakh customers, and Airtel lost 14.3 lakh. The customer base of state-owned BSNL increased by 8.5 lakh, in contrast.
BSNL Growing its Subscribers’ Network
These tendencies are consistent with August’s events. Airtel lost 24 lakh customers, Vodafone Idea lost 18 lakh customers, and Reliance Jio lost 40.1 lakh customers in August. During that time, BSNL added 25 lakh new customers. 2.5 lakh consumers were said to have switched from other providers to BSNL in July.
In September, 1.33 crore applications for mobile number portability (MNP) were submitted, representing a spike in demand. In the wake of increasing tariffs, the surge highlights growing customer unhappiness and shifting loyalties.
These actions come after Indian telecom firms announced pricing increases in June of this year, the first such action in about 30 months. Whereas Airtel had raised pricing by 10–21%, Jio had raised prices by 12–25% for its plans. VI’s various plans now have pricing that has increased by 11–24%. As a result, the most affordable 28-day monthly package with phone and data perks started at INR 189 for Jio and INR 199 for Bharti Airtel and Vodafone Idea. For just INR 108, state-owned BSNL was providing a plan with comparable benefits.
BSNL’s New Initiatives to Attract More Subscribers
BSNL has been searching for ways to leverage its price advantage since that time. Direct-to-device services, automated SIM kiosks, and spam blockers are some of the new initiatives that BSNL has introduced. Positive social media buzz has also been generated about it; a video of BSNL staff members revealing a SIM in a dilapidated government building has been contrasted favourably to the flashy debuts of private telecom firms. The advantages of having a state-run telecom operator are becoming clear in the era of privatisation; even if their service isn’t the best, it gives customers an alternative in the event that private companies decide to band together and raise prices at the same time.
A month after receiving board permission, foodtech giant Zomato has received shareholder approval to raise INR 8,500 Cr (about $1 billion) through a qualified institutional placement (QIP). The resolution was approved by about 99.79% of the shareholders. This follows the company’s announcement last month of a postal ballot requesting Zomato’s shareholders’ approval.
Zomato stated in an exchange filing on November 23 that the aforementioned notice was sent electronically on October 23, 2024, to all of the company’s members whose names are listed in the depositories’ register of members/register of beneficial owners as of October 18, 2024 (“Cut-off date”) and whose email addresses are on file with the company.
The Move is Aligned with the Regulations of Ministry of Corporate Affairs and SEBI
The business also stated that it complied with Securities and Exchange Board of India (SEBI) and Ministry of Corporate Affairs rules. In addition, other special resolutions, such as the implementation of multiple ESOPs (2018, 2021, 2022, and 2024) and interest-free loans to the Foodie Bay Employees ESOP Trust, were approved in the scrutiniser’s report, which summarises the results of Zomato‘s postal ballot on November 22.
According to reports earlier this month, the foodtech company plans to launch its INR 8,500 Cr QIP in December. Morgan Stanley has been chosen as the investment bank for the QIP, and it is still looking to add one or two other investment banks to the fundraise.
Establishing Fund Raising Committee
Zomato added that in order to determine the QIP’s structure, issuance method, pricing, discounts, and terms and conditions, the board established a fund-raising committee. Given that its cash reserve dropped to INR 1,726 Cr at the end of the September 2024 quarter due to an INR 2,048 Cr investment for the purchase of Paytm’s entertainment ticketing business, the company is hoping to improve its cash balance with this given the competitive environment and the significantly larger scope of the company’s operations today, the company feels that it needs to improve its cash balance. Deepinder Goyal, the founder and CEO of Zomato, went on to say that the company wants to make sure it is on an even playing field with its rivals, who are constantly raising more money, but it also believes that capital alone does not grant anyone the right to win (and that service quality is the key determinant of success).
According to Goyal, the business does not intend to use the money for acquisitions or minority investments. For the September quarter of 2024, Zomato’s consolidated net profit increased 389% year over year (YoY) to INR 176 Cr, driven by strong growth in its rapid commerce division, Blinkit. Zomato is anticipated to use the money raised from its QIP fundraising to grow Blinkit’s network of dark stores at a time when competition in the rapid commerce space is getting fiercer. In the meantime, its rivals in the industry have adequate funding as well. After an initial public offering (IPO) valued at more than INR 11,000 Cr, Zomato’s competitor Swiggy, which runs Instamart, went public on November 13. In less than three months earlier this year, Zepto raised almost $1 billion to expand its network.
Nitin Konde
