On November 5, 2024, Pixxel, a space start-up located in Bengaluru, revealed Fireflies, its flagship commercial hyperspectral satellites scheduled for launch in the first part of the next year. Established by Awais Ahmed, the start-up intends to deploy a constellation of six Fireflies satellites to monitor the earth in over 150 spectral bands, allowing the space data company to reach any location on Earth every day.
According to a company’s official statement, the Fireflies constellation will provide vital data for a range of applications, including real-time deforestation monitoring, tracking ocean pollution, and early agricultural disease diagnosis and water stress identification. By improving food security and promoting sustainable resource management, the satellites have the potential to be a crucial weapon in the battle against climate change.
What Fireflies Constellation Offers?
With over 150 spectral bands and native 5-meter resolution, the Fireflies constellation provides a significant improvement. These satellites can reach any location on Earth every day since they can cover a 40-kilometre area. Fireflies is a leader in satellite-based Earth observation thanks to its accurate and comprehensive imaging capabilities, which offer crucial data for a variety of applications.
Pixxel is committed to using space technology for a sustainable future as it gets ready to launch Fireflies. Pixxel intends to grow the constellation to 24 satellites in order to provide hyperspectral data to a global audience, giving decision-makers vital information for resource management and environmental stewardship.
According to Awais Ahmed, CEO of Pixxel, this constellation represents a significant turning point in the company’s ambition to provide everyone with comprehensive and useful facts about the globe.
He stated further that Fireflies is designed to provide users with the clarity and precision required to make significant decisions for a brighter future by capturing the world in ways one has never seen before.
About Pixxel
Pixxel is a space data startup that is developing a constellation of hyperspectral earth imaging satellites as well as the analysis tools necessary to extract valuable information from the data. With the intention of identifying, tracking, and forecasting global occurrences, the constellation is built to offer worldwide coverage every 24 hours. The team at Pixxel has consistently worked to push the limits of human exploration, from creating the first Hyperloop pod in India to manufacturing some of the most sophisticated satellites and missiles in the world to building landers and rovers for the moon.
Mumbai (Maharashtra) [India] November 6: The National Real Estate Development Council (NAREDCO) Maharashtra NextGen is excited to unveil the third edition of its flagship annual event, Excelerate 3.0, scheduled for 14th November 2024 at Hotel Sahara Star, Mumbai. Under the theme ‘Innovation in Construction,’ the event aims to further the penetration of cutting-edge innovation in making the construction and real estate industry ready for the challenges of the future including but not limited to rapid urbanization, climate change, etc.
Excelerate 3.0 will also spotlight NAREDCO Maharashtra’s PROPEL, an initiative designed to foster innovation and empower emerging entrepreneurs in the real estate landscape. As India’s real estate industry advances towards an ambitious $1 trillion target by 2030, the event seeks to position innovation as a core strategy in meeting the sector’s evolving demands.
The event will serve as a forum for thought leadership, featuring top industry experts, leaders, and innovators sharing their best practices and practical viewpoints in exclusive panel discussions named ‘Build Fast’, ‘Build Quality’, ‘Build Sustainable’. Attendees can expect a rich exchange of ideas on optimizing processes as well as cutting edge tools and technologies to contribute sustainably for the growth of our built environment.
Mr. Prashant Sharma, President, NAREDCO Maharashtra said, “Excelerate 3.0 is a clear reflection of our steadfast commitment to driving innovation and sustainability in the construction industry. By providing a platform for the next generation of leaders to come together, collaborate, and innovate, we’re laying the foundation for a more resilient and tech-forward sector. NAREDCO Maharashtra’s initiative is not just about setting new standards, it’s about inspiring bold, transformative solutions that will help build faster, build better; a more sustainable environment for the future.”
Mr. Rajan Bandelkar, Vice Chairman, NAREDCO said, “This is a powerful platform that will drive innovation and foster collaboration within the real estate sector. By nurturing emerging talent and embracing cutting-edge technologies, we are empowering the next generation of leaders to create sustainable, transformative solutions. As the real estate sector plays a pivotal role in India’s growth, initiatives like Excelerate 3.0 are key to setting new industry standards, promoting sustainability, and shaping the future of construction
Mr. Ridham Gada, President, NAREDCO NextGen Maharashtra said, “We are excited to announce Excelerate 3.0, an initiative designed to push the boundaries of innovation and excellence within the construction industry. This platform will empower young leaders and professionals to collaborate, ideate, and bring groundbreaking solutions that will reshape the future of real estate and infrastructure development. With the able support of NAREDCO Maharashtra, Excelerate 3.0 will be the catalyst for creating sustainable, technology-driven solutions that will help the industry build faster, build quality, and build sustainably, addressing the challenges of tomorrow.”
With a carefully curated agenda, Excelerate 3.0 promises to offer participants deep insights into the future of construction, foster meaningful dialogues, and establish a roadmap for sustainable growth in the sector.
Do you wish to have a delicious bite of blueberry cheesecake in the middle of the day at work or a hearty biryani meal for lunch?
Moving out of your house, facing the relentless traffic, unending queues at restaurants and cafes, waiting for your order, etc., sounds demotivating as always. They were some of the major hindrances between a person and his/her food. However, things have changed since August 2014.
Yes, with the birth of Swiggy, ordering food has been revolutionized in India; it has become as easy as one wants it to be.
With the launch of Swiggy, often dubbed as one of India’s fastest-growing companies, ordering food at home, office, or even while throwing a party seems like a breeze. Swiggy is a hyper-local food delivery application founded by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini in Bengaluru’s neighborhood, Koramangala. Swiggy has been quite popular even in its early days; it witnessed an exemplary expansion and is carrying on its successful legacy till now!
Here’s more about Swiggy, its Founders and team, Startup Story, its vision and mission, its Business and Revenue Model, Funding and investors, Growth, Competitors, Challenges, Awards and Recognition, and more.
Swiggy is a food delivery platform at its core, the services of which can be accessed from Android and IOS devices, and through the website. It partners with a wide range of restaurants and provides easy access to diverse food dishes from varying cuisines. Furthermore, it also accepts feedback and ratings from the customers that help others pick their restaurants and choices of dishes wisely.
As soon as a delivery is done, the customer is entitled to give feedback, and rate the food, and the delivery services. This insightful feedback guarantees that Swiggy keeps up its quality standards and that the user experience is always being improved.
A Statista report analysis indicates that the Indian online food delivery business is expected to develop significantly, with an anticipated revenue of US $43.78 billion by 2024. The sector exhibits strong potential for progress, as evidenced by the astounding 16.14% annual growth rate (CAGR 2024-2029) that this surge represents.
The market size is expected to reach US $92.50 billion by 2029, highlighting the enormous potential in India’s rapidly expanding online meal delivery sector. This prediction emphasizes how changing customer tastes and technology breakthroughs are changing the face of the food sector and leading to a greater dependence on digital platforms for meal delivery services.
Swiggy – Founders and Team
Lakshmi Nandan Reddy, Rahul Jaimini, and Sriharsha Majety (CEO and Co-Founder) founded Swiggy in 2014.
Lakshmi Nandan Reddy, Rahul Jaimini, and Sriharsha Majety (CEO and Co-Founder) are Co-Founders of Swiggy (Left to Right)
Sriharsha Majety
Sriharsha Majety is the CEO and Co-Founder of Swiggy. He had completed a B.E in Electrical and Electronics along with an M.Sc in Physics from BITS Pilani in the year 2008. Sriharsha then went to study the CFA program at the CFA Institute and managed to complete level II of the program.
After this, he considered enrolling for an MBA in Finance and chose IIM, Calcutta, from where he graduated in 2011. Before Swiggy, Majety worked as the recruitment coordinator for IIM and was also a part of the rates trading Desk in London at Nomura International. In the year 2013, he co-founded Bundl Technologies Pvt Ltd along with Nandan Reddy, which became the cradle for Swiggy.
Lakshmi Nandan Reddy
Lakshmi Nandan Reddy is the Co-Founder of Swiggy. He is also a BITS Pilani alumnus, who pursued M.Sc from the same college and completed it in 2010. Reddy worked as the head of the operations of social media at SourcePilani, the first BPO for rural India, for about 2 years. He was the founding partner of Zurna, a restaurant in Hyderabad, after which he co-founded Bundl, which later on led to Swiggy.
Rahul Jaimini
Rahul Jaimini, who worked as a Senior Software Engineer at Myntra, joined Majety and Nandan to build the application for Swiggy. Rahul completed a Dual Degree from IIT Kharagpur in Computer Science & Engineering in 2010. He has also worked for companies like Philips Research and Netapp. Jaimini left the organization in May 2020 and Co-Founded Pesto Tech.
Swiggy operates with 1,001 – 5,000employees as per LinkedIn.
Swiggy – Startup Story
Swiggy wasn’t started as a food delivery business. Yes, you might hear this for the first time, but it is how it is. Sriharsha spent over 6 months cycling across Europe with a business idea in 2013. The first idea that struck his mind was that of a backpacking chain of hostels that would help foreigners when they look to visit India.
In the same year, Sriharsha and Nandan came together to build a company that would empower courier services across the country and would stand as a logistics solution. They named it Bundl Technologies Private Limited. However, Bundl did not turn out successful and forced the founders to shut down the business in 2014. Following its failure, Majety began his research and discovered much potential in the food industry. This led to the birth of Swiggy, an online food delivery company. They met Rahul Jaimini, who helped them build the software, and the company was finally founded in August 2014.
When Swiggy came to the market, the food delivery sector already had applications like Foodpanda, Tinyowl, and Ola Café. Foodpanda and Tinyowl were later acquired by Ola Cabs and Zomato respectively, and Ola café was eventually shut down, just barely a year old. While all these companies struggled, Swiggy started in 2014 with 6 delivery boys providing food from 25 restaurants, and at the end of its first year, in March 2015, the company served 1 million orders per month. This is how the journey started for the food tech giant.
Swiggy – Mission and Vision
The mission on the company’s website states “Our mission is to elevate the quality of life for the urban consumer with unparalleled convenience. Convenience is what makes us tick. It’s what makes us get out of bed and say, “Let’s do this.”
The Swiggy Vision is “to be the leading local service provider in India. By offering a wide range of service alternatives, they hope to redefine ease for all users and become the country’s easiest and most accessible platform.”
Swiggy – Name and Logo
Swiggy Logo
Swiggy parent company is “Bundl Technologies Private Limited.”
Swiggy – Products and Features
Swiggy has launched many products and features. Some of the features are:
Swiggy Photoshoot: To improve the visual attractiveness of restaurant menus, Swiggy introduces an AI-based solution on November 8, 2023
Swiggy Introduces Learning Station: To offer customized content for restaurant partners’ growth, Swiggy Presents Learning Station on September 13, 2023
The Swiggy Moonlighting Policy permits delivery employees to work regular jobs in addition to extracurricular activities on August 24, 2023
Swiggy Menu Score Tool, which provides restaurant partners with data-driven recommendations to increase conversions in 2023
Co-branded credit cards were introduced by Swiggy in collaboration with Mastercard and HDFC Bank to improve customers’ purchasing experiences on July 26, 2023
Swiggy WhatToEat function, which allows users to browse meal options according to their appetites and moods on July 2023
With the launch of Swiggy Mini, fee-free product sales are now possible throughout India on April 2023
Swiggy Launchpad: Offering new restaurant partners a commission-free first month, Swiggy Launchpad is live as per the news report of March 2023
Swiggy Dine Out Offers: Providing millions of Swiggy users in 24 cities with discounts at over 18,000 restaurants in February 2022
Swiggy Extends Cloud Cooking Business: To open restaurants in new areas, Swiggy is extending its Cloud Kitchen program in July 2022
Swiggy Affiliate Program: Offering a lucrative affiliate program to people who send Swiggy customers
Swiggy – Business Model
Swiggy has established itself as a major participant in the hyperlocal on-demand food delivery market by using state-of-the-art technology to link consumers with their preferred restaurants and vital suppliers. With a large selection of eateries and retail establishments including extensive menus and pricing, the platform provides a one-stop shop for consumers looking for convenience and diversity.
In addition to delivering food, Swiggy also offers services for buying groceries and other requirements, which strengthens its value proposition and meets a range of customer demands. Swiggy’s operations revolve around crucial tasks like overseeing payment and delivery procedures, establishing alliances with nearby businesses, and orienting delivery providers and suppliers to guarantee smooth transactions and effective services.
Swiggy’s client segmentation demonstrates its flexibility and dedication to satisfying changing customer needs. It serves a range of consumer demographics, such as those who enjoy the ease of placing orders from home, look for hassle-free online shopping, or depend on delivery services for their purchases.
Enabled by a strong technological infrastructure, a large network of local partners, and a specialized delivery fleet, Swiggy maintains its dedication to efficiency, dependability, and client happiness. Swiggy is a leader in hyperlocal delivery, and it will continue to improve the overall consumer experience by offering unmatched convenience and flexibility with features like unconstrained ordering, easy online payments, and a variety of payment options.
Swiggy has expanded its streams of revenue throughout the years. Here are some prominent streams that the company currently draws its revenue from:
Delivery charges
Customers are Swiggy’s main source of income. A little delivery cost is charged by the business, and it goes up based on the overall amount of the order. Moreover, Swiggy frequently increases the fees during periods of exceptional weather or excessive demand.
Commissions
The commissions that Swiggy gets are a significant source of income for the company. These commissions are gathered from the eateries to produce sales leads and use Swiggy’s fleet to deliver the food.
Advertising
Swiggy also earns some revenue with:
Banner Promotions – Swiggy encourages restaurants to promote their brand via display ads on its app. This helps all the restaurants that are partnered with Swiggy from different regions, to receive considerable visibility against the payments they make.
Priority listing of restaurants – Swiggy has an option for priority listing and in them, the company includes select restaurants against premium rates. A restaurant has to pay more if it wants to be displayed ahead of its peers.
Platform Fees
Swiggy is also earning revenue from platform fees, which started in April 2023 in cities like Bangalore, Hyderabad, and Chennai. They are charging Rs. 2 as a platform fees for every order.
Swiggy Access
Produces income by renting out fully functional cooking areas to restaurant partners, allowing them to grow into new neighborhoods. Swiggy Super Memberships: Offers members advantages like priority issue resolution and spike price-free orders in exchange for a subscription-based income stream.
Swiggy Go
Expand revenue sources by generating a new revenue stream for the business by providing quick package pick-and-drop services.
Instamart
Produces income via expedited grocery delivery, guaranteeing prompt delivery and meeting clients’ urgent requirements.
Swiggy Genie
Makes money by charging for on-demand pick-and-drop services for a range of products, giving consumers convenience and making money from the delivery process.
Swiggy Bazaar
To enter the social commerce space, Swiggy intends to make money by offering fresh farm produce and food FMCG on its platform.
Affiliate Income
Increases sales for the partner company and brings in money by collaborating with financial institutions to provide clients discounts when they use their credit and debit cards.
Swiggy has demonstrated its dedication to rewarding its employees through its Employee Stock Ownership Plan (ESOP) liquidity program since 2021. With a start date of June 2022 and a value of $23 million, the first tranche offered benefits to about 900 workers.
With this initiative, Swiggy is demonstrating its commitment to recognizing and rewarding its workforce—it has held four liquidity events since 2018. Building on this momentum, Swiggy further demonstrated its dedication to employee engagement and retention when it announced that the second phase of its ESOP liquidity program will be with a total investment of $50 million as per the news report of July 2023.
Swiggy – Challenges Faced
Swiggy has faced numerous difficulties since its founding, some of which are carried over from Bundl. Swiggy deals with a plethora of challenges every day, ranging from making sure the app runs smoothly to managing relationships with restaurants and delivery partners and skillfully negotiating revenue channels while responding to unfavorable reviews.
Notably, the platform experienced labor unrest when delivery executives went on strike in Bangalore and Mumbai, demanding better pay and working conditions. The untimely demise of a Swiggy delivery worker in Hyderabad brought attention to the dangers of the profession.
Swiggy had unheard-of challenges during the COVID-19 outbreak, but the company quickly adjusted, putting in place safety precautions for its employees and enduring layoffs. Swiggy was also forced to temporarily halt Swiggy Genie operations and reduce services like Supr Daily due to operational difficulties. Despite these difficulties, Swiggy’s fortitude is evident as it works to overcome setbacks and advance in the very competitive food technology market.
Swiggy – Funding and Investors
Swiggy has seen a total of $3.8 billion worth of funding over 19 rounds.
Swiggy raised INR 5,085 crore from anchor investors ahead of Its IPO launch on November 5, 2024. Over 75 investors, including BlackRock, Fidelity, Nomura, BNP Paribas, and Allianz Global, invested in the anchor portion of Swiggy’s IPO.
Amitabh Bachchan’s family office has purchased a small stake in Swiggy by buying shares from the company’s employees and early investors, according to sources. Raamdeo Agrawal, chairman of Motilal Oswal Financial Services, has also invested in Swiggy, as quick-commerce companies are currently seeing a surge in fundraising. Additionally, Hindustan Composite’s board has agreed to buy 1,50,000 equity shares in Swiggy, investing INR 5.17 crore, as per a disclosure made through the National Stock Exchange (NSE).
Date
Stage
Amount
Investors/Shareholders
October 28, 2024
Secondary Market
$200M
–
September 18, 2024
Secondary Market
₹30M
–
August 28, 2024
Venture Round
–
Amitabh Bachchan’s Family House
August 2, 2024
Funding Round
–
Manu PS
January 24, 2022
Venture Round
$700 million
Invesco
July 12, 2021
Series J
$450 million
SoftBank Vision Fund 2, Accel Partners, Prosus
April 5, 2021
Series J
$800 million
Falcon Edge Capital, Prosus Ventures
May 19, 2020
Venture Round
$1.9 million
–
April 6, 2020
Series I
$43 million
–
February 19, 2020
Series I
$113 million
Prosus Ventures
December 20, 2018
Series H
$1 billion
Prosus Ventures
June 21, 2018
Series G
$210 million
Prosus Ventures and DST Global
February 8, 2018
Series F
$100 million
Prosus Ventures
May 30, 2017
Series E
$80 million
–
January 1, 2017
Debt Financing
$5 million
–
Swiggy – Investments
Swiggy has made a total of 7 investments to date.
Here’s the list of the Swiggy investments:
Date
Company Name
Funding Round
Lead Investor
Deal Value
December 22, 2023
kitchens@
Series C
$65 million
October 4, 2023
Altitude Club
Pre Seed Round
$500K
April 17, 2022
UrbanPiper
Series B
No
$24 million
April 15, 2022
Rapido
Series D
Yes
$180 million
February 22, 2021
Fingerlix
Series C
No
$2.57 million
February 1, 2021
Maverix Platforms
Series C
No
$200 million
April 7, 2020
Fingerlix
Series C
No
$1.9 million
February 26, 2019
Fingerlix
Series C
Yes
$4.4 million
Exit
Swiggy has exited from Fingerlix.
Swiggy – Acquisitions
Swiggy has acquired 6 companies to date.
Here’s a glimpse at all the companies that Swiggy has acquired:
Name of the Acquired Company
Date of Announcement
Cost of Acquisition
LYNK Logistics
Jul 13, 2023
–
Dineout
May 13, 2022
$200 million
Kint.io
February 4, 2019
–
Supr Daily
September 1, 2018
–
Scootsy
August 2, 2018
$8 million
48East
December 13, 2017
–
Swiggy – Growth
Swiggy Growth Highlights are:
It has 1,50,000+ restaurant partners countrywide as of April 2024
It has 2,60,000+ delivery executives as of April 2024
It has a presence in 500+ cities inPAN India as of April 2024
The valuation of Swiggy is $12.7 billion as per news report of April 9, 2024
Swiggy Financials FY24
Swiggy reported a 36% rise in operating revenue to INR 11,247 crore in FY24 ahead of its IPO and reduced its losses by 44% to INR 2,350 crore. Swiggy’s total expenses rose from INR 12,884 crore in FY23 to INR 13,947 crore in FY24.
Swiggy Financials FY24
Swiggy Financials
FY23
FY24
Operating Revenue
INR 8265 crore
INR 11247 crore
Total Expenditure
INR 12884 crore
INR 13947 crore
Procurement Costs
INR 3381 crore
INR 4604 crore
Employee Benefit Expense
INR 2130 crore
INR 2012 crore
Advertising Expense
INR 2501 crore
INR 1851 crore
Delivery & Related Charges
INR 1694 crore
INR 1637 crore
Net Loss/Profit
INR -4179 crore
INR -2350 crore
Swiggy – IPO
Swiggy plans to raise INR 5,000 crore through its upcoming IPO and will ask shareholders for approval at an EGM on October 3, 2024. For the year ending March 31, 2024, Swiggy saw a 36% growth in operating revenue and reduced its net loss by 44%. The company had earlier aimed to raise INR 3,750 crore in fresh funds and an INR 6,664 crore offer for sale. However, the final size of the IPO may change from what it is currently asking shareholders to approve. Swiggy opened its IPO on November 6, 2024, with allotment scheduled for November 11. Swiggy’s IPO listing date is scheduled for November 13.
As of October 2024, Swiggy has reduced its valuation by 10-16% to around $12.5-13.5 billion for its upcoming IPO because of recent market fluctuations. According to Reuters, Swiggy made this move in response to volatility in the Indian stock markets, aiming to ensure that investors who bid during the IPO have strong potential for returns.
Swiggy – Campaigns
Swiggy Campaign
“Sharma Ji Ki Beti,” Swiggy Dineout’s campaign, aims to change Indian customers’ dining-out experiences. The campaign, which was created by Toaster India, fits in with Swiggy Dineout’s strategic aim to raise its profile during one of the company’s yearly flagship events, the Great Indian Restaurant Festival (GIRF).
With this innovative campaign, we hope to challenge the norms around dining out and provide consumers across the country with a remarkable dining experience.
Swiggy is aiming for a valuation of about $15 billion in its upcoming stock market debut, where it plans to raise $1-1.2 billion as per the sources. As of October 24, 2024, Swiggy has reduced its valuation by 10-16% to around $12.5-13.5 billion for its upcoming IPO due to recent market fluctuations. If successful, it would be one of the largest Indian initial public offerings (IPOs) this year.
Swiggy formally became a public company on April 8, 2024. The company’s status with the Registrar of Companies has been updated after a resolution adopted by its board of directors. This update represents a significant step towards the company’s definitive initial public offering (IPO) plan, which is slated to take place in the second half of this year. The holding company’s name has been changed from Swiggy Private Limited to Swiggy Limited as part of this transformation, reflecting its development as a publicly traded company.
After reaching this momentous milestone, Swiggy hopes to take advantage of its newfound prominence and start growing and expanding to fully utilize the enormous potential of the public markets. This calculated action highlights Swiggy’s dedication to seizing fresh opportunities, increasing shareholder value, and reaffirming its position as the industry leader in rapid commerce and food.
FAQs
Who is the founder of Swiggy?
Rahul Jaimini, Sriharsha Majety, and Nandan Reddy are the founders of Swiggy, who founded the company in 2014.
What is Swiggy?
Swiggy is a food delivery platform at its core, the services of which can be accessed from Android and IOS devices, and through the website. It partners with a wide range of restaurants and provides easy access to diverse food dishes from varying cuisines.
Which is Swiggy’s parent company?
Swiggy parent company is Bundl Technologies Private Limited.
What is Swiggy tagline?
Swiggy has many taglines depending on its campaigns but the tagline “No Order Too Small” brought it a recognition from Star Re. Imagine Awards.
What is mission and vision of Swiggy?
Swiggy mission states,“Our mission is to elevate the quality of life for the urban consumer with unparalleled convenience. Convenience is what makes us tick. It’s what makes us get out of bed and say, “Let’s do this.”
Swiggy Vision is “to be the leading local service provider in India. By offering a wide range of service alternatives, they hope to redefine ease for all users and become the country’s easiest and most accessible platform.”
What is Swiggy’s Customer Care Number?
Swiggy focuses on dealing with a bunch of customer queries with its comprehensive chat support instead of attending to a bunch of customers and keeping them waiting on their phone lines. With Swiggy’s easy chat support, a customer just needs to initiate a chat and initially answer the bot, which later redirects them to real advisors who solve their queries. Furthermore, the customers can also drop their issues at support@swiggy.in.
How did Swiggy start?
Swiggy was started by Sriharsha Majety, Nandan Reddy, and Rahul Jaimini, an IIT Kharagpur alumni who agreed to code for the platform. The company was founded in 2014, in Koramangala, Bangalore.
Is Swiggy running in loss?
Food delivery giant Swiggy (Bundl Technologies Private Limited) has reported its revenues for the financial year 2023 at Rs 8264.6 crore, an increase since the last financial year. The company further reported a net loss of Rs 4,179 crore. Though the losses have increased from Rs 3,629 crore, which Swiggy witnessed in FY22, Swiggy is certainly running in losses!
How can a restaurant partner with Swiggy?
A restaurant can simply mail Swiggy at partnersupport@swiggy.in and follow all the instructions.
Is there a minimum order value for ordering at Swiggy?
The short answer is No. If you want to order at Swiggy, you can do it without any further worries about any minimum order value that you must maintain.
What is the Swiggy affiliate program?
The Swiggy affiliate program is an initiative of Swiggy, which lets Swiggy users stand a chance to earn the highest payout.
What is the Swiggy Instamart website?
Swiggy Instamart doesn’t have a new website. However, if the users want to visit Swiggy Instamart on the Swiggy website, then they just need to go to the Instamart section of the website.
What are some Swiggy alternatives?
Some of the Swiggy alternatives are:
Zomato
DoorDash
GrubHub
Postmates
Deliveroo
Faasos
Box8
Is Supr Daily acquired by Swiggy?
Supr Daily, a milk delivery startup in Mumbai, was acquired by Swiggy in September 2021.
Dixon Technologies, a manufacturer of electronics hardware, announced on 5 November 2024 that Dixon Teletech, a wholly-owned subsidiary, would be incorporated to produce parts for IT hardware products. With orders from the top four laptop brands in the nation—HP, Lenovo, Acer, and Asus—the contract manufacturer is establishing facilities to increase laptop assembly under the production-linked incentive plan for IT hardware.
The company stated in an exchange filing that the wholly owned subsidiary was established with the purpose of manufacturing and dealing in a variety of information technology products, including IT hardware components, related products, equipment, and their components.
How Does the New Arm Work?
Dixon Teletech was formally established on September 28, 2024, and has already received a seed capital of INR 1 lakh from its parent firm for 10,000 shares at a price of Rs. 10 apiece. Dixon Teletech is prepared to manufacture a variety of IT hardware, components, and equipment, with an emphasis on increasing local laptop production.
Dixon is establishing revenue targets with these new alliances, hoping to generate a healthy INR 3,500 crore from its IT hardware division by FY26 and a significant INR 48,000 crore over the following six years.
Changing Regulations and the Need for Domestic Technology
With the existing authorisation framework expiring in December 2024, India’s import regulations and policies for IT hardware are poised to become more stringent. After that, beginning in January 2025, importers will require new authorisations. Given that more international IT businesses are looking to India as a production base, Dixon’s growth couldn’t come at a better moment as global players explore Indian manufacturing centres.
Although Dixon Technologies’ stock is down 1.35% as of now at INR 14,240.00, the company has demonstrated remarkable growth, rising 120.40% so far this year and 170.37% in the last 12 months. Dixon’s decision is a symbol of India’s growing potential in the global IT hardware industry as well as growth for the business. Given Dixon’s track record of meeting goals and the PLI scheme’s support for local production, Dixon Teletech has the potential to revolutionise the industry. This is a significant step in promoting local businesses and lowering dependency on imports.
About Dixon Technologies
In India, Dixon Technologies (India) Limited has been at the forefront of the electronic manufacturing services (EMS) market. Dixon was established in 1993 and began producing colour television in 1994. Since then, the company has grown to include a number of electronics sub-sectors.
The biggest domestic design-focused solutions company in India, Dixon Technologies (India) Limited, manufactures goods for the consumer durables, lighting, and mobile phone industries. Consumer electronics like LED TVs, home appliances like washing machines, lighting items like LED bulbs, tubelights, and downlighters, mobile phones, CCTV & DVRs, wearable technology, and refrigerators are just a few of their varied product offerings. Dixon also offers reverse logistics solutions, such as LED TV panel repair and refurbishment services.
Investors are being cautioned by the Securities and Exchange Board of India (SEBI) about unapproved virtual trading and gaming platforms that provide services and advice based on stock prices. SEBI underlined that these platforms breach important investor protection regulations and function without regulatory license.
“The Securities and Exchange Board of India has discovered that certain apps, web applications, and platforms are providing the public with virtual trading services, paper trading, or fantasy games based on stock price data of listed companies,” stated SEBI in a circular released on 5 November 2024.
According to SEBI, these actions are against the Securities Contract (Regulation) Act of 1956 and the SEBI Act of 1992, which are legislation designed to safeguard investors. The warning is in connection to an earlier advice from SEBI on August 30, 2016, which warned against securities market leagues, schemes, and tournaments, some of which gave out prize money.
SEBI reaffirmed that only registered intermediaries should be used by investors to trade and make investments. SEBI has no jurisdiction over unapproved platforms. Furthermore, SEBI’s procedures are unlikely to provide protection or grievance redress for any problems resulting from such unregistered schemes or platforms.
The circular further emphasised that investors who use unapproved platforms have no alternative. They would not have access to investor grievance procedures run by exchanges or the online dispute resolution tool, Smart ODR, and they will not be eligible for safeguards under SEBI’s authority, such as SEBI’s Complaints Redress System (SCORES).
Why SEBI is so Concerned?
The markets watchdog is worried that these operations resemble “dabba trading,” an unlawful practice that uses unapproved channels, even though SEBI’s most recent warning does not name specific organisations, according to a media report. The regulator limited the access for virtual stock games in May of this year by ordering depositories and stock exchanges to cease supplying real-time pricing data to third-party apps. This regulation, which specifically targeted apps that offer cash prizes or gamify real-time stock movements, attempted to prevent users from forming irrational expectations about the equities market or taking risks based on virtual accomplishments. According to the same media report, stock exchanges have also warned organisations that use information that was scraped from their websites or brokers’ websites.
What is a Fantasy Stock Game Like?
Stock investing can be dangerous since prices might suddenly decline, resulting in possible losses as well as extra fees and taxes. On the other hand, fantasy stock game applications claim to be a safer substitute. For a nominal admission fee, users can forecast price movements by simulating stock trading using real stock data from exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Users could win cash prizes, luxury goods, or gold coins if their predictions come true. The admission fee, which is much less than the true costs of trading, is all that is lost if the user’s prediction goes wrong.
These apps that use real-time data from regulated exchanges are disapproved by SEBI. According to SEBI, these platforms use market data to draw users, possibly leading them to mistakenly believe that virtual success is equivalent to actual trading prowess. In contrast to actual trading, these apps are unregulated and exempt from risk disclosure requirements.
The holiday season is almost here, and with it comes two of the biggest retail events of the year: Black Friday and Cyber Monday. These shopping extravaganzas present a huge opportunity for brands to drive product sales and boost their online presence. But you know the drill! Today, it is more about what we see around in social media, by people whom we look up to. As we look ahead to Black Friday 2023, it’s important to consider the role of influencers in your marketing strategy. Influencer marketing has proven to be a highly effective method for engaging with customers and driving meaningful impact throughout the entire sales funnel.
As per Shopify reports, 61% of people trust advice from influencers more than the 38% who trust posts directly from brands. By working with influencers who connect well with your audience, you can make your brand more visible, bring more people to your website, and increase your profits.
In this article, we will explore some best practices and strategies for leveraging influencers to maximize your success this holiday season.
To make the most of Black Friday and Cyber Monday, it’s crucial to start planning your influencer campaign well in advance. By securing your influencer partners early on, you can ensure that they have enough time to plan and create high-converting content for your campaign. We recommend having a finalized list of holiday influencer partners by the end of October or the first week of November. Building relationships with influencers takes time, so it’s important to establish an organic connection before the holiday season. Consider activating smaller-scale collaborations a month or two before the main campaign to build familiarity and trust with the influencer’s audience.
Utilise third-party influencer discovery tools like Aspire, Tring, and others to find and connect with potential influencers. These tools allow you to search for influencers based on specific filters such as keywords, engagement rate, and aesthetics. Alternatively, you can publish your campaign on platforms like the Creator Marketplace to attract high-quality influencers who are interested in partnering with your brand.
Influencer Marketing Market Size Worldwide From 2016 to 2024
Incorporate Influencers Into Your Affiliate Program
Influencer-affiliate programs have become increasingly popular and successful in recent years. By adding influencers to your affiliate marketing program, you can tap into their trusted relationship with their audience and create a new revenue stream for your business. Consumers are turning to social media to discover new products, and influencers play a significant role in shaping their purchasing decisions. By providing influencers with affiliate links, you can make the buying journey even more seamless for their audiences.
Consider collaborating with influencers to create highly authentic and relatable content that showcases your products. From try-on hauls to “Get Ready With Me” makeup tutorials, influencers can create engaging and persuasive content that resonates with their followers. Give influencers the freedom to be creative and encourage them to highlight the products from your brand that they love and can’t live without.
Get Creative With Your Campaign Ideas
Black Friday and Cyber Monday offer the perfect opportunity to get creative with your marketing campaigns. Consider leveraging current trends to drive interest and engagement. Participating in popular sounds, dances, challenges, or other trends can increase the likelihood of your content going viral and reaching a wider audience. Encourage influencers to incorporate these trends into their content and showcase how they align with your brand.
Additionally, consider ways to give back and make a positive impact during the holiday season. Collaborate with influencers to raise awareness and funds for charitable causes that align with your brand values. By highlighting your commitment to these causes through your influencer campaign, you can engage your audience on a deeper level and demonstrate your brand’s social responsibility and this collaboration can be the best holiday influencer marketing collaboration.
Offering exclusive discounts or promotions through influencers can also create a sense of urgency and drive interest in your products. By making these discounts available only for a specific period, you can incentivize consumers to make a purchase and take advantage of the limited-time offer.
Give special deals like unique discount codes or product bundles just for the influencer’s followers to encourage them to buy. Let influencers share teasers or countdowns to build excitement before a sale, which can drive more people to your website. Also, provide personalized affiliate links so influencers can earn a commission, and you can easily track sales.
Maximise Impact Through Content Repurposing
Influencers can support your holiday marketing efforts by providing high-quality content that can be repurposed across various channels. Once you’ve sourced influencer-generated content, you can stretch its impact by repurposing it in different ways:
Paid Ads
Paid ads are a powerful tool for reaching a wider audience during the holiday season. Incorporate influencer-generated content into your paid ads to leverage the creators’ namesake and provide social proof. Consider putting paid spend behind organic posts to run Partnership Ads, which have been proven to achieve lower cost per purchase and higher conversion rates. Remember that people pay for the intent, and influencers just validate the same.
Email Marketing
Email marketing is an effective way to nurture leads and drive conversions. It is always a great idea to incorporate influencer content into your email campaigns to create a sense of urgency and FOMO (fear of missing out). As a business, you can use influencer-generated content in abandoned cart emails, weekly newsletters, and other email communications to engage your subscribers and drive them toward making a purchase.
Website
Your website is a valuable asset for showcasing your products and converting visitors into customers. Enhance your product pages by adding influencer-generated content, such as testimonials or reviews, to improve conversion rates. By featuring influencer posts on your site, you can provide social proof and build trust with potential buyers.
As Black Friday and Cyber Monday approach, it’s crucial to work with influencers to scale your seasonal content creation and hyper-target your audiences. By implementing these influencer marketing strategies on Black Friday, you can boost your product sales and make the most of this retail holiday. If you’re ready to kickstart your Black Friday campaign, consider partnering with Aspire to connect with high-quality influencers and set yourself up for success throughout the entire holiday season.
Track and Measure Success
After starting your influencer campaign, it’s important to track how well it’s doing. Look at things like engagement, conversions, and total sales to see what’s working. Use analytics tools to check each influencer’s post performance, so you can learn which strategies connect best with their audiences. Use this information to make your future campaigns better by choosing the right influencers and content. Knowing what works helps you keep improving and get the best results from your influencer marketing.
5 ways to find influencers to grow your brand I Influencer marketing 2023
Conclusion
Remember, influencer marketing is not just about driving sales; it’s about building long-term relationships and establishing your brand as a trusted authority. By leveraging the power of influencers, you can create authentic connections with your target audience and drive meaningful impact for your business. So start planning your influencer campaign today and get ready for a successful Black Friday and Cyber Monday!
FAQs
How can the influencer-generated content be repurposed?
The influencer-generated content can be repurposed in different ways like having paid ads, incorporating the influencer-generated content in email campaigns, and enhancing the product pages of the website with the influencer-generated content.
What are third-party influencer discovery tools?
Third-party influencer discovery tools like Aspire, Tring, and others help in connecting with potential influencers. These tools allow users to search for influencers based on specific filters such as keywords, engagement rate, and aesthetics.
When is Black Friday in 2024?
The Black Friday sale event falls on 29 November, just a few weeks away.
As 2024 concludes and bids us goodbye, festivities take center stage, an even playground for businesses all around the globe. While India celebrates Navratri, Diwali, or Christmas – on a global scale the important sales days are somewhat different. As a business owner, Black Friday and Cyber Monday are the biggest shopping events of the year – arguably the foreign versions of the BBDs and GIFs that were homegrown in India by Flipkart & Amazon respectively. To make the most out of these days and stand out from the competition, it’s crucial to have a well-thought-out strategy in place. In this article, we shall shed some light on how to prepare your business for the grand days and share some innovative ideas to boost your sales.
As per the reports, Black Friday 2023 online revenue reached over $9.80 billion, a 7.46% increase from last year. It was 188% higher than the average daily online sales and 179% higher than Q4’s daily sales. However, Black Friday’s revenue was 21% lower than Cyber Monday. From 2022 to 2023, online retail spending grew by 7.69%.
Why Shoppers Buy on Black Friday?
In this article, we shall explore some smart tips to get your brand ready for Black Friday and Cyber Monday Sales.
Understanding the Significance of Black Friday and Cyber Monday
Black Friday is a popular shopping event that takes place on the day after Thanksgiving in the United States, marking the unofficial start of the holiday shopping season. It is characterized by significant discounts, special sales, and promotions offered by retailers both in physical stores and online. On the other hand, Cyber Monday, which falls on the Monday following Black Friday, focuses primarily on online sales. The concept of major shopping events with deep discounts has become a global phenomenon in the retail industry, extending beyond the United States to many other countries. These days offer businesses a unique opportunity to boost their sales and attract new customers.
Tips for Maximising Your Black Friday Sales
While we’ve talked at length about the significance of these days, here are the things you can leverage to make the most out of these big days.
Identify Your Target Audience
Before planning your Black Friday marketing campaign, it’s essential to identify your target market. By understanding your audience’s preferences and interests, you can offer deals on products that are more likely to resonate with them. Conduct market research and segment your audience to tailor your promotions effectively. A little bit of research always comes in handy.
Curate Gift Guides
Create gift guides showcasing your top picks for different demographics or specific occasions. This not only helps customers narrow down their options but also highlights specific products or deals. For example, you can create a gift guide for grandparents or travel enthusiasts or for that special someone. This curated approach adds value to your customer’s shopping experience and increases the chances of making a sale.
Promote Hourly Deals
Urgency is an incredible sales phenomenon. To create a sense of urgency and excitement, consider offering hourly deals on Black Friday. By continuously refreshing your deals throughout the day, you keep customers engaged and encourage impulse buys. Promote these deals through announcements, app alerts, and prominent advertising to maximize their visibility and impact.
Offer an Early-Bird Sale
Differentiate your business by offering an early-bird Black Friday sale. This attracts customers who are looking for deals and are willing to wake up early to take advantage of them. By starting your sale before the competition, you can gain a head start on holiday sales and create a smoother shopping experience for both customers and your task force.
Provide Free Shipping
Neutrogena Black Friday Deal includes Free Shipping
In the online marketplace, offering free shipping can be a game-changer. Customers appreciate the convenience and cost savings associated with free shipping. By removing the burden of minimum spending or high shipping costs, you not only increase sales but also enhance customer satisfaction and loyalty. Free shipping is a big thing, globally – folks!
Extend Your Sale to Cyber Monday
While Black Friday is undoubtedly a significant shopping day, don’t limit yourself to just one day. Extend your sale to Cyber Monday to reach a broader audience of online shoppers. By offering discounts both in-store and online during this period, you provide customers with more options and increase your chances to target Cyber Monday sales.
Make Customers Say Hello To Small Business Saturday
As a business owner, you can take advantage of Small Business Saturday, which falls on the Saturday after Thanksgiving. This shopping holiday encourages consumers to support small, independently owned stores. Promote your participation in Small Business Saturday to attract local customers and leverage the increased footfall in your area.
Differentiate your business by delivering a unique and special in-store experience on Black Friday. Offer complimentary refreshments, host fun events or raffles, provide personalized customer service, and create festive decorations. By creating a memorable experience, you not only attract customers but also encourage them to return even after Black Friday has passed.
Focus on Exceptional Customer Service
While deals and promotions are crucial, excellent customer service can be the differentiating factor for your small business. Focus on providing prompt assistance, knowledgeable staff, and a cheerful atmosphere. Happy customers are more likely to return to your store or recommend it to others, increasing your long-term success. Well, we are talking about the offline stores here. When you’re selling online – things are different and you can easily make an impact with a quality user interface, the right flow, and exceptional customer service.
Boost holiday sales with fresh visuals on your eCommerce site. Add seasonal designs to your best image and keep the theme across all sales channels for a cohesive campaign.
Additionally, create a landing page for your brand—it’s key for promoting your sales. A landing page lets you share all about your brand, link to your products, and highlight special deals. It’s a great way to attract more customers online.
Improve your Checkout Process
Make the checkout process easier by removing unnecessary fields and using autofill and address lookups. Allow guest checkout for first-time buyers, and use services like Apple Pay or Google Pay to speed things up and offer flexible payment options. A Black Friday-themed checkout can help build trust. Improve website speed by compressing images and optimizing code. Test different methods with A/B testing and analyze where customers leave the checkout. Collect feedback through surveys to understand why customers abandon their carts.
Promoting Your Black Friday Deals
Once you’ve decided on the discounts and promotions you’ll offer, it’s crucial to promote them to reach your target audience effectively. Here are some tips to spread the word and maximize your reach:
Utilise Referral Programs
Promote your referral program to incentivize current customers to refer friends and family members. This not only attracts new customers but also improves brand loyalty among your existing customer base. Offer incentives for successful referrals, such as discounts or exclusive deals. Well, who doesn’t like perks?
Send Sneak Peeks
Generate excitement and anticipation by sending sneak peeks of your Black Friday deals. Tease out specific offers in advance to allow customers to plan and budget for their desired purchases. Make sure to leverage your social media platforms and email newsletters to reach your audience effectively. Build the excitement. It pays off!
Leverage Social Media and Hashtags
Make use of social media platforms like X (formerly Twitter), Instagram, Linkedin, and Facebook to promote your Black Friday deals. Create a specific hashtag for your sale to make it easy for customers to search and engage with your content. Tag other relevant accounts and community pages to expand your reach and increase brand visibility.
Harness the Power of Email Marketing
Utilize your email distribution list to promote your Black Friday deals. Send out dedicated newsletters, share exclusive discounts for subscribers, and include eye-catching visuals and clear call-to-action. Take advantage of this cost-effective marketing channel to boost your sales during the holiday season.
The Ultimate eCommerce Tips for Black Friday and Cyber Monday in 2024 (BFCM)
End Note
The BFCM arena presents significant business opportunities to boost its sales and attract new customers. By implementing a well-planned strategy and leveraging innovative ideas, you can set your business apart from the competition and make the most out of these major shopping events. Identify your target audience, curate gift guides, offer hourly deals, and provide exceptional customer service to create a memorable shopping experience. With careful planning, creativity, and a customer-focused approach, you as a business owner, can maximize your success during the holiday shopping frenzy.
FAQs
What are the tips to maximize the Black Friday Cyber Monday sales?
The tips to maximize the Black Friday Cyber Monday sales are:
Identify Your Target Audience
Curate Gift Guides
Promote Hourly Deals
Offer an Early-Bird Sale
Provide Free Shipping
Extend Your Sale to Cyber Monday
Make Customers Say Hello To Small Business Saturday
Deliver a Memorable In-Store Experience
Focus on Exceptional Customer Service
How does offering an early-bird sale help in increasing the BFCM sales?
By starting your sale before the competition, you can gain a head start on holiday sales and create a smoother shopping experience for both customers and your task force.
When is Cyber Monday 2024?
Black Friday is on 29 November followed by Cyber Monday which is on 2 Dec 2024.
Due to a growing number of subscribers and a more robust selection of local content, Netflix’s India division saw a notable increase in net profit and revenue for the fiscal year that ended on March 31, 2024 (FY24). According to the company’s most recent filing with the Registrar of Companies, which business intelligence platform Tofler released, the video streaming platform recorded a 49% increase in its earnings after tax to INR 52.4 crore for the year, up from INR 35.3 crore in FY23.
From INR 2,214.1 crore in FY23 to INR 2,845.7 crore in FY24, net turnover increased by 28.5%. From INR 2,228 crore in FY23 to INR 2,895.6 crore in FY24, the company’s total revenue increased by 30%.
Netflix reduced their human costs from INR 118.5 crore in FY23 to INR 105.98 crore during the fiscal year, a 10.6% decrease. However, other expenses, which include marketing costs, went up 32.3 percent from INR 2,032.7 crore in FY23 to INR 2,688.4 crore for the year. As a result, the service’s overall costs increased from INR 2,174.2 crore in FY23 to INR 2,810.8 crore for the year, a 29% increase.
Netflix and Indian Market
In recent years, India has emerged as a crucial content hub for Netflix and a country that will be increasingly significant for the company’s future growth. This occurs as customers in the second-largest internet market in the world show an increasing desire for digital material.
Ted Sarandos, the co-CEO of Netflix, stated last year that India is a “big prize” due to its large population of entertainment-loving individuals who would “ultimately do great” in the nation.
Although Netflix is now one of the most expensive video streaming services available in India, the company has made a number of efforts in recent years to draw users to its platform. This entails launching a mobile-only service and testing out different price schemes across the nation.
India is the Second Largest Market for Paid Subscribers
Without providing any specifics, Netflix said in July that India was its third-largest revenue growth percentage for the June-end quarter and its second-largest country for premium subscriber additions. According to a letter sent to shareholders at the time, the growth was fuelled by huge, successful original titles like Imtiaz Ali’s Amar Singh Chamkila and Sanjay Leela Bansali’s Heeramandi: The Diamond Bazaar throughout the quarter.
Although Netflix does not disclose its subscriber count by nation, industry estimates place the number of paid subscribers in India at about 12 million. In the Asia-Pacific area, which includes India, Netflix announced 52.6 million members as of the September-ended quarter (Q3 2024).
The business declared in April that starting in Q1 2025, it would no longer publish quarterly paid membership additions. This choice was made because, according to the company, each additional paid membership has a distinct commercial impact because it currently offers many pricing tiers across different countries. Netflix now views engagement as the strongest indicator of member satisfaction and wants to concentrate on revenue and operating margin as its main financial measures.
However, the joint venture between Reliance Industries and Disney, which merges the operations of Viacom18 and Star India, is expected to put the streaming giant up against fierce competition in the nation.
On November 4, 2024, Zomato’s CEO, Deepinder Goyal, claimed that a “manual typing error on the vendor’s side” was the reason behind the discovery of 90 packets of button mushrooms branded with a “future packing date” during a food safety regulator’s raid at the company’s Hyperpure warehouse in Hyderabad. 90 of these button mushroom packets were found to have inaccurate packaging dates by the Food Safety and Standards Authority of India (FSSAI) team. Hyperpure is a business-to-business (B2B) vertical offered by Zomato.
Goyal said in a post on the social media site X that the company’s warehouse team had already discovered these button mushrooms and had rejected them during an internal quality control (QC) process.
Typing Error on Vendor’s Side
This is not typical and was caused by a vendor-side manual typing error. However, the vendor in question has been removed from the company’s database. Goyal went on to say that Hyperpure’s personnel were able to spot this problem early on, thanks to the company’s strict internal policies and technological processes.
Goyal said that they are dedicated to maintaining industry standards for food safety and are focused on ensuring that product quality is maintained throughout the supply chain.
“We received an A+ rating, and I’m not sure why the media is talking about these few packets of mushrooms, worth Rs 7,200 (out of the crores of inventory in the warehouse), that were never going to reach customers,” the co-founder of Zomato stated.
Hazardous Conditions at Zomato Hyperpure Warehouse in Hyderabad
On October 29, the food safety officials paid a visit to the Zomato Hyperpure warehouse located in Kukatpally, Hyderabad. It was discovered that the establishment was using a state licence to operate.
The officials observed food safety concerns at the warehouse during their visit. Team reported that 18 kg of button mushrooms with a “future date of packing” were discovered. The label read ‘October 30, 2024’, yet the inspection was conducted on October 29.
In addition, the team observed that the warehouse was “open directly to the outside environment without a proper insect-proof screen” and that house flies were present inside. Furthermore, some of the food workers were discovered without their aprons and hair caps.
This episode follows a previous finding of expired items during an inspection at another Blinkit warehouse that is also run by Zomato. In response to the FSSAI’s findings, Blinkit pledged to take corrective steps. Goyal maintains that despite recent criticism, Zomato takes safety standards seriously and says tech-driven quality checks shield customers from the labelling error. Zomato’s leadership is dedicated to improving procedures to prevent future issues because food safety is still a delicate topic in India, especially during festive seasons.
The Insurance Regulatory and Development Authority of India (IRDAI) was criticised by Aniruddha Sen, co-founder of the health insurtech startup Kenko Health, which closed its doors in August of this year due to financial difficulties, for allegedly engaging in obstructive practices. Sen attributes the company’s demise primarily to regulatory barriers to obtaining an insurance license.
Sen described a two-year struggle to get an insurance licence from IRDAI, pointing to administrative roadblocks that limited their entrepreneurial ambitions and hindered creativity.
Dhiraj and I spent two years chasing down people at the IRDAI in an attempt to obtain an insurance licence. The chairman began the process by publicly urging companies to come forward, raise money, and submit an application for a licence. Sen said in a LinkedIn post, “We did so against better judgement and hindsight of past experience, only to face an onslaught of obstacles that culminated in the destruction of our company, our employees’ livelihoods, and our collective dreams.”
Officials’ Discouraging Behaviour a Major Cause of the Downfall
According to Sen, a senior finance department official publicly mocked entrepreneurs, saying things that were “discouraging” and “detrimental to India’s startup ecosystem.” One of the officials said during one meeting that we “bring shame to the country,” he disclosed, implying that IRDAI officials thought it was shameful for the private sector to succeed and create money.
He further said that the department’s stance appeared to promote a small number of businesses—government-run firms and businesses owned by wealthy elites—while impeding aspirational entrepreneurs. Sen further asserted that the company was not given clear communication regarding the status of the application and that some regulatory requirements increased the burden. He revealed that we had to convert our Compulsorily Convertible Preference Shares (CCPS) into equity, which resulted in a number of issues, such as bonus share issuance and short-term capital gains taxes from secondary sales.
IRDAI’s Lack of Communication Added More Agony to the Pain
Despite fulfilling required conditions, Sen claims the IRDAI never notified Kenko Health that its application would be rejected. We “don’t fit the profile” of promoters for an Indian financial services company, one of the officials told us categorically. He described the chairman’s behaviour as “dismissive and condescending,” recalling that “he dismissed us, saying that only wealthy, well-connected individuals were suited for such roles.”
In light of other authorities like SEBI and RBI welcoming change, he questioned the IRDAI’s dedication to promoting innovation. He claimed that the insurance industry in particular is still stagnant, rife with antiquated procedures, and managed by people who have no idea what modern consumers need and how technology works.
Sen urges government leaders like Vivek Joshi, who served as Secretary to the Government of India, Department of Financial Services, Ministry of Finance, to address regulatory transparency and startup issues, and he believes that a “special team” should overhaul IRDAI and attract investment. Sen said, “They destroyed my company, my livelihood, and the hopes of everyone involved,” as he ended his post with a request for accountability.
Nitin Konde
