The Economic Times reported that Google, a prominent US tech company, has leased over 617,000 square feet of office space at Atrium Place in Gurugram, one of the biggest office space agreements of 2025. The building, which was created in collaboration with DLF and Hines, represents Google’s ongoing foray into the corporate real estate sector in India.
The deal is a component of Google’s long-term strategy to increase its footprint in the National Capital Region (NCR), even if the lease’s terms and financials are still unknown. The most recent agreement was reached months after the business leased 550,000 square feet from Table Space, a managed office provider in another commercial facility in Gurugram.
India a Hot Spot for Google as it Renews Bangaluru Office Lease
Google IT Services India extended its office lease at Bengaluru’s Bagmane Capital Business Park for a further five years in May 2025, paying INR 90 crore a year. The 870,000 square foot workspace is spread between two towers, Kyoto East and Kyoto West, and is next to Google Ananta, the company’s largest campus in India, which can accommodate 5,000 workers. Propstack records state that Google will pay INR 7.5 crore in rent each month, or INR 86.25 per square foot. Additionally, a total of INR 38 crore has been deposited as security, divided between the two towers.
Google Also Renews Mumbai’s BKC Lease
Google Cloud and Google India extended their office leases at the First International Financial Centre (FIFC) in Mumbai’s Bandra-Kurla Complex (BKC), one of the priciest corporate districts in India, in February 2025. The Mumbai contract, according to the property records Square Yards examined, spans two floors and 110,980 square feet. The monthly rent is INR 3.55 crore, and the lease will be in effect for five years beginning in June 2025. After three years, there is a 15% rent increase clause in the agreement. Google paid a security deposit of INR 9.64 crore, stamp duty of INR 1.87 crore, and registration fees of INR 30,000.
Quick Shots
•Google
leases 617,000 sq ft at Atrium Place, one of the largest office deals in
2025.
•Atrium
Place developed by DLF and Hines; part of Google’s strategy to grow its NCR
footprint.
•Google
had earlier leased 550,000 sq ft from Table Space in Gurugram.
•Mumbai
lease includes INR 3.55 crore/month rent, INR 9.64 crore security deposit,
and stamp duty of INR 1.87 crore.
•Google is strengthening its
presence in key Indian metros—Gurugram, Bengaluru, and Mumbai.
Between September 11 and 12, some registered merchants and users cheated the publicly traded fintech business MobiKwik out of INR 40 Cr. The business alleged in an exchange filing that certain users and merchants from a few Haryana regions conspired to obtain an “unfair monetary advantage” by stealing money from the company.
According to the corporation, arrests have also been made after it filed a formal complaint in Gurugram. It further stated that all bank accounts where the illegal settlements were credited have been debit-frozen and lien-marked by the law enforcement agencies.
According to preliminary data, the FIR was filed for INR 40 Cr as a risk mitigation strategy; the corporation has collected about INR 14 Cr of that amount. Therefore, INR 26 Cr is the expected net impact. In order to recover the entire sum over time, the corporation is pursuing a legal course of action in addition to aggressive collection efforts.
Police’s Action Mode in Mobikwik Fraud Case
The Indian Express said that the Gurugram Police claimed that 2,500 accounts were used in the fraud. These accounts were located and placed on hold. In addition, six others were detained on suspicion of being involved in the case. MobiKwik has already dealt with a fraud case within the organisation.
The company said in March that a former employee had changed the names of the merchants in order to steal INR 1.3 Cr from its books between August 2023 and September 2024. Through its smartphone app, the fintech startup offers merchants and consumers payment solutions. Credit cards, fast loans, UPI payment systems, payment gateways, point-of-sale devices, and soundboxes are among its products.
Current Financial Performance of MobiKwik
In terms of finances, the company’s operating revenue fell 20.7% from INR 342.3 Cr in the previous quarter to INR 271.4 Cr in Q1 FY26. In the period under review, its net loss increased six times to INR 41.9 Cr from INR 6.6 Cr in the first quarter of FY25. The lending business was impeded by the new RBI norms, which resulted in a decline in financial performance.
Quick
Shots
•Fraud involved registered merchants
and users from select Haryana regions.
•Company alleges collusion to gain
unfair monetary advantage.
•Formal complaint filed in Gurugram;
police arrests made.
•2,500 accounts traced, frozen, and
lien-marked by law enforcement.
•Net expected impact stands at INR 26
Cr after partial recovery.
•MobiKwik pursuing legal and
aggressive collection efforts for full recovery.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Though some of us still want to go for a first-hand experience of things, a significant number of people opt for used products instead of new ones, especially when it comes to the purchase of vehicles.
Our financial conditions have taken a tumble since the outbreak of the coronavirus pandemic, but new cars are getting costlier each day. Furthermore, as ironic as it is, the quality of these cars and their average lifespan are going down equally. Besides, for first-time buyers, going for used cars is always better as a decision. All of these reasons have boosted the sales of used cars.
Buying used cars in India is not at all pain, but all gain today! This is primarily because of the growing used car space in India, which is dominated by promising startups that are equipped with the technology of the age. Spinny is one such used car startup based in Gurgaon, Haryana that is disrupting the segment of used cars in India.
Read more about the brand Spinny, all the details of the used car industry, Logo and Tagline, Founders, Startup Story, Mission and Vision, history, Employees of the company, the Business and Revenue Model, Funding and Investors, Competitors, and more.
Spinny Company Details
Startup Name
Spinny
Also Known As
Spinny Cars , myspinny, Spinny Assured Cars
Legal Name
ValueDrive Technologies Pvt. Ltd.
Headquarters
Gurgaon, Haryana, India
Industry
Automobile, Automotive
Founders
Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar
Spinny is a reliable platform for used cars. Powered by cutting-edge technologies, Spinny promises simple, convenient, trustworthy transactions for all the users who look to buy and sell used cars.
The company’s platform contains a list of automobiles with full details that the buyers can check out. Furthermore, it also includes a test drive with a 5-day money-back assurance, thereby allowing the car owners to sell their vehicles and potential consumers to buy cars in an easy and transparent manner.
Sellers may arrange for an evaluation and accept an offer for their vehicle. Buyers may also go through the wide range of cars that Spinny offers online, choose a car, and book a test drive. Car owners may also put their vehicles for sale on the site and receive fast bids.
Spinny eliminates the danger of buying a used car and provides users with complete peace of mind. Its multi-step filtration means that the users always have the option of selecting from a pool of certified used automobiles of the greatest quality. When a customer buys a Spinny Assured automobile, he/she will be getting a used car that hasn’t been in an accident, hasn’t had its meter tampered with, has clean records, and has been properly inspected against a 200-point checklist.
Spinny – Industry
The used automobile market in India was valued at $561.13 million in 2023 and is predicted to grow to $738.57 million by 2032, with a CAGR of 3.10% between 2024 and 2032.
As opposed to the serious aftermath of the pandemic for the new car space, the impact of the COVID-19 pandemic on the industry was negligible. The industry is expected to significantly rise as more individuals desire independent mobility and new financial alternatives are incorporated into the used automobile market. Besides, after the pandemic onslaught, consumers have been forced to search for alternatives to new automobiles, and the used car sector has a lot of room for expansion in this area. Besides, manufacture and sale have also been hampered by the pandemic, which made the purchasers quickly resort to the used automobile market.
Spinny – Logo, and Tagline
Spinny Logo
Spinny has chosen red and black as its brand colors and the logo of the brand is crisp and catching, marked with the starting letter, “S”, of the brand.
Spinny’s tagline says, “Cars you will love to buy.”
Spinny – Founders and Team
Spinny was founded by Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar in 2015.
Spinny’s Founder and CEO is Niraj Singh. Niraj Singh has also worked as a Founding Partner at Outbox Ventures in the past.
Ramanshu Mahaur
Spinny and Karmabite were co-founded by Ramanshu Mahaur, who currently serves as the co-founder and CTO of the company. He was most recently a member of Adobe’s technical staff. Ramanshu graduated from the Indian Institute of Technology in Delhi with a Bachelor’s degree in Computer Science.
Mohit Gupta
Mohit Gupta is one of Spinny’s co-founders. Prior to joining Spinny, he worked at Flipkart from 2011 to 2014, holding several responsibilities.
Ganesh Pawar
Ganesh Pawar used to be Senior Manager of Business Development in Flipkart. He, then, co-founded Spinny. Now, he is building the food FMCG business at Udaan – an eCommerce-supply chain.
India’s used car industry has been getting a lot of attention for quite some years now. It is mainly due to the better value proposition that used cars offer, that more and more Indians are looking to opt for old cars than the newer ones.
However, the lack of proper information that is inherent in the process of the sales of used automobiles, the absence of trustworthy middlemen, the complexity of navigating through the variety of alternatives when it comes to buyers, and finding the correct price of the vehicles for sellers have all been roadblocks in this path.
Besides, the procedure of buying a secondhand automobile is cumbersome and overly complicated. Independents provide a wide range of rates and services to entice people to buy automobiles of dubious quality. Choosing from a pool of mint and lemon autos, for example, has a high likelihood of bad selection for a beginner. All these provided a cradle for the birth of Spinny.
Niraj Singh, an IIT-Delhi alumni, serial entrepreneur, and investor founded Spinny in 2015. His aim to alleviate young Indians’ automobile ownership woes led to the formation of the firm. Niraj invested $500,000 of his personal money into the company. He is now backed by numerous venture capital groups and has raised close to Rs 418 crore. Niraj saw a need to provide a quality experience for individuals buying used automobiles and decided to build a simple and clear platform for customers to collect information and purchase a car.
Niraj Singh, Ramanshu Mahaur, Ganesh Pawar, and Mohit Gupta embarked on a mission to develop Spinny in order to sift out the quintessential problems of annoyance and skepticism and break down the arduous procedure into a one-click solution.
Buyers may rest assured knowing that all of the cars on offer have been Spinny Certified, which means they have passed a thorough assessment by our expert inspectors. This guarantees that the buyer is fully informed about the vehicle’s condition and is making an educated selection. Buyers of Spinny-certified cars also benefit from a warranty on cars acquired via Spinny.
In addition, the organisation handles all documentation, from registration to title transfers, as well as aiding purchasers with financing their new acquisition. Spinny has finally brought actual ease and a smoother transaction to the used automobile market for both buyers and sellers.
The Spinny business initially started in Delhi NCR in 2015 and has seen quite a growth since then.
Spinny’s mission is to make car ownership accessible, simple, and delightful.
“Our goal is for the country to trust our method, believe in and enjoy our cars”, states the company’s website.
“Only four percent of people are satisfied with their experience of buying a used car. We are providing trust, transparency, and simplicity. Our aim is that the buyer should be able to purchase the car with the same confidence that he or she shows while buying a new car,” added Niraj.
Spinny – Business Model and Revenue Model
Spinny, transitioned from a customer-to-customer model to a full-stack one in which it buys, refurbishes, and sells old cars. According to the creator and chief executive officer Niraj Singh, the website sells close to 1,500 automobiles every month and is increasing at a constant pace of 15-16% month over month. Spinny hopes to roughly triple its current volume by the end of the year 2021, according to Singh.
“There was a lot more capital available, but we wanted limited dilution in this round because our burn is very limited. We don’t have a runaway problem. It was just that we wanted to add an extra layer of security and the ability to experiment more,” Singh said.
Spinny has over 2 lakh customers and works with around 1000 people in over 11 cities, with ambitions to grow to 6 more by the end of the year, 2021. It now offers used cars in the INR 4-8 lakh range but intends to expand its services to include both cheaper and higher-priced vehicles.
In 2024, Spinny startup sells over 7,000 cars each month. Spinny’s online sales have also increased by 13% to reach 70% of the total sales.
Spinny raised around $513.5 million in funding over the 9 funding rounds it has witnessed to date. The last funding came in the form of an undisclosed funding round from Sachin Tendulkar after the huge Series E funding round on November 24, 2021, led by Tiger Global and Abu Dhabi Growth, which helped the company join the unicorn club of Indian companies. Currently valued at over $1.67B, as of December 2024, Spinny has already become the 4th Indian unicorn startup in the used car space and the 39th unicorn startup of India to achieve a unicorn valuation in 2021.
Date
Round
Amount
Lead Investors
December 14, 2021
Funding Round
–
Sachin Tendulkar
November 24, 2021
Series E
$283M
Tiger Global, Abu Dhabi Growth Fund
Jul 9, 2021
Series D
$103.30M
Tiger Global Management
Apr 7, 2021
Series C
$65M
General Catalyst
Sep 27, 2019
Series B
$43.7M
Fundamentum
May 21, 2019
Series A
$13.2M
Accel, Elevation Capital
Nov 13, 2018
Debt Financing
$4M
Blume Ventures
Jun 6, 2017
Seed Round
$1M
Blume Ventures
Spinny – Shareholders
Spinny shareholding as of November 2024 (source: Tracxn):
Spinny Shareholders
Percentage
Niraj Singh
9.7%
Mohit Gupta
2.6%
Ramanshu Mahaur
2.6%
Tiger Global Management
14.1%
Elevation Capital
12.5%
Accel
13.1%
General Catalyst
6.6%
ADFD
5.6%
Fundamentum
5.2%
Avenir Growth Capital
5.1%
Blume Ventures
5.3%
ESOP Pool
6.7%
Others
10.9%
Spinny Shareholders
Spinny – Acquisitions
Acquiree Name
About Acquiree
Date
Amount
Scouto
Scouto is an AI-powered connected car connectivity start-up.
Feb 10, 2022
–
Truebil
Truebil is a team of young, highly motivated professionals who strive to help you buy and sell used cars in the simplest way possible.
Aug 6, 2020
–
HopCar
HopCar is a provider of buy and sell car. Free Inspection. 15 days Sale Guarantee.
Jun 13, 2016
–
Spinny competes with its ESOP buyback for its current and former employees. The ESOP buyback plan announced on December 21, 2021, worth ($12 mn) INR 90 crores, was the first employee stock ownership plan that the company has seen to date.
Spinny – Growth and Revenues
Top Car Preferences: Maruti Suzuki, Hyundai, BMW, and Mercedes-Benz were the most popular in 2024.
Online Sales: 70% of purchases were made online in 2024.
Spinny Parks: 50% of deliveries were from new Spinny Parks in 2024.
Financing: 46% of buyers used Spinny Capital for financing in 2024.
Metro Growth: Bangalore, Delhi NCR, and Hyderabad saw the highest sales in 2024.
Spinny – Financials
Spinny’s financial performance from FY20 to FY24 shows strong revenue growth but continued losses. Revenue grew from INR 17.7 crore in FY20 to INR 3,821.9 crore in FY24, while expenses also increased, leading to a loss of INR 587.5 crore in FY24.
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 3,821.9 crore
INR 3,380.7 crore
INR 180 crore
INR 39.7 crore
INR 17.7 crore
Expenses
INR 4,409 crore
INR 4,196.1 crore
INR 670 crore
INR 150 crore
INR 93.9 crore
Profit/Loss
INR -587.5 crore
INR -815.5 crore
INR -490 crore
INR -110.3 crore
INR -76.2 crore
Revenue grew by INR 441.2 crore (13.05%) from FY23 to FY24. Expenses increased by INR 212.9 crore (5.07%), reducing the loss by INR 228 crore.
Spinny Revenue:
Spinny’s revenue grew from INR 3,380.7 crore in FY23 to INR 3,821.9 crore in FY24, mainly due to higher revenue from operations.
Revenue Source
FY24
FY23
Revenue from operations
INR 3,725 crore
INR 3,259.8 crore
Other income
INR 96.8 crore
INR 120.9 crore
Total Revenue
INR 3,821.9 crore
INR 3,380.7 crore
Revenue from operations increased by INR 465.2 crore (14.27%), while other income fell by INR 24.1 crore (19.93%).
Spinny Expenses:
Expenses rose from INR 4,196.1 crore in FY23 to INR 4,409 crore in FY24, driven by higher purchases of stock-in-trade and finance costs.
Expense Type
FY24
FY23
Cost of materials consumed
INR 90 crore
INR 143.8 crore
Purchases of stock-in-trade
INR 3,495.2 crore
INR 3,242.9 crore
Changes in inventories of finished goods, WIP
INR 8.4 crore
INR (217.5) crore
Employee benefit expense
INR 391.7 crore
INR 393.5 crore
Finance costs
INR 90.1 crore
INR 67.7 crore
Depreciation, depletion and amortisation expense
INR 62.1 crore
INR 77.9 crore
Other expenses
INR 271.5 crore
INR 487.8 crore
Total Expenses
INR 4,409 crore
INR 4,196.1 crore
Purchases of stock-in-trade increased by INR 252.3 crore (7.78%), while other expenses decreased by INR 216.3 crore (44.34%).
Spinny Profit/Loss:
Spinny reduced its losses from INR 815.5 crore in FY23 to INR 587.5 crore in FY24 due to revenue growth and cost management.
Profit Type
FY24
FY23
Gross profit/loss
INR 326.7 crore
INR 137.8 crore
Operating profit/loss
INR -497.4 crore
INR -747.6 crore
Net profit/(oss
INR -587.5 crore
INR -815.5 crore
Gross profit increased by INR 188.9 crore (137.08%), and net loss reduced by INR 228 crore (27.96%).
Quick Summary:
Revenue: Increased by 13.05% (INR 441.2 crore), driven by a rise in revenue from operations.
Expenses: Increased by 5.07% (INR 212.9 crore), mainly due to higher stock-in-trade purchases and finance costs.
Profit/Loss: Net loss was reduced by INR 228 crore (27.96%) due to improved gross profit and controlled expenses.
Spinny, a used car startup, had laid off 5% of its workforce, or around 300 employees in August 2023, as the company merged the Truebil and Max platforms into the main platform. The reason for the layoff is to have cleaner and more focused execution going forward and to offer everything to customers on the main platform.
The company’s official statement on this “We have witnessed a sharp uptick in demand for reliable, budget-friendly cars as most people have resumed work from the office. By splitting our inventory of cars across different brand platforms, we were sometimes unable to offer enough options to such customers. With this consolidation, we should be able to meet the needs of these customers well.
Spinny is providing affected employees with a three-month severance package, faster ESOP vesting, and the option to maintain their assets as a show of support.
The trust issue is one of the major worries consumers have when buying used automobiles, according to Niraj Singh, co-founder, and CEO of Spinny. The startup’s rigorous and transparent inspection of the car, buying it from the owner, and then selling it to clients, addresses those concerns, Singh adds.
The business claims it is removing conventional intermediaries from the mix, making used car purchases more reasonable and reliable for clients. If a consumer is unhappy with the automobile they bought from Spinny, they will receive a complete refund.
Spinny started out as a used automobile marketplace, but according to Singh, the company has grown to become a full-stack platform. The pandemic harmed Spinny’s company for a few months, according to Singh, but the startup has now restored its pre-pandemic growth rates.
According to Singh, the outbreak of the deadly virus made many people wary about taking an Uber or Ola trip, prompting them to look into purchasing their own vehicles. Spinny’s CAC was also dramatically lowered, he claimed.
Though Spinny is an evolving startup that has already achieved a unicorn valuation, it is facing tough competition from its rivals in the used car space. Therefore, surviving in one such landscape with cutthroat competition is itself a challenge that Spinny is battling against.
Spinny – Future Plans
Spinny doesn’t want to be just another participant in the market in the coming year; instead, it wants to be the catalyst for changing people’s perceptions about used vehicle purchases. According to Niraj, the goal is to create a seamless shopping experience that is consistent with openness, quality, responsibility, and trustworthiness.
Spinny – FAQs
What is Spinny?
Spinny is an Indian used car buying and selling platform founded in 2015. It provides a seamless, transparent, and trusted process for purchasing and selling pre-owned cars.
What does Spinny do?
Spinny is a used car trading platform that aims to deliver affordable used cars via an easy and transparent process for everyone.
Who founded Spinny?
Spinny was founded by Niraj Singh, Ramanshu Mahaur, Mohit Gupta, and Ganesh Pawar.
Spinny founded in which year?
Spinny was launched in 2015.
Which companies do Spinny compete with?
CarDekho, Droom, CARS24, CarTrade, CarWale, Creative Webmedia Pvt Ltd, Carnation, CheckGaadi, Chehaoduo, CapCar, Shift Technologies, and Carlypso, are the top ten rivals in Spinny’s competitive set.
What is Spinny business model?
Spinny operates on a direct-to-customer (D2C) model for buying and selling used cars. It owns and inspects the cars, ensuring quality before selling them to customers through its online platform and physical hubs. This eliminates middlemen, offering competitive prices and a better customer experience. The company earns revenue from car sales, financing services, and value-added products like insurance and warranties.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Milkbasket.
With a rising number of startups and the presence of many existing players in the industry, the customer acceptance of home delivery services is growing leaps and bounds. Living in the current era, we are surrounded by an increasing number of eCommerce platforms that offer almost everything and deliver all of these things right at our doorsteps.
It is true that most of our daily needs are satisfied by the old and the newer players that are dominating the home delivery services, but for some of our daily needs, which are always in demand, like fresh milk, groceries, we often find a crunch, even if it is for a specific product. This is why many startups have solely dedicated their businesses to meet the growing requirements, thereby aiming to achieve a demand-supply equilibrium. One such startup that aims to take care of the fresh supply of milk and more is Milkbasket.
Milkbasket is a subscription-based micro-delivery service that provides customers with the regular dairy necessities and household needs each morning. Within the first six months of its launch, Milkbasket claimed to have shipped 30 million orders.
Founded by Anant Goel, Anurag Jain, Ashish Goel, and Yatish Talavdia in 2015, Milkbasket is a Haryana-based company that is currently owned and operated by Reliance Industries, when the latter acquired 96.49% stakes in Aaidea Solutions Private Limited Milkbasket parent in October 2021.
Know more about Milkbasket’s startup story, business model, funding, revenue, growth, and more in the article ahead!
October 23, 2021 –Reliance Industries’ subsidiary Reliance Retail Ventures Ltd completes the acquisition of Milkbasket by acquiring 96.49% stakes in the company.
August 28, 2021 – Milkbasket, a daily grocery delivery app, has advanced its bid to go public in the second half of 2021, boosted by solid market growth in recent months despite the pandemic, according to a top company executive.
“Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023,” Anant Goel (Milkbasket co-founder and CEO) said.
About Milkbasket and How it Works?
Milkbasket is a Gurugram-based company that creates an online grocery network to meet consumers’ everyday household needs.
The company provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’ doorsteps every morning. The platform also allows them to keep track of daily expenditures, schedule vacation time off, and easily build repeat orders every day.
The Covid-19 pandemic has created a huge growth opportunity for the online grocery delivery sector, which predicted that India’s online grocery market could reach $3 billion in 2020, up from $1.7 billion in 2019. It is expected to grow at a CAGR of 37.1% from 2021 to 2028. The industry was valued at USD 2.9 billion in 2020. It has gained tremendous traction since 2020.
Milkbasket – Name, Logo and Tagline
‘Milkbasket’ as the name suggests, was a milk delivery startup initially but later on decided to come up with a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’.
Milkbasket Logo
Milkbasket – Founders and Team
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel, and Yatish Talavdia in 2015.
Milkbasket’s Founders
Anant Goel
Anant V Goel was the founder and CEO of Milkbasket. Goel was a B.tech, Civil Engineering student of NIT Kurukshetra, after which he visited The Wharton School and INSEAD to complete MBA exchange and MBA, Strategy and Operations, Corporate Finance programs. Goel started his career at Tata Consultancy Services where he worked as a Project Leader and then went to Capgemini to join the company as a Sr. Strategy and Transformation Consultant. Goel then became the CEO and Managing Partner of UrSqft before founding Milkbasket and becoming its CEO. Gallup Consulting was another company where Anant Goel worked as an Associate Partner. Goel exited the company and stepped down from the CEO designation on August 23, 2021, after Milkbasket was acquired by Reliance Industries.
Milkbasket Founder and former CEO Anant Goel is all set to launch his new startup that will be based on the fruits and vegetable segment. It would be a consumer-centric platform that will delivery the fresh produce from farmers to the consumers, as per the sources close to the company and to the matter, reported on February 15, 2022.
Anurag Jain
Anurag Jain has been a co-founder of Milkbasket.com. He was also an alumnus of NIT Kurukshetra from where he completed a B.Tech degree in Civil Engineering. Jain later successfully pursued a PGDBM in Operations Management and Supervision from XLRI Jamshedpur. Anurag became a co-founder of Milkbasket after serving managerial roles in several companies like Spencer’s Retail, Cinepolis India, TPG Wholesale, and Samsung India.
Ashish Goel
Ashish Goel served as the Co-founder and CTO/CPO of Milkbasket. A Mechanical Engineering student of Delhi College of Engineering, Ashish co-founded two companies – Zamoona and UrSqFt before co-founding Milkbasket in 2015. Ashish Goel is currently serving as the CTO of ZipLoan after leaving Milkbasket in January 2021.
Yatish Talvadia
Yatish is currently hailed as the present CEO of Milkbasket after Anant exited the company. Talvadia has a Masters’ degree in Engineering/Industrial Management from Manipal Institute of Technology. Yatish was the Sr. Lecturer of JECRC and later served as a Core Team Member of Zamoona before co-founding Milkbasket with the 3 other founders of the company.
Milkbasket – Startup Story
Ashish Goel availed of the ‘Milk and More’ service to deliver groceries and daily necessities to his home when he was in the U.K. This made Anant realize that India also needs one such service. However, entering around that time when the market was already being dominated by successful players like Grofers, Big Basket, LocalBaniya, and Peppertap, Milkbasket had only one intention, which is to stand as an alternative to the mom-and-pop stores of every Indian neighborhood.
Milkbasket founders started in 2015 when they first set up a stall in an apartment complex in Gurugram. The founders soon got the first paying customer, who installed the app. The founding team of Milkbasket initially started to deliver milk by themselves, in their personal car. With the increasing demands, they eventually had to hire an autorickshaw to deliver it. The order volume further increased, which made Milkbasket partner with corporates and automotive companies and ultimately set up their own delivery fleet.
Milkbasket started off with just 22 customers in April 2015, and by the end of June of the same year, the team saw a growth of 30,000+ customers, and that too only in Gurugram. Ashish and Anant started with their initial capital seed of 50 Lacs.
Milkbasket – Vision and Mission
The company’s mission is to become the default mom and pop shop for over a million households. Milkbasket is by far the most cost-efficient model in the online grocery space as compared to its domestic and global competitors, accomplishing positive unit economics within about six months of launch. This is perhaps why the company has been acquired by Reliance.
Milkbasket is a hyperlocal e-commerce company that believes in an inventory-based model where it sources its products directly from brands. Milkbasket co-founder Anant Goel believes that his company has developed a contactless hyper-local grocery delivery model. Customers can place orders before midnight and have them shipped by 7 a.m., according to Milkbasket.
The e-grocery delivery startup doesn’t need checkout or payment because the purchase is prepaid with the help of a mobile wallet that is on the app. Therefore, the users can simply top it up whenever they run out of funds. Milkbasket earns from its delivery charges, subscriptions, and commissions from each transaction.
Milkbasket – Revenue and Growth
Milkbasket, a hyperlocal distribution startup based in Gurugram, announced a 3.8X increase in revenue in 2020, which ended in March last year, with only a small increase in losses. In 2020, the company reported revenue of INR 322 crore, of which 99.9% (INR 321.7 crore) came from operations.
In 2020, the hyperlocal startup’s expenses rose at the same pace, to INR 337.7 Cr, bringing its losses to INR 15.7 Cr. In 2019, the company posted revenue of INR 84.6 Cr and expenses of INR 94.1 Cr, resulting in a loss of INR 9.5 Cr. Over the same time frame, it received around 99.7% (INR 84.4 Cr) from its operations.
Milkbasket is based on the habit of people residing in India, of having milk delivered to one’s doorstep every morning, and the company only delivers during one delivery slot, from 5 a.m. to 7 a.m. By October 2017 they had delivered around 1.5 million orders and employed around 200 people.
Milkbasket had earlier displayed an annual sales run rate of around USD 100 million, delivering over 9,000 items across FMCG, dairy, fruits, and vegetable categories in Indian cities including Hyderabad, Dwarka, Delhi, Bengaluru, Ghaziabad, Gurgaon, and Noida).
MbBulk and senior citizens-only helplines were also introduced in several cities to help people stay on lockdown without having to go out for groceries and dairy products. Within the first six months of its launch, Milkbasket successfully shipped around 30 million orders and achieved positive unit economics.
The company has been in high demand since the lockdown began, as demand for hyperlocal grocery delivery has increased dramatically. During the lockdown, many companies with a logistics and distribution backbone, such as Swiggy and Zomato, switched to grocery delivery as these were the only essentials in demand across the board.
Over the course of 11 rounds of funding, Milkbasket has raised total funding of $78.5 million. Milkbasket’s Investors’ include InnoVen Capital, Inflection Point Ventures, Mayfield Capital, Kalaari Capital, Blume Ventures among others.
Date
Round
Amount
Lead Investors
Oct 23, 2021
–
$40M
Reliance Retail
May 13, 2020
Series B
$5.5M
Inflection Point Ventures
Jun 27, 2019
Debt Financing
₹150M
InnoVen Capital
Jun 4, 2019
Series B
$10.5M
Unilever Ventures
Dec 19, 2018
Series A
$7M
Mayfield Fund
Nov 12, 2018
Series A
$100M
Mayfield Fund
May 22, 2018
Series A
$7M
Kalaari Capital
Jan 23, 2018
Seed Round
$3M
Unilever Ventures
Aug 23, 2017
Seed Round
$840.9K
Blume Ventures, Lenovo Capital and Incubator Group (LCIG)
Dec 1, 2016
Seed Round
$634.9K
—
Apr 26, 2016
Seed Round
$500K
EVC Ventures
Milkbasket – Competitors
The top competitors in Milkbasket’s competitive set are –
Though Milkbasket initially started fine with the capital pool from the founders, the app has faced money crunches in regular intervals, which has been one of the major challenges of the company. Milkbasket was ultimately acquired by Reliance Retail and two senior executives of Reliance Industries Limited – Nikhil K Chakrapani, CFO of Reliance Retail and Rajendra Kamath, CFO of Reliance Content Management have joined the board of directors of Milkbasket as additional directors.
Milkbasket – Future Plans
According to a top company executive, Milkbasket has advanced its intention to pursue an initial public offering by the second half of 2021, boosted by solid market growth in recent months despite the pandemic. The widespread adoption of at-home delivery services among shoppers during the coronavirus disease outbreak, according to Anant Goel, has opened an opportunity to target an IPO in less than a year.
“Milkbasket has a near-perfect record of reaching growth targets since being founded in 2015. The rapid adoption of at-home grocery delivery amongst consumers due to the pandemic has provided us with an impetus to target IPO in just a year, which we had initially planned for the year 2023,” he said.
However, the company didn’t manage to go public till now. Milkbasket is currently looking forward to expanding its range of offerings and is looking for profitability after being taken over by Reliance. The company is also deemed to be a part of the Reliance super app.
The company provides a simple delivery system that delivers milk, bread, eggs, butter, juices, and other everyday necessities and basic dairy amenities to users’ doorsteps every morning.
Who founded Milkbasket?
Milkbasket was founded by Anant Goel, Anurag Jain, Ashish Goel and Yatish Talavdia in 2015.
What companies do Milkbasket compete with?
The top competitors in Milkbasket’s competitive set are Supr Daily, DailyNinja, BB Daily, Town Essentials, Amshop, RainCan, ZopSmart, PepperTap, Big Basket, Grofers, Dunzo, Zomato and Swiggy.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved byDevyani International.
RJ Corp, the Indian billionaire Ravi Jaipuria’s company, owns Devyani International, which was founded in 1991. Jaipuria’s net worth is $3.5 billion, and he named the company after his daughter.
KFC and Pizza Hut franchises account for the majority of Devyani International’s revenue. Despite the once-in-a-century epidemic, these two franchises have helped the company grow.
As of May 2021, Devyani International, the world’s largest franchisee operator of global restaurant franchises Pizza Hut, KFC, and Costa Coffee, has filed for an initial public offering (IPO) to generate close to INR 1,400 crore, joining the QSR IPO craze.
The offer, according to DRHP, includes a fresh issuance of INR 400 crore and an Offer of Sale of up to 125.33 million equity shares by Investor Selling Shareholder Dunearn Investments (Mauritus) Pte. Ltd, a wholly owned subsidiary of Temasek Holdings, and Promoter Selling Shareholders RJ Corp Ltd.
About Devyani International and How it Works
Devyani International Limited, an associate company of RJ Corp, PepsiCo’s largest bottler, with interests in beverages, food, dairy, healthcare, real estate, and education, is the fastest rising, most financially viable player in the Indian retail F&B sector, with 500+ restaurants across the Indian subcontinent, Nepal, and Nigeria.
As of March 31, 2021, Devyani International is India’s largest Yum Brands franchisee and one of the country’s largest network of quick-service restaurant operators, with 655 locations in 155 cities.
DIL has created its own brand Vaango – a world-class south Indian QSR chain with intentions to expand across India, based on its illustrious track record and competence in the QSR category. DIL also operates Food Courts and Lounges at the airports of Delhi, Mumbai, Hyderabad, Raipur, Srinagar, Lucknow, Trichy, and hospitals and shopping malls. The Grid Bar, Katism, Foodies Bar, Delhidare Devils, Tea Cups, Masala Twist, and other ‘Own Brand’ restaurants can be found in the Food Courts.
Devyani International – Name, Logo and Tagline
Ravi Jaipuria, the founder of Devyani International, named the company after his daughter, Devyani.
Devyani International Limited’ s Company Logo
Devyani International – Mission and Vision
Devyani International Limited’s mission and vision statement says, “To be a people centric, customer focused and process driven operations, striving for excellence day in day out with a beat year ago and turnaround mentality”.
Devyani International – Founders and History
DIL is a non-govt. corporation that was founded on December 13, 1991 by Ravi Kant Jaipuria.
Ravi Kant Jaipuria, Founder of DIL.
In 1991, Ravi Jaipuria founded Devyani International Limited, which is an Indian food and beverage company, based in Gurugram, Haryana. There are 1420 people working at Devyani Internationals.
Devyani Internationals is one of Pizza Hut’s largest franchisees in India. In June 1996, Pizza Hut opened its first location in India, in Bengaluru. This was the first multinational restaurant chain to join this sector, and it is recognized for helping to establish the Indian pizza market.
With the opening of its first Pizza Hut store in Jaipur in 1997, Devyani International began its partnership with Yum. It had 297 Pizza Hut locations, 264 KFC locations, and 44 Costa Coffee locations in India as of March 31, 2021. Between March 2019 and March 2021, the number of core brand stores increased by 13.58 percent, from 469 to 605. According to DRHP, the company employs 9,356 people.
Through an association with Whitbread Group UK, Devyani Internationals brought a fresh gust of coffee aroma into the country in 2005. Costa Coffee has become a darling among India’s coffee connoisseurs. Despite being a relative newcomer to the business, Costa Coffee has established a strong presence in the NCR, Bengaluru, Jaipur, and other cities, with over 80 locations.
It is designated as a ‘company limited by shares ‘ and is a public unlisted corporation. The authorized capital of the company is INR 12500.0 lakhs, with an 84.933334 percent paid-up capital of INR 10616.67 lakhs. The DIL’s most recent annual general meeting was held on August 10, 2017. According to the Ministry of Corporate Affairs, the company’s financials were last updated on March 31, 2017.
Devyani International Limited has been in the Manufacturing (Food products) company over the past 30 years, and the company is still operational. Rashmi Dhariwal, Vishesh Shrivastav, Varun Jaipuria, Som Nath Chopra, Virag Joshi, Ravi Gupta, Raj Pal Gandhi, Ravi Kant Jaipuria, and Devyani Jaipuria are the current board members and directors.
Devyani International – Revenue and Growth
DIL presently owns and runs 297 Pizza Hut outlets. As of March 31, 2021, the company was also a Costa Coffee franchisee, with 44 Costa Coffee outlets and 264 KFC stores. DIL owns Vaango, Food Street, Masala Twist, Ile Bar, Amreli, and Ckrussh Juice Bar, and has 692 outlets in 26 Indian states, as well as Nepal and Nigeria.
DIL’s core brands (India and global) amounted to 94.19 percent of its operations revenues in FY21, while delivery sales amounted for 70.20 percent of revenues, an increase from 51.15% in FY20. Despite the epidemic, the company has worked to expand its shop network, with 109 new locations opening in the previous 6 months across its core brand business.
The core brand stores grew 13.58 percent from 469 to 605 shops between March 2019 and March 2021, and the firm credits its success and continued growth efforts to its 9,356 workers. Devyani Internationals is the largest QSR firm in India to be featured on Swiggy and was one of the top QSR companies in India to be registered on Zomato in 2019 and 2020.
"India’s 100 Best Workplaces for Women 2020" by the Great Place to Work Institute, India
2019
Pizza Hut and KFC were recognised among the “Most Trusted Brands” in Food Services category in Brand Equity Survey conducted by The Economic Times.
2018
“Great Workplace” by the Great Place to Work Institute, India, Costa Coffee (T3 International Departure Pier) was awarded the Certificate of Excellence for “Outlet of the Year- F&B (International)” by Delhi International Airport Limited at the IGIA Awards 2018, Grid Bar (T3 Domestic Departure Food Court) was awarded the Certificate of Excellence for “Outlet of the Year- F&B (Domestic)” by Delhi International Airport Limited at the IGIA Awards 2018.
Devyani International – Competitors
Top Competitors of Devyani International are as follows :
The business’s DRHP, which was filed with SEBI, clearly reveals that COVID-19-related concerns are the most pressing for the sector and the company. Due to a considerable drop in footfalls as a result of COVID-19 regulations, Devyani International permanently closed 61 locations under its major brands in FY21.
The Devyani Iternational revenue has also suffered as a result of falling footfalls, with in-store dining revenue falling to 29.8% from 48.85% in FY21. The impact of COVID-19 is expected by the company to persist, as footfall and sales are still being impacted by the second wave of COVID-19. As the company explains in its DRHP, COVID limits have had a direct impact on the business’s capacity to manage product inventory, resulting in considerable inventory write-offs, with the majority of the inventory consisting of perishable components for direct purchase.
The firm also notes that if the second wave worsens or is not controlled in a timely manner, it may be unable to meet the increased development obligations, further adjust these arrangements, or operate our stores economically, if at all. This might have a variety of repercussions, including the termination of Yum’s different agreements, which would have a material negative impact on the business, results of operations, and financial condition if they are unable to renew them.
Devyani International has filed a draught red herring prospectus (DRHP) with market regulator SEBI to undertake an initial public offering (IPO) of INR 1,400 crore (IPO). KFC, Pizza Hut, and Costa Coffee are the company’s major franchisees. Investor Selling Shareholder, Dunearn Investments (Mauritius) Pte. Ltd, a wholly owned subsidiary of Temasek Holdings, and Promoter Selling Shareholders and RJ Corp Ltd would issue new equity shares worth INR 400 crore, as well as an offer-of-sale (OFS) of up to 12.5 crore equity shares.
The losses indicated from FY19 to FY21 were mostly attributable to increased operational expenditures incurred as a result of the company’s store network development. DIL, on the other hand, has not been able to recoup these costs. In FY20, their total revenue from operations climbed by 15.7 percent year over year.
In FY19 and FY20, Devyani International had negative cash flows (cash outflows) of INR 17.29 crore and Rs 13.47 crore, respectively. In FY21, the company received INR 26.73 crore in cash. The company states in its DRHP that it may experience negative cash flows in the future, which could have a detrimental impact on its operations and growth objectives.
Devyani International intends to maintain its growth potential in the future by building new stores every year. In the future quarters, this will result in a further increase in operating costs and other expenditure. As a result, DIL anticipates losses until the new stores reach maturity. The net profits from the IPO will be used to pay down a major percentage of the company’s debt. This would allow them to use their internal accruals (or operating profit) to fund investments in business sustainability and diversification.
Devyani International – FAQs
When was Devyani International Limited founded?
DIL is a non-govt. corporation that was founded on December 13, 1991 by Ravi Kant Jaipuria.
Where is Devyani International Limited headquarters?
Devyani International Limited is headquartered in Gurugram, Haryana, India.
Is Devyani International Limited a private company?
Yes, DIL is a private company.
What sector does Devyani International Limited operate in?
