StartupTalky

Tag: #news

  • Shipway, a Shipping Automation Startup, to be Acquired by Unicommerce

    Shipway, a shipping automation startup based in Gurugram, will be acquired by Unicommerce Esolutions, an e-commerce software company, as per the official statement released by the company on 11 November 2024.

    According to Unicommerce, the transaction will be finalised in phases. It would pay INR 68.4 crore to acquire a 42.76% share in the first leg. Within a year, the remaining amount will be purchased through a stock exchange or merger, assuming full ownership of Shipway. Through the acquisition, Unicommerce will be able to offer solutions for courier aggregation, shipment automation, and return minimisation, extending its product line from the pre-purchase to the post-purchase e-commerce segments.

    The Acquisition will Expand Company’s Profile

    According to a statement from the firm, the acquisition would also allow Unicommerce to provide an integrated marketing platform with AI-enabled, automated solutions that let retailers and brands target customers with tailored, segmented, and widely-reaching marketing campaigns to boost conversions.

    In addition to its four main products, Unicommerce has recently added two new ones: UniShip, which handles shipping tracking and returns, and UniReco, which handles payment reconciliation following order fulfilment. According to Kapil Makhija, managing director and chief executive of Unicommerce, the software solutions from Shipway and Unicommerce together would provide a one-stop, seamless solution to streamline e-commerce for companies in India.

    Locking Horns Directly with Zomato-backed Shiprocket

    With this acquisition, Unicommerce will face off against Shiprocket, a company backed by Zomato that provides direct-to-consumer firms with services like shipping and checkout.

    Unicommerce was established in 2012 and provides technology solutions for managing e-commerce platforms, warehouse and inventory management, order management, omnichannel retail management, and seller management. For the quarter that ended on September 30, it reported operational revenue of INR 29 crore, up from INR 26 crore in the same period last year. Net profit reached INR 4.4 crore, a 21% year-over-year rise.

    Unicommerce Entering into Pre-Purchase Solutions

    With Shipway’s “ConvertWay,” Unicommerce is also branching out into pre-purchase solutions to assist firms in leveraging chatbots, AI-powered SMS and WhatsApp marketing, and customer support tools to increase consumer engagement. Additionally, Unicommerce will be able to offer its technological solutions to Shipway’s 3,000 customers, which include companies like Durex, Lenskart, Juicy Chemistry, Tresmode, and Dot & Key, among others, thanks to the acquisition. Shipway’s range of software solutions will also be available to Unicommerce’s current clientele, which currently numbers over 3,550. 

     Gaurav Gupta and Vikas Garg, co-founders of Shipway, expressed their happiness at the news of Unicommerce’s acquisition of Shipway. Unicommerce has established a strong, lucrative, and rapidly expanding business in addition to a dynamic technology environment. When combined, the two companies’ goods will be able to fully meet the expanding technological requirements of e-commerce companies.

    Bengaluru Court Restricts Swiggy Over Ex-Employee’s ESOP Rights
    A Bengaluru court has barred Swiggy from alienating a terminated executive’s ESOP, emphasizing employee rights in equity compensation.
    StartupTalkyNitin Konde

  • Brainbees Solutions, the Parent Company of FirstCry, has Finished its GST Inspection

    Brainbees Solutions Limited, the parent company of the well-known e-commerce platform FirstCry, announced on November 10, 2024, that a GST department inspection that started on November 6 had completed.

     The business said in a report to the stock exchanges that it answered all of the questions posed and cooperated completely with the authorities. According to Brainbees, inconsistencies in previous fiscal years’ GST forms resulted in a payment of INR 1.74 crore, including interest.

    Discrepancies Between GSTR-3B and GSTR-2A GST Return

    The Assistant Commissioner of State Tax, Mumbai, Investigation-C, oversaw the four-day GST inspection, which started on November 6 and ended on November 10, 2024. It concentrated on claimed discrepancies between GSTR-3B and GSTR-2A GST return files for the fiscal years 2018–19, 2019–20, 2020–21, and 2022–23.

    The GST implications of FirstCry‘s IPO-related expenses were also carefully examined throughout the inspection, with particular attention paid to how costs incurred during the issue of additional shares were handled. The business insisted that all problems were completely fixed and said it gave sufficient justifications to allay these worries.

    Reassurance of Uninterrupted Operations and Collaboration

    During the inspection, Brainbees reinforced that it complied with all information requests and underlined its complete cooperation with GST inspectors. Aside from the settlement’s financial impact, the corporation reassured stakeholders that the inspection had no negative effects on its business operations.

    According to Brainbees’ official statement, “This has not impacted the operations of the company, which are continuing as usual.” The Pune-based business is the top retailer of children’s products in India, offering a large selection of goods for parents and kids up to 12 years old both online and in-store.

    The company’s official filing contained all information required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in compliance with SEBI’s directive. According to the compliance statement, Brainbees promised to swiftly notify the exchanges of any new material developments pertaining to the GST probe.

    The top children’s goods retailer in India, FirstCry, is run by Brainbees Solutions Limited, which has its registered office in Pune. The company is constantly growing its market share both online and in-store.

    About Brainbees Solutions

    In accordance with a certificate of incorporation given by the RoC, the firm was founded on May 17, 2010, as a private limited company under the Companies Act 1956, in Pune under the name “Brainbees Solutions Private Limited.” Following a resolution by the company’s board on August 31, 2023, and a resolution by its shareholders at the general meeting on September 5, 2023, the company was converted to a public limited company, and its name was changed to ‘Brainbees Solutions Limited’. Following its business’ conversion to a public limited company, the RoC issued a new certificate of incorporation on November 2, 2023.

    Supam Maheshwari – CEO & Co-Founder of First Cry
    Supam Maheshwari is co-founder & CEO of FirstCry. He also founded Babyhug-owned brand BrainBees & Xpressbees. Know more about Firstcry founder.
    StartupTalkyMegha Rani

  • Zomato and NSE Collaborate to Provide Food Delivery Partners With Financial Literacy Training

    The National Stock Exchange of India (NSE India) and Zomato, led by Deepinder Goyal, have teamed up to encourage financial literacy among its delivery partners. As part of the collaboration, Zomato and NSE will conduct financial literacy seminars around India to teach the delivery partner community the ins and outs of managing personal finances.

    I am pleased to announce our collaboration with NSE India as a measure to raise financial awareness among delivery partners onboarded on Zomato. To teach the delivery partner community the ins and outs of managing personal finances, we will collaborate to conduct financial literacy courses throughout India, Goyal posted on X.

    First Workshop in Hyderabad

    On October 22, 2024, the inaugural financial literacy training took place in Hyderabad, Telangana. More than 2,000 delivery partners voluntarily participated in the event, Goyal said. According to Goyal, these programmes are specifically designed to meet delivery partners’ requirements. 

    The goal of these financial literacy workshops is to provide partners with the fundamental knowledge and abilities needed for effective money management, saving, and growth. “I hope these sessions act as a foundation for all our delivery partners to manage, save, and grow their finances and assist them on their path to financial independence,” Goyal noted further.

    Expanding Workshops and Other Initiatives of Zomato

    Zomato’s extensive network of delivery partners will be able to access financial literacy as the courses progressively spread to further Indian cities. NSE India plays a crucial role in the collaboration because of its extensive background in financial education and awareness initiatives.

    In addition to prioritising financial literacy, Zomato has been tackling food waste by introducing the creative ‘Food Rescue’ project. Due to the monthly cancellation of over 4,000 orders, a significant quantity of food was at risk of going to waste. Zomato responded by creating a system that enables neighbouring customers to purchase cancelled orders at significantly reduced costs. In addition to reducing food waste, this programme gives consumers access to reasonably priced meals. Orders that are cancelled are shipped in their original, untouched packaging.

    The company tackles two challenges by giving customers affordable options and reducing food waste by supplying them with high-quality, discounted meals. This action aligns with Zomato’s overarching goal of lowering food costs and increasing accessibility while implementing environmentally responsible procedures. Zomato’s growing vision for social responsibility is seen in both the ‘Food Rescue’ project and the financial literacy classes. By placing a high priority on sustainability and financial education, Zomato not only helps its delivery partners become financially independent but also leads by example in the collaborative economy.

    SEBI Warns on Virtual Stock Games Using Real-Time Data
    SEBI warns investors about the risks of virtual stock games that use real-time market data, citing potential regulatory concerns.
    StartupTalkyNitin Konde

  • INR 4 cr Will be Invested in Legitquest by Startup Investments (Holding)

    Through its fully owned subsidiary Startup Investments (Holdings) Ltd., the internet business Info Edge Datalabs told the stock exchanges that it intends to invest INR 4 crore ($474K) in its portfolio company LegitQuest. 

    By purchasing convertible notes, the investment in the legal tech business will be made in two installments. Subject to “certain conditions,” the remaining INR 2 Cr will be invested within a year after the first payment of INR 2 Cr is made within 30 days.  After the second investment tranche, Info Edge would own a total of 27.98% of the firm, even though it will also be obtaining more funding from other investors. This, however, is contingent upon additional provisions and LegitQuest’s subsequent investment round.

    About LegitQuest

    LegitQuest, a generative legal AI assistant founded in 2017 by Karan Kalia, Rohit Shukla, and Himanshu Puri, offers lawyers real-time responses, document draughting, contract and case law assessments, and more. 

    The startup claims to have over 1,000 business-to-business clients and over 3 lakh users. After making INR 2.22 Cr in FY23, LegitQuest’s turnover for FY24 increased by 163% to INR 5.85 Cr. Additionally, it recorded INR 38 lakh in profit after taxes for FY24.

    In Edge Expanding its AI Portfolio

    When the startup raised INR 5 crore in its Series A funding round in 2021, Info Edge made its first notable investment in LegitQuest. Waterbridge Ventures participated in the round as well.

    The investment is in line with the business’ growing emphasis on funding internet businesses that use GenAI. Info Edge further mentioned that this month it would spend INR 30 crore in Redstart, its investment arm. The firm intends to use this investment to look into more online business investment opportunities. 

    In terms of finances, Info Edge saw a sharp drop in profits during the second quarter of the current fiscal year. The company’s net profit in Q2 FY25 was INR 84.73 Cr, down 64.6% year over year from NR 239.74 Cr in the same quarter the previous year. However, compared to the INR 625.84 Cr it reported in Q2 FY24, its operational revenue increased 3.5% YoY to INR 700.82 Cr. 

    Generative AI’s Investment Scenario in India

    According to a survey by IT industry group Nasscom, investment in India’s generative AI firms increased by twofold in the first half of 2024 (January–June) as compared to the second half of 2023 (July–December).

    According to Nasscom’s most recent Generative AI tracker, despite the rise in investments, funding rounds decreased by about 50% in the first half of this year compared to the second half of the previous year. In the same time frame, US investments in Gen AI startups increased threefold, and large tech corporations’ investments in Gen AI startups increased 1.25 times.

    BharatPe and NASSCOM Foundation Supports Maharashtra’s Women Entrepreneurs
    BharatPe and Nasscom Foundation empower rural women in Maharashtra through the “Formal Registration and Digital Market Linkage Program,” fostering inclusion and business growth.
    StartupTalkyNitin Konde

  • BonV Aero, an Odisha Startup, Introduces a Drone Logistics Service

    Air Orca is a fully autonomous logistics drone service that was introduced by BonV Aero, a startup based in Odisha. Tim Draper, a venture capitalist, was present during the launch event.

    The CEO of BonV Aero, Satyabrata Sathapathy, stated on 10 November 2024 that the debut of Air Orca represents a significant step forward for both the Odisha-based company and the logistics industry in India.

    The company has been able to customise this drone to meet the unique requirements of India by developing and producing it domestically. Tim Draper’s assistance enhances the impact of this launch, and the company is appreciative of his participation as it seeks to expand the advantages of Air Orca for both defence and civilian uses throughout India, according to Sathapathy.

    How this Launch Can Strike a Right Chord for India’s Logistic Sector?

    BonV Aero is responsible for the complete design, development, and manufacturing of the Air Orca in India. Air Orca’s sophisticated autonomous skills enable it to address a variety of logistical issues, especially in areas where conventional modes of transportation are not feasible. Delivering relief goods to impacted areas and offering vital assistance during calamities, the drone is intended to act as a first responder in post-disaster situations.

    According to Tim Draper, observing the Air Orca launch here in Odisha is exciting. With a wide range of applications, ranging from disaster relief to high-altitude missions for the armed services, autonomous drones like Air Orca offer useful answers for contemporary logistics by increasing reach, flexibility, and dependability. The business believes that its innovation solutions can be a useful tool for disaster response in India and around the world.

    Holding a World Record of Lifting 30Kg Payload

    By lifting a 30 kilogramme payload at Umling La, Ladakh, the highest motorable road pass at 19,024 feet, BonV Aero became the first Indian firm to set a world record. According to Sathapathy, this capability surpasses that of helicopters, which have more difficulties carrying comparable loads at such high altitudes.

    Additionally, according to the business, Air Orca wants to provide global logistics solutions for a range of industries, including healthcare, e-commerce, military logistics, and crisis management.

    An important turning point in the logistics sector has been reached with BonV Aero’s introduction of a completely autonomous drone logistics service. With cutting-edge technology, an emphasis on efficiency and safety, and a dedication to solving practical problems, this Odisha business is set to revolutionise the way that goods are delivered in India. BonV Aero is poised to take the lead in building a more sustainable and connected future as they develop and grow.

    Satyabrata Satapathy of BonV Aero on Leading Aerial Mobility and Record-Breaking Drones
    In this interaction with StartupTalky, Satyabrata Satapathy, CEO and Co-Founder of BonV Aero, talks about how they are revolutionising defense, logistics, and disaster management with its drones.
    StartupTalkyMuskaan Kapoor

  • Over 10,000 EVs are Deployed in Flipkart’s Delivery Fleet, Meeting its Goal

    With the addition of more than 10,000 electric vehicles (EVs) to its delivery fleet, e-commerce company Flipkart announced that it has reached a significant milestone. This is the outcome of EVs being gradually included in last-mile deliveries over the previous few years. The company announced that, as part of the Climate Group’s EV100 programme, it will transition to a completely electric logistics last-mile fleet by 2030.

    Currently, Tier-I cities like Delhi, Bengaluru, Hyderabad, and Chennai are home to 75% of Flipkart’s electric fleet. Flipkart also revealed in August 2024 that EVs were completing more than 55% of its food orders. Additionally, it used its electric vehicle fleet to carry more than 16% of groceries to Tier-II and smaller cities, such as Lucknow, Sonipat, Ludhiana, Bhubaneswar, Malda, Hubli, and Vizag, during the 2024 festive season.

    Driving Operational Excellence and Setting the Benchmark

    Significant operational efficiencies have been achieved as a result of the strategic use of EVs. In comparison to traditional delivery trucks, it has reduced the cost per order at the hub level and increased the last-mile delivery speed by 20%.

    Hemant Badri, senior vice president and group head of supply chain, customer experience, and re-commerce business at Flipkart Group, stated that the company is not only promoting operational excellence but also establishing a standard for sustainable practices in the industry at large by combining its growing EV fleet with significant investments in charging infrastructure.

    To facilitate this sustainable shift, Flipkart is investing heavily in charging infrastructure in addition to growing its fleet of EVs. In order to promote broader EV adoption, the company has teamed up with the Adani Group to set up 38 specific charging locations with 190 chargers overall in important Tier-II cities. Additional public infrastructure improvements are also planned. In order to improve supply chain operations and grow the integration of electric vehicles, Flipkart has also launched a last-mile aggregate model in Karnataka, Telangana, and Tamil Nadu, working with fleet operators that are focused on EVs.

    Company is Focusing on Strategic Partnership for Sustainable Growth

    According to Nishant Gupta, head of sustainability at Flipkart, the company is well-positioned to reach a 100% last-mile electric fleet by 2030 thanks to its strategic partnership with the Climate Group’s EV100 initiative and cooperation with top original equipment manufacturers, EV service providers, charging infrastructure partners, financing bodies, and manpower sourcing agencies.

     In an effort to reach its goal of having 10,000 electric vehicles for last-mile deliveries by 2025, Amazon India, another e-commerce company, has announced that it has partnered strategically with Gentari, an electric mobility company, for its EV deployment programme.

    ED Raids Offices of Flipkart and Amazon Merchants
    ED raids offices of Flipkart and Amazon merchants as part of an ongoing investigation, aiming to uncover financial irregularities.
    StartupTalkyNitin Konde

  • Tirunelveli Becomes a Flourishing Centre for Startups

    Previously known for its caste problems, Tirunelveli is currently gaining recognition for its thriving entrepreneurship scene. More women from this area are breaking down barriers and entering the startup environment in recent years.

    As of September 27, 2024, there were 405 start-ups in the Tirunelveli regional hub, according to data released by the Tamil Nadu Startup and Innovation Mission (StartupTN). This hub is made up of the districts of Tirunelveli, Tenkasi, Thoothukudi, Kanniyakumari, and Ramanathapuram.

    Four Key Factors Backing the Startups’ Growth

    Thillai Rajan, an IIT-Madras professor of management studies, compiled a collection of data using his information and analytics platform, YNOS Venture Engine. Eighty-eight start-ups have female co-founders. Women have established or co-founded roughly 43% of start-ups, he said.

    Tirunelveli entrepreneurs claim that the flourishing start-up ecosystem is the result of four important elements. First, the Zoho Corporation’s influence, which brought in a slew of tech-related businesses. In Tirunelveli, a large number of start-ups are established by former Zoho employees. The second aspect was the region’s residents’ innate spirit of entrepreneurship. People from this area founded some of the well-known retail brands in T. Nagar, Chennai, in recent years. This area is also home to a large number of Silicon Valley residents, according to data from StartupTN.

    Thirdly, the tendency was influenced by the growing number of large corporations in and surrounding this region, including Bosch and Tata Power. This has given entrepreneurs more confidence to start businesses in the area. The fourth aspect was StartupTN’s assistance, which has given nearby start-ups access to vital resources, networking opportunities, and mentorship.

    This region’s startups have also been successful in obtaining significant finance. Nine start-ups have received funding in the area, according to StartupTN. Two are recipients of the Tamil Nadu SC/ST Startup Fund, while five are recipients of TANSEED. While one start-up secured seed investment, the other received angel funding.

    What is TANSEED?

    TANSEED is a grant programme run by the Tamil Nadu Startup and Innovation Mission (TANSIM), the government of Tamil Nadu’s MSME Department’s policy implementation agency. In particular, the initiative aims to pre-incubate and accelerate early-stage businesses throughout Tamil Nadu, making the majority of them investible (capable of obtaining TANSIM funding support) and generating follow-on funding.

    The goal of TANSEED is to establish a platform for inclusive innovation solutions that benefit people on a social and economic level. These solutions might be technology or business process orientated.

    Tamil Nadu Startup and Innovation Mission

    In order to create an inventive and conducive environment in the state, the Tamil Nadu Startup and Innovation Mission (TANSIM) was established. In order to create high-growth entrepreneurial ventures in a variety of industries, including agriculture, manufacturing, healthcare, education, logistics, the social sector, urban development, the environment, Fintech, and ICT, TANSIM’s primary activities include fostering innovation, encouraging investments in R&D, infrastructure support, knowledge creation, technological development, and skilled labour. It carries out a number of programs to assist and foster new businesses in the state.

    Telangana Partners with DENSO to Boost Automotive Tech Startups
    Telangana collaborates with DENSO to advance automotive technology and support startups via T-Hub, fostering innovation in the sector.
    StartupTalkyNitin Konde

  • Swiggy is Prohibited by a B’luru Court from Alienating a Terminated Executive’s ESOP

    Until the next hearing, the court barred Swiggy from alienating 24 of a former executive’s exercised stock options and 185.454 vested and unexercised stock options. Arun Cyril, Swiggy’s former assistant vice president, contested his “illegal” dismissal from the foodtech firm and the ESOPs that followed. Swiggy’s initial public offering (IPO) ended on 8 November 2024, with the public offering being oversubscribed 3.59 times on the last day.

    For the time being, until the next hearing, a Bengaluru civil court has barred foodtech giant Swiggy from alienating or “creating any charge” on more than 200 stock options owned by a former executive who was fired by the business earlier this year. According to the court’s order dated November 7, defendant No. 1 company (Swiggy) and its directors are prohibited from establishing any charges, interests, or alienating 185.454 vested and unexercised stock options and 24 exercised stock options of the plaintiff until the next hearing date. The next hearing in the case is scheduled for November 23 by the court.

    What Lead to Court’s Intervention?

    Arun Cyril, the former assistant vice president of Swiggy’s contact centre operations, petitioned for the directives earlier this year. 

    Cyril, who spent over ten years working at the foodtech major from 2015 to 2024, contested his “illegal” layoff and the company’s subsequent cancellation of his employee stock option plans (ESOPs) in the plea. Swiggy and its rival Zomato were found guilty of violating antitrust regulations and giving preference to specific restaurant chains listed on their platforms, according to a report by a media house earlier today.

    In addition, on November 6, the Delhi High Court sent notice to Swiggy and the Competition Commission of India (CCI) regarding a plea submitted by the National Restaurant Association of India (NRAI), contesting the exclusion of the trade association from a confidentiality ring established by the watchdog to investigate purportedly anti-competitive actions by Zomato and Swiggy.

    Swiggy’s IPO

    Among all of these, Swiggy’s initial public offering (IPO) closed recently, with the deal oversubscribed by 3.59X on the last day. In contrast to the 16.01 Cr shares available, the IPO got bids for 57.53 Cr shares, with qualified institutional investors (QIBs) accounting for the majority of these bids.  The IPO consists of an offer for sale (OFS) of 17.5 crore shares and a new issue of shares valued at INR 4,499 crore. For the public offering, Swiggy has specified a price range of INR 371 to INR 390 per share. On November 5, before the issue was made available for public subscription, Swiggy obtained INR 5,085 Cr from anchor investors. On November 13, its shares are now scheduled to go public.

    Swiggy’s first quarter (Q1) of the fiscal year 2024–25 (FY25) saw a combined net loss of INR 611 Cr, up more than 8% year over year (YoY). During the reviewed quarter, operating revenue increased 35% year over year to INR 3,222.2 Cr. 

    Swiggy Raises INR 5,085 Crore from Anchor Investors Ahead of IPO
    Swiggy secures INR 5,085 crore from anchor investors, boosting its capital and setting a strong foundation ahead of its upcoming IPO.
    StartupTalkyNitin Konde

  • Apple Inc. Establishes its First R&D Subsidiary in India

    India might soon contribute to the design, testing, and research of Apple’s new products. The Cupertino-based business has established Apple Operations India as a completely owned subsidiary in India.

    The new entity’s anticipated activities included hiring engineers for hardware development, leasing facilities, purchasing engineering equipment, and offering failure analysis services to group companies, according to a regulatory filing.

    ‘Letter of Comfort’ From Apple

    According to Apple Operations India’s registration with the Registrar of Companies (RoC) last week, Apple Inc. has provided “a letter of comfort,” guaranteeing that it will continue to provide “operational and financial support” for the “foreseeable future.” It would be the first time in Indian history for the iPhone manufacturer to design and test hardware in the nation. Currently, the business conducts research and development in Israel, China, Germany, and the US. Additionally, this is the first time the US parent company’s Macintosh PC manufacturer has established a direct subsidiary in India.

    According to the RoC, Apple Operations International, based in Ireland, is the owner of Apple India, the holding company of its current sales and marketing entity.

    According to the application, Apple outsources the manufacturing of its products in India, and the new entity would assist independent contractors and manufacturers by offering hardware, software, and other services.

    Apple’s Operations in India

    Top international electronics companies like Samsung, LG, and Sony currently have research and development (R&D) facilities in India; however, these are primarily restricted to software development for international launches and hardware localisation of products. Vivo and Oppo, two Chinese phone manufacturers, operate similarly.

    To outsource tech and back office services and carry out research and development, numerous multinational corporations from the United States and Europe have established global competence centres (GCCs) in India.

    In addition, Apple is establishing the new India corporation in the midst of the ongoing economic dispute between the US and China, which is predicted to get worse after Donald Trump won the recently concluded Presidency Election.

    Apple is Growing its Network in India

    According to its memorandum of association with the RoC, Apple Operations India will “undertake research and development and design relating to science, engineering, technology and applied technology, computer and information technology programming, research and systems, related technical support, technical testing and analysis,” among other related activities.

     According to the memorandum, it will also supply third-party manufacturers and/or contractors with any kind of “equipment, instruments, components, and systems, technical, electronic, mechanical, software, or otherwise, by way of lease, hire, or otherwise.”

    Tim Cook, the company’s CEO, has admitted in all of the company’s earnings calls over the past few years that Apple has been breaking sales records in India every quarter. As Cook stated last month, Apple now has two company-owned stores in India and intends to launch four more soon. Apple is currently the nation’s biggest exporter of electronics after growing its manufacturing facilities there with three partners.

    Google Cloud Expands Support for India’s AI Startups
    Google Cloud now provides increased support to early-stage AI startups in India, aiding innovation and growth across the sector.
    StartupTalkyNitin Konde

  • Zomato Offers Discounted Cost for Cancelled Orders Through its ‘Food Rescue’ Service

    On November 10, food delivery giant Zomato unveiled a new programme dubbed “Food Rescue” that aims to cut down on food waste by allowing local customers to purchase recently cancelled orders at a reduced price. Customers, eateries, and delivery partners are all anticipated to gain from this innovation.

    Despite Zomato’s no-refund policy, CEO Deepinder Goyal stated that more than 400,000 purchases are cancelled every month.  Order cancellation results in a significant quantity of food waste, hence Zomato discourages it. Goyal said on social networking site X (previously Twitter) that despite strict restrictions and a no-refund cancellation policy, over 4 lakh perfectly good orders are cancelled on Zomato by customers for a variety of reasons.

    CEO Emphasised on Reducing Food Wastage

    Finding a solution to save the food from going to waste is the first priority for the restaurant sector as well as for customers. Goyal added.

    Food Rescue is a new feature that the brand is launching today! Goyal explained that cancelled purchases will now appear for local clients, who can purchase them at an unbeatable price in their original, untouched packaging and have them delivered in a matter of minutes.

    How the New Feature Works?

    Customers who live within three kilometres of the delivery partner holding the order can see cancelled orders on the app thanks to the “Food Rescue” feature. To preserve quality, this option will only be available for a brief period of time. To maintain freshness, some products—such as shakes, ice cream, and other foods that are sensitive to temperature—are not included in this section. Furthermore, non-vegetarian items will not be displayed to vegetarian patrons.

    Customers that live close to the initial order will not be able to buy it in the interim. Both the restaurant partner and the original customer will get a share of the new customer’s payment if it was made online. With the exception of required government taxes, Zomato will not keep any of the earnings.

    How Will it Benefit the Restaurants and Delivery Partners?

    If the order is successfully claimed, restaurant partners will get paid for the original order plus a percentage of the new customer’s purchase. Using their partner app and dashboard, partners can simply choose not to take part in the Food Rescue service. Delivery partners will receive payment for the full trip, which includes both the initial pickup and the last delivery to the new client.

    Zomato’s most recent shareholder letter claims that during the previous quarter, the platform had an average of 498,000 active delivery partners each month. Zomato has been aggressively introducing a number of new features lately. These include a feature that was introduced in June that shows the total number of orders users have placed on the app, as well as “Brand Packs,” which provide extra savings on meals from restaurants that customers usually purchase from.

    Introducing “Order Scheduling” from Zomato
    Zomato’s new ‘Order Scheduling’ feature lets users pre-order meals up to two days in advance. Available in 35,000+ restaurants across 30 cities, like Mumbai, and Bengaluru.
    StartupTalkyNitin Konde