A media agency report indicates that Standard Chartered Plc is currently facing a $2.7 billion lawsuit from liquidators who claim that the company was involved in the diversion of billions of dollars that were misappropriated from Malaysian sovereign wealth fund 1MDB.
The lawsuit, which was filed in Singapore on 30 June, is the most recent effort to recoup funds that were seized from 1MDB as part of a ten-year investigation that has involved several of the biggest institutions in the world.
According to a statement issued on July 1, liquidators filed a lawsuit against the Singapore-based bank with its headquarters in the United Kingdom. According to the bank’s statement provided to a media house, the claim documents have not yet been received.
It added that the liquidators had openly declared the 1MDB businesses to be “shell companies with no legitimate business” and that it “emphatically rejects any claims” made by them.
Standard Chartered Rejecting the Claims
However, the Standard Chartered stated that the bank will strongly defend any litigation brought by the liquidators and that any claims made by these firms are without merit. StanChart went on to say that it had invested much in its anti-money laundering procedures and processes.
According to the bank, Standard Chartered closed these accounts in 2013, disclosed the 1MDB entities’ transaction activities, and provided the investigating authorities with full cooperation.
According to the claims, Standard Chartered Bank allowed over 100 intrabank transfers between 2009 and 2013, which aided in hiding the movement of money that had been stolen. The liquidators’ statement stated that these transactions resulted in the claimants losing almost $2.7 billion and the government losing S$20 million ($15.7 million).
1MDB Scandal
With an estimated $4 billion in stolen funds, the 1MDB scam was one of the worst financial scandals in history. Najib Razak, the prime minister of Malaysia at the time, was also prosecuted as a result of the scam.
He was found guilty and given a six-year prison term. Several of the largest banks in the US, Europe, and Asia were also engaged. The disgraced former Goldman Sachs banker at the centre of the scandal, Tim Leissner, was given a two-year prison sentence by a federal court in Brooklyn last month.
According to a media report, liquidators at the financial services company Kroll, which is in charge of organising the 1MDB recovery efforts, have discovered that over $2.7 billion passed through StanChart accounts, including payments to Najib and purchases of jewellery and upscale goods for his family.
In 2016, Standard Chartered was fined S$5.2 million by Singaporean authorities for anti-money laundering violations associated with the case. Fines were also imposed on other banks.
On July 2, Indian Railways introduced RailOne, a special one-stop solution app for all passenger services, in an effort to make travel easier and more pleasant for passengers.
On the occasion of the 40th Foundation Day of the Centre for Railway Information Systems (CRIS), which plans, develops, executes, and manages important information systems for Indian Railways, Union Minister Ashwini Vaishnaw unveiled RailOne, the new software programme.
The new app is intended to act as a one-stop shop for all passenger demands and questions pertaining to railroads.
By combining several services into one interface, it also seeks to improve passenger convenience. Users using iPhones and Android devices can now download RailOne from the iOS App Store and Google Play Store.
Vibrant Features of the RailOne
The ministry claims that the RailOne app also has features for enquiring about goods train services. According to the government, the customer receives a comprehensive package of Indian Railways services since all the services are housed in one location and have integrated communication between them.
Additionally, RailOne offers a single sign-on option that lessens the need for customers to memorise numerous passwords.
The app enables users to continue using their login credentials if they are already using the RailConnect or UTSonMobile applications for booking. They can use their current account and password to access RailOne.
Apart from that, app also features regular services such as booking train tickets, platform tickets, enquiry about train and its running status, checking PNR status, scheduling and planning journey, helpline services, ordering meal on the go etc.
Recent Transformations in the Indian Railways
The Ministry has required that Aadhaar-verified IRCTC IDs be used to book tatkal and emergency tickets from July 1. This action attempts to stop IRCTC partner agents from abusing the system by booking tickets in large quantities, which frequently prevents actual travellers from securing bookings.
The first reservation chart timing revision is another important change to train services. The chart will no longer be prepared four hours before the train’s scheduled departure; instead, it will now be prepared eight hours beforehand.
A minor change to Indian Railways’ existing train prices has also been announced. The new structure will result in a 0.01 per kilometre increase in rates for non-AC mail and express trains and a 0.02 per kilometre increase for AC class fares.
Suburban rates, second-class tickets for trips under 500 km, and monthly season tickets will not be affected by this change, nevertheless. Vaishnaw praised the CRIS team’s efforts to upgrade the current Passenger Reservation System (PRS) and urged them to concentrate on further fortifying the digital core of the Indian Railways.
According to a Railways spokesperson, the new PRS would be scalable, multilingual, and nimble enough to manage ten times the existing load. It would be able to process 40 lakh enquiries and 1.5 lakh ticket bookings every minute.
He went on to say that the new PRS will be inclusive, feature sophisticated fare calendar and seat selection features, and incorporate alternatives for patients, students, and divyangjan (those with disabilities), among others.
Mumbai, July 2025: Mumbai-based developer Shobhit J. Rajan is once again at the centre of controversy, with his flagship firm Ecstasy Realty Private Limited accused of fraudulently diverting nearly INR 600 crore raised from investors for its high-profile ‘Parthenon’ residential project in Andheri.
Investigations by the Economic Offences Wing (EOW) reveal that Ecstasy Realty allegedly raised funds through secured Non-Convertible Debentures (NCDs) intended for construction but instead routed the money through a web of layered transactions, benefiting promoters and related entities. Authorities claim forged documents were submitted to justify the fund’s use, concealing the diversion from lenders and investors.
The alleged fraud has resulted in substantial losses to debenture holders and significant project delays. Officials state that the diverted funds involved related companies, including Prabal Infra Agro Farms Pvt. Ltd. and Maharashtra Eco Green Pvt. Ltd.
An FIR has been filed at Juhu Police Station against Ecstasy Realty and its directors under various IPC sections, including cheating, criminal breach of trust, forgery, and criminal conspiracy. Recently, the sessions court in Mumbai denied anticipatory bail pleas of Rajan and other directors, underscoring the seriousness of the charges. There are unconfirmed reports suggesting that Rajan may not currently be in India, though this could not be independently verified.
This is not the first time Shobhit Rajan has faced serious legal and business controversies.
Previously, Canadian businessman Alnoor Jamal accused Rajan of oppression and mismanagement in their joint venture to develop Raiaskaran Tech Park (Logitech Park) on Mumbai’s former Parke Davis land. Jamal alleged his stake was diluted from 50% to 28.33% and he was removed from the board in 2004. The Bombay High Court in 2015 upheld an order for Rajan to compensate Jamal, and the matter later reached the Supreme Court.
In another case, Rajan’s group entity Nadal Infra Agro Pvt. Ltd. faced a land grab allegation in Lonavala, where developer Aneel Vadgama accused him of forcibly taking possession of a 25-acre plot valued at around INR 50 crore in 2016. Vadgama alleged that over 100 men linked to Rajan stormed the land, fired a gun, and assaulted his staff. Rajan denied the claims, asserting his purchase was legal and accused Vadgama of fabricating documents.
In 2013, former IPS officer Y.P. Singh alleged that Ecstasy Realty violated green norms by constructing on land earmarked as a tree plantation buffer zone. Ecstasy Realty denied any illegality.
The latest INR 600 crore fraud allegations add to the string of legal challenges surrounding Shobhit Rajan and his business ventures.
Infosys encourages its staff to have a healthy work-life balance. According to reports, the tech giant has launched an internal campaign where HR is monitoring how much time employees spend working in the office and reminding them to adhere to regular working hours, particularly when working remotely.
Employees whose registered working hours are over the usual threshold are even receiving customised emails from the corporation reminding them to follow regular schedules and take care of their health.
An employee whose average monthly working hours are above the statutory 9.15 hours per day, five days a week, receives health reminder letters from the company’s human resources department, according to a media report.
These emails give information about the employee’s remote work schedule and stress the value of preserving work-life balance.
The emails also contain information about the employee’s average number of hours worked per day, the number of days they worked remotely, and the overall number of hours they clocked in.
Putting a Check on Employees’ Health
The emails include a clear reminder to staff members to maintain a healthy work-life balance and take care of their health. According to the organisation, it is crucial for both long-term professional efficacy and personal well-being.
Employees at Infosys are also encouraged to take regular breaks, voice concerns if they feel overburdened, assign tasks when necessary, and unplug from work after hours in order to refuel.
One such email advised avoiding work-related interactions if feasible and taking some time to rest during downtime. According to reports, this new attempt to put employee health first was implemented following Infosys’ adoption of a mixed work style.
Employees must work from the office at least ten days a month as a result of the company’s November 20, 2023, return-to-office policy. Since then, HR departments have started keeping track of how much time workers spend working remotely.
Employees’ Health a Major Issue in the IT Sector
Poor sleep, irregular meals, and overworking are causing an epidemic of health problems among professionals, particularly heart-related disorders. This campaign comes at a time when these problems are becoming more prevalent.
With more than 323,000 employees, Infosys is now proactively addressing these risks. The HR department at Infosys recently sent out a note to the staff saying that, although the firm values their dedication, it also thinks that a good work-life balance is essential for their long-term career success and general well-being.
But Infosys’ new position goes against what co-founder N. R. Narayana Murthy argued for only a year ago. Speaking at the centenary commemoration of the Indian Chamber of Commerce in Kolkata, Murthy stated that if India wishes to become a global superpower, young Indians must put in more effort.
He pointed to the 800 million Indians who live below the poverty line and questioned, “If we are not in a position to work hard, then who will work hard?” In 1986, Murthy openly criticised India for switching to a five-day workweek, claiming he had never supported the change.
“I don’t believe in this concept of work-life balance,” he declared at the CNBC Global Leadership Summit in November of last year, adding that sacrifice and unrelenting effort will be necessary for true growth.
His remarks caused controversy and division among professional generations. Critics questioned if such expectations are healthy and sustainable in India’s fast-paced IT sector, even as many praised his accomplishments and work ethic.
Here’s a quick look at the top startup funding deals and key business updates from across India and the global tech world. From fresh investments to IPO filings and major policy shifts, we bring you everything important that happened today.
Daily Indian Startup Funding Digest – 1 July 2025
Company
Round & Amount
Lead Investor(s)
Sector
Astrophel Aerospace
Pre‑seed – ₹6.84 Cr (~$800k)
Angel consortium
Space‑tech launch vehicles
Garaaz
Seed – ₹4.55 Cr (~$530k)
GVFL
Automotive parts e‑commerce
Bambrew
Strategic – ₹90 Cr (~$10.3m)
Ashok Goel, Enrission India Capital
Sustainable packaging
AppsForBharat (Sri Mandir)
Series C – ₹175 Cr ($20m)
Susquehanna Asia VC et al.
Devotional‑tech
Loopworm
Pre‑Series A – $3.25 m
WaterBridge Ventures, Enrission India Capital
Insect‑derived proteins
Lamark Biotech
Pre‑Series A – ₹6.5 Cr
IAN Group (incl. BioAngels et al.)
Thermostable biologics
Zango AI
Seed – $4.8 m
Nexus Venture Partners et al.
AI‑based reg‑tech
Eeki
Series A – $7 m
Sixth Sense Ventures
Agritech (pesticide‑free cultivation)
FincFriends
Debt – $11.5 m
Undisclosed lenders
Fintech/NBFC digital lending
Astrophel Aerospace raised INR 6.84 crore in pre-seed funding
The Pune-based space-tech startup, Astrophel Aerospace, secured INR 6.84 crore in a pre-seed round from angel investors. Astrophel is developing a reusable semi-cryogenic launch vehicle and aims to bring down the cost of satellite launches. The startup has already fired a semi-cryogenic engine and is working with ISRO under an MoU.
Garaaz raised INR 4.55 crore in a seed round led by GVFL
Jaipur-based Garaaz, an auto-tech platform enabling the discovery and delivery of genuine spare parts, raised INR 4.55 crore in a seed round led by GVFL. The funds will be used to scale technology, expand logistics, and strengthen its marketplace serving workshops and distributors.
Bambrew secured INR 90 crore in strategic funding
Sustainable packaging startup Bambrew, based in Bengaluru, raised INR 90 crore from Ashok Goel and Enrission India Capital. The company manufactures biodegradable packaging using bamboo, bagasse, and seaweed, and plans to expand into international markets and build new manufacturing capacity.
AppsForBharat (Sri Mandir) raised INR 175 crore in the Series C round
The parent company of devotional-tech platform Sri Mandir raised INR 175 crore in a Series C round led by Susquehanna Asia Venture Capital, with participation from Peak XV, Elevation Capital, and Fundamentum. The app offers virtual pujas, prasad delivery, and has seen over 4 crore installs.
Loopworm raised $3.25 million in pre-Series A funding
Biomanufacturing startup Loopworm, which uses insects like silkworms to produce functional proteins for diagnostics and animal nutrition, raised $3.25 million in a pre-Series A round co-led by WaterBridge Ventures and Enrission India Capital.
Lamark Biotech raised INR 6.5 crore in a pre-Series A round
Ahmedabad-based Lamark Biotech develops thermostable biologics that do not require cold-chain transport. The INR 6.5 crore round was led by IAN Group, BioAngels, and several prominent angel investors and will help advance the firm’s proprietary formulations for insulin and antibodies.
Zango AI raised $4.8 million in a seed round
Zango AI, an AI-native reg-tech startup with operations in Bengaluru and San Francisco, raised $4.8 million in a seed round led by Nexus Venture Partners. The company is building LLM-powered tools to help financial institutions manage compliance, risk, and governance more effectively.
Eeki raised $7 million in Series A funding
Agritech company Eeki, which builds hydroponic farms for pesticide-free vegetables, raised $7 million from Sixth Sense Ventures. It operates a franchise-led model and supplies produce to retailers, aiming to scale sustainable farming across India.
FincFriends raised $11.5 million in debt funding
FincFriends NBFI Ltd., the lending arm of fintech platform RupeeRedee, secured $11.5 million in debt from undisclosed institutional lenders. The Gurugram-based company plans to use the funds to expand its short-term digital loan offerings targeting underserved borrowers.
GIC secures CCI approval to buy stake in IPO-bound Groww
Singapore’s sovereign wealth fund GIC, through its Viggo Investment subsidiary, has received Competition Commission of India (CCI) consent to acquire a 2.14% stake in Bengaluru‑based fintech firm Groww, ahead of its anticipated IPO.
Rapido pilots ‘Ownly’ food delivery app in Bengaluru
Rapido is launching a pilot of its Ownly food delivery app in Bengaluru’s Koramangala, HSR Layout and Sarjapur within the next 8-10 days, targeting a 10-city rollout by July 2026. Ownly will offer zero or lower commissions (8–15%), with a flat, three-tier delivery fee structure, intended to be more restaurant-friendly and competitive versus Swiggy and Zomato.
Amazon deploys one millionth robot and launches DeepFleet AI
Amazon Robotics has deployed its one millionth warehouse robot, now nearing parity with its human workforce. Concurrently, it launched DeepFleet, a generative‑AI foundation model (built on AWS/SageMaker) that coordinates its robotic fleet, improving travel-time efficiency by 10%, expediting delivery, cutting costs, and reducing congestion. The company has also upskilled over 700,000 employees since 2019 to work alongside automation.
Meta mandates SEBI verification for investment ads from 31 July
Meta has announced that from 31 July 2025, all securities and investment‑related advertisements on Facebook and Instagram targeting Indian users must display verified SEBI registration details. This measure aims to curb fraudulent “finfluencers”. Ads from unverified entities will undergo a two‑day review process.
The Securities and Exchange Board of India (SEBI) has received the draft red herring prospectus (DRHP) from logistics giant Shadowfax for an IPO via private pre-filing process.
This public announcement is being made in accordance with Regulation 59C(5) of the SEBI ICDR Regulations to notify the public that the company has filed the pre-filed Draft Red Herring Prospectus with SEBI and the stock exchanges.
The entire filling has been done under Chapter IIA of the SEBI ICDR Regulations with regard to the proposed initial public offering of its equity shares on the main board of the stock exchanges.
According to media reports, Shadowfax is aiming for a listing for INR 2,000–2,500 Cr, with about 50% of that amount anticipated to be obtained through a new issue, even though the note did not specify the size of the IPO. This development comes three months after it became a public company.
Shadowfax Likely to Join Other Stalwarts in IPO’s Battleground
Shadowfax’s move puts it in line with companies such as Aequs, Groww, Shiprocket, boAt, and PhysicsWallah (PW) that have used the confidential filing method to conceal IPO specifics until later in the process.
The IPO’s principal bankers are Morgan Stanley, JM Financial, and ICICI Securities. Abhishek Bansal and Vaibhav Khandelwal founded Shadowfax in 2015, providing last-mile delivery services to D2C brands and e-commerce platforms. Additionally, it offers value-added services including package exchange, expedited delivery, and reverse logistics.
Platforms such as Mamaearth, Nykaa, Flipkart, and Meesho are among its customers. According to a media report, Shadowfax was valued at $750 million (about INR 6,518.51 crore) when its co-founders invested INR 65.4 crore in the business earlier in March as part of a larger $50 million investment.
In addition to the cash, Shadowfax changed its board in February by adding Pirojshaw Sarkari, Ruchira Shukla, and Bijou Kurien as independent directors in accordance with the regulatory requirement.
IPO and Ongoing Market’s Sentiments
The announcement of Shadowfax’s IPO coincides with a period of market correction and recovery thus far this year. Although the market correction kept the climate unfavourable for initial public offerings (IPOs) until April, the overall market has since shown an upward trend.
Despite uncertainty amid major geopolitical shifts (such as the US-induced tariff issue, the India-Pakistan conflict, and the Israel-Iran war), an EY report stated that the global IPO market grew 20% YoY by value, even though Ather and ArisInfra are the only new-age technology companies that have gone public this year thus far.
According to the research, India’s initial public offering (IPO) industry is still exhibiting resilience, accounting for 22% of worldwide IPO activity in Q1 2025, with 62 IPOs raising a total of $2.8 billion during the quarter.
Consequently, over 20 cutting-edge tech firms are currently preparing to go public this year. These companies, which include, among others, PhysicsWallah, Zappfresh, BlueStone, boAt, CarDekho, Groww, Meesho, and Flipkart, are now certain in their intentions to submit IPO applications.
In order to earn INR 1,200 crore through an initial public offering (IPO), Hero Motors has resubmitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), the market regulator.
For both electric and non-electric powertrains, Hero Motors offers a broad range of solutions, including system-level powertrain design, prototype, validation, development, and delivery.
It has a major first-mover advantage in this industry since it was one of the first Indian companies to take advantage of the worldwide e-bike powertrain market opportunity. The company operated six production facilities in Thailand, the United Kingdom, and India as of December 31, 2024.
These facilities were positioned strategically to ensure cost-effectiveness and closeness to consumers.
Recent Financial Outlook of Hero Motors
Hero Motors earned INR 807.26 crore in the nine months before December 31, 2024, and its operational revenue increased from INR 914.19 crore in fiscal 2022 to INR 1,064.39 crore in fiscal 2024.
Furthermore, with a compound annual growth rate (CAGR) of 22.08%, gross profit increased from INR 281.38 crore in fiscal 2022 to INR 419.37 crore in fiscal 2024, reaching INR 330.47 crore in the nine months that concluded on December 31, 2024.
The profit after tax for the nine months ending December 31, 2024, was INR 22.39 crore, up from INR 17.04 crore in the fiscal year 2024.
Planning for the IPO
With a face value of INR 10, the initial public offering (IPO) consists of an offer for sale (OFS) by the promoters of up to INR 400 crore and a new issue of stocks worth up to INR 800 crore.
O P Munjal Holdings shares valued at INR 390 crore and Bhagyoday Investments and Hero Cycles shares valued at INR 5 crore each are included in the OFS. The following is how the money received from the new share offering will be distributed: INR 285 crore will be used to pay back, prepay, or fully or partially redeem some of the company’s outstanding debts.
Further, INR 237 crore will be used to finance potential acquisitions and other strategic projects. Lastly, INR 285 crore will be used for capital expenditures associated with buying equipment required to increase the capacity of the company’s facility in Gautam Buddha Nagar, Uttar Pradesh.
The issue’s book-running lead managers are ICICI Securities Limited, DAM Capital Advisors Limited, and JM Financial Limited; the offer’s registrar is KFin Technologies Limited.
In 2022, Hero Motors purchased a strategic interest in the British company Hewland from Hero International B.V., which had been connected to Hewland since 2017.
In 2021, it formed a joint venture with Yamaha Motors Japan to produce electric motors under the “HYM” brand, and operations started in 2022. It also entered the micro-mobility electric drive unit (“EDU”) market in 2023 under the “ESYNC” brand.
The Delhi Income Tax Department has issued a penalty order of INR 1.32 crore to the logistics startup Delhivery. According to the company’s exchange filing, the Assessing Officer of Central Circle 18, Delhi, issued the penalty notice to it on June 28.
The ruling relates to specific expenses of INR 3.95 crore incurred by the corporation during the 2015–16 fiscal year, according to the exchange filing. The expenses were not disclosed by the corporation.
Delhivery has stated that it will challenge the order before the proper authority and refuse to pay the fine. It further stated that the order has no significant effect on the company’s financials or operations.
Delhivery Under a Strict Scanner of Tax Authorities
The Directorate General of GST Intelligence, Mumbai, sent Delhivery a show-cause notice earlier last month for INR 49.19 crore. The order dealt with a question of interpretation regarding tax rates.
Earlier in February 2025, the Directorate of Commercial Taxes of the Government of West Bengal ordered Delhivery to pay INR 5.35 crore in goods and services tax (GST).
A penalty of INR 53.57 lakh and interest on the overdue amount were also imposed by the order, which was issued on February 26 in accordance with Section 73 of the West Bengal Goods and Services Tax Act, 2017, and Section 20 of the Integrated Goods and Services Tax Act, 2017.
Delhivery’s regulatory filing states that the tax demand is the result of the Input Tax Credit (ITC) being denied for the fiscal year 2020–21.
According to the corporation, the disallowance is predicated on claims from dealers whose GSTINs were cancelled retroactively, claims from dealers who failed to file their GSTR-3B forms, and alleged short ITC reversals under Rule 42/43.
As a result of these conclusions, the tax authorities confirmed the demand for INR 5.35 crore along with an additional INR 53.57 lakh penalty.
CCI Greenlights Delhivery’s Acquisition of Ecom Express
Delhivery Limited’s purchase of a minimum of 99.44% equity and preference shares in Ecom Express Limited, on a fully diluted basis, was authorised by the CCI earlier this month.
In April, Delhivery announced that it had paid INR 1,407 crore to acquire the majority of Ecom Express.
The publicly traded logistics behemoth Delhivery has expanded into a full-stack business with supply chain management, warehousing, cross-border logistics, and express package and freight services.
Delhivery, which is well-known for its significant investments in automation and data-driven delivery intelligence, has integrated Ecom Express, a leader in logistics for e-commerce, in an effort to increase last-mile capabilities and consolidate market dominance.
Despite not being publicly listed, Ecom Express has established a strong foothold in India’s rapidly expanding e-commerce industry thanks to a network that is designed for returns, reverse logistics, and warehousing. One of the biggest integrated logistics systems in the nation is anticipated to be created by the acquisition.
National, 01 July, 2025: Swiggy Limited (NSE: SWIGGY/BSE: 544285), India’s leading on-demand convenience platform, today announced the launch of affordable range of offerings on its app- the “99 Store,”– aimed at making everyday meals more affordable and accessible. Swiggy has led from the front with this disruptive launch and introduced a new section on the Swiggy app that features single meals priced at just ₹99, specially curated to meet the needs of price-conscious users and provide affordable options to the high-frequency Gen-Z consumers. 99 Store is available to users in 175+ cities including Bangalore, Ahmedabad, Kolkata, Hyderabad, Delhi, Pune, Chennai, Lucknow, Vadodara, Trivandrum, Tirupati, Patna, Surat, Bhopal, Dehradun, Mysore and Ludhiana.
The 99 Store is a destination for quick-prep dishes offered at a flat price point of ₹99. These curated dishes come with free delivery on all orders under the ‘Eco Saver’ delivery mode. Customers can explore dishes across a wide variety of cuisines including Rolls, Biryani, Noodles, North Indian, South Indian, Burgers, Pizza’s, and Cakes, ensuring that affordability doesn’t come at the cost of choice or taste.
Speaking about the new initiative, Rohit Kapoor, CEO, Swiggy Food Marketplace said, “At ₹99, this isn’t just a price point—it’s a promise. A promise that good food can be both affordable and accessible, especially for our younger customers. The 99 Store is our way of making sure daily meals don’t burn a hole in your wallet. We’ve worked closely with our restaurant partners and delivery teams to make everyday meals more affordable without cutting corners. This is a big step in making Swiggy a true everyday choice for millions. Whether you’re on a college budget or just looking for a fuss-free lunch, this is Swiggy’s most value-driven offering yet.”
The 99 Store is embedded within the existing Swiggy app and stands out for its dish-forward layout, spotlighting top-selling items to make discovery seamless. The offering also uses Swiggy’s “Eco Saver” delivery mode to ensure cost efficiency while maintaining reliable service quality.
By bringing together affordability, curation, and convenience under one experience, Swiggy’s 99 Store is poised to redefine how India thinks about single value meals, proving once again that good food doesn’t have to come with a huge bill!
About Swiggy
Swiggy is India’s pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by 5.4 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2.5 lakh restaurants across ~700 cities. Swiggy Instamart, its quick commerce platform operating in 120+ cities, delivers groceries and other essentials across 20+ categories in 10 minutes. Fueled by a commitment to innovation, Swiggy continually incubates and integrates new services like Swiggy Dineout and Swiggy Scenes into its multi-service app. Leveraging cutting-edge technology and Swiggy One, the country’s only membership program offering benefits across food, quick commerce, dining out, and pick-up and drop services, Swiggy aims to provide a superior experience to its users.
Transactions using the Unified Payments Interface (UPI) fell slightly to 18.40 billion in June from an all-time high of 18.68 billion the month before. Compared to the previous year, the number of transactions increased by 32%.
Compared to the 17.89 billion transactions that were reported in April, the number of transactions in the month under review is 2.9% greater. According to data made public by the National Payments Corporation of India (NPCI), UPI transactions totalled INR 24.04 Lakh Cr in June, a 4.4% decrease from the INR 25.14 Lakh Cr transactions that were reported the month before.
In contrast, the average daily transaction count increased from 602 million in May to 613 million in June. In addition, INR 80,131 Cr was the average daily transaction value.
India Leading the Global Digital Payment Race
India is currently working on improving UPI’s efficiency, even though it is already at the forefront of the digital payment race and helping other countries to catch up.
According to Finance Minister Nirmala Sitharaman, who was speaking at the Digital Payments Award 2025, India currently makes up 48.5% of the world’s real-time digital payments, and the Unified Payment Interface (UPI) ecosystem has over 35 Cr users. She added that a few merchant shops in seven countries, including Bhutan, Nepal, Mauritius, Sri Lanka, the UAE, Singapore and France, currently accept UPI.
The NPCI implemented new rules last month to speed up the processing of UPI payments. Remitter banks, beneficiary banks, and payer and payee payment service providers (PSPs) have been instructed to cut the response time for UPI APIs started by the NPCI to as little as 10 seconds for specific transactions in accordance with the new regulations.
Speculations on MDR
The government may impose a merchant discount rate (MDR) on UPI transactions exceeding INR 3,000, according to a report. The finance ministry, however, denied the allegations and referred to the study as hypothetical, unfounded, and deceptive.
Prime Minister Narendra Modi received a letter earlier this year from the Payment Councils of India (PCI) urging him to reevaluate the 0% MDR policy for RuPay and UPI transactions.
Ministry further stated that nation’s people are unnecessarily apprehensive, afraid, and suspicious as a result of such sensational and unfounded rumours. The government is still totally committed to encouraging digital payments through UPI.
When banks or payment service providers handle digital transactions through UPI, they charge merchants a fee known as the MDR. To encourage digital payments across the nation, the price was reduced to zero in 2020. However, many people think that the lack of MDR has tempered interest in making additional investments in digital infrastructure.
