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Swiggy clocks net loss of ₹625.5 crore in Q2
Food Delivery aggregator Swiggy has reported a net loss of ₹625.5 crore during the September quarter, in what has been the first quarterly report of the company since it became a public company last month.
The company had reported a net loss of ₹657 crore during the same quarter last year and a loss of ₹611 crore during the June quarter.
Swiggy reported revenue of ₹3,601 crore for the September quarter, compared to ₹2,763 crore last year and ₹3,222 crore during the June quarter.
Shadowfax swings to profit in FY24 with adjusted PAT at ₹2 crore
Third-party logistics provider Shadowfax has recorded an adjusted PAT (profit after tax) of ₹2 crore in FY24, against a loss of ₹123.8 crore in the preceding fiscal. Adjusted PAT includes costs related to Employee Stock Ownership Plans (ESOPs).
Revenue grew 33% from ₹1,415 crore in FY23 to ₹1,885 crore in FY24, according to a company statement. The Bengaluru-headquartered firm said it has “significantly diversified” its revenue streams and a major contribution now come from value-added services (VAS).
Shadowfax said it has accelerated its outlay in the middle-mile network over the past few years, with investments of over ₹200 crore to automate its 40 sort centres.
Bumboo raises first institutional funding to accelerate growth in climate solutions
Sustainability packaging company Bumboo, has raised its first round of angel funding which remains undisclosed. The round saw participation from Rohan Bhargava (Co-founder, CashKaro), Saurabh Gupta (CEO & Co-Founder, UrbanPiper), Shashank Bijapur (Founder, SpotDraft), Rajneil Kamath (Former Google, NC Media), Harikrishnan M (DMart), Sridhar V (Microsoft), and Rajat Bhargava (Think Wealth).
The fresh capital will fuel Bumboo’s expansion in Indian and global markets, a statement said. The company is currently serving over 3,500 businesses including Zomato, Swiggy, ITC, Blue Tokai, Curefoods, Chaayos, and Barbeque Nation.
The firm said it has prevented nearly 3,000 tons of CO2 emissions through innovative agro-waste solutions. It is targeting ₹100 Crore revenue milestone within the next four years.
Agrileaf secures ₹16 Crore from Capital-A and Samarsh Capital
Agrileaf, a manufacturer and exporter of biodegradable dinnerware, has bagged ₹16 crore in a growth funding round led by Capital-A and Samarsh Capital. This marks Agrileaf’s first fundraise after being bootstrapped and profitable to date, the firm said in a statement.
This investment will enable Agrileaf to expand its operations in existing markets across the US and Europe, as well as build a consumer-facing brand in India. Agrileaf will also expand production capacity, enhance its biodegradable dinnerware and packaging line, and deepen its community impact.
Currently, Agrileaf targets to produce up to 300,000 dinnerware products daily by the end of 2025 and has created over 1,000 jobs, supporting rural economic development.
MATH partners with Google for Startups to host AI Academy India Bootcamp
MATH, a hub for AI and ML technologies and a collaborative effort between the Department of Science and Technology (DST), has partnered with Google for Startups to host the AI Academy India Bootcamp in Hyderabad.
This three-day boot camp taking place from December 4 to 6 aims to empower early-stage startups leveraging AI to address critical challenges in healthcare, agriculture, climate, education, financial inclusion, cybersecurity, and public infrastructure, a statement said.
The initiative will provide startups with the tools, knowledge, and mentorship needed to scale and create human-centred AI solutions. The boot camp is part of the Google for Startups AI Academy India programme, which seeks to equip 10,000 startups across the country with essential resources such as cloud and marketing credits, expert mentorship, and networking opportunities.
Namma Yatri and EnAble India launch Purple Rides nationwide
Namma Yatri, an open mobility app, in partnership with EnAble India, has announced the nationwide launch of its “Purple Rides” service, extending accessible auto and cab services to Bengaluru, Chennai, Kolkata, Hyderabad, Kochi, and other cities across India.
This initiative aims to revolutionise mobility for persons with disabilities (PwDs) by combining accessibility with empowerment. Purple Rides integrates driver training programs, app customisations, and driver assistance systems to meet users’ unique needs with visual, hearing, and physical impairments.
In Bangalore, the Purple Rides auto service has completed over 2.36 lakh trips, generating ₹3.44 crore in earnings for drivers and serving a user base of 1.53 lakh individuals. It currently has 2.32 lakh drivers trained to provide accessible services, a statement said.
Karman Drones and TCL enter into a strategic partnership
Karman Drones, a drone-tech startup has forged a five-year partnership with Troop Comforts Limited (TCL), a Government of India-owned defence enterprise under the Department of Defence Production, Ministry of Defence, to co-develop and manufacture Unmanned Aerial Systems (UAS) and Unmanned Aerial Vehicles (UAV) across various categories.
The partnership seeks to harness the expertise of both entities to design and develop cutting-edge UAS and UAV solutions tailored to meet the evolving needs of the Indian Defence forces, paramilitary forces, police organisations, central government organizations, state government organisations, and the civil sector.
“We are thrilled to partner with TCL, a distinguished defence enterprise, to push the boundaries of drone technology in India,” said Pavan Shetty, Founder and CEO of Karman Drones. “This collaboration will enable us to develop advanced solutions for the Indian Defence forces and other stakeholders.”
Uber launches boat hailing service on Kashmir’s Dal Lake
Uber launched a water transport hailing service on scenic Dal Lake in India’s Kashmir region on Monday, offering rides on boats popular with tourists. Users of the service can book trips on the lake’s traditional wooden Shikara boats if they make reservations at least 12 hours and up to 15 days in advance, Uber officials said.
The ride-hailing app already offers water transport services in London and some other cities but this is its first in India.
Uber will match customers with Shikara operators but will not charge a fee on rides booked through its app. All of the boat tickets paid by passengers would go to the Shikara operator, it said.
Apple accused of silencing workers, spying on personal devices
Apple has been accused in a new lawsuit of illegally monitoring its workers’ personal devices and iCloud accounts while also barring them from discussing their pay and working conditions.
The complaint filed in California state court by Amar Bhakta, who works in digital advertising for Apple, claims the company requires employees to install software on personal devices that they use for work allowing Apple to access their email, photo libraries, health and “smart home” data and other personal information.
At the same time, the lawsuit alleges, Apple imposes confidentiality policies that prohibit employees from discussing working conditions, including with the media, and engaging in legally-protected whistleblowing.
