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The Supreme Court has paused Goods and Services Tax (GST) actions against 71 online gaming companies over retrospective tax demands on the full face value of bets.
A Bench of Justices JB Pardiwala and R Mahadevan stayed proceedings at the GST department’s request and scheduled the next hearing for March 18.
The Directorate General of GST Intelligence (DGGI) has raised a tax demand of ₹1.12 lakh crore against 71 online gaming companies. With penalties, this demand could increase to ₹2.3 lakh crore.
Blinkit launches ‘Bistro’ app for 10-min food delivery
Blinkit’s Co-Founder Albinder Dhindsa has announced the launch of Bistro – its new 10-minute food delivery app that will operate outside the purview of Zomato and Blinkit.
The new service is currently live across a few locations in Gurugram to help the company find “product market fit,” Dhindsa said.
Bistro will work on the same model as Swiggy’s standalone 15-minute food delivery app ‘Snacc by Swiggy’ and Zepto’s Zepto Café.
IPO-bound Zepto shifts domicile from Singapore to India
Quick commerce platform Zepto has shifted the domicile of its holding entity from Singapore to India as it gears up for an IPO in the next few months. The entire process was completed in less than three months.
Further, the 10-minute food delivery app, Zepto Cafe, has surpassed 50,000 orders per day within just four weeks of its launch.
In a social media post, the company CEO Aadit Palicha said “It feels like Zepto is just getting started.” He also claimed that Zepto Cafe, a separate app which was launched in December, has growth 60 percent month on month.
Swiggy launches standalone Instamart app as it expands to over 75 cities
Swiggy has officially launched its standalone Instamart app. With an interface similar to Swiggy’s and featuring the same color scheme, the app is now available on both the android play store and Apple’s app store.
The food delivery giant is expanding its quick-commerce platform to 76 cities across India. Sriharsha Majety, MD and Group CEO of Swiggy, in a statement, said that Instamart is “on track to surpass food delivery in both penetration and scale.”
Swiggy has previously launched standalone apps for services like Swiggy Dineout and Swiggy Genie.
Innovaccer raises $275 million from B Capital Group and others
Healthcare AI firm Innovaccer has secured $275 million in its Series F funding round in a mix of primary and secondary investment, including backing from prominent investors such as B Capital Group, Kaiser Permanente, M12, Banner Health, Danaher Ventures LLC, and Generation Investment Management.
The funds will be utilised to enhance Innovaccer’s Healthcare Intelligence Cloud platform, which provides data-driven solutions for healthcare providers.
The company plans to expand its capabilities by introducing AI-based tools like clinical decision support, care management, and contact center copilots, while also scaling its developer ecosystem, the statement said.
Practo reports 22% rise in revenue in FY24, GMV crosses ₹3,500 crore
Health-tech platform Practo has reported a 22% growth in revenue to ₹240 crore for the 2023-24 financial year as it achieved a gross merchandise value of ₹3,500 crore in the year.
The digital healthcare platform, which connects patients and doctors, narrowed its losses to ₹17 crore in 2023-24 from ₹99 crore in the previous financial year, the firm in a statement said.
Practo stated that it also achieved its first full profitable quarter in the last quarter of 2023-24 and is on its path to sustained profitability with consecutive profit in the preceding 12 months ending September 2024.
Treebo’s FY24 revenue up by 23%; loss widens by 15%
Hospitality chain Treebo Hotels has reported a 23% increase in operating revenue to Rs 109 crore for the fiscal year ended March 2024. The firm’s losses widened by approximately 15% to Rs 28 crore during the same period, according to data from Tofler.
The company’s expenses grew at a similar pace, increasing to Rs 144 crore from Rs 118 crore.
Revenue from accommodation services, including property management and related offerings, accounted for over 95% of Treebo’s total operating revenue. This segment grew 23% to Rs 104.4 crore in FY24, up from Rs 84.9 crore in FY23. The remaining income was generated from product sales and subscription fees.
BrainSightAI bags $5 million in Pre-series A round from IAN Alpha Fund
BrainSight AI, a deep-tech neuroscience startup, has raised $5 million in Pre-series A funding round led by IAN Alpha Fund, with participation from IvyCap Ventures, Silver Needle, apart from existing investors.
Currently, BrainSightAI collaborates with over 40 leading hospitals across India, particularly in neurosurgery and radiology departments, focusing on brain tumor cases. The company is now expanding its solutions to neurological and psychiatric disorders, paving the way for a more holistic approach to brain care, a statement said.
The funds from this round will be strategically utilized to expand BrainSightAI’s presence in India, increasing its reach in Tier 1 cities and extend to Tier 2 cities. The company also plans to pursue FDA certification, opening access to the US and allied markets. Additionally, the company is gearing up to explore opportunities in Africa and Southeast Asia, based on distributor interest.
Revivo raises undisclosed amount in Pre-Seed Series A round
Revivo, tech-first laundry and dry-cleaning startup has raised undisclosed amount in a Pre-Seed Series A funding round led by Inflection Point Ventures (IPV).
The funds will drive technology enhancements, strategic branding efforts, and talent acquisition to accelerate growth and strengthen market positioning.
With operations across Gurgaon and Delhi, Revivo claims to have processed over 5,000 orders monthly and manages 3 lakh garments every month, all while prioritizing sustainability with eco-friendly packaging and reusable delivery boxes.
Integris Health bags primary capital ahead of planned IPO
Integris Health, a medical devices company, has raised primary capital from a consortium of prominent investors, including Mukul Agarwal and India SME Fund.
The funding will support the company’s expansion into multiple therapeutic areas such as in-vitro diagnostics and laboratory solutions through strategic acquisitions and in-house product development initiatives.
The company intends to list publicly by year-end 2025 and has commenced IPO preparations.
