BLINKIT
Cred’s down round; Blinkit’s food safety woes
Happy Tuesday! Cred has raised fresh funding at a steep cut in valuation. This and more in today’s ETtech Morning Dispatch.
Maharashtra FDA suspends food licence of Blinkit dark store in Pune
Maharashtra's FDA has suspended Blinkit's food license in Pune's Balewadi area due to regulatory non-compliance. An investigation revealed the facility lacked the necessary Food Safety and Standards Authority of India license for food production, distribution, and sales. The facility also violated food safety measures, with items found on the floor and missing pest control audits.
If quick commerce was hurting beauty, we wouldn’t be growing at 30% year-on-year: Nykaa’s Adwaita Nayar
As Blinkit, Zepto, and Instamart expand aggressively into beauty and personal care, Nykaa is taking a slower, more curated approach. Its pilot, Nykaa Now, is live in select areas of Mumbai, New Delhi, and Bengaluru, with a deliberate focus on personal care rather than its core beauty range.
ID startups face data heat; Nykaa eases into qcomm
Happy Monday! Startups offering identity verification services are under the government’s scanner. This and more in today’s ETtech Morning Dispatch.
Rapid fashion delivery gathers pace, but long-term viability in question
The push towards rapid delivery began with quick commerce platforms like Zepto, Swiggy Instamart and Blinkit expanding the categories of products they deliver. These platforms, which were initially focusing on grocery delivery, partnered with brands like Jockey, Manyavar, Puma and Adidas to offer apparel and accessories, although limited to essentials such as innerwear, socks, gym wear, basic tees and track pants.
Most listed new-age startups improve Q4 profitability; Swiggy, Ola lag behind
Out of 17 publicly listed new-age firms in India, 11 reported better profitability in the March quarter, either by narrowing losses or posting stronger profits. Top performers included Nykaa, Policybazaar, Delhivery, Ather Energy and Ixigo. This points to stronger operational discipline across India’s digital-first companies.
Concerns rise over hygiene standards in dark stores amid quick commerce boom
Packaged food companies are raising concerns about unhygienic conditions in quick commerce dark stores, citing storage and handling lapses. The FDA and FSSAI are increasing inspections due to these issues. Companies like Britannia and KRBL emphasize the need for strict hygiene and safety standards to maintain consumer trust as quick commerce grows rapidly.
Structural cracks appear to complicate qcomm's quick surge in India
India's quick commerce market is expected to grow to Rs 1.5-1.7 lakh crore by 2027, driven largely by existing trade channels. While it creates significant employment, most jobs are gig roles with limited security. Pricing and adoption across categories present ongoing challenges for the sector's future.
Wealthtech platform Syfe closes $80 million funding round, plans to expand tech team in India
Wealth management platform Syfe has raised $53 million, led by UK family offices. The total round reached $80 million, including a previous $27 million raise in August 2024. Founded by Dhruv Arora, Syfe operates in Singapore, Hong Kong, and Australia, with a tech centre in Gurugram. The funds will be used to support tech hiring.
Quick commerce trade-off; Google still wants engineers
Quick commerce is gaining popularity at the expense of sales in other retail channels. This and more in today’s ETtech Top 5.
Quick commerce growth eating share from other channels
A Kearney report indicates quick commerce growth largely coming from other sales channels. Supermarkets and ecommerce offer bigger discounts. Marico aims to tailor portfolios to boost sales. Quick commerce contribution to ecommerce sales doubles yearly. It accounts for 3-6% of consumer goods firms' sales. Kearney projects threefold growth for quick commerce grocery market by 2027. Consumer companies expect continued segment growth.
Race for space: Small & mid-sized brands take battle on quick commerce head-on with giants
Quick commerce platforms in India are transforming the retail landscape, allowing smaller brands like Bindu Fizz to compete with established giants by offering increased visibility and faster scaling. Despite high listing fees and margin pressures, these platforms provide access to new markets and valuable consumer insights.
Axis Bank Privilege Credit Card: How to get discounts on domestic, international flights with Yatra
Axis Bank Privilege Credit Cardholders on the American Express Network can enjoy exclusive benefits on food, shopping, and travel until June 30, 2025. Cardholders can avail discounts on Zomato, Blinkit, and Swiggy using specific promo codes on Saturdays.
BigBasket pilots 10-minute food delivery with Starbucks, Qmin in Bengaluru
BigBasket has entered the rapid food delivery market, offering a 10-minute service in Bengaluru, featuring items from Starbucks and Qmin. This move follows CEO Hari Menon's announcement of expanding into food delivery by 2025. The rapid food delivery segment is becoming increasingly competitive, with Zepto, Swiggy, and Blinkit also expanding their offerings.
Eternal block deal: BNP Paribas buys shares worth Rs 1,484 crore in Zomato parent
Eternal shares rose 5% on Friday, following a substantial acquisition by BNP Paribas Financial Markets, which invested Rs 1,484 crore in the food delivery firm. The Zomato operator a saw a couple of block deals by the French multinational bank's investment arm. Its shares were purchased at a premium of 4.3% over the Thursday closing price of Rs 228.37 on the NSE.
Can defence and real estate continue to be flavour of the market? Rajat Sharma answers
Rajat Sharma of Sana Securities advises caution on defence and real estate due to high valuations, despite positive market sentiment. He expresses concerns about real estate balance sheets and the unsustainability of current valuations. Sharma favours ITC and alcohol stocks within the FMCG sector, highlighting their resilience against quick commerce and attractive valuations.
Instamart drops parent 'Swiggy' in re-branding move for quick commerce platform
Instamart has unveiled a fresh logo, which contains the Swiggy 'S-Pin' icon as "a subtle tribute to the brand's origins", the company informed. "Instamart's promise has grown beyond grocery categories, tier I cities and food delivery users. It's become a service with its own voice, its own loyal users, and a role in everyday life that's both personal and essential.
Fast fashion brand Newme launches 60-minute delivery service in Bengaluru
Newme had launched the service in the national capital with a 90-minute delivery timeline. After recording success with the pilot, it has now expanded the service to Bengaluru, promising faster delivery. Under Newme Zip, over 1,500 styles are available in Bengaluru. Currently, the company has a network of dark stores across the city and plans to scale the number of stores based on demand.
Where does Zepto’s GOV stand in front of rivals?
Zepto's GOV is set to surpass Rs 2,400 crore in May, up 220% year-on-year, with an annualised run rate of $3.4 billion. It trails Blinkit's $4.4 billion but outpaces Instamart’s $2.2 billion. Zepto has also reported improved Ebitda and reduced cash burn, contrasting rivals' rising losses amid dark store expansion.
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