Business
Our food delivery business turns profitable, says Swiggy CEO
Swiggy CEO Sriharsha Majety on Thursday said that their food delivery business has turned profitable (as of March 2023), after factoring in all corporate costs, excluding employee stock option costs.
Without sharing any numbers, Majety said that this is a milestone for food delivery globally, as Swiggy has become one of the very few global food delivery platforms to achieve profitability in less than nine years since its inception.
“Our teams are more in sync than ever with restaurant partners to improve their experience with Swiggy and create mutual wins. As a result, our restaurant net promoter score (NPS) has improved by over 100 per cent in the past 8 quarters,” he mentioned.
Last year, Swiggy acquired Dineout for around $120 million in an all-stock deal.
Today, “it is the leader in the dining out category with more than 21,000 restaurant partners across 34 cities”, said the CEO.
The CEO also said that the are excited about the trajectory of quick commerce business, Instamart.
“We’ve also made strong progress on the profitability of this business and we’re on track to hit contribution neutrality for this 3-year-old business in the next few weeks,” Majety informed.
According to market research firm RedSeer, the quick commerce domain is anticipated to touch $5.5 billion by 2025.
Swiggy’s losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year.
Its revenue grew 2.2 times to Rs 5,705 crore during FY22 as opposed to Rs 2,547 crore in FY21, according to its annual financial statement with the Registrar of Companies (RoC).
Business
India one of the world’s fastest-growing economies, global hub for startups: WEF report
New Delhi, Jan 20: India stands at the forefront as one of the world’s fastest-growing economies and a global hub for startups and digital innovation, a World Economic Forum (WEF) report said on Monday.
According to the report, launched by the Centre for the Fourth Industrial Revolution (C4IR) India, the liaison office of the World Economic Forum (WEF) in India, the country’s “advocacy for and pursuit of developmental templates where technology serves as a bridge rather than a barrier are highly relevant and the Forum is proud to act as its partner in shaping a more human-centric, planet-friendly and resilient future”.
The C4IR India was launched in October 2018 by Prime Minister Narendra Modi, with the aim of driving the adoption and responsible deployment of emerging technologies in India.
A collaboration between the World Economic Forum, coordinated by the NITI Ayog, the launch of the centre is part of the World Economic Forum’s global network of centres for the Fourth Industrial Revolution.
“Over the past six years, C4IR India has emerged as a key hub for multistakeholder collaboration and has improved the lives of 1.25 million citizens through enhanced livelihoods and better access to healthcare,” said Jeremy Jurgens, Managing Director, World Economic Forum.
The centre has driven fourth industrial revolution technologies across agriculture, health and aviation, setting a benchmark for transformative progress.
“As C4IR India continues to expand, it is now focusing on cutting-edge areas such as AI, climate tech, and space tech, with exciting potential for creating lasting value for society,” Jurgens added.
C4IR India aims to reach 10 million citizens by scaling its flagship initiatives and upcoming projects. These include the ‘AI for India 2030’ initiative, which seeks to unlock AI’s potential for societal benefit; the ‘Space Economy’ initiative, aimed at positioning India as a leader in space technologies; and the ‘Climate Technology’ programme, which will focus on developing climate-smart urban centres.
According to S Krishnan, Secretary, MeitY, “Our partnership with the Centre for the Fourth Industrial Revolution India focuses on developing a multistakeholder community to leverage Fourth Industrial Revolution technologies for critical challenges on health, education, smart cities and agriculture.
“AI for India 2030 is an important initiative in partnership with MeitY, enabling stakeholders across industry and startups to partner with government to realise the potential of AI,” he added.
Business
Mumbai: Social Activist Demands Action Against Police Officers For Negligence In Torres Multi-Crore Scam Investigation
Mumbai: In a serious development concerning Torres massive financial fraud case, a Social Activist Shashikant Kawale has called for action against police officers who allegedly neglected their duty despite receiving prior warnings about fraudulent activities.
Social Activist Shashikant Kawale wrote a letter addressed to senior law enforcement authorities, including the Commissioners of Mumbai and Navi Mumbai Police, the Maharashtra Cyber Crime Department, the Economic Offences Wing, and the Enforcement Directorate, has raised serious questions about the delay in action against fraudulent companies operating in Mumbai and surrounding areas. The letter highlights gross negligence by responsible officers despite early warnings regarding Torres Scam.
Whistle Blower Flags Concerns
The Whistle blower Shashikant Kawale had previously flagged concerns, urging the authorities to investigate the legality of these companies’ operations, government-issued licenses, mandates, board of directors, and operational documents. Specifically, the letter called for a detailed probe into the working methods and financial inflows/outflows of the company, Records of investors and agents involved and The suspiciously high monthly returns promised by the Torres Company.
About The Allegations
The letter alleges that had an inquiry been launched promptly, it would have prevented many investors from falling prey to false promises, sparing them from financial devastation. Despite explicit warnings that the companies were preparing to flee after defrauding investors, no significant action was taken.
The Social Activist Kawale has demanded an inquiry into officers who failed to act on the provided information, urging that those found guilty be held accountable under applicable regulations. The letter further appeals for systemic reforms to prevent the recurrence of such incidents.A social activist from Dharavi, Shashikant Kavale, first raised red flags in November last year and approached the Shivaji Park police and EOW, highlighting Torres’ dubious practices.
Business
JSW MG Motor India Unveils Cyberster Roadster & M9 Limousine At Bharat Mobility Expo 2025
New Delhi: MG Motor India has made a bold statement at the Bharat Mobility Global Expo 2025 with the launch of two groundbreaking electric vehicles—the MG Cyberster, India’s first all-electric roadster, and the MG M9, India’s first electric three-row presidential limousine.
These models, introduced under the new luxury brand channel, MG Select, highlight the company’s vision of bringing intelligent, sustainable, and customer-focused mobility solutions to India.
MG Cyberster: The All-Electric Roadster of the Future
The MG Cyberster takes luxury and performance to new heights as India’s first electric roadster. It features India’s first-ever electric scissor doors, opening and closing in just five seconds via a single-touch button. The built-in Dual Radar sensors ensure safety while opening the doors, while an anti-pinch feature prevents harm when closing.
Under the hood, the Cyberster delivers blistering acceleration, going from 0 to 100 kmph in just 3.2 seconds. The sleek, aerodynamic design is complemented by the industry’s slimmest 77 kWh battery pack, ensuring the vehicle remains both powerful and efficient, setting a new standard for modern roadsters.
MG M9: The Ultimate Electric Limousine
The MG M9 takes luxury to the next level with India’s first electric three-row presidential limousine. Designed for ultimate comfort, it features a touchscreen armrest for controlling reclining ottoman seats with 8 massage modes and 3-zone climate control.
The spacious cabin can accommodate seven passengers and offers features like a panoramic sunroof, front-opening skylight, and advanced audio systems for a theatre-like experience. With an electric-powered design, the MG M9 redefines the concept of luxury on wheels, offering unparalleled comfort and performance for discerning customers.
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