Latest news with #ETtech
Time of India
13 hours ago
- Business
- Time of India
ETtech Deals Digest: Startups raise $1.06 billion in May, up 12% on-year
Startups raised about $1.06 billion in funding between May 1 and 30, marking a 12% increase from the same period last year, when they had raised a total of $950 million across 189 rounds. This month, startups, primarily in the early and late stages, secured funding through 79 rounds, according to data from market intelligence platform Tracxn. ETtech In April 2025, startups raised around $1.02 billion from 104 rounds. Last week—from May 24 to May 30—startups raised around $147.7 million. ETtech Top deals of the month Live Events PB Healthcare Services : PB Fintech's affiliate, PB Healthcare Services, raised $218 million in its first major equity infusion. The round was led by US-based venture capital (VC) firm General Catalyst, with participation from PB Fintech and another institutional investor. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories ETtech Porter : On-demand logistics platform Porter raised $200 million in a funding round led by private equity (PE) firms Kedaara Capital and Wellington Management. The round, comprising both primary and secondary transactions, propelled Porter into the unicorn club with a valuation of between $1.1 billion and $1.2 billion. Euler Motors: The electric commercial vehicle manufacturer raised around $75 million in a round led by Hero MotoCorp. British International Investment (BII), the UK government's development finance institution, also participated. ETtech Citykart : Value fashion retailer Citykart raised around $63 million in a funding round comprising both primary and secondary transactions, with participation from TPG NewQuest and A91 Partners. Routematic: Corporate transport solutions platform Routematic raised $40 million in a Series C funding round led by Fullerton Carbon Action Fund and Shift4Good.
Time of India
2 days ago
- Business
- Time of India
Ola Electric's Q4 losses double; Walmart on quick comm
Ola Electric's Q4 losses double; Walmart on quick comm Also in the letter: Ola Electric Q4 net loss doubles to Rs 870 crore as revenue slumps 62% Financials: Operating revenue: Rs 611 crore, down 61.8% from Rs 1,598 crore a year ago. Rs 611 crore, down 61.8% from Rs 1,598 crore a year ago. Net loss: Rs 870 crore, versus Rs 416 crore in Q4 FY24. Rising woes: Yes, and: Seeking funds: Quick commerce is 20% of India's ecommerce and growing fast: Walmart Driving the news: The company aims to operate 800 dark stores by the end of 2025. It has already crossed the halfway mark, VP Kabeer Biswas told ET earlier this month. 'We're not so focused on profitability that we would trade off market share,' McLay said. 'The path to profitability is not linear… but we've seen it in other markets where we've been able to achieve it, not just at a market level, but within specific channels.' The big picture : Flipkart competes with Blinkit, Instamart, Zepto, BigBasket, Amazon, and JioMart in India's increasingly competitive quick commerce sector. As ET reported on May 19, top FMCG firms including HUL, Dabur, and Britannia posted Rs 4,400 crore in FY25 quick commerce sales—just 2–4% of total revenue. HSBC Securities pegs India's quick commerce order value at $35–40 billion by FY26. Also Read: What's next: Flipkart is shifting its domicile to India ahead of a planned IPO in 2026. FY24 snapshot: Flipkart's revenue rose 21% to Rs 17,907 crore, while Myntra turned profitable, posting Rs 31 crore in net profit. Razorpay completes reverse flip from US to India after MCA approval Why it matters: Catch up quick: ETtech first reported Razorpay's flipback plan on May 9, 2023, when it began work on shifting its domicile. The process required clearance from the Reserve Bank of India (RBI), followed by the MCA nod, which was granted recently. In April, Razorpay's board also approved its conversion into a public limited company. Zoom out: Dream Sports (Dream11) was the first Indian startup to complete a reverse flip under the new fast-track route, as reported by ETtech in March 2025. The updated cross-border rules permit a foreign holding company to merge with its Indian subsidiary without requiring NCLT clearance, thereby significantly reducing the timeline. Flipkart's board approved a similar move in February 2025, aiming to shift its domicile to India as part of its IPO roadmap, as per another ETtech exclusive. Groww completed its reverse flip in 2024 and has since filed confidentially with Sebi for an IPO. By the numbers: $180 billion in annual payment volume Rs 2,500 crore in FY24 payments biz revenue Rs 34 crore in net profit (payments unit) Overall company still reports consolidated losses What's next: Also Read: Elon Musk's timeline at DOGE: From ambitious reforms to abrupt exit Musk's statement: Why the long face: While the reasons remain unclear, the move came a day after Musk publicly criticised Trump's 'big, beautiful bill.' In a recent interview with The Washington Post, the Tesla CEO also voiced frustration over DOGE becoming a political scapegoat. Earlier this month, Musk pledged to scale back his political spending, insisting that he'd 'done enough.' Following a major outage on X, Musk said he will 'refocus' on his business. DOGE controversies: Agency downsizing: Shut down or hollowed out 11 agencies, attempted to dismantle the United States Agency for International Development (USAID) and the Consumer Financial Protection Bureau, and, as per Politico, terminated over 8,500 contracts and 10,000 grants. Spending cuts: AI could cut half of all entry-level white collar jobs: Anthropic CEO Jobs bloodbath: Not yet, but soon: Also Read: Ola Electric's troubles compounded with net loss increasing two-fold in the March quarter. This and more in today's ETtech Top 5.■ Razorpay's flip back■ Musk exits DOGE■ Anthropic CEO's jobs warningBhavish Aggarwal, CEO, Ola ElectricOla Electric's financial troubles deepened in Q4 FY25, with net losses doubling and revenue taking a steep fall, one of the sharpest since the company began delivering electric two-wheelers in late marks one of the steepest quarterly revenue drops for the Bhavish Aggarwal-led firm. The company continues to face headwinds, from growing customer complaints to ongoing investigations by regulatory bodies. As ET reported on May 28 , Ola Electric is also losing ground in market share. In May, it slipped to third place in the electric two-wheeler segment as legacy companies TVS Motor and Bajaj Auto gained the first 26 days of May, Ola Electric held a 20% market share with 15,221 vehicle registrations, down from 22.1% in April, according to government-run Vaahan portal data. TVS led with 25% while Bajaj followed closely at 22.6%.To steady operations and shore up capital, Ola Electric's board approved raising Rs 1,700 crore via non-convertible debentures and other debt instruments. This is its first fundraise activity since its IPO in August company's stock closed at Rs 53.24 on Thursday, well below its issue price of Rs 76. Since its listing, the stock has dropped over 40%.Kathryn McLay, CEO, Walmart InternationalQuick commerce now makes up 20% of India's ecommerce market and is growing at 50% annually, Walmart International CEO Kathryn McLay said at the Bernstein Strategic Decisions has received a Rs 2,225 crore ($260 million) cash infusion from its Singapore-based parent to scale up businesses like its quick commerce unit, Minutes.(L-R) Harshil Mathur, Shashank Kumar, cofounders, RazorpayRazorpay has completed the reverse flip of its parent entity from the US to India, following final approval from the Ministry of Corporate Affairs (MCA), ETtech has marks a major milestone in the fintech unicorn's efforts to align with Indian regulations ahead of its planned IPO. The shift was enabled by new rules that allow eligible startups to skip National Company Law Tribunal (NCLT) is targeting profitability by 2026 and intends to go public on Indian stock exchanges shortly billionaire Elon Musk ended his brief and turbulent five-month stint at the Department of Government Efficiency (DOGE), President Donald Trump's flagship programme to slash federal on his social media platform X, Musk wrote: 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President@realDonaldTrump for the opportunity to reduce wasteful spending.'Musk's exit is as abrupt as it is low-key. Sources told Reuters that he has already begun transitioning out, with no direct conversation with Trump preceding the Musk, DOGE led major cost-cutting and restructuring efforts across the federal government:Slashed foreign aid, volunteer programmes, and education funding while centralising budget Amodei, CEO, AnthropicAnthropic CEO Dario Amodei has raised concerns about an impending job extinction caused by artificial intelligence (AI), echoing fears shared by who leads one of the world's largest AI companies, told Axios that significant job cuts could happen within five years, urging consumers and US lawmakers to get stated that the government and his peers in the AI industry are 'sugar-coating' the reality that mass job cuts will occur in entry-level white-collar roles across the technology, finance, law, and consulting to the report, Anthropic research indicates that people have embraced AI in their work, seeing it as an assistant—something that will help them perform their jobs without fully replacing Amodei warns that companies will increasingly rely on AI for automation in "as little as a couple of years or less."
Economic Times
5 days ago
- Business
- Economic Times
India's supplements wild west; Payments firms' SaaS play
Happy Monday! As over-the-counter health supplements are increasingly available online, concerns arise about their efficacy and regulation. This and more in the latest edition of ETtech's Morning Dispatch. Also in the letter: ■ Tepid IT job demand ■ Top Tata Electronics' hire■ Info Edge readies VC fund Pills, promotions and a dose of doubt: Influencers, VC money fuel India's booming supplements market From collagen powders and gut health liquids to magnesium tablets and hormone-balancing pills, wellness supplements have become lifestyle staples in post-pandemic India. However, as demand surges, so do questions around efficacy and oversight. Growing concern: Most supplements are sold directly to consumers via ecommerce websites and quick-commerce apps. They're available over the counter – no prescription, no pharmacist, and often, no evidence that they work. Multiple experts and industry executives told us this supplement boom is driven by post-Covid-19 health consciousness, amplified by influencer marketing, and backed by venture capital (VC). Tell me more: The sector attracted over $500 million in funding between 2020 and May 2025, according to data firm Venture Intelligence. Brands like Plix, Kapiva, Fast&Up, and The Good Bug are leaning into influencer-led marketing, with some partnering with doctors and wellness experts to add a veneer of credibility. Industry analysts say brands pay anywhere between 15-30% of their budgets on influencer marketing. What about regulation? In India, most supplements are regulated by the Food Safety and Standards Authority of India, not the drug regulator. This means weaker scrutiny and lighter penalties. Online pay aggregators focus on anti-fraud tech to up revenues Payment companies are transforming their in-house fraud detection tools into software-as-a-service (SaaS) products for banks and fintechs, unlocking a new source of recurring revenue. Tell me more: Payment aggregators (PAs) like PayU, Razorpay, and PhonePe have developed fraud detection systems to safeguard their platforms. Now, they are pitching these tools to lenders, promising improved transaction rates and enhanced customer security. Quote, unquote: 'While we already work with large banks to address their payment fraud needs, many mid- and small-sized financial institutions need strong technology solutions to fight payment fraud. We are also targeting this segment, and the opportunity is significant,' said Anirban Mukherjee, chief executive officer, PayU. Zoom out: As competition intensifies and regulatory caps squeeze margins, payment firms are eyeing SaaS as a more stable, margin-friendly revenue stream beyond their core payment business. Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. IT's Q1 headcount growth likely to stay flat despite improved macro Headcount growth in the IT sector is expected to remain flat, experts say, even as a pause on US President Donald Trump's 'reciprocal' tariffs lifts some clouds of uncertainty. Driving the news: Hiring demand for new IT joinees continues to hover around 55,000, well below the brief peak of 80,000 seen earlier in 2025, according to staffing firm Xpheno. There are currently 60,000 open roles in the IT services segment. Job scenario: Roughly 88% of active demand is concentrated in the technology and engineering roles. The remaining 12% spans consulting, project management, business development, analysts, and other support functions, Xpheno added. AI-led hiring: With firms prioritising quality over volume, demand is shifting towards 'future-ready' specialised roles in artificial intelligence (AI), machine learning, cloud, and cybersecurity. These segments are reported to grow by 30-75%, depending on the area, according to another staffing firm, Teamlease. Quote, unquote: 'Although there is long-term optimism, companies remain cautious in the short term, reflecting a careful approach to hiring amid ongoing global uncertainties,' said Neeti Sharma, CEO, Teamlease Digital. Other Top Stories By Our Reporters Tatas rope in Intel veteran Tim McIntosh to steer Assam chip assembly plant: Tata Electronics has appointed Tim McIntosh as vice president and head of operations and manufacturing for Tata Semiconductor Assembly and Test (TSAT), marking the latest leadership hire of an Intel veteran at the firm. Spacetech gets an opening as India seeks more eyes in the sky: While India currently has around 10–11 defence satellites operated by ISRO, "revisit times are long" and there's an urgent need for more satellites, Lt Gen AK Bhatt (Retd), DG of the Indian Space Association (ISpA), told us. Info Edge's shareholders clear Rs 1,000 crore VC fund play: The Noida-based firm will invest up to Rs 1,000 crore in Info Edge Ventures Fund III, paving the way for increased startup investments. Byju's app taken down from Google Play Store: The Byju's app has been removed from the Google Play Store due to payment disruptions for its services, while other apps remain available on the platform. Apple's India bet reflects global confidence: Rajeev Chandrasekhar | Apple's ongoing expansion of its iPhone manufacturing operations in India indicates increasing global confidence in the country's electronics manufacturing ecosystem, said former IT minister Rajeev Chandrasekhar. Global Pick We Are Reading ■ India's richest man can't crack e-commerce, even with Shein (Rest Of World) ■ Gemini in Chrome feels like a small step toward Google's agentic era (The Verge) ■ founder plots potential deal to buy failed company (FT) Updated On May 26, 2025, 07:11 AM IST
Time of India
5 days ago
- Business
- Time of India
Online pay aggregators focus on anti-fraud tech to up revenues
Large online merchant-focused payment aggregators (PAs) are building software platforms for fraud detection and deploying them in banks and other fintech companies . It comes at a time when revenue generation from core payments business has become tougher owing to severe competition and pricing regulations by the government. Payment companies are building software-as-a-service play for their enterprise clients and using it for recurring revenue generation. Major PAs such as PayU , Razorpay and PhonePe have built fraud detection tools to protect their customers and prevent frauds in their systems. Now they are pitching these tools to banks, offering them a higher degree of safety for their customers as well as better transaction success rates. A senior industry executive told ET that globally firms such as Visa and Mastercard offer advanced fraud detection services for card payments and that India payment companies are moving in this direction along with mobile-based payments. ETtech Live Events 'The regulator has licensed some 50 online Pas. Now all of them are chasing the large ecommerce merchants to grab a significant chunk of the payments value. But revenue generation has been a challenge, hence they are focusing on building value-added services,' said the executive, who did not wish to be identified. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Besides, given that almost every community bank, cooperative bank and mid-sized private sector lender now offers digital payment solutions such as debit cards and Unified Payments Interface (UPI) to their customers, technology service providers for advanced fraud detection. 'There are 668 banks live on UPI, as per the NPCI's latest count. Smaller banks cannot build technology on their own and we are already doing this for our own payment processing, hence we can easily help them,' the founder of a digital payments startup said on condition of anonymity. Through the technology stack, payment companies can ensure transactions are being undertaken by the actual customer, un-natural payment behaviour is stopped and genuine beneficiaries actually get the payments. They can also offer merchant verification services, which ensures that genuine merchants process transactions. ETtech 'While we already work with large banks to address their payment fraud needs, there are many mid and small-sized financial institutions that need strong technology solutions to fight payment fraud. We are also targeting this segment and the opportunity is significant,' said Anirban Mukherjee, chief executive officer, PayU. PayU offers fraud detection services to banks through Wibmo, which it acquired in 2019. Walmart-backed PhonePe, which is a leader in UPI-based payments, is also doubling down on merchant payments. Fraud detection is also a major focus for the Bengaluru-based company now. It is targeting large enterprises as potential customers. PhonePe's platform offers real-time detection and also allows banks to build their own rule engines which can detect abnormal patterns around digital payments. PhonePe did not respond to ET's queries. Razorpay, another large payments processor, is also developing its own fraud detection tool and is in the process of pitching to banks. The payments major is working with two of India's top six card-issuing banks, along with several mid-sized banks and fintechs. Responding to ET's queries Arif Khan, Chief Innovation Officer, Razorpay said the company has built a white-labelled solution for banks. 'It is an authentication engine that enhances transaction success rates while ensuring robust security—helping businesses prevent fraud and offer a secured payment experience,' he added. India's digital payments ecosystem has grown exponentially over the past few years — in April alone, around 600 million card transactions and around 11 billion UPI-based transactions were reported — but so have the cases of fraud. This has necessitated software services which can help banks, fintechs and the entire ecosystem to stay ahead of attacks from cybercriminals. While these payment firms are securing banks and enterprises from payment frauds, there are other fintechs which are building fraud detection for the larger ecosystem. Players such as Bureau, Datasutram and Clari5, which recently got acquired by Perfios, also offer multiple fraud detection tools for digital lenders, wealth management platforms and banks to help in customer onboarding and know-your-customer verification.
Time of India
24-05-2025
- Business
- Time of India
Flipkart Minutes eyes profitability, higher order value via broader product mix
Flipkart Minutes , the quick commerce arm of Walmart-owned Flipkart, is looking to drive higher average order values (AOVs) and profitability by tapping into the parent platform's wider product catalogue, two senior company executives told ETtech. The service currently operates 400 dark stores across 17 cities, and aims to scale that to 800 by the end of this year, as Flipkart group CEO Kalyan Krishnamurthy indicated in April. 'Every category on the Flipkart Minutes is capable of being delivered within 10 minutes,' said Kabeer Biswas, vice president at Flipkart Minutes and founder of hyperlocal logistics startup Dunzo. 'The size and shape of each category differs, but most can be fulfilled within 10 minutes as consumer behaviour shifts,' he said. Biswas, who joined the company in January, after the cash-strapped Dunzo stopped operations, explained that delivery timelines vary by category definition. Kanchan Mishra, vice president at Flipkart, added that essentials like vegetables and dairy are low-value, and the platform's push into long-tail categories is key to improving margins. 'Profitability comes when your AOV hits a sweet spot, backed by strong daily order volumes per store. Long-tail items help lift AOVs and play a big role in customer retention and frequency,' she said. On May 13, ETtech reported that Flipkart is capping Minutes' rollout to the top 8–10 cities to rein in cash burn. However, the rapid scale-up to 800 dark stores is among the fastest in India's quick commerce space, where rivals include Blinkit (Eternal), Swiggy Instamart , Zepto, and Tata Digital-backed BigBasket . Biswas said the service is also seeing traction in tier-II and tier-III cities, with expansion plans being evaluated on a quarterly basis. 'The plan is to reach 800 stores in relevant cities based on existing demand and to recalibrate every quarter. The ambition is larger, and right now we're doubling daily order volumes every 45 days,' he said. Flipkart rival Amazon has also begun piloting quick commerce services in Bengaluru via Amazon Now, as reported by ETtech.
