Zomato posts impressive earnings

Hello,

The ONDC network is growing fast and wide. 

UrbanPiper, a SaaS platform for restaurants and food businesses, has enabled merchants to go live on the open network for digital commerce. The National Restaurant Association of India also advised members to introduce restaurant partners to the government-backed platform. 

Meanwhile, PUBG is back! Banned last year due to data security concerns, Battlegrounds Mobile India has been granted a three-month trial approval, subject to compliance with server location and data security concerns.

Friday was also packed with national developments, with a Supreme Court-appointed panel did not find any regulatory failure around Adani Group's stock rallies, and noting that SEBI has 'drawn a blank' in its probe into alleged violations. Also, Finance Ministry clarified that payments using international debit or credit cards up to Rs 7 lakh per financial year will not attract any TCS.

And now, a look back at polyphytes. Are they plants? Are they tech?

The plant-shaped 3D-printed objects can respond to natural elements like air, water, and ice. And they can put on a show! 

In today’s newsletter, we will talk about 

• Zomato Q4 revenue jumps 70%
• Obama’s Working lacks punch
• Culinary maverick Manu Chandra

Here’s your trivia for today: The Indian subcontinent was a part of which continent before breaking away and merging with Asia 132 million years ago?

Foodtech

Zomato Q4 revenue jumps 70%

The growth of the B2B supplies business Hyperpure and Zomato Gold Sign-ups helped the food delivery platform see a 70% rise in revenue to Rs 2,056 crore in the fourth quarter of FY23. Losses narrowed to Rs 188.2 crore, down 47% from the year-ago period.

The startup said that it is 90% confident it will achieve EBITDA-level profitability for its entire business, including quick commerce, in the next four quarters.

Meteoric rise:

• Zomato Hyperpure witnessed a whopping 146% rise in revenue to Rs 478 crore in the fourth quarter, compared to the year-ago period.
• The firm posted revenue of Rs 7,079.4 crore in fiscal year 2023, up 69% from FY22. Losses in FY23 fell to Rs 971.3 crore from Rs 1,208.7 crore in the previous year.
• Blinkit is experimenting with a home services vertical—similar to Urban Company's core business—its parent Zomato confirmed in a letter to shareholders.
• It also rejigged its senior management team with three new appointments.

<Top Deals of the Week>

Startup: Agilitas Sports

Amount: Rs 430 Cr

Round: Undisclosed

Startup: Nodwin Gaming

Amount: $28M

Round: Equity

Startup: Rooter

Amount: $16M 

Round: Debt and Equity 

Jobs

Does Obama’s docu-series Working deliver?

Former US President Barack Obama’s docu-series Working: What We Do All Day is exactly about what the title says it is, however, it lacks sharpness. While the documentary is timely and relevant, and also educative about a potential workforce displacement worldwide, it shies away from the most important topic of current times–income inequality. 

Lacklustre:

• Co-produced by Barack and Michella Obama, this Netflix docu-series takes off from the former President’s college day impact of author and broadcaster Studs Terkel’s book, Working: People Talking About What They Do All Day and How They Feel About What They Do.
• While most of the interviews with employees across income levels are engaging and heartfelt, the final episode, titled ‘The Boss’, where CEOs get interviewed, lacks sharpness.
• Natarajan Chandrasekaran, Chairman, Tata Sons, alongside Chris Urmson, Co-founder and CEO, Aurora, and Jeanette Felton, CEO at Home Care Mississippi, make an appearance in the series. 

Food

Meet the culinary maverick Manu Chandra

Chef Manu Chandra has brought several firsts to India–from opening the first gastropub, introducing the open-faced bao and trendy Asian dining and its many interpretations, revival of India’s romance with gin, and more.

In an interview with YS Life, Chandra, Founder Partner at Manu Chandra Ventures Private Limited, opens up about his entrepreneurial journey and his new restaurant–the magnificent LUPA.

Many hats:

• Several verticals fall under Manu Chandra Ventures Private Limited—Single Thread Catering (a catering solutions company), Savaa Ser (the restaurant arm), Holy Duck (a new-age creative studio that offers immersive branding, design, strategy, digital, video and content production), and Duality Concepts (a management and consulting company).
• LUPA fuses classic European flavours with contemporary flair. It is named after the mythological La Lupa, Italian for ‘the she-wolf’.
• Chef Chandra is involved with The Social Kitchen, an initiative that aims to bring families back to the kitchen.

News & updates

• Make in India: MoS for Electronics and Information Technology Rajeev Chandrashekhar said Tesla was "serious" about its plans to establish a manufacturing base in India. The automaker held talks with Indian officials this week on various topics including incentives for car and battery manufacturing.
• Data privileges: In a three-page letter to Microsoft CEO Satya Nadella, Twitter accused Microsoft of over-using its ability to download tweets from the platform, in an alleged violation of the social media company’s terms. Microsoft refused to pay Twitter to maintain its data access through Twitter’s application programming interface (API) after Twitter erected a paywall seeking to charge for data, as per the letter.
• No AI at work: Apple employees will reportedly be restricted from using ChatGPT and other artificial intelligence tools. This comes after OpenAI announced it was launching a ChatGPT app for Apple's own iOS. Apple is also reportedly developing its own language-generating AI technology.

The Indian subcontinent was a part of which continent before breaking away and merging with Asia a billion years ago?

Answer: Antarctica. According to geological studies, India and Antarctica have separated and collided several times.

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