Swiggy hits the ground running; A symphony of tech and performing arts

Hello,

Are quick commerce companies the kirana killers?

The Confederation of All India Traders (CAIT), in a white paper, has accused quick commerce platforms like Blinkit, Swiggy Instamart, and Zepto of misusing Foreign Direct Investment (FDI) to subsidise unsustainable discounts and dominating supply chains to push small retailers such as kirana stores out of the market.

Speaking of market disruptors, Zomato's quick commerce arm Blinkit is piloting a large order fleet for larger items like luggage, air purifiers, PlayStation consoles and air fryers.

This comes at a time when companies are looking to increase the average order value (AOV) on their quick commerce platforms by adding more categories, especially those with a higher ticket size.

Meanwhile, the electric vehicle (EV) ride-hailing platform BluSmart appears to be making promising progress. On Wednesday, the company reported a 77% year-over-year increase in its gross merchandise value (GMV) to Rs 275 crore in the first half of FY25 from Rs 155 crore in the year-ago period.

Lastly, think Lindt’s “expertly crafted” chocolates are worth the premium price? Think again!

Swiss chocolatier Lindt & Sprungli, the popular chocolate company, has been forced to admit (via a class-action lawsuit) that its marketing might not exactly be the complete truth. 

The story gets even more bitter: some of its products reportedly contain heavy metals.

In today’s newsletter, we will talk about 

• Swiggy hits the ground running
• A symphony of tech and performing arts
• Inside Mynavi’s India strategy

Here’s your trivia for today: Carlo Collodi created which famous children's character?

News

Swiggy hits the ground running

Shares of Swiggy closed 10.48% higher at Rs 464 a piece on NSE on Wednesday as the food delivery and quick commerce firm made a strong debut on the domestic bourses. 

The foodtech platform’s IPO was oversubscribed 3.59 times by the end of the book-building process on Friday, largely driven by strong demand from qualified institutional buyers (QIBs).

Strong response:

• QIBs alone oversubscribed the issue 6.02 times by the third day, following a slow start in the first two days. However, demand from high-net-worth individuals (HNIs) and retail investors was relatively subdued. The HNI portion was subscribed 41%, while the retail portion was over subscribed by just 1.14 times.
• Swiggy’s shares listed on the National Stock Exchange (NSE) on Wednesday at Rs 420, at nearly an 8% premium to the upper band of the company's IPO price of Rs 390 apiece. Meanwhile, on the Bombay Stock Exchange (BSE), the company debuted at a premium of 5.6% at Rs 412 apiece. 
• In an interview with Shradha Sharma, Founder and CEO of YourStory, Swiggy Group CEO and Founder Sriharsha Majety said that the on-demand food delivery platform was looking to build more pioneering products for the Indian consumers in the coming decades. 

Funding Alert

Startup: Ennoventure

Amount: $8.9M

Round: Series A

Startup: BiteSpeed

Amount: $3.5M

Round: Pre-Series A

Startup: Zeplyn

Amount: $3M

Round: Seed

Startup

A symphony of tech and performing arts

Practitioners and teachers of performing arts are increasingly adopting technology to stay relevant and reach more students than ever before.

Tapping into this trend is The Pallikoodam, a Chennai-based edtech startup, which is imparting lessons in vocal music and acting to students around the world via online live classes and recorded sessions.

Accessible guidance:

• Each session, which is hosted on Zoom calls, is crafted, curated and taught by experienced artistes, including Ranjith Govind, a trained Carnatic musician, and Lakshmipriyaa Chandramouli, a national award-winning actor.
• The startup’s music course offers lessons based on Carnatic music techniques, such as breathing techniques, pitch adjustment, expressing emotions, and voice modulation. The acting class includes acting drills and exercises, presenting one’s authentic self, expressing emotion, and connecting with the audience.
• The Pallikoodam has around 5,000 learners across the world, including 100 students in its acting course. While a majority of the students are from India, there are also learners from the United States, United Kingdom, Sri Lanka, Malaysia, Middle East, Australia, and Europe.

Interview

Inside Mynavi’s India strategy

About six years ago, when Mynavi Corporation—one of Japan’s largest human resources (HR) firms—set its sights on India,  it quickly became clear that the work cultures in India and Japan and the demands of the Indian market were poles apart.

Recognising the need for a distinct approach, Mynavi got down to business with strategic investments and acquisitions to get a foothold into the local market. It is still a work in progress as the company tackles the challenge of upskilling and differences in work cultures, says Hidekazu Ito, Managing Director of Mynavi Solutions India Pvt Ltd.

Bridging gaps:

• While India boasts a vast and diverse talent pool, many companies struggle to attract the right candidates with the right kind of skill-sets and education, notes Ito. Through its portfolio in India, Mynavi seeks to address the challenges in talent acquisition and skill development. 
• Mynavi’s approach in India involves focusing on investments in promising startups and companies. It holds minority investments in some companies and has entered into venture capital partnerships with a few. It has also fully acquired two companies and exited successfully from two.
• Ito has both short-term and long-term targets for India: he is aiming for a revenue of $100 million in the next three years and $500 million over five to ten years. 

News & updates

• Succession: Japan's Seven & i Holdings has received a buyout proposal from a member of its founding Ito family, it said on Wednesday, a potential $58 billion white-knight bid as it weighs a rival offer from Canada's Alimentation Couche-Tard. 
• Fire sale: Meal delivery firm, Just Eat Takeaway, said on Wednesday it had struck a deal to sell its US unit Grubhub to Wonder for $650 million, sending its shares soaring 20% in early trading. The Amsterdam-listed company had been looking to offload Chicago-based Grubhub since as early as 2022, after acquiring it in 2020 in a $7.3 billion deal. 
• Supercomputer: SoftBank's Japanese telecoms unit will receive the first chips using Nvidia's latest Blackwell design for its supercomputer, the California-based chip designer said, as Masayoshi Son looks to ride the artificial intelligence boom.

Carlo Collodi created which famous children's character?

Answer: Pinocchio

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