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Zepto Cafe hits pause in smaller cities amid supply chain woes and high burn

EntrackrEntrackr · 1m ago
Zepto Cafe hits pause in smaller cities amid supply chain woes and high burn
Medial

Zepto Cafe has temporarily closed in several smaller North Indian cities, including Agra, Chandigarh, Meerut, Mohali, and Amritsar. Around 44 cafes have shut down, affecting over 400 employees, including some from newly opened locations. The closures are happening due to rising costs and supply chain issues. A Moneycontrol report says Zepto was spending Rs 250–300 crore per month late last year. Recently, that spending has dropped to about Rs 95 crore a month, down from Rs 115–120 crore in March and Rs 105–110 crore in January and February. A big factor is Zepto’s push to hire more staff. The Aadit Palicha-led company is reportedly trimming store teams from nine people to seven or eight to lower expenses and streamline operations. In a statement to ET Now, the company confirmed that the impacted outlets have been put on hold to resolve ongoing supply chain challenges. Zepto said it expects to resume operations in these locations by the end of the next quarter. “We remain committed to the cafe business and will invest aggressively going forward,” a spokesperson added. Despite the turbulence, Zepto maintains an optimistic outlook. The company reported crossing 1,00,000 daily orders in February and expects that number to triple within the next 12 months. This development comes as major competitors revisit their rapid food delivery strategies. Zomato recently shut down its 10-15 minute food delivery service, while Swiggy has scaled up Swiggy Bolt to more than 500 cities.

Bitcoin, Ether sink to multi-month lows as recession worries take hold

Economic TimesEconomic Times · 11m ago
Bitcoin, Ether sink to multi-month lows as recession worries take hold
Medial

Bitcoin and Ether experienced significant drops as concerns over a potential U.S. recession and soft data drove investors to seek safe-haven assets. The approval of a bitcoin and ether-tracking exchange-traded fund by the U.S. SEC earlier this year had initially boosted crypto markets. However, both bitcoin and ether have fallen alongside global equities amid fears of an impending recession and rising geopolitical tensions. Bitcoin is currently down nearly 20% from its peak in March. Market experts emphasize that cryptocurrencies are high-risk assets and caution about potential further declines. Bitcoin dropped to $53,091, its lowest since February, while ether hit its weakest point since January, falling 16% to $2,300.

BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 9m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

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