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Zerodha hits Rs 8,000 Cr revenue with over 50% profit margin in FY24

EntrackrEntrackr · 10m ago
Zerodha hits Rs 8,000 Cr revenue with over 50% profit margin in FY24
Medial

Stock broking platform Zerodha has reported more than Rs 8,000 crore in revenue and over Rs 4,500 crore in profit, according to a blog post by the company’s co-founder and CEO, Nithin Kamath. This marks a significant increase from the Rs 6,875 crore in operational revenue and Rs 2,907 crore in profit after tax reported in FY23. According to the company, these profits do not account for approximately Rs 1,000 crore in unrealized gains, which will reflect in its financials once recognized. The firm has not yet officially filed its audited annual report. The data disclosed by Zerodha indicates that more than half of its revenue has translated into profit. “Given the profitability of the last three years, our net worth is almost ~40% of the customer funds that we manage. It makes us one of the safest brokers to trade with,” said Kamath in the blogpost. Kamath also added that the firm is already encountering a plateau in revenue and profit, and it is gearing up for a substantial revenue decline later this year. The firm has linked the expected decline in scale to upcoming regulations from the Securities and Exchange Board of India (SEBI), which will eliminate the volume-based transaction fee model for free equity delivery trades affecting all brokers, including Zerodha. The SEBI’s true-to-label circular will go live on October 1 and Zerodha expects a 10% revenue dip due to the regulation. “We expect this paper to materialise into regulation sometime in the next quarter. Index derivatives today are a significant portion of our revenue, and any change will impact us. We anticipate a 30% to 50% drop in revenue,” said Kamath. Zerodha’s annual maintenance charges (AMC) will also be impacted by the new basic services demat account (BSDA) thresholds set by the regulator. Kamath explained that the company can charge the full AMC for customers with demat holdings of Rs 10 lakhs and above, up from the current threshold of Rs 4 lakhs. Along with the removal of the account opening fee, this would lead to a significant decline in revenue. Zerodha is confident that it can handle the slow period because of its small team, careful spending, and strong finances. It has 1,200 employees, but only a small portion of them runs the core business.

Zomato expects Rs 40 Cr tax refund to its delivery partners

EntrackrEntrackr · 1y ago
Zomato expects Rs 40 Cr tax refund to its delivery partners
Medial

Zomato has enabled Income Tax Return (ITR) filing for its delivery partners to get refunds on the 1% TDS (tax deducted at source) on delivery payouts. Within 48 hours, more than 1 lakh riders have initiated their ITR (income tax return) filing on its partners app, Zomato co-founder Deepinder Goyal said on X. Goyal disclosed that Zomato paid a total of more than Rs 4,000 crore to its delivery partners last year. This would roughly translate into Rs 40 crore as the TDS amount. So, delivery partners who have their income below the taxable income limit will be eligible for the refund. This is likely to apply to the majority of the delivery partners. Last year, the government directed businesses like Zomato and Swiggy to deduct 1% as TDS from the delivery partner payouts. “With this initiative, most of our delivery partners will be filing taxes for the first time in their lives, which should make their lives easier in the long run – for example – they will be able to get access to structured credit, they will qualify for scholarships for their kids at various educational institutions, etc,” said Goyal. The ITR filing by Zomato’s riders is a progressive move for the gig economy and government. Besides opening access to formal credit, TDS collection will also give income to the state’s exchequer. According to experts tracking gig economy, more players will now start TDS collection which eventually will provide income to the state’s exchequer. Such policy by the Gurugram-based firm makes sense as the company’s capitalization recently crossed Rs 2 lakh crore. The record jump in its share price also pushed Goyal into the billionaire club. Separately, Zomato received a Goods and Service Tax (GST) demand notice in Karnataka. The total amount includes Rs 5 crore in GST, along with Rs 3.93 crore in interest and Rs 50.2 lakh in penalties. Zomato, however, is appealing against the order before the appropriate authority.

CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 6m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

Ola, Uber and Porter score zero in Fairwork India Ratings 2024

EntrackrEntrackr · 9m ago
Ola, Uber and Porter score zero in Fairwork India Ratings 2024
Medial

Mobility companies Ola, Uber, and logistics firm Porter ranked lowest in working conditions for gig workers, as reported by the Fairwork India Ratings 2024. The report underscores labor standards within India’s platform economy and emphasizes the urgent need to improve conditions for gig workers. The evaluation assessed 11 platforms across various sectors, including logistics, food delivery, and transportation, such as Amazon Flex, Bigbasket, BluSmart, Flipkart, Ola, Porter, Swiggy, Uber, Urban Company, Zepto, and Zomato. The Fairwork India Team, led by the Centre for IT and Public Policy (CITAPP) at the International Institute of Information Technology Bangalore (IIIT-B), in collaboration with Oxford University, has released the Fairwork India Ratings 2024. Tata Digital-owned BigBasket has emerged as the top performer in the Fairwork Index, along with Swiggy, Urban Company, and Zomato, each scoring 6 points. Notably, no platform scored more than 6 out of the maximum 10 points, and none fully met all five principles: Fair Pay, Fair Conditions, Fair Contract, Fair Management, and Fair Representation. The report further highlights that only BigBasket and Urban Company earned the first point under Fair Pay for implementing a minimum wage policy, ensuring that all workers earn at least the local minimum wage after work-related costs. In the 2023 Fairwork Ratings, BigBasket topped the list with a score of 6 out of 10, followed by BluSmart, Swiggy, Urban Company, and Zomato, each scoring 5. Zepto received 4 points, Flipkart scored 3, Amazon Flex scored 2, while Dunzo and Uber scored 1. Ola and Porter received zero points, reflecting significant gaps in working conditions for gig workers. BigBasket, which topped the Fairwork ratings, recently announced its full transition into quick commerce. Meanwhile, Swiggy is preparing for its stock market debut. Urban Company, which led the rankings in 2022, has recently been in the news for multiple secondary offerings and ESOP buybacks. Zomato, noted for its valuation, is currently India’s most valued tech company, with a market capitalization nearing $30 billion.

VoltUp raises $8 Mn in seed funding round

EntrackrEntrackr · 6m ago
VoltUp raises $8 Mn in seed funding round
Medial

VoltUp, a mobility-as-a-service (MaaS) platform and battery-swapping startup, has raised $8 million (Rs 67 crore) in a seed funding round, comprising equity and debt, which was led by EM Impact Capital. The Mumbai-based company had previously raised $10 million in the pre-seed round, bringing the total fund raised to $18 million with participation from prominent Family Office, HDFC Bank, cKers, Grip Invest and GetVantage. Founded in 2019 by Siddharth Kabra, VoltUp is a battery-swapping platform that is designed for electric 2-wheelers and 3-wheelers. Operating in 14 cities, VoltUp’s technology-first approach integrates AI and data analytics to optimize station locations, monitor battery performance in real-time, and predict user demand, offering a safer, more efficient, and time-saving alternative to traditional charging. With a core focus on safety, health, and efficiency (SHE), VoltUp claims to deliver a more sustainable mobility experience, making densely populated cities smarter and more connected. Through its Mobility-as-a-Service (MaaS) network, the startup empowers delivery agents, gig workers, and small businesses with reliable electric 2-wheelers powered by proprietary swappable battery technology. VoltUp plans to accelerate its MaaS offerings, integrating seamlessly with multiple electric vehicle platforms for two- and three-wheelers. It claims that its revenue has grown by over 4 times in the last 12 months and plans to deploy 1,000 new battery-swapping stations across 20 urban centres, supporting a growing customer base while promoting EV adoption and reducing range anxiety. Over the next two years, VoltUp aspires to invest in assets worth over $85 million, including swapping stations, batteries, and expanding the MaaS platform leading to additional job creation and bolstering India’s transition to sustainable mobility.

EVeez raises $5.4 Mn in Series A led by Michael & Susan Dell Foundation

EntrackrEntrackr · 4d ago
EVeez raises $5.4 Mn in Series A led by Michael & Susan Dell Foundation
Medial

EVeez, an electric mobility-as-a-service (eMaaS) platform, has raised $5.4 million in a Series A funding round led by the Michael & Susan Dell Foundation, with participation from Caret Capital, ThinKuvate, Ev2 Ventures, Barbershop With Shantanu, SailThru Ventures, and Ah Ventures Fund. The Gurugram-based company previously raised $994,000 from ah! Ventures and others. The fresh funds will be used to expand its affordable electric two-wheeler subscription service for gig workers, according to a press release from EVeez. Co-founded in 2020 by Abhishek Dwivedi and Gaurav Rathore, EVeez is an electric mobility-as-a-service platform that enables gig workers to access affordable, reliable two-wheeler EVs through a subscription model. The company bridges the gap between mobility and livelihoods, especially for low-income youth entering or growing within India’s gig economy. With weekly subscription plans starting at just Rs. 1,100, EVeez enables individuals—especially those from low-income urban communities—to join platforms in quick commerce, food delivery, e-commerce, and ride-hailing without the upfront burden of vehicle ownership. EVeez says that its model goes beyond rentals: it includes repairs, insurance, battery swap tie-ups, and EV training, helping gig workers focus on earning instead of managing vehicle downtime or debt. Abhishek Dwivedi, co-founder and COO of EVeez, added: "With India projected to have more than 20 million gig workers in the near future, EVeez is strategically positioned to revolutionize how this workforce accesses clean mobility solutions. We are committed to greening the last mile and making electric mobility accessible to everyone participating in the gig economy." According to EVeez, it operates a fleet of 7,000 EVs across 15 cities, with plans to scale to 30 cities and 50,000 vehicles by FY27. Of its current users, 55% are first-time gig workers, and the remaining 45% are transitioning from internal combustion engine (ICE) vehicles. By FY27, it aims to enable over 40,000 new gig workers to join the workforce.

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