🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

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

EntrackrEntrackr · 11m 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 · 10m 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.

Trading platform Trackk raises $1 Mn in seed round

EntrackrEntrackr · 12d ago
Trading platform Trackk raises $1 Mn in seed round
Medial

url: https://entrackr.com/snippets/trading-platform-trackk-raises-1-mn-in-seed-round-9652110 Content: Trackk, a new-age trading platform, has raised $1 million in seed round funding from prominent investors, including Mga Ventures, GSF Ventures, GNP Group, Paras Defence, along with leading family offices and angel investors. Prior to this, the Mumbai-based company had raised $100K in a pre-seed funding round from Maahavir Ventures. The fresh funds will be deployed in team building, technology and crafting a better user experience, Trackk said in a press release. The company has recently received approval from the Securities and Exchange Board of India (SEBI) to begin brokerage services on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Before securing this license, Trackk operated for over three years as an Authorised Person, acquiring more than 1.5 lakh registered users and facilitating over 6,000 trades daily — building a strong foundation of active traders and product insights. Co-founded in 2021 by Vedant Gupte, Aryan Jain, and Siddharth Thakkar, Trackk is a next-gen stock trading app that helps users discover stocks, trade from a single screen, and gain behavioural insights on their trading journey. “We believe the next generation deserves a seamless, technology-driven platform,” said Vedant Gupte, CEO at Trackk. “With our funding, SEBI approval, and strong leadership team, we are ready to bring a fresh, ambitious vision to India’s capital markets.” Trackk plans to launch its trading platform in the coming months, introducing a single-screen, intuitive trading experience designed for India's youth. Alongside this, the platform will offer personalised stock reports, data-backed portfolio ideas, and behavioural insights to help users make informed decisions and improve their trading habits over time. It primarily competes with other major companies in this space such as Groww and Zerodha.

Abha Maheshwari resigns as Allen Digital CEO after two years

EntrackrEntrackr · 11d ago
Abha Maheshwari resigns as Allen Digital CEO after two years
Medial

Abha Maheshwari, a former Meta executive who took charge of Allen’s digital business in 2022, has stepped down as CEO after two years in the role. She announced that she will be taking a short break before moving on to her next opportunity. "When I first joined, we were a small team of 15 to 20 working out of a WeWork, scrappy, ambitious, and committed to building something meaningful. Two years later, I leave behind a buzzing office filled with passionate people, bold ideas, and the same deep sense of purpose, now backed by a much larger and stronger team,” she wrote in a social media post announcing her exit. In April 2022, Allen Career Institute set up a wholly owned subsidiary, Allen Digital, with the aim of taking on India’s multi-billion-dollar edtech giants. The move came barely a month after Allen raised $600 million (about Rs 4,500 crore) from Bodhi Tree Systems, the investment vehicle of James Murdoch and former Disney Asia-Pacific chairman Uday Shankar. During her tenure, Allen Digital acquired AI-powered doubt-solving platform Doubtnut in a slump sale reportedly valued around $10 million. In December 2024, Allen was also reportedly in early-stage talks to acquire Unacademy at a discounted valuation of around $800 million. However, Unacademy co-founder and CEO Gaurav Munjal publicly denied the claim. "Together, we built a digital-first EdTech business anchored in learning outcomes. We launched transformative technology, scaled rapidly, and most importantly, made a real difference in the lives of students. From AI-powered learning to seamless offline–online integration, every step was guided by our vision to make education more accessible, deliver real learning outcomes, and truly empower students," Maheshwari wrote. For FY24, the company’s revenue grew 42% year-on-year to Rs 3,244.7 crore, driven by strong offline enrolments and an expanding digital footprint. However, its profit fell 44% to Rs 136 crore during the same period.

Download the medial app to read full posts, comements and news.