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Zomato hikes platform fee for users to Rs 5; pauses intercity deliveries

Economic TimesEconomic Times · 1y ago
Zomato hikes platform fee for users to Rs 5; pauses intercity deliveries
Medial

Food delivery platform Zomato has increased its platform fee for customers by 25% to Rs 5 per order, effective April 20. The fee increase, applicable in key markets including Delhi, Bengaluru, Mumbai, and Hyderabad, is expected to boost the company's earnings. Zomato's rival, Swiggy, already charges Rs 5 as a platform fee on food delivery orders. Zomato's platform fee is in addition to the delivery charge, but it is waived for Zomato Gold loyalty programme members. The fee was initially introduced in August 2023 at Rs 2 per order and was increased to Rs 4 earlier this year. The intercity delivery service, Legends, has been temporarily suspended by Zomato due to low consumer traction and legal issues.

Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2

EntrackrEntrackr · 2m ago
Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2
Medial

Jar clocks Rs 208 Cr operating revenue in FY25, turns profitable in H2 Savings app Jar has reported strong growth in FY25, reaching an operating revenue of Rs 208 crore during the fiscal year ending March 2025. The surge in scale came after the company vertically integrated its gold stack, which pushed its gross revenue to Rs 2,450 crore during the period. Vertical integration implies owning and operating several stages of the gold value chain. The Bengaluru-based startup also reduced its net losses (excluding ESOP costs) to Rs 35.23 crore and turned fully profitable in the last two consecutive quarters from January to June 2025. Founded in 2021 by Nishchay AG and Misbah Ashraf, Jar has built a base of over 35 million registered users across 12,000 pin codes, with more than 95% of its users being first-time savers. Jar leverages UPI Autopay to automate savings and has expanded into jewellery through its vertical Nek and forayed into insurance offerings. The startup has raised over $60 million with a valuation of approximately $325 million, backed by investors like Tiger Global, Arkam Ventures, Tribe Capital, and WEH Ventures.

Bharat Matrimony invests $500K in Ask My Guru

EntrackrEntrackr · 1m ago
Bharat Matrimony invests $500K in Ask My Guru
Medial

Bharat Matrimony, part of Matrimony.com Group, has invested $500,000 in Bengaluru-based AI startup Ask My Guru (AMG). This follows AMG’s earlier $1.2 million seed funding, bringing total funding to $1.72 million. The investment will support AMG’s AI astrology development and integration with Bharat Matrimony’s platform. Founded by Krishna Mohan Vedula and Vivek Sadamate, Ask My Guru provides AI-driven Vedic astrology solutions for matchmaking, using algorithms based on Vedic and KP systems. Users can get compatibility assessments, astrological guidance, and insights on relationships, career, and life decisions. The platform claims to have registered over 400,000 users and facilitated 5 million chats since its beta launch in June 2025. Ask My Guru plans to expand globally, starting with the US, while Bharat Matrimony provides access to its large user base of over 4 crore customers across web, mobile, and over 130 retail outlets. The partnership positions AI astrology as an integrated feature in online matchmaking, linking cultural traditions with technology for scalable matchmaking solutions.

MoEngage raises $100 Mn from Goldman Sachs and A91 Partners

EntrackrEntrackr · 25d ago
MoEngage raises $100 Mn from Goldman Sachs and A91 Partners
Medial

MoEngage raises $100 Mn from Goldman Sachs and A91 Partners Customer engagement platform MoEngage has raised $100 million in its Series F round from existing investor Goldman Sachs Alternatives and new investor A91 Partners. The new round has come after more than three years for the Bengaluru and San Francisco headquartered company. The round comprises 60% primary and the remaining as secondary. With this round, MoEngage’s total funding has crossed $250 million. The company will use the proceeds to enhance its Merlin AI suite, a set of AI agents that help consumer brands automate campaign creation, offer decisioning, and improve conversion rates. It also plans to expand its go to market and customer success teams in North America and EMEA. “Over 300 enterprises worldwide have turned to MoEngage for its ease of use and AI led agility,” said Raviteja Dodda, chief executive officer and co-founder of MoEngage. “These enterprise migrations have accelerated our growth in the North America and EMEA regions,” he added. Goldman Sachs, which first backed MoEngage in 2022, has doubled its investment in this round. According to Entrackr’s sources, the firm was valued at around $700 million (post money) earlier. A MoEngage spokesperson did not comment on its current valuation. Founded in 2014 by Dodda and Yashwanth Kumar, MoEngage offers insights led customer engagement tools that help brands target users across web, mobile, email, and messaging channels. The platform counts SoundCloud, McAfee, Flipkart, Kayak, Domino’s, and Deutsche Telekom among its clients. The company serves over 1,350 consumer brands across 75 countries, powering digital experiences for more than 2 billion users each month.

JCB Salons India raises Rs 40 Cr from Blacksoil for strategic expansion

EntrackrEntrackr · 1y ago
JCB Salons India raises Rs 40 Cr from Blacksoil for strategic expansion
Medial

Salon chain JCB (Jean Claude Biguine) Salons India has raised Rs 40 crore ($4.8 million) from alternative credit platform Blacksoil. JCB Salons has utilised the funds to acquire Spalon, a homegrown salon chain, for expansion into South India, the company said in a press release. The capital will also be used for working capital and creating operational efficiencies for the group. Launched in 2006 in India, JCB Salons operates around 18 salons in Mumbai, Pune, and Bengaluru. The company claims to serve 1,500 customers per month. Globally, it runs operations in 20 countries with 400 salons and spas. Spalon is a spa and salon brand with over 27 branches across Southern India. Combining JCB’s expertise and Spalon’s understanding of the domestic market, the joint entity eyes a foothold in West and South India markets. In February last year, JCB Salon’s long time chief executive Samir Srivastav quit the company to join Looks Salon as CEO. JCB Salons raised Rs 157 crore (nearly $19 million) to date and counts RARE Enterprises, the investment arm of late Rakesh Jhunjhunwala as a key investor. JCB Salon India saw its operating revenue increase to Rs 50.66 crore in FY23 from Rs 34.63 crore in FY22. During the period, the firm turned profitable with Rs 1 crore profit from Rs 57 lakh loss in the previous fiscal year. As per the company, it achieved 5-6% year-on-year growth in FY24. However, the company is yet to file audited annual financial statements for the last financial year. As per industry reports, the Indian beauty market is projected to reach approximately $580 billion by 2027, with an estimated growth of 6% annually. Of late, a clutch of legacy and established businesses have raised strategic money from institutional investors. In May, 17-year-old performance wear brand TechnoSport raised $21 million from A91 Partners in its first external fundraise. In the same month, fast fashion omnichannel ethnic wear brand Libas also raised $18 million by ICICI Venture’s fund IAF Series 5 in its maiden external funding.

Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%

EntrackrEntrackr · 1y ago
Quikr posts Rs 51 Cr revenue in FY23, losses shrink 62%
Medial

Quikr, the online marketplace and classified platform, experienced a drop in scale from Rs 191 crore in FY19 to Rs 110 crore in FY20. This declining trend continued until FY22. The Bengaluru-based firm, however, has recently shown signs of stability and resilience with its revenue growing for the first time in the last three years in FY23. Additionally, the former unicorn also managed to bring down its losses by a significant margin during the period. Quikr’s revenue from operations marginally grew 4.7% to Rs 51.36 crore during the fiscal year ending March 2023 as compared to Rs 49.07 crore recorded in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Quikr made the majority of its revenue from lead referral fees followed by advertising, both verticals collectively contributed to around 90% of revenue in FY23. The remaining sum was collected via commissions, management consultancy services, business support, and other operating activities. The company also earned Rs 2 crore from interest and gains on other financial assets (non-operating income). Considering this, the total income of the company stood at Rs 53.38 crore in FY23. On the cost side, employee benefit was the largest cost expense for the company. Which however shrank 17% to Rs 41.5 crore in FY23 from Rs 50 crore in FY22. IT costs including web hosting and payment gateway also dwindled 43% to Rs 3.5 crore during the year from Rs 6.13 crore in FY22. The company also cut down its legal, promotional, and other expenses, akin to which, the overall expenditure dwarfed 27% to Rs 61.36 crore in FY23. The total expenditure was Rs 84 crore during the previous fiscal year. For a complete expense breakdown and year-on-year financial performance and more information about the company, visit TheKredible. The cost-cutting measures taken by the company during the year can also be seen in its bottom line which improved significantly. Quikr’s losses declined 62% to Rs 7.98 crore during FY23 in comparison to Rs 20.98 crore in FY22. Additionally, the company’s outstanding losses stand at Rs 3,077 crore at the end of FY23. Operating cashflows also turned green (positive) to Rs 2.57 crore in FY23 against Rs 29.23 crore (negative) in the previous year. The EBITDA margin and ROCE of the company strengthened to -3.52% and -3.87%, respectively during the period. On a unit level, Quikr spent Rs 1.19 to earn a rupee of operating revenue in FY23.

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