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Vanguard values Ola at $1.25 Bn

EntrackrEntrackr · 9m ago
Vanguard values Ola at $1.25 Bn
Medial

US-based asset management company Vanguard has marked down Ola’s valuation to $1.25 billion, according to a SEC filing in the US. This represents more than an 80% drop from its peak valuation of $7.3 billion in 2021. In February 2024, Vanguard had valued the Bhavish Aggarwal-led company at less than $2 billion ($1.88 billion) for the first time. However, it later revalued the company at around $2 billion in November last year. This development comes as Ola continues its push toward a public listing, even as it loses ground in the ride-hailing space (cabs, autos, and bikes). Rapido has emerged as the market leader, followed by Uber, with Ola now relegated to third place. In August last year, CEO Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, consolidating its financial services, cloud kitchens, and electric logistics under one umbrella. Although Ola converted into a public entity in November 2024 and has been evaluating IPO options since November last year, it has yet to make concrete moves toward a listing. Analysts suggest that Ola is likely to delay its IPO plans by at least six months, citing unfavorable market conditions—especially in light of the declining market cap and share price of Ola Electric. During FY24, Ola’s operating revenue declined by 5.5% to Rs 2,012 crore, down from Rs 2,128 crore in FY23. However, the company narrowed its losses significantly to Rs 10 crore in FY24, compared to Rs 623 crore in the previous fiscal year. The Bengaluru-based firm also turned EBITDA profitable in FY24. Meanwhile, its rival Rapido reached unicorn status last year after raising $200 million at a valuation of $1.1 billion. The Swiggy-backed company also surpassed Ola in terms of combined daily rides across bike taxis, autos, and cabs in Q2 FY25. Despite losing market share, Ola’s ride-hailing business remained more than twice the size of Uber’s and 2.5 times that of Rapido in terms of revenue. In FY24, Ola’s ride-hailing income stood at Rs 1,761 crore, compared to Uber’s Rs 807 crore from its mobility operations. Rapido reported Rs 648 crore in revenue for the same period, while managing to cut its losses by 45% to Rs 371 crore. While this valuation downgrade may not have a direct financial impact on Ola, it could weigh on internal morale—especially as the company weighs its public market debut.

Exclusive: ZappFresh converts into public company

EntrackrEntrackr · 1y ago
Exclusive: ZappFresh converts into public company
Medial

Joining the league of many companies such as Swiggy, FirstCry, Cars24, Pine Labs, and Pepperfry, meat delivery platform ZappFresh is preparing to go public. Taking the first step towards the process, the Gurugram-based firm is now converting into a public entity. The new name of the company is ‘DSM Fresh Foods Limited’, regulatory filings show. According to Entrackr’s sources, the company is likely to go IPO in the last leg of the ongoing financial year (FY25). Queries sent to ZappFresh didn’t elicit any immediate response. Founded in 2015 by Deepanshu Manchanda, ZappFresh sells fresh meat, seafood, and ready-to-cook items through its app and website. The company obtains its meat and fish from local farms, processes them at plants and customizes pieces before delivering them to the customers. Last year, it completed its first acquisition — Dr. Meat from Sukos Foods. Dr. Meat specializes in providing sustainably bred chicken from the outskirts of Bengaluru. It is also operational in Delhi-NCR. Zappfresh has also increased its authorized capital concerning the IPO and announced bonus shares in the ratio of 725:1 i.e. 725 equity shares for every 1 equity shares held by the shareholders, the filing added. Zappfresh proposed the appointment of Anchal Kapoor and Suman Chaudhary as independent directors, with Manchanda proposed to serve as Managing Director and Chairman of the company. The company has raised around $14 million to date including its $4.3 million funding from Ah! Ventures, HT Media and others in November last year. According to the startup data intelligence platform TheKredible, SIDBI Venture Capital is the largest external stakeholder in the nine-year-old firm followed by other investors. The company is yet to file its financial results for FY24 but its revenue from operations was flat at Rs 56 crore during the fiscal year ended March 2023. The firm posted a profit of Rs 11 crore in the same period.

Razorpay becomes India payments partner for Replit’s global AI platform

EntrackrEntrackr · 4d ago
Razorpay becomes India payments partner for Replit’s global AI platform
Medial

Razorpay and Replit have announced a partnership to help AI-first builders in India not only pay for their subscriptions seamlessly but also turn their ideas into scalable, monetised products. By integrating Replit’s AI software creation platform with Razorpay’s payments infrastructure, the partnership allows AI-built products to accept UPI from day one. Rolling out in beta, Replit will go live with Razorpay’s International Payments Suite, allowing Indian users to pay in INR via familiar methods like UPI and cards. This will effectively strive to transform a global, cross-border subscription into a local payments experience for Indian customers. As per market research, India processes over 20 billion UPI transactions every month and UPI accounts for around 85% of all digital payments. According to Razorpay, its payment stack will be embedded into the Replit platform, enabling the Replit agent to serve and monetise Indian users. Razorpay will handle compliance, FX, and USD settlements behind the scenes, allowing Replit to monetise Indian users without setting up a local entity. Building on recent collaborations with global AI companies, including work with OpenAI and the National Payments Corporation of India (NPCI) to pioneer agentic AI payments, Razorpay strives to expand how AI platforms unlock real economic value. The partnership with Replit extends this vision by embedding Razorpay’s India-ready payments and compliance stack directly into AI-driven software creation. Replit is the agentic software creation platform that enables anyone to build applications using natural language. With millions of users worldwide and over 500,000 professional users, it is democratizing software development by removing traditional barriers to application creation. The company has grown from $3 million to more than $300 million in ARR in the past 18 months.

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