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ONDC's growth slows to 5% in August amid reduction of cash incentives

Money Control

Money Control · 10m ago

ONDC's growth slows to 5% in August amid reduction of cash incentives

In August, on-network logistics transactions for orders increased by 20% month-on-month to reach 1.7 million. Open Network for Digital Commerce (ONDC) recorded 12.58 million transactions, a 5% growth compared to July. The mobility category accounted for 4.74 million transactions, while the non-mobility category, including retail purchases and on-network logistics transactions, made up the remaining 7.84 million. The volume of grocery orders contracted by 11% in August, while food and beverage orders rose 12.5%. ONDC aims to increase e-commerce penetration to 25% in the next few years.

Related News

ONDC retail orders hit fresh peak of 30,000 despite lower spends on incentives

Money Control

Money Control · 2y ago

ONDC retail orders hit fresh peak of 30,000 despite lower spends on incentives

Despite a reduction in spending on incentives, ONDC Retail has achieved a new peak with 30,000 orders. The startup, which focuses on retail commerce, has experienced significant growth in customer demand. This success indicates that customers are attracted to ONDC's offerings even without heavy incentives. The achievement showcases the startup's ability to deliver value and maintain high order volumes.

ONDC mulls subsidy comeback amid slowdown in food delivery - The Economic Times

Economic Times

Economic Times · 5d ago

ONDC mulls subsidy comeback amid slowdown in food delivery - The Economic Times

The Open Network for Digital Commerce (ONDC) is considering reviving incentives worth Rs 100-150 crore for food delivery firms, reversing its earlier decision to stop subsidies. This move aims to counteract the dominance of Zomato and Swiggy by attracting 80-100 million orders. Despite high commission fees, ONDC, with 10-11% commissions, struggled to scale due to logistical issues. The incentives could boost ONDC's volume growth temporarily in the price-sensitive customer segment.

Retail inflation slows to 5-month low to 4.31% in January

Business Today

Business Today · 5m ago

Retail inflation slows to 5-month low to 4.31% in January

Retail inflation in January hit a 5-month low at 4.31%, down 91 basis points from previous levels, marking the slowest year-on-year increase since August 2024. Food inflation dropped to 6.02% from December’s 8.39%, with notable decreases in vegetable and cereal prices. Core inflation slightly rose to 3.7%. Despite a weakening rupee, the RBI projects an average inflation rate of 4.8% for the current year and 4.2% for the next, maintaining a target of 4%.

After layoffs, Tesla’s supercharger expansion slows

Livemint

Livemint · 10m ago

After layoffs, Tesla’s supercharger expansion slows

The expansion of Tesla's Supercharger network has slowed down in recent months, following workforce reductions in April that affected the installation team. The number of new Supercharger ports opened in May through August decreased by 28% compared to the same period last year. Tesla has received government funding to install new chargers in various states, but still faces challenges in expanding the network for non-Tesla vehicles. However, the company has recently rehired some employees and is committed to building more Superchargers. The growth of the Supercharger network is crucial as millions of new electric vehicle drivers enter the market.

Byju’s defers FY24 appraisals as it looks to conserve cash amid delay in funding

Money Control

Money Control · 1y ago

Byju’s defers FY24 appraisals as it looks to conserve cash amid delay in funding

BYJU's, the edtech startup, has decided to defer FY24 appraisals for its employees due to cash conservation efforts amid a delay in funding, as reported by Moneycontrol. The company is taking measures to manage its financial situation while waiting for expected funding to materialize. A majority of the company’s employees are also yet to receive variable pay and other incentives yet.

Top-funded Indian startups’ non-operating income growth slows for second year

VCCircle

VCCircle · 3m ago

Top-funded Indian startups’ non-operating income growth slows for second year

A VCCircle study found that the top 50 highest-funded Indian technology startups experienced slower growth in non-operating income for the second consecutive year through March 2024. Non-operating income, earned through investing surplus cash from private equity or venture capital, didn't match previous growth rates. The analysis highlights a trend where the financial gains from such investments are not rising as quickly as in earlier years.

Blinkit gets Rs 1,500-crore cash boost from Zomato

Economic Times

Economic Times · 4m ago

Blinkit gets Rs 1,500-crore cash boost from Zomato

India's leading quick commerce platform, Blinkit, received a Rs 1,500 crore investment from parent company Zomato, totaling Rs 4,300 crore since its acquisition in August 2022. This infusion aids Blinkit's financial losses amid aggressive expansion and competition. Despite operational revenue covering needs, expansion costs cause high cash burn. Blinkit targets 2,000 dark stores by December 2025, ahead of competition like Swiggy and Zepto. Rapid expansion in the sector intensifies cash burn and financial losses for companies.

Instagram courts TikTok stars during turbulent times

Economic Times

Economic Times · 5m ago

Instagram courts TikTok stars during turbulent times

Meta's Instagram is aggressively courting TikTok creators amid uncertainty about TikTok's future in the U.S. The company is offering cash incentives, including up to $5,000 through the Breakthrough Bonus program, to encourage creators to post on Reels, Instagram’s rival platform to TikTok. This move comes as TikTok faces a potential U.S. ban due to security concerns over its Chinese ownership. Instagram is also enhancing its video editing tools to attract creators.

Anthropic sees revenue potentially soaring to $34.5 billion in 2027

Economic Times

Economic Times · 5m ago

Anthropic sees revenue potentially soaring to $34.5 billion in 2027

Anthropic, an AI startup, anticipates its revenue could soar to $34.5 billion by 2027. It projects revenue of $12 billion in a base case scenario, up from $2.2 billion in 2025. The company forecasts a significant reduction in cash burn to $3 billion this year. Anthropic sells access to its models through direct and third-party services. The company nears a $2 billion funding deal, valuing it at $60 billion, amid growing AI industry investments.

MyGate’s Operating Revenue Jumps 35% To INR 96.2 Cr In FY24; Cost Optimisation Continues

Inc42 · 1y ago

MyGate’s Operating Revenue Jumps 35% To INR 96.2 Cr In FY24; Cost Optimisation Continues

In FY24, MyGate, a startup, generated INR 85.4 Cr in enterprise revenue with a 35.1% YoY growth. Additionally, it earned INR 10.9 Cr from consumer services. The company reported an 85% reduction in cash burn, achieving zero cash burn in the March quarter. However, MyGate recorded an adjusted EBITDA loss of INR 20.4 Cr, an improvement compared to the INR 71.3 Cr loss in the previous fiscal year.

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