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Adani Group plans to expand ports biz in Vietnam for overseas trade, receives nod to develop greenfield project: Report | Mint

LivemintLivemint · 1y ago
Adani Group plans to expand ports biz in Vietnam for overseas trade, receives nod to develop greenfield project: Report | Mint
Medial

Indian conglomerate, Adani Group, is planning to build a port in Vietnam as part of its expanding infrastructure development and international trade opportunities. Adani Ports and Special Economic Zone Ltd. has received preliminary approval from the Vietnamese government for the greenfield project, which will include container terminals and multipurpose berths. The total investment required for the project is yet to be determined. Adani Group currently owns ports in Israel, Sri Lanka, and Tanzania, and aims to increase its international operations to 10% by 2030. The company is also exploring opportunities in the Middle East, Southeast Asia, and East Africa.

Accel backs 10-minute food delivey startup Swish

EntrackrEntrackr · 7m ago
Accel backs 10-minute food delivey startup Swish
Medial

10-minute food-delivery startup Swish has raised $2 million in its maiden funding round led by venture capital firm Accel. Angel investors Abhiraj Bhal and Varun Khaitan, former Swiggy Instamart head Karthik Gurumurthy, and others have also participated in the round. The proceeds will be used to expand operations and ramp up its delivery model across most areas of Bengaluru, with plans to extend into other tier-I cities. Founded in 2024 by Shah, Ujjwal Sukheja, and Saran S, Swish oversees the entire process—from food preparation to delivery—operating within a compact 1.5–2 km radius. The company operates several cloud kitchens in Bengaluru's HSR Layout and Bellandur areas. By the end of November, it plans to expand services to four Bengaluru regions, including new additions Koramangala and Sarjapur. The startup claims to have about 70 to 80 unique stock-keeping units (SKUs) on the app, covering a variety of categories including indulgences, snacks, beverages, and meals. Swiggy recently introduced its 10-minute food delivery service, Bolt. Meanwhile, Zomato launched a similar service called Instant in 2022 but later rebranded it to Everyday, citing a lack of product-market fit.

Magicpin to deliver food in 15 minutes

EntrackrEntrackr · 7m ago
Magicpin to deliver food in 15 minutes
Medial

Offline discovery and rewards platform Magicpin has announced its quick delivery service MagicNOW, a new 15-minute food delivery offering piloted across major Indian cities and metros. According to the company, MagicNOW will provide fast food deliveries within a 1.5 km to 2 km radius and will initially launch in Bengaluru, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune. During the pilot phase, conducted between November 14 and December 15, MagicNOW claims to have completed 75,000 deliveries from a network of more than 2,000 food brands, including Chaayos, Faasos, Wendy's, Burger King, McDonald's, Taco Bell, and over 1,000 local restaurants. The company stated that the service is designed to cater to the rising demand for ultra-fast delivery of popular, quick-to-prepare dishes without compromising on quality or freshness. MagicNOW will only deliver food prepared by partner restaurants and will not operate through any dark stores. Delivery for MagicNOW will be powered by Velocity by Magicpin, an aggregator of third-party logistics (3PL) providers. Under Velocity, Magicpin consolidates 3PL services from partners such as Shadowfax, Dunzo, Rapido, Porter, OLA, and Zypp, streamlining supply chain operations for brands and sellers. The Anshoo Sharma-led company currently offers Velocity to multiple brands, including KFC, Burger King, and IGP Gifting. In October, Magicpin claimed to have emerged as the largest food delivery seller on the Open Network for Digital Commerce (ONDC), processing nearly 150,000 daily food and logistics orders. The instant food delivery market is heating up as established quick commerce players like Zepto, Swiggy, and Blinkit dominate the segment, while emerging players such as Swish and Zing are also gaining traction. Blinkit, owned by Zomato, launched its new 10-minute food delivery service, Bistro, last week. Meanwhile, Zepto is preparing to roll out a dedicated app for Zepto Cafe, to offer 10-minute food deliveries, and Swiggy introduced its own 10-minute food delivery service, Bolt, in October this year.

Now, Tesla Mulls Foray Into India’s Rooftop Solar Panel Market

Inc42Inc42 · 1y ago
Now, Tesla Mulls Foray Into India’s Rooftop Solar Panel Market
Medial

Tesla is reportedly planning to enter India's rooftop solar panel manufacturing market. The company has approached the government with its plans and requested subsidies. Tesla will partner with a selected company to set up the manufacturing plant while bringing its technology and sales expertise. This move aligns with the Indian government's initiative to generate solar energy and provide free electricity to 10 million households. Additionally, Tesla is in advanced talks to establish a battery manufacturing plant and manufacturing Tesla cars in India. The negotiations for the first manufacturing unit are in the final stages. Starlink, Elon Musk's satellite broadband service, is also expected to launch in India soon.

10 min food delivery startup Swish raises $14 Mn

EntrackrEntrackr · 4m ago
10 min food delivery startup Swish raises $14 Mn
Medial

Exclusive: 10 min food delivery startup Swish raises $14 Mn Swish, a 10-minute food delivery startup, has secured Rs 122.32 crore in its Series A funding round, led by Hara Global Capital and existing investor Accel India. This follows just three months after its $2 million seed round. The board at Swish has passed a special resolution to issue 4,762 Series A compulsory convertible preference shares at an issue price of Rs 2,56,334 each to raise Rs 112.3 crore or $14 million, its regulatory filing accessed from the Registrar of Companies shows. Hara Global Capital led the round with Rs 69.56 crore while Accel India invested Rs 52.18 crore. Kunal Shah-led QED innovation, and Gaurav Munjal (CEO of Unacademy) and Sumer Juneja, investment advisor at SoftBank, participated with Rs 20.5 lakhs, Rs 5 and Rs 30.7 lakh respectively. According to Entrackr's estimates, the company has been valued at around Rs 522 crore or $60 million post-allotment. After the new funding round, Hara Global Capital will own 13.33%, while Accel India will hold a 27.24% stake in the company. Co-founders Aniket Sunil Shah, Sureshkumar Sarana, and Ujjwal Sukheja will each retain a 16.38% share following the Series A round. Founded in 2024, Swish’s 10-minute delivery model operates within a 1.5–2 km radius using cloud kitchens called ‘delight centers,’ ensuring fresh and hygienic food is delivered swiftly through its optimized full-stack approach. Swish is competing in the fast-expanding instant food delivery market, where Zomato, Swiggy, and Zepto are leading the charge. Zomato-owned Blinkit has also launched Bistro, a standalone app for instant food delivery. In December, Bhavish Aggarwal-led Ola entered the segment, while emerging players like Magicpin and Zing are gaining traction. The latest entrant to the space is cloud kitchen unicorn Rebel Foods, which has introduced a new app called QuickiES.

Scapia raises $40 Mn in Series B led by Peak XV

EntrackrEntrackr · 3m ago
Scapia raises $40 Mn in Series B led by Peak XV
Medial

Scapia raises $40 Mn in Series B led by Peak XV Travel fintech company Scapia has raised $40 million in its Series B round led by Peak XV Partners, with participation from existing investors, Elevation Capital, Z47, and 3State Ventures. The funding will enable Scapia to strengthen its team, enhance its product offerings, harness the power of AI, and accelerate its ambitious growth plans, Scapia said in a press release. According to the company’s regulatory filings, it has secured Rs 289 crore ($34 million) so far, with the remaining funds expected soon. In this round, Peak XV Partners took the lead, investing Rs 218 crore ($25.6 million), followed by Elevation Capital with Rs 62.28 crore ($7.3 million) and 3State Ventures contributing Rs 8.65 crore ($1.02 million). According to a separate resolution, the Bengaluru-based company also expanded its ESOP pool by 3,460 ESOP options. The newly added ESOP will be valued at Rs 22 crore, while the total pool now stands at Rs 132 crore (approximately $15.5 million). Entrackr estimates that the company’s post-money valuation stands at Rs 1,645 crore or $193.5 million. The valuation may vary after completion of the round. Founded by Anil Goteti, Scapia operates as a fintech-travel platform, offering a lifetime-free credit card with travel rewards. It generates revenue through interchange fees, interest on EMIs, and partner commissions from travel bookings. Scapia’s co-branded card with Federal Bank offers great value with no joining or annual fees, zero forex markup, and free unlimited domestic lounge access and airport perks based on monthly spending. Cardholders get 10% rewards on all purchases and 20% rewards on travel bookings made through Scapia. Scapia has raised over $70 million to date, including its $23 million Series A round led by Elevation Capital and 3State Ventures in November 2023. According to startup data intelligence platform TheKredible, Peak XV Partners became the largest external shareholder with a 13.74% stake, followed by Matrix Partners at 13.68%. Its FY24 appeared to be the first operational year, recording a revenue of Rs 17 crore while incurring a loss of Rs 88 crore during the same period. The company competes with the likes of One Card, which posted Rs 1,425 crore revenue, and Zolve, which stood at a revenue of Rs 67.8 crore in the fiscal year ended March 2024.

DaaS platform Swish Club raises $4.5 Mn in pre-Series A

EntrackrEntrackr · 4m ago
DaaS platform Swish Club raises $4.5 Mn in pre-Series A
Medial

Devices-as-a-Service (DaaS) platform Swish Club has secured $4.5 million in a pre-Series A funding round, including $3.3 million in equity and $1.2 million in debt financing. The equity round was led by Powerhouse Ventures, along with participation from Blume Ventures, Founders Fund, Touchstone Ventures, Eternal Capital, and Atrium Ventures. The round also included other investors such as Livspace’s Anuj Srivastava, Ajit Reddy, Deb Dutt, and Tushar Patel. The Bengaluru-based company had previously raised $1.26 million from its existing investors and others. Founded in 2023 by Dushyant Sapre, Suraj Kumar, and Jai Anand, Swish Club is a one-stop solution for enterprise devices, end-point management, and security software. The platform handles the entire lifecycle of a device, from sourcing, configuration, administration, security, and safe returns to upgrades. According to Swish Club, DaaS also allows enterprises and their employees to choose their preferred laptops and smartphones from manufacturers like Apple, Samsung, HP, Dell, and Lenovo and partners with more than 125 enterprises. Swish Club claims to have onboarded over 125 enterprise clients, including Max Life Insurance, Bennett and Coleman, HDFC Life Insurance, PepsiCo, Informatica, Philips, GMR, RPG Group, Landmark Group, and Zensar, as well as startups such as Whatfix, Zetwerk, Meesho, Plum, Allen, Porter, Bold Care, FamPay, Zolvit, Qila Games, and Addverb. "Managing corporate devices is a complex, multi-step process involving procurement, financing, asset management, and eventual recycling. Each step requires different vendors, leading to cost implications, lack of transparency, and multiple back-and-forths. Swish Club is simplifying this with India’s first digital Device-as-a-Service (DaaS) platform, helping businesses remove these depreciating assets from their balance sheets and reduce IT costs from 10% to just 3% of total capex—all with just a few clicks through a dedicated platform," said Dushyant Sapre, CEO & Co-founder of Swish Club. Swish Club states that under its Device-as-a-Service (DaaS) solution, it has introduced India’s first digital platform for laptop rentals for enterprises and smartphone leasing for corporate employees. The enterprise device rental solution comes with four free pre-bundled software solutions: Asset Management Portal (AMP), Mobile Device Management (MDM), antivirus, and device cleaner. In India, Swish Club competes with unorganized players, while at the global level, it faces competition from companies such as Grover and Everphone.

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