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Untap Health wants to help offices and care homes track risk from bugs like flu and COVID-19

TechCrunchTechCrunch · 2y ago
Untap Health wants to help offices and care homes track risk from bugs like flu and COVID-19
Medial

London-based startup Untap Health is using wastewater-based epidemiology to detect traces of diseases in collective sewage, thus providing real-time intelligence on the risk of infectious diseases within a community. Traditional sewage surveillance methods can take several days or even a week to deliver results, but Untap Health aims to provide continuous testing and stream insights to a digital dashboard, enabling building managers and health and safety leads to monitor infectious disease risk in real-time. The startup is developing a multi-pathogen detection capability and plans to automate PCR testing of collective sewage to prevent outbreaks and provide same-day infection data. So far, Untap Health has raised under $2 million and is looking to raise further funding to support manufacturing of its hardware.

BluSmart drivers face uncertainty amid company troubles, founder issues

EntrackrEntrackr · 6m ago
BluSmart drivers face uncertainty amid company troubles, founder issues
Medial

BluSmart suspended its operations in April in Mumbai, Delhi-NCR, and Bengaluru, asking its 10,000 driver-partners to return their vehicles. The move has left several drivers scrambling to find new sources of income. Rajesh [name changed], a 35-year-old man in Gurugram, secured a driving job with a heavily VC-funded electric vehicle cab hailing company which once aimed to take on the duopoly of Ola Cabs and Uber in India. An average income of Rs 20,000 to Rs 25,000 per month, Rajesh admits, was not much for his family but managed to pay bills. Though, Rajesh, who also is a father of two young children, put in 10 hours to 12 hours daily - to reach the estimated monthly income. With his company now pausing the services, Rajesh has no source of earning, and does not know how he will pay his kids’ education fees. "... Now, I don’t know how I’ll manage. I missed my kids' school fees this month. My family depends on me, and I’ve never felt so helpless,” a visibly stressed Rajesh told Entrackr. One of the things that is agonising Rajesh the most is the deceptive way his employer pushed them out. “On Wednesday (April 16th), we [drivers] received a message saying the car needed to be submitted to the hub for a breakdown. We thought it was just a minor technical issue. When we got there, they told us it was a failure and we’d be informed later. But there was no word from the company after that. We just had to go home. We were left in complete shock," says Rajesh as his voice strains, reliving the fateful moment. Rajesh says he was among the first lot of employees, when the company had just 50 cars. Like many others, he too bought the company’s promise of stability. “Now, it feels like we’ve been left out to dry,” he said. “I’m considering working with Uber or Ola… I’m looking for something else, maybe a different field altogether. But BluSmart was my livelihood, and I’d go back in a heartbeat if they reopened. It was my only source of income,” he added. Rajesh’s story resonates with another thousands of drivers who are now scrambling to find new sources of income after BluSmart’s sudden suspension of its services. Entrackr has reached out to BluSmart seeking responses on how they plan to compensate the affected drivers. In case they respond, we will incorporate their inputs. Staging the protest On May 4, a group of BluSmart drivers raised their grievances at Jantar Mantar, a historic site for protests. They pressed for demands for alternative income avenues as well as called for crucial policy reforms to prevent similar abrupt dismissals. Additionally, they also sought a government intervention. Tajinder Singh, president of Parivahan Morcha Athavale and also among those spearheading the protest, told Entrackr that women drivers of BluSmart were among those bearing the brunt the most as other taxi companies refused to recruit them. He further said that some drivers were working on a per day basis as and when required but asserted that this was not a long-term solution. “We are demanding compensation for affected BluSmart drivers. We have also sought government intervention so that the drivers can continue to earn their livelihood,” Singh said. Singh also claimed that hundreds of BluSmart employees working at charging hubs were affected by the company’s sudden suspension of its services. A business model that promised to be different than rivals Even as ‘sustainability’ remained the headline grabber, BluSmart also deployed a rather different business model compared to rivals Ola Cabs and Uber. The company used a full-stack B2C model wherein they owned and managed the vehicles whereas Ola and Uber work with independent drivers. The model allowed BluSmart to have a better control on the quality of cars, maintenance, and subsequently better customer service. For drivers, the company offered a fixed salary along with incentives. An assured income was a big factor why a lot of drivers showed interest in joining BluSmart. Ola and Uber, on the other hand, operated on a familiar commission-based system, also common with several gig working-reliant service providers. Singh also highlighted this stark difference between BluSmart and its rivals. He said that the job of driver was to pick and drop the passenger and earn a regular income (per day payout and incentives). They needed to work 10 hours to 12 hours a day. Other things like maintenance and documentation was taken care of by the company, giving drivers a more relaxed environment to operate. Blusmart has raised over $180 million to date, including its $50 million series B round in January this year. Though, it received only Rs 61 crore out of $50 million. That said, a heavily-funded BluSmart juggernaut appeared unstoppable, until it did. Earlier this year, reports emerged that BluSmart delayed salary payments to cash crunch. It had also shut down operations in Dubai and also saw an exodus of top management employees, including CEO, CBO, and CTO. A month later, SEBI published findings of its probe into Gensol Engineering, BluSmart’s partner and EV lessor. The SEBI order highlighted misuse of funds, and also barred promoters Anmol and Puneet Singh Jaggi from accessing the securities market and holding key positions in Gensol Engineering. What next for BluSmart drivers BluSmart drivers facing joblessness due to the shutdown can go for legal remedy and urgently demand clearance of any unpaid dues and better severance compensation, if not given already. The legal course, which may take a relatively long time, may also help them investigate if BluSmart violated the contract by sudden halting of their services and returning vehicles. Moreover, they can also seek intervention from regulatory boards. Singh, however, did not appear enthusiastic about taking the legal course. “Companies like these make such contracts that they keep them protected in such incidents and don’t have to own any responsibility towards people working so hard for them,” he said [loosely translated from Hindi]. As far as the future of the company goes, it’s hard to predict considering the massive VC money riding on the company. Despite the major dent in public image and also several legal troubles, it’s likely that the company may stay afloat with a rather new management and new board - a few known steps troubled companies often take to course correct. It’s worth noting that quality of drivers and cabs were the top highlight of the platform, and if it resumes, it should continue with that. With the ongoing protests and lack of communication between drivers and management, it seems unlikely that the company will enjoy the same level of trust from its network drivers.

Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable

EntrackrEntrackr · 11m ago
Shadowfax posts Rs 1,885 Cr revenue in FY24, turns EBITDA profitable
Medial

Shadowfax, one of India's leading new-age logistics and delivery platforms, delivered a strong financial performance in FY24, reducing its losses by 90%. Simultaneously, the company recorded over 33% year-on-year growth in operating revenue, and turned EBITDA positive with Rs 23 crore for the fiscal year ending March 2024. The Flipkart-backed firm’s revenue from operations spiked to Rs 1,884.8 crore in the last fiscal year, from Rs 1,415 crore in FY23, as per its annual financial statements filed with the Registrar of Companies. Shadowfax claims to provide 3PL logistics (third party logistics) to e-commerce and D2C firms across 2,500 cities and 18,000 pin codes in the country. The sale of logistics and delivery services are the only source of revenue for Shadowfax. Co-founder and chief executive Abhishek Bansal attributed the company’s sustainable growth in FY24 to its focus on value-added services, including reverse logistics, same-day delivery, and quick commerce offered through its Flash service. “While most logistics companies have chosen to focus on a single service and transition into B2B, Shadowfax has remained in the B2C space. Quick commerce gives us an edge, as we are the only 3PL offering these services,” said Abhishek Bansal, co-founder and CEO of Shadowfax, in a telephonic conversation with Entrackr. The company also generated Rs 11.6 crore from non-operating activities, contributing to a total income of Rs 1,896.4 crore in FY24. On the expense side, transportation and distribution (delivery partners) expenses accounted for the bulk of costs, surging 24.7% to Rs 966.2 crore in FY24. This cost represents 50.63% of total expenses during the last fiscal year. Vehicle running costs increased by 35.8% to Rs 394.5 crore, while costs related to lost shipments rose by 39.7% to Rs 94.6 crore. Employee benefit expenses marginally declined to Rs 211.5 crore, constituting 11.08% of total expenses, whereas other costs added another Rs 241.5 crore. Overall, the Bengaluru-based firm’s total expenses rose by 21.9% to Rs 1,908.3 crore in FY24. By the end of FY24, the company's net loss declined by 92% to Rs 11.8 crore, compared to Rs 142.6 crore in FY23. Shadowfax also achieved a positive EBITDA of Rs 23 crore in the last fiscal. Its ROCE and EBITDA margin stood at -1.06% and 1.21%, respectively. On a unit basis, Shadowfax spent Rs 1.01 to earn a rupee of operating income in the last fiscal year. The company’s assets nearly doubled, rising to Rs 619.5 crore in FY24 from Rs 320.8 crore in FY23. Its cash and bank balance at the end of FY24 stood at Rs 102.8 crore. Just before FY24 ended, Shadowfax scooped up $100 million Series E round led by TPG NewQuest. Recently, Uber has partnered with Shadowfax to integrate its two-wheeler fleet with UberMoto, allowing Shadowfax to offer bike-taxi services during lean hours. Reports indicate that the Bansal-led company is gearing up to launch its initial public offering (IPO). It will join industry peers like Delhivery and Blackbuck, which are already listed on the stock exchange, while another player, Ecom Express, has also secured SEBI approval for its IPO. Shadowfax has emerged as the fastest-growing logistics company in India, evident from its performance relative to competitors. Ecom Express recorded a modest 2.3% growth, reporting flat revenue of Rs 2,607 crore in FY24. Meanwhile, listed competitor Delhivery posted 12.7% year-on-year revenue growth in the last fiscal year.

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