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Yulu Turns EBITDA Positive, Breaches $30 Mn ARR On Rising Quick Commerce Demand
Inc42
ยท
10m ago
Medial
- Yulu has achieved a milestone of crossing an annual recurring revenue (ARR) of $30 million and has also become EBITDA positive. - Yulu currently operates a fleet of over 40,000 electric vehicles and plans to deploy 100,000 EVs by 2025. - The company is set to raise $100 million in its Series C funding round to support its expansion plans. - In September 2020, Yulu raised $82 million in its Series B funding round led by Magna International and Bajaj Auto. - The demand for quick commerce and food delivery services, along with supportive government policies, has contributed to Yulu's growth.
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Yulu raises Rs 25.7 Cr from auto parts maker Magna International
YourStory
ยท
1m ago
Medial
Electric mobility startup Yulu secured Rs 25.7 crore in Series B funding from Canadian auto parts manufacturer Magna International. This investment arrives as demand for Yulu's vehicles surges, driven by growth in quick commerce deliveries. Yulu, backed by Bajaj Auto, also reported a significant 188% increase in FY24 revenues to Rs 119.9 crore despite rising expenses. The company aims to double its fleet to 100,000 electric vehicles this year, capitalizing on demand in the last-mile delivery sector.
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Mobility startup Yulu eyes $80 million raise riding on quick commerce buzz
Economic Times
ยท
3m ago
Medial
Yulu, a shared mobility startup, is in talks to raise $75-80 million to leverage quick commerce growth. With participation expected from existing investors like Bajaj Auto and Magna International, the fundraising will bolster Yuluโs $30 million annual recurring revenue and Ebitda profitability. The investment will enhance Yuluโs fleet to 80,000 scooters by 2025. The round may increase Yuluโs valuation by 20-25%, compared to its $210 million valuation earlier in the year.
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BigBasket set to fully play in quick commerce league
Economic Times
ยท
11m ago
Medial
BigBasket, India's largest e-grocer, plans to transition into a full-scale quick commerce platform to meet the rising demand for rapid deliveries. The company's BB Now, which currently offers 10-30 minute delivery service, will exclusively focus on quick deliveries starting next month. BigBasket aims to generate $1 billion of its $1.5 billion sales target for the year through quick commerce. By adopting multiple dark stores and large warehouses, the company plans to address demand by carrying a wide range of grocery and non-grocery items. Other players in the quick commerce space include Blinkit, Zepto, and Swiggy Instamart.
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Blinkit turns adjusted Ebitda positive in March; eyes 1,000 dark stores by FY25 end
Economic Times
ยท
1y ago
Medial
Zomato-owned quick-commerce platform Blinkit has reported positive adjusted Ebitda for the month of March, moving closer to profitability. The company plans to have 1,000 dark stores by March 2025 to increase its presence in cities like Bengaluru, Mumbai, and Hyderabad. Blinkit's gross order value in the March quarter reached Rs 4,027 crore, a 97% YoY increase. However, its average order value softened sequentially. The company expects its adjusted Ebitda to hover around zero due to an aggressive expansion plan, with a 4-5% margin once stable.
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Zomato CEO Deepinder Goyal turns billionaire amid record share rally
YourStory
ยท
1y ago
Medial
Zomato CEO Deepinder Goyal has become a billionaire as the company's shares surged 4.75% to reach an all-time high of Rs 232 on the BSE. Goyal owns a 4.1% stake in Zomato. The food delivery platform recently raised its platform fee by 20% to Rs 6 per order to support expansion and improve profits. Zomato ended FY24 with a 71% YoY growth in revenue and a net profit of Rs 351 crore. Its quick commerce arm, Blinkit, has also become adjusted EBITDA-positive.
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Blinkit quarterly contribution margin turns positive first time ever
Economic Times
ยท
1y ago
Medial
Blinkit, Zomato's quick commerce arm, reported its first-ever positive contribution margin, with a 1.3% margin as a percentage of gross order value (GOV) in the latest quarter. Zomato also remained profitable for the second consecutive quarter, earning Rs 36 crore for the quarter ended in September 2023. Blinkit aims to break even in the quick commerce business by the first quarter of FY25. The company reported an increased average order value (AOV) and growing GOV, signaling its expansion in the quick commerce sector.
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Yulu raises $19.25 mn from Magna and Bajaj Auto, eyes expansion & new product launch
Economic Times
ยท
1y ago
Medial
Yulu Bikes, a shared mobility services provider, has raised $19.25 million in funding from existing investors Magna and Bajaj Auto. The funds will be used to launch a new product, expand the company's reach, and develop technology. Yulu has experienced a significant increase in demand, particularly in Gurugram and Mumbai. The company plans to introduce a new electric scooter for e-commerce deliveries and expand operations to five more metros by 2024. Yulu aims to deploy about 100,000 electric two-wheelers this year and is also exploring opportunities for international exports with its partner Bajaj Auto.
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Swiggyโs Instamart bled $125 mn in 3 quarters
The Arc Web
ยท
1y ago
Medial
Swiggy's quick-commerce business, Instamart, has been facing significant losses while the core food-delivery operations are getting closer to profitability. From April to December 2023, Instamart reported an EBITDA loss of over Rs 1,040 crore ($125 million) on revenues of Rs 950 crore ($114 million). Swiggy's food delivery unit has shown improvement, turning EBITDA positive in January 2024, earning around $5 million or Rs 40 crore each month. However, Swiggy still lags behind Zomato in terms of market share and the valuation for Swiggy's upcoming IPO might be lower than Zomato's.
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Heavy rain disrupts food delivery and hyperlocal services in Bengaluru
YourStory
ยท
9m ago
Medial
Heavy rains in Bengaluru caused disruptions to various services, including food delivery operations and dine-in options. FreshMenu, a cloud kitchen platform, experienced a 30% decline in operations, while dine-in businesses reported up to a 50% decrease in foot traffic. Quick commerce platforms like Swiggy's Instamart and Blinkit faced service disruptions in certain areas. However, Flipkart Minutes, Yulu, and Flipkart's quick commerce arm continued with their operations. In Chennai, the situation was worse, with power cuts, blockages, and waterlogging affecting businesses, such as Madras Coffee House and Chai Kings.
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Swiggy may recover quick commerce share despite widening losses: Morgan Stanley
Economic Times
ยท
2m ago
Medial
Morgan Stanley predicts a strong future for Swiggyโs quick commerce despite rising losses and expenditure. Swiggy's quick delivery service, Instamart, saw a 101% increase in gross order value, although adjusted Ebitda losses reached Rs 840 crore. The brokerage revised the quick commerce market's potential to $57 billion by 2030. Swiggy, with significant investments in infrastructure, plans to expand its network of dark stores and capitalize on growth, maintaining its market share amidst increasing competition.
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