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Zerodha defeats Flipkart to win UPL 2024

EntrackrEntrackr · 1y ago
Zerodha defeats Flipkart to win UPL 2024
Medial

Zerodha defeated Flipkart by 6 wickets to clinch the second edition of the Unicorn Premier League (UPL), held in Bengaluru. The game started with Zerodha winning the toss and opting to bowl. The decision paid off with Flipkart getting restricted to a total of 88 runs in 11 overs. From Flipkart, Vishal was the leading scorer with 42 runs off 24 balls. Chasing the target, Zerodha finished the match in just 8.2 overs. Rajesh was the top scorer for Zerodha with 35 runs off 16 balls followed by Marvin and Ashith, who scored 22 and 19 runs, respectively. Yashas Kartik from Pine Labs won the Orange Cap for the tournament for making the highest runs at 249 while Devesh from Meesho was named the Purple Cap winner for taking the highest number of wickets at 10 throughout the tournament. Tanzil from Zerodha bagged the Player of the Tournament award for overall contribution of 142 runs and 8 wickets. Purple and Orange Cap winners received an electric bike from Bounce, the electric scooter manufacturer. The Player of the Tournament award, sponsored by the pre-owned car retail platform Spinny, rewarded the winner with a Hyundai Xcent car. Razorpay secured the third spot in the tournament after defeating Meesho by 31 runs. Batting first, Razorpay posted a total of 89 runs in 11 overs. In response, Meesho managed to score just 58 runs. The second edition of UPL kicked off on February 16, 2024. The tournament saw participation from India’s top unicorn startups such as Zerodha, Razorpay, boAt, Pine Labs, OYO, Groww, Flipkart, and several others. Probo and Pavilion sponsored the cricket tournament. The finals match was followed by a closing ceremony which saw participation from several bigwigs of the startup ecosystem, including co-founder of Razorpay Shashank Kumar, Shradha Sharma of YourStory, Keshav Dhakad from Flipkart, and others.

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Bengaluru gears up for Unicorn Premier League 2024

EntrackrEntrackr · 1y ago
Bengaluru gears up for Unicorn Premier League 2024
Medial

Starting February 16, top unicorn startups are going to battle it out on the cricket field in Bengaluru with Entrackr’s Unicorn Premier League 2024. The 10-day long event with 34 matches between 12 teams will see the first set of games played between Flipkart, Zerodha, boAt and Pine Labs. Other teams throughout the league include Razorpay, Apna, Meesho and Groww. More than 5,000 people from over 100 startups are expected to attend the tournament. Each team of 11 players will also see significant participation from women team mates. These unicorns will compete to claim the coveted UPL trophy and a cash prize of Rs 20,00,000. The player of the tournament, best batter (Orange Cap) and bowler (Purple Cap) along with the person of the matches will receive cash prizes and gifts. Partners for this event include beatXP, Renee Cosmetics, Bonomi Coffee, Spinny, Medial, Cannnarma, and more. Entrackr had organized the first edition of Unicorn Premier League last year in Gurugram. The tournament was held with 15 teams participating in matches held across several weeks, before Makemytrip took the trophy by beating Pristyn Care. The successful tournament concluded with much fanfare at the closing ceremony where cricket superstar Virendra Sehwag was present as the event’s chief guest. Aloke Bajpai (ixigo), Kunal Bahl (Snapdeal), Aman Gupta (boAt), Niraj Singh (Spinny), Ashneer Grover (BharatPe and Third Unicorn), Tej Kapoor (IvyCap Ventures) and Upasana Taku (MobiKwik) were some other notable personalities who attended the grand finale. Details of UPL 2024: Dates: February 16 to 25. Venue: Cric Biz Cricket Academy, Neraluru. Teams: Zerodha, Groww, Flipkart, Verse, Slice, Pristyn Care, boAt, PineLabs, Razorpay, Apna, Meesho, Mensa Brands. For more information, please visit the official website of Unicorn Premier League.

Flipkart receives $382 Mn from parent entity

EntrackrEntrackr · 3m ago
Flipkart receives $382 Mn from parent entity
Medial

Flipkart Internet, the marketplace arm of Walmart-backed Flipkart, has received Rs 3,249 crore (approximately $382 million) in internal funding from its Singapore-based parent entity. Earlier, in April 2024, the company had secured Rs 1,421 crore from the same parent organization. The board at Flipkart has issued 470,773 equity shares at an issue price of Rs 69,014.7 each on a right issue basis to raise Rs 3,249 crore from Flipkart Marketplace Private Limited (Singapore), its regulatory filing accessed from the Registrar of Companies (RoC) shows. In May last year, Flipkart raised $350 million from Google at a valuation of $36 billion. According to startup data intelligence platform TheKredible, Walmart is the largest stakeholder in the e-commerce company holding 85% stake, followed by Tencent and other minority shareholders including CPP Investments, GIC, SoftBank and Microsoft. Apart from horizontal e-commerce offerings, Flipkart also entered the quick commerce space with Minutes, promising deliveries within 10-15 minutes to compete with players like Blinkit, Zepto, and Instamart. For the fiscal year ended 2024, Flipkart reported a 20% increase in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.

Zerodha Capital clocks Rs 12.5 Cr profit in FY25

EntrackrEntrackr · 1m ago
Zerodha Capital clocks Rs 12.5 Cr profit in FY25
Medial

Zerodha Capital clocks Rs 12.5 Cr profit in FY25 Zerodha Capital, the lending arm of stockbroker Zerodha, posted a net profit of Rs 12.5 crore in the previous fiscal year ending March 2025 from Rs 7.2 crore in FY24. According to an ET report, the firm doubled its income to Rs 36 crore in FY25 from Rs 17 crore in FY24. As per ICRA, this rise in profit was driven by a 3.2X jump in its loan book, which grew to Rs 381 crore in the first nine months of the last fiscal year or 9M FY25. Zerodha Capital provides loans to retail investors by using their stocks or mutual funds as collateral. It runs with a small team and uses the strength of Zerodha’s broking business, which has 81 lakh (8.1 million) active clients on NSE—about 16% of the market. The platform uses this wide customer base to offer loans of up to Rs 1 crore by taking shares or mutual funds as security, lending up to 45% of their value. Most of this is done through digital platforms. Zerodha Capital’s net worth stood at Rs 170 crore with a gearing ratio of 1.4X as of December 2024, which means the company had Rs 1.40 in debt for every Rs 1.00 of its own equity, according to the ICRA. The promoter group is also planning to infuse Rs 125 crore via compulsorily convertible preference shares to support future growth. Notably, Zerodha Capital has nil NPAs since its inception. ICRA has kept Zerodha Capital’s credit rating steady at AA- (Stable)/A1+ and gave the same high rating to its new Rs 100 crore short-term borrowing plan. While ICRA pointed out that the company is still small and relies on a limited set of lenders, it was reassured by Zerodha Capital’s strong backing from the Zerodha Group and its careful approach to lending. Founded in 2021, Zerodha Capital aims to deepen its credit play within the securities ecosystem. However, its future performance remains tethered to market sentiment and regulatory shifts, especially as retail F&O activity—the group’s mainstay—faces tightening norms. Zerodha Capital’s parent company, Zerodha Broking Limited, has reported a net profit of Rs 5,496 crore in FY24, with a return on net worth of 56% during the same period.

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