StartupSuperb

Category: News

  • Antfin of China Sells Over .3 Billion Stake in Eternal Within a Year

    Antfin of China Sells Over $1.3 Billion Stake in Eternal Within a Year



    Antfin Sells Shares in Eternal Ltd, Parent of Zomato

    Antfin Sells Shares in Eternal Ltd, Parent of Zomato

    Antfin Singapore Holding Pte, an affiliate of Alibaba Group, has divested shares valued at Rs 4,097 crore ($482 million) from Eternal Ltd., the parent company of Zomato, through a significant bulk transaction. The sale involved approximately 14.13 crore shares, priced at Rs 289.91 each on Thursday, according to data from the stock exchange.

    Details of Antfin’s Shareholding

    While the purchasers’ identities have not been made public, this transaction represents another substantial divestment by the Chinese investor within the Indian internet sector. As of June 2025, Antfin owned around 18.84 crore shares, equating to a 2.08% stake in Eternal. Post the latest transaction, it is anticipated that Antfin’s holding will decrease to below 0.52%, potentially leading to a complete exit.

    Previous Divestments by Antfin

    This divestment is not Antfin’s first concerning Eternal. In August 2024, it sold 18.54 crore shares at a price of Rs 257.4 each, amounting to Rs 4,772 crore ($561 million). Earlier in March, it had offloaded 17.63 crore shares at Rs 160.4 each, raising Rs 2,827 crore ($332 million), based on the company’s regulatory filings.

    Antfin’s Share Position

    When filing its draft red herring prospectus (DRHP), Antfin was identified as the fourth largest shareholder in Eternal, trailing only behind Info Edge, Uber B.V., and Alipay. It had a holding of 55 crore equity shares, translating into an 8.19% stake.

    Alipay’s Exit from Zomato

    Alipay, another affiliate of Alibaba, exited its investment in Zomato in November 2023, selling its remaining stake at Rs 112.7 per share. Notable buyers during this transaction included firms like Goldman Sachs, Fidelity, Morgan Stanley, Vanguard, SocGen, ADIA, and ICICI Prudential.

    Other Movements by Antfin

    In a different development this week, Antfin (Netherlands) Holding B.V. completed its exit from One97 Communications, which is the parent firm of Paytm, by divesting its 5.84% stake in a block deal estimated to be worth around Rs 3,800 crore.

    Zomato’s Financial Performance

    For added context regarding the financial backdrop, Eternal, the parent of Zomato, reported a remarkable 70% year-on-year increase in revenue, reaching Rs 7,167 crore in Q1 FY26. However, profits saw a significant drop of 90%, falling to Rs 25 crore compared to Rs 253 crore in Q1FY25. The company’s shares are currently trading at Rs 300.7 each (as of 11.15 AM) with a total market capitalisation of Rs 2,90,234 crore ($34 billion).


  • Icertis Elevates Anand Subbaraman to CEO as Co-Founder Samir Bodas Transitions to Executive Chairman

    Icertis Elevates Anand Subbaraman to CEO as Co-Founder Samir Bodas Transitions to Executive Chairman



    Contract Management Platform Icertis Appoints New CEO Anand Subbaraman

    Contract Management Platform Icertis Appoints New CEO Anand Subbaraman

    Contract management platform Icertis has appointed Anand Subbaraman as its new chief executive officer, succeeding cofounder Samir Bodas, who will shift to the role of executive chairman. Bodas remains actively involved in guiding the company’s strategy and governance.

    Anand Subbaraman’s Experience

    Subbaraman comes with over 25 years of expertise in global enterprise software. His previous positions include serving as President at BrowserStack, General Manager for Core and Retail Banking at Finastra, and holding pivotal product leadership roles at Oracle.

    About Icertis

    Icertis provides a cloud-based contract lifecycle management (CLM) platform that empowers enterprises to create, manage, and optimise contracts. The platform utilises AI-driven analytics to derive insights, ensure compliance, and enhance business outcomes from contracts.

    SaaS Business Model

    Icertis operates using a subscription-based SaaS model, generating steady recurring revenue by licensing its platform to large enterprises worldwide.

    Funding and Growth

    According to multiple sources from the startup data intelligence platform, Icertis has accumulated $522 million in funding to date and is currently seeking an additional $50 million.

    Valuation and Achievements

    Icertis became a unicorn in July 2019 after raising $119 million in its Series E funding round spearheaded by Premji Invest, with a recent valuation of approximately $5 billion. The company is headquartered in Pune, India.

    Financial Performance

    Icertis’s Indian entity reported a 33% increase in its operating revenue, reaching Rs 863 crore in FY24, up from Rs 649 crore in FY23. The firm also registered a profit of Rs 97 crore in FY24, compared to Rs 71 crore in the previous fiscal year.


  • Wellington Management Offloads Blackbuck Shares Valued at ₹54 Crore

    Wellington Management Offloads Blackbuck Shares Valued at ₹54 Crore



    Blackbuck Stake Sale by Wellington Management | Investment Insights

    Blackbuck Stake Sale by Wellington Management

    Blackbuck has seen significant movement as Wellington Management’s offshore investment fund, Ithan Creek Master Investors (Cayman) L.P.F., divested over Rs 53 crore in stake through a bulk deal on the stock exchange. This strategic move highlights ongoing shifts within B2B logistics.

    Details of the Transaction

    According to a recent disclosure on the National Stock Exchange (NSE), Wellington Management sold 9.9 lakh shares at a price of Rs 540.54 each, culminating in a total transaction value of Rs 53.7 crore. This sale marks a pivotal point for Blackbuck’s investor landscape.

    About Ithan Creek Master Investors

    Ithan Creek Master Investors (Cayman) L.P.F. is a Cayman Islands-based offshore investment fund that is actively managed by Wellington Management. With assets under management estimated at over $1.3 billion, the fund participates robustly in both U.S. and Indian equity markets, showcasing its broad investment reach.

    Blackbuck’s Financial Performance

    This stake sale coincides with BlackBuck’s financial disclosures for the first quarter of FY26. According to the report from Startup Superb, the company has achieved a significant 57% increase in revenue year-on-year, amounting to Rs 144 crore during this period. Furthermore, the profit rose by 17% YoY, reaching Rs 34 crore, indicating a notable enhancement in profit margins.

    Growth Drivers

    Blackbuck attributes this growth to enhanced operating leverage alongside expansion into newer business avenues, which have collectively boosted both revenue and profitability. The company’s primary focus remains its core business of providing truck operator services, which constitutes nearly 98% of total revenue for the quarter ending June 2025.

    Current Market Standing

    As of the close of trading on Thursday, August 7, Blackbuck’s stock was valued at Rs 517.4, with an impressive total market capitalisation of Rs 9,278 crore. This robust market performance underscores the company’s solid positioning in the logistics sector.


  • Reliance Moves to Write Off 0 Million Stake in Dunzo

    Reliance Moves to Write Off $200 Million Stake in Dunzo


    Reliance Industries Writes Off Investment in Dunzo

    Reliance Industries has officially written off its entire Rs 1,645 crore (approximately $200 million) investment in Dunzo. This investment was made by Reliance Retail Ventures in early 2022, securing a 25.8% stake in the now-defunct quick commerce platform.

    This write-off follows the collapse of Dunzo’s operations. On January 13, 2025, both its app and website went offline after the exit of its last co-founder and CEO, Kabeer Biswas, who has since joined Flipkart to oversee its quick-commerce division, Minutes.

    Despite successfully raising over $450 million, Dunzo faced significant financial difficulties, marked by repeated layoffs, unpaid salaries, and reduced operational capacity. Its investors, including Reliance Retail and Google, also looked into potential acquisition opportunities, but these discussions ultimately failed.

    The company’s creditors resorted to the National Company Law Tribunal (NCLT) due to outstanding debts. Reliance’s complete write-off and Dunzo’s shutdown illustrate the severe challenges within India’s quick commerce sector, which includes intense competition from platforms like Blinkit, Zepto, and Instamart, alongside operational inefficiencies and declining investor confidence.

    Dunzo ranks among the largest write-offs in the Indian startup landscape, similar to Prosus’ $500 million write-off in Byju’s and $38 million in ZestMoney. Additionally, Info Edge has written off its entire Rs 276 crore (approximately $33 million) investment in Rahul Yadav-led 4B Networks.

  • MapMyIndia Achieves Rs 122 Crore in Revenue for Q1 FY26, with Profits Rising by 28%

    MapMyIndia Achieves Rs 122 Crore in Revenue for Q1 FY26, with Profits Rising by 28%


    MapMyIndia Financial Update: Q1 FY26 Results

    MapMyIndia, under its parent company CE Info Systems, has shared its financial results for the first quarter of FY26. The report indicates a remarkable year-on-year revenue growth exceeding 21% compared to Q1 FY25.

    In Q1 FY26, MapMyIndia reported operational revenue rising to Rs 122 crore, up from Rs 101 crore recorded in Q1 FY25, as detailed in its consolidated quarterly report available through the National Stock Exchange (NSE).

    Quarterly Financial Performance

    On a quarter-on-quarter basis, however, MapMyIndia experienced a 15% decline in operating revenue, which decreased from Rs 144 crore in Q4 FY25 to Rs 122 crore in Q1 FY26.

    Major Revenue Sources

    The company’s primary revenue generators include digital map data, GPS navigation, location-based services, and IoT, which collectively contributed 93% to the total revenue. This segment saw a 23% increase, generating Rs 114 crore in Q1 FY26. Conversely, revenue from device sales amounted to Rs 8 crore for the quarter ending June 2025.

    Cost Analysis

    The significant costs associated with IoT devices, employee benefits, and outsourced technical services resulted in a total expenditure of Rs 73 crore during Q1 FY26, rising from Rs 64 crore in the same quarter of the previous fiscal year.

    Profit Margins

    Diving into profitability, MapMyIndia achieved a substantial 28% profit increase, reaching Rs 46 crore in Q1 FY26, compared to Rs 36 crore from the first quarter of FY25. Furthermore, the company’s EBITDA for this quarter stood at Rs 68 crore.

    Strategic Investments

    In Q1 FY26, MapMyIndia made key strategic investments, including Rs 25 crore to elevate its stake in IoT subsidiary Gtropy Systems from 75.98% to 96%, underscoring its commitment to fleet technology and telematics. Additionally, the company invested Rs 25 crore to acquire a 0.049% stake in Zepto, enhancing its footprint in the burgeoning quick commerce sector.

    Market Position

    As of the close on 7th August 2025, MapMyIndia shares settled at Rs 1,759.9 each, resulting in a market capitalization of Rs 10,040 crore (approximately $1.09 billion).

  • MapMyIndia Reports ₹122 Crore Revenue and 28% Profit Surge in Q1 FY26

    MapMyIndia Reports ₹122 Crore Revenue and 28% Profit Surge in Q1 FY26


    MapMyIndia Reports Impressive Q1 FY26 Financial Results

    MapMyIndia, under the umbrella of CE Info Systems, has revealed its financial outcomes for the first quarter of FY26, showcasing a remarkable year-on-year revenue increase of over 21% when compared to Q1 FY25. The operational revenue surged to Rs 122 crore in Q1 FY26 from Rs 101 crore in Q1 FY25, as indicated in the consolidated quarterly report obtained from the National Stock Exchange (NSE).

    Quarterly Revenue Analysis

    In terms of quarter-on-quarter performance, MapMyIndia observed a decline in operational revenue by 15%, dropping to Rs 122 crore in Q1 FY26 from Rs 144 crore in Q4 FY25.

    Major Revenue Streams

    MapMyIndia’s primary income came from digital map data, GPS navigation, location-based services, and IoT, which collectively accounted for 93% of the overall revenue. This income segment experienced a 23% increase, amounting to Rs 114 crore in Q1 FY26. Additionally, the sale of devices contributed Rs 8 crore during the quarter ending in June 2025.

    Cost Structure

    The principal components affecting the cost structure included IoT devices, employee benefits, and outsourced technical services. Consequently, the total expenses of the company rose to Rs 73 crore in Q1 FY26, up from Rs 64 crore in Q1 FY25.

    Profit Growth

    As a result of increased operations, MapMyIndia noted a 28% rise in profitability, reaching Rs 46 crore in Q1 FY26, compared to Rs 36 crore in the same quarter of the prior fiscal year. The company’s EBITDA for the quarter was recorded at Rs 68 crore.

    Investments in Subsidiaries

    During Q1 FY26, MapMyIndia allocated Rs 25 crore to enhance its investment in IoT subsidiary Gtropy Systems, raising their stake from 75.98% to 96%. This move underscores the company’s commitment to fleet technology and telematics. Furthermore, MapMyIndia invested an additional Rs 25 crore in Zepto, acquiring a 0.049% stake to bolster its involvement in the rapidly expanding quick commerce sector.

    Stock Market Performance

    As of the close of trading on 7th August 2025, MapMyIndia’s shares were priced at Rs 1,759.9 each, resulting in a market capitalization of Rs 10,040 crore ($1.09 billion).

  • Swiggy Aims for Profitability by FY26 Fueled by Instamart Expansion

    Swiggy Aims for Profitability by FY26 Fueled by Instamart Expansion



    Swiggy’s Path to Profitability: Instamart’s Role in Quick Commerce

    Swiggy’s Path to Profitability with Instamart in Quick Commerce

    Swiggy is aiming for overall profitability between December 2025 and June 2026, with its quick commerce branch, Instamart, playing a crucial role in this turnaround. This objective was outlined during the Q1 FY26 earnings call with market analysts and investors.

    Instamart’s Growth in Quick Commerce

    Instamart has shown substantial growth, with Gross Order Value (GOV) more than doubling at 108% year-on-year. The average order value (AOV) also saw significant increases of 26% year-on-year and 16% quarter-on-quarter, exceeding expectations. This success has been attributed to the effective basket-building initiative known as Maxxsaver, which encourages customers to make larger purchases.

    Improvements in Contribution Margins

    Swiggy’s Chief Financial Officer, Rahul Bothra, confirmed that contribution losses for Instamart reached their peak in previous quarters, and there has been an improvement in contribution margins by 100 basis points sequentially. The expectation for even greater improvements in Q2 FY26 was communicated. Bothra stated, “We stay committed to our goal of achieving contribution margin neutrality between the December and June quarters of 2026.”

    Expansion and Operational Focus

    Despite the rapid growth of Instamart, Swiggy expanded its network significantly, adding over 316 stores in Q4 FY25. The company believes its existing network of 4.3 million sq. ft. is adequate to support 100% growth without needing major new additions. The focus will now shift towards enhancing operations in current locations instead of expanding into new cities.

    Shifts in Product Offerings

    Interestingly, the non-grocery selections on Instamart, which accounted for 6.6% of the total mix a year ago, now contribute 18.5%, indicating strong interest in higher-ticket items. Although increased delivery costs and marketing expenditures slightly affected margin gains, optimism about long-term monetization through seller commissions and advertising remains high.

    Food Delivery Growth Amidst Competition

    While Instamart took the lead in discussions, Swiggy’s food delivery sector also reported a healthy 18.8% year-on-year GOV growth. The company claims to maintain the best service time in the industry, with initiatives such as Swiggy Bolt (its 10-minute delivery model) accounting for over 10% of order volume. Continuous investments in Bolt and SNACC, its experimental cloud kitchen brand, are ongoing, though losses in the “platform innovations” segment increased during the quarter.

    Strong Cash Reserves

    In terms of cash flow, Swiggy has reserves of Rs 5,500 crore, which allows the company to avoid needing an equity raise. An exit from its stake in Rapido has been hinted at due to competition overlaps in the food delivery sector.

    Management’s Confidence in Quick Commerce

    Despite the growing competitive landscape, particularly in quick commerce, management remains confident. Chief Executive Sriharsha Majety highlighted that the speed of delivery and customer experience at Swiggy are strong and that there is no need to match competitors on store density if it does not impact service quality.

    A Balanced Strategy for the Future

    With a balanced approach towards consolidation, monetization, and careful reinvestment, Swiggy is optimistic that Instamart’s momentum will propel the company into profitability in FY26.


  • Tracxn Reports 12% Decline in Q1 FY26 Profits; Revenue Stays Steady

    Tracxn Reports 12% Decline in Q1 FY26 Profits; Revenue Stays Steady


    Tracxn Financial Results for Q1 FY26

    Data and research platform Tracxn has revealed its financial outcomes for the first quarter of the current fiscal year (Q1 FY26) on Thursday. The company’s revenue experienced a slight growth of 3.4% during this period, while profits witnessed a decline of 12.6%.

    The revenue from operations for Tracxn rose by 3.4% to Rs 21.2 crore in Q1 FY26, compared to Rs 20.5 crore in the same quarter of the previous fiscal year (Q1 FY25), as per the financial statements obtained from the National Stock Exchange (NSE).

    When compared quarter-on-quarter, Tracxn’s operating revenue remained stable at Rs 21.2 crore in Q1 FY26, aligning closely with Rs 21.14 crore reported in Q4 FY25.

    The entire operating revenue for Tracxn was derived from subscription sales, which provide access to its data and software. Nevertheless, the Bengaluru-based company did not disclose a detailed revenue breakdown for the reported quarter.

    Additionally, Tracxn generated Rs 1.68 crore from non-operating sources, bringing its total revenue to Rs 22.88 crore in the first quarter.

    Employee benefits emerged as the primary cost centre for Tracxn, making up 88% of the total expenditure. This expense has risen by 7% year-on-year, increasing to Rs 18.95 crore in Q1 FY26 from Rs 17.67 crore in Q1 FY25. Overall, Tracxn’s total costs expanded by roughly 6%, reaching Rs 21.43 crore in Q1 FY26.

    The company’s profit after tax has dropped to Rs 1.11 crore in Q1 FY26 from Rs 1.27 crore in Q1 FY25. However, Tracxn reported a profit before tax amounting to Rs 1.45 crore.

    As of the end of Thursday’s trading session, Tracxn’s share price was at Rs 56.24, reflecting a market capitalization of Rs 604 crore ($69 million).

  • Nuuk Secures Million Investment from Vertex Ventures SEA and Good Capital

    Nuuk Secures $2 Million Investment from Vertex Ventures SEA and Good Capital



    Nuuk Secures Over $2 Million in Funding for Home Appliances

    Nuuk Secures Over $2 Million in Funding for Home Appliances

    Home appliance brand Nuuk has successfully raised over $2 million (approximately Rs 19 crore) in a follow-on funding round led by Vertex Ventures SEA and Good Capital, both of which also participated in the company’s previous Series A funding round in February 2025.

    This investment elevates Nuuk’s total funding to over $10 million (~Rs 90 crore). Earlier in March this year, Nuuk secured $5 million (Rs 40 crore) in a Series A funding round, also led by Vertex Ventures SEAI.

    The funds will be utilised to enhance its made-in-India supply chain, strengthen its brand presence, and further product development.

    About Nuuk

    Founded by Gazal Kalra and Shalabh Gupta, Nuuk is a direct-to-consumer (D2C) home appliance brand that focuses on designing and selling high-performance, aesthetically pleasing appliances aimed at urban Indian consumers.

    Design-First Approach

    Nuuk employs a design-first product development methodology, with an emphasis on addressing real-world challenges through human-centric engineering. The company manufactures its products in India and markets them online, offering a diverse array of kitchen and home appliances tailored to modern households.

    Full-Stack Model

    Nuuk operates on a full-stack model that includes in-house product design, controlled supply chains, and direct online sales. This model helps the company distinguish itself from traditional brands and imported appliances.


  • NPrep Secures Pre-Seed Funding Round Led by All In Capital to Enhance Job Placement Services

    NPrep Secures Pre-Seed Funding Round Led by All In Capital to Enhance Job Placement Services


    NPrep Announces Funding Round to Enhance AI-Powered Skilling for Nursing Students

    NPrep, a company focused on placements, is developing an AI-driven skilling platform specifically for nursing students and professionals. The company has secured an undisclosed amount in a pre-seed funding round led by All In Capital, with contributions from IIMA Ventures, Chegg’s founder Aayush Phumbhra, as well as various family offices and angel investors.

    The funding will be used to expand course offerings, enhance AI-based learning platforms, and strengthen placement partnerships with hospitals and healthcare institutions throughout India, as stated by NPrep in a press release.

    Background of NPrep and Its Vision

    NPrep was co-founded in 2024 by Prince Kaushik, Utkarsh Paliwal, Gourav, and Shrey Gupta. The startup’s mission is to break down the barriers faced by students from tier II and tier III cities by providing a tailored AI-powered skilling and placement platform aimed at the unique needs of nursing students and professionals.

    Support Services Offered by NPrep

    According to NPrep, the platform will assist students with mock interviews, resume building, and automated assessment tools designed to enhance job readiness. The platform currently boasts over 2 million learners each month and has expanded its user base to 40,000 students within the last six months.

    Future Expansion Plans

    The company aims to broaden its placement services domestically in FY26 and expand internationally by FY27, building upon its expertise in medical and technological fields.