Category: News

Online Travel Agencies Q2 FY25 Performance: A Deep Dive into MMT, Ixigo, EaseMyTrip, and Yatra’s Growth Strategies
Revival of Indian Online Travel Agencies in the Post-Pandemic⁤ Era
The Indian online travel agency (OTA) landscape has‍ witnessed a remarkable resurgence as the pandemic, driven by the trend of ”revenge travel” and an increasing enthusiasm among Indians to ‍undertake both leisure ⁤and business ‍trips. This renewed ‌appetite for travel has resulted in impressive growth for several major OTAs in the second quarter of FY25.
MakeMyTrip: Leading the Online Travel Market
MakeMyTrip (MMT) continues to dominate the online travel industry‍ with outstanding performance. Recently, Ixigo has emerged as a formidable competitor, now recognised as the⁤ second-largest OTA measured by revenue. However, our primary focus remains⁣ on‍ MMT’s⁣ notable achievements.
In Q2 FY25, MakeMyTrip reported revenues of ₹1,354 crore, after accounting for⁤ service costs. This quarter marked‌ a remarkable milestone for MMT, with its profit after‌ tax (PAT)⁣ surging nearly ninefold to $18 million compared to Q2 FY24.Key Highlights:
- Air Travel sector: experienced substantial growth of 25.2%,⁢ contributing ₹512 ⁣crore during this period ‌compared to Q2 FY24.
- Hotel Bookings and Package Services: Generated ⁣₹496 crore, reflecting a⁣ 15.3% increase from the previous quarter.
- Bus ‌ticketing and ‍other services: accounted for ⁢₹210 crore and ₹185 crore, respectively.
Ixigo: A Rising Star in Online Travel
Ixigo has firmly positioned itself ‍as the second-largest‌ player⁣ among OTAs, with a⁣ remarkable revenue increase of 25.6%, reaching ₹206 ⁣crore in Q2 FY25, ⁢up ‍from ₹164 crore in the same period⁢ last year. The company also reported profits of ₹13 crore during this timeframe.
Noteworthy Aspects:
- Train bookings: The primary revenue driver, contributing over half (53%) with‌ earnings climbing by 19.1% quarter-on-quarter to ₹110 crore after service⁢ costs in Q2 FY25.
- Bus Ticket Sales: Increased considerably, soaring by‍ 42.8%.
- Air Ticket Sales: Grew approximately 37.45%, generating revenues of ₹40 crore ‌and ⁣₹56 ⁢crore‌ respectively.
EaseMyTrip: Modest ‍growth Amidst Intense‍ Competition
In contrast, EaseMyTrip showed stagnant growth with a marginal⁣ increase ⁣in revenue,⁢ rising from ₹130.7 crore last year to ₹131 crore this ⁤year during Q2 FY25. According ⁢to ⁤IFRS standards, their‍ operational revenue was approximately ₹145‍ crore. ‍Though, profits fell sharply ⁣by about ⁤42.6%⁤ to ₹27 crore compared to ₹47 crore recorded previously.
Key Observations:
- Flight Ticket Sales: Declined⁣ significantly by 20% to ₹116.2 crore compared ‍to Q2 FY24.
- Hotel Reservations: Experienced remarkable increases⁤ of 144%.
- Ancillary services: Grew⁤ by 64.5%.
yatra: Consistent Performance on NASDAQ
yatra, ‍listed on NASDAQ ⁤but ⁤primarily operating in India’s market, achieved commendable results, showcasing 20% quarter-on-quarter growth, resulting ‍in total revenues less service costs hitting ₹94 crore for Q2 FY25. Notably,if we exclude‍ service costs,yatra’s overall figures reflect⁤ staggering gains reaching ⁢₹236 crore for Q2 FY25.
Breaking Down Their Earnings:
- Air Ticketing: ⁢Contributed ₹43.3 crore.
- Hotels: Netted around ₹30 crore ‌after discounts and fees.
- bus/Train Bookings: Brought in ₹7.5 crore, alongside additional⁤ operating activities, including advertising,‍ yielding another ₹13.5 crore.
The revival of Indian online‌ travel agencies demonstrates the sector’s resilience and‌ adaptability‍ in a post-pandemic world, setting the stage for ⁢continuing growth and innovation in the Indian online travel agency sector.
December 19, 2024
MBG Card Lands ₹2.72 Crore Funding: A Transformative Boost for SaaS Innovators, Spearheaded by IPV!
MBG Card Secures ₹2.72 Crore in Funding to Propel Growth
SaaS startup MBG Card has successfully secured ₹2.72 crore in a recent funding round led by Inflection Point Ventures, with additional support from Velocity and Klub.
Investment Utilisation
The capital acquired will be strategically directed towards enhancing marketing efforts, advancing product development, and expanding the workforce.
Innovative Solutions for Non-Tech Businesses
Founded by Abhinav Dubey, MBG Card offers a comprehensive digital transformation platform tailored for businesses without technical proficiency. The service simplifies the establishment of an online presence, manages customer reviews, supports marketing initiatives, and automates client interactions through chat.
Rapid Expansion and Client Base
Located in Jabalpur, MBG Card proudly serves over 10,000 clients across domestic and international markets. The company is on a growth trajectory, consistently acquiring thousands of new customers monthly, while expanding its global reach. With a dedicated team of more than 70 employees, MBG Card is well-prepared to manage its expanding operations.
Market Insights
Recent market research suggests that the global digital transformation sector is poised to reach $1.5 trillion by 2025. Specifically in India, the SaaS industry is witnessing significant growth fuelled by heightened adoption among small and medium-sized enterprises (SMEs).
December 19, 2024
QuiD Cash Soars: $4.5 Million Pre-Series A Funding Fuels Revolutionary Fintech Innovations!
QuiD Cash Secures £4.5 Million in Pre-Series‌ A‍ Funding
QuiD Cash,‍ an innovative player in the supply chain fintech sector, has successfully raised £4.5 million (approximately ₹38.23 crore) during its pre-Series A funding round. This‍ financing event attracted⁤ a diverse group of angel investors, including prominent individuals such as Piyush ⁣Jain and existing ⁢supporter‍ MINTCAP.
Earlier this year, in 2024, QuiD Cash⁣ had⁣ already secured ₹5 crore through its pre-seed funding phase led by⁣ mint ⁢Cap Enterprises alongside Stone Park Capital.
Strategic Investment Focus: Technology and Expansion
The newly‌ acquired capital will be strategically directed towards:
- upgrading technological infrastructure
- Facilitating buisness growth ⁣initiatives
Along with this financial boost, QuiD‌ Cash has ‌launched QuiD Capital—an NBFC designed to enhance anchor-led invoice financing solutions.
Leading Financial Innovations Across Multiple Industries
Cofounded by Subhash Gupta and Vikram AG, QuiD Cash is committed to delivering advanced financial services through ⁤its B2B supply chain platform.Currently serving approximately 8,000 users, the ⁣company partners with over 20 leading organizations across various sectors including:
- fast-Moving Consumer Goods (FMCG)
- Agriculture
- Aerospace‌ Manufacturing
- Pharmaceuticals
The partner companies manage monthly⁢ transactions ⁤ranging ⁢from ₹50 crore to ₹250 crore.
Aiming for Workforce⁤ Expansion
Proudly employing a ‍team of 40 professionals at present, QuiD Cash is set for⁣ growth as it plans to expand ⁤its workforce‍ to 50 within⁤ the next year. Additionally,the company aims to onboard an notable half a ‍million retailers over the next two years.
This strategic outlook positions ⁣QuiD Cash as a strong contender⁢ in ⁤providing innovative financial solutions ‍tailored for various industries while maintaining a robust ‌focus on technological advancement and⁤ growth potential.
December 19, 2024
Soaring Heights: Perplexity, the SoftBank-Backed AI Innovator, Secures $500M Investment and Achieves $9B Valuation!
In April, Perplexity accomplished a significant feat with a valuation of $1 billion. Recently, this cutting-edge AI search engine secured an impressive $500 million in its fourth funding round, which raised its valuation to an incredible $9 billion. A report from Bloomberg indicated that this latest funding initiative was spearheaded by Institutional Venture Partners (IVP) and concluded earlier this month. The financial details were revealed by a confidential source.
Founded in 2022, Perplexity distinguishes itself as an AI-enhanced search engine and chatbot that harnesses advanced technologies, including natural language processing (NLP) and machine learning. Unlike numerous existing AI chatbots, Perplexity excels in delivering real-time information retrieval capabilities.
This startup operates in a highly competitive landscape, featuring major stakeholders such as OpenAI, which has recently rolled out search functionalities for all ChatGPT users. To further enhance its offerings, Perplexity has acquired Carbon, a data connectivity startup focused on integrating external data sources with large language models.
In their official blog post regarding the acquisition of Carbon, the company conveyed enthusiasm about incorporating Carbon’s data connectors into their technological framework: “We’re excited to announce our acquisition of Carbon—a retrieval engine that connects external data sources with large language models. This integration will soon enable users to link applications such as Notion and Google Docs directly with Perplexity.” The main aim of this acquisition is not only to customise AI experiences but also to seamlessly embed them into users’ everyday activities.
By embedding Carbon’s capabilities into its answer engine, Perplexity aims to enhance its proficiency in accessing and processing varied information streams from multiple platforms, including internal databases and cloud storage solutions. Moreover, this year has seen Perplexity in the spotlight for establishing revenue-sharing agreements with prominent publishers such as Time and Fortune, amidst allegations of plagiarism raised by several media organisations.
Perplexity is setting a new standard in the realm of AI search engines.
December 19, 2024
Exciting Changes Ahead: Flipkart’s Vipin Kapooria Takes the Helm as CFO at Blinkit!
Blinkit Welcomes Vipin Kapooria as New CFO
In a noteworthy update, Blinkit, the ‍swift commerce platform under Zomato’s umbrella, has announced the appointment of Vipin ‍Kapooria as its new Chief Financial Officer (CFO). This ‍marks a pivotal moment ‍for the company, as it is the first time‍ in over two ‌years that this⁤ crucial position has been filled with ‌a permanent executive.
Kapooria’s professional Journey⁤ and Skills
Before⁢ joining⁤ Blinkit, Kapooria served as Vice President and Head of Business‍ Finance at Flipkart for more than four years. His professional background highlights‌ his vast expertise‌ in managing business finance across diverse‌ sectors including mobile devices, electronics, and large home appliances at⁣ the well-known ⁢Walmart-owned retail giant.
This ‌progress was initially reported ⁤by Moneycontrol.‍ The ⁤startup SuperB has reached out to zomato for further insights regarding this leadership change.
Recent Changes in Leadership
Kapooria’s appointment comes on the heels of Hemal Jain’s resignation from overseeing⁢ financial operations for both⁤ Zomato and Blinkit. Additionally, Amit ‌Sachdeva stepped down⁢ from his ‌role as CFO of Blinkit in August 2022 before taking on a similar position at IGT Solutions earlier ‌this year. Recently, Sachdeva transitioned again to ⁣become CFO at ⁢PhysicsWallah, ⁢an emerging edtech unicorn.
This shift in leadership underscores another significant ⁢departure from‌ Flipkart; five executives have⁣ recently joined competing⁣ firms. Among these transitions is Swiggy’s hiring of four former leaders ⁤from Flipkart: Kanika Tiwari, Hari Kumar G (now ‍Chief ‌Business Officer at Instamart), Shalabh ‍Shrivastava (Senior Vice President of Driver Institution),‌ and Amitesh Jha (CEO of ⁤Instamart).
The ‌Evolving Competitive⁤ Landscape
Similar to Blinkit and Instamart, Flipkart is making strides ⁢within the fast ⁤commerce arena through its ⁢service called Minutes.Currently available in select regions within bengaluru, Gurugram, ‌and ‍Mumbai, this initiative exemplifies the growing rivalry among‍ major players vying for dominance in the fast delivery‍ sector.
December 19, 2024
Curie Money Takes Flight: Fintech Startup Lands $1.2 Million in Seed Funding!
Curie Money Secures $1.2 Million ⁢in Seed Funding to Propel Fintech Advancements
Fintech ⁣venture‌ Curie Money has successfully garnered .2 million in a seed funding round, led by India Quotient, with additional support⁤ from ⁣various angel investors and institutional backers.
Strategic Investment for Growth Enhancement
The funds raised⁢ will be directed towards strengthening the core team, accelerating product development, upgrading technological frameworks, and establishing strategic partnerships aimed at driving growth within the current account and MSME sectors, ⁢as⁤ detailed in a ⁤recent statement from Curie Money.
Innovative Banking Solution Transforming Personal Finance
founded in 2022 by Arindam Ghosh and tushar Choudhary, Curie Money is an avant-garde banking application that integrates high-yield mutual funds with payment capabilities. This platform allows users to invest in mutual funds while maintaining immediate liquidity for their transactions. It ⁢features no-minimum-balance savings accounts supported by YES Bank alongside ⁢fixed-income investment options through a partnership with ICICI Prudential Mutual Fund. By merging the advantages ⁣of mutual fund returns with‍ traditional banking services, Curie Money offers a unique financial experience.
Revolutionizing Wealth⁣ Management for High-Net-Worth Individuals
Based in⁤ Bengaluru, Curie Money enables instant redemption ‍of mutual funds during payment ‌processes, thereby transforming personal wealth management⁢ specifically designed ‌for high-net-worth individuals. Notable features include ‍zero balance requirements, fully ‍digital onboarding experiences, and advanced tools aimed at improving financial efficiency.
Aligning⁤ Liquidity Requirements with Investment Returns
Curie Money’s objective is to connect liquidity needs with investment ⁢returns seamlessly so that users can manage their wealth effortlessly.⁣ The platform combines‌ appealing yields from mutual funds—typically ranging between 7% and 8%—with the convenience provided ⁢by savings accounts. Recently authorized ‌by NPCI⁢ (National Payments Corporation‍ of India), it is‍ now positioned to operate as a Third Party Application Provider (TPAP) for UPI services.
December 19, 2024
Curie Money in Bengaluru Raises $1.2M Seed Funding, Paving the Way for Fintech Innovation!
Curie Money: Transforming Savings with Exceptional Returns
Curie Money provides savings accounts that deliver an impressive 7.3% CAGR in interest rates by directing funds into liquid investments. This fintech start-up based in Bengaluru has successfully secured $1.2 million in seed funding from India Quotient, a venture capital firm, along with investments from various institutional and angel investors within the fintech sector.
Strategic Expansion and Market Intent
The newly procured funds will be utilised to enhance the team, improve product offerings, upgrade technological systems, and focus on strategic growth in the market. The startup particularly aims to cater to current accounts and micro, small, and medium enterprises (MSMEs). Curie Money seeks to address a significant gap in India’s financial ecosystem by offering an innovative banking solution that combines mutual fund investments with traditional savings account features.
Collaborations for Improved Financial Solutions
Through partnerships with YES Bank and ICICI Prudential Mutual Fund, Curie Money allows users to earn better returns on their idle cash while ensuring quick payment functionality. The company has also recently gained approval from the National Payments Corporation of India (NPCI) to act as a third-party request provider for UPI services. By maintaining their savings in the ICICI Prudential Liquid Fund via Curie Money’s platform, users can attain returns of up to 7.3% CAGR, significantly higher than the rates of conventional savings accounts.
A Commitment to Financial Empowerment
“We founded Curie Money to solve a personal issue—maximising savings while maintaining liquidity,” shared Arindam Ghosh, Co-founder of Curie Money. “We are at the forefront of a financial management revolution.” Madhukar Sinha, Partner at India Quotient, praised the innovation, stating: “By seamlessly integrating mutual funds with banking services and payment systems, they enable users to realise their full financial capabilities. We are delighted to support Arindam, Tushar, and their team as they pursue this transformative solution.”
Also Read: Flipkart-backed super.money joins the UPI app competition.
December 19, 2024
Bureau Secures $30 Million in Series B Funding to Revolutionize Digital Identity and Authentication!
In a⁤ notable advancement for ⁤the digital⁣ security landscape, Bureau, a cutting-edge risk intelligence platform focused on combating online series-b-30m-funding/” title=”Bureau Secures Million in Series B Funding to Transform Fraud Prevention and Enhance Security Solutions”>fraud, has successfully secured⁣ ample funding in its Series B round lead by Sorenson Capital. This‌ financing ⁤event also saw⁤ contributions from paypal Ventures and existing backers such as Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures.⁢ The capital raised will be ⁣allocated towards diversifying the ⁤company’s product offerings,⁤ enhancing talent acquisition efforts, refining marketing strategies, and ⁢expanding its international⁣ presence—all ⁤aimed at fortifying financial ecosystems⁤ in the relentless battle against fraud.
Earlier this year in 2023, Bureau had already ⁣raised $16.5 million during‍ its Series A funding phase. Established in 2020 by experienced entrepreneur Ranjan R ⁢Reddy, Bureau provides an AI-powered platform ⁢that ‌ensures‌ real-time fraud detection throughout every stage of the customer experience—significantly ⁣surpassing ⁣conventional rule-based methods.
“As cybercrime reaches alarming new heights,” stated Ranjan R Reddy, founder & CEO of ‍Bureau. “Bureau‌ stands ‌at the forefront of combating digital fraud. The backing from⁢ Sorenson Capital and PayPal Ventures not only affirms our innovative approach to preventing⁣ fraud but also propels our mission to safeguard businesses and⁢ consumers worldwide.”
Rob Rueckert from Sorenson Capital ‍emphasized Bureau’s unique⁣ strategy: “Bureau employs an exceptional blend of‌ device data analytics,behavioral insights⁢ into user actions,financial details analysis,and collaborative intelligence with ‌partners ⁢to swiftly‌ counteract fraudulent activities without causing major disruptions to user experiences.” He further noted that “by effectively curbing ⁣fraudulent incidents while fostering⁢ customer loyalty and promoting ⁤revenue growth,” Bureau⁤ distinguishes itself within the vast domain of fraud prevention—a fact evidenced by their ‍notable client roster. With over 150 clients across diverse sectors such as banking institutions, fintech companies, gaming enterprises like DraftKings or FanDuel ‍,and ⁤e-commerce giants including Amazon and Shopify ,Bureau is solidifying⁤ its role as a frontrunner ‍in defending ⁣against⁣ digital threats.
December 19, 2024
Databricks Hits the Jackpot: $10 Billion Series J Funding Catapults Valuation to an Astonishing $62 Billion!
Databricks Achieves $10 Billion in Series J Funding to Advance AI Innovations
In a significant financial accomplishment, Databricks, a prominent figure in data analytics and artificial intelligence, has successfully secured $10 billion in its Series J funding round. This substantial investment boosts the company’s valuation to an impressive $62 billion. The funding round is led by Thrive Capital, with substantial involvement from notable investors including Andreessen Horowitz, DST Global, GIC, Insight Partners, and WCM Investment Management. This event stands out as one of the largest in venture capital history, exceeding OpenAI’s previous record of $6.6 billion raised last October.
The latest funding also received backing from existing investor Ontario Teachers’ Pension Plan and welcomed new contributors such as ICONIQ Growth, MGX, Sands Capital, and Wellington Management. The capital raised is designated to enhance innovative AI solutions, support acquisitions, and expand Databricks’ global footprint.
Moreover, this influx of funds will provide liquidity options for current employees and alumni, addressing associated tax obligations. Databricks anticipates achieving positive free cash flow for the first time this quarter, underscoring its solid growth trajectory.
Recent assessments reveal that the company has achieved over 60% year-over-year growth, largely driven by the surging demand for artificial intelligence technologies. “During this funding phase, we experienced significant oversubscription, and we are excited to welcome some of the most respected investors who align with our vision,” said Ali Ghodsi, Co-Founder and CEO of Databricks. “These advancements represent just the beginning of AI evolution; our goal is to establish our Data Intelligence Platform as a long-term asset for our clients while aiding businesses across various sectors in leveraging data insights.”
The Databricks Data Intelligence Platform provides comprehensive access to AI-driven data analytics tailored for machine learning applications, among others. Founded on open-source technology principles, it enables organizations to boost revenue while effectively managing costs and risks. Clients utilise this platform for a variety of initiatives, including:
– Early disease detection
– Addressing climate change challenges
– Preventing financial fraud
– Pharmaceutical research
– Accelerating mental health treatments
– Tackling economic disparities
“Databricks is dedicated to democratizing access to data analytics and AI technologies,” commented Joshua Kushner, CEO of Thrive Capital. “We have witnessed their unwavering commitment to excellence firsthand—it’s a true privilege to partner with them on this journey.”
Currently, Databricks serves over 10,000 organisations worldwide, including industry leaders such as Block Inc., Comcast Corp., Condé Nast Publications LLC, Rivian Automotive Inc., and Shell Oil Company. More than 60% of Fortune 500 companies also rely on Databricks, cementing its position as a premier platform for managing data through advanced AI capabilities.
December 19, 2024
Bizom Raises $12 Million in Series B Funding from Pavestone: Transforming the Industry Landscape
Bizom Secures $12 Million to Enhance ‌Product Advancement and Customer Engagement
Bizom, a prominent ‌SaaS company dedicated to the retail sector, has successfully raised $12 million in a Series B funding round led by Pavestone, a venture capital firm based in Hyderabad. Pavestone contributed $7.5 million to this round,⁤ with additional support from existing investor IndiaMART and several family offices.‌ To date,Bizom has raised approximately $6 million during it’s Series A funding stage. The newly acquired funds will be used to enhance product innovation, improve delivery systems, and strengthen essential⁤ customer relationships.
Transforming Retail Operations with Innovative Solutions
Representatives from Bizom assert that⁣ their SaaS platform significantly enhances sales efficiency ⁢while optimising product distribution ⁤and strengthening ⁢connections between retailers and brands. Currently supporting over 600 retail brands across various sectors—including consumer packaged goods (CPG), dairy,⁣ and fast-moving consumer goods (FMCG)—the platform digitises market operations to provide improved visibility into on-ground activities.This capability enables brands to gather⁤ crucial insights regarding market ‍demand for their products.
Visionary Leadership Driving Change
Lalit Bhise, CEO of ⁤Bizom, highlighted the transformative nature of this investment: “This goes beyond ⁢mere financial backing; we are revolutionising retail distribution with innovative technologies such as Real Intelligence infrastructure, agentification technology, voice recognition systems, and augmented reality solutions that address real-world challenges faced⁢ by retailers globally.”
Strategic Partnerships for Growth
Srikanth Tanikella,Managing Partner at Pavestone,expressed his enthusiasm ‌about partnering with Bizom: “Their platform is highly regarded among numerous FMCG companies as it drives growth by streamlining distribution processes while providing quicker market insights. ⁢This⁢ investment aligns perfectly with our fund’s strategic goals.”
Dinesh Agarwal, CEO of IndiaMART added his‍ perspective: “The rapid digital transformation in India’s consumption⁣ landscape is accelerating swiftly. bizom is at the ‌forefront of this evolution in retail distribution; our investment showcases our belief in their mission to ‍digitise B2B retail‍ operations.”
As these initiatives unfold at Bizom amidst a rapidly changing digital⁤ landscape within India’s retail sector—where ⁢innovation meets necessity—the company is poised for significant growth as it continues redefining how businesses connect with consumers.
December 19, 2024