Startup
BlackBuck app owner Zinka Logistics closes 7% lower on listing day
Shares of Zinka Logistics on Friday fell about 7% to close at Rs 260.20 apiece on its first day of listing on Indian stock exchanges after opening at a premium.
The company, which operates the BlackBuck app–a digital platform for truck operators–made a strong debut, opening at Rs 280.09 apiece, which marked a 2.89% increase from its issue price amidst a general uptick in the market.
BlackBuck’s initial public offering (IPO) was subscribed about 1.85 times on its final day, seeing a decline in demand compared to the likes of recent IPOs, including EV maker Ola Electric, which was subscribed 4X times, and food delivery platform Swiggy, which was subscribed 3.59 times.
The company had priced its IPO between Rs 259-273 per share for its Rs 1,115 crore initial sale.
The IPO is a combination of a fresh issue of shares worth Rs 550 crore and an offer of sale (OFS) of up to 2.06 crore shares. The OFS by promoters and investor-selling shareholders is valued at Rs 565 crore at the upper end of the price band.
In FY24, Zinka cut its losses by 33% to Rs 193.9 crore from Rs 290 crore a year ago. During the same period, it witnessed a 69% rise in operating revenue to Rs 296.9 crore compared to Rs 175.6 crore in FY23.
“BlackBuck epitomises what it means to tackle truly ‘real’ problems and is a great example of the impact one can deliver to the industry and society at large. It’s been our privilege at Accel to partner with this exceptional team from their Seed round in 2015,” said Anand Daniel, Partner at Accel.
According to the company’s draft red herring prospectus, the early-stage fund divested 24.2% of the total OFS.
BlackBuck is the second logistics startup to list on Indian bourses after SoftBank-backed Delhivery listed in May 2022.
Founded in 2015, Zinka Logistics’ BlackBuck is an AI-based freight marketplace that helps book trucks for transportation along with other services.
Startup
Govt orders probe into ride-hailing apps over alleged price discrimination
Consumer protection watchdog CCPA will investigate ride-hailing apps for allegedly charging different fares for identical rides on Android and Apple devices, Consumer Affairs Minister Pralhad Joshi said on Thursday.
“This prima facie looks like unfair trade practice,” Joshi wrote on X, formerly Twitter, calling it a “blatant disregard” for consumers’ right to transparency.
The Central Consumer Protection Authority (CCPA) has been directed to conduct a detailed inquiry and submit a report at the earliest. The investigation will extend to other sectors including food delivery and ticket booking apps.
“Zero tolerance for consumer exploitation!” Joshi added.
The probe follows media reports highlighting price disparities between mobile platforms for the same journey.
Startup
Prasar Bharati’s OTT platform Waves crosses 1M downloads in a month
Prasar Bharti’s OTT platform ‘Waves’ crossed 1 million downloads in a month, said Minister of Information and Broadcasting, Ashwini Vaishnaw, in a post on the social media platform X.
The platform, unveiled during the 55th International Film Festival of India (IFFI) in Goa last month, is “more than a platform—it’s a celebration of India’s rich culture, vibrant stories, and technological prowess,” he added.
The platform was launched to bring new content and revive classic shows such as the Ramayana and Mahabharata. It has also hosted content by National Creator awardees and showcased films from FTII, Annapurna College, and other top institutions.
This milestone reflects India’s unbreakable bond with its cultural roots, said the minister. He called the platform not just an OTT, but a “full-fledged infotainment ecosystem,” with content in more than 12 languages, over 10 genres, with live TV streaming and 65 live channels, video-on-demand, free-to-play gaming, and online shopping via Open Network for Digital Commerce (ONDC), he added.
Startup
Delhi, Dehradun top the spending trends on Instamart: Swiggy
According to Swiggy‘s fourth edition of its annual ‘How India Swiggy’d’ report, the biggest spenders in 2024 on its quick commerce platform, Instamart, hailed from Delhi and Dehradun. The users spent Rs 20 lakh each on Instamart.
This year, quick commerce grew exponentially, with Indians ordering items ranging from groceries, makeup and toys to vacuum cleaners and sexual wellness products on the 10-minute delivery platform.
The Diwali season also saw orders of over Rs 45 lakh on Instamart on brooms across India to clean houses and Rs 4.6 lakh on poker chips from Delhi. Delhi also ordered Rs 60 crore worth of noodles.
The report added that a person from Ahmedabad spent about Rs 8.3 lakh on gold coins on Dhanteras.
Bengalureans topped in the pooja and party essentials categories, competing with Mumbai, and ordered 1.8 times more wine and shot glasses, especially during the Diwali season, the report found.
A Mumbai-based pet-lover spent more than Rs 15 lakh this year on pet supplies, primarily dog and cat food. Meanwhile, a Chennai user spent Rs 1,25,454 on electronics, electricals and home appliances, including gaming earphones, smartwatches, an induction cooker, a sandwich maker, and a hair straightener. A mango lover spent Rs 35,000 on the fruit in May.
The most ordered items between 4 AM and 7 AM were milk, veggies, and eggs, while ice cream, cold drinks, and chips took over from 10 PM to 4 AM. Between 8-9 PM, the country ordered the most sanitary pads, and November saw the most orders of pain relief medication/spray.
Incognito mode on Instamart was introduced earlier this year. The report noted that most ordered items with the option were between 10-11 pm and included Masala-flavoured chips, Kurkure, and flavoured condoms, the report said.
The quickest delivery was completed in 89 seconds, covering a distance of 180m, the report added, while the cheapest order came in at Rs 3 for a pencil sharpener bought at 8:15 PM in Hyderabad.
The Rakhi season saw 2,85,000 deliveries under ‘order for others,’ and 273 chocolates ordered per minute with one user from Mumbai ordering 31 rakhis in a single order.
Canada saw the most international logins, followed by the US, Kuwait and Singapore ordering milk, dosa batter, and water.
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