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Swiggy’s Food Delivery Sales Surge 17% to $1.43 Billion in First Half of FY24, Reveals Prosus Report

Swiggy's

Swiggy’s FY24 H1 Impressive Growth

The financial report of Swiggy’s investor, Prosus, revealed that the online meal delivery platform’s core food delivery operation experienced a 17% growth and generated $1.43 billion in gross merchandise value (GMV) during the first half of FY24.

Prosus said that an increase in transactional customers was the primary cause of the double-digit order growth and AOV inflation.

Core food-delivery EBITDA losses decreased by 89% in the first half of the 24-month period, mostly due to increases in operating leverage and contribution margin.Together, these indicate patrons’ readiness to pay for convenience and eateries’ desire to promote expansion,” the statement continued.

Prosus, the company that owns 32.7% of Swiggy, reported that trading losses had dropped to $208 million.$321 million was lost on trades in the first half of the previous year.

The company added that order growth was driven by client adoption, which helped the quick-commerce industry advance quickly. The growth of basket sizes outpaced inflation.

According to the company, Instamart’s GMV increased by 63% in June as a result of having 19% more stores at the conclusion of the period.

Instamart’s first-half contribution losses fell by around 75% as the platform focused on growing scale and heading towards profitability in the 25 cities where it operates,” Prosus said.

It went on, “Faster delivery times, a denser store network, and a wider range of products have continued to support customer acquisition and retention.

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Also Read: Sony-Zee $10 Billion Merger Teeters on the Brink, Faces Collapse Before Deadline

The US-based investment firm Invesco raised Swiggy’s worth to almost $7.85 billion last month. Invesco reduced Swiggy’s valuation in its investment to roughly $5.5 billion earlier in May.

TechCrunch says that Invesco stated in a recently released declaration that “it considers the valuation of similar public companies as a factor when reassessing the value of its private investments.

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Brands and Agencies Gear Up for IPL Season at Star Sports Business Leaders Meet

Star

Brands and Agencies Gear Up for IPL Season at Star Sports Business Leaders Meet

In a market where consumers are bombarded with advertisements on a wide range of devices and platforms, television becomes a vital channel for businesses to gain a foothold in consumers’ minds and hold it there for extended periods of time. TV advertisements leave a 3X longer lasting impression on viewers’ thoughts than any other kind of media, according to a ThinkTV study. Cricket has traditionally been the most popular sport on television in terms of viewership and attention span.

According to a T-Vision survey, consumers give cricket 61% more attention when it comes to advertisements than any other TV genre. The Indian Premier League is a marquee event that has consistently demonstrated its capacity to introduce companies, establish market leadership, and attract new viewers with each new season. Star Sports recently welcomed a variety of SMB brands and media agencies in New Delhi as the 2024 season draws near.

Brands received extensive insight from the event regarding the cost-effectiveness of investments, the pricing flexibility of Star Sports advertising, and the unique influence of the Indian Premier League on TV on advertisers’ business KPIs. With little financial expenditure, brands have benefited greatly from the IPL on TV in terms of business KPIs. According to BARC, a single IPL match can potentially attract 100 million people. IPL’s cost-effectiveness on TV sets a standard for the industry, with advertisers obtaining excellent CPMs of 45 at the size it delivers. In addition, because of the lean-back, TV gets 10X more screen time than the smaller screen.

Unveiling TV Advertising Realities and Live Sports Trends

The audience was informed about the different ways that companies may use the Indian Premier League on television, as well as how TV can have a unique business impact when compared to other media, through a panel discussion with representatives from the industry, including agencies, brands, and media analysts. Co-founder of SYNC Vikas Saxena talked on everything related to television, including busting the fallacies that say “TV advertising is an expensive property” and “TV ads aren’t measurable.”

Also Read: Dazller Named Official Cosmetics Partner for Cheer Squads of Punjab Kings,Sunrisers Hyderabad and Lucknow Super Giants

Shubhra Saraf Sethi, Head of Product, Revenue Strategy and Customer Marketing at Disney Star (Sports), and Rohit Kumar Anand, Director of Product & Revenue Strategy at Disney Star (Sports), spoke to the audience during the last session of the day to share some important insights and trends the company has observed over the years regarding live sports. The audience networked over dinner and beverages and discussed the range of opportunities available to them during the Indian Premier League with the Star Sports crew as the evening came to an end.

Step into the exciting world of gaming with DojoLuck, Launching This IPL on Playstore! Visit the Dojo Luck website to get a sneak peek and Stay Connected on Instagram

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Dazller Named Official Cosmetics Partner for Cheer Squads of Punjab Kings,Sunrisers Hyderabad and Lucknow Super Giants

Dazller

Dazller Named Official Cosmetics Partner for Cheer Squads of Punjab Kings , Sunrisers Hyderabad  and Lucknow Super Giants

Aravind Laboratories, the parent company of the renowned Eyetex and its exciting cosmetics brand Dazller, has agreed to be the official cosmetics partner of the cheer squads of the Punjab Kings XI, Sunrisers Hyderabad, and Lucknow Super Giants for the 2024 Indian Premier League. With the addition of premium cosmetics to the lively performances of the IPL cheer squads, this partnership is expected to showcase Dazzler’s dedication to beauty and creativity.

The main force behind this relationship and Aravind Laboratories Executive Partner, Aaditya Hariprasad, stated his excitement about the partnership. “We are glad to adjust Dazller to the dynamic and energetic universe of IPL,” he said. By using our goods to improve the cheer squads’ performances, our relationship demonstrates our commitment to quality and innovation in beauty.

Elevating Glamour and Quality: Dazller’s Impact on IPL Cheerleading

Through this interesting participation, Dazller will actually want to contact a more extensive and more passionate crowd across India and deal a charming and great component to the IPL season. Known for its Eyetex and Dazller brands, Aravind Research centers was established in 1938 and has stayed a forerunner in the beauty care products market thanks to its devotion to quality and development. With its wide choice of items, the brand drives the manner in which in magnificence patterns.

Also Read: Fisker Announces 15% Workforce Reduction Amid Cash Crunch at EV Startup

The outright exhilarating opening round of the seventeenth IPL season between the defending champ Chennai Super Kings (CSK) and Royal Challengers Bangalore (RCB) at the M Chidambaram Arena in Chennai on March 22.

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Fisker Announces 15% Workforce Reduction Amid Cash Crunch at EV Startup

EV

Fisker Announces 15% Workforce Reduction Amid Cash Crunch at EV Startup

Fisker, an electric vehicle (EV) startup, is cutting off at least 15% of its personnel because its available resources are “insufficient to satisfy its requirements over the next 12 months.” Fisker announced its quarterly results and revealed that it is in talks with a major carmaker about a possible deal that may involve cooperative development of one or more electric vehicle platforms, North American manufacture, and an investment in Fisker. “Fisker is already taking steps to address any possible liquidity issues. The business is now talking with one of its current noteholders about perhaps investing more money in the business,” the statement read.

Additionally, “Fisker plans to lay off roughly 15% of its workforce.” “The primary cause of workforce reductions is the shift from a direct-to-consumer to a dealer partner model. The business is also streamlining operations, which includes lowering its overall spending and physical footprint, the company said. A $128.3 million rise from Q3 2023 to Q4 2023 saw Fisker announce a total revenue of $200.1 million.

Also Read: Reliance Consumer Products Unveils Collaboration with Sri Lanka’s Elephant House Beverage Brand

Henrik Fisker, chairman and CEO of Fisker, said, “2023 was a challenging year for Fisker, including delays with suppliers and other issues that prevented us from delivering the Ocean SUV as quickly as we had anticipated.” He continued, “Unexpected difficulties also arose when we attempted to simultaneously create a direct-to-consumer sales model in North America and Europe.

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