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Business & Startup News: Key Updates from LambdaTest, Zepto, Amazon Autos & More | December 2024
The world of Business, startups and business innovations is buzzing with exciting developments, as companies continue to make headlines with funding rounds, new launches, and impressive growth. From AI-driven platforms like LambdaTest to the expansion of Zepto's café business, here's a roundup of the latest updates you need to know.
1. LambdaTest Raises $38 Million in Funding
LambdaTest, an AI-driven Quality Assurance (QA) platform, has successfully raised $38 million in a recent funding round. Known for offering AI Native QA Agent as a Service, the company has made significant strides in the field of automation for web and mobile app testing. In the financial year 2024, LambdaTest reported a 53.6% increase in revenue, reaching ₹175.44 crore, with a profit of ₹18 crore. This growth underscores the growing demand for AI-driven QA solutions in the tech industry, positioning LambdaTest as a leader in this space.
Key Highlights:
- Funding Raised: $38 million
- Revenue Growth: 53.6% increase
- Profit: ₹18 crore
2. Scripbox Reduces Losses by 62%
Scripbox, a popular wealth management platform, has made significant progress in improving its financials. The company reported an operating revenue of ₹84.33 crore in the financial year 2024, while managing to reduce its losses by 62%, bringing them down to ₹44.7 crore. Despite this, Scripbox’s EBITDA margin stood at -32.31%, and the Return on Capital Employed (ROCE) was -52.44%, highlighting challenges related to high expenditure relative to revenue. The company’s spending model is reflected in the fact that it spends ₹1.59 to earn ₹1.
Key Highlights:
- Operating Revenue: ₹84.33 crore
- Loss Reduction: 62% decrease
- Challenges: High expenditure to revenue ratio
3. Zepto Spins Off Café Business into Zepto Café App
Zepto, the hyperlocal delivery platform, is spinning off its café business into a standalone app called Zepto Café. This move comes as part of Zepto's strategy to expand its café operations, with plans to launch 100+ cafés every month. Zepto Café is already processing 30,000 orders daily and is on track to achieve an annualized revenue run rate of ₹160 crore, with projections to reach ₹1,000 crore by 2026. This strategic move underscores the growing demand for quick-service cafés in India's urban landscape.
Key Highlights:
- New App: Zepto Café
- Expansion Plans: 100+ cafés/month
- Revenue Target: ₹1,000 crore by 2026
4. Groww Leads the Brokerage Sector with 1.29 Crore Active Users
Groww, the leading investment platform, continues to dominate the brokerage sector with 1.29 crore active users as of November 2024. This performance keeps it ahead of competitors like Zerodha (81.25 lakh users), Angel One (76.31 lakh users), and Upstox (7.15 lakh users). Groww’s impressive growth highlights the rising interest in digital trading and investment solutions among Indian consumers.
Key Highlights:
- Active Users: 1.29 crore
- Top Brokerage Platform
- Growth in Digital Investments
5. Mintifi Raises $180 Million in Series E Funding
Mintifi, a fintech platform that connects small businesses to financing, raised $180 million in a Series E funding round, boosting its valuation to $850 million. In the financial year 2024, Mintifi posted a revenue of ₹319.1 crore and a net profit of ₹97 crore, marking solid growth in its mission to provide easy financing for SMEs. The funding will likely support the company’s further expansion and product development.
Key Highlights:
- Funding Raised: $180 million
- Valuation: $850 million
- Revenue: ₹319.1 crore
6. Rebel Foods Secures $210 Million in Series G Funding
Rebel Foods, the parent company of popular food brands like Faasos and Behrouz Biryani, has raised $210 million in its Series G funding round. The company, valued at $1.4 billion in August 2023, reported operating revenue of ₹1,420.24 crore in the financial year 2024, but also posted a consolidated loss of ₹378.21 crore. Despite the losses, Rebel Foods is strategically expanding its reach in the food delivery industry.
Key Highlights:
- Funding Raised: $210 million
- Revenue: ₹1,420.24 crore
- Losses: ₹378.21 crore
7. Amazon Launches Amazon Autos – A Game Changer in E-Commerce
Amazon has entered the automotive e-commerce space with the launch of Amazon Autos, a platform designed to streamline the process of purchasing new vehicles such as cars, trucks, and SUVs. The platform offers features like financing, e-signing of paperwork, and payment processing, making car buying as simple as shopping for consumer goods. This move is set to revolutionize the traditional car-buying experience.
Key Highlights:
- Launch: Amazon Autos
- Features: Financing, e-signing, payment processing
- Revolutionizing Car Buying
8. Haber Raises $44 Million in Series C Funding
Haber, an AI-driven industrial automation solutions company, raised $44 million in its Series C funding round. With $38 million in equity and $6 million in debt, Haber is focusing on expanding its AI-powered automation solutions for industries. The company reported a revenue of ₹82 crore and a loss of ₹36.7 crore in the financial year 2023.
Key Highlights:
- Funding Raised: $44 million
- Revenue: ₹82 crore
- Loss: ₹36.7 crore
9. Zetwerk Raises ₹565 Crore in Series F Round
Zetwerk, a B2B e-commerce unicorn, is raising ₹565 crore in its Series F funding round, with a valuation of ₹25,884 crore. The company reported revenue growth of 2.3x, reaching ₹11,448 crore, but also saw its losses increase by 81% to ₹109 crore in the financial year 2023. Zetwerk continues to expand its presence in the manufacturing and industrial sectors.
Key Highlights:
- Funding Raised: ₹565 crore
- Revenue Growth: 2.3x increase
- Losses: ₹109 crore
10. OYO’s Innov8 Reports ₹62 Crore Profit
OYO’s Innov8, a co-working space provider, has made a significant leap in its financials, reporting a profit of ₹62 crore in the financial year 2024. This marks a major improvement compared to the ₹2.5 crore profit recorded in the previous year. Innov8's growth highlights the demand for flexible office spaces in the post-pandemic work environment.
Key Highlights:
- Profit: ₹62 crore
- Revenue Growth
- Co-working Space Industry
Conclusion:
2024 is proving to be an exciting year for tech startups and business innovations, with companies like LambdaTest, Zepto, Mintifi, and Rebel Foods making major strides in their respective industries. Whether it’s AI automation, food delivery innovations, or the future of e-commerce, these updates highlight the growing influence of tech and business in the global economy.
Stay tuned for more updates and developments in the world of startups, funding, and business innovations.
Episode 41 - Business Updates (Business, Startup, Stock Market & more..)