Licious reported a 44% decrease in loss to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23.  However, the startup's revenue also declined by 8.4% to INR 685.05 Cr in FY24 from INR 748 Cr in FY23.  ...

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- Licious reported a 44% decrease in loss to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23.
- However, the startup's revenue also declined by 8.4% to INR 685.05 Cr in FY24 from INR 748 Cr in FY23.
- The decline in revenue was attributed to the closure of sales from Dunzo and Swiggy Meatstore, and reduced exposure to modern trade and local stores.
- Despite this, the company saw a 35% YoY growth in quick commerce deliveries and is now piloting 30-minute meat deliveries in Gurugram.
- Licious is also planning to expand its offline store network, recently acquiring Bengaluru-based retailer My Chicken and More.

Source: [Inc42](https://inc42.com/buzz/licious-says-fy24-loss-down-44-yoy-to-inr-294-cr/)

Licious Reports 44% Decrease in FY24 Loss to INR 294 Cr

Journalist

Licious Reports 44% Decrease in FY24 Loss to INR 294 Cr- Grapevine

Makes you wonder what models do analysts and  business people use in such companies.

https://thearcweb.com/article/licious-closes-fy23-flat-revenue-improved-margins-targets-1200-crore-5mmhCXiY1OtIdsMY

Licious's revenue projection was off by a...mere 50%. As a result 100 ppl lose their jobs.

Project Manager

- Swiggy's revenue grew 36 percent from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24.
- Despite the growth, Swiggy still lagged behind Zomato, which had a revenue of Rs 12,114 crore and a profit of Rs 351 crore.
- Swiggy's losses were reduced by 44 percent, from Rs 4,179 crore to Rs 2,350 crore, due to better expense control.
- The company spent Rs 13,947 crore in FY24, 8 percent less than the previous year, mainly by cutting promotion and marketing costs.
- Swiggy's Instamart, however, lagged behind Zomato's Blinkit in quick commerce, with revenues of Rs 1,100 crore versus Blinkit's Rs 2,301 crore. 

 Source: [Moneycontrol](https://www.moneycontrol.com/news/business/startup/swiggy-narrows-gap-with-zomato-on-revenue-food-delivery-business-grew-36-to-rs-11247-crore-in-fy24-12814599.html)

Swiggy Narrows Gap with Zomato on Revenue, Food Delivery Business Grows 36% to Rs 11,247 Crore in FY24

https://indianstartupnews.com/news/meat-delivery-startup-licious-lays-off-80-employees-3673070

Licious layoffs 80 employees

Product Manager

Welcome to Indian Startups's Private Community

Some comparisons:
- Swiggy’s trading losses reduced to $158mn during FY24 while Zomato reported a positive Ebitda of c.$5mn during FY24.
- Swiggy’s GOV growing at 26% YoY vs Zomato at 36%
- Swiggy had 387,000 active delivery partners vs 418,000 for Zomato
- Swiggy Instamart had 487 active dark stores compared to 526 for Blinkit
- Swiggy’s overall revenue growth of 24% YoY was lower than Zomato’s adjusted revenue growth of 55.9% YoY.

😎

Swiggy v Zomato: Just putting it out there

Product Marketing Manager

Swiggy losing market share big time , it seems that they are cutting down services in many cities and delivery agents started moving zomato etc. it seems started leverage load sharing with third party agents, causing attrition in Swiggy delivery agents.

Swiggy going down

Data Scientist

Swiggy burning 120 Cr a month on instamart. Would they have needed to fire so many people if they would have fixed their unit economics?

Jab Yeh DRHP file karega, tab Zomato ka Stock badhega!

Swiggy - Huge losses in Instamart

Business Analyst

Swiggy to cut 8-10% of workforce

Cloud Architect

Welcome to Software Engineers's Private Community

I am currently working at a startup for 1.5 years now and wants to switch. If swiggy has an opening , is it a good place to work at ? Also how’s the pay there ? But good work culture is more important for me.

How is work culture at swiggy ? And how is the learning opportunities for a software developer ?

Software Developer

Hey, any Blinkit employees here who can tell us how the company is going to handle the crisis at hand?? With so many dark stores closing and 2500+ delivery partners on strike??

Trouble brewing @ Blinkit

Startups that we thought were dead, but are actually doing very good? (Lets bring some positivity here)

Growth Manager

https://www.google.com/amp/s/m.economictimes.com/tech/technology/flipkart-india-logs-9-revenue-growth-at-rs-55823-crore-losses-widen-by-42/amp_articleshow/104644333.cms

Flipkart losses widen by 42% to Rs 4,845.7 crore. Total loss of Flipkart  since inception now amounts to Rs. 12,600 crore. And we are talking about  the flag bearer of India's success story 's performance in 16th year since its inception

After 16 years of existence should we still call Flipkart a startup?

Sales Manager

Software Engineer

Zomato delivered another great set of results. Now they are adding 250Cr cash every quarter.
The company hit two benchmarks this quarter according to my calculations, 50,000 Cr worth of orders (4x Q3) and 100 Cr orders (4x Q3), and these are growing 25-30% year on year.
Why is this interesting? As some of you might know, they have started adding platform fees to the orders. Even one more rupee of platform fee will add 100 Cr to EBITDA. So, if they increase fees from 5 to 10, that's 500 Cr more EBITDA every year.
 
Now, If you look at this quarter's results vs last quarter's results, they have added ~3600 Cr of order value, and made 380 Cr of EBITDA (this does not include Events). Which means they are making 10% as EBITDA. In next 3 years, if Zomato doubles their order value to 1,00,000 Cr, and even make 8% EBITDA, this could mean 8000 Cr EBITDA (almost 1 billion dollars). What markets will give as multiple on this, is guess work. Could be 25-40x (Don't hold me on this). Hence the stock looks undervalued from a 3 year lens

Zomato - Interesting Juncture

Swiggy was valued at $10B a couple of months back. Good luck employees waiting for ESOP buy-back in July 2023. Your shares are now worth half of what it used to be!

https://www.moneycontrol.com/news/business/invesco-cuts-swiggys-valuation-to-5-5-bn-2nd-markdown-in-4-months-10549051.html

Swiggy valuation down to $5.5B

Swiggy hits EBITDA profitability on its food delivery business. For context, Zomato turned EBITDA profitable in their last quarter (food delivery) as well. Thoughts?

Investment Associate

Context - Morning Context article on Teachmint
https://themorningcontext.com/internet/teachmint-is-the-latest-edtech-on-the-verge-of-a-crisis

IITians or Ponzi Schemers?

Some excerpts from the article: 
  
 Their core product is not relevant to schools in the post-pandemic world,” says the edtech entrepreneur. “Unless they are able to build additional layers, they will not be able to monetize.” 
 “Burn has been relatively high in the past, however, we have aligned our burn and business structure to be in-line with the current market and macro factors,” said the Teachmint spokesperson. After starting paid subscriptions late in 2021-22, revenue saw “a major ramp” in 2022-23, they said. The company is “working towards breaking even over the next 3 years”. 
  
 “The money got to their head. It gave them fake confidence and COVID exacerbated that. They became cocky and arrogant,” says the second former employee. “I remember discussions used to be like how to make a $10 billion company. And we were like, please get the revenue of $1 million. They thought whatever they touch will turn to gold. And this has been the reason for their downfall.” 
  
 “It is pretty shocking to see identical Mercedes SUVs in the parking lot. How can you do this after raising just a Series B?” asks a second former employee, also on condition of anonymity. “Especially when you don’t have a product and vision?” 
  
  
 “Both Mihir and Divyansh bought houses worth crores of rupees. All this was done when the company still had no steady revenue,” says a third former employee, requesting not to be identified. 
  
 The buyback “is very similar to a founder secondary [just a different structure],” says a VC investor, asking not to be named. “Founder shares are typically locked in. So, if it is a small amount, <Rs 10 crore type in a mature company, yes. Else, likely no.”

Founder

Program Manager

As everyone knows that zomato is now hiring 800 employees after two months of a mass layoff, and exit of senior profiles like VP and CTO.

Let me tell you the truth about the founder. He is an opportunist. He doesn't give a shit about the culture or any employee. The company is built on the death of many riders and cheating with low-wage workers.

Timing- Isn't it a bit weird that a company that did a mass layoff two months back is now hiring? Seeing that many employees got laid off from the top-tier company. It is a great time to employ smart folks as the hiring competition in the market is at its lowest. Or the mass layoff that happened previously was planned with the thought of hiring again next year with very little competition and desperate candidates. 

Layoff: In zomato, it's hire and fire culture. I have seen many of my friends leave even after performing well. Honestly, sometimes I don't even feel human. It's expected from employees to start their day early and go late at night. If you want to leave early (around 6 or 7), you should have a solid reason for doing that. Here code release happens late at night due to less traffic. So it's expected of you to be available all the time.

Incompetent Managers- I have worked with two managers here. Both know the existing system as they were once an IC building that system. The issue with these people is that they grew up the ladder because they were the only ones left behind in the team. They lack real-world system knowledge. I have previously worked at amazon, and I know the team lead level there. But here it's like jo ruk gaya vo raja hai. It's hard to work with these people as they lack proper estimations of the projects and at the end of the day. The ICs have to face the wrath of the product teams.

People who are planning to join the company. Please do join, as working 24/7 you would learn a lot in a very short period of time. Also, the culture is team dependent, so you might get a team with chill environment.

Reality check at Zomato

Zomato logs 2nd straight quarter of profit at Rs 36 crore in Q2, revenue up 71%

https://www.moneycontrol.com/news/business/startup/zomato-logs-2nd-straight-quarter-of-profit-at-rs-36-crore-revenue-grows-71-to-rs-2848-in-q2-11659321.html

Overall well positioned now.

Licious Reports 44% Decrease in FY24 Loss to INR 294 Cr

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