Exploring the State of Key Startups: Zomato, PhonePe, and Groww
Zomato's ₹8,500 Crore Qualified Institutional Placement
Food delivery aggregator Zomato will be holding its board meeting on October 22 to consider a fundraising proposal through an institutional share sale or a Qualified Institutional Placement (QIP). Reports suggest the company is set to approve a fundraise worth ₹8,500 crore.
PhonePe's Financial Recovery
Fintech giant PhonePe has revealed its inaugural annual report, noting a path towards profitability. In FY24, PhonePe earned ₹5,725 crore in revenue from operations. The decrease in cashbacks has allowed PhonePe to cut its losses significantly. Losses reduced to ₹1,996 crore in FY24 from ₹2,792 crore in FY23.
Groww's Financial Update
Groww, a financial services platform, reported a net loss of ₹805 crore for the fiscal year ending March 31, 2024, largely due to a one-time tax payment. However, the company maintained operational profitability and saw its revenues surge to ₹3,145 crore.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.