Top Startup News: Zomato Beats Swiggy, New SME Scheme, BYJU's Decline

Welcome to this week’s edition of Startup Spotlight, where we bring you the most intriguing and impactful stories from the Indian startup scene. This week, TICE.News covers a range of topics that are shaping the future of business in India.

Have you ever opened your phone to order food and gotten stuck choosing between Zomato and Swiggy? We’ve all been there! But which one is truly better? Speaking of mind-blowing news, did you know India's giant edtech startup BYJU's is currently worth... well, zero rupees? Crazy, right? And that’s not all—Flipkart just launched a brand-new fintech app!

This is just a taste of what's been cooking in the wild world of Indian startups. Want the inside scoop on all the juicy developments? Let’s dive into the *Startup Spotlight*. Here, we will unravel the top startup news from the week!

In this edition, we also discuss an exciting scheme that will change the game for MSMEs. Read on to discover these compelling stories and more in our weekly news wrap.

Top Startup News of the Week

Despite rumors, BYJU's has not been given a clean chit by the Ministry of Corporate Affairs.

There were reports surfacing that BYJU’s has been given a clean chit by the Ministry of Corporate Affairs. However, The center has clarified that these reports are baseless. The investigation into BYJU's is still ongoing. The probe is still on! BYJU’s once used to be the apple of investors' eyes, there was a time when this edtech firm was valued at $22 billion but today it has zero net worth.

Big revelations from the government investigation into Byju's! 

Reports say there was no fund siphoning or account manipulation, but major corporate governance lapses have been flagged. Corporate governance is a growing concern among startups, and Byju's is no exception. The company is currently embroiled in multiple legal cases both in India and abroad, including proceedings in the National Company Law Tribunal.

Legal Battle Erupts Between Affle and. Bobble AI Over Governance Issues

Another investor-startup rift is heated as Affle India Limited is demanding a thorough inspection of Bobble AI. Affle secured a Delhi High Court order for this inspection, alleging resistance from Bobble. Affle claims Bobble AI is defying court orders and violating the Shareholder’s Agreement. Meanwhile, tensions escalated as Bobble failed to comply with the court’s orders, prompting Affle to pursue a contempt petition against Bobble. Affle alleges suspicious activities and breaches by Bobble’s management, including financial and regulatory issues.

Zomato Overtakes Swiggy: Dominates India's Food Delivery

Zomato steadily wins over Swiggy in the food delivery race! According to a report from Goldman Sachs, Zomato now holds a 57% market share in India's food ordering space, while Swiggy is trailing with 43%. This is up from Zomato's 55% market share last year, continuing a trend of annual growth since 2018. Swiggy started food delivery in 2014, and Zomato joined the game in 2015. By 2018, Swiggy led with 61%, but Zomato has steadily gained ground ever since. Financially, Zomato is also winning. It reported an EBITDA income of $5 million last year, whereas Swiggy reported a loss of $158 million.

Big news for small businesses! Center is set to launch a trade marketing program for SMEs

The Ministry of SMEs has proposed a new support program to help SMEs onboard ONDC. They have proposed to soon launch a Trade Enablement & Marketing scheme. The scheme will be worth Rs 277 Cr. It aims to support 500,000 SMEs by 2026-2027, helping them compete digitally without high commission fees. Launched in 2021, ONDC aims to democratize e-commerce, providing lower-cost services compared to giants like Amazon and Flipkart.

Big news in fintech! Flipkart enters in fintech

Flipkart has launched its new super.money app in beta mode on the Google Play Store. Currently offering UPI services, the app promises up to 5% cashback and rewards up to 10% on Flipkart, Myntra, and Shopsy purchases. And it’s not just about rewards. Flipkart claims three times faster UPI payments with a default camera scan-on mode. Upcoming features include the 'superCard' credit card, 'superCash' pre-approved loans, and 'superDeposit' fixed deposits. super.money aims to revolutionize digital payments and financial services. Stay tuned for more updates!

Reliance JioMart Gets Into One-Hour Grocery Delivery To Compete With Blinkit and Instamart

Reliance Retail has launched a pilot for one-hour grocery delivery in Mumbai and Navi Mumbai. The new 'hyperlocal delivery' feature on the JioMart app promises groceries and FMCG products delivered within an hour. But that’s not all! Reliance Retail aims to reduce delivery times to just 30-45 minutes as they expand and add more stores. Unlike quick commerce platforms like Blinkit and Instamart, which deliver in ten minutes, JioMart is taking a different approach, avoiding the need for more dark stores and delivery partners.

To know more about the Indian startup world, keep watching TICE!