🚚 Delhivery swings to profit

The most interesting news selected specially for you! 03 August 2024 [View in Browser]( Hello, BYJU’S can finally breathe a sigh of relief. The company was Indiana Jones to the boulder of corporate insolvency today, neatly dodging death after the National Company Law Appellate Tribunal approved a [Rs 158 crore]( settlement with the BCCI. A close shave, indeed. There is cheer in the air for other reasons too—Delhivery and Infibeam made it rain profits in this earnings quarter. Oh, and Ola Electric’s IPO is off to a promising start. The offering was [subscribed]( 35% on day one of its opening, with the retail investors category leading with shares subscribed 1.57 times. Is there just something special in the city air? Check out the [fast lane]( to IPOs for Bengaluru-grown startups. Meanwhile, here’s your daily Olympics check in: India’s winning streak continues, this time in hockey. The country beat longstanding rival Australia 3-2 to cinch a heavily awaited win in Olympic hockey after [52 years](. Chak De! India’s Kabir Khan would be proud! Lastly, meet Group Captain [Shubhanshu Shukla]( and ISRO’s pick for pilot for the upcoming Axiom-4 mission to the International Space Station. In today’s newsletter, we will talk about - Delhivery swings to profit in Q1 FY25 - Infibeam Avenues net profit soars 2.7X - A boxing match sparks gender debate Here’s your trivia for today: Who is known as the father of video games? --------------------------------------------------------------- Logistics Delhivery swings to profit in Q1 company Delhivery had quite a lot of things to talk about in its post-earnings call on Friday. The IPO-bound startup swung to a profit in Q1 FY25, helped by higher revenue and a change in its method to calculate depreciation. Delhivery has also decided to provide dark stores and delivery services to e-commerce companies as it attempts to create new revenue streams. Scorecard: - The company reported a profit after tax of Rs 54 crore in Q1 FY25, compared to a loss of Rs 89 crore a year ago. - Delhivery also reported an increase in its EBITDA to Rs 97 crore in Q1 FY25 against an EBITDA loss of Rs 13 crore in Q1 FY24. - Delhivery's [dark store]( network will be for 2-4 hour deliveries and not for 15-20 minute ones, meaning it does not expect Zepto, Blinkit, and Swiggy's Instamart to become its customers, CEO Sahil Barua reportedly said in the post-earnings call with analysts. [Read More]( --------------------------------------------------------------- Top Deals of the Week 1) Rapido: $120M|Series E 2) Gruner Renewable Energy: $60M| Undisclosed 3) Simple Energy: $20M| Series A --------------------------------------------------------------- Fintech Infibeam Avenues net profit soars 2.7X payments facilitator Infibeam Avenues has reported a consolidated profit after tax of Rs 69.63 crore for the quarter ended June 30, 2024, more than doubling from Rs 25.46 crore in the year-ago period. The Ahmedabad-based fintech company, which operates the CCAvenue brand, earned Rs 752.75 crore in revenue from operations in the first quarter of FY25—a marginal 1.4% year-on-year improvement from Rs 742.36 crore in Q1 FY24. Key takeaways: - Headquartered in GIFT City, Gujarat, Infibeam Avenues specialises in digital payment solutions, ecommerce platforms, and enterprise software services. - The company has entered into a definitive agreement to [acquire]( a 54% stake in Rediff.com India Ltd. for an amount not exceeding Rs 25 crore. - In March this year, Infibeam Avenues received the final authorisation from the Reserve Bank of India to operate as a payment aggregator under the Payment Settlements Act, 2007, for its payment gateway brand CCAvenue. [Read More]( --------------------------------------------------------------- Sports A boxing match sparks gender debate 46-second match between Algerian boxer Imane Khelif and Italian Angela Carini in the Paris ring has sparked a debate on gender identity, sexual development, and fairness in sports. Khelif, who is six centimetres taller and looks physically stronger than Carini, is under the spotlight, with a number of social media users claiming she is “biologically male” and calling her participation in women’s events “unfair”. Controversy: - Italian Prime Minister Georgia Meloni also came to Carini’s defence and told Italian news agency ANSA that it was not a fight among equals and that athletes who have male genetic characteristics should not be admitted to women’s competitions. - Twenty-five-year-old Khelif, who made her professional boxing debut in 2018, has competed as a woman throughout her career, and has also participated in Tokyo Olympics. - Coming to Khelif’s defence, the Algerian Olympic Committee called it “unethical targeting and maligning" of an esteemed athlete with "baseless propaganda from certain foreign media outlets.” [Read More]( --------------------------------------------------------------- News & Updates - [Market value:]( Intel was set to erase nearly $25 billion in stock market value on Friday in potentially its worst selloff since 2000 after it suspended dividend and slashed workforce to fund a costly turnaround for its chip-making business. - [Competition probes:]( The US Department of Justice has reportedly launched two separate probes into Nvidia regarding antitrust concerns about the computing giant’s AI-focused business dealings, including its buyout of Run:ai, and whether the company abused its dominance in AI chips. - [Disappointing growth:]( Amazon shares plunged as much as 12% on Friday, a day after the company reported mixed second-quarter results and gave a forecast for the third quarter that fell short of Wall Street’s expectations. Here's what else we have for you Chennai culture, local talent enable startup innovation: M2P Fintech founder Attention, fintech fraternity! Madhusudhanan R, CEO and Co-founder of M2P Fintech, believes Chennai is the perfect location for banks, fintechs, and financial platforms. From its talented workforce to its humble culture, government policies, and open ecosystem, Tamil Nadu’s capital is the place to be. [Know More]( --------------------------------------------------------------- The Chapter is blending tech and design to transform Goa’s luxury real estate sector. In association with The Chapter Imagine a luxury villa in Goa, customised to your preference, maintained to your standards, set in a beautiful gated community, and surrounded by world-class amenities. That’s what The Chapter provides! Read on to know how this company is streamlining and transforming luxury real estate in Goa. [Read More]( --------------------------------------------------------------- Turn challenges into opportunities and don't run after money: Naturals CEO CK Kumaravel C K Kumaravel believes that gaps exist to be filled with innovative solutions. Listen in as he shares his insights on how the Naturals’ founders turned obstacles into opportunities, why women transform the workforce and the specific set of skills needed for startup success. [Read More]( Did you know? Who is known as the father of video games? Answer: Ralph Henry Baer. He was an American engineer and inventor hailed for his role in developing the earliest home video-game console. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. [Feedback]( [Unsubscribe]( [Newsletters](