Namaste! Aaj ka news roundup, Newswala style!

MARKETS

Markets: The bulls have taken charge, pushing Nifty above 24,300 and favoring long trades. Sensex gained 545 points, with strong performances from metal and bank stocks, while TCS, Reliance Industries, Tata Motors, Titan Company, and L&T saw declines.

BUSINESS

India's Food Services Market to Hit ₹10 Lakh Crore

What happened

Hold on to your forks, because India’s food services market is about to serve up something big! According to a new report by Bain & Company and Swiggy, the market is set to reach a staggering ₹10 lakh crore by 2030. This growth is driven by an expanding customer base and an 18% compound annual growth rate (CAGR) in online food delivery. 

• Currently worth ₹ 5.5 lakh crore, the market is expected to expand at a steady 10-12% annually. 
  
  

• By 2030, online deliveries alone will make up 20% of the market, with the customer base ballooning from 32-34 crore to 43-45 crore.
  

Why it matters

With India's growing appetite for convenience, higher incomes and an eagerness to try new experiences, the market is set to feast on substantial growth. China might have four times as many restaurants per million urban residents, but India's catching up faster than you can say "extra spicy." 

• The market will not only serve an additional 110 million customers but will also transform dining out from a special occasion to a "Why cook tonight?" kind of thing. 
  

While top-tier cities and the affluent continue to gobble up most of the demand, tier 2 cities and beyond are joining the buffet. Also, let’s not forget the economic impact: more restaurants mean more jobs and more economic activity.

Zoom out

The market is not only expanding in size but also in diversity, driven by urbanization, rising affluence and the digitisation of food services. This transformation will make eating out and ordering more convenient and accessible to a larger population. So, whether you’re a foodie looking for the next big thing or an investor eyeing potential growth areas, the Indian food services market is definitely one to watch. 

BIG MONEY MOVES

OYO secures $50 million investment despite steep valuation cut

OYO, the online hotel aggregator, has secured ₹417 crore ($50 million) from Incred at a valuation of ₹19,756 crore ($2.38 billion)—a hefty 76% drop from its peak valuation of $10 billion. This funding is part of a larger $100 million round from family offices ahead of its refiled IPO.

Despite the financial roller coaster, OYO managed an EBITDA of ₹888 crore ($107 million) in FY24, up from ₹274 crore ($33 million) last year.

Capgemini's sustainable splash: ₹1,000 crore Chennai project

Capgemini is splashing out ₹1,000 crore to create a futuristic hub in Chennai, aiming to nurture local talent and save the planet at the same time. This move aims to boost local talent and enhance sustainability efforts. Scheduled for completion by April 2027, the 5,000-seat campus will prioritize eco-friendly practices with advanced energy and water-efficient technologies.

It plans to use recycled materials and implement rainwater harvesting, all powered by renewable energy. Spanning nearly 600,000 sq ft, the facility promises to attract top talent from southern India, making it a green powerhouse in Chennai.

BUSINESS

Wockhardt Pharmaceuticals Surges New Antibiotic Launches

What happened

Wockhardt Pharmaceuticals has seen a meteoric rise in its stock price, soaring nearly 40% over the past five trading days and hitting a 52-week high of ₹943 on July 3rd. This bullish trend is fueled by optimism surrounding two key antibiotics nearing launch stages.

Nafithromycin, aimed at tackling pneumonia and Zaynich, designed for urinary tract infections, are poised to unleash a wave of optimism and investor frenzy thanks to Wockhardt's stellar research and development efforts.

Why it matters

Investors are bullish on Wockhardt due to the imminent potential of its investigational antibiotics. Nafithromycin, known as WCK 4873, has shown promising results and is awaiting approval from the Drug Controller General of India.

With superior efficacy compared to existing treatments like Azithromycin, Nafithromycin is expected to capture a substantial market share. Additionally, Wockhardt has secured patents for Nafithromycin until 2037, providing a strategic advantage in the competitive pharmaceutical landscape.

Zoom out

This momentum shows Wockhardt's strategy to penetrate high-margin, low-competition segments, attracting notable investors and recent funding through a ₹480 crore QIP. 

Founder-chairman Habil F Khorakiwala's upbeat forecast of profitability by FY25's second half adds to the charm, making Wockhardt a darling of both Wall Street and pharmaceutical enthusiasts.

BIG PICTURE

Bezos sells $5 billion of Amazon shares as stock hits record high

Jeff Bezos has announced plans to part ways with 25 million shares of Amazon, totalling a staggering $5 billion, coinciding with the company's record-breaking stock surge. This move follows his earlier sale of about $8.5 billion worth of shares in February, marking his first significant sell-off since 2021.

Despite these sales, Bezos retains nearly 912 million shares, maintaining an 8.8% stake in Amazon. With a net worth of $221.6 billion, he ranks as the world’s second-richest person, overseeing ventures such as Blue Origin and The Washington Post.

Jakson Green and NHPC spark a solar revolution in Rajasthan

Jakson Green has clinched a solar power deal of 400 MW with NHPC, promising a sunny future for Rajasthan. This marks their largest Power Purchase Agreement (PPA) yet, securing a tariff of ₹2.53 per unit. The project, scheduled to go live in 24 months, will power around four lakh households annually and slash CO2 emissions by 752,000 MT/year—enough to make Nature do a little happy dance.

BUSINESS

India's Twitter Challenger Closes Amid Funding Struggles

What happened

Koo, India's homegrown social media platform once touted as a potential rival to Twitter, has decided to shut down. Co-founders Aprameya Radhakrishna and Mayank Bidawatka conveyed the news, citing unsuccessful partnership talks with major internet companies and conglomerates. Despite gaining traction and support from investors like Accel and Tiger Global, Koo struggled to secure the funding needed to sustain its operations.

Why it matters

Koo's shutdown marks the end of an ambitious journey that once promised to shake up India's social media world. With ambitions to surpass Twitter in India, Koo amassed 2.1 million daily active users at its peak and secured endorsements from prominent personalities and government officials.

However, the platform faced mounting challenges, including high maintenance costs and a funding slowdown during critical growth phases. The co-founders lamented missed opportunities, expressing their disappointment over the funding climate and their inability to capitalise on Koo's momentum.

Zoom out

As Koo's iconic yellow bird takes its final flight, the closure serves as a sobering reminder of the highs and lows in tech entrepreneurship. The platform's rise and fall reflect the unpredictable nature of digital platforms and the competitive pressures within the industry.

MIRCH MASALA

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