Blog

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—NASA 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

Logistics 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 of calculating depreciation.

Delhivery has also decided to provide dark stores and delivery services to ecommerce 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.

<Top Deals of the Week>

Startup: Rapido

Amount: $120M

Round: Series E

Startup: Gruner Renewable Energy

Amount: $60M

Round: Undisclosed

Startup: Simple Energy

Amount: $20M

Round: Series A

Fintech

Infibeam Avenues net profit soars 2.7X

Digital 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.

Sports

A boxing match sparks gender debate

The 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 several 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 with 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 participated in the 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.”

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 dividends 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.

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 [email protected]. 

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.