Zomato's 10-min feels heat 🕙, Meesho CEO on NAVI's Board 😎, Ather raises $128 Mn 🛵

Zomato's 10-minute delivery plan feels the heat, Navi appoints Meesho founder as independent director, Ather raises $128 Mn, Funding Deals & more.

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May 13

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Zomato's 10-minute delivery plan feels the heat🕙

Online food-delivery and restaurant booking company Zomato’s 10-minute delivery plan is being re-evaluated as the platform hasn’t been able to meet the time target for all orders during its pilot in Gurgaon.

Shortage of delivery fleet and intense heatwave in the North, which has also led to the limited delivery workforce, are causing delivery delays of 15-20 minutes, unlike the 10-minute commitment offered by Zomato Instant.

Zomato Instant was close to launching services in Bengaluru this month, but the plan was put on hold. Zomato Instant has been facing challenges such as riders migrating to quick commerce grocery delivery startups and a shortage of delivery staff.

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IPO-bound Navi appoints Meesho founder Vidit Aatrey as independent director😎

Sachin Bansal-led Navi Technologies has appointed Vidit Aatrey, the founder of social commerce platform Meesho, as an independent director on its board.

With this appointment, the number of independent directors on its board reached four. Overall, Navi's board now comprises seven members, according to the company statement.

Navi has recently appointed three independent directors to its board.

Abhijit Bose, head of India for WhatsApp.
Shripad Nadkarni, member of Maverix Platforms and FMCG veteran.
Usha A. Narayanan, who earlier worked with PwC and was on the board of Bank of Baroda.

FMCG wholesale platform ApnaKlub has bagged $10 million in its Series A funding round led by Tiger Global.
Fintech startup BharatX has raised $4.5 million in a funding round from Y Combinator, 8i Ventures, Multiply Ventures and Soma Capital.
ParallelDots, an AI company that offers advanced image recognition solutions has raised $4.5 million in Series A funding round led by Btomorrow Ventures.
Bytebeam, a company that focuses on simplifying IoT product management, has raised a seed round of $3 million from Together Fund, Accel and STRIVE VC.
Fanztar, a web3 platform for the creator economy has secured Rs 5 crore in seed funding round led by India Quotient.

Ather raises $128M led by the Indian govt’s sovereign fund, Hero MotoCorp🛵

Electric scooter maker Ather Energy has raised $128 million in funding even as its rivals struggle to contain the fallout from a spate of recent EV fires and battery explosions.

The round was led by National Investment and Infrastructure Fund (NIIF), the Indian government’s sovereign wealth fund, and existing investor Hero MotoCorp.

Hero MotoCorp, having first invested in Ather in 2016, is its largest shareholder with a stake of around 35%. But Ather co-founder and CEO Tarun Mehta said the company will remain independent, and that all its shareholders are aligned toward the goal of an initial public offering (IPO).

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