Food technology unicorn Swiggy has committed to invest $100 million (Rs 686 crore at current exchange rate) in its subscription-based delivery product Supr for delivering milk and other essentials, The Times of India reported today.
The investment will help the platform scale up Supr, which already processes one lakh orders a day across six cities, 70% of which is based on delivering milk, the report said.
Swiggy acquired Mumbai-based SuprDaily in August 2018, and plans to scale it up as part of its expansion into delivering essentials, apart from Swiggy Stores which will deliver medicines and grocery as part of its hyper-local play.
Swiggy has added multiple business lines for fleet and capacity utilisation as it looks to raise additional funding at a valuation of $4.5 billion, according to reports.
Binny Bansal and others back fashion brand House of Masaba
House of Masaba, founded by fashion designer Masaba Gupta, has raised $1 million (Rs 6.86 crore at current exchange rate) from a group of investors led by Flipkart co-founder Binny Bansal, The Economic Times reported.
Other investors in the round include Purple Style Labs, Apoorva Patni of Patni Group and Apurva Salarpuria of Salarpuria Group.
The fashion label will utilise the capital to scale infrastructure, distribution network and hire talent, the report said.
House of Masaba operates 11 stores across tier-1 cities and will add stores in Lucknow, Ahmedabad and Chandigarh by the end of the year, the report added.
Paytm to expand into education services
Digital payments company Paytm is partnering with private and government educational institutions to offer educational services including admission forms, exam results, applications for government jobs, coaching and test preparation services, scholarships, certification programmes apart from enabling purchase of uniforms, books and stationery on the platform, according to media reports.
The app will also cross-sell student insurance, educational loans and student banking through co-branded smart cards apart from enabling fee payments.
The app will target 35 million users across partnerships with 20,000 private schools, 1,000 higher educational institutions and 1,000 coaching institutes.