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Instamart’s new CEO; parliamentary panel summons social media cos
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Swiggy has roped in former Myntra CEO Nandita Sinha to lead its quick commerce unit Instamart. This and more in today’s ETtech Top 5.
Also in the letter:
■ Pine Labs Q1 profit jumps
■ Unacademy-Upgrad merger nears close
■ Anitcut takes over Bira founder stake
Food and grocery delivery platform Swiggy has appointed former Myntra boss Nandita Sinha as the chief executive officer (CEO) of its quick commerce business, Instamart, the company said on Tuesday.
Driving the news: Sinha will take charge on August 3, replacing Amitesh Jha, who became Instamart CEO in August 2024. She stepped down from Flipkart-owned Myntra in April this year.
Jha's departure follows a series of senior exits at Instamart over the past year, including chief operating officer (COO) Ankit Jain and chief business officer (CBO) Hari Kumar.
Tell me more: Sinha joins as Instamart faces slowing momentum. The business reported an operating loss of Rs 858 crore in the January-March quarter and trails Eternal-owned Blinkit and IPO-bound Zepto in order volumes.
Under Sinha, Myntra became profitable. Industry executives said she now faces the challenge of turning around Instamart’s fortunes in the intensely competitive quick commerce market.
Beauty and fashion retailer Nykaa has appointed former Instamart COO Ankit Jain to lead Nykaa Now, its quick commerce business.
Jain left Instamart last month after joining in May 2025. Earlier, he was a senior vice president at Flipkart, where he headed its grocery business.
The Parliamentary Standing Committee on Communications and Information Technology will meet on August 3 to discuss the regulation of social and digital platforms.
What's happening? Senior officials from the Ministry of Electronics and Information Technology and the Ministry of Home Affairs, along with representatives from Google, Meta, X, and Snapchat, have been called to brief the panel regarding content moderation.
Why now: The meeting comes after Meta briefly removed a Facebook video posted by prime minister Narendra Modi, before restoring it. The company said it was taken down because of a technical error.
The video, posted on July 23 during the Cockroach Janta Party (CJP)-led protests over irregularities in the conduct of the NEET 2026 examination, outlined the government's plans to bring in stricter measures against exam paper leaks.
Following the incident, MeitY summoned Meta's global public policy executive, sources told us.
Anti-Modi content: Separately, officials told ET that the government has asked social media platforms to remove videos, posts, and comments targeting Modi, mostly with regard to the recent protests.
Amrish Rau, CEO, Pine Labs
Merchant payments firm Pine Labs’ first-quarter consolidated net profit rose fourfold, driven by increased adoption of digital payments and the underlying infrastructure in the country.
Financials:
Growth guidance intact: Pine Labs reaffirmed its FY27 revenue growth forecast of 21-23.5%. In its shareholder letter, the company said this quarter's investments should start driving higher sales productivity in the back half of FY27, supporting margin improvement by year-end.
New growth engines: Digital checkout points on Pine Labs’ network rose 18% to 2.17 million, with more than 70% of transactions on these devices now using the Unified Payments Interface (UPI).
Sudhir Singh, CEO, Coforge
IT solutions firm Coforge on Tuesday posted a significant jump in net profit and revenue.
UpGrad’s Ronnie Screwvala (left) and Unacademy’s Gaurav Munjal
Unacademy's investors will get one seat on UpGrad's board following the company’s merger, with the final deal value fixed at Rs 1,955 crore, people familiar with the matter told us.
Driving the news: Unacademy's investors will receive shares in the merged company along with board representation.
The merger is expected to close within the next three weeks, the sources said. The final value is Rs 100 crore lower than the earlier estimate of Rs 2,055 crore.
ET had reported on May 4 that UpGrad would acquire Unacademy for around Rs 2,055 crore, about 90% below the SoftBank-backed company's peak valuation of Rs 24,000-25,000 crore.
More on the deal:
The definitive agreements are nearly complete. Almost all institutional investors have signed the share subscription agreement, while all angel investors have executed their share purchase agreements, the sources told us.
Also Read: UpGrad value pegged at $1.7 billion as Unacademy deal awaits CCI assent
Bira 91 founder Ankur Jain
Anicut Capital has taken over founder Ankur Jain's shares in B9 Beverages and is set to nominate three directors to the board as part of the troubled Bira 91 maker's restructuring, sources told us.
The details: The venture debt provider, which has offices in Chennai, Delhi, and Bengaluru, provided loans to B9 Beverages between 2017 and 2022.
Anicut had created a lien on Jain and his family's 17.8% stake. Jain and his family's voting rights cover 26%, but Anicut will not gain control of those votes until certain milestones are met over the next 3-6 months.
What went wrong: B9 Beverages has been weighed down by about Rs 1,000 crore in debt and liabilities, which became a major dispute among shareholders, lenders, and the founder. Jain stepped down from the board earlier this month.
Also in the letter:
■ Pine Labs Q1 profit jumps
■ Unacademy-Upgrad merger nears close
■ Anitcut takes over Bira founder stake
Swiggy appoints ex-Myntra chief Nandita Sinha as Instamart CEO
Food and grocery delivery platform Swiggy has appointed former Myntra boss Nandita Sinha as the chief executive officer (CEO) of its quick commerce business, Instamart, the company said on Tuesday.
Driving the news: Sinha will take charge on August 3, replacing Amitesh Jha, who became Instamart CEO in August 2024. She stepped down from Flipkart-owned Myntra in April this year.
Jha's departure follows a series of senior exits at Instamart over the past year, including chief operating officer (COO) Ankit Jain and chief business officer (CBO) Hari Kumar.
Tell me more: Sinha joins as Instamart faces slowing momentum. The business reported an operating loss of Rs 858 crore in the January-March quarter and trails Eternal-owned Blinkit and IPO-bound Zepto in order volumes.
Under Sinha, Myntra became profitable. Industry executives said she now faces the challenge of turning around Instamart’s fortunes in the intensely competitive quick commerce market.
Nykaa appoints ex-Instamart COO Ankit Jain to lead quick commerce business
Beauty and fashion retailer Nykaa has appointed former Instamart COO Ankit Jain to lead Nykaa Now, its quick commerce business.
Jain left Instamart last month after joining in May 2025. Earlier, he was a senior vice president at Flipkart, where he headed its grocery business.
Parliamentary panel calls Google, Meta, X, Snapchat for talks on content regulation
The Parliamentary Standing Committee on Communications and Information Technology will meet on August 3 to discuss the regulation of social and digital platforms.
What's happening? Senior officials from the Ministry of Electronics and Information Technology and the Ministry of Home Affairs, along with representatives from Google, Meta, X, and Snapchat, have been called to brief the panel regarding content moderation.
Why now: The meeting comes after Meta briefly removed a Facebook video posted by prime minister Narendra Modi, before restoring it. The company said it was taken down because of a technical error.
The video, posted on July 23 during the Cockroach Janta Party (CJP)-led protests over irregularities in the conduct of the NEET 2026 examination, outlined the government's plans to bring in stricter measures against exam paper leaks.
Following the incident, MeitY summoned Meta's global public policy executive, sources told us.
Anti-Modi content: Separately, officials told ET that the government has asked social media platforms to remove videos, posts, and comments targeting Modi, mostly with regard to the recent protests.
Pine Labs Q1 profit rises fourfold to Rs 20 crore; retains FY27 growth guidance
Merchant payments firm Pine Labs’ first-quarter consolidated net profit rose fourfold, driven by increased adoption of digital payments and the underlying infrastructure in the country.
Financials:
- Net profit: Rs 19.6 crore compared with Rs 4.8 crore a year earlier.
- Revenue from operations: Up 20% to Rs 736.9 crore from Rs 615.9 crore.
- Esop costs: Fell to Rs 26 crore from Rs 66 crore a year earlier.
- Ebitda: Rose 5% to Rs 126 crore
- Margin: Narrowed to 17.1% from 19.6%.
Growth guidance intact: Pine Labs reaffirmed its FY27 revenue growth forecast of 21-23.5%. In its shareholder letter, the company said this quarter's investments should start driving higher sales productivity in the back half of FY27, supporting margin improvement by year-end.
New growth engines: Digital checkout points on Pine Labs’ network rose 18% to 2.17 million, with more than 70% of transactions on these devices now using the Unified Payments Interface (UPI).
Coforge shares surge 7% after Q1 profit spikes 63% YoY
IT solutions firm Coforge on Tuesday posted a significant jump in net profit and revenue.
- Net profit: Up 63.3% on year to Rs 518.6 crore.
- Revenue from operations: Rose 49.2% to Rs 5,527.7 crore, from Rs 3,704.4 crore a year ago.
- Fresh order intake of $691 million during the quarter, led by strong demand in the Americas.
Unacademy investors to get UpGrad board seat as Rs 1,955-crore merger nears close
Unacademy's investors will get one seat on UpGrad's board following the company’s merger, with the final deal value fixed at Rs 1,955 crore, people familiar with the matter told us.
Driving the news: Unacademy's investors will receive shares in the merged company along with board representation.
The merger is expected to close within the next three weeks, the sources said. The final value is Rs 100 crore lower than the earlier estimate of Rs 2,055 crore.
ET had reported on May 4 that UpGrad would acquire Unacademy for around Rs 2,055 crore, about 90% below the SoftBank-backed company's peak valuation of Rs 24,000-25,000 crore.
More on the deal:
- UpGrad is acquiring Unacademy in an all-stock deal.
- The Competition Commission of India (CCI) approved the merger on July 7.
- Gaurav Munjal will continue as Unacademy's chief executive after the deal closes.
The definitive agreements are nearly complete. Almost all institutional investors have signed the share subscription agreement, while all angel investors have executed their share purchase agreements, the sources told us.
Also Read: UpGrad value pegged at $1.7 billion as Unacademy deal awaits CCI assent
Anicut Capital takes over Bira founder Ankur Jain's stake, to lead restructuring
Anicut Capital has taken over founder Ankur Jain's shares in B9 Beverages and is set to nominate three directors to the board as part of the troubled Bira 91 maker's restructuring, sources told us.
The details: The venture debt provider, which has offices in Chennai, Delhi, and Bengaluru, provided loans to B9 Beverages between 2017 and 2022.
Anicut had created a lien on Jain and his family's 17.8% stake. Jain and his family's voting rights cover 26%, but Anicut will not gain control of those votes until certain milestones are met over the next 3-6 months.
What went wrong: B9 Beverages has been weighed down by about Rs 1,000 crore in debt and liabilities, which became a major dispute among shareholders, lenders, and the founder. Jain stepped down from the board earlier this month.
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