 Daily Top 5 |
Swiggy’s Q2 report card; eMudhra to exit certificate biz
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Swiggy's continued on its growth trajectory while bringing down losses in Q2FY27. This and more in today’s ETtech Top 5.
Also in the letter:
■ Ola Electric rights issue
■ Amagi's cyber incident
■ Chapter Home funding
Swiggy cofounder and CEO Sriharsha Majety
Food delivery and quick commerce company Swiggy on Thursday said its revenue from operations in the second quarter of FY27 grew 36% year-on-year (YoY) to Rs 7,571 crore. The company said its consolidated loss after tax had narrowed to Rs 922 crore during the period from Rs 1,092 crore in the same quarter of last year.
Financials: Swiggy's consolidated adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss widened to Rs 760 crore from Rs 695 crore a year earlier, while adjusted revenue increased 34% to Rs 7,909 crore. The company's consumer-facing businesses reported a combined gross order value (GOV) of Rs 20,793 crore, up 24.6% on-year.
.jpg "Eternal vs Swiggy Q2FY27 _GFX (1)")
Instamart growth:
Expansion: Swiggy saw net additions of 69 dark stores during the quarter, taking its network to 1,240 stores across 133 cities. Monthly transacting users reached 14.8 million, up 23% on-year.
Also Read: Eternal’s Q2 revenue jumps 78% on quick commerce growth; profit misses estimates
Digital trust services provider eMudhra on Thursday said that it would voluntarily withdraw from the global SSL/TLS certificate business, following an incident where its certificates were found to have vulnerabilities.
TLS (Transport Layer Security) certificates, popularly associated with HTTPS websites, are a set of security protocols that ensure data transmission among digital assets, like browsers and apps, in a secure manner.
What happened: eMudhra revealed on Wednesday that private keys associated with its certificates have been compromised, which verify trusted digital assets and ensure secure online data transmission, according to an advisory from the cybersecurity watchdog Cert-In.
Why it matters: eMudhra issues certificates for digital signatures that are used for several online transactions by all kinds of business entities. Public key infrastructure (PKI) consists of several components, including public and private keys, for digital assets in mathematical codes used for encryption, digital certificates issued to websites as a mark of trust, etc.
A series of cybersecurity incidents involving digital certificates, critical software vulnerabilities, and compromised technology platforms have put companies and government agencies on alert, with artificial intelligence playing a role in both discovering security flaws and accelerating cyberattacks.
PHP vulnerabilities: Government websites and other online services were temporarily taken offline after the discovery of two critical vulnerabilities in PHP, a widely used programming language that powers websites and web applications. The flaws could allow attackers to execute code remotely, potentially compromising sensitive data and networks.
SBI data exposure: State Bank of India said a preliminary analysis of around 375,000 records found on the dark web identified 3,897 customer records containing personally identifiable information. The bank said it had received alerts about the matter from its threat intelligence service provider on October 16.
Other incidents: The LiteLLM Python package was compromised in a software supply-chain attack, while the cloud platform Railway disclosed that an unauthorised third party might have accessed decrypted customer content. Microsoft linked a China-aligned hacking group to AI-assisted cyberattacks targeting hundreds of organisations globally.
Ola Electric CEO Bhavish Aggarwal
Motilal Oswal Financial Services and Calliope Capital Advisors, an investment vehicle associated with Motilal Oswal, have applied for a combined 2.39 crore shares under Ola Electric Mobility’s Rs 1,000-crore rights issue on the opening day on Thursday.
Issue details: Ola Electric has priced the issue at Rs 27 per share, a 26% discount to its market value. The company will issue 37.03 crore partly paid-up shares under the offer. Shareholders will pay Rs 16.20 per share upfront, while the remaining Rs 10.80 will be paid later. The company plans to collect the balance by October 31, 2027.
Timeline: The rights issue, which opened on Thursday, will close on October 30. Shareholders can sell or transfer their rights entitlement in the market until October 26.
Fundraising: The latest issue comes just three months after Ola Electric raised Rs 780 crore through a qualified institutional placement (QIP) in June. The company had initially planned to raise Rs 500 crore through that issue.
(L-R) Amagi Media Labs founders Baskar Subramanian, Srividhya Srinivasan, and KA Srinivasan
Amagi Media Labs, the Bengaluru-based cloud technology company serving broadcasters and streaming platforms, has disclosed an extortion attempt by a hacker claiming to have obtained operational and network configuration data from some of its systems.
What happened: In a regulatory filing dated October 22, the company said the threat was to publish the data unless a payment was made. Amagi is validating the claim, including samples shared by the extortionist, and investigating the incident with the help of external cybersecurity experts and legal counsel.
Business impact: “Based on the investigation to date, there has been no disruption of the company’s services and no evidence of impact on customer operations,” Amagi said in the filing.
Chapter Home founders
Chapter Home, a kitchen and home products startup founded by former executives at the online drugstore PharmEasy, has raised Rs 63 crore in a mix of equity and debt from Bessemer Venture Partners, venture debt firm Stride Ventures, comedian Tanmay Bhat, and a group of family offices. The round valued the company at close to Rs 1,000 crore.
Fund use: The startup plans to use the capital to strengthen product development, expand into new categories, invest in technology and brand building, and scale up distribution.
Target market: The company is positioning its products in the mass-premium to premium segment, targeting consumers with annual incomes of around Rs 10 lakh to Rs 70 lakh, Bharadwaj said.
Also in the letter:
■ Ola Electric rights issue
■ Amagi's cyber incident
■ Chapter Home funding
Swiggy Q2 Results: Revenue jumps 36%; loss narrows to Rs 922 crore
Food delivery and quick commerce company Swiggy on Thursday said its revenue from operations in the second quarter of FY27 grew 36% year-on-year (YoY) to Rs 7,571 crore. The company said its consolidated loss after tax had narrowed to Rs 922 crore during the period from Rs 1,092 crore in the same quarter of last year.
Financials: Swiggy's consolidated adjusted Ebitda (earnings before interest, taxes, depreciation, and amortisation) loss widened to Rs 760 crore from Rs 695 crore a year earlier, while adjusted revenue increased 34% to Rs 7,909 crore. The company's consumer-facing businesses reported a combined gross order value (GOV) of Rs 20,793 crore, up 24.6% on-year.
Instamart growth:
- GOV: Up 31% YoY to Rs 9,230 crore during the September quarter, compared with Rs 7,022 crore a year earlier.
- Net order value (NOV): Increased 34.8% YoY to Rs 6,594 crore; sequential growth accelerated to 13.4% from 2.5% in Q1FY27.
- Adjusted Ebitda loss: Widened to Rs 895 crore from Rs 849 crore a year earlier.
- Adjusted Ebitda margin: Improved to -9.7% of GOV from -12.1% a year earlier.
Expansion: Swiggy saw net additions of 69 dark stores during the quarter, taking its network to 1,240 stores across 133 cities. Monthly transacting users reached 14.8 million, up 23% on-year.
Also Read: Eternal’s Q2 revenue jumps 78% on quick commerce growth; profit misses estimates
eMudhra to exit global SSL/TLS certificate business after controversy
Digital trust services provider eMudhra on Thursday said that it would voluntarily withdraw from the global SSL/TLS certificate business, following an incident where its certificates were found to have vulnerabilities.
TLS (Transport Layer Security) certificates, popularly associated with HTTPS websites, are a set of security protocols that ensure data transmission among digital assets, like browsers and apps, in a secure manner.
What happened: eMudhra revealed on Wednesday that private keys associated with its certificates have been compromised, which verify trusted digital assets and ensure secure online data transmission, according to an advisory from the cybersecurity watchdog Cert-In.
Why it matters: eMudhra issues certificates for digital signatures that are used for several online transactions by all kinds of business entities. Public key infrastructure (PKI) consists of several components, including public and private keys, for digital assets in mathematical codes used for encryption, digital certificates issued to websites as a mark of trust, etc.
From eMudhra to PHP: Breaches, vulnerabilities surface as AI amplifies cyber threats
A series of cybersecurity incidents involving digital certificates, critical software vulnerabilities, and compromised technology platforms have put companies and government agencies on alert, with artificial intelligence playing a role in both discovering security flaws and accelerating cyberattacks.
PHP vulnerabilities: Government websites and other online services were temporarily taken offline after the discovery of two critical vulnerabilities in PHP, a widely used programming language that powers websites and web applications. The flaws could allow attackers to execute code remotely, potentially compromising sensitive data and networks.
SBI data exposure: State Bank of India said a preliminary analysis of around 375,000 records found on the dark web identified 3,897 customer records containing personally identifiable information. The bank said it had received alerts about the matter from its threat intelligence service provider on October 16.
Other incidents: The LiteLLM Python package was compromised in a software supply-chain attack, while the cloud platform Railway disclosed that an unauthorised third party might have accessed decrypted customer content. Microsoft linked a China-aligned hacking group to AI-assisted cyberattacks targeting hundreds of organisations globally.
Motilal Oswal entities apply for 2.39 crore Ola Electric shares in Rs 1,000-crore rights issue
Motilal Oswal Financial Services and Calliope Capital Advisors, an investment vehicle associated with Motilal Oswal, have applied for a combined 2.39 crore shares under Ola Electric Mobility’s Rs 1,000-crore rights issue on the opening day on Thursday.
Issue details: Ola Electric has priced the issue at Rs 27 per share, a 26% discount to its market value. The company will issue 37.03 crore partly paid-up shares under the offer. Shareholders will pay Rs 16.20 per share upfront, while the remaining Rs 10.80 will be paid later. The company plans to collect the balance by October 31, 2027.
Timeline: The rights issue, which opened on Thursday, will close on October 30. Shareholders can sell or transfer their rights entitlement in the market until October 26.
Fundraising: The latest issue comes just three months after Ola Electric raised Rs 780 crore through a qualified institutional placement (QIP) in June. The company had initially planned to raise Rs 500 crore through that issue.
Amagi Media Labs faces extortion attempt following alleged data theft; says services unaffected
Amagi Media Labs, the Bengaluru-based cloud technology company serving broadcasters and streaming platforms, has disclosed an extortion attempt by a hacker claiming to have obtained operational and network configuration data from some of its systems.
What happened: In a regulatory filing dated October 22, the company said the threat was to publish the data unless a payment was made. Amagi is validating the claim, including samples shared by the extortionist, and investigating the incident with the help of external cybersecurity experts and legal counsel.
Business impact: “Based on the investigation to date, there has been no disruption of the company’s services and no evidence of impact on customer operations,” Amagi said in the filing.
Chapter Home raises Rs 63 crore from Bessemer, Stride Ventures, others
Chapter Home, a kitchen and home products startup founded by former executives at the online drugstore PharmEasy, has raised Rs 63 crore in a mix of equity and debt from Bessemer Venture Partners, venture debt firm Stride Ventures, comedian Tanmay Bhat, and a group of family offices. The round valued the company at close to Rs 1,000 crore.
Fund use: The startup plans to use the capital to strengthen product development, expand into new categories, invest in technology and brand building, and scale up distribution.
Target market: The company is positioning its products in the mass-premium to premium segment, targeting consumers with annual incomes of around Rs 10 lakh to Rs 70 lakh, Bharadwaj said.
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