binarypublishReason for optimism in foodtech; women in India’s startup ecosystem
- 2024 looks promising for the Indian startup ecosystem as Ola Electric and FirstCry queue up for a listing on the public markets
- Foodtech startup Swiggy, hospitality chain OYO, financial services company MobiKwik, ecommerce software provider Unicommerce, fintech company PhonePe and e-pharmacy PharmEasy are among other startups planning IPOs this year
- Top players in the foodtech industry Swiggy and Zomato performed well in 2023, with both making profits and showing strong growth figures
- To replicate success, foodtech firms should focus on diversification
- Women made up 35% of the startup workforce in 2022, and efforts are being made to increase gender equity in the workplace
The year 2024 looks promising for the Indian startup ecosystem. Electric vehicle startup Ola Electric and ecommerce platform FirstCry are both planning to list on the public markets. Ola Electric has already filed its DRHP to raise Rs 5,700 crore, while FirstCry aims to garner Rs 1,816 crore. This year, we can also expect IPOs from foodtech startup Swiggy, hospitality chain OYO, financial services company MobiKwik, ecommerce software provider Unicommerce, fintech company PhonePe, and e-pharmacy PharmEasy.
In the foodtech industry, 2023 was a year of success for top players Swiggy and Zomato. Both companies turned profitable and showed strong growth figures. Swiggy’s food delivery business became profitable in March, while Zomato marked its first-ever profit in the April-June quarter, earlier than expected. The key to their success lies in diversification. Swiggy introduced several features in pilot mode, including Maxx for instant ecommerce needs, Insanely Good for premium picks, and Minis for shopping direct-to-consumer goods. Zomato has three additional segments—Hyperpure (business-to-business restaurant supplies), Blinkit (quick grocery delivery), and going out (dining out and live events).
Efforts are being made to increase gender equity in the startup ecosystem. The recent Women in India’s Startup Ecosystem Report (WISER) found that women made up 35% of the startup workforce in 2022. The goal is to reach 50% by 2030. Startup companies, especially those led by women, are fostering gender equity in the workplace through various initiatives. Aakanksha Gulati, Director at ACT For Women, believes that gender equity must be embedded in the culture of the organization, not just through standalone programs or diversity initiatives. Priyanka Gill, Co-founder of The Good Glamm Group, emphasizes the importance of unbiased recruitment processes, targeted mentorship programs, and equal opportunities for professional development in promoting gender equity.
In conclusion, 2024 holds promise for the Indian startup ecosystem. The upcoming IPOs of Ola Electric and FirstCry, as well as other startups, indicate a positive outlook. The success of foodtech players Swiggy and Zomato demonstrates the importance of diversification. Efforts to increase gender equity in the startup ecosystem are underway, with a goal of reaching 50% representation by 2030.
