From Swiggy vs Zomato on stock markets to surprising selections at IPL 2025 auctions, our top stories of the week

In this week's newsletter, read more about how Vora brothers kept SILA bootstrapped yet profitable all these years, Hitachi Energy's expansion plans in India, Malaika Arora's passion project, and more

By Forbes India

Published: Nov 30, 2024 09:00:00 AM IST

Updated: Nov 30, 2024 09:41:55 AM IST

1) Food tech face-off

Both Swiggy and Zomato operate identical businesses, but valuations and financials differ, two critical aspects which are part of investors’ assessment before buying any share in the stock markets. Images: Getty Images; Imaging: Kapil Kashyap

Deepinder Goyal's Zomato went public on July 23, 2021. The shares debuted on the stock market at a 51 percent premium over the issue price of Rs 79. The Rs 9375 crore IPO was subscribed 38 times. It was the year of the unicorn and IPO boom for the Indian economy, and Zomato made the most of the moment. Since then, the food tech giant has enjoyed a monopoly in the listed space, riding on the success of Blinkit and other strategic acquisitions. But on November 13, 2024, rival Swiggy, led by Sriharsha Majety, debuted in the Indian stock markets. There was a stark contrast. Shares of Swiggy were listed at Rs 420 a piece on the BSE, a mere 8 percent premium over the issue price of Rs 390. However, the presence of another food tech company on the bourses means investors now have a choice for money chasing. Here's how the startup rivalry will now continue in the listed arena.

2) Changing for the better

(Left)Girish Mathrubootham, Founder, Freshworks and Dennis Woodside, CEO, Freshworks Image: Dennis- Balaji Gangadharan for Forbes India

Dennis Woodside joined Freshworks in September 2022 as president. When in May 2024, Founder and CEO Girish Mathrubootham handed over the chief executive position to Woodside, The Stanford Law School and Cornell University alumnus was tasked with taking the business to its first significant milestone as a listed company—a billion dollars in annual revenue by 2026—and then building on that foundation, among other things. Woodside has done the traditional acquisitions and layoffs as part of the broader reorientation of the company, which he wants to turn into a leaner software outfit. Freshworks has given way to the harsh realities of capitalism. Will this change in pace bring growth? Here are some answers.

3) Expanding in India

N Venu, CEO, Hitachi Energy South Asia and Andreas Schierenbeck, Global CEO, Hitachi Energy. Image: Amit Verma

Don't be fooled by the name, but today’s Hitachi Energy has Indian origin. It was incorporated in 1949 as Hindustan Power Grids. Went from being Hindustan Brown Boveri, ABB Power Grids, and Hitachi ABB Power Grids. In 2019, it became a standalone entity--Hitachi Energy. The power company powers seven out of 15 High-voltage Direct Current links in India and has been a major player in supporting the electrification of Indian Railways. Now, the energy company is focusing on increasing its investment in India. This power-hungry nation seeks to improve manufacturing capabilities while emphasising the increased use of renewable energy. Here's how Hitachi Energy is poised to answer this call.

1) Building blocks

(left)Sahil Vora, founder, SILA and Rushabh Vora, Co-founder & Managing director, SILA Image: Mexy Xavier

If you are working in an office, there is a chance that you have had an encounter with SILA's personnel. The company provides facility management, advisory and contracting solutions to clients across BFSI, retail, manufacturing, housing, and hospitality sectors. The company has over 200 million square feet of area under management and is growing. In the first half of FY25, SILA clocked Rs 425 crore in revenue and is on an annual run rate of Rs 1000 crore, expecting to close the year at approximately Rs 900 crore. There is no denying that co-founders and brothers Sahil and Rushabh Vora have made money and built a profitable and sustainable real estate platform. But how did they manage it while remaining bootstrapped for a long stretch of their entrepreneurial journey?

2) Retreat for rich and famous

Mark Zuckerberg, Melinda French Gates and Justin Timberlake Illustration: Ben Kirchner for Forbes

Yellowstone Club, in the wilderness of Montana, US, is one of the most luxurious retreats in the world. It has 6,070 mountainous hectares of world-class skiing, golfing, fly fishing and horseback riding. There is a movie theatre for kids, a concert venue that has hosted acts including Sting, Norah Jones and James Taylor, and even “sugar shacks” stocked with all sorts of free stuff like candy bars, snacks and hot soups sprinkled across the mountain and greens. The club’s mountain has 21 chairlifts, one gondola, over 1,170 skiable hectares—and no lift lines. But the club’s biggest draw is exclusivity. Here's why Yellowstone Club has become a calming paradise for billionaires.

3) All about a passion project

Actor Malaika Arora at her new restaurant, Scarlett House. Image: Bajirao Pawar for Forbes India.

There is a new trend among Bollywood stars when it comes to investing or diversifying. Be it actors, producers, or filmmakers, many of them are venturing into the food and hospitality business. There is Karan Johar, who owns a contemporary eatery called Neuma in Colaba. His friend Gauri Khan launched the Asian restaurant Torii earlier this year on Pali Road. Dragonfly Experience by rapper and singer Badshah is the second branch of this resto-bar and lounge. There is also celeb favourite Bastian, which Shilpa Shetty Kundra partly owns. Multi-hyphante Malaika Arora is ready to add her name to this list with her upcoming restaurant, Scarlett House. In conversation with Forbes India, she discusses how the restaurant will stand out in this illustrious crowd and why it became her passion project.

4) IPL Auction 2025: Surprising picks

Clockwise from top: Venkatesh Iyer, Tushar Deshpande, Noor Ahmad, Rasikh Salam

As the cold wave gripped India, IPL auctions were heating up in Saudi Arabia earlier this week. Rs 639.15 crore was spent on purchasing the players and building the teams that will vie for the trophy next year. Nobody can forget the bidding war for Rishabh Pant (sold to Lucknow Super Giants at a record Rs 27 crore). And there have been deep discussions about why none of the franchises picked up good players such as Kane Williamson, Jonny Bairstow, David Warner or India's Prithvi Shaw. But here, we are talking about the most surprising picks--from 13-year-old Vaibhav Suryavanshi to J&K pacer Rasikh Salam.