Eternal faces $840 Mn outflows after FTSE, MSCI’s weight cuts

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May 24, 2025

Food delivery firm Eternal, previously known as Zomato, is likely to face passive outflows amounting to $840 million, as global index providers FTSE and MSCI prepare to significantly reduce the stock’s weighting in their indices.

The decision comes in response to a cut in the Foreign Ownership Limit (FOL), leading to a drop in investability weighting within the FTSE All World Index from 82.74% to 49.5%.

The limit restricts how much of a company’s shares foreign investors can own. When authorities lower this cap, index providers like FTSE and MSCI reduce the stock’s weight in their indices to reflect the decreased availability for global investors.

According to a statement issued by FTSE, Eternal will continue to be part of the index, with the total number of issued shares remaining unchanged at 9,064,966,438.

The revised weighting will take effect at the start of trading on Wednesday, May 28.

“Unlike headroom-related reductions (which are implemented in a phased manner), a direct FOL cut may lead to a full investability weight reduction in a single step during this interim event. We expect outflows of $380 million from this downward revision,” a note by IIFL Alt Desk said.

MSCI has also announced a change in the Foreign Inclusion Factor (FIF) for Eternal, alongside its May review, which could lead to an additional outflow of $460 million, according to IIFL Alternative Research Desk. These adjustments will take effect from May 30, 2025.

Eternal’s stock has come under pressure following a shareholder decision where 99% voted in favor of capping foreign ownership. As a result, analysts at Jefferies estimate total potential outflows of up to $1.3 billion due to these index-related changes.

Sterling Holiday Resorts surpasses ₹5 Bn in annual revenue for the first time

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May 24, 2025

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Sterling Holiday Resorts surpasses ₹5 Bn in annual revenue for the first time — Mr. Vikram Lalvani, MD & CEO, Sterling Holiday Resorts

Sterling Holiday Resorts has reported its financial results for FY25, achieving a milestone revenue of ₹5,202 million—a 13% year-on-year growth. The company also sustained a strong EBITDA margin of 34% and continued to operate with zero debt.

In FY25, Sterling expanded its portfolio to over 3,200 keys and 61 resorts across 53 destinations nationwide. The launch of new properties in the fourth quarter at Jaisalmer (Rajasthan), Tipeshwar (Maharashtra), and Amritsar (Punjab) bolstered this growth.

Sterling now has a presence across 17 Indian states, with notable regional clusters including nine resorts each in Kerala and Tamil Nadu, eight each in Rajasthan and Maharashtra, and seven in Uttarakhand. Its diverse portfolio covers a range of leisure themes, featuring 13 resorts in wildlife destinations, 13 in the Himalayas, and 11 in spiritual hubs. Additionally, the company is actively growing its footprint in the business + leisure (bleisure) segment, with properties in locations such as Madurai, Karwar, Bokaro, and Dehradun.

“Crossing Rs 5 billion in revenue is a landmark moment for us. We have also crossed Rs 1 billion in food & beverage (F&B) revenue. We have reoriented our F&B offerings, set up specialty restaurants in several of our resorts, and increased our focus on the banquet business—and we will continue to leverage this source of revenue. We remain focused on delivering high-quality, differentiated experiences as we expand across India through our asset-right strategy,” said Mr. Vikram Lalvani, MD & CEO, Sterling Holiday Resorts.

Sterling Holiday Resorts continues to excel in customer satisfaction, with Sterling Kanha winning the prestigious TripAdvisor Traveller’s Choice “Best of the Best” Award for the third consecutive year.

In total, 30 Sterling resorts received Traveller’s Choice Awards, with 10 properties achieving this honor for three consecutive years and another eight for two years in a row. Further highlighting its excellence, Sterling Puri— the company’s 121-key flagship property—was named Best Family Resort of the Year at the CMO Asia Odisha Leadership Awards 2025.

Beyond hospitality, Sterling is deeply committed to sustainability and social impact through its ESG initiative, Sterling Sankalp. To begin with, the initiative places a strong emphasis on energy efficiency, demonstrated by the installation of heat pumps, EV charging stations, and strategic investments in solar and wind energy.

Additionally, in the area of waste management, the company has taken significant strides toward eliminating plastic usage—for instance, by implementing in-house water bottling plants at four of its resorts.

Sterling is also advancing water conservation through rainwater harvesting and greywater recycling systems. On the CSR front, it continues its support for the Fairfax India Charitable Foundation’s “Project Dialysis,” which has facilitated the installation of over 2,000 dialysis machines across the country, contributing to vital healthcare infrastructure.

Notably, Sterling Munnar earned the prestigious Gold award at the 14th RCI Green Awards, becoming the first resort across the Middle East, Africa, and Asia-Pacific region to receive this distinguished recognition for sustainability.

Looking ahead, Sterling is optimistic about sustaining its growth trajectory. With strong demand drivers in domestic tourism, a solid pipeline of upcoming resorts, and strategic investments already made in technology, leadership, and talent development, the company is well-positioned to achieve another year of robust growth and meaningful value creation.

Flipkart expands quick commerce to tier-2 and tier-3 cities across India

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May 24, 2025

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Flipkart expands quick commerce to tier-2 and tier-3 cities across India — Kabeer Biswas, Vice President, Flipkart Minutes

Flipkart is rapidly scaling its quick commerce initiative, Flipkart Minutes, to establish a strong presence in India’s tier-2 and tier-3 cities. Under the leadership of Kabeer Biswas, Vice President of Flipkart Minutes, the service is experiencing significant growth, with order volumes doubling approximately every 45 days.

The company plans to expand its network to 800 dark stores nationwide by the end of 2025, up from the current 400 across 17 cities.

“We’ve seen tremendous traction since launch, with Flipkart Minutes doubling business every 45 days,” Biswas said. “Our goal is to reach 800 dark stores by the end of the year. We are building a service that’s not just about fast delivery but about consistent value and access for customers across India.”

While competitors like Blinkit, Swiggy Instamart, and Zepto primarily cater to urban markets, Biswas emphasizes that Flipkart Minutes’ approach is built on scale, speed, affordability, and deep reach into tier-2 and tier-3 cities.

“Our advantage lies in scale and reach,” Biswas added. “Quick commerce can’t be an urban luxury—it has to become a nationwide utility. That’s what we’re aiming for.”

To enhance profitability and increase average order values, Flipkart Minutes is integrating a broader range of products from its parent platform’s extensive catalog. This strategy includes offering long-tail items such as electronics and personal care products, in addition to daily essentials, to encourage higher spending and improve customer retention.

“By offering a broader range of products, we’re seeing higher average order values and stronger customer retention,” said a Flipkart spokesperson. “It’s not just about instant delivery of groceries anymore; consumers are looking for a seamless experience across categories.”

Despite entering the quick commerce market later than some rivals, Flipkart’s aggressive expansion and strategic focus on underserved markets position it as a formidable player in the rapidly evolving sector.

Moët Hennessy strengthens presence with new Lucknow expansion

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May 24, 2025

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Moët Hennessy strengthens presence with new Lucknow expansion — Ipsita Das, Managing Director, Moët Hennessy India

Moët Hennessy India is strengthening its presence in Uttar Pradesh—a market with a strong preference for whisky and a rising appetite for premium experiences.

To strengthen its presence, the company is now rolling out its renowned portfolio—which includes Glenmorangie, Belvedere, Chandon, Moët & Chandon, and Hennessy—across upscale retail outlets, premium hotels, and luxury lounges.

Notably, this expansion targets key cities such as Lucknow, Noida, Agra, and Ghaziabad, thereby ensuring greater accessibility to its premium offerings.

Following its success in metropolitan markets like Mumbai and Delhi, this move aligns with Moët Hennessy India’s broader strategy to drive premiumization in the spirits segment.

Consequently, it aims to meet the sophisticated preferences of consumers who value quality, appreciate heritage, and seek refined social experiences.

“Uttar Pradesh stands at the confluence of tradition and aspiration. The region is witnessing a clear shift in consumer preferences to refined, globally benchmarked preferences. We see strong traction for premium and above whisky, and our curated portfolio of Glenmorangie, a luxury Scotch single malt, is designed to meet this demand,” said Ipsita Das, Managing Director, Moët Hennessy India. “As a part of our expansion while we introduce the Glenmorangie Original, a classic favorite from the house of Glenmorangie, we are also introducing Glenmorangie Infinita 18 Years Old, a 19-time global award winner, single malt recently launched in India, aimed at the country’s growing base of connoisseurs and collectors.”

This expansion underscores the company’s dedication to redefining consumer standards and enhancing social gatherings with its world-renowned spirits.

As demand for curated, high-end experiences rises, Moët Hennessy India accelerates its premiumization strategy to capture the momentum of Uttar Pradesh’s rapidly growing luxury market.

Augsenselab raises $0.5 Mn in pre-seed funding to boost remote sensing technology

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May 23, 2025

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Augsenselab, a quantum sensing and remote sensing startup based in Thiruvananthapuram, has secured $0.5 million in pre-seed funding from Emul Tek Private Limited, a wholly owned subsidiary of Solar Industries India Limited.

This investment will, in turn, help Augsenselab accelerate the development of cutting-edge space- and drone-based remote sensing technologies. Moreover, Augsenselab aims to improve electronic intelligence (ELINT) systems for real-time signal intelligence and deploy high-precision atmospheric profilers for weather forecasting, disaster management, and other critical applications.

Founded in 2019 by five technology entrepreneurs—Naveen Francis Chittilapilly, Kannan Kesavapillai, Sudheer Krishnankutty Nair, Hari Nataraj, and Jinu Sukumaran—Augsenselab is, therefore, utilizing quantum sensing to enhance the accuracy of intelligence gathering.

The company is currently working on technologies such as Synthetic Aperture Radar (SAR), Ground Penetrating Radar (GPR), ELINT solutions, and high-precision atmospheric profilers, according to a press release.

Augsenselab has already inked a deal with the Kerala Development and Innovation Strategic Council to pilot a hyperlocal weather prediction system aimed at forecasting cloudbursts and, in turn, predicting landslides. “Our mission is to redefine remote sensing with quantum technology,” said Kannan Kesavapillai, co-founder and CEO of Augsenselab.

“With this funding from Emul Tek and Solar Industries, we can accelerate the deployment of next-generation sensing solutions that will enhance national security, environmental resilience, and industrial efficiency,” he said.

As demand for precision intelligence and environmental monitoring grows, the global market for quantum sensing and ELINT technologies is expanding rapidly.

Furthermore, experts project that the quantum sensing market will reach $2.4 billion by 2030, while rising climate disasters are driving demand for hyperlocal weather forecasting.

Consequently, Augsenselab is establishing itself as a leading innovator in the next generation of sensing technology.

“This investment validates the growing demand for our technology,” he said, adding, “We are building the future of sensing—one that will bring strategic advantages to defense, disaster response, and critical industries.”

Augsenselab’s cutting-edge quantum sensing and remote sensing technologies position the company to capitalize on the growing demand for precision intelligence and environmental monitoring.

Supported by recent pre-seed funding, the startup will drive innovation in ELINT systems and atmospheric profiling, actively advancing the future of sensing technology.

VITS Hotels expands footprint with launch of VITS Gurugram

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May 23, 2025

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VITS Hotels expands footprint with launch of VITS Gurugram — Dr. Vikram Kamat, Chairman of the VITSKAMATS Group

The VITSKAMATS Group has, indeed, made a notable entry into the NCR market with the launch of its first property in North India, VITS Hotels Gurugram.

Furthermore, this full-service business hotel, strategically located in the heart of Gurugram, is thoughtfully designed to cater to the evolving needs of today’s travelers. In addition, its blend of modern amenities and personalized service ensures a comfortable and seamless stay for both business and leisure guests.

With this launch, the group extends its presence into one of India’s prime business destinations, addressing the rising demand for contemporary, high-quality accommodations that offer comfort, convenience, and refined simplicity.

Ideally situated at 21/1 Mehrauli Road, Sector 14, VITS Hotels Gurugram enjoys excellent connectivity. Specifically, it is just five minutes from the highway, a 25-minute drive from IGI Airport, and only 10 minutes from the nearest metro station. As a result, it serves as a highly accessible and convenient option for both business travelers and tourists alike.

The property features 57 well-appointed rooms and suites, thoughtfully distributed across two wings—21 in Wing A and 36 in Wing B. Moreover, each room has natural light and includes expansive windows that further enhance the sense of space. As a result, the design creates a serene and open ambiance, even amid the hustle and bustle of city life.

Perfect for both short and long stays, the hotel combines modern functionality with elegant design and personalized service, offering a warm and efficient experience for the contemporary traveler.

Speaking on the launch, Dr. Vikram Kamat, Chairman of the VITSKAMATS Group, shared, “The opening of our Gurugram property marks an important chapter for VITS Hotels. For years, we’ve been a trusted name among business travelers across Western and Southern India, and North India was a natural next step in our growth story. Gurugram, with its thriving corporate presence and cosmopolitan energy, aligns perfectly with our philosophy of providing premium yet practical hospitality. We look forward to welcoming guests and becoming a preferred destination in the region.”

As North India’s hospitality sector continues to thrive, the VITSKAMATS Group remains dedicated to broadening its footprint while providing guest experiences that consistently surpass expectations.

Rapido achieves $1.25 Bn gross order value in FY25, marks 2.5x growth

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May 23, 2025

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Urban mobility startup Rapido saw its gross order value (GOV) more than double in FY25, reaching $1.25 billion, driven by the launch of new services, according to sources familiar with the matter.

However, this 2.5x increase from $500 million in FY24 has come at a cost, as the company has moved further away from profitability, with a noticeable rise in its cash burn in recent months.

“The company is fulfilling 3–3.5 million orders per day across its different platforms—two-, three-, four-wheelers and hyperlocal logistics—but this has come at the cost of deviating from its path to profitability,” one of the people cited above said.

“Overall, across ride-hailing form factors, Rapido has captured about 40% market share. In the four-wheeler segment, specifically, it has eaten into Ola’s share,” the person added.

Rapido launched its four-wheeler ride-hailing service in December 2023 and announced plans in January to expand the offering to 500 cities across India.

In 2024, the Bengaluru-based startup secured $200 million in a funding round led by WestBridge Capital, which valued the company at $1.1 billion. This was followed by an additional $30 million investment from Dutch investor Prosus in February 2025.

With this fresh influx of capital, Rapido has been aggressively increasing its spending to capture a larger share of the market.

Rapido’s monthly cash burn rose to $4–5 million (Rs 40–45 crore) in 2025, marking a significant shift from its earlier focus on reducing losses, according to the sources mentioned above. In contrast, during the July–September 2024 quarter, the company had managed to cut its losses to Rs 17 crore, down from Rs 74 crore in the same period the previous year.

“The burn is likely to increase further as Rapido steps up customer acquisition in ride-hailing and prepares to launch its food delivery vertical,” an investor aware of the developments said without raising any concern over the move.

“It hasn’t spent millions like its peers to build supply,” the person explained, citing Rapido’s subscription model that charges drivers a flat fee for access to customers—unlike Uber and Ola, which operate on a commission basis for four-wheeler ride hailing.

As first reported in March, Rapido is getting ready to launch its own food delivery service. The company has started recruiting talent from Zomato and Swiggy and is currently in discussions with Indian franchisees of major QSR brands like McDonald’s, KFC, and Pizza Hut, along with other high-volume cloud kitchen operators and quick-service restaurant chains.

It’s worth noting that Swiggy, a publicly listed food delivery leader, is one of Rapido’s investors, and Prosus holds investments in both companies.

A senior executive from the food delivery sector cautioned that Rapido’s achievements in ride-hailing might not directly carry over to food delivery, which requires different operational strengths. “In ride-hailing, there’s minimal interaction between stakeholders. In food delivery, restaurants expect a point of contact to resolve issues. Rapido will need to build that muscle,” the executive said.

Rapido, founded in 2015 by Arvind Sanka, Pavan G, and Rishikesh SR, has been handling food delivery for Swiggy since the latter invested in the company in 2022.

“There’s a learning curve Rapido will have to navigate in this segment,” the investor mentioned earlier added.

Rapido’s evolution from a mobility startup to a potential player in the food delivery space marks a significant expansion in its business strategy. While its rapid growth in ride-hailing and strong investor backing provide a solid foundation, entering the food delivery market presents new operational challenges.

With strategic hires and partnerships underway, Rapido is positioning itself to compete—but as industry experts note, success in this segment will depend on its ability to adapt and build the necessary infrastructure to meet the unique demands of food delivery.

Tresind Studio becomes first Indian restaurant in Dubai to get three Michelin stars

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May 23, 2025

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Tresind Studio becomes first Indian restaurant in Dubai to get three Michelin stars — Bhupender Nath, founder of Tresind Studio

Tresind Studio made history on Thursday by receiving the highest distinction of three Michelin stars—the first time Indian cuisine has ever earned this honor globally.

The audience broke into applause as Tresind Studio was announced as a three-star winner during the Michelin Guide’s fourth ceremony in Dubai, alongside FZN by Bjorn Frantzen.

For the first time, Michelin has awarded its prestigious three-star rating to restaurants in the United Arab Emirates.

“Today I realised what is the word called ‘only’ and how heavy it is when we are awarded (the three stars) as the only Indian restaurant,” said Bhupender Nath, founder of Tresind Studio.

Chef Himanshu Saini, 38, expressed his pride in the fine-dining restaurant’s historic achievement.

“I hope this motivates all the younger upcoming chefs,” he said, adding “it’s a dream which is possible”.

Michelin Guide International Director Gwendal Poullennec praised Chef Himanshu Saini as a “pioneer” who has “paved the way for many more talents to join the industry in India.”

According to its website, the restaurant strives to redefine how Indian cuisine is viewed “by showcasing flavours both new and familiar through a creative lens.”

The 20-seat restaurant, featuring an open kitchen and situated on Dubai’s iconic man-made island, the Palm, stated that it prioritizes locally sourced ingredients from organic and sustainable farms within the UAE.

“Tresind Studio in Dubai has just made culinary history, becoming the first-ever Indian restaurant to earn Three MICHELIN Stars,” the Michelin Guide said on its website.

“While The MICHELIN Guide is not in India, the global spotlight is brighter than ever. Indian chefs in cities from London to Dubai have been rewriting the playbook, fusing time-honoured flavours with boundary-pushing techniques,” it added.

Originally created in 1900 by André and Édouard Michelin of the Michelin tire company to assist motorists, the Michelin Guide has since evolved into a benchmark for culinary excellence, known for its power to shape or shatter careers in the food industry.

Tresind Studio’s historic achievement not only places Indian cuisine on the global fine-dining map but also marks a major milestone for the UAE’s culinary scene. With its commitment to creativity, sustainability, and local sourcing, the restaurant exemplifies the evolving standards of excellence celebrated by the Michelin Guide. This recognition signals a new era for Indian gastronomy and sets a powerful precedent for future culinary talents across the region and beyond.

Anthropic unveils more powerful Opus Model technology

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May 23, 2025

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Anthropic unveils more powerful Opus Model technology — Mike Krieger, chief product officer, Anthropic

Anthropic is preparing to launch two upgraded versions of its Claude AI software, including a much-anticipated update to its premium Opus model, as it competes in an increasingly crowded AI landscape.

On Thursday, the company will introduce Sonnet 4 and Opus 4—its most advanced AI system to date. These new models more accurately follow instructions and independently handle tasks such as coding and answering complex queries.

Founded in 2021 by former OpenAI employees, Anthropic has aimed to set itself apart with more advanced AI models and a strong focus on ethical development. Despite this mission, the company—like many of its competitors—faced challenges last year in delivering AI systems that offered significant performance gains relative to their high development costs.

In March 2024, Anthropic released three models, including Opus 3. Anthropic rolled out updates to the other two Claude models in the following months but left the Opus model unchanged. According to news reports, internal testing revealed that the new version, Opus 3.5, did outperform its predecessor but not to the extent expected based on its increased model size.

Ultimately, Anthropic decided against releasing the 3.5 version of its Opus model, even though it had earlier indicated a 2024 launch. Mike Krieger, Anthropic’s Chief Product Officer, said the company believed the updated Opus model didn’t offer significant enough improvements over the Sonnet model to justify a release or create meaningful differentiation.

“We’ve had large models trained internally. We’ve used them even internally for other applications,” Krieger said. “But we wanted the next one that we released publicly to feel like it is that leap.”

For Opus 4, Anthropic’s research team concentrated on enhancing the model’s ability to operate autonomously for extended periods while maintaining awareness of its ongoing tasks, according to Chief Product Officer Mike Krieger. In early testing, Japanese e-commerce giant Rakuten Group Inc. successfully used Opus 4 for seven continuous hours to refine open-source code—demonstrating its improved performance and long-term task handling capabilities.

“In the past, the model would be able to come up with a plan that was a several hour plan,” Krieger said, but eventually it would “get stuck somewhere” or lose its coherence.

Both Opus 4 and Sonnet 4 come with a relatively new feature that allows users to choose between receiving a quick, straightforward answer or a more in-depth, time-consuming response that simulates human-like reasoning.

With the launch of Opus 4 and Sonnet 4, the AI startup is signaling a significant leap forward in AI performance, autonomy, and user customization.

Yuki expands in Bengaluru with fourth outlet in Sarjapur

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May 22, 2025

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Yuki Cocktail Bar & Kitchen has officially launched its fourth outlet in the lively neighborhood of Sarjapur, marking a significant step forward in the brand’s mission to deliver authentic Asian flavors to Bengaluru’s food lovers.

Following the success of its existing locations, Yuki Sarjapur introduces a thoughtfully crafted menu featuring a rich mix of Japanese, Korean, Malaysian, and Thai cuisines. Diners can savor house favorites like cream cheese dumplings, truffle edamame dumplings, and the crowd-pleasing fried sushi (Yasai Futomaki Age). The menu also includes regional gems such as Larb Gai from northeastern Thailand, Burmese chickpea tofu, and original Kampung rice from Malaysia—offering something for every taste, including vegetarian and vegan options.

In addition to its diverse culinary offerings, Yuki’s acclaimed cocktail program brings a distinctive flair to the Sarjapur experience. To elevate the dining journey even further, Yuki’s mixologists thoughtfully craft signature drinks like the Geisha’s Garden, Pandan Teq-Tea, and the indulgent Fig & Cheese Old Fashioned. These creations not only complement the menu but also highlight the brand’s ongoing commitment to quality, creativity, and innovation in mixology.

The interiors of the Sarjapur outlet stay true to Yuki’s signature style—a fusion of authenticity and modern elegance. The designers drew inspiration from Japanese cherry blossoms and Neo Art Deco design, adorning the space with earthy tones, black-and-white flooring, and teal and pink furnishings. A recurring koi fish motif symbolizes Yuki’s journey of culinary excellence, while the prominent Yuki logo reinforces its strong brand identity.

“Our commitment to providing a memorable dining experience extends beyond the plate. The elegant interiors, influenced by Japanese cherry blossoms and Neo Art Deco design, create an ambiance that complements the exceptional flavors on offer. The koi fish motif, weaving its way through our outlets, symbolizes the journey of our culinary excellence from one location to another. Yuki is not just a restaurant; it’s an invitation to embark on a gastronomic adventure. We invite you to join us and explore the tantalizing world of Pan-Asian cuisine, where tradition meets modernity, and every bite is a celebration of flavor,” said Sai Shivani and Priyesh Busetty, co-founders of Yuki.

With its distinctive fusion of bold flavors, inviting hospitality, and immersive design, Yuki’s new Sarjapur outlet is set to become a culinary landmark in the neighborhood. Signature offerings such as cream cheese dumplings, fried sushi, Larb Gai, Kampung Rice, and the decadent Japanese cheesecake take guests on a flavorful journey through some of Asia’s most cherished culinary traditions.

The thoughtfully designed space features cozy, intimate corners ideal for lingering over cocktails or sharing small plates, making it a destination not just for dining—but for connection, conversation, and memorable experiences.

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