The promoters of Godrej Industries are setting up a family office to invest in new-age businesses, with an aim to pursue riskier bets in unrelated segments and incubate new ideas. According to a report by Mint quoting Nadir Godrej, the family office will commence its operations with an initial corpus of a few hundred crores, and will raise additional funds as opportunities emerge. The move comes after Godrej’s consumer products arm was investing 100 Cr rupees to anchor the early stage fund Early Spring. Godrej’s family office and investment plans also come as Indian startup funding plummeted 66% to $888 Mn in April 2023.
ONDC to test Zomato’s dominance; may hit valuation
Zomato shares may see limited upside in the near-term amid news-flow around government-backed ONDC expanding its footprint in the delivery market. Zomato shares have dropped 4 per cent in three days on the BSE. By comparison, the benchmark S&P BSE Sensex has added 0.2 per cent. Zomato may have to compromise on the margins whenever ONDC scales up. Its valuation multiples may see up to 20 per cent correction, analysts have said. This could make ONDC emerge as a strong competitor to Swiggy and Zomato.
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