Top 5 tech and startup stories of the day

Beverage brand Lahori has raised Rs 200 crore from Motilal Oswal Wealth. This and more in today’s ETtech Top 5.

Also in the letter:
■ DoorDash’s European push
■ OpenAI to cut Microsoft share
■ Microsoft’s attrition reset
Beverage brand Lahori raises Rs 200 crore from Motilal Oswal Wealth, valuation jumps three-fold to Rs 2,800 crore
Saurabh Munjal , CEO, Lahori

Chandigarh-based beverage brand Lahori has bagged Rs 200 crore in primary funding from Motilal Oswal Wealth, as per regulatory filings.

Deal details:

• The latest investment values Lahori at Rs 2,800 crore, a threefold jump from its Rs 900 crore valuation in 2022.
• ET first reported in October 2024 that the company was closing a Rs 400 crore round through a mix of primary and secondary share sales involving investors such as Motilal Oswal.

Financials: Lahori’s valuation surge reflects strong business performance.

• The company reported an operating revenue of Rs 312 crore in FY24, up 47% year-on-year, while net profit tripled to Rs 22 crore.
• It is estimated to have surpassed Rs 500 crore in revenue in FY25.

Tell me more: Lahori plans to use the new funds to expand its daily production capacity from 5 million to 8 million bottles. Over 95% of the company’s revenue comes from offline channels, though it has recently started selling on quick commerce platforms.

Zooming out: India’s non-alcoholic beverages market, which includes carbonated drinks, water, juices, and sports drinks, is projected to grow from about Rs 67,000 crore today to Rs 1.5 lakh crore by 2030, according to the Indian Beverage Association.
Info Edge’s stakes in Zomato, Policybazaar valued at Rs 31,500 crore
Sanjeev Bikhchandani, cofounder, Info Edge

Naukri parent Info Edge’s stakes in Zomato and Policybazaar are valued at Rs 31,500 crore (around $3.7 billion) as of March 31, according to cofounder Sanjeev Bikhchandani. The Noida-based firm had initially invested Rs 1,075 crore (about $126 million) in these two companies.

Sold stakes during IPO: Despite selling over Rs 3,000 crore in Zomato during its 2021 IPO, Info Edge retains a substantial holding, which continues to form a significant part of its overall portfolio.

Total investments in startups:

• The company has invested Rs 3,959 crore ($467 million) in startups through its balance sheet and venture fund. It estimates the fair market value of these investments at Rs 36,855 crore (roughly $4.3 billion).
• Bikhchandani noted that Info Edge has been backing early-stage tech startups since 2007. These investments now account for an estimated 30-40% of the company’s overall value, second only to its flagship platform Naukri.com.

Investment portfolio:

• Info Edge has backed 111 companies, with 76 attracting institutional co-investors or follow-on investors.
• Its portfolio includes startups such as TrueMeds, Geniemode, Attentive.ai, Aftershoot, Mirana, Osfin, and InPrime–many of which have secured follow-on funding from leading investors like Accel, Peak XV Partners, Matrix, Westbridge, Tiger Global, and Multiples PE.

Also Read: Startups going public will turn profitable in three years, says Sanjeev Bikhchandani
DoorDash heads to challenging Europe with Deliveroo purchase

US-based DoorDash will acquire UK rival Deliveroo for $3.9 billion to expand its European footprint. But cracking the continent won’t be easy, with Uber Eats and Just Eat Takeaway already well ahead.

What's the deal: DoorDash, seeking to grow beyond its core US market, will buy Deliveroo to extend its reach to 40 countries. The deal comes amid a wave of consolidation in the food delivery sector, which has slowed since the pandemic boom. Amazon, which owns a 14% stake in Deliveroo, may consider a counterbid.

Zoom out: The sector has seen a flurry of recent activity. Uber Eats is set to acquire 85% of Turkish food and grocery platform Trendyol Go in a $700 million cash deal. Prosus NV agreed to buy Amsterdam’s Just Eat Takeaway.com NV in February for €4.1 billion. Last November, billionaire Marc Lore’s Wonder Group Inc. completed its $650 million acquisition of Chicago-based Grubhub from Just Eat Takeaway.com.

Road ahead: DoorDash still heavily relies on US revenues, but it now faces fierce European competition from entrenched rivals like Uber Eats and Just Eat Takeaway. Yet, its sheer scale could give it an edge in the fragmented UK delivery market, said Mandeep Singh, senior industry analyst at Bloomberg Intelligence.
OpenAI plans to slash revenue share to Microsoft
( L-R) Sam Altman, CEO, OpenAI and Satya Nadella, CEO, Microsoft

OpenAI has told investors that it plans to significantly reduce the share of its revenue allocated to key backer Microsoft as part of ongoing restructuring efforts, The Information reported.

What’s happening: In financial forecasts shared with investors, OpenAI revealed it aims to halve the percentage of revenue shared with Microsoft by 2030.

• The company is committed to sharing 20% of its revenue with Microsoft through that year.
• However, it now plans to cut this figure to 10% – not just for Microsoft but also for several other commercial partners.

Recent developments: This move follows OpenAI's decision to remain under nonprofit control, reversing its earlier, controversial plan to transition to a for-profit structure.

This decision defies investor pressure for a shift to a traditional for-profit model, which would have allowed OpenAI to offer equity to top talent and attract greater investment.
Microsoft not to rehire ousted employees for two years, considers departures ‘good attrition’

Microsoft has introduced a two-year ban on rehiring employees dismissed for performance-related reasons, marking a shift in its approach to workforce quality and retention.

More details: This policy applies exclusively to staff let go due to underperformance. Internally, the company now refers to these departures as “good attrition”, mirroring Amazon’s concept of “unregretted attention,” which tracks employees the company is comfortable losing each year.

Zoom out: The move reflects a broader trend across the tech sector, where firms are doubling down on performance standards and trimming headcount. Meta, Google, and TikTok have all carried out similar cuts with an eye on efficiency.

What else: The policy follows reports last month that Microsoft is planning more job cuts in May, focusing on middle management. The company aims to rebalance its workforce by increasing the proportion of engineers relative to non-technical roles.