Oda, the Norway-based online supermarket delivery startup, has confirmed layoffs of 150 jobs as it drastically scales back its expansion ambitions to focus on just two markets, its homebase and Sweden, the homebase of Mathem, an online grocery that Oda merged with last year.
Online grocery is hard — complex orders with perishable items and a multi-temperature supply chain in a highly price sensitive category,” Oda’s CEO, Chris Poad, wrote on LinkedIn last week (before the layoffs were announced).
Prior to the pandemic, Oda – founded in 2013 – carved out a place for itself as one of the strong regional players in online grocery delivery in Europe.
But by late 2022 Oda was raising $151 million at a valuation of $353 million.
Local publication e24 says Kinnevik and other existing backers Summa Equity and Verdane are expected to provide the bulk of the NOK600 million ($57 million) Oda is reportedly raising.
Indian quick-commerce startup Zepto has surpassed the annualised sales milestone of $1 billion within just 29 months of its inception, Goldman Sachs wrote in a note Thursday, citing the Zepto management.
Zepto, which became a unicorn last year, counts YC Continuity, StepStone Group, Glade Brook Capital and Lachy Groom among its backers.
“Overall EBITDA margin for Zepto is at negative single-digit percentage and the company is on track to break even at the EBITDA level within the next quarter.
The company expects steady state contribution margin of 12%, with steady state EBITDA margin of 7%,” the report added.
Zepto believes it can expand into 40-50 cities over time,” the report added.
Thrive Market is well, thriving.
The billion-dollar e-commerce company splashed onto the scene in 2016 with its idea of online grocery delivery.
Nick Green, one of the company’s co-founders, stopped by Found to chat about his company and the market’s evolution since he first launched it.
This argument is what helped Thrive Market become the first online grocery retailer that the USDA approved to accept food stamps.
Thrive Market had to raise money from content creators and influencers until VCs picked up on the craze.
It has heavily invested in its supply chain infrastructure over the years, with a particular focus on reducing delivery times for grocery items.
Quick-commerce accounts for about 40% of the online grocery delivery category, the analysts said.
“Quick commerce with a potential TAM of ~$45 billion (~7% of the grocery market of $620 billion),” they wrote.
We estimate quick-commerce GMV to grow to $6.2 billion by 2025.”Indian news outlet Entrackr first reported some of the details of Flipkart’s instant commerce play Thursday.
We constantly work towards delivering a wide range of products to customers with speed,” a Flipkart spokesperson said.
Poor grocery demand forecasting is responsible for more waste than you might expect.
It’s not only bad for the environment — food waste is a major source of carbon emissions — but costly for grocers.
Per Retail Insights, food and grocery retailers lose up to 8% of revenues through inadequate inventory availability.
“Food waste and food security are issues that Jack and I care deeply about, and we were really excited about an opportunity to actually address food waste at its core,” Wang said.
But Wang says that Guac is differentiated both by its dedication to transparency and its intense fine-tuning of forecasting models.
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