Happy Monday! Hope everyone had a relaxing weekend.

Welcome to the first official edition of “Up n’ Running,” India’s first all-encompassing business newsletter (and it’s free!).

Our goal is to help you understand what’s happening in India and worldwide every day, in 5 minutes or less.

With that in mind, let’s dive into today’s edition!

P.S. This newsletter is a work in progress, so we’d love any feedback you may have regarding layout, news stories you want covered, etc.! You can reach us by simply replying to this email :)

- Ruchrngd Sharma & Shatakshi Sharma

📊 Markets

🇮🇳 India

🌍️ International

🚚 In the Blink of an eye

In a significant development, Goldman Sachs estimates that Zomato's quick commerce arm Blinkit is now more valuable than the company's core food delivery business, based on its sum-of-the-parts analysis. 

The investment bank pegs Blinkit's implied value at a staggering $13 billion or INR 119 per share, eclipsing Zomato's food delivery valuation of INR 98 per share.

This remarkable surge in Blinkit's valuation from just $2 billion in March 2023 is driven by the immense growth potential of India's burgeoning quick commerce market. Goldman forecasts Blinkit's gross order value to grow at a blistering 53% CAGR between FY24-FY27, outpacing the overall online grocery market's 38% projected CAGR over the same period.

The report also cites several factors fueling quick commerce's rise in India: 

• A large unorganised grocery sector, high urban population density; and

• Attractive delivery cost-to-order value ratios enable competitive pricing and speedy deliveries. 

Looking ahead: While quick commerce boomed globally during the pandemic before cooling, India continues bucking the trend. 

Unique dynamics like an unorganised retail landscape and favourable demographics coupled with appealing unit economics set India apart, analysts note. The country could potentially leapfrog modern retail and transition directly to quick commerce.

Goldman estimates the addressable quick commerce market in India's top 50 cities alone at $150 billion as of 2023, with room for up to five profitable players by FY30 despite intense competition from deep-pocketed rivals like Swiggy's Instamart and Zepto.

Read more: TechCrunch

 ✈️ Flying high

The Indian aviation industry is soaring to new heights (literally and figuratively) with a flurry of massive aircraft orders from domestic carriers over the past 15 months. 

Driven by surging demand for air travel, Indian airlines have collectively inked deals for 1,150 new planes, with total orders including purchase rights amounting to 1,590 aircrafts.

The latest order came from IndiGo on April 25th for: 

• 30 Airbus A350-900 widebody jets worth an estimated $4-5 billion - the carrier's first-ever widebody purchase; and

• An additional 70 A350s. This follows the airline's record $55 billion order last June for 500 A320neo family planes from Airbus.

But IndiGo was merely following the lead of the newly revamped Air India, which kicked off the ordering frenzy in February 2023 with: 

• A combined 470 planes ordered from Airbus and Boeing, potentially worth $70 billion. 

• The orders include 250 Airbus and 220 Boeing jets, along with 370 options and purchase rights.

Not to be left behind, new entrant Akasa Air joined the party in January this year with a $20 billion Boeing order for 150 737 MAX aircraft.

Overall: This unprecedented shopping spree highlights: 

1. Indian carriers' ambitious growth plans to meet the country's insatiable travel demand as new airports come up. With over 1,500 confirmed orders already, the order books may continue swelling in the years ahead.

2. A once-in-a-generation investment blitz by Indian aviation unparalleled globally. Whether this bet pays off hinges on the industry's ability to fuel the country's travel aspirations profitably.

Read more: India Today

🗞️ Bite-sized summaries

🚗 Maruti Suzuki continues its strong performance - Maruti Suzuki achieved remarkable milestones in the fiscal year 2023-24, reporting a 47.8% surge in fourth-quarter net profit to Rs 3,877.8 crore and crossing the historic 2 million mark in annual sales volume for the first time. The company retained its position as India's top exporter of passenger vehicles for the third consecutive year, with total sales of 2,135,323 units, including 1,852,256 domestic units and 283,067 exported units. Maruti Suzuki not only hit record highs in sales volume, exports, net sales, and net profit but also proposed a record dividend of Rs 125 per share, reflecting its strong financial performance and commitment to shareholders. With a 50% return for investors over the past year, the company's shares closed at Rs 12,760 on the NSE.

👓️ Lenskart bags $5B valuation - Lenskart, the leading Indian eyewear brand, is reportedly in talks with Singapore's Temasek and American firm Fidelity for a $200 million investment through a secondary share sale that could value the company at around $5 billion - over three times the market cap of US rival Warby Parker. Existing investor Temasek is expected to lead the round with $125-150 million, while Fidelity will contribute the remaining amount in its first investment in Lenskart. The deal may also see partial exits by early investors like TR Capital, KKR, and Avendus, though SoftBank is unlikely to divest its 16.5% stake. The potential transaction comes amid Lenskart's robust financial performance, with estimated FY24 revenue of ₹5,500 crore after doubling in FY23 to ₹3,780 crore with a ₹260 crore profit.

🏭️ Is India the next manufacturing hub? Siemens executives highlight India's promising potential to become a global manufacturing hub, driven by the country's focus on bridging infrastructure gaps and leveraging its talented workforce. The German industrial giant aims to support India's growth by providing smart infrastructure solutions, forming strategic partnerships in sectors like semiconductor manufacturing, and driving innovation through AI and software development. India's IT capabilities, investments in manufacturing, skilled youth, and language advantage make it an attractive destination. Siemens is tapping into India's AI talent for efficiency gains, product simplification, and data-driven sustainability efforts across industries like energy, mobility, and pharmaceuticals. Despite global economic headwinds, the company remains bullish on India's discrete manufacturing prospects and sees long-term growth opportunities amid the AI revolution and transition to sustainability.

What else is cookin’?

What’s happening in India (and around the world 🌍️)

• India is racing ahead in the AI race.

• Oil prices fall again after US inflation concerns.

• Tesla’s entry into India’s EV m.arket will be ‘good news’ for the country, says MG Motor India

• Voter turnout slumps, Modi ‘wave’ missing from India’s 2024 polls.

• ICICI Bank Q4 net profit jumps 17.4%, boasts improvement in asset quality.

• Is America’s Airchat the next Clubhouse?

• Private banks are grappling with rising IT expenses amid a surge in transactions.