Online two-wheeler marketplace and financing platform Bike Bazaar has raised a debt of INR 25 Cr (nearly $3 Mn) from financial services company MAS Financial. 

As per Registrar of Companies (RoC) filings accessed by Inc42, the startup’s board passed a special resolution to allot 2,500 non-convertible debentures (NCDs) to MAS Financial at an issue price of INR 1 Lakh each. This translates to a cumulative sum of INR 25 Cr. 

As per the filings, Bike Bazaar raised the debt investment at an interest rate of 10.7% per annum for a tenure of 30 months. 

The development was first reported by Entrackr. 

Founded in 2017 by Srinivas Kantheti and Karunakaran Vadakkepat, Bike Bazaar operates an online marketplace for buying and selling pre-owned two wheelers. It also offers loans for buying new as well as old two-wheelers.

The startup also claims to provide electric three-wheeler loans and electric bikes on rentals.

The startup last raised $30 Mn in its Series D funding round last year from DEG, the investment arm of German state-owned development bank KfW, Women World’s Banking Asset Management (WAM), Elevar Equity, and Faering Capital. 

Overall, Bike Bazaar has raised over $101 Mn in funding since its inception. 

Bike Bazaar claims to have touch points spanning 100 locations across the country. It claims to have so far disbursed loans worth INR 3,400 Cr to 64 Lakh customers. 

Bike Bazaar reportedly trimmed its net loss by 21% to INR 43 Cr in the fiscal year ended March 2023 (FY23) from INR 55 Cr in FY22. Revenue from operations rose 20% year-on-year (YoY) to INR 180 Cr in FY23. 

With the fundraise, Bike Bazaar has joined the growing list of Indian startups that have raised debt in the recent past as funding winter and adverse macroeconomic pressures continue to loom over the startup ecosystem.

Earlier this week, Inc42 reported that logistics startup Ripplr has received board approval to secure INR 40 Cr in debt from IPO-bound Northern Arc. Prior to that, edtech unicorn upGrad was also said to be planning to raise INR 287.5 Cr in debt from financing platform EvolutionX Debt Capital.

In June, NBFC Northern Arc Capital raised $75 Mn in debt from Dutch entrepreneurial development bank FMO. Omnichannel jewellery brand Bluestone also bagged INR 100 Cr debt from Neo Markets last month. 

The post Bike Bazaar Raises INR 25 Cr Debt From MAS Financial appeared first on Inc42 Media.

Listed logistics major Delhivery has alloted 36,525 stock options under the Delhivery Employees Stock Option Plan 2012.

“… the Nomination and Remuneration Committee of the Board of Directors of the Company has approved the grant of 36,525 stock options under Delhivery Employees Stock Option Plan 2012 (“ESOP-2012”) to the eligible employees of the Company on Tuesday, July 02, 2024,” the startup said in an exchange filing.

The stock options would vest over a period of four years from the date of grant. 

While 10% of the newly granted ESOPs will vest on completion of 12 months from the date of grant, 30% will vest within 24 months. The remaining stock options will vest at a rate of 15% every 6 months thereafter.

As per the stock’s last closing price on Tuesday, the new stock options are valued at over INR 1.45 Cr.

Last month, Delivery allocated 11.06 Lakh ESOPs. 

Back then the startup said it issued over 2.85 Lakh equity shares under Delhivery ESOP 2012, over 3.49 Lakh equity shares under ESOP II 2020, and over 4.70 Lakh equity shares under the ESOP III 2020 scheme.

Prior to that, in May, the startup issued 75,000 stock options under ESOP-2012.

It is pertinent to note that Delhivery incurred a consolidated loss of INR 69 Cr in Q4 of FY24 as against a net profit of INR 11.7 Cr in the preceding quarter. Revenue from operations declined 5% on a quarterly basis to INR 2,076 Cr in Q4 on the back of a reduction in express parcel and cross-border service volumes.

ESOPs are used by organisations, especially startups, to reward and retain employees. In recent times, a number of listed new-age tech startups have announced allotment of ESOPs.

For instance, Paytm allotted over 87,000 ESOPs in May, while Policybazaar parent PB Fintech allocated over 48 Lakh ESOPs in June.

Besides, a number of startups, including DeHaat, XYXX, and Purplle, have announced ESOP buyback programmes in recent times to provide liquidity to employees.

Shares of Delhivery ended today’s session 0.38% lower at 397.95 on the BSE.

The post Delhivery Expands ESOP Pool With Allotment Of 36,525 Stock Options appeared first on Inc42 Media.

The home decor industry in India is undergoing a major transformation on the back of the growing D2C wave in the country. Ten years ago, when D2C wasn’t the norm, home furnishing meant buying local products or visiting premium offline stores. 

Then came the online shopping spurt and brands like Pepperfry and Urban Ladder entered the fray, serving customers at the comfort of their doorsteps. But this was not enough, as these brands had an unquenchable thirst to grow, so they invested heavily in moving offline, too. 

From 2018-2019 onwards, D2C brands like Trampoline, Chumbak and The Decor Kart emerged, meeting evolving consumer demands with diverse home decor solutions such as eco-friendly products, garden decor, bath essentials, kitchen utilities. 

In the same league emerged Nestasia, aiming to bridge the gap between low-quality local stores and high-end boutiques by offering a fresh perspective on home adornment.

Founded in 2019 by Aditi Murarka and Anurag Agarwal, Nestasia is a home decor brand, which offers products such as decor, bath, crockery, garden accessories, and kitchen utilities. 

Unlike other marketplaces, the Kolkata-based startup operates a full-fledged D2C business, buying products from Indian artisans and selling them directly to customers. It primarily sells on Amazon and Myntra and is also present on TataCliq, Pepperfry, and Nykaa.

The D2C brand generates revenue through shop-in-shops in modern trade and its own app, live on both the App Store and Play Store. It achieves 98% of its sales from digital channels and 2% from five offline stores. Its revenue is evenly split between Tier II cities and metros, with key markets in Maharashtra, Delhi NCR, and Karnataka.

Starting with 100-200 products, the D2C brand now offers about 4,500 items across six categories, fulfiling over 3 Lakh orders. According to Tofler, the company’s operating revenue increased by 63.8% from INR 21.90 Cr in FY22 to INR 35.88 Cr in FY23.  

The startup has raised $4 Mn from Stellaris Venture Partners, Varun Alagh of Mamaearth, Sahil Barua of Delhivery, and Anuj Srivastava and Ramakant Sharma of Livspace.

From Changing Homes To Nestling Nestasia

Before founding Nestasia, Aditi Murarka, an XLRI Jamshedpur alumna, worked as an associate manager at ZALORA Group in Singapore, where she handled strategy and planning for the company. 

Her job demanded frequent movement between Hong Kong and Singapore. And in a span of four years living outside India, she had already changed her house more times than she can remember.

However, she had always enjoyed setting up and decorating her abode. Slowly and gradually Murarka developed a deep passion for home decor products, so much so that the husband and wife duo then decided to pick this full time. 

They envisioned to build a brand that offered unique, contemporary, and premium quality home decor products. 

After a year of research, Murarka returned to India in 2019 to pursue her vision. In the same year, she launched Nestasia, seizing the opportunity presented by the rise of ecommerce and increasing interest in home decor.

Agarwal, who previously worked in equities trading at Goldman Sachs, joined her shortly before the Covid-19 pandemic began in early 2020. 

Initially, they started with a lean team, and the husband-wife duo relied on their savings to bootstrap the venture.  

Also, at the outset, the startup aimed to fill the gap in the homeware market by offering a wide variety of products. “We added a lot of SKUs because we aimed for variety. However, we realised that it wasn’t the width or variety that attracted customers but rather the quality and design of the products,” Murarka added. 

So, the cofounders decided to fine-tune their assortment, reducing it from 10,000-12,000 SKUs in 2023 to around 4,500 SKUs in 2024, ensuring each product was design-driven and of high quality.

The cofounders then banked on launching home decor products for seasonal and special occasion launches. The combination of a seasonal, design-driven approach became the brand’s USP.

The Pandemic Shot In The Arm

Just four to five months after its launch, the Covid-19 pandemic struck the world. During this time, Nestasia’s supply chain took a severe hit, making it almost impossible for the cofounders to fulfil customer orders (even though few). 

Now, with imports stuck and delivery services halted, the team often had to pack and ship products themselves. The gap between running out of stock and receiving replenishments was another significant challenge faced by the brand.

“To maintain customer trust, Anurag and I personally called every customer who placed an order, explaining the delays and reassuring them of eventual delivery,” Murarka said.

But, the cofounders were clever to read the market and amidst a series of challenges, they shifted their focus on crafting engaging content on social media. They started DIY projects to engage with their audience, which resulted in them building a strong social media presence. 

This content-first approach led to the creation of an in-house content team that still produces high-quality content, driving about 15% of referrals and conversions from social media.

This was also the time when Nestasia achieved its first 100 orders.  

Nestasia’s Product Folio

According to the cofounders, the startup today has been successful in positioning itself as a premier home and lifestyle product destination. 

Offering a wide array of products, from dining ware and kitchen essentials to decor items like candles and mirrors, bath accessories, soft furnishings, and now bags and accessories, the startup aims to establish itself as the go-to destination for all things home-related.

Murarka mentioned that previously, dining and kitchen formed a single category, representing 100% of their business. However, in April 2022, with the addition of new categories, the kitchen segment swiftly transitioned to constituting 25% of their business. It currently contributes to 45% of their revenue.

Transitioning to a design-driven focus, the startup launched visually appealing lunchboxes in 2023, meeting demands for quality and aesthetics. This success prompted an expansion into other offerings like shopping bags, organisers, and vanity boxes.

Currently, the cofounders have an in-house production unit for bags and accessories in Kolkata. The startup’s bags and accessories segment accounts for approximately 18% of its total revenue.

The Road Ahead

Notably, the home decor industry is experiencing a notable shift, with the online market projected to grow to $5.4 Bn by 2025.  To capitalise on this opportunity, the startup is focussing on growth strategies, including optimising product distribution, reducing logistics costs, expanding its presence across all channels, and significantly increasing offline expansion. 

The startup, currently operating five stores, aims to open five more this year and reach approximately 40 stores by next year. The cofounders have already finalised deals for upcoming locations, targeting Airia Mall in Gurgaon, DLF Mall of India in Noida, and potential sites in Pune and Mumbai. To facilitate this expansion, the cofounders are experimenting with store size, assortments, and locations to enhance the customer experience.

In the home decor segment, the startup competes with companies such as Trampoline, The Purple Turtles, Chumbak, Vaaree, Pepperfry, Furlenco, and Urban Ladder.

Additionally, the startup aims to offer a seamless online-offline shopping experience by allowing customers to pick up online purchases in-store and vice versa. 

The startup is also working on implementing loyalty programmes and enabling customers to place orders through their app for home delivery, enhancing convenience and flexibility for shoppers.

By increasing scale and efficiency, the startup plans to become EBITDA positive by 2025.

Looking ahead to FY25, Nestasia aims to prioritise expanding offline stores and enhancing branding efforts.

[Edited by Shishir Parasher]

The post How Nestasia Aims To Become The Go-To Brand For All Home Decor Needs appeared first on Inc42 Media.

Taking a suo motu cognizance over alleged discrimination by Foxconn which reportedly excluded married women from jobs at its Tamil Nadu plant, the National Human Rights Commission (NHRC) has issued notices to the central labour ministry and the state government, seeking a detailed report in the case.

“NHRC observes that the matter, if true, raises a serious issue of discrimination against married women causing the violation of the right to equality and equal opportunity,” the commission said in a statement. 

‘Suo motu cognizance’ allows a government entity to take notice of a matter without receiving a formal petition or complaint. 

The NHRC has taken the contents of the media reports, which were published on June 26, as its base for undertaking the action. 

Finding the reported incidents to be a severe lapse in the observation of right to equality and equal opportunity, the commission has issued notices to the Labour Ministry’s secretary and Tamil Nadu’s government’s chief secretary, calling for a detailed report in the matter within July 7.

At the heart of the matter is a Reuters’ report which alleged that the Apple’s India vendor was excluding married women from jobs at its plant on the grounds that they have more family responsibilities compared to unmarried counterparts. 

However, the Taiwanese electronics manufacturer has refuted the allegations of any discriminatory hiring practices, cognizance of which has also been taken by the commission. 

On June 26, the Labour Ministry also wrote to the state government, seeking a detailed report on the matter. The ministry said that the allegations, if true, would be a clear violation of the Section 5 of the Equal Remuneration Act, 1976. The provision stipulates no discrimination in recruitment on the basis of gender. 

The matter has picked up steam since the report, even reaching the parliament. On June 29, Reuters reported that the Indian National Congress also urged the central government to question Foxconn about its hiring practices. Member of Parliament (MP) Karti P Chidambaram wrote a letter to the labour minister DR Mansukh Mandaviya urging the ministry to take steep action against the Apple supplier. 

“While foreign investment is crucial, it should not come at the cost of disregarding our cultural values,” his letter, which was posted on X, read. 

The post NHRC Takes Suo Motu Cognizance Of Alleged Hiring Discrimination At Foxconn appeared first on Inc42 Media.

Former SoftBank managing partner Lydia Jett has rejoined Flipkart’s board as an independent director, a regulatory filing by the company showed.

Moneycontrol reported the development first.

Jett had been representing SoftBank’s Vision Fund on Flipkart’s board since 2017. However, she departed from the company’s board after stepping down from the managing partner position at SoftBank Investment Advisers in February 2024.

It is pertinent to note that SoftBank had sold its almost 20% of stake in Flipkart to Walmart in 2018 but returned to its captable with a co-investment of $3.6 Mn in 2021.

Jett will be the newest addition to Flipkart’s board, which includes Flipkart group chief executive Kalyan Krishnamurthy, HDFC chief executive Keki Mistry, along with senior Walmart executives.

The development comes amid senior management reshuffle and mass layoffs at Flipkart as the company shifts its focus to profit.

Earlier this year, Flipkart cofounder Binny Bansal stepped down from the company’s board due to a conflict of interest between his new B2B startup OppDoor and Flipkart.

The same month, reports said that Flipkart was planning to eliminate 5-7% of its workforce to cut costs.

Speaking at an investor conference in London last month, Walmart’s chief financial officer (CFO) David Rainey said Flipkart witnessed double-digit growth during the quarter ended April 2024 (Q4 FY24), adding that the ecommerce giant was on “path to profitability”.

Flipkart recently made its second bet on India’s fintech space with the beta launch of Super.Money. The app allows users to make UPI transactions and offers cashback returns of up to 10% on Flipkart, Myntra and Shopsy.

Amid a rise in demand for instant delivery services, Flipkart is also planning to make its foray into the quick commerce space to take on the likes of Swiggy Instamart, Blinkit and Zepto.

The post Former SoftBank Managing Partner Lydia Jett Rejoins Flipkart’s Board appeared first on Inc42 Media.

Beauty ecommerce marketplace Purplle has raised INR 1,000 Cr (about $120 Mn) in a funding round led by a subsidiary of the Abu Dhabi Investment Authority (ADIA). 

The round, which was a mix of primary and secondary share sale, also saw participation from other investors, the startup said in a statement, without disclosing their names.

While the startup didn’t disclose the valuation at which the funds were raised, a report last month said that it would be valued at $1.2 Bn-$1.3 Bn.

Commenting on the funding, Purple cofounder and CEO Manish Taneja said, “We will constantly innovate and leverage our technology and data capabilities to provide our customers with the best omnichannel experience. In increasing its shareholding in Purplle, ADIA has continued to support us as we pursue our vision of building a sustainable and profitable business.”

In addition to the funding round, Purplle announced its largest-ever Employee Stock Ownership Plan (ESOP) liquidity programme, offering liquidity of INR 50 Cr to its employees. 

Purplle said it has granted ESOPs to 320 employees till date, of which 85 have liquidated INR 75 Cr worth options across three buybacks. In the new ESOP liquidity programme, 26% of beneficiaries are women.

Founded in 2012 by Manish Taneja and Rahul Dash, Purplle sells beauty products and appliances. It sells products of several D2C brands, including Plum, WOW Skin Science, mCaffeine, Maybelline and SUGAR Cosmetics, on its platform.

Purplle claimed it has quadrupled its gross merchandise value (GMV) in the last three years. “Purplle is operationally profitable and expects to grow its online platform faster than the industry while scaling offline stores and improving profitability,” it added.

The startup saw its operating revenue rise 116% to INR 474.9 Cr in the financial year 2022-23 (FY23) from INR 219.8 Cr in FY22. However, net loss grew 13% to INR 230 Cr during the year from INR 203.6 Cr in FY22.

The Indian beauty and personal care (BPC) market is projected to reach a size of $30 Bn by 2027, growing at an annual rate of 10%, making it the fastest-growing among large economies. Major players like Nykaa, Myntra, Mamaearth, and Tira are intensifying efforts to capture market share. 

Reliance Retail ventured into the beauty and personal care (BPC) market last year with Tira, an omnichannel platform. Since then, it has expanded Tira’s offline presence to 10 stores across major cities in India. In April, Tira introduced two private labels. 

Meanwhile, Nykaa said its owned brands in the beauty segment grew 39% in FY24. 

As a result, investors are making a beeline to infuse capital in the startups in the beauty and personal care space. 

In June, D2C beauty brand RENEE Cosmetics raised INR 100 Cr (around $11.9 Mn) in its Series B1 funding round co-led by existing backers Evolvence India and Edelweiss Group. In the same month, personal care major Lotus Herbals floated a $50 Mn fund to invest in early stage startups in the beauty category. 

Last month, D2C personal care startup 82°E raised INR 50 Cr (around $6 Mn) as part of its extended seed funding round.

The post Purplle Bags INR 1,000 Cr Funding From ADIA, Others appeared first on Inc42 Media.

Ecommerce major Amazon’s cloud computing services arm Amazon Web Services (AWS) has rolled out its space accelerator programme, aimed at fostering spacetech startups in India.

AWS India has set aside $100K to back 24 spacetech startups under its 14-week accelerator programme, the company said in a statement.

The programme will help in fostering early and growth-stage startups in the spacetech sector by providing them with dedicated technical expertise, specialised AWS training, and mentoring from space domain and technical experts. 

This also marks AWS’s first-ever space accelerator programme in India. 

The initiative will also help these startups to build secure and scalable solutions using AWS technologies in GenAI, ML, data analytics and more. Besides, they will be trained on go-to-market strategies, fundraising and business fundamentals.

“Applications for the programme were evaluated based on the uniqueness and innovation of the solutions of the startups, product-market fit, innovation and sustainability, the creative application of AWS technology, and the team’s ability to deliver on their vision,” the statement said.

AWS’s Director of the Aerospace and Satellite Business Clint Crosier said, “We specifically chose to hold this first country-focused space accelerator in India because we see extraordinary growth opportunities in the India space sector.” 

“There are a record number of new Indian space startups forming, there is strong support from the Government of India as evidenced by our MoU with ISRO and IN-SPACe, and India has some of the best educated and proficient talent in the world in the technical areas that encompass space,” Crosier added.

This development comes a year after Amazon signed an MoU with the Indian Space Research Organization (ISRO) and Indian National Space Promotion and Authorization Centre (IN-SPACe) to support spacetech innovations through cloud computing  

It was aimed at offering Indian spacetech startups with facilities such as research institutes and students with access to cutting-edge cloud technologies that accelerate the development of new solutions in the space sector.

According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, the sector is estimated to reach $77 Bn by 2030 at a 26% CAGR.

Here is a list of all the 24 spacetech startups which made it to the AWS India’s space accelerator programme

Advick AgVenture

Founded in: 2023

Founded by: Nitesh K. Tank

Headquarter: Ahmedabad, Gujarat

Advick AgVenture is a farmer-focused satellite-based remote sensing technology provider.

AERO2ASTRO

Founded in: 2017

Founded by: Ted Solomon

Headquarter: Chennai, Tamil Nadu

AERO2ASTRO operates a research platform intended to become an aerospace manufacturer and have a private rocket launch program. The company is currently operating in stealth mode.

Aeroin SpaceTech Pvt. Ltd.

Founded in: 2021 

Founded by: M S Ragul

Headquarter: Chennai, Tamil Nadu

Aeroin SpaceTech Pvt. Ltd. is an aerospace company that researches and educates on space engineering development.

Agnihotri Aerospace

Founded in: 2022

Founded by: Mahabaleshwar Bhat

Headquarter: Mangaluru, Karnataka

Agnihotri Aerospace is a startup focusing on payload delivery and soft landing technologies.

AkashaLabdhi Pvt. Ltd.

Founded in: 2023

Founded by: Siddharth Jena,

Headquarter: Roorkee, Uttarakhand

AkashaLabdhi Pvt. Ltd. provides users with a company that specialises in aerospace engineering and developing advanced aerospace technologies.

Blurgs AI

Founded in: 2020

Founded by: Roshan Raj

Headquarter: Bengaluru, Karnataka

Blurgs AI is a startup that provides marine data tracking solutions.

Brahmaandco Spacetech

Founded in: 2023

Founded by: Satish More

Headquarter: Mumbai, Maharashtra

Bramhaandco Spacetech focuses on lunar exploration and mining. They specialize in the research, development, and manufacturing of rovers and landers, with plans to establish mining operations in the near future.

CoralComp Pvt. Ltd.

Founded in: 2017

Founded by: Bakthyaruddin Ahmed Syed and Hafsa Mohsina

Headquarter: Hyderabad, Telangana

CoralComp Pvt. Ltd. offers weather analysis services tailored to the aerospace industry.

Cosmicport

Founded in: 2023

Founded by: Liwaans Amuthan

Headquarter: Thoothukudi, Tamil Nadu

Cosmicport focuses on developing Small Satellite Launch Vehicles and Earth Observation Satellites.

Cosmo Crawler

Founded in: 2018

Founded by: Yoga Raj

Headquarter: Chennai, Tamil Nadu

Cosmo Crawler is dedicated to creating reusable launch vehicles.

Expanse Cosmos

Founded in: 2023

Founded by: Mir Shaz Ali.

Headquarter: Delhi

Expanse Cosmos is a space tech startup building the next generation of launch vehicles for small satellites.

GISKernel Technologies Pvt. Ltd.

Founded in: 2019

Founded by: Akshay Loya

Headquarter: Pune, Maharashtra

GISKernel Technologies Pvt. Ltd. collects and analyzes comprehensive geospatial maps and datasets.

Inbound Aerospace

Founded in: 2023

Founded by: Aravind B, and Vishal Reddy

Headquarter: Chennai, Tamil Nadu

Inbound Aerospace provides a spacecraft platform that uses the unique microgravity environment of space to develop numerous things that are critical to life on Earth which can’t be efficiently manufactured on Earth. Its targeted customers include companies engaged in in-space manufacturing of products for earth applications pharmaceuticals, semiconductors, fibre optics, and carbon nanotubes among others.

Insight360.ai

Founded in: 2023

Founded by: R Om Prakash

Headquarter: Port Blair, Andaman and Nicobar Islands

Insight360.ai leverages advanced AI algorithms and satellite imagery to enhance military intelligence and global security through Geospatial Intelligence (GEOINT) solutions.

KosmosOne

Founded in: 2022

Founded by: Atharva Barbudhe

Headquarter: Suryatola, Maharashtra

KosmosOne is a space-tech startup offering solutions for space exploration. It claims to be working on developing an autonomous space station that will be equipped with robotic arms, AI-powered operations and reusable re-entry vehicles.

Omspace Rocket and Exploration

Founded in: 2020

Founded by: Ravindra Raj B. M.

Headquarter: Gandhinagar, Gujarat

Omspace Rocket and Exploration manufactures small rockets to carry nano and cube satellites to Low Earth Orbit.

Onnes Cryogenics Pvt. Ltd.

Founded in: 2021

Founded by: Rama Krishna Prasad Aluru and Vikram Srinivasa Raghavan

Headquarter: Hyderabad, Telangana

Onnes Cryogenics Pvt. Ltd. manufactures a wide range of cryogenic products for space, military, defence, and commercial industries.

Pramatra Space

Founded in: 2022

Founded by: Richa Hukumchand and Vinay Hukumchand

Headquarter: Bengaluru, Karnataka

Pramatra Space is an encryption systems for digital ecosystems and enterprises. It offers data security solution preventing data leaks, and loss using quantum technology.

Satlabs Space Systems

Founded in: 2023

Founded by: Saisree Eega, and Sooraj Gopakuma

Headquarter: Bengaluru, Karnataka

Satlabs Space Systems provides a data relay satellite constellation (type of communications satellite) for network access to machines on Earth and in space.

Sisir Radar

Founded in: 2022

Founded by: Tapan Misra (former Director of Space Applications Centre, ISRO and Physical Research Laboratory), Soumya Misra and Urmi Bhambhani.

Headquarter: Kolkata, West Bengal

Sisir Radar is a startup focusing on radar technology. It claims to have developed high-resolution Ground Penetrating Radars (GPR) promising to reshape remote sensing across various industries, setting new standards for data accuracy and accessibility.

Space Aura

Founded in: 2017

Founded by: Aakash Porwal

Headquarter: Mumbai, Maharashtra

Space Aura is a space tourism and human spaceflight company from India for the world. It claims to offer space travel inside Spaceship SKAP1. 

SpanTrik

Founded in: 2022

Founded by: Hitendra Singh and Kajal Rajbhar

Headquarter: Hyderabad, Telangana

SpanTrik is developing reusable rockets to offer affordable and reliable launch services for satellites.

Taramandal

Founded in: 2022

Founded by: Vineel Judson

Headquarter: Vishakhapatnam, Andhra Pradesh

Taramandal develops sensors and controllers for orbital vehicles, providing systems for nano and cube satellites, and calibration of sensing devices and transducers.

Thrustworks Dynetics

Founded in: 2023

Founded by:  Manan Joshi and Kalyani Shinde

Headquarter: Pune, Maharashtra

Thrustworks Dynetics designs and develops propulsion systems for aerospace applications.

The post Meet The 24 Indian Startups Which Made Into AWS Space Accelerator’s List appeared first on Inc42 Media.

Seventeen years is a long time in any era — for Flipkart most of this time was spent creating ecommerce in India. But now in 2024, ecommerce is more than just about marketplaces.

Flipkart and Amazon India created what was believed to be ecommerce for so long, but now things are changing and quick commerce is the belle of the ball. At the same time, ecommerce is also broadening and turning into digital commerce, that pretty much means selling anything and everything online — from electronics to fashion to unbranded products to insurance to travel and even personal loans.

The past year for Flipkart has been about seeing this market in transition. It tried some things to stay relevant, it reportedly looked to acquire startups that could fill the gap, but now Flipkart is going at it alone, launching its fintech product Super.Money in beta and is gunning for the quick commerce vertical next.

So this Sunday, we wanted to see how Flipkart is getting ready for the brave new digital commerce world. But first, here’s a look at the top stories from our newsroom this week:

• Indus Vs Google Play: Indian startups are growing increasingly wary of Google’s stronghold on the app ecosystem, and PhonePe’s made-for-India Indus Appstore is looking to become the alternative. Can PhonePe loosen Google’s grip?
• NODWIN’s Next Focus: Even as it commands 80% market share in the esports market, NODWIN Gaming is eyeing a wider presence in the youth-centric recreational entertainment space and plenty of acquisitions to get there

The New Flipkart 

When Flipkart started out in 2007, India’s internet economy was a newborn. It’s only come of age in the past eight to nine years after the 4G revolution made internet access ubiquitous for Indians. So it’s worth noting that for the first half of its existence, Flipkart was pretty much reliant on the consumers from metro cities.

And the truth is that Flipkart has always been chasing the ‘eight ball’ ever since this inflection point. That’s because even the internet revolution has not been as equal as many claim it to be.

Consumers could access Flipkart, but logistics problems needed to be solved. Cash on delivery suffered a disruption with demonetisation. UPI solved this issue to a large extent after 2016, but then marketplaces suffered setbacks in terms of policy decisions and ecommerce rules in 2017 and 2018.

When Walmart acquired Flipkart in 2018, it was seen as a major validation for the business, but things were changing on the ground.

By 2019, D2C brands were rising, and many bemoaned the over-reliance on marketplaces such as Flipkart, leading to alternative channels, native stores and more. This was of course as true for Amazon India as it was for Flipkart.

Covid was the next big disruption to Flipkart and in some ways, it changed ecommerce for good. As all commerce moved online, Flipkart found itself part of this growing and evolving ecommerce ecosystem. As the pandemic ripped through the economy, access to credit was a major gap to be solved. The digital lending boom is a testament to how large this gap was.

From 2021 onwards and increasingly in the past year, the game has moved to quick commerce, and cross-selling, which has once again sparked off a super app race. This is the moment that Flipkart finds itself right now, and it is arguable that it’s definitely moving towards becoming a super app itself.

Flipkart’s Fintech Dreams

The newest piece in the Flipkart universe is Super.Money, which has launched with UPI payments but will see other financial services soon.

The cross-selling strategy is obvious when you see the introductory offers on Super.Money, which include cashback rewards of up to 10% on Flipkart, Myntra and Shopsy.

The other financial products include a credit card offering in partnership with Utkarsh Small Finance Bank, a pre-approved personal loan service called “superCash”, and a fixed deposit offering “superDeposit”, which would also require banking partnerships.

As Inc42 reported earlier this year, Flipkart initiated the fintech app’s development in July 2023 and earmarked an investment of $20 Mn for the project. Back in January, the company rolled out personal loans on the Flipkart app, which will soon be offered through Super.Money.

This after the company launched UPI services to select users in March. In its first month, Flipkart recorded 5 Mn UPI transactions worth INR 197.24 Cr.

Flipkart’s full-fledged fintech entry comes a year after its demerger with PhonePe, and interestingly, PhonePe will be one of the biggest competitions for Flipkart, along with the likes of Paytm, CRED, Jio Financial Services (JFS) and others.

The launch is one thing, scaling it up will be critical. PhonePe invested billions of dollars in scaling it up, just like Paytm or Google Pay, Amazon Pay or others. While the market is undoubtedly large, competition makes it hard to acquire and retain users.

Quick Commerce Rebuffs

We’ve written about it before — Flipkart is looking to get third time lucky with grocery deliveries and quick commerce, after two relatively unsuccessful attempts over the past few years. But before venturing out on its own, the company looked at its options, as per reports.

First there were talks with IPO-bound Swiggy some time late last year, as reported this week. The talks fizzled out as the two giants failed to come to consensus over a valuation. Besides this, Flipkart is also said to have demanded a majority stake in Swiggy, which proved to be a roadblock to the deal.

Separately, Flipkart reportedly held talks with Reliance-backed Dunzo which was in a severe cash crunch throughout last year, and has scaled back to B2B deliveries only.

Flipkart also held talks with Zepto, which is currently in the quick commerce spotlight thanks to its massive fundraise and high valuations. These talks also failed due to a lack of valuation consensus.

The biggest factor behind Flipkart’s most recent push into quick commerce is the revenue outcome. Ten-minute deliveries are no longer just a fancy proposition, as they were in 2020 and 2021. Cumulatively, Swiggy Instamart, Zepto, Blinkit — the three biggest quick commerce platforms — are on track to report combined revenue north of $1 Bn in FY24, as we had reported earlier.

Flipkart’s next-day grocery delivery business clocked 1.6X year-on-year (YoY) growth in FY24, but the company did not share the revenue numbers for this vertical, which is said to be present in over 200 cities already.

Over the past two years, Flipkart has watched as quick commerce platforms demonstrated massive growth, and indeed even encroached on ecommerce territory in recent months with larger warehouses and plans to deliver large products and electronics, which have been the forte of marketplaces for so long.

Instead of relinquishing the opportunity, Flipkart wants to build it anew. It’s not alone, Reliance Retail and JioMart also have plans to extend their reach into quick commerce, so here again, Flipkart is faced with a massive revenue opportunity but strong competition with a foothold on a segment that will be new for Flipkart.

On The Prowl For Profits

For Flipkart, these two new verticals come at a critical moment. Some might call it a defining moment for the company, which seems strange given that it has been around for nearly two decades. But Flipkart cannot afford to wait too long.

Earlier this month, Flipkart majority owner Walmart said that the company (along with PhonePe) is heading towards profitability. Interestingly, Flipkart brought Google on board as a minority investor as part of the funding round led by the US-based retail giant.

In a statement, Flipkart said, “Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country.”

This points to Flipkart looking to scale up its various digital commerce verticals across categories. It needs to do a lot to get back into the black after years of losses.

Flipkart’s B2C arm saw a 42% YoY jump in revenue to INR 14,845.8 Cr in FY23, while its loss reduced 9% to INR 4,026.5 Cr. On the other hand, the B2B arm of the company saw its standalone net loss widen to INR 4,845.7 Cr in FY23.

Last year, the company went through a reorganisation and also laid off employees to cut costs. But the new fintech and quick commerce play will be critical for Flipkart in turning the ship around and heading in the direction of profits.

Neither fintech services nor quick commerce are saturated by any means — opportunities exist to disrupt the incumbents and gain a foothold. But execution will be key and both these segments require diligent focus and operational efficiency.

Flipkart has watched Indian ecommerce and digital commerce evolve for the past few years, and now it’s ready to jump in from the sidelines. Can the ecommerce giant find new wings 17 years after it took off?

Sunday Roundup: Tech Stocks, Startup Funding & More

• The weekly startup funding fell to $196 Mn this past week, a 75% decline from the previous week, when the tally was inflated by Zepto’s $665 Mn round
• The Ministry of Corporate Affairs (MCA) had to step in to clear speculation around BYJU’S being cleared of financial fraud and major corporate governance lapses reportedly after a ministry probe
• Zoomcar cofounder Greg Moran has been removed as the CEO of the company after a 12-year tenure as the Nasdaq-listed company faces regulatory scrutiny

• Adding to its product portfolio, Zomato has rolled out a restaurant services hub to plug in operational requirements such as hiring, regulatory requirements, taxation and trademarking
• Bhavish Aggarwal-led Ola is all set to roll out grocery delivery through ONDC on its app after seeing success with the food delivery pilot

The post Flipkart On The Chase Again appeared first on Inc42 Media.

Aligning with its broader strategy to diversify beyond phones, Apple supplier Foxconn is now reportedly planning to manufacture artificial intelligence servers at its facilities in India.

Citing people close to the matter, ET reported that Foxconn will likely use its existing manufacturing facilities in Tamil Nadu to manufacture AI servers in the country.

“They (Foxconn) can make pretty much anything since they are contract manufacturers, it could be phones, servers, or EV components. They are very nimble that way and currently servers are what they are bullish about,” a source was quoted as saying by the publication.

It is pertinent to note that Foxconn plays a key role in building AI servers for global technology giants such as Amazon, Google, Microsoft and Nvidia.

The development comes at a time when Apple supplier and Foxconn subsidiary Rayprus Technologies is looking to venture into the Indian market with a facility in Bengaluru.

The Taiwan-based company, responsible for assembling approximately 70% of iPhones and holding the title of the world’s largest contract manufacturer, is strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. 

Over the past year, Foxconn has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.

Earlier this week, the Ministry of Labour and Employment sought a detailed report from the Tamil Nadu government after an investigative report alleged that Foxconn has discriminatory hiring practices at its iPhone plant in the state’s facility. 

The ministry noted that the allegations, if true, would be a clear violation of the Section 5 of the Equal Remuneration Act, 1976. The provision stipulates no discrimination in recruitment on the basis of gender. 

Last year, Google also revealed its plan to manufacture Pixel smartphones in partnership with Foxconn’s Indian subsidiary and expects these devices to be out in the market in 2024.

The post Now, Apple Supplier Foxconn Plans Making AI Servers In India appeared first on Inc42 Media.

Ecommerce giant Flipkart said its users cumulatively spent more than 2 Mn hours engaging with its video commerce offerings between June 2023 and May 2024.

In a statement, the ecommerce major said that more than 75 Mn users watched videos while shopping on the app between January 2024 and June 2024 on its curated video sections ‘Liveshop+’ and ‘Vibes’. 

“… Flipkart’s video commerce offering is designed to meet an array of evolving needs, with the intention of not only creating an enhanced shopping experience but also addressing possible barriers that exist when it comes to online shopping,” said senior director of video commerce at Flipkart Neha Agrahari. 

The ecommerce major also said that video content is rapidly gaining ground across the country, particularly among millennials and GenZ, and women in Tier-II and III regions. 

As per Flipkart, Delhi NCR, Bengaluru, Mumbai, Hyderabad, and Kolkata led the charts in terms of engagement with its video commerce offerings. 

“The maximum viewership clocked (number of times the video was watched) on a single Live Commerce video was 1.4 Mn.” added Flipkart. 

The company also said that it is betting on its partnerships with influencers to drive its video commerce offering. In 2021, the company reported a 30% year-on-year growth in engagement with vernacular creators, making it a key component of their influencer marketing approach. 

The ecommerce major works with more than 500 influencers. Its video commerce offerings include influencer-led videos, product-focused informational videos, short-form content through Vibes, and real-time live streaming via LiveShop+.

While Flipkart has lately ramped up its focus on video commerce, the fate of the overall Indian live commerce brigade hangs in balance. The post-TikTok ban boom saw multiple local Indian players such as Moj and ShareChat emerge from the shadows and pick up hefty funding amounts. 

However, engagement numbers have dwindled in the presence of a resurgent Instagram. An Inc42 deep dive last year found that engagement levels of the Indian short-video platforms and live commerce companies is down by a big margin. 

On top of that, an absence of profitability and diminishing user base has raised questions over the viability of the space. Such has been the situation that ShareChat is seething under a funding crunch while Trell was under lens for financial irregularities. 

Meanwhile, MX TakaTak was acquired by ShareChart in 2022 as the latter now itself struggles with mounting losses and falling user engagement. 

On the other hand, there seems to be no clarity on how Flipkart’s competitor Amazon’s live commerce offering, which was launched in 2022, has been faring. 

While Redseer estimates the overall short-video user base to touch 600 Mn by 2025, questions remain over monetisation issues prevalent in the ecosystem. 

That said, Flipkart continues to strengthen its video commerce offerings at a time when it is on an expansion spree. Just a day earlier, it launched its fintech app super.money in beta mode, with an eye on launching other financial services soon.

Additionally, the company is also set to foray into the quick commerce space soon. However, this rapid expansion has come at a financial cost. Flipkart’s B2C arm reported a loss of INR 4,026.5 Cr in FY23, albeit down 9% YoY. 

The post Flipkart Says Video Commerce Offering A Big Success; 75 Mn Users Engaged In H1 2024 appeared first on Inc42 Media.

A day after a report alleged that Apple vendor Foxconn has discriminatory hiring practices at its iPhone plant in Tamil Nadu plant, the Ministry of Labour and Employment has sought a detailed report from the state government on the matter. 

The ministry noted that the allegations, if true, would be a clear violation of the Section 5 of the Equal Remuneration Act, 1976. The provision stipulates no discrimination in recruitment on the basis of gender. 

Besides seeking clarity from the state government, it has also directed the office of Regional Chief Labour Commissioner to furnish a factual report on the incident. 

Earlier, Reuters reported that the Taiwanese electronics major excludes married women from jobs at its plant on the grounds that they have more family responsibilities compared to unmarried counterparts. 

However, Foxconn refuted the allegations of any employee discrimination based on marital status, gender, or other grounds. 

“Foxconn’s priority is the well-being of our employees around the world. We hire workers of all backgrounds, genders, races and marital statuses, and we do not stand for discrimination in hiring or recruitment,” Foxconn said in response to Inc42’s queries. 

The allegations come as the Apple vendor is looking to double down on its India operations.

Besides its plant in Tamil Nadu’s Sriperumbudur, Foxconn is also building a plant in Karnataka, which is currently under construction. For the uninitiated, the company is responsible for assembling approximately 70% of iPhones and is the world’s largest contract manufacturer.

Apple has been looking to move away from China amid the ongoing geopolitical tensions between Beijing and Washington DC. As a result, India has emerged as an attractive manufacturing destination on account of its attractive subsidies and production-linked incentives (PLIs). 

In September 2023, Foxconn’s India representative V Lee said that the company was planning to double its investments and business size in India in one year. Additionally, the Apple supplier, earlier this year, also signed a joint venture (JV) with homegrown HCL Group to set up a semiconductor assembly and testing facility in India to bolster its presence in the country.

The post Labour Ministry Seeks Report From TN Govt On Foxconn’s Alleged Discriminatory Hiring Practices appeared first on Inc42 Media.

The Karnataka High Court has directed the Competition Commission of India (CCI) to take a fresh call on its April 24 order that allowed the National Restaurant Association of India (NRAI) access to confidential information on Swiggy’s business practices.

Justice SR Krishna Kumar on Wednesday asked the CCI to “expeditiously” decide on the report access after Swiggy filed a petition against India’s competition regulator’s order, calling it “arbitrary” and arguing that allowing the NRAI access to sensitive information could harm its business, Bar and Bench reported.

While Justice Kumar directed the antitrust watchdog to take a decision promptly, he did not fix any specific timeline.

The matter stems from the CCI’s April 2022 investigation into Swiggy and Zomato, based on a complaint filed by the NRAI in 2021 that alleged that the food delivery giants engaged in anticompetitive practices such as bundling of services, exorbitant commissions, delayed payment cycle and imposition of one-sided clauses.

The NRAI had also alleged that both Swiggy and Zomato indulged in deep discounting which hurt the interests of local restaurants, as well as argued that these pricing practices violated platform neutrality.

It is pertinent to note that Zomato and Swiggy have a near duopoly in the food delivery market, with Zomato extending its lead over Swiggy with a 56-57% market share.

After conducting a probe into these allegations, the CCI’s Director General (DG) compiled a detailed report containing confidential information concerning the business practices of Swiggy and Zomato.

While the CCI shared the confidential findings with a specific set of people at the time, on April 24 this year, the antitrust watchdog passed an order giving the NRAI’s representatives access to the report as well.

Consequently, Swiggy petitioned the Karnataka High Court last month against the CCI’s April 24 order, reportedly arguing that the decision violated the regulator’s obligation to preserve confidential information under Section 57 of the Competition Act, 2022 and Regulation 25 of the Competition Commission of India (General) Regulations, 2009. 

The development comes amid reports that Walmart-backed ecommerce major Flipkart previously held talks with Swiggy to acquire a stake in the foodtech company.

Meanwhile, Swiggy is gearing up for its public listing. Earlier this year, the company received board approval for a INR 10,400 Cr ($1.25 Bn) public issue, comprising a fresh issue of shares worth INR 3,750 Cr ($450 Mn) and an offer for sale (OFS) component of INR 6,664 Cr ($800 Mn). 

In the run up to its IPO, Swiggy aggressively cut costs, streamlined operations and scaled up revenues. Earlier this week, Prosus, in its 2024 annual report, said that Swiggy posted a 24% year-on-year (YoY) jump in its revenue in the calendar year 2023, excluding mergers and acquisitions, largely on the back of a 26% YoY increase in gross order value (GOV). 

Earlier this year, Inc42 reported that Swiggy was set to clock about INR 10K Cr in revenue in FY24, fueled by the rise in its Instamart orders and platform fees related to food delivery.

The post Karnataka HC Orders CCI To ‘Expeditiously’ Decide On Swiggy’s Confidential Data Sharing appeared first on Inc42 Media.

As part of its fintech push, ecommerce giant Flipkart has launched super.money app in beta mode. The app went live on Google Play Store on June 23.

While the app currently offers UPI services, Flipkart aims to soon offer other financial services via the app.

As per the app description, it will not offer “useless rewards” but “real cashback”. The app will offer up to 5% cashback and rewards of up to 10% on Flipkart, Myntra and Shopsy.

Besides, the company also claims three times faster UPI payments with “default camera scan-on mode”.

The app description also says that a suite of financial products will be launched soon. These will include a credit card offering “superCard”, which will be issued in partnership with Utkarsh Small Finance Bank, a pre-approved loan service called “superCash”, and a fixed deposit offering “superDeposit” 

The development was first reported by TechCrunch.

super.money confirmed the development with Inc42. “With an uncluttered UX and focus on great rewards for every transaction, super.money intends to change the way people engage with and consume financial services. The super.money team will continue to assess customer feedback in the coming weeks and improve the product further,” a spokesperson of super.money said.

super.money founder and CEO Prakash Sikaria said that the landscape of digital payments and financial services is evolving rapidly and this presents incredible opportunities for innovation. 

“super.money aims to democratise access to financial services by leveraging UPI infrastructure, which is aligned to the government’s larger vision of financial inclusion. We have been working on several exciting products that we will launch soon,” Sikaria added.

Earlier this year, Inc42 reported that the ecommerce major initiated the fintech app’s development as early as July 2023 and earmarked an investment of $20 Mn for the project. Back in January, the company rolled out personal loans on the Flipkart app. 

In the same month, the company also started offering UPI services to select users. In March, its first month of full-fledged UPI launch, Flipkart recorded 5 Mn UPI transactions worth INR 197.24 Cr. 

super.money marks Flipkart’s full-fledged fintech entry more than a year after its demerger with PhonePe. In December 2022, the ecommerce major completed the full ownership separation process of PhonePe.

PhonePe dominates the UPI market and has been accounting for nearly 50% share every month. It accounted for 48.6% of the total UPI transactions in May. The value of these transactions stood at INR 10.33 Lakh Cr.

With super.money, Flipkart will take on PhonePe in the fintech space. Earlier this week, Walmart said that both the entities are heading towards profitability. 

The operating revenue of Flipkart’s B2C arm rose 42% year-on-year (YoY) to INR 14,845.8 Cr in the financial year 2022-23 (FY23). Meanwhile, its loss reduced 9% to INR 4,026.5 Cr during the year under review from INR 4,419.5 Cr in FY22. On the other hand, PhonePe’s net loss grew 39% YoY to INR 2,795.3 Cr in FY23, while operating revenue rose 77% YoY to INR 2,913.7 Cr.

The post Flipkart’s Fintech Push: super.money App Goes Live In Beta Mode appeared first on Inc42 Media.

Apple’s supplier Foxconn has been alleged of following discriminatory hiring practices and excluding married women from jobs at its iPhone assembly facility in Tamil Nadu’s Sriperumbudur. 

Foxconn excludes married women from jobs on the grounds that they have more family responsibilities compared to unmarried counterparts, news agency Reuters reported.

The publication said it spoke to over a dozen employees from Foxconn’s hiring agencies in the country as well as four current and former executives from the human resources department of the company. All of them confirmed the discriminatory hiring practices.

Corroborating these claims, S Paul, a former human resources executive at Foxconn India, alleged that the company’s management verbally instructs hiring agencies to avoid recruiting married women, the report said.

According to Paul, who left Foxconn in August last year, Foxconn generally refrains from hiring married women due to perceived ‘cultural issues’ and societal pressures. 

He highlighted concerns within the company about post marriage challenges, particularly related to family responsibilities such as childcare. 

According to Paul, Foxconn believes that hiring married women poses increased risks to operations.

Paul’s account was corroborated by 17 employees from more than a dozen Foxconn hiring agencies in India, and four current and former Foxconn human resources executives. Twelve of these sources spoke on condition of anonymity to Reuters.

Three former Foxconn HR executives told Reuters that the Taiwan-headquartered manufacturer relaxes the practice of not hiring married women during high-production periods when it sometimes faces labour shortages. In some cases, hiring agencies help female candidates conceal their marital status to secure jobs, the publication found.

Between January 2023 and May 2024, Reuters made more than 20 trips to Sriperumbudur and spoke to dozens of jobseekers about the hiring process. Reporters also reviewed a candidate information pamphlet, dozens of job ads and records of WhatsApp discussions in which four of Foxconn’s third-party recruiters stated to prospective candidates that only unmarried women were eligible for assembly jobs. The ads make no mention of the hiring of men.

Responding to Inc42’s queries, Foxconn refuted allegations of any employment discrimination based on marital status, gender, religion or any other form.

“Foxconn’s priority is the well-being of our employees around the world. We hire workers of all backgrounds, genders, races and marital statuses, and we do not stand for discrimination in hiring or recruitment,” the company said.

The development comes at a time when Apple supplier and Foxconn subsidiary Rayprus Technologies is looking to venture into the Indian market with a facility in Bengaluru.

The Taiwan-based company, responsible for assembling approximately 70% of iPhones and holding the title of the world’s largest contract manufacturer, is strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. Over the past year, Foxconn has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.

The post Apple Supplier Foxconn Excludes Married Women From Jobs At iPhone Plant In Tamil Nadu: Report appeared first on Inc42 Media.

Fitness-focussed D2C food brand MyFitness, which was acquired by house of brands unicorn Mensa Brands in 2022, claimed to have turned EBITDA profitable in the financial year 2023-24 (FY24) with a revenue of about INR 200-INR 225 Cr.

Speaking to Inc42, Ananth Narayanan, the founder and CEO of Mensa Brands, said that MyFitness’ topline has more than doubled since the acquisition of the peanut butter brand around September 2022 by Mensa.

Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness has so far branded itself as a peanut butter brand. However, the startup is slowly increasing its product categories as it aims to become a full-fledged sports nutrition brand.

Following significant growth and increasing market opportunities, MyFitness recently launched its whey protein, rolled oats and muesli. The startup is also likely to launch products in the protein bar category.

With the foray in the new categories, the startup will lock horns with new-age brands like Boldfit, MuscleBlaze, AS-IT-IS Nutrition, and Myprotein, as well as established brands and market leaders like GNC and Optimum Nutrition (ON).

MyFitness follows an omnichannel model, with the offline channel contributing around over 40% to its total revenue. MyFitness currently has a presence in more than 20,000 retail stores, which it aims to increase to over 50,000 in the next 12 months.

Narayanan said the D2C brand served around 2 Mn customers in FY24.

“MyFitness is the largest peanut butter brand in the country with an INR 300 Cr annual revenue run-rate business if we take the last three months of the year. Mensa wants to scale this to an INR 1,000 Cr run-rate business in three years. Besides portfolio expansion and increasing retail presence, we are also starting to take it global,” said Narayanan.

After entering the Middle East market, MyFitness is now eyeing the US – one of the biggest markets for peanut butter in the world.

Besides, MyFitness is also mulling entry into the sports supplements category in the next six months.

Founded in 2021 by former Myntra CEO Narayanan, Mensa Brands acquires digital-first brands across verticals and helps them scale up. Pebble, Karagiri, MensXP, and iDiva are some of the other brands in its portfolio. The unicorn has raised over $200 Mn in equity funding from investors like Accel Partners, Prosus, and Tiger Global till date. Its debt investors include Alteria Capital, InnoVen Capital, and Stride Ventures. 

While Mensa is yet to disclose its consolidated financial numbers for FY24, its net loss more than doubled year-on-year (YoY) to INR 227 Cr in FY23. Operating revenue surged over 137% YoY to INR 499.6 Cr in the fiscal.

The post Mensa Brands Owned MyFitness Turn EBITDA Profitable In FY24; Eyes Entry In US Market appeared first on Inc42 Media.

Ecommerce major Amazon India has reportedly acknowledged lapses in workplace safety at its Haryana’s Manesar warehouse.

As per Economic Times’ report, the company in its communication to central labour commissioner, admitted to breaching workplace safety standards on May 16 at its Manesar warehouse and committed to taking immediate corrective measures.

Responding to the central labour ministry’s inquiry on the matter, Amazon India clarified that one of its employees at the facility led a small group of employees and associates in a pledge following a scheduled breaks, perceiving it as a motivational activity of the team, the report added.

“In this case, we conducted a detailed investigation, found an isolated incident of poor judgement by an individual that was totally unacceptable and against our policies, and took disciplinary action,” an Amazon spokesperson told Inc42.

“There’s nothing more important to us than the safety and wellbeing of our employees and associates, and we comply with all relevant laws and regulations,” the spokesperson added.

This comes days after the National Human Rights Commission (NHRC) sought a detailed report from the Centre over allegations of labour law violations at Amazon India’s warehouse in Manesar. The NHRC took suo motu cognisance of a report by the Indian Express which alleged harsh working conditions at the ecommerce major’s warehouse.

Some of the complaints alarmed by the workers from the warehouse based on reports were that a female worker claimed her long standing duty for nine hours a day and was required to evaluate 60 small products or 40 medium-sized products per hour while on duty.

Another worker at the facility was also asked by his supervisor to take a pledge that he would not take toilet or water breaks till the unloading of packages from six trucks was completed, while yet another female employee alleged that no restroom facilities are available at the Manesar unit.

“We take the lessons learnt from this disappointing incident seriously and will double down on our efforts to re-train our managers on workplace health, safety and well-being,” Amazon India assured the government.

The company also said it has taken note of the government’s suggestion concerning ramping up its seating capacity and deploying a female nurse at its medical room to attend to the medical needs of women working on night shifts.

The post Amazon Admits To Flouting Safety Norms At Manesar Warehouse, Claims Action appeared first on Inc42 Media.

US-based retail major Walmart’s chief financial officer (CFO) David Rainey has said that ecommerce major Flipkart and digital payments giant PhonePe are on “path to profitability”. 

Speaking at an investor conference in London, parent Walmart’s CFO said that Flipkart’s “improving” losses are giving the the retail major a “lot of confidence” in what the ecommerce giant’s financial profile would look in a few years. 

“… They’re (Flipkart and PhonePe) all on their path to profitability. We’re seeing those ecommerce losses improve year after year after year, which gives us a lot of confidence in what the overall financial profile of this business looks like a few years from now,” said Rainey. 

On PhonePe, the Walmart CFO said that the fintech major is clocking “roughly $1.5 Tn of total payments volume (TPV)”. 

“They (PhonePe) are doing roughly $1.5 Tn of total payment volume… That has got to be up there as large as any payment company in the world, certainly outside of China. And how it’s resonating with customers there, it’s just amazing. So to be the largest payment provider in the largest market of the world, that’s exactly where you want to be,” Rainey added. 

He also expressed confidence over the growth clocked by PhonePe, saying Walmart is “pleased” with that performance of the fintech major. 

This comes a month after Walmart executives during a quarterly analyst call in May said that the initial public offerings (IPOs) of Flipkart and PhonePe could take a couple of years. During the same call, the CFO said Flipkart witnessed double-digit growth during the quarter ended April 2024. 

Interestingly, earlier this month, Rainey also said that Flipkart’s path to profitability would determine the timeline of the ecommerce major’s IPO.

This comes months after Flipkart group CEO Kalyan Krishnamurthy reportedly told employees that the ecommerce major was “close” to hitting profitability and had significantly trimmed its monthly cash burn. 

Overall, Flipkart continues to be one of the biggest players in the Indian ecommerce space and has been rapidly looking to expand its footprint in other categories, including quick commerce. The company last month added Google to its cap table. As per a report, the tech giant was part of a $1 Bn funding round, which valued Flipkart at $35 Bn to $36 Bn. 

On the financial front, the ecommerce giant’s B2C arm, Flipkart Internet Private Limited, saw its operating revenue surge 42% YoY to INR 14,845.8 Cr in the financial year 2022-23 (FY23). Meanwhile, loss reduced 9% to INR 4,026.5 Cr during the year under review from INR 4,419.5 Cr in FY22.

Meanwhile, PhonePe is another jewel in Walmart India’s crown. The fintech major is the biggest player in the digital payments space and has been accounting for nearly half of all the UPI payments almost every month.

However, PhonePe’s net loss grew 39% YoY to INR 2,795.3 Cr in FY23 while operating revenue rose 77% YoY to INR 2,913.7 Cr.

The post Flipkart & PhonePe On Path To Profitability, Says Walmart CFO appeared first on Inc42 Media.

Ecommerce major Flipkart reportedly held talks with Swiggy for a potential stake purchase in the foodtech major eight to ten months ago.

The talks fizzled out as the two segment giants failed to come to consensus over the valuation, Economic Times reported citing sources. Flipkart is also said to have demanded a majority stake in the foodtech major, which proved to be a roadblock to the deal. 

The report claimed that Dutch investor and Swiggy’s largest backer Prosus was also part of the negotiations and was “keen” on divesting some of its stake in the foodtech major. 

“There was a discussion for (a) majority stake for Flipkart where Prosus and other investors would offload stake. But besides valuation (mismatch), a majority stake (demand) was also a hurdle,” the report quoted one of the sources as saying. 

Swiggy was valued at about $11 Bn to $12 Bn at the time of the deliberations. 

Another source told the publication, “The talks were centred around the Prosus block and if others too can join and make a big enough chunk, as Flipkart was not interested in a minority stake”.

The report said that the discussions were verbal and there was no formal binding or non-binding offer on paper. As per the report, Swiggy, post the failed talks, filed its IPO papers via the confidential route in April 2024 to list on the bourses. 

Inc42 has reached out to Swiggy for a comment on the story. The story will be updated on receiving a response. Flipkart declined to comment on the matter. 

Meanwhile, a spokesperson for Swiggy denied the development to ET and said, “No such conversation/negotiation/discussion has ever taken place”.

The deal, if successful, would have paved the way for Flipkart’s entry into India’s burgeoning food delivery and quick commerce segments. Earlier, it was reported that Flipkart also held talks with quick commerce startup Zepto to acquire a stake, but the deliberations failed after the ecommerce major sought a significant stake in the startup. 

The developments come at a time when the competition has intensified in India’s quick commerce space. Last week, Zepto raised $665 Mn funding, while other major players such as Zomato-owned Blinkit and Swiggy Instamart have also rapidly scaled up their operations. 

For now, Flipkart is preparing for its foray in the quick commerce segment. However, a stake in Swiggy would have also helped it leverage synergies with the IPO-bound company to make strategic gains in the Indian foodtech arena. It would have also given Prosus a partial exit. 

Meanwhile, Swiggy is gearing up for its public listing. Earlier this year, the company received board approval for a INR 10,400 Cr ($1.25 Bn) public issue, comprising a fresh issue of shares worth INR 3,750 Cr ($450 Mn) and an offer for sale (OFS) component of INR 6,664 Cr ($800 Mn). 

In preparation for this, Swiggy aggressively cut costs, streamlined operations and scaled up revenues. Just a day ago, Prosus, in its 2024 annual report, said that Swiggy posted a 24% year-on-year (YoY) jump in its revenue in the calendar year 2023, excluding mergers and acquisitions, largely on the back of a 26% YoY increase in gross order value (GOV). 

Earlier this year, Inc42 reported that Swiggy was set to clock about INR 10K Cr in revenue in FY24, fueled by the rise in its Instamart orders and platform fees related to food delivery.

The post Flipkart Held Talks With Swiggy For Stake Purchase, Says Report; IPO-Bound Startup Denies appeared first on Inc42 Media.

Despite wearing the crown of being the most populous country in the world, we (Indians) often fight shy of talking about intimacy or anything closely associated with it, including wellness.

However, as the times are a-changin’, increasing globalisation has seemingly convinced many of us to keep an open mind about the topic, which has long been considered taboo.

Consequently, recurring conversations around the subject have gained impetus and the country’s sexual wellness market appears to be now yawning in the lap of Indians who seek freedom from the shackles of social stigma surrounding sex to cater to their naughtiest desires.

The aforementioned statements can be substantiated by the fact that the Indian sexual wellness market generated $1.15 Bn in 2020 and is expected to become a $2.09 Bn market opportunity by 2030.

Notably, long commanding the reins of this space have been legacy players like Mankind, Durex, and Skore, among others; however, they have been too careful in treading in India due to its cultural and social fabric.

Upping the ante in the paradigm of the country’s intimate products market now are the homegrown startups, which appear to be pushing denizens out of their comfort zones to experiment with a range of unconventional products to experience the pinnacle of pleasure.

One such name that has recently emerged in this paradigm is MyMuse. Founded in 2021 by Sahil Gupta and Anushka Gupta, the startup offers a range of intimate wellness products, including massage oils, stress relief massagers, toys and games for couples. 

What just started as a pet project for the cofounders, when they were looking to spread awareness around sexual wellness, raked in INR 15 Cr in revenues in the financial year 2022-23 (FY23), up 6.6X year-on-year (YoY). According to the cofounders, despite witnessing explosive growth in the last couple of years, they have barely scratched the growth surface. 

Locking horns with startups like Bold Care, Sassiest, The Sangya Project, and Love Treats, the intimate wellness brand caters to a monthly customer base of 1.5 Lakh individuals across India. 

Notably, the startup is backed by names like Trifecta Capital, CRED’s founder Kunal Shah, Saama Capital, Sauce VC, Whiteboard Capital, Licious’ Varun Sadana, and Mohit and Malika Sadaani of The Mom’s Co. These investors have cumulatively infused INR 32.36 Cr in the business. 

Breaking Taboo: The Birth Of MyMuse

Although MuMuse was officially incorporated in 2021, the seeds of its inception were sown three years before that when the cofounders met through their common friends.

Both Sahil and Anushka clicked instantly upon knowing that they come from the same line of work — marketing. While Sahil was working for a Hong Kong-based pharma company, Joint Force, Anushka was a former WeWork India employee with a degree in psychology.

“At the time both of us were looking to take the entrepreneurial plunge. Fortunately, we noticed a big gap — While the medical industry had evolved, mental and sexual wellness was stagnant. To address this, we initially started a content platform to provide information on sexual education to people,” the cofounders told Inc42. 

However, soon they realised that mere content influencing strategy wouldn’t be enough to change the country’s idea of intimacy and sexual wellness. This was because people’s perception of such products was linked to shady-looking back alley stores or websites on the dark web.

To challenge this, the cofounders decided to leverage their expertise in the areas of content dissemination, marketing, and mental health to build a sustainable brand.

“When we started MyMuse, we intended to create a brand that could help users enhance the experience of physical intimacy. We also wanted to normalise the discourse around it,” one of the cofounders (Anushka) said. 

While the cofounders may not have been completely successful in changing the mindsets of a larger section of Indian society, they believe that they are reaching there.

“In this journey, we are also combating social stigma that embraces some of our products, including intimate massagers,” the cofounders said.  

The duo also told Inc42 that before launching the startup they conducted surveys for nine months to gauge the level of taboo that existed in India regarding sexual wellness products. To their surprise, many individuals said that they were open to using these products if they had tasteful packaging and messaging.  

“Marketing shapes society’s perceptions, and the Indian sex industry has struggled with stigma. For MyMuse, we have moved away from that image. Our brand messaging, packaging, promotional content, and website focus on delight,” the cofounders said.

MyMuse’s Wellness Stack 

After refining branding, the cofounders launched their first product, a massage oil, in June 2021. Following this, the startup expanded its sexual wellness offerings to include an oil-based candle, a lubricant, and a “massager” within a year.

Initially, the company targeted women aged 25-35. However, they soon realised their audience was equally split between men and women. To cater to this broader demographic, MyMuse expanded its product line to include more oils and lubes, card games, and swipes, among other items.

The cofounders have a unique approach to incorporating new products into the startup’s product folio. Elaborating on this, Sahil said they hold a Shark Tank-like in-house competition among their employees every now and then. This initiative encourages employees to develop exciting product ideas, pitches, designs, and marketing and go-to-market strategies. The startup has been able to come up with several of its products with this strategy.

Moving on, the cofounders said that a key component of their product development is a beta testing community of about 250 users who provide pre-launch feedback. Sahil said that these inputs are crucial for educating customers and differentiating their products in the market. 

“We feel that without a content commerce angle, a D2C startup won’t work in the long run. Therefore, it is our responsibility to make sure that decision paralysis around products is avoided. It becomes critical for us to inform the potential customers exactly what differentiates us from others. With the knowledge gained from our beta testing group, we fine-tune our content strategies and products to stand out from the competition,” he added.  

Meanwhile, the cofounders told Inc42 that they are looking to limit their SKUs to 25 products to assuage its users from getting “decision paralysis”. The cofounders aren’t looking at new introductions anytime soon. 

MyMuse’s Future Roadmap

Currently, MyMuse’s biggest peeve is its expenses. Notably, the company procures its products from outside India and spends a fortune on packaging and marketing efforts.

This is the reason why it incurred a loss of INR 2.41 Cr despite generating INR 14.90 Cr in FY23. Of its total revenues earned during the fiscal, the startup’s expenses stood at INR 17.34 Cr, up 561% YoY.

While the company was able to grow its revenues 6.6X from FY22’s INR 1.97 Cr, its expenses stood at a mere INR 2.62 Cr during the fiscal.

Meanwhile, according to the cofounders, the company achieved profitability in the final months of FY24, helped by a significant rise in revenues in the corresponding period a year ago.

Sahil attributes the rise in revenues to the company’s focus on being gender agnostic. The company is now looking to enter the couples category. 

“While solo play has been the focus of the rest of our competitors, we are looking to go beyond this and address the needs of couples. The decision stems from the fact that couples can purchase together and if they like how it feels they have a much higher chance of becoming recurring customers,” the cofounder said. 

For now, the startup continues to tread carefully under the country’s obscenity laws. While there is no explicit law in India that bans or regulates the sale of intimate wellness products, the company will need to practise caution while advertising and creating promotional content surrounding its product stack.

[Edited by Shishir Prasher]

The post How MyMuse Is Changing India’s Perception Towards Sexual Wellness appeared first on Inc42 Media.

Temasek, JP Morgan and Warburg Pincus cumulatively offloaded 64.57 Lakh shares of auto marketplace CarTrade via separate bulk deals on Monday (June 24) for INR 535.03 Cr. 

As per BSE and NSE data, private equity (PE) major Warburg Pincus-owned Highdell Investment sold 40.65 Lakh shares for INR 828.58 apiece. This translates into a sum of INR 336.8 Cr. 

Meanwhile, Temasek’s affiliate MacRitchie Investments sold 20.32 Lakh shares for INR 828 apiece in an INR 168.2 Cr block deal. JP Morgan’s PE fund CMDB II also dumped 3.6 Lakh shares for INR 29.92 Cr at INR 830.27 apiece.

Highdell Investment held a 17.36% stake in the startup at the end of the March quarter of 2024, while MacRitchie owned a 16.31% stake.

The shares that flooded the markets were lapped up by Societe Generale, Verition Fund Management, Royal Bank of Scotland, Bajaj Allianz Life Insurance, Goldman Sachs, HSBC, CLSA Global Markets, among others. 

While Societe Generale picked up 5.95 Lakh shares, Verition bought 5.04 Lakh shares. Additionally, Goldman Sachs India Equity Portfolio and HSBC Global Investment funds bought 6.19 Lakh shares and 4.34 Lakh shares, respectively. 

Last week, CarTrade said that it received a demand notice from the Income Tax (I-T) Department for a shortfall in payment or collection of tax deducted at source (TDS) or tax collected at source (TCS).

The company said that the notice would have “no material impact” on its financial and operational performance.

Earlier today, CarTrade shares slipped 4.3% during the early trading hours on the bourses on Monday. However, the stock pared some of the loss later and closed the day 2.33% lower at INR 836.95 on the BSE. 

Last month, Taiyo Greater India Fund also offloaded 2.65 Lakh shares of CarTrade in a bulk deal worth INR 21.7 Cr. In March, CarTrade’s pre-IPO shareholder March Capital also dumped almost 9.5 Lakh shares of the company in bulk deals worth over INR 70 Cr.

It is pertinent to note that the stock has surged nearly 17.3% on a year-to-date (YTD) basis, while it has jumped more than 75% in the past 12 months. 

CarTrade returned to the black in the fourth quarter (Q4) of the fiscal year 2023-24 (FY24) with a net profit of INR 25 Cr compared to a loss of INR 23.5 Cr in the preceding quarter. Meanwhile, operating revenue surged 51.5% YoY to INR 145.3 Cr in Q4 FY24.

The post Temasek, JP Morgan, Warburg Pincus Offload CarTrade Shares Worth INR 535 Cr appeared first on Inc42 Media.

Listed AI-powered fintech company Infibeam Avenues has entered into a pact with Ahmedabad-based Entrepreneurship Development Institute of India to expedite the adoption of AI across enterprises, startups and MSMEs in India.

As part of this Memorandum of Understanding (MoU), Infibeam will offer technological support, infrastructure and expertise in developing open-source AI models, software integration and implementation, as well as AI-powered solutions tailored to various industry verticals.

“This collaboration designates Infibeam as the sole and exclusive technology partner, responsible for providing technological support, infrastructure, and expertise in developing open-source AI models, software integration and implementation, as well as AI-powered solutions tailored to various industry verticals,” Infibeam said in an exchange filing. 

Besides, the partnership will also focus on three programmes, including Start-up Accelerator Programme, AI Implementation Programme and MSME Support Programme.

“This collaboration aims to inject a dynamic factor into entrepreneurial ventures by integrating AI and tech solutions,” said Infibeam’s chairman and MD Vishal Mehta. 

Established in 1983, EDII is a national resources organisation in entrepreneurship education, research and training, startups and MSME growth, incubation, innovations and institution building.

EDII also aims to set up a dedicated unit in Gujarat’s GIFT City to facilitate activities outlined in its MoU with Infibeam.

As part of the pact, Infibeam claims to have already deployed its video AI developer platform THEIA at Gandhinagar to enable EDII’s students and entrepreneurs develop their own AI products using the platform. 

Founded in 2007, Infibeam offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. It claims to boast a user base of over 10 Mn merchants on its platform.

This collaboration comes a month after Infibeam secured final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator.

The startup posted a 28% rise in its consolidated profit after tax (PAT) to INR 49.2 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) from INR 38.4 Cr reported during the previous year’s quarter.

Its operating revenue increased over 11% to INR 726.8 Cr in Q4 FY24 from INR 652.7 Cr in the corresponding quarter of the previous year. 

The post Infibeam Partners EDII To Fuel AI Adoption For Enterprises, Startups And MSMEs appeared first on Inc42 Media.

Omnichannel jewellery brand Bluestone has raised INR 100 Cr ($12 Mn) in debt from Neo Markets. 

As per filing with the Registrar of Companies (ROC), accessed by Inc42, the company’s board approved issuing 10,000 debentures at INR 1,00,000 each.

Entrackr was the first to report the development.

This debt funding comes as Bluestone prepares for a larger pre-IPO round. As per ET’s report,  Bluestone is in negotiations to secure an investment of approximately INR 830 Cr ($100 Mn) from Peak XV Partners, Steadview Capital and Think Investments.

The company plans a combination of share sales by early investors and fresh capital infusion, which is anticipated to value the omnichannel retailer at around INR 7,500 Cr ($900 Mn) pre-money. Peak XV is set to invest around INR 415 Cr ($50 Mn) in Bluestone.

Bluestone has raised about $190 Mn to date. Accel holds a 21.2% stake, while Kalaari Capital owns 12.35%. Other investors include Ratan Tata, Deepinder Goyal, and Nikhil Kamath.

Founded in 2011, Bluestone sells jewellery online and through 190 stores across 75 cities. In FY23, the company’s revenue grew 65% to INR 787 Cr. Losses decreased by 87% to INR 167 Cr.

The company’s growth comes amid a broader expansion of India’s jewellery market. Bluestone competes with Melorra, Giva, and CaratLane in India’s jewellery market, which generated $77 billion in revenue in 2023.

The company plans to go public, aiming to raise INR 2,000 Cr through its IPO. Bluestone targets profitability by March 2025.

This secured debt funding and the upcoming pre-IPO round will help Bluestone expand its operations and prepare for its public listing. The investment interest suggests confidence in the company’s growth potential in the online jewellery market.

The post IPO-Bound Bluestone Raises $12 Mn Debt From Neo Markets appeared first on Inc42 Media.

IPO-bound Swiggy posted a 24% jump in its revenue in the calendar year 2023, excluding mergers and acquisitions, Dutch investment firm Prosus said in its 2024 annual report.

Additionally, the foodtech decacorn saw a 26% year-on-year increase in gross order value (GOV) and its “ever transacted” user base touched the 104 Mn mark at the end of December 2023.

“Swiggy’s core food-delivery business, GOV, grew by double digits on healthy order growth and higher average order value. Operating leverage improved as the business added revenue streams like restaurant advertising and introduced nominal platform fees which supported improved operational profitability,” Prosus said.

Meanwhile, Swiggy’s quick commerce business Instamart clocked a higher GOV than that of the ecommerce industry, fueled by geographical penetration and stock-keeping unit expansion. Its unit economics continued to improve on the back of larger basket sizes, larger user base, and improved operational efficiency, the report added.

Earlier this year, Inc42 reported that Swiggy was poised to report about INR 10K Cr in revenue in FY24, fueled by the rise in its Instamart orders, platform fees related to food delivery, and growing popularity of its dining out business.

Swiggy primarily competes with Zomato in the food delivery industry. Like Instamart, Zomato also has a strong presence in the quick commerce segment via Blinkit. Zomato posted a profit of INR 351 Cr in the financial year 2023-24 (FY24) as against a loss of INR 971 Cr in FY23. Operating revenue increased 67% year-on-year to INR 12,114 Cr during the last financial year. 

For Zomato, Blinkit has emerged as the key growth driver over the last few quarters, with the quick commerce segment seeing rapid growth in GOV and outpacing the food delivery business. 

The latest development comes at a time when Swiggy is gearing up for its public listing. In April, Swiggy filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India via the confidential route for its initial public offering.

The Bengaluru-based startup’s IPO offer will include fresh issue of shares worth INR 3,750.1 Cr (about $449 Mn) and an offer-for-sale component worth INR 6,664 Cr (around $799 Mn), as per regulatory filings.  

In May, Swiggy re-introduced its homestyle meal delivery service, Swiggy Daily, after a four-year hiatus.

Earlier this month, the Bengaluru-based startup also relaunched its gourmet grocery delivery service ‘Handpicked’. Last week, the company also rolled out a new initiative to help restaurants with staff recruitment.

In the run up to its public listing, US-based asset manager Baron Capital marked up Swiggy’s valuation by 25% to $15.1 Bn from $12.1 Bn earlier.

The post IPO-Bound Swiggy’s Revenue Soars 24% In 2023, GOV Jumps 26% YoY: Prosus appeared first on Inc42 Media.

Shares of online classifieds and auto auction platform CarTrade Technologies slipped 4.3% to INR 820 during the intraday trading on the BSE on Monday (June 24) amid reports that a block deal worth INR 400 Cr is expected in the company today.

As per a CNBC-TV18 report, Highdell Investment and MacRitchie Investments Pte are offloading 7% and 3.4% stake each in the company with an upsize of 1.7% and 0.9% respectively.

The total value might also increase to INR 500 Cr, the report said.

The floor price for the deal is reportedly set at INR 820 per equity share, offering a 4.3% discount compared to CarTrade’s last closing price on Friday.

As per BSE data, Highdell Investment held a 17.36% stake in CarTrade, while MacRitchie held a 16.31% stake in the company, at the end of the March quarter of 2024.

After falling 4.3%, shares of CarTrade revived slightly and were trading 3.4% lower at INR 827.65 by 12.54 PM IST.

It is to be noted that last week, the Income Tax (I-T) Department issued a demand letter to CarTrade for a shortfall in payment or collection of tax deducted at source (TDS) or tax collected at source (TCS). 

In a filing with the BSE, CarTrade noted that it received the demand notice for INR 15.79 Lakh. 

However, multiple block and bulk deals have been going on in the company since March this year.

Taiyo Greater India Fund Ltd offloaded 2.65 Lakh shares in the company in a bulk deal worth INR 21.7 Cr earlier this month. 

In the last few months, several other major stakeholders, including March Capital and JP Morgan’s CMDB II have offloaded parts of their stakes in the company.

It is also pertinent to note that CarTrade once again turned profitable in the March quarter (Q4) of FY24. It reported a 43% jump in its profit after tax (PAT) to INR 25 Cr in the March quarter (Q4) FY24 from INR 17.5 Cr posted in the same quarter last year.

Shares of CarTrade have witnessed a significant upside over the last few months. The stock has rallied almost 20% since the beginning of May.

The post CarTrade Shares Fall 4.3% Intraday On Likely Block Deal Worth Over INR 400 Cr appeared first on Inc42 Media.