The rise of direct-to-consumer (D2C) brands in India in the past decade has transformed how consumers shop and engage with products. From a more personalised shopping experience to a wide gamut of offerings, the D2C ecosystem in India has not just created a new wave of entrepreneurs but also democratised access to quality products.

Be it Mamaearth, which has gone on to list on the stock exchanges, to IPO-bound Lenskart, India’s D2C ecosystem has truly come of age in the past ten years. And, there is much at stake here. 

As per Inc42, India’s D2C space is projected to become a $300 Bn market opportunity by 2030 on the back of continued innovation and the emergence of new players across diverse categories. So, what is driving this D2C boom?

It has largely to do with the increasing internet penetration and smartphone usage in the country, which has created a new paradigm for digital-first companies to reach their customers and tap into the growing demand for innovation. 

On the other hand, India’s growing band of 190 Mn digital shoppers want convenience and niche products, which satiate their changing preferences. Today’s customer is increasingly inclined towards brands that offer transparency, sustainability and unique value propositions, and D2C brands are positioned exactly to offer that. 

As the landscape matures, the Indian D2C ecosystem has seen the emergence of new India-specific models like quick commerce and the potential enormous opportunity that GenAI could bring to the table.

We, at Inc42, have kept a hawk’s eye on the rise of India’s D2C for the past decade, be it through our FAST42 initiatives or the D2C summits. It is in this spirit that we now bring to you the list of top trailblazers in the country’s D2C that have not only set benchmarks for excellence and innovation, but also exude the spirit of entrepreneurship.

So, without further ado, here is the list of top startups disrupting India’s D2C landscape:

The list is not meant to be a ranking of any kind. We have listed the Indian D2C startups in alphabetical order.

1. 82°E 

82°E was founded in 2021 by Bollywood Actress Deepika Padukone and venture capitalist Jigar Shah. The startup sells five skincare products – moisturisers, face oil, lip care, cleanser and sunscreen – in the price range of INR 1,200 and INR 2,900, as per the company’s website.  

The products are designed and developed in-house at its research and development lab in Bengaluru. 

While the startup sells its product range primarily through its website, it recently expanded offline. Earlier in 2024, 82°E partnered with Reliance Retail’s beauty and personal care (BPC) omnichannel brand Tira. The partnership will see the brand’s products adding on to Tira’s offline and online channels.

In December 2022, the startup secured $7.5 Mn in seed funding from DSG Consumer Partners, IDEO Ventures, Padukone’s family office, and ultra-high net worth individuals (UHNIs). As of April 2024, it was set to extend its seed round with Padukone and her father Prakash Padukone’s investment entity, Ka Enterprises, pumping in about $6 Mn more in the startup. But, the startup didn’t disclose the contours of the funding round.

The direct competitors of 82°E include premium D2C skincare brands such as Forest Essentials, Mamaearth, Minimalist, and Plum Goodness, among others. 

2. Alphavedic

Founded in 2019 By Shrey Jain and Shruti Khare, Alphavedic is a bootstrapped D2C startup that sells Ayurvedic beauty and personal care products. With 24 stock keeping units (SKUs) in its kitty, the startup sells haircare products, shampoos, conditioners, lip balms, creams, among other products. 

Alphavedic sells its products through its websites and ecommerce platforms such as Amazon, Nykaa, and Flipkart. Additionally it also retails its products through 40 offline chains in India.

It competes with the likes of The Ayurveda Company (TAC), Kapiva, Pahadi Local, among others.

3. Anveya Living

Founded in 2018 by serial entrepreneur Saurav Patnaik and former FirstCry executive Vivek Singh, Anveya Living sells sustainable hair and skin care products.

The D2C brand has raised more than $6.57 Mn in funding to date. In June 2024, Ananta Capital, acquired a 55% stake in Anveya Living for an undisclosed amount. 

As per data available on Tofler, the startup clocked a revenue of about INR 46.1 Cr in FY23 against a net loss of INR 7.5 Cr. 

Anveya Living competes with the likes of PurePlay Skin Sciences, Auli Lifestyle, Zeme Fresh, among others.

4. Arata

Founded in 2017 by Dhruv Madhok and Dhruv Bhasin, Arata’s first-ever product, a homemade hair gel, came to being after Bhasin made the chemical-free hair gel to style Madhok’s wedding look.

Two years later, the D2C brand’s first product was sold on its website and the company took shape. The startup derives its name from the Japanese word ‘Arata’, which means ‘fresh and new.’  

Targeting the chemical-free beauty and skincare segment, Arata sells products such as hair gels, hair creams, shampoos, conditioners, toothpaste, face wash and serums. It claims to have over 80 SKUs across 12 categories.

The D2C brand procures ingredients globally and locally from certified organic farms, which are developed into finished products after extensive research and development (R&D). The startup claims to offer zero-chemical and toxic-free personal care products that use only recycled plastic for packaging as part of its sustainability promise.

Arata has raised nearly $8.79 Mn in funding so far and is backed by the likes of Unilever Ventures, BOLD, DSG Consumer Partners, Beeline Impex, among others. 

In FY24, the Delhi-based hair care brand reported a revenue of INR 21 Cr, a 1.5X jump from INR 14 Cr in the preceding fiscal. Meanwhile, its losses also declined by 54% to INR 4.3 Cr during the year under review from the INR 9.4 Cr loss it incurred in FY23.

5. Atomberg Technologies

Founded in 2012 by Manoj Meena and Sibabrata Das, Atomberg Technologies manufactures energy-efficient fans and allied equipment, along with mixer grinders. Its product portfolio includes pedestal, wall and ceiling fans, exhaust fans, smart locks, and IoT-enabled appliances.

The startup has raised nearly $127 Mn in funding to date and is backed by the likes of A91 Partners, Survam Partners, Trifecta Capital, and Whiteboard Capital Fund, Temasek, Steadview Capital, Deepika Padukone Family Office’s investment arm Ka Enterprises, among others.

In FY24, Atomberg reported a revenue of INR 848 Cr, up 31.5% growth from INR 645 Cr in FY23. 

6. Bacca Bucci

Even though buzzwords like sneakers and running shoes have slowly taken over the Indian footwear industry, the duo of Anuj Nevatia and Natwar Agrawal have been quietly working on creating a niche in the ecosystem. 

For Nevatia, the decision to focus on footwear was primarily driven by factors such as business seasonality, the organized nature of the market, and the timeless demand for shoes, which laid the groundwork for the inception of Bacca Bucci, a direct-to-consumer (D2C) footwear brand established in 2013.

The startup leverages artificial intelligence (AI) in its backend processes for shoe manufacturing. Beyond footwear, the platform also offers a range of complementary products, including belts, wallets, and toiletry bags.

Interestingly, the footwear maker forayed into the D2C market relying solely on sales from third-party ecommerce websites in the initial six years of its operations. Then, in 2019, it launched its own website.

Speaking to Inc42 last year, Natwar said that Bacca Bucci generates 90% of its sales from online channels, of which 60% comes from ecommerce marketplaces like Amazon, Myntra, and Flipkart.

The Gen-Z focused fast fashion footwear brand recently raised $2.5 Mn in its maiden funding round from Famy Care’s founder JP Taparia and his  family. 

7. Beco

Founded in 2019 by Aditya Ruia, Akshay Varma, and Anuj Ruia, Beco is a sustainable kitchen, home, and personal care brand. It sells biodegradable and combustible products such as tissue rolls, bamboo facial tissues, dishwashing liquid, toothbrushes, and garbage bags.

In total, the startup has raised more than $13 Mn in funding so far and counts names such as Titan Capital Winners Fund, Rukam Capital, and Synergy Capital as backers.

It sells its offerings through both online as well as offline channels. The D2C brand competes with the likes of BAM, Mush, The Cheeky Panda among others.

8. Bewakoof

Founded in 2012 by Prabhkiran Singh and Siddharth Munot, Bewakoof sells a wide variety of clothes, stationery items, footwear and mobile accessories on its website. 

The D2C brand also sells merchandised clothing and accessories in partnership with Marvel, F.R.I.E.N.D.S, Star Wars, Disney, DC and Looney Tunes.

Bewakoof has raised $39.5 Mn in funding to date and is backed by names such as Investcorp, IvyCap Ventures, Klub, among others.

In December 2022, Aditya Birla Group’s house of brands TMRW acquired an 81.77% stake in Bewakoof for INR 200 Cr.

Bewakoof competes with homegrown D2C giants such as The Souled Store and Beyoung among others. 

9. Beyoung

Founded in 2018 by Shivam Soni, Shivani Soni, Sakshi Soni, and Shankar Mali, Beyoung is a D2C apparel startup that manufactures and sells fashion wear through its app, website and ecommerce platforms.

The Udaipur-based startup has so far raised more than INR 40 Cr in funding from Klub and the Royal Office of Abu Dhabi’s Sheikh Tahnoon Bin Saeed Bin Tahnoon Al Nahyan.

Beyoung competes with other D2C fashion brands such as The Souled Store and Bewakoof.

10. BlissClub

Set up in 2020 by Minu Margeret, BlissClub sells a range of women’s activewear including bottom wear, sports bras, tops, tees and co-ords, among others. 

The company has raised a total funding of $17.25 Mn to date and is backed by names such as Eight Roads Ventures, Elevation Capital, Swiggy’ Sriharsha Majety, Mamaearth’s Ghazal Alagh, Licious’ Abhay Hanjura and Vivek Gupta, among others.

In FY23, BlissClub reported a revenue of INR 68 Cr, a significant increase from INR 15 Cr in FY22. However, the company’s net loss also widened to INR 36 Cr in FY23 from INR 9 Cr in the previous fiscal year.

BlissClub’s competitors include HRX, Freecultr, and Reebok. 

11. BlueStone

Set up in 2011 by Gaurav Singh Kushwaha and Vidya Nataraj, BlueStone is an omnichannel jewellery platform that sells rings, pendants and other allied products. 

BlueStone has raised more than $255 Mn in funding, via debt and equity, so far from the likes of Prosus, Accel, Kalaari Capital, Iron Pillar, IvyCap Ventures, Saama Capital, among others.

For the fiscal year 2023-24 (FY24), BlueStone reported an operating revenue of INR 1,265.8 Cr ($155 Mn), a 65% increase from INR 770.7 Cr in the previous fiscal. Meanwhile, it managed to trim its losses by 15% YoY to INR 142.2 Cr in FY24. 

In December 2024, BlueStone filed its draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) worth more than INR 1000 Cr ($117.8 Mn). Existing shareholders like Accel and Kalaari Capital plan to offload part of their stakes via offer for sale. 

BlueStone’s primary competitors include CaratLane, GIVA, Candere, Malabar Gold & Diamonds, and Kalyan Jewellers.

12. boAt 

Launched in 2016 by Aman Gupta and Sameer Mehta, boAt is a D2C brand that manufactures a host of audio products such as earphones, headphones and speakers, among others. It retails these products on its website and ecommerce marketplaces. 

boAt has raised nearly $176 Mn over nine funding rounds from 12 investors, including Warburg Pincus and Qualcomm Ventures. Its cap table also includes InnoVen Capital, Qualcomm Ventures and Fireside Ventures, among others. 

In FY24, boAt’s revenue declined by 5% to INR 3,122 Cr from INR 3,285 Cr in FY23. Despite the decline in revenue, the company managed to reduce its losses by 47%, bringing them down to INR 53.5 Cr in FY24 from INR 101 Cr in FY23.

13. Bold Care

Founded in 2020 by Rajat Jadhav, Rahul Krishnan, Harsh Singh, and Mohit Yadav, Bold Care is an end-to-end men’s health and wellness platform that centres around sexual health, hair care and daily nutrition. 

It sells sexual wellness kits, hair care packs, and natural supplements to boost immunity, sleep, haircare, and sexual health. In October 2024, the company expanded into the women’s wellness segment with the launch of a new brand called Bloom, aiming to diversify its product offerings and reach a broader customer base. 

Incubated by Huddle, the D2C brand has so far raised nearly $11.7 Mn in funding to date, along with its recent $5 Mn funding round led by Zerodha’s Rainmatter, in February. Besides, the startup is backed by names such as Sharrp Ventures, Anthill Ventures, Stanford Angels & Entrepreneurs and Shiprocket, NB Ventures, among others. 

The sexual wellness brand claims to have registered a turnover of INR 32.9 Cr in FY24 and crossed ARR of INR 100 Cr in December 2024. 

14. BoldFit 

Fitness startup BoldFit, which was founded in December 2018 by Pallav Bihani, sells nutritional supplements and fitness equipment to consumers. 

The fitness startup has so far created more than 400 SKUs across health and ayurvedic supplements, healthy foods, home gym equipment and accessories categories. 

In November 2024, BoldFit secured INR 110 Cr ($13 Mn) in a Series A funding round led by Bessemer Venture Partners. 

BoldFit’s primary competitors include HealthKart, Decathlon, Cultsport, and other sports-focused brands like Puma and Nike. 

15. Bombay Shaving Company

Founded in 2016, Bombay Shaving Company is a men-focussed D2C personal care brand that sells a range of products including trimmers, razors for women, wax strips, hair removal creams, and other personal care products.

So far, it has a total of $45.6 Mn in funding and counts Gulf Islamic Investments, Malabar Investments, Patni Advisors, Singularity AMC and Reckitt Benckiser as its investors.

It competes with the likes of homegrown D2C brands such as Ustraa, Beardo and The Man Company.

The Shantanu Despande-led D2C grooming and personal care brand’s net loss declined 23% to INR 62.1 Cr in FY24 from INR 80 Cr, a year ago. Revenue from operations rose 26% to INR 204 Cr from INR 161.8 Cr in FY23.

16. Bombay Shirt Company

Founded in 2012 by Akshay Narvekar, Bombay Shirt Company claims to be India’s first online custom shirt brand, selling custom-made and ready-to-wear shirts, pants, jeans, blazers, and other clothing items, with a focus on quality materials and a personalised fit. The startup has  presence in India, Dubai and New York.

The Mumbai-based clothing startup has so far raised more than $22 Mn in funding till date and is backed by names such as Singularity Ventures, Alteria Capital, Lightbox, and CaratLane cofounder Mithun Sacheti.

It competes with the likes of Rare Rabbit, Wrong, Almo, SNITCH, among others.

17. Boult

Founded in 2017 by siblings Varun and Tarun Gupta, Boult was born out of the duo’s passion for music and creating high quality audio products out of India. 

The D2C startup offers a diverse range of products across categories such as TWS (true wireless), neckbands, headphones, speakers and smartwatches. The bootstrapped profitable brand claims to have more than 100 SKUs and sells its products on both ecommerce marketplaces as well as its own website.

It competes with the likes of homegrown giants such as boAt and Noise as well as legacy players such as JBL, Bose, Sony, among others. 

18. CaratLane

Founded in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane is an omnichannel jewellery brand that sells a host of jewellery options, right from bracelets to kids-focussed pendants to customised pieces of jewellery. 

CaratLane’s operating revenue rose 41% to INR 3,080 Cr in FY24 from INR 2,168 Cr in the previous fiscal year. However, the startup’s profit declined by 5% to INR 79 Cr in FY24 from INR 82 Cr in FY23. 

The jewellery brand became a wholly-owned subsidiary of the Tata Group-owned Titan Company in 2023, after the watchmaker picked an additional 27.18% stake in CaratLane for INR 4,621 Cr.

The Tata-owned omnichannel jewellery brand saw its total income, excluding bullion and digi-gold sales, jump nearly 27% YoY to INR 1,117 Cr in Q3 of FY25. The watchmaker’s EBIT jumped 59.7% to INR 131 Cr in Q3 FY25 as against INR 82 Cr from the previous year.

CaratLane’s competitors include Bluestone and GIVA as well as legacy players like Kalyan and Senco Gold.

19. Chaayos

Founded in 2012 by Nitin Saluja and Raghav Verma, Chaayos sells a wide variety of tea and packaged food products. It sells tea at its physical stores while other packaged food products are sold via ecommerce marketplaces and physical stores.

It has raised $85.5M in funding to date and is backed by marquee names such as Elevation Capital, Think Investments, Tiger Global and Alpha Wave Ventures. 

It competes with names such as Chai Point, Vahdam Teas, Dorje Teas, among others across categories. 

The Delhi NCR-based tea-cafe chain reduced its net loss by 50.59% to INR 54 Cr in FY24 from INR 109.3 Cr in FY23. However, Chaayos’ operating revenue rose a mere 4.89% to INR 248.6 Cr during the year under review from INR 237 Cr, a year ago.

20. Chai Point 

Set up in 2010 by Amuleek Singh Bijral and Tarun Khanna, Chai Point follows an omnichannel approach to selling tea varieties and other snacks. It opened its first retail store in 2010 followed by introducing home delivery of its flagship teas in 2014 and rolling out tea and coffee vending machines in 2016.

To date, the Bengaluru-based startup has raised a total of $46 Mn from investors like Saama Capital, Eight Road Ventures, and InnoVen Capital.

It locks horns with names such as Chaayos and MBA Chaiwala in the Indian tea-focussed quick service chain (QSR) space.

21. Chumbak 

Founded in 2010 by husband-wife Vivek Prabhakar and Shubhra Chadda,Chumbak works as an O2O lifestyle brand offering clothing, accessories, footwear, souvenirs, phone and laptop cases, coffee mugs, accessories, and home décor among other product. It has an omnichannel presence across India, particularly in Tier-I cities.

While it initially focused on creating colourful souvenirs inspired by pop culture and Indian folk art, it has expanded its product range to  over 100 categories across 47 physical stores in a number of Indian cities, including Delhi/NCR, Mumbai, Hyderabad, Pune, Chennai, Chandigarh, Kochi and Jaipur.

The startup was acquired by rollup company GOAT Brand Labs in January 2023. GOAT had aimed to grow Chumbak’s revenue to INR 500 Cr by 2025 back then.

22. ClearDekho

In a space that is populated by big names such as Lenskart, and Titan Eye Plus, ClearDekho too is trying to create a niche in the country’s D2C eyewear segment. Building on his prior experience in the space, ClearDekho founder and CEO Shivi Singh is tapping the burgeoning eyewear market in Tier III & IV cities of India. 

In a chat with Inc42, Singh said that the company aims to standardise eyewear accessibility for consumers in smaller towns and cities while offering value for money. 

Founded in 2017, the startup has so far raised $7 Mn in funding and counts names like Venture Catalysts, Jaipuria Family Office, and Dholakia Ventures as its investors. 

23. Clensta

During his eight-year-long stint with a startup in the Indian defence tech ecosystem, Puneet Gupta came across a peculiar problem — soldiers stationed at the high-altitude areas of Drass and Siachen would go for months without a bath due to freezing weather conditions and extreme water scarcity. 

To address this, Gupta, an IIM-Calcutta alumnus, founded Clensta in 2016. The startup has developed a waterless body bath and shampoo that can be used by people to take baths sans water while maintaining proper personal hygiene. 

It also featured in the 2022 edition of Inc42’s Fast42 list.

The startup is backed by the likes of IAN Fund, N+1 Capital, IPV Fund, HEM Securities and Venture Catalysts. It has so far raised INR 105 Cr in a mix of debt and equity across multiple rounds.

It serves nearly 15K pin codes through its website and online marketplaces like Amazon, Flipkart and Nykaa, while also expanding its global footprint across Saudi Arabia, Maldives, Singapore, Malaysia, Nepal, Dubai, African markets and more.

According to Gupta, the brand clocked INR 78 Cr in FY24, a YoY growth of 129% from INR 34 Cr in FY23.

24. Clovia

Founded in 2013 by Suman Choudhary and husband-wife duo Neha Kant and Pankaj Vermani, Clovia is a women’s lingerie brand that offers over 3,500 intimate wear styles. In 2023, the startup added Soumya Kant and Abhay Batra to its founding team.

In March 2022, Reliance Retail invested INR 950 Cr in Clovia’s parent company Purple Panda Fashions for an 89% stakeholding in the startup. So far, Clovia has raised $24.7 Mn from investors.

In FY23, Clovia’s revenue from operations surged 70% to INR 291.71 Cr, up from INR 171.16 Cr in FY22. However, the company’s net loss widened by nearly 54% to INR 80.93 Cr in FY23, compared to INR 52.22 Cr in the previous fiscal year.

Its cap table includes AT Capital, IvyCap Ventures, Singularity Ventures and Ravi Dhariwal, Ex-CEO of Bennett, Coleman and Company Ltd, among others.

Its primary competitors include names such as Zivame, Shyaway, and Enamor. 

25. Conscious Chemist

Founded in 2019 by Robin Gupta and Prakher Mathur, Conscious Chemist is a beauty D2C brand that operates in the skincare category. They offer a variety of skincare products, including serums, cleansers, moisturizers, sunscreens, face masks, and body creams, along with combos and kits. The startup sells its products through ecommerce platforms like Amazon, Nykaa, Myntra, Flipkart, Blinkit, Zepto, and its own website.

It competes against Dot & Key, Earth Rhythm, Minimalist, Dr. Sheth’s and The Dermacco in the Indian skincare segment. 

The company has raised about $2 Mn till date from investors like Atomic Capital, Recur Club and Inflection Point Ventures, among others.

In 2022, Lotus Herbals picked up a 25% stake in D2C clean-beauty startup for an undisclosed amount.

26. Country Delight 

Founded in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight sources milk and other food products such as ghee, cottage cheese, fruits and vegetables from farmers and delivers them to customers’ doorstep.

So far, the startup has raised a total of $133 Mn in funding across multiple rounds. 

In FY24, Country Delight reported a revenue of INR 1,380 Cr, up 46% YoY. This growth was driven by an increase in subscribers and sales of non-dairy products such as fruits, vegetables, eggs, and pulses.

Its cap table includes Matrix Partners, Orios Venture Partners, Elevation Capital, and IIFL PE Fund, among others.

27. Curefoods

Founded in 2020 by Ankit Nagori, Curefoods is a cloud kitchen aggregator that houses several brands including EatFit, Sharief Bhai, Aligarh House Biryani and CakeZone, to name a few. 

It manages more than 200 cloud kitchens and offline outlets, offering over 10 cuisines across 15 cities in India.

The cloud kitchen startup is eyeing the launch of its IPO in the latter part of FY26 via which it bids to raise around $300-400 Mn.

Cumulatively, the company has raised about $245 Mn across various funding rounds since its inception.

Its cap table includes Iron Pillar, Three State Ventures, Chiratae Ventures, Accel Partners, Sixteenth Street Capital, Iron Pillar and Bollywood Actor Varun Dhawan and Nora Fatehi, among others.

Curefoods recently roped in Bollywood actor Hrithik Roshan as investor and brand ambassador for its flagship brand EatFit, without disclosing the financial terms of the deal.

The Bengaluru-based company reduced its net loss by 49.64% to INR 172.6 Cr in the financial year ended March 2024 (FY24) from INR 342.7 Cr in FY23. The startup’s operating revenue also zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr, a fiscal year ago.

28. DaMENSCH

Founded in 2018 by Anurag Saboo and Gaurav Pushkar, DaMENSCH is a men’s clothing brand that sells a range of clothing styles such as odour-cancelling men’s underwear, polo t-shirts, hoodies, joggers, tank tops, and chino shorts, among others.

In all, DaMENSCH has raised a total of about $24.6 Mn, so far. The company counts the likes of A91 Partners, Matrix Partners, Saama Capital, Whiteboard Venture Partners and Alteria Capital among its investors.

DaMENSCH competes against the likes of Bummer, XYXX, Freecultr, and Dollar Industries in the men’s innerwear segment. 

The D2C brand’s operating revenue rose 22.5% to INR 72.3 Cr in FY23 from INR 59.3 Cr, a year ago. Meanwhile, its annual net loss more than doubled to INR 62.34 Cr from INR 26.89 in FY22. 

29. Deconstruct 

Malini Adapureddy founded Deconstruct in 2020. The D2C brand claims to sell evidence-based skincare products such as serums, facewashes, shampoos, and sunscreens, among others, which are gentle and non-irritating. 

The company has raised about $10 Mn to date, from investors such as French cosmetics giant L’Oréal’s venture capital (VC) fund BOLD, V3 Ventures, DSG Consumer Partners, Kalaari Capital and BEENEXT. 

Deconstruct also featured on the 2023 edition of Inc42’s FAST42, which lists the biggest emerging D2C brands in the country. 

It shares the market with brands such as Foxtale, SkinInspired, CHOSEN, Cetaphil, among others.

30. Desi Farms

Founded in 2016 by Prateek Gupta and Sunil Shahi, D2C startup Desi Farms sells dairy products such as Malai Dahi, whole buffalo milk, Shrikhand, and Amrakhand, among others. 

To eliminate intermediaries, the startup partners directly with local farmers and procures fresh milk and dairy products from them. The company claims that these products undergo rigorous quality checks at the processing unit, wherein the milk is treated without using chemical preservatives.

The company, which aims to hit the exchanges in 2025, has raised INR 40 Cr so far, from the likes of Venture Catalysts, FHealth Accelerator, among others.

The startup was also featured in the 2023 edition of Inc42’s Fast42 list. 

31. Dogsee Chew

Founded in 2015 by Bhupendra Khanal and Sneh Sharma, the Bengaluru-based pet food startup offers vegetarian dog treats that are prepared from yak milk, sourced from villagers residing in Nepal, Sikkim, and Darjeeling.

The Bengaluru-based pet food brand secured $8 Mn (INR 69.4 Cr) in February. Cumulatively, the startup has raised $75.29 Mn so far. 

The company is backed by investors such as Mankind Pharma, Sixth Sense Ventures, Ektha.com, Shivanssh Holdings and Poddar Family office.

It claims to be the fourth-largest pet food exporter in India and currently operates in more than 30 countries. Dogsee Chew competes with the likes of Heads Up For Tails, Supertails, Dogspot, Wiggles, among others.

32. Dr. Vaidya’s 

Founded in 2016 by Arjun Vaidya, Dr. Vaidya’s is an Ayurvedic products startup. It claims to sell over 100 FDA-certified products and has a manufacturing facility in Silvassa, Mumbai. The company sells offerings such as immunity boosters, apple cider vinegar, among other fitness and wellness products as well. It sells products through its website and ecommerce marketplaces such as Amazon and Flipkart. 

The startup was reportedly acquired by RP-Sanjiv Goenka Group’s venture capital arm for $6.9 Mn in 2022. Following the deal, Dr. Vaidya’s valuation soared to nearly INR 144 Cr.

33. DrinkPrime

Founded by Vijender Reddy Muthyala and Manas Ranjan Hota in 2016, DrinkPrime offers subscription-based water purification services to households. The founders started their entrepreneurial journey by building a platform, called Waterwala, to deliver drinking water cans to people. 

Later, the startup pivoted to a new model and began offering subscription-based customisable water purifiers to customers. The company’s RO purifiers leverage Internet of Things (IoT) to offer customised offerings and cater to the water purification needs of households. DrinkPrime’s subscriptions cost as low as INR 333 a month, including installation and maintenance. 

Drink Prime, which counts names such as Venture Catalysts++, PeakXV, Omidyar Network and 9Unicorns as its investors, has raised more than INR 77 Cr since its inception. The startup was also featured in the 2023 edition of Inc42’s Fast42 list. 

34. Earth Rhythm

Founded in October 2020 by Harini Sivakumar, Earth Rhythm is a beauty and personal care brand that sells a range of haircare, skincare and body care products. It also sells zero-waste products such as toothbrushes, vanity bags, combs and soap dishes, among others.

The Delhi NCR-based claims to be focussed on plastic-free packaging and offers about 250 products across six categories.

In November 2024, Nykaa completed the acquisition of a majority stake in Earth Rhythm. Prior to that in 2022, the beauty ecommerce giant had bought an 18.6% stake in Earth Rhythm. 

Earth Rhythm has previously raised $1.2 Mn in funding from Anicut Capital. 

On the financial side, Earth Rhythm’s revenues rose 32.7% YoY to INR 24.5 Cr in FY24 against a net loss of INR 16.5 Cr in the year under review.

35. Ecosoul

Rahul Singh and Arvind Ganesan first met each other during their stint at the American furniture goods company, Wayfair, where they worked on the sustainable product categories. Realising that there was a huge gap in the market for eco-friendly products, the duo left their high-paying jobs in the US and founded EcoSoul in 2020.

EcoSoul Home sells eco-friendly home products such as crockery, cutlery, garbage bags, and tableware. Headquartered in the US and with operational presence in countries like China and Vietnam, Ecosoul forayed into India in early 2023.

The D2C eco-friendly home essentials brand sells its products primarily through its website as well as ecommerce platforms. 

Since its inception, EcoSoul has secured more than $15 Mn in funding from notable investors, including venture capital firm Accel.

36. eské

Founded in 2018 by Shivam Khanna, eské is a D2C lifestyle brand that sells products such as luxury handbags, laptop bags, accessories, luggage and travel items for men and women. The startup primarily sells its products online through its own website and ecommerce platforms such as Amazon and Myntra. 

Since its inception, eské has raised $1.5 Mn in funding from the likes of Mistry Ventures and Fluid Ventures.

The Mumbai-based lifestyle brand competes with homegrown rivals such as Zouk, Scarters, Mokobara, and Chumbak.

37. FabAlley 

FabAlley, founded in 2012 by Shivani Poddar and Tanvi Malik, sells a wide range of women’s apparel via online marketplaces, physical retail stores, multi-brand outlets (MBOs), and its own website. 

So far, the startup has raised $14.02 Mn in funding from investors such as Elevational Capital, India Quotient, Dominor Holding, Trifecta Capital Advisors, SenseAI Venture, Baird Capital, among others.

In FY23, FabAlley’s net loss widened to INR 45.5 Cr, up from INR 43.8 Cr in the year ago period. Meanwhile, revenue from operations jumped nearly 18% to INR 184.7 Cr in the fiscal under review from INR 157.1 Cr in FY22. 

38. Farmley 

Brainchild of Akash Sharma and Abhishek Agarwal, Farmley is a D2C snacking brand that was founded in 2017. The startup sells products such as roasted peri peri makhanas, thai chilli cashews, date bites, among others.

Farmley sells its products through ecommerce marketplaces and quick commerce platforms such as Amazon, Flipkart, Blinkit, Zepto, Instamart and Big Basket. It also claims to have a presence in more than 10,000 retail outlets across 50 Indian cities.

The startup has raised nearly $15 Mn in funding till date and counts names such as BC Jindal Group, DSG Consumer Partners, Omnivore and Alkemi Partners as its backers.

39. Flo Sleep Solutions

With an aim to offer good quality mattresses and other sleep essentials to Indian consumers, Gaurav Zatakia founded D2C startup Flo Sleep Solutions in 2018.

Flo primarily sells varied types of mattresses and pillows such as ortho mattresses, ergo mattresses, anti-gravity latex mattresses, baby mattresses, fibre pillows and memory foam pillows. It counts Mistry Ventures as its investor.

Notably, it runs two production units in Mumbai, has sold more than 450K products and served over 250K users, as of March 2023.

The brand was featured in the 2024 edition of Inc42’s FAST42 list of India’s Fastest Growing D2C Brands.

40. Foxtale

Foxtale is an omnichannel beauty and personal care (BPC) brand that sells skincare products such as serums, masks, moisturisers, face washes, sunscreens, among others. 

Founded in 2021 by former venture capitalist Romita Mazumdar, Foxtale primarily sells its products through its own website, online marketplaces as well as offline stores. 

Foxtale is backed by KOSÉ Corporation, Panthera Growth Partners, Z47, Kae Capital and Matrix Partners India, Foxtale has raised capital of around $66.4 Mn till date.

It competes with names such as Minimalist, Pilgrim, Plum, and Mamaearth in the homegrown D2C BPC space. 

The brand also featured in the 2024 edition of Inc42’s FAST42 list of the country’s top and emerging D2C brands.

41. Freakins

Back in 2018, Puneet Sehgal, Sachin Shah and Shaan Shah experimented with the idea of building a desi women-centred denim wear brand. Investing INR 10 Lakh of their capital, the duo first designed and manufactured a few denim wear samples to see if they were headed in the right direction.

They received overwhelming response, setting the stage for launch of their D2C denim wear brand Freakins in 2019. However, the startup forayed into the men’s category in February 2023, to emerge as a full-fledged Gen-Z denim wear brand.

The startup raised $4 Mn in July 2023 in a seed funding round led by Matrix Partners India and Blume Ventures. Freakins is also backed by the likes of angel investors such as Revant Bhate of Mosaic Wellness, Meesho’s Utkrishta Kumar, and OfBusiness’s Asish Mohapatra.

The D2C brand’s product portfolio currently spans more than 35 categories and 1,500 styles.

Freakins sells its denims via online marketplaces such as Amazon, Flipkart, and Myntra. The company clocked a gross revenue of INR 22 Cr in FY23 and is eyeing to become an INR 100 Cr brand by the end of 2024.

42. FreshToHome

FreshToHome was incorporated in 2015 by serial entrepreneur Shan Kadavil and Mathew Joseph. The inspiration to venture into the direct-to-consumer (D2C) meat and fish industry struck Kadavil when his personal fish supply was disrupted due to the impending closure of Sea To Home, an ecommerce platform based in Kerala.

Collaborating with Joseph, one of the cofounders of Sea To Home and an angel investor, Kadavil embarked on his new venture. Since then, the D2C meat startup has significantly expanded its operations, and now serves customers in more than 160 cities in India and all seven emirates in the UAE.

To join the buzz around quick commerce, FreshToHome introduced a 10-20 minute delivery service in selected regions across India, in February.

With investors such as Amazon Sambhav Venture Fund, E20 Investment, Mount Judi Ventures, Investcorp and Iron Pillar in its kitty, the D2C meat startup has so far raised around $377 Mn in funding to date.

On the financial front, the D2C brand narrowed its standalone net loss for its India operations by 52.18% to INR 149.73 Cr in FY24 from INR 313.17 Cr, a year ago. Revenue jumped around 15X to INR 369.55 Cr in the fiscal under review from INR 24.91 Cr in FY23.

The company competes with the likes of Licious, Zappfresh, and Meatigio, among others. 

43. FS Life

Founded in 2016 by Ayushi Gudwani, FS Life, previously known as FableStreet, is a women-focussed clothing brand. It offers readymade as well as bespoke clothes for female working professionals. It claims to use a three-body measurement algorithm for creating customised apparel.

Cumulatively, the company has raised more than $9 Mn across multiple rounds of funding to date. Its cap table includes Fireside Ventures, Uber executive Pradeep Parameswaran, Suhail Sameer, Fusiontech Ventures, among others.

In the Indian D2C clothing segment, FS Life competes with the likes of Chumbak, The Souled Store and Bewakoof, among others.

44. GIVA

Founded in 2019 by Ishendra Agarwal, Nikita Prasa and Sachin Shetty, GIVA is a D2C brand that sells budget-friendly fine jewellery to its customers — both men and women. The startup largely prices its offerings in the price range of INR 1,000 to INR 20,000. 

It competes with the likes of homegrown brands such as CaratLane and BlueStone. 

In March, the D2C jewellery brand secured INR 102 Cr (about $11.7 Mn) in a mix of equity and debt from Alteria Capital and Northern Arc.

Cumulatively, the Bengaluru-based startup has raised around $102 Mn in funding since its inception. The company counts the likes of Premji Invest, Epiq Capital, Edelweiss Discover Fund, Aditya Birla Ventures, and A91 Partners, among others as its investors.

GIVA’s operating revenue surged 97% to INR 165 Cr in FY23 from INR 84 Cr in the previous fiscal year. Meanwhile, the startup’s net loss rose 138% to INR 45.2 Cr during FY23, from INR 19 Cr in FY22.

45. Good Health Company (GHC)

Founded in 2021 by Samarth Sindhi and Saurav Panda, Good Health Company (GHC) is a subsidiary of Raksha Health. GHC sells a range of men-focussed wellness and personal care products, including anti-hair thinning kits, hair regrowth, beard care kit, and glowing skin kits, among others. 

It also offers free consultations to customers regarding their skincare, haircare and sexual health problems.

So far, it has raised $20.7 Mn funding from a number of investors, including Left Lane Capital, Khosla Ventures, Quiet Capital, and Weekend Fund, among others.

46. Go Zero

Founded by Kiran Shah in 2022, Go Zero manufactures zero sugar, high protein and low calorie ice creams. The startup claims to be focused on providing health conscious consumers with alternatives to traditional sugar-laden ice creams. 

The brand has its presence in more than 16 Indian cities including Mumbai, Pune, Bangalore, Delhi NCR, Hyderabad and Chennai among others. 

Go Zero competes with the likes of NOTO, NIC, Get-A-Way and Amul.

The ice cream company is backed by DSG Consumer Partners, Saama, V3 Ventures, among others. Go Zero last raised INR 30 Cr in March from its existing investors. Since its inception, it claims to have secured $6 Mn across various rounds.

47. Gynoveda

After suffering from lifestyle disorders for more than a decade, Vishal Gupta eventually found respite in the ancient science of Ayurveda. During his research, Gupta also discovered effective remedies for a host of gynaecological problems such as PCOS (polycystic ovary syndrome), abnormal discharge, and umpteen, among other issues. 

Realising a prevailing gap in the market, Gupta, along with his wife Rachana and Dr Aarati Patil, founded Gynoveda in 2019, blending the age-old science with modern technology and content. 

Gynoveda sells products ranging from moisturisers to Ayurvedic capsules via its website and ecommerce marketplaces.

The startup has so far raised funding in excess of $11 Mn. It counts names such as India Alternatives Fund, Fireside Ventures, Wipro Enterprises, Alteria Capital and RPG Ventures as its backers. 

48. HairOriginals

A brainchild of Jitendra Sharma, HairOriginals was founded in 2019 and is a D2C brand that sells hair extensions and do-it-yourself wigs. 

The D2C brand sells its offerings through its website and ecommerce platforms. It claims to make its offerings from ethically-sourced real human hair and exports products to 22 countries including the US and other European nations.

The startup has raised $7.2 Mn in funding till date, which includes its recent capital raise of $5 Mn in February, and is backed by names such as Anicut Capital, Venture Catalysts, She Capital, JITO Angel Fund, among others.

The startup competes with the likes of Nish Hair and Ind Natural Hair.

49. Happilo 

Founded in 2016 by Vikas Nahar, Happilo sells a host of healthy snacks such as nuts, dry fruits, seeds and dry roasted snacks, among others, via its website and offline stores. 

In February, the Bengaluru-based D2C brand secured $25 Mn from Motilal Oswal Private Equity. So far, Happilo has bagged total funding of $38 Mn. It is also backed by the likes of A91 Partners and Venture Garage. 

It competes with the likes of homegrown D2C players such as Nutraj, Farmley, True Elements, among others.

50. Happy Nature

Founded in 2022 by Sahil Chopra, Parth Birendra, Vikas Singh and Vishal Rastogi, Happy Nature is a farm-to-fork dairy startup. It runs a dairy farm in Jhajjar, Haryana. 

The startup has developed its standard operating procedures (SOPs) to keep aflatoxin levels low in cow’s milk, without adding chemical preservatives and antibiotics. It currently sells more than 35 SKUs to over 80K customers across Delhi-NCR, Punjab and Haryana.  

Backed by Inflection Point Ventures, Brand Capital and First Port Capital, the startup has reportedly raised $1 Mn in funding to date. 

51. Heads Up For Tails 

Founded in 2008 by Rashi Narag, Heads Up For Tails sells a wide range of pet products such as preservative-free pet treats, organic supplements, and orthopaedic beds. It aims to increase awareness among pet parents regarding the need for pet care and wellness. 

The Delhi NCR-based pet care brand has raised more than $50 Mn in funding to date and is backed by Verlinvest, Peak XV Partners, Campden Hill Capital, among others. 

It competes with names such as PetSutra, Supertails, Zigly, Wiggles, Drools, among others across various categories.

52. Herby Angel

Founded in 2023 by Sherry Jairath, Herby Angels is an omnichannel brand that manufactures nutraceutical and pharmaceutical ayurvedic products for babies. It claims to make its products with certified organic ingredients.

The Noida-based startup raised $2.5 Mn in maiden funding round from JCBL Group, in late 2023.

The startup sells its products through its website and other ecommerce platforms. It also claims to have a presence in 1,300 retail across 13 states. 

53. Himalayan Organics

Himalayan Organics is a D2C nutraceutical startup that was founded in 2018 by Vaibhav Raghuwanshi and Suditi Sharma. The company offers a variety of products across several categories, including beauty, skincare, immunity boosters, and haircare.

Himalayan Organics collaborates with nutritionists and dieticians to offer free consultations. The company mainly sources raw materials from the Himalayan region and uses natural ingredients such as fruits, vegetables, herbs, seeds, and nuts to manufacture its products.

The bootstrapped startup competes with the likes of Kapiva, Upakarma, The Ayurveda Experience, Alphavedic, among others.

54. Hoop

Founded in 2023 by former McKinsey consultants, Twinkle Uppal, and Saharsh Agarwal, Hoop is a D2C wellness brand that sells products for pain relief, muscle recovery and a good night’s sleep.

In July 2024, Olympian PV Sindhu joined Hoop’s cap table as an investor and as a brand ambassador.

The startup is also backed by notable angel investors like OYO COO Abhinav Sinha, Swiggy’s food marketplace CEO Rohit Kapoor, former BharatPe CEO Suhail Sameer, Bombay Shaving Company cofounder Shantanu Deshpande, and Dr Vaidya’s founder Arjun Vaidya.

The wellness brand has reportedly raised $1.75 Mn to date. Hoop competes with brands like Kapiva, Dr Vaidya’s, Secret Alchemist, among others. 

55. iD Fresh Food

Founded in 2005 by PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar and Noushad TA, iD Fresh Food offers a slew of ready-to-make food – dosa and idli batter, rice rava idli batter – in India as well as abroad. 

The Bengaluru-based D2C startup last raised $68 Mn in its Series D funding round in 2022, thereby accumulating a total funding of $104 Mn to date. Currently, it operates in more than 45 cities across the world such as Mumbai, Bengaluru, Pune, Hyderabad and Dubai, among others.

Its investors include NewQuest Capital Partner, Premji Invest, Sequoia Capital, Helion Ventures and Azim Premji.

ID Fresh Food reported a net profit of INR 1.84 Cr in FY24 as against a loss of INR 23.25 Cr in FY23. The Bengaluru-based startup also clocked a 16% increase in its operating revenue to INR 395.76 Cr during the fiscal year under review from INR 340.9 Cr in the previous year. 

56. Innovist

Innovist (formerly known as Onesto Labs), set up in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, sells personal care products under three brands – Bare Anatomy, Chemist at Play, and SunScoop.

The startup mainly sells products via its website and ecommerce marketplaces. It also has an offline presence.

Innovist has so far reportedly bagged $13.8 Mn in funding across multiple rounds. It is backed by Accel Partners, 72 Ventures. Jani Ventures Inc, CRED founder Kunal Shah, Sauce.vc, among others. 

It competes with brands such as Secret Alchemist, Nat Habit, among others.

57. Japam

Founded in 2022 by serial entrepreneur Ritoban Chakrabarti, Japam is a spiritual tech startup that sells wearable rudraksha beads, spiritual jewellery, idols, and home decor items made by local artisans. 

The bootstrapped startup sells its products through its own website and ecommerce and quick commerce marketplaces such as Amazon, Zepto and Blinkit. Japam also featured in the 2024 edition of Inc42’s coveted FAST42 list. 

It competes with the likes of AstroTalk and Rudraksham in the burgeoning Indian spiritual tech space.

58. Jimmy’s Cocktails

Founded in 2019 by Ankur Bhatia and Nitin Bhardwaj in 2019, Jimmy’s Cocktail’s is a D2C food and beverage (F&B) brand that sells cocktail mixers, sparkling mixers and barwares. 

The D2C startup has raised $4.81 Mn across multiple rounds till date and is backed by the likes of Parth Ventures and 7Square Ventures as well as angel investors such as Paytm’s Vijay Shekhar Sharma, HDFC Life chairman Keki Mistry, among others. 

It competes with the likes of big players such as PepsiCo, Coca-Cola, Hector Beverages and Red Bull, and operates in the larger Indian non-alcoholic beverages market.

59. Juicy Chemistry

Set up in 2014 by Megha Asher and Pritesh Asher, clean beauty startup Juicy Chemistry sells organic skin, hair and body care products. 

To manufacture these products, it procures ingredients from organic farmers in 20 countries. It develops these products at its ECOCERT-certified manufacturing unit, where it conducts rigorous quality checks to ensure that everything complies with ECOCERT’s organic standards.

To date, it has raised $7 in funding from a bunch of investors, including Verlinvest, Spring Marketing Capital, and Manoj Lifestyle. 

The company shares the market with Clensta, CHOSEN, ClayCo Cosmetics, among others.

60. Kapiva

When the pandemic locked millions of Indians indoors back in 2020, the ancient Indian science of health Ayurveda suddenly turned into the flavour of the season. For Ameve Sharma, Ayurveda was never relegated to the margins. 

Hailing from the iconic century-old Baidyanath family, the INSEAD and New York University-educated scion grew up witnessing how the age-old science helped people from all walks of people. After being inundated with queries from friends about ayurvedic medications, Sharma realised that there was a huge whitespace in the market and he sat down to build Kapiva. 

With more than 100 SKUs in its kitty, Kapiva sells Ayurvedic consumables and products such as juices, Shilajit, hair oil, shampoos, and resins, among others. 

Backed by names such as OrbiMed, Vertex Ventures, Fireside Ventures, and 3one4 Capital, the Bengaluru-based startup has so far raised around $41.1 Mn in overall funding across multiple rounds.

Kapiva‘s loss widened 34% to INR 64.6 Cr in FY23 from INR 48.2 Cr in the previous fiscal year, while the company’s total revenue, including interest income, stood at INR 116.5 Cr in FY23 as against INR 62.4 Cr, a year ago.

61. Koparo Clean

When the use of chemical-laden sanitisers for groceries and home cleaning saw an uptick during the pandemic, Simran Khara realised that these products could harm kids, pets and even adults.

Responding to the challenge, Khara, who hails from Delhi, launched a range of natural, toxin-free cleaning products under the brand name Koparo Clean in 2020. The D2C brand sells more than 15 products across categories such as core cleaning, speciality cleaning, and accessories.

It claims its products to be free of volatile organic compounds (VOCs), synthetic dyes, ammonia, and parabens, among others. 

In July 2023, the D2C brand raised a Pre-Series A funding of $1.5 Mn in 2023.

Koparo Clean is backed by Fluid Ventures, DSG Consumer Partners, M Venture Partners along with new angels Rajesh Sawhney (founder and CEO of GSF Accelerator), Sridhar Sankararaman (Multiples PE), and Ramesh Menon (ex-Future Group, Hypercity).

62. Lahori

Lahori, founded in 2017 by Saurabh Munjal, Saurabh Bhutna and Nikhil Doda, sells Indian beverages in four flavours – Zeera (cumin), Nimboo (lemon), Kacha Aam (raw mango) and Shikanji (lemonade) – across India. 

The beverage company has so far received backing from the likes of marquee investors such as Verlinvest, Abu Dhabi Investment Authority (ADIA), and Motilal Oswal Financial Services. It has so far raised $22.3 Mn in funding across two rounds. 

Reports from February suggest that the company is in talks with Motilal Oswal’s private equity arm and other investors to raise about INR 400 Cr to INR 450 Cr at a valuation of INR 2,500 Cr, while it was last valued at INR 700-750 Cr in 2022.

It competes with players such as Paper Boat and Rockit, among others.

63. Lenskart 

Founded in 2010 by Peyush Bansal, Amit Chaudhury, and Sumeet Kapahi, LensKart is an omnichannel eyewear brand. The company claims to have over 2,500 stores under its belt and caters to 2 Cr customers.

Overall, Lenskart has raised nearly $1.8 Bn across multiple funding rounds, so far. The unicorn is backed by marquee investors such as Chiratae Ventures, TPG, Premji Invest and Unilazer Ventures, among others.

The eyewear startup narrowed its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in the previous year. Its operating revenue jumped 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. 

In January 2025, Lenskart reportedly roped in Kotak Mahindra Bank and Morgan Stanley for its $1 Bn IPO. It plans to list on Indian bourses by the end of FY26.

Weeks following that, reports circulated that the company is eyeing a valuation of $10 Bn, along with its plans to file its draft papers by May 2025.

64. LetsShave

Founded in 2015 by Sidharth Oberoi, LetsShave is a grooming brand that sells shaving kits, trial kits, blades and shaving foams. The D2C grooming brand supplies razors to high-end hotels and hospitality brands such as Marriott, St. Regis, and Ritz Carlton.

Backed by South Korean razor giant Dorco Korea, the startup has raised more than $6 Mn till date.

Aside from India, the Chandigarh-based startup caters to clients in the UAE, the US, Canada, the UK, Australia, Europe.

To note, LetsShave competes with The Man Company, Bombay Shaving Company, Ustraa, and Beardo, among others.

65. Libas

Taking over from his father, Sidhant Keshwani helmed D2C ethnic wear brand Libas’ online foray in 2014. The omnichannel brand sells fast fashion Indian traditional apparels for women across both offline and online channels. 

Since its online entry, the startup has aggressively scaled up operations and clocked a revenue of INR 500 Cr in the financial year 2023-24 (FY24).

The startup emerged out of stealth mode in May 2024 after it raised INR 150 Cr in a strategic funding round from ICICI Ventures’ IAF Series 5 fund. It competes with similarly growing ethnic fashion labels such as FASHOR, Suta, Dressfolk, among others.

66. Licious 

Licious, founded in 2015 by Abhay Hanjura and Vivek Gupta, sells a wide range of meat, seafood, cold-cuts, and ready-to-eat meat items across online platforms. The company currently serves 20 cities through 100 delivery centres and operates five state-of-the-art processing centres. 

The Bengaluru-based meat startup has raised $554.22 Mn in funding so far, and was last valued at $1.5 Bn in March 2023. Licious is backed by Amansa Capital, Kotak PE, alongside angel investors including Nithin and Nikhil Kamath of Zerodha, Aman Gupta from boAt and Haresh Chawla from True North.

To note, the foodtech unicorn acquired Bengaluru-based offline meat retailer My Chicken and More in a cash and equity deal in October 2024 to expand its store network and offline footprint.

Licious claimed that its loss declined 44% to INR 293.77 Cr in FY24 from INR 528.5 Cr, a year ago. However, its revenue declined 8.4% to INR 685.05 Cr during the year under review from INR 748 Cr in FY23. 

The online seafood seller is seeking to become profitable as it prepares for public listing in 2026, while targeting a valuation of more than $2 Bn.

67. Mamaearth 

Mamaearth, founded in 2016 by Ghazal Alagh and Varun Alagh, started as a baby care products brand but later pivoted to become a personal care brand. Its product offerings include haircare, skincare and body care products.

The listed startup counts Fireside Ventures, Sequoia India, Rishabh Mariwala from Marico, and Kunal Bahl and Rohit Bansal of Snapdeal, among its investors. It has so far raised $111 Mn in funding across multiple rounds.

Mamaearth parent Honasa Consumer posted a consolidated net profit of INR 26.02 Cr in Q3 FY25, a marginal 0.4% increase from INR 25.90 Cr in the year-ago quarter. Furthermore, its revenue from operations grew 6% to INR 517.51 Cr during the quarter under review from INR 488.22 Cr in Q3 FY24.

68. mCaffeine 

mCaffeine, founded in 2016 by Tarun Sharma, Mohit Jain, Saurabh Singhal, Vikas Lachhwani and Vaishali Gupta, sells a host of caffeine-based skin and hair care products ranging from soaps to scrubs to oil through its website and physical retail outlets.

The D2C startup is backed by the likes of Paragon Partners. Singularity Growth Opportunities Fund, Sharrp Ventures, Amicus Capital Partners, RPSG Capital Ventures, among others. The company has raised $37.5 Mn in funding to date. 

The beauty and personal care brand reported a widened standalone net loss of INR 91.6 Cr in FY23, up 61.5% from INR 56.7 Cr, in the previous year. mCaffeine’s sales revenue jumped 51.8% to INR 205.2 Cr during the year under review from INR 135.2 Cr in FY22.

69. Minimalist 

Founded in 2020 by Mohit and Rahul Yadav, the Jaipur-based D2C startup sells a host of skin care products ranging from serums to moisturisers to toners. It retails products via its website and ecommerce marketplaces. 

In 2021, Minimalist secured $15 Mn in its Series A funding round led by Sequoia Capital India and Unilever Ventures. 

It is pertinent to mention that in March 2025, FMCG giant Hindustan Unilever Ltd (HUL) received the approval of the Competition Commission of India (CCI) to acquire a majority stake of 90.5% in D2C brand Minimalist for a cash consideration of INR 2,670 Cr. 

The startup’s profit zoomed 110% to INR 10.9 Cr FY24 from INR 5.2 Cr in FY23. Its revenue from operations surged 89% to INR 347.4 Cr during the year under review from INR 183.8 Cr in FY23.

70. Mosaic Wellness

Mosaic Wellness, founded in 2020 by Revant Bhate and Dhyanesh Shah, sells men and women-focussed health and wellness products under the brands Manmatters and Bodywise, respectively. Both brands offer telemedicine services along with medicines, supplements and other allied products. 

The Mumbai-based D2C startup has built a content community for people to confer about their health and other related subjects. 

In 2021, the company secured $24 Mn in its Series A funding round from Sequoia Capital India, Elevation Capital and Matrix Partners India. In total, it has raised a capital of $35.2 Mn to date.

The health and wellness startup saw its consolidated operating revenue zoom 60% to INR 333.32 Cr in FY24, as against INR INR 206.20 Cr, a year ago. Besides, Mosaic Wellness’ loss declined by 38% to INR 38.78 Cr in the year under review from INR 62.19 Cr in FY23.

71. Moxie Beauty

Founded in 2023 by Nikita Khanna and Anmol Ahlawat, Moxie Beauty is a D2C haircare brand that sells a range of products such as conditioners, shampoos, hair oils, among others. 

Moxie Beauty sells its products through its own website as well as ecommerce platforms such as Amazon and Flipkart. 

The Delhi NCR-based startup has raised $2.1 Mn in funding till date and is backed by the likes of Fireside Ventures as well as angel investors such as ex-Unilever CMO Samir Singh, Mokobara cofounder Sangeet Agrawal, among others.

It competes with the likes of names such as Pilgrim, Good Health Company, Bare Anatomy, Fix My Curls, among others. 

72. Mylo

Mylo, founded in 2018 by Vinit Garg, started as a community-based platform for new and expecting mothers and gradually turned into a personal care brand. Later, it pivoted into a personal care startup offering over 100 stock-keeping units of ayurvedic products for babies and expecting mothers. 

Mylo is backed by names such as W Health Ventures, ITC Ltd, Endiya Partners, Riverwalk Holdings, Alteria Capital, Innoven Capital, among others.

The D2C personal care startup has raised a funding of $24 Mn so far. Mylo shares the market with Bumtum, All Things Baby and The Moms Co, among others.

73. Nat Habit

A brainchild of Swagatika Das and Gaurav Agarwal, the idea of Nat Habit emerged from the difficulties faced by the duo while procuring authentic ayurvedic products.

In 2019, the two founded Nat Habit, a beauty and personal care brand that sells a slew of offerings such as hair oils, masks, scrubs and face creams.

The startup was featured in the 2024 edition of Inc42’s coveted FAST42 list, which collates India’s emerging and top D2C brands. 

Nat Habit claims to have clocked a revenue growth in excess of 150% YoY in FY23 and has more than 250 SKUs. Nat Habit has cumulatively raised INR 110 Cr, as per Inc42’s latest data.

Backed by Peak XV Partners and Bertelsmann India Investments, it competes with Plum and Mamaearth in the BPC category.

74. Neemans

Founded in 2018 by Taran Chhabra and Amar Preet Singh, Neemans aims to upend the Indian shoe industry with natural, renewable, recycled and biodegradable shoes. It also sells apparels. 

The company claims that its products have a considerably lower carbon footprint and lower impact on the water table compared to conventional products, which are made with synthetic fibres.

The startup has reportedly raised $18.9Mn in funding and is backed by names such as Anicut Capital and Sixth Sense Ventures. The Hyderabad-based startup locks horns with the likes of international giants in the shoe industry such as Skechers, Nike, Adidas, Reebok, Puma, AJIo, among others.

75. Nestasia

Home decor brand Nestasia is the brainchild of Anurag Agarwal and Aditi Murarka Agarwal, whose passion for decorating and designing homes spawned the rise of the startup in 2019.

The D2C brand sells a range of home decor products such as crockery garden accessories, and kitchen utilities, among others. Unlike other marketplaces, which connect buyers and sellers, Nestasia operates a full-fledged D2C business that buys products from Indian artisans and then sells them directly to customers.

The startup competes against brands like Trampoline, The Purple Turtles, Chumbak and Urban Ladder in this segment. 

Collectively, the company has raised nearly $12.4 Mn so far and is backed by Stellaris Venture Partners, SIG Venture Capital, Logx Venture Partners, among others.

76. Noise

Founded in 2014 by Amit Khatri & Gaurav Khatri, Noise is a smart wearable and wireless headphones brand. It sells products on its website and ecommerce marketplaces such as Amazon and Flipkart. 

After remaining bootstrapped for more than nine years, Noise raised close to $10 Mn from audio giant Bose in December 2023 at a valuation of about $426 Mn. A few months later in May 2024, the Gurugram-based audio products and wearable startup acquired AI startup SocialBoat.

The audio products maker partnered with Dubai-based distribution company Lime Concepts to enter the Gulf Cooperation Council (GCC) region in March.

On the financial front, Noise posted a net loss of almost INR 20 Cr in FY24 as against a net profit of INR 88 Lakh in FY23. Operating revenue rose by a marginal 0.30% to INR 1,430.9 Cr from INR 1,426.5 Cr in the previous fiscal year. 

77. Nua 

Founded in 2017 by Ravi Ramachandran, Nua is a women-focused wellness brand. Its offerings include sanitary pads, skin care and intimate hygiene products. 

So far, it has secured $16.4 Mn in aggregate from across various funding rounds, including its last round of INR 35 Cr, raised in February. Its cap table includes Mirabilis Investment Trust, Lightbox VC, Kae Capital and actor Deepika Padukone, among others. 

Nua competes with Laiqa Wellness, Newmi Care, Bold Care’s Bloom, and others.

78. NutriGlow

Founded in 2011 by Aditi Suneja and Ashish Aggarwal, Nutriglow sells men and women-focussed haircare, skincare, body care and make-up products via its website and ecommerce platforms. 

The Noida-based D2C startup claims that its beauty products are made using natural and certified organic ingredients as well as vegan-friendly and paraben-free formulations.

It last secured an undisclosed amount of funding from ecommerce rollup GOAT Brand Labs in June 2022.

Financially, NutriGlow reported a revenue of INR 37.2 Cr ($4.63 Mn) for the fiscal year ending March 2023, with a net profit of INR 16.7 lakh for the same period.

In terms of competition, NutriGlow faces rivals such as Mamaearth, WOW Skin Science, and Bella Vita Organic, all of which operate in the natural and organic beauty products segment in India.

79. Organic Harvest

Founded in 2013 by Rahul Agarwal, Organic Harvest is an organic personal care brand that offers plant-based skincare, haircare, body care products and essential oils via online and offline channels.

According to its website, It claims to use ingredients and raw materials that are approved by international organisations – EcoCert, OneCert, and Nature.

Backed by The Good Glamm Group, the D2C startup has raised over $17.3 Mn in funding to date. It competes with names such as Just Herbs, SoulTree, The Body Shop, among others.

80. Perfora

Jatan Bawa and Tushar Khurana crossed paths during the Jagriti Yatra, a two-week long entrepreneurship train journey, in 2016. The two found common ground and conceived the idea for an oral care brand, Perfora, in 2021.

Perfora offers a diverse range of oral care products, including electric toothbrushes, toothpaste, mouthwashes, flossers, teeth whitening products, and more.

This D2C oral care brand distributes its products through its official website and various ecommerce platforms like Amazon, Flipkart, Nykaa, Blinkit, and others.

Perfora has so far raised a total funding of $8.73 Mn. It counts names such as RPSG Capital Ventures, Sauce.vc, Lotus Herbals Family Office, among others as its backers.

Perfora competes with established brands such as Patanjali, Biotique and Colgate in the Indian oral care market.

81. Pilgrim

Founded in 2019 by Anurag Kedia and Gagandeep Makker, Pilgrim is a D2C beauty and personal care brand that offers over 90 SKUs across offerings such as face care, haircare, skincare products, and fragrances. 

The company emphasises international beauty formulations, sources ingredients from France, Korea, Spain, and Australia, and tailors its offerings for Indian consumers.

To date, Pilgrim has raised a total of $56 Mn in funding, including its last round of INR 200 Cr in March 2025, via a mix of primary and secondary transactions at a pre-money valuation of INR 3,000 Cr (about $346 Mn).

The company is backed by names such as Fireside Ventures, Vertex Ventures, Mirabilis Investment Trust, Nabs Vriddhii, Narotam Sekhsaria Family Office, among others.

Pilgrim locks horns with the likes of Mamaearth, The Ayurveda Experience, Bella Vita Organic and Minimalist in the Indian BPC.

82. Pluckk

Incorporated in 2021 by Pratik Gupta, Pluckk is a D2C fruit and vegetable brand, which distinguishes itself by offering users a diverse selection of over 400 products spanning 15+ categories. These offerings include salads, dips, juices, cuts, mixes, and exotic fruits and vegetables.

Pluckk operates in major Indian cities such as Mumbai, Delhi, Bengaluru, and Pune. The brand sells its products through its dedicated app, website, and quick commerce platforms like Swiggy, Zepto, among others. 

To date, Pluckk has raised a total of $19.6 Mn across four funding rounds and enjoys the backing of Euro Gulf Investments, Exponentia Ventures, actress Kareena Kapoor Khan, among others.

In September 2024, Pluckk expanded its product portfolio by acquiring D2C nutrition brand Upnourish in a deal valued at $1.4 Mn. 

Pluckk competes with names such as Gourmet Garden, Deep Rooted, and Kisankonnect.

83. Plum

Founded in 2013 by Shankar Prasad, Plum sells a wide variety of beauty products across skin care, hair care, personal care and makeup categories via its website and ecommerce marketplaces. 

The startup has raised nearly $50 Mn in funding to date and counts names such as Unilever Ventures, A91 Partners and Faering Capital as its investors. 

Plum competes with names such as Mamaearth and WOW Skin Science, all of which operate in the BPC segment in India.

84. Power Gummies 

Founded in March 2018 by Divij Bajaj, nutraceutical startup Power Gummies sells flavoured and chewable vitamins for hair, nail and skin problems. Its products are gluten-free and certified by the FSSAI.

The D2C startup has raised more than $11 Mn in funding to date and counts names such as Venture Catalysts, DSG Consumer Partners, Wipro Consumers, Sharrp Ventures (Marico Family Office), and NB Ventures as investors.

The company’s revenue saw its revenues decline over 20% to INR 17.55 Cr in FY24 from INR 22.04 Cr in FY23.

Power Gummies competes with Plix, HealthKart, Fast&Up, Himalayan Organics, and Nyumi in the Indian D2C nutraceutical segment. 

85. Rage Coffee

Founded in 2018 by Bharat Sethi, Rage Coffee sells a host of coffee-based products across India. 

To date, Rage Coffee has raised $11.4 Mn in funding across six rounds. Notable investors on its cap table include Sixth Sense Ventures, Refex Capital, and 9Unicorns.

In August 2024, GRM Overseas acquired a 44% stake in Rage Coffee in a deal, comprising a mix of primary capital infusion and secondary purchase of shares.

Rage Coffee competes with other Indian D2C coffee brands such as Blue Tokai Coffee Roasters and Sleepy Owl Coffee.

86. Rasayanam

Founded in 2020 by ex-investment banker Ayush Aggarwal, Rasayanam sells a range of ayurvedic juices as well as supplements such as Shilajit and Ashwagandha. 

The platform’s unique selling proposition (USP) lies in its high quality ingredients and extensive quality checks that each of its products go through. It allows its customers to fetch detailed test reports of all its products, which comprise disclosures like traces of heavy metals, microbial profile, and other content. 

The bootstrapped D2C startup sells its products through its own website, ecommerce marketplaces like Amazon and Flipkart as well as offline stores.

Rasayanam competes with the likes of legacy Ayurvedic brands such as Dabur and Baidyanath as well as startups such as Kapiva, Man Matters, among others.

87. RAS Luxury Skincare

Hailing from an agribusiness family manufacturing essential oils, Shubhika Jain, with sister Suramya and mother Sangeeta launched RAS, a luxury skincare and beauty brand in 2017, to cater to discerning customers looking for quality and efficacy.

The personal care brand has so far secured $8.5 Mn in funding since its inception and is backed by Unilever Ventures, Amazon Smbhav Venture Fund, Sixth Sense and Green Frontier Capital, among others.

It also featured in the 2023 edition of Inc42’s Fast42 list.

The company claims to have seen 140% CAGR growth in 2024, with its D2C channel contributing more than 50% to the revenue.

The brand shares the market with CHOSEN, 82°E and Hyphen.

88. Sanfe

Founded in 2018 by Archit Aggarwal and Harry Sehrawat, Sanfe is a D2C femtech brand that started with the vision of addressing the stigma around women’s health and hygiene. In addition to sanitary and hygiene products, the company sells skin and hair products. 

Targeting Gen-Z and millennials, the company sells its products through its website and other ecommerce marketplaces. Backed by S Chand Family Office, Seeders and Lets Venture,  the D2C brand has raised $4.5 Mn in funding since its inception.

Sanfe competes with other femtech and personal hygiene brands in India, such as Sirona, Nua, and Gynoveda.

89. Slurrp Farms

A dearth of healthy snacking options in the market for their kids brought two mothers —   Meghana Narayan and Shauravi Malik — to the discussion table. The duo found a big whitespace staring right at them in the kids’ snacks market. 

To fill in this gap, they founded Slurrp Farm in October 2016. The D2C brand sells a range of healthy products from ready-to-mix pancakes and dosas to noodles and pastas.

Slurrp Farms, which sells its products via its website and ecommerce marketplaces, caters to users in countries such as the UAE, the US, and the UK, apart from India.

The D2C brand has raised more than $17 Mn in funding to date and counts names such as Fireside Ventures, Alkemi Ventures, Madhurima International, Sharrp Ventures, among others as investors.

The company reported a revenue of INR 40 Cr in FY23, doubling from INR 19.15 Cr in FY22. However, losses also increased to INR 32.2 Cr in FY23 from INR 19 Cr in the previous year.

Slurrp Farm’s competitors in the healthy snacking segment include brands like Yoga Bar, Soulfull, and Mimmo Organics.

90. Snitch

Founded in 2019 by Siddharth R Dungarwal, Snitch started off as an retail fashion brand but later pivoted to the online channel as Covid-19 pandemic swept through the world.

Snitch is a men’s fast fashion brand that sells products such as shirts, t-shirts, jeans, trousers, among others. Featured on the second season of popular TV show Shark Tank India, the company has raised more than $13 Mn in funding to date. 

The company sells its offerings through its website and app, as well as other major online marketplaces.

In FY24, Snitch’s operating revenue surged by 127.89% to INR 243 Cr from INR 106.6 Cr in FY23. Meanwhile, net profits also zoomed 1.3X to INR 4.4 Cr in the fiscal under review from INR 3.1 Cr in FY23.

It competes with names like XYXX, DaMENSCH, Chromozome, BlissClub, Freecultr, Bombay Shirt Company among others.

91. SoleThreads

Founded in 2020 by Gaurav Chopra, Sumant Kakaria, Aprajit Kathuria and Vikram Iyer, Solethreads manufactures footwear products. 

Solethreads has so far raised $7.6 Mn to date and counts names such as Fireside Ventures, DSG Consumer Partners and Saama Capital as backers.

It competes with the likes of Flatheads, Bacca Bucci, Yoho, among others.

92. Soothe Healthcare

Set up in 2012 by Sahil Dharia, Soothe Healthcare sells sanitary napkin products and baby diapers under the brand Paree and Super Cute, respectively. It retails its products through various distribution channels including direct selling and selling through intermediaries.

The startup’s cumulative fundraise till date stands around $54.24 Mn. Symphony International Holdings, Sixth Sense Ventures and badminton player Saina Nehwal are among its investors. 

In FY23, Soothe Healthcare reported revenues of INR 172 Cr against a net loss of INR 97 Cr. 

93. Storia

Founded in 2017 by Vishal Shah, the D2C food and beverage (F&B) brand sells a range of processed fruit juices, coconut water, and shakes to customers. It sells its products via retail outlets, other offline touchpoints, and quick commerce platforms such as BigBasket and Blinkit. 

In FY24, the startup saw its operating revenue jump 51.3% to INR 169.42 Cr in FY24 compared to INR 112.01 Cr in the previous fiscal year. Meanwhile, net loss rose 19.5% to INR 32.84 Cr in FY24 from INR 27.47 Cr in FY23. 

To date, the company has raised approximately $12.8 Mn in funding and is backed by Sixth Sense Ventures and several other angel investors.

It competes with Raw Pressery, Smoodies, B Natural, among others. 

94. SUGAR Cosmetics

SUGAR Cosmetics, founded in 2015 by Vineeta Singh and Kaushik Mukherjee, is an omnichannel D2C brand that sells beauty products. It claims to operate more than 45,000 multi-brand stores spread across 500+ cities in the country. 

The D2C brand has so far raised $90 Mn in funding from the likes of Anicut Equity Continuum Fund, Elevation Capital, Malabar Investments, L Catterton, among others.

SUGAR Cosmetics reported an operating revenue of INR 505.1 Cr in FY24, up 20% from INR 420.3 Cr in the previous fiscal year. Net losses narrowed by 11% to INR 67.6 Cr in FY24 from INR 76.2 Cr in FY23.

SUGAR Cosmetics competes with other beauty and personal care brands in India, such as RENÉE Cosmetics, Mamaearth, and Plum.

95. Super Bottoms

Pallavi Utagi’s tryst with entrepreneurship started when she, as a new mom, struggled to find quality diapers for her newborn baby. While conventional cloth diapers had absorbency issues, synthetic nappies left her baby with rashes.

Realising that there was a huge gap in the space, Utagi leveraged her years of research experience in the pharma space to launch her new venture Superbottoms – an eco-friendly and baby skin-friendly nappy brand – in 2016.

SuperBottoms’s range of products includes cotton ‘langots’, potty training pants, kid’s clothing, among more.

The D2C brand has raised nearly $20 Mn in funding till date and is backed by DSG Consumer Partners and Saama Capital. 

The startup, which retails its products via its website as well as Amazon and Flipkart, reported a revenue of INR 54.87 Cr in FY24, up 14.5% from INR 47.92 Cr in FY23. However, the company also recorded a loss of INR 26.02 Cr in FY24 as against a loss of INR 12.44 Cr in FY23.

96. Sweet Karam Coffee

A brainchild of Anand Bharadwaj, Nalini Parthiban, Srivatsan Sundararaman and Veera Raghavan, Sweet Karam Coffee (SKC) sells preservative-free South Indian sweets and snacks. Its range of offerings also includes the ubiquitous filter coffee and ready meal mixes, catering to audiences across the country.

Founded in 2015, the D2C brand aims to solve the problem of poor availability and accessibility of well-packaged traditional sweets and snacks, which are free from palm oil.

Backed by Fireside Ventures, the startup last snapped up $1.5 Mn in a funding round in October 2023. 

The brand sells its products via its website and app and has customers in more than 32 countries. SKC competes with the likes of new-age startups such as iD Fresh Food, DropKaffe, Chaayos, among others.

97. Tailor And Circus

Back in 2016, Vasanth Sampath, Gaurav Durasamy and Abishek Elango came together to explore the idea of making antimicrobial, self-cleaning underwear for astronauts. 

In the subsequent months of research, they found that the homegrown men’s and women’s undergarment segment was plagued by basic issues such as lack of comfort and style.

After much deliberations, the idea of Tailor and Circus took shape and the startup was launched in 2016. The D2C brand manufactures underwear for both men and women, offering products such as trunks, bralettes and maternity undies. The startup also sells tops for both men and women and allows users to customise their products and build a matching underwear cart. 

The startup last raised seed funding of $241K from multiple angel and institutional investors in April 2021. 

Tailor and Circus reported a revenue of INR 9.61 Cr in FY24 against a net profit of INR 6.27 Lakh during the same period. The startup sells its products on marketplaces such as Amazon India and Myntra and through its own website. 

It competes with the likes of homegrown brands such as Freecultr, XYXX, and DaMensch, among others.

98. The Ayurveda Co. (T.A.C)

Founded in 2021 by Param Bhargava and Shreedha Singh, The Ayurveda Company manufactures and retails products across multiple categories such as haircare, wellness, skincare, immunity boosters and health supplements.

In March 2023, the D2C ayurvedic beauty and personal care brand raised INR 100 Cr in a Series A funding round led by consumer-centric venture fund Sixth Sense Ventures. Since its inception, T.A.C has raised $16 Mn in funding, across debt and equity, from marquee names such as Sixth Sense Ventures, Wipro Consumer Care Ventures and Vector NXG. 

In FY23, T.A.C clocked a revenue of INR 35.9 Cr against a net loss of INR 20.8 Cr.

T.A.C competes with other Ayurvedic and natural personal care brands in India, such as Lotus Herbals, Auli Lifestyle, and MCaffeine.

99. The Beauty Co

Founded in 2018 by Suraj Raj Vazirani, The Beauty Co is a D2C personal care startup, which sells toxin-free body care, haircare, skincare and essential oils via its website and ecommerce marketplace such as Nykaa, Myntra, Amazon, Flipkart, and BigBasket.

The Beauty Co has so far raised $63.1K in funding and is backed by Samyakth Capital and Venture Catalysts.

The company competes with brands like Mamaearth, The Ayurveda Experience, and Bella Vita Organic in the personal care segment.

100. The Divine Foods

Founded in 2019 by Kiru Maikkapillai, The Divine Foods is a D2C superfoods brand that sells packaged products centred on Indian kitchen staples such as turmeric, moringa, millet, and others. 

Its products primarily encompass four categories, including women care, immunity boosters, diabetic care and kids. The D2C brand’s range of offerings include skincare products, mil mixes, powdered superfoods, and spreads.

Incubated under the Tamil Nadu government’s flagship seed funding scheme, TANSEED 4.0, the startup counts names such as superstar Nayanthara and her husband-director Vignesh Shivan as its investors.

The Divine Foods competes with brands such as Prolgae, The Good Food Company, and Foodrik in the superfoods segment.

101. The Moms Co

The Moms Co, founded in 2016 by Malika Sadani, sells organic products for expecting mothers and babies across categories such as face, hair, pregnancy, and body care. 

In 2021, content-to-commerce unicorn The Good Glamm Group acquired a majority stake in the Delhi-based D2C brand. A year later, The Good Glamm Group further increased its stake in The Moms Co to 90% from 75%.

Prior to the acquisition, The Moms Co. had raised approximately $9 Mn over six rounds from investors including DSG Consumer Partners and Saama Capital.

The Moms Co. competes with other mother and baby care brands such as Baby & Mom Retail and Super Bottoms.

102. The Pant Project

Founded by siblings Dhruv and Udit Toshniwal, The Pant Project offers customised bottom wear for both men and women, with free alterations and monogramming services provided to customers. 

The brand claims to offer over 250 styles, including formal pants, chinos, jeans, cargos, joggers, power stretch knit pants, luxury linens, and wool pants. The company primarily sells its products through its own website and ecommerce platforms like Amazon and Myntra.

The D2C brand is backed by the likes of MGA Ventures, Huddle, Dexter Ventures, Indian Silicon Valley, among others.

The Pant Project competes with other custom apparel brands in India, such as Bombay Shirt Company, Tailorman, and Herringbone & Sui.

103. The Sleep Company

The story of The Sleep Company starts with a baby. After taking care of their newborn at odd hours, entrepreneur couple Priyanka Salot and Harshil Salot were left aghast when their multiple attempts to buy a new mattress met a dead end. 

Realising the prevailing gaps in the sleep market, especially the lack of innovation, the duo decided to start their own venture and that’s how The Sleep Company was born. 

Since the startup’s inception in 2019, the Salots have scaled up the platform, grabbing the interest of multiple investors, including Fireside Ventures, Premji Invests and Alteria Capital.

The Sleep Company has so far raised INR 190 Cr and is eyeing to create an INR 1,000 Cr brand. With two state-of-the-art manufacturing facilities in Maharashtra and Karnataka, the D2C brand claims to produce 1.2 Lakh mattresses daily. 

104. The Souled Store

Founded in 2013 by Vedang Patel, Harsh Lal, Aditya Sharma and Rohin Samtaney, The Souled Store is a casual wear and pop-culture D2C startup. Its product offerings include top wear, bottom wear, innerwear and activewear.

It also sells products such as backpacks, sneakers, shoes and socks to customers ranging from kids to adults. 

To date, the company has raised a total of INR 220 Cr from multiple investors. Its cap table includes Elevation Capital, Sahil Barua from Delhivery, Gunjan Soni from Zalora, Revant Bhate from Mosaic Wellness and Ramakant Sharma from Livspace, among others. 

The D2C fashion startup turned profitable in FY24, reporting a net profit of INR 18.2 Cr against a loss of INR 16.5 Cr in FY23. Meanwhile, operating revenue surged 54.26% to INR 360.2 Cr from INR 233.5 Cr in FY23. 

105. The Whole Truth

Founded in 2019 by ex-Unilever marketing executive Shashank Mehta, The Whole Truth sells a range of healthy food snacks such as protein bars, peanut butters, and muesli. It sells its products via its own website, ecommerce platforms, and offline stores.

Backed by the likes of Peak XV Partners, Trifecta Capital and Z47 (formerly Matrix Partners India), the omnichannel startup has raised $17 Mn in funding till date. 

It competes with homegrown players like Yoga Bar and TBH in the healthy snacking space. 

106. The Woman’s Company

The moment Anika Parashar’s daughter hit puberty, she was gripped by questions about which feminine products were good enough. While researching, Parashar found that there was a huge gap in the market for female hygiene products, and it was this epiphany that set the ball rolling for her new venture, The Woman’s Company. 

After working as the COO of Fortis La Femme Hospitals for decades, she founded the startup in 2020, along with Roopam Gupta. The D2C brand operates in the women’s hygiene space and sells products such as sanitary pads, tampons, menstrual cups, and bamboo razors, among others. 

The D2C startup last raised $1.4 Mn in 2021 from marquee names such as Pradip Burman of Dabur. 

The startup sells its products through its website and marketplaces such as Amazon, Flipkart, and Nykaa, among others. 

107. True Elements

Founded in 2013 by Puru Gupta and Sreejith Moolayil, True Elements is an omnichannel brand that sells millet, grains, and seeds-based breakfast and snacks. 

Apart from its own website and ecommerce platforms, it also retails its products at brick-and-mortar stores. Backed by the likes of Marico and Maharashtra State Social Venture Fund, the startup has raised $2 Mn in funding till date. 

In 2022, FMCG major Marico acquired a 53.98% stake in the Bengaluru-based startup’s parent HW Wellness Solutions for an undisclosed amount.

108. Vaaree

When setting up a new home shortly after their marriage, Varun Vohra and Garima Luthra were searching for exquisite home décor at pocket-friendly pricing. On the look out, the couple realised that there is a  gap in the Indian home furnishings market when it comes to quality products that come with pocket friendly price tags. 

To address this gap, the duo, along with Garima’s cousin Pranav Arora, launched a B2C curated marketplace, Vaaree, in 2022.

The Bengaluru-based ecommerce startup has developed a curated marketplace and operates on a manufacturer-to-consumer business model where quality remains the soul of creation. Before onboarding, manufacturers have to undergo a 32-step quality control checklist put together by Vaaree to assess quality and process control. Surprise monthly checks are also carried out at production units for maintaining and improving quality standards.

The startup has cumulatively raised about $6.5 Mn across multiple funding rounds since its inception. Vaaree is backed by Peak XV’s Surge, PeerCapital, All In Capital, Capier Investments and Better Capital, among others.

109. Vahdam Teas

Vahdam, founded in 2015 by Bala Sarda, is an online tea brand. It sells its products in domestic as well as international markets.

In September 2021, Vahdam reportedly secured INR 174 Cr in its Series D round led by IIFL AMC’s PE Fund. To date, the startup has secured INR 290 Cr in funding.

It competes with the likes of Dorje Teas, Teabox, Organic India, Tea Trunk as well as QSR chains like Chai Point and Chaayos.

110. Voylla  

Voylla, founded in 2011 by Vishwas Shringi, is an online artificial and silver jewellery brand. It sells jewellery and other allied products through its website and ecommerce marketplaces. 

In 2021, the Jaipur-based jewellery label was acquired by Thrasio-style D2C aggregator GOAT Brand Labs. Besides Voylla, GOAT Brand Labs also acquired 14 other brands, including Label Life, trueBrowns & Abhishti, Frangipani, Neemli and Nutriglow, among others.

Prior to the acquisition, Voylla had raised a total of $16.9 Mn funding in Series B and Series A funding rounds. Its cap table includes Peepul Capital, Snow Leopard Technology Ventures and a slew of other angel investors.

111. Wakefit 

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit sells a host of sleep and home decor products such as mattresses, pillows, bed frames, comforters, and back cushions, among others. It sells these products via its website and ecommerce marketplaces.

The Bengaluru-based startup manufactures products at its facilities in Bengaluru, Jodhpur and Delhi.

Wakefit has raised a total funding of $145 Mn so far. Its cap table includes Peak XV Partners, Verlinvest and SIG.

The D2C furniture and mattress startup managed to trim its net loss by 90% to INR 15.05 Cr in FY24 from INR 145.68 Cr in the previous year. Wakefit’s revenue from operations jumped 21% to INR 986.35 Cr in the year under review from INR 812.62 Cr in FY23.

112. Wellbeing Nutrition

An avid runner, Avnish Chhabria used to rue the lack of homegrown options for organic and plant-based nutritional supplements in India, which were necessary for him to stay at the top of his game. 

His dependence on global brands ignited the idea of building a desi plant-based vitamin and mineral supplements brand. With an eye on offering a better-priced alternative to a majority of Indians who could not afford to import plant-based supplements, Chhabria founded Wellbeing Nutrition in late-2019. 

It currently offers more than 53 SKUs and deploys an omnichannel strategy to woo customers. The brand manufactures plant-based vitamin and mineral supplements in the form of capsules, oral strips, and effervescents, among others. 

The startup partners with a global team of gastroenterologists to nutritionists to build its line of products. Besides, it sources its raw materials from more than 200 organic farms and certified companies from across 19 countries.

Backed by the likes of Hindustan Unilever Limited (HUL) and Fireside Ventures, Wellbeing Nutrition has so far raised $10 Mn from multiple investors. In 2022, Hindustan Unilever acquired a 19.8% stake in the startup through primary infusion and secondary buyout for INR 70 Cr.

113. Wellversed 

Founded in 2018 by Aanan Khurma, Aditya Seth and Ripunjay Chachan, Wellversed is a health and wellness brand. Its products are sold via its website and ecommerce marketplaces.

It sells health plans that focus on addressing chronic issues such as weight loss, skin nourishment, hair care and sexual wellness. Wellversed also sells a wide range of food products and supplements that suit multiple nutrition regimes and diet plans 

It has raised a total of $3.2 Mn in funding from investors such as Jubilant Foodworks, Yuvraj Singh, KLUB Works and Velocity.

It competes with the likes of names such as Mensa Brands, GlobalBees, GOAT Brand Labs, and Patanjali.

114. Wingreens Farms 

Founded in 2011 by Anju Srivastava and Arun Srivastava, Wingreens Farms sells packaged food products such as sauces and spreads, spice mixes, breakfast cereals, non-dairy milk, and protein shakes, among others. It sells these products via its website and offline distribution network in more than 200 Indian cities.

In May 2022, the D2C food brand acquired Postcard’s parent company Dharmya Business Ventures for about $2.1 Mn in a cash and share swap deal.

So far, it has secured a total funding of $59 Mn from investors such as Peak XV Partners, Investcorp, and Anicut Capital. 

115. WishCare

Founded in 2019 by Stuti Kothari, Ankit Kothari and Ayush Kothari, WishCare is a sustainable beauty care brand that sells a range of sustainable skincare and haircare products.

WishCare’s portfolio spans products such as hair treatments, hair growth serums, face serums, and body lotions. The company claims that its products are formulated with clinically proven ingredients.

The D2C brand sells its products through its own website as well as more than 15 ecommerce platforms such as Nykaa, Amazon, and Flipkart, among others.

WishCare has so far raised $2.4 Mn in funding from Unilever Ventures. 

116. Wonderchef 

Wonderchef, founded in 2009 by Ravi Saxena and celebrity chef Sanjeev Kapoor, offers cookware, kitchen appliances, bakeware, and other allied culinary tools. 

In 2021, it secured INR 150 Cr in a funding round led by Sixth Sense Ventures, with participation from Godrej Family Office, Malpani Group, and other high-net-worth individuals.

It claims to have over 500 SKUs and a presence in India, the US, the UK, Australia, and Canada, among others. 

The company competes with brands such as P-TAL, Healux International, and Select Brands in the kitchenware and home appliances market. 

The D2C kitchenware and home appliance maker posted a net profit of INR 1.6 Cr in FY24 as against a loss of INR 51.8 Cr, from the previous year. Revenue from operations jumped almost 20% to INR 377.7 Cr during the year under review from INR 315.6 Cr in FY23.

117. Wooden Street 

Wooden Street, founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat and Vikas Baheti, sells furniture and home decor products such as modular furniture, kitchen and wardrobe, lighting and office furniture, among others, via its website.

In December 2024, the company raised INR 354 Cr in a Series C funding round led by Premji Invest, bringing its total funding to nearly $78 Mn.

In FY24, Wooden Street reported a revenue of over INR 260 Cr against a net loss of INR 10.9 Cr. The company competes with other furniture and home décor brands such as Pepperfry, HomeLane, and Urban Ladder.

118. WOW Skin Science

Founded in 2014 by Manish Chowdhary and Karan Chowdhary, WOW Skin Science is a beauty and personal care brand. It sells a host of skincare, haircare, body care and nutraceutical products via its website..

In June 2022, the Bengaluru-based D2C skincare brand secured $48.02 Mn from Singapore-based GIC at a post-money valuation of $280 Mn. 

The company managed to narrow its net loss by nearly 39% to INR 130.2 Cr in FY24 from INR 213.2 Cr a year ago. Revenue from operations declined almost 10% to INR 233.5 Cr during the year under review from INR 258.1 Cr in FY23,

WOW Skin Science competes with brands such as Mamaearth, SUGAR Cosmetics, Purplle, Foxtale, and MCaffeine in the beauty and personal care space. 

119. XYXX

Founded in 2017, by Yogesh Kabra, XYXX is a D2C menswear brand that sells a range of products across categories such as underwear, loungewear and athleisure. 

What works in favour of the brand is its fashionable touch and skin-friendly fabrics that it claims is suitable for India’s humid climate. The idea germinated after Kabra realised that there was a big gap in the Indian men’s innerwear market, which suffered across the board from style to comfort.

To date, the company has raised a total of INR 251.68 Cr in funding and is backed by Amazon Smbhav Venture Fund. 

In March 2025, XYXX revealed that it is set to raise INR 29.8 Cr (about $3.4 Mn) via issue of 1,81,818 Series B2 CCPS.

XYXX’s primary competitors include DaMENSCH, Almo Wear, and Tailor and Circus.

The startup managed to reduce its net loss by 21.16% to INR 35.4 Cr in FY24 from INR 44.9 Cr in the previous fiscal year. Also, operating revenue jumped 24.15% to INR 128 Cr during the year under review from INR 103.1 Cr in FY23.

120. Zappfresh

Founded in 2015 by Deepanshu Manchanda and Shruti Gochhwal, ZappFresh is a Gurugram-based D2C meat delivery startup. The IPO-bound startup has raised a total of $14.5 Mn in funding to date from investors, including SIDBI Venture Capital, LetsVenture, and others.

In August 2024, Zappfresh filed its DRHP for an IPO to raise funds for expansion and acquisitions. The public issue comprises a fresh issue of 5.9 Mn shares. 

In FY24, the company reported INR 90.4 Cr in revenue, up 60.6% from INR 56.3 Cr, a year ago. Additionally, net profit also jumped by 70% to INR 4.7 Cr, compared to INR 2.7 Cr in FY23.

It competes with the likes of players such as Licious as well as quick commerce players such as Swiggy Instamart, and Blinikit, among others.

121. Zivame 

Zivame, founded in 2011 in Bengaluru by Richa Kar and Kapil Karekar, sells lingerie, activewear, shapewear and sleepwear via its website and offline retail stores. 

In 2020, Reliance Brands acquired a 15% stake in Zivame. Following this, the conglomerate also announced the acquisition of an 89% stake in the lingerie brand for a consideration of INR 950 Cr last year.

In FY24, the company reported revenue of INR 191.7 Cr, a 41.55% decline from the previous year. Its net loss stood at INR 39.4 Cr during the same period.

Zivame competes with other lingerie brands in India, including Clovia, Amante, and international brands like Victoria’s Secret.

122. Zoff

Founded in 2018 by siblings Akash and Ashish Agrawal, Zoff (Zone Of Fresh Food) is a D2C spice brand that sells a range of products across ground, blended and whole spice categories.

The company employs cold grinding and airtight zip-lock packaging to preserve the freshness and quality of its spices.

It sells its products on quick commerce platforms such as Blinkit, Swiggy Instamart and Zepto as well as modern trade (MT) retail stores. 

Zoff has so far raised INR 41 Cr in funding. The startup also featured on the hit TV show Shark Tank India in 2023, where it bagged an INR 1 Cr deal from boAt cofounder Aman Gupta.

Zoff claimed a gross revenue of INR 93 Cr in FY24, nearly a 4X jump from INR 25.79 Cr in FY20, while it also posted a net profit of INR 1 Cr against the INR 11.86 Cr loss in FY21.

It competes with the likes of established players such as Tata Sampann, Patanjali, MDH Masala, Everest Spices, among others in the highly-competitive Indian spices industry. 

This is a running article, we will keep adding more names to the list.

Update | March 20, 2025

The listicle has been updated to add three new brands.

Update | January 31, 2025

The listicle has been updated to add three new brands and removed non-operational labels.

Update | August 8, 2024

The listicle has been updated to add three new brands.

The post 122 D2C Brands That Are Disrupting India’s Consumer Market appeared first on Inc42 Media.

Hospitality giant OYO is on track to clock an EBITDA of INR 1,550 Cr in the ongoing fiscal year (FY25), helped by its recent acquisition of US-based G6 Hospitality, founder Ritesh Agarwal said.

Speaking at the ‘TiEcon Mumbai 2025: Dhandha First’ event today, Agarwal said that while the travel tech major was initially targeting an EBITDA of INR 1,200 Cr for the full fiscal year 2024-25, G6 Hospitality will contribute an additional INR 350 Cr, pushing OYO’s total EBITDA to INR 1,550 Cr.

OYO acquired G6 Hospitality, which owns budget lodging chains Motel 6 and Studio 6, for $525 Mn (around INR 4,580 Cr) in an all-cash transaction in December last year.

While Motel 6 is already a household name in the US, OYO plans to further strengthen its presence and “premiumise” the brand. 

This comes days after Agarwal said he expects the hospitality unicorn to clock a net profit of INR 1,100 Cr in the next fiscal year. He estimated that G6 Hospitality will contribute INR 630 Cr to the company’s overall EBITDA of INR 2,000 in FY26. 

OYO currently earns half of its domestic revenue from its flagship ‘Townhouse’ hotels, which are growing by double digits monthly, according to Agarwal. 

The company is now aiming to become a leading player in the Indian hospitality industry. “… (We want) to be the best in terms of quality in every segment we function in and be the best in profitability,” said Agarwal.

Besides, the company also sees the Indian spiritual tourism market as a significant growth driver in the future, he added. 

Founded in 2012 by Agarwal, OYO offers holiday homes, casino hotels, coworking spaces, budget hotels, corporate stays, and more. The startup has raised about $4.5 Bn in funding to date and counts the likes of SoftBank Group and Microsoft among its backers.

It manages more than 10,000 properties across India and has expanded its presence to over 35 countries, spanning Europe, Southeast Asia, and North America.

However, amid this explosive growth, OYO has faced regulatory and legal challenges in key markets, has had to restructure loans and withdraw draft papers for its initial public offering (IPO) twice.

Reports surfaced earlier this month that Agarwal is under pressure from investors, including Mizuho Financial Group, to take OYO public by October. With the deadline for $383 Mn debt looming, the company has fast-tracked its IPO plans.

The hospitality startup saw an impressive turnaround last year, reporting its first ever annual profit of INR 229.5 Cr in FY24 against a loss of INR 1,286.5 Cr in FY23.

Inc42 reported in February that OYO’s net profit jumped nearly 6X to INR 166 Cr in Q3 FY25 from INR 25 Cr in the year-ago period. Revenue zoomed 31% to INR 1,695 Cr during the quarter from INR 1,296 Cr in Q3 FY24.

Editors note: The article has been updated to correct some numbers.

The post OYO To Clock INR 1,550 Cr EBITDA In FY25: Ritesh Agarwal appeared first on Inc42 Media.

Gurugram-based audio products and wearable startup Noise has entered the Gulf Cooperation Council (GCC) region as part of its international expansion plans.

In a statement, the startup said it has partnered with Dubai-based distribution company Lime Concepts to enter the GCC region under the first phase of its global expansion plan. 

Noise said its products will now be available across Virgin Mega Stores, a lifestyle and electronics retailer in the GCC region. 

Commenting on the GCC foray, Noise cofounder Gaurav Khatri said, “This global expansion marks the realisation of our vision and the next bold chapter in our journey to become a leading force in smart wearables worldwide…As we enter new regions, starting with the GCC through strong strategic partnerships, we are poised to replicate our success story on a global scale as a ‘Made in India, Made for the World’ brand.”

Founded in 2014 by Gaurav and Amit Khatri, Noise initially started by selling smartphone cases and accessories. However, it pivoted to selling smart wearables and wireless headphones, smartwatches, smart rings, and audio devices.

The startup sells its products via its website, ecommerce marketplaces Amazon and Flipkart, quick commerce platforms like Zepto, and retail stores. 

After being bootstrapped since its inception, Noise raised its first funding round in November 2023. It bagged $10 Mn from audio giant Bose at a valuation of about $426 Mn. 

In May last year, Noise acquired AI startup SocialBoat to bolster the AI-powered fitness and health features for its wearable devices.

On the financial front, Noise slipped into the red in the financial year ended March 31, 2024. It posted a net loss of almost INR 20 Cr in FY24 as against a net profit of INR 88 Lakh in FY23. Operating revenue rose by a marginal 0.30% to INR 1,430.9 Cr from INR 1,426.5 Cr in the previous fiscal. 

The post D2C Startup Noise Enters GCC Region As Part Of Global Expansion Plans appeared first on Inc42 Media.

Bhavish Aggarwal-led Ola Electric has said that its cost-cutting initiatives are helping it reduce the cash burn by INR 90 Cr per month.

In a statement, the company said that it has completed the implementation of the cost-cutting measures under the ‘Network Transformation and Opex Reduction Program’, which was launched in November last year.

As a result, the electric mobility company expects its automotive segment to achieve EBITDA breakeven in the first quarter of the fiscal year 2025-26 (Q1 FY26), it said in an exchange filing.

Ola Electric saw its consolidated net loss zoom 50% to INR 564 Cr in Q3 FY25 amid a degrowth in its top line and rising competition in the electric two-wheeler market. Operating revenue plummeted 19% to INR 1,045 Cr during the quarter from INR 1,296 Cr in the same period last year.

Ola Electric’s cost-cutting measures involved shutting all regional warehouses, shipping vehicles, spare parts and accessories directly from factories to stores, automating registration and productivity improvements in the sales and services network.

These changes have also helped the company reduce average vehicle inventory to 20 days from 35 and slash delivery time for customers to 3-4 days from 12 days earlier, it claimed.

The EV manufacturer further said that it is in the final stages of revamping its vehicle registration process. It claimed that average daily registrations for its EVs have increased to 800, crossing the average daily sales for the January-February period.

As per Vahan data, Ola Electric’s two-wheeler registrations slipped 66% month-on-month to 8,390 units last month amid a decline in EV sales in the country. 

The company had forewarned that its registrations on the Vahan portal were likely to be ‘temporarily’ impacted as it was in the middle of renegotiating its existing agreement with service providers Rosemerta and Shimnit. However, Ola Electric claimed earlier that it sold over 25,000 units in February and remained a leader in the E2W segment with a market share of 28%.

At 12:29 PM, shares of Ola Electric were trading 0.37% higher at INR 51.10 apiece on the BSE. The stock crashed nearly 6% on Tuesday (March 11) to INR 50.66, its lowest since listing on the stock exchanges last August. 

Meanwhile, founder and CEO Aggarwal last week pledged an additional 5.88 Cr of his shares in the EV company to secure more debt for his AI venture Krutrim.

The post Ola Electric Says Cost-Cutting Initiatives Helping Save INR 90 Cr Per Month appeared first on Inc42 Media.

Following in the footsteps of Bharti Airtel, Reliance Industries Ltd (RIL’s) subsidiary Jio Platforms has joined hands with SpaceX, the aerospace company led by billionaire Elon Musk, to offer Starlink’s broadband internet services to its customers in India.

The implementation of the agreement hinges on SpaceX obtaining authorisation from regulatory authorities to offer Starlink’s services in the country.

Jio Platforms houses telecom giant Reliance Jio Infocomm Ltd.

Through the partnership, both parties aim to leverage Jio’s position as the world’s largest mobile operator in terms of data traffic and Starlink’s position as the world’s leading provider of low Earth orbit satellite constellation to deliver high-speed broadband services across the country, Jio Platforms said in a statement.

As part of the deal, Jio will sell Starlink equipment through its retail stores and also set up a mechanism for installation and activation of the devices.

The agreement with SpaceX is part of Jio’s broader goal of providing reliable internet to all enterprises, small and medium businesses and communities across India, the telecom major said.

Jio and SpaceX are also evaluating other areas to collaborate, including leveraging their respective infrastructure to strengthen India’s digital ecosystem.

Commenting on the partnership, Mathew Oommen, group CEO of Reliance Jio, said, “Our collaboration with SpaceX to bring Starlink to India strengthens our commitment and marks a transformative step toward seamless broadband connectivity for all.”

“By integrating Starlink into Jio’s broadband ecosystem, we are expanding our reach and enhancing the reliability and accessibility of high-speed broadband in this AI-driven era,” he added.

This comes just a day after Sunil Mittal-led Bharti Airtel entered into a similar pact with SpaceX to provide Starlink’s satellite internet services to its customers in India.

It is pertinent to note that SpaceX is awaiting regulatory approvals to launch Starlink services in India. As per existing laws, companies are required to secure a GMPCS licence and IN-SPACe approval, along with allocation of spectrum from the Indian government, to offer satellite-based voice and data services in the country.

The union government hinted last year that it would go the administrative route for satcom spectrum allocation, even as India’s telco majors have opposed that stance.

The post After Airtel, Jio Inks Deal With SpaceX To Offer Starlink’s Internet Services appeared first on Inc42 Media.

Ride-hailing startup Rapido is reportedly in discussions with restaurant partners to add food delivery services on its platform.

The Bengaluru-based startup’s senior executives are in discussions with restaurant owners to figure out a business model to challenge the current commission structures of Zomato and Swiggy, ET reported, citing sources.

“These are early discussions to determine if Rapido can challenge the Zomato-Swiggy duopoly. The company already offers delivery services for individual restaurants using its two-wheeler fleet,” a source was quoted as saying. 

However, the food delivery foray has not been finalised yet.

Inc42 has reached out to Rapido for comments on the development. The story will be updated on receiving a response.

While Zomato and Swiggy currently dominate the food delivery market, restaurants have in the past protested against the commissions charged by these companies. Amid the slowing growth in food delivery, both the companies have also rolled out 10-15 minutes food delivery services. 

Meanwhile, in a bid to shore up their bottom lines, the companies have hiked platform fees multiple times in the past year. 

Meanwhile, after grabbing a share in the ride-hailing segment, Rapido seems to be looking to expand its services to grow its top line. It plans to expand its footprint to 500 cities across the country from 120 currently.

In September last year, it was reported that the startup was eyeing entry in the quick commerce space.

It is pertinent to mention that Rapido’s B2B logistics arm offers food delivery services to Swiggy and the Open Network for Digital Commerce (ONDC). Swiggy is also an investor in Rapido.

Last month, Inc42 also reported that Rapido is raising INR 250 Cr (about $28.9 Mn) from Prosus as part of its ongoing Series E round. 

The post Rapido To Take On Swiggy, Zomato In Food Delivery Segment appeared first on Inc42 Media.

In the latest legal tussle involving BYJU’S, Glas Trust, which represents the edtech startup’s US lenders, has reportedly sought the National Company Law Appellate Tribunal (NCLAT) hearing on Aakash Institute’s governance changes.

An ET report said that Glas Trust has also asked for an interim stay (temporary halt) on key decisions made at an extraordinary general meeting (EGM) of Aakash in November 2023. These decisions were related to changes in the company’s articles of association (AoA), which define rules on ownership and management.

However, the report said that today (March 11), the NCLAT refused to grant the stay and scheduled the next hearing for March 17.

Despite this, Glas Trust is pushing for a proper hearing. Its lawyers argued in NCLAT that just because Blackstone has withdrawn, the case shouldn’t be dismissed without consideration.

“Because of the withdrawal, the stay (on amending AoA) is no longer valid. We need a hearing and an opportunity to argue for interim relief,” said Glas Trust’s legal counsel, according to the report.

Adding another layer to the controversy, BYJU’S lenders also argued that Aakash’s recent board meeting and decisions made at the EGM are invalid. According to them, since Think & Learn is undergoing a corporate insolvency resolution process, it should have been represented by its resolution professional (RP) in the board meeting. 

Instead, BYJU’S promoter attended on its behalf, raising questions about the validity of the resolutions passed.

This case follows an earlier ruling by the National Company Law Tribunal (NCLT), which stated that Aakash could not make changes to its AoA. This ruling came after Blackstone, a private equity firm and minority stakeholder in Aakash, filed a case claiming that the amendments were meant to strip away its rights and instead give special rights to Manipal Education & Medical Group, owned by Ranjan Pai, which holds the biggest stake (40%) in Aakash.

However, Blackstone withdrew its case from the NCLT on February 26, even though the case was nearly concluded with all arguments presented.

The post Glas Trust Seeks NCLAT Hearing In Aakash Case: Report appeared first on Inc42 Media.

Electric two-wheeler manufacturer Ather Energy is reportedly eyeing a valuation of $1.6 Bn for its much-awaited initial public offering (IPO). 

According to a report by Bloomberg, the startup is eyeing a public listing within this month or April. A separate report by NDTV Profit said that the company is likely to file its updated draft red herring prospectus (DRHP) by next week. 

Ather declined to comment on Inc42’s queries on the development. 

This adds on to recent developments at Ather that indicate that the company is in the final stages of preparations to launch its public offering. A couple of days ago, it was reported that the unicorn converted its outstanding compulsory convertible preference shares (CCPS) into equity shares.

Meanwhile, the aforementioned valuation which Ather is seeking is almost equivalent to last private valuation of $1.3 Bn. Ather entered the unicorn club by securing a funding of INR 600 Cr ($71 Mn) from NIIF at a post-money valuation of $1.3 Bn in August last year.

However, earlier in January, Ather was reported to be chasing a valuation of $2.4 Bn for its IPO.  

Interestingly, Ola Electric also took a valuation cut when it went public in August 2024. The two-wheeler EV manufacturer listed at a valuation of $4 Bn, down about 26% from its last private valuation of $5.4 Bn. With the recent slump in its share price, Ola Electric’s market capitalisation has plunged to $2.6 Bn as of today. 

It is pertinent to mention that Ather filed its DRHP with the Securities and Exchange Board of India (SEBI) to raise over INR 3,100 Cr a month after its last private fund raise.

As per the DRHP, the IPO will comprise a fresh issue of equity shares worth INR 3,100 Cr and an offer-for-sale (OFS) of up to 2.2 Cr equity shares.

The markets regulator greenlit the IPO in December last year. 

While there have been much speculations over the company’s public listing, Ather’s two-wheeler sales have been on a steady uptick in recent times. In February, the IPO-bound company’s EV registrations stood at 13,055 units, up slightly from 12,101 units in January. 

[Editor’s Note: The story has been edited to update the valuation of Ather based on changes in the original Bloomberg report.]

The post [Update] Ather Energy Eyes $1.6 Bn Valuation For Its IPO appeared first on Inc42 Media.

Telecom major Bharti Airtel has inked a pact with Elon Musk-led SpaceX to provide Starlink’s satellite-based internet services to its customers in India.

However, the deal is subject to SpaceX obtaining necessary regulatory approvals to offer Starlink’s services in the country.

As part of the deal, the Indian telecom giant will explore future collaborative opportunities with Starlink, including selling Starlink devices at its retail outlets and providing Starlink services under its own brand to users, Airtel said in a statement.

The duo will also explore how Starlink could help expand and enhance the Airtel network, as well as SpaceX’s ability to utilise and benefit from Airtel’s ground network infrastructure and other capabilities in India. 

The partnership is aimed at increasing internet connectivity in the country, particularly in remote areas, which lack 5G internet, cable internet or fibre optical internet.

“By adding Starlink, (in addition to its existing alliance with Eutelsat OneWeb) to its offerings, Airtel will further its ability to offer nationwide connectivity and connect previously underserved areas, particularly those with limited to no coverage today,” Airtel said.

Gopal Vittal, managing director and vice chairman of Bharti Airtel, said that the collaboration will enhance the telco’s suite of products to offer affordable broadband for its Indian customers.

The development comes on the heels of the Centre reiterating that satcom spectrum would be allocated administratively for a fee, despite demands from India’s top telcos such as Reliance Jio, Bharti Airtel and Vodafone Idea for an auction.

It must be noted that satellite broadband services can only start in India after the government irons out specifics such as pricing and mode of spectrum. 

Reports surfaced last year that the Telecom Regulatory Authority of India (TRAI) would release recommendations “very soon” for spectrum assignment and pricing for satellite-based communication services. However, the telecom watchdog is yet to notify said recommendations.

Earlier this month, Reliance Jio and Bharti Airtel urged the government to ensure a level playing field in the satcom sector. They raised concerns that low-earth orbit satellites offer comparable broadband speeds and capacity to terrestrial networks, thus commercial satellite operators should not receive preferential pricing.

Last month, Bharti Group chairman Sunil Mittal urged the Centre to formulate a satcom policy that does not discriminate against terrestrial providers, especially in urban areas. 

Meanwhile, the Centre is said to be preparing to grant Starlink a GMPCS licence, which will allow the Elon Musk-led company to offer satellite broadband services in the country.

Currently, only Bharti Group-backed Eutelsat OneWeb and Reliance-owned Orbit Connect have received GMPCS licences and approval from IN-SPACe.

The post Airtel Partners SpaceX To Offer Starlink’s Internet Services To Indian Customers appeared first on Inc42 Media.

Update | March 11, 4:30 PM 

Shares of Ola Electric ended the day’s trading 5.37% lower at INR 50.91 on the BSE.

Original | March 11, 12:53 PM

Shares of Ola Electric fell for the third straight session on Tuesday (March 11), dipping as much as 5.5% to reach an all-time low at INR 50.81 on the BSE.

At 11:52 AM, the stock was trading at INR 51.41, down 4.4% from the previous close of INR 53.80. Ola Electric’s market capitalisation stood at INR 22,693.72 Cr. 

The stock has been on a downward trajectory for some time and has given a negative return of 7.3% and 24% in the last 5 days and month, respectively. 

The Bhavish Aggarwal-led startup went public in August last year, listing on the BSE at INR 75.99 as against the issue price of INR 76. However, the stock jumped over the next few months and reached its all-time high at INR 157.53.

At the current price, Ola Electric shares are trading about 30% lower than the IPO price.

Besides the decline in the broader market over the last few months, the EV major has also been impacted by regulatory issues, rising losses, and increasing competition in the two-wheeler EV segment.

While the company has been under the scrutiny of the Central Consumer Protection Authority (CCPA) for complaints about its after-sales services, it was recently fined by the heavy industries ministry for failing to meet its commitments under the PLI scheme for advanced chemistry cells.

On the financial front, its consolidated net loss ballooned over 50% to INR 564 Cr in the December quarter of the fiscal year 2024-25 (Q3 FY25) from INR 376 Cr in the year-ago quarter, hurt by lower revenue due to rising competition in the electric two-wheeler segment. 

Operating revenue declined  19% to INR 1,045 Cr during the quarter under review from INR 1,296 Cr in the year-ago quarter.

In the recent past, Ola Electric has taken a number of measures to cut costs, including lay offs 

Besides, the company was also said to be looking to deploy an in-house team to cut its vehicle registration cost.

Meanwhile, Ola Electric founder and CEO recently pledged an additional 5.88 Cr shares of the company to raise debt for the AI unicorn Krutrim. 

The heating competition in the electric two-wheeler (E2W) segment has also contributed to Ola Electric’s increasing losses and falling shares. 

As per Vahan data, Ola Electric has lost its leading position in India’s E2W market to legacy automotive player Bajaj Auto yet again in February. Ola Electric claimed that the sales number for the month stood at over 25,000 units.

The post Ola Electric Hits Fresh All-Time Low At INR 50.81 appeared first on Inc42 Media.

Aadit Palicha, founder and CEO of IPO-bound Zepto, is reportedly looking to further increase domestic shareholding in the quick commerce company.

Multiple options are on the table, including founders raising a debt of $100 Mn to $150 Mn to buy shares from existing investors, ET reported, citing sources.

Meanwhile the company, along with its investors, is also said to be considering setting up an Indian alternative investment fund (AIF) to transfer part of its overseas shareholding.

Inc42 has reached out to Zepto for comments on the development. The story will be updated on receiving a response.

An AIF is a privately pooled investment vehicle that collects funds from investors in accordance with a defined investment policy. 

“One of the proposals is a new AIF that can be set up and run by a local GP (general partner), where the shareholding of a foreign fund can be transferred. This has happened before, and they are considering that,” the report quoted a source as saying.

Besides, the company is also expanding its ESOP pool. Overall, it is looking at increasing domestic shareholding in the company by about 8% before it files its draft papers for its initial public offering (IPO) via confidential route.

However, there are no plans for a primary funding round currently, the report said.

This comes amid growing popularity and scrutiny of quick commerce platforms in the country. Last week, the All India Consumer Products Distributors Federation (AICPDF) filed a petition with the Competition Commission of India (CCI) against Zepto, Blinkit, and Swiggy Instamart,  alleging that they are employing unfair pricing policies and are monopolising the market.

As part of its plans to increase domestic shareholding, Zepto was earlier said to have approached top mutual fund houses for a $300 Mn share sale ahead of its IPO. 

This comes after the company raised a whopping $1.3 Bn last year. It last secured $350 Mn in November 2024 from domestic investors in a round led by Motilal Oswal’s private wealth division.

On the IPO front, Zepto was said to be looking to increase its public offering size to $800 Mn–$1 Bn, including secondaries.

The post Zepto Looking To Further Increase Domestic Shareholding: Report appeared first on Inc42 Media.

Now, Khaitan & Co Tangled In BYJU’S Insolvency Mess

The twists and turns in the insolvency saga of BYJU’S continue to unfold. Now, the troubled edtech startup’s suspended resolution professional (RP) Pankaj Srivastava has blown the whistle, alleging that legal firm Khaitan & Co strong-armed him into appointing EY India as the process advisor for insolvency proceedings against BYJU’S.

In a confidential filing with the Insolvency and Bankruptcy Board of India (IBBI), Srivastava claimed that the legal firm threatened to “malign” his image as an RP if he did not appoint EY India as the process advisor.

Notably, Khaitan & Co is representing GLAS Trust, a consortium of US-based lenders who extended the $1.2 Bn term loan B (TLB) to BYJU’S in 2021, in its legal battle against the edtech platform.

Training guns on GLAS Trust, Srivastava is also said to have told the IBBI that the lenders, via Khaitan & Co and other counsel Eliis, sent several unwarranted directions to Srivastava. Meanwhile, the Indian law firm has refuted Srivastava’s claims and called the allegations “untrue and baseless”. 

This comes days after BYJU’S founder and CEO Byju Raveendran alleged that he had received a document with “conclusive evidence of criminal collusion” between EY India, the lenders and Srivastava. 

While it seems unlikely that BYJU’S will come out of this ongoing turmoil unscathed, here’s how Khaitan & Co has been dragged into the dead decacorn’s insolvency mess. Continue reading….

From The Editor’s Desk

Ather Revs Up For IPO: The EV maker’s board has approved a proposal to convert 1.73 Lakh outstanding CCPS into 24 Cr fully paid-up equity shares. The conversion is mandatory before filing RHP. Meanwhile, Ather is expected to float its IPO by April to raise INR 3,100 Cr.

GIVA Nets $12 Mn: The D2C Jewellery brand has raised the capital in a mix of debt and equity. GIVA allotted 1,360 shares at INR 14,700 ia Capital to raise INR 52 Cr in equity while the rest was raised in debt from Northern Arc.

Zepto Gets HC Respite: The Delhi HC has ruled in favour of the quick commerce major’s parent Kiranakart in a year-long trademark dispute. The startup had sought the removal of the ‘Zepto’ trademark, registered by Mohammad Arshad in 2014, from the register of trade marks.

CARS24 Ventures Into ‘New Cars’: The IPO-bound used car marketplace has ventured into the new cars market. With this, the company will now lock horns with the likes of industry giants such as CarDekho, CarWale, and CarTrade. 

DSP Acquires Volt Money: The asset management company has bought the fintech startup for an undisclosed amount. Founded in 2022, Titan Capital and All In Capital-backed Volt Money offers loans against mutual fund investments.  

Zomato Is Now Eternal: The foodtech giant’s shareholders have approved a proposal to change the name of the company. The rebranding would help Zomato differentiate its corporate identity from its food delivery platform, especially as its quick commerce arm, Blinkit, emerges as a key growth driver.

Rusk Media Eyeing INR 74 Cr: The Nazara-backed digital entertainment startup is looking to raise around $8.5 Mn in its Series B funding round led by Woori Venture Partners. Founded in 2019, Rusk Media operates brands such as Alright!, Playground, and LIT. 

Online Gaming Industry Sets ‘Code Of Ethics’: Three gaming federations have banded together to adopt a framework, which includes age-gating, adopting stringent KYC norms and capping spending limits. The code will be applicable to all the members of the three federations.

Inc42 Startup Spotlight

How ArthAlpha Is Helping Retail Investors Make Smart Bets? 

Indian share markets continue to lure a new wave of retail investors looking to make a quick buck. While some find success, others may not be so lucky due to a lack of proper guidance and knowledge about markets.  

To bridge this knowledge gap, Rohit Beri and Rohit Jha founded ArthAlpha in 2023. The investment tech platform leverages AI and machine learning (ML) to analyse market trends and generate insights, which can help investors better optimise their financial decision-making process. 

The Bengaluru-based startup also specialises in delivering long-term investment outcomes by combining market understanding with quantitative analytics.

Backed by DSP, the AI-driven platform, going forward, aims to shore up its tech stack and enhance its predictive capabilities for smarter, data-driven investment decisions.

The post BYJU’S Insolvency Saga, Ather Revs Up For IPO & More appeared first on Inc42 Media.

Quick commerce major Zepto’s parent Kiranakart recently saw an almost year-long trademark dispute case culminating in its favour in the Delhi high court. 

The court ruled in favour of the four-year old startup’s plea to get the trademark ‘Zepto’, registered by Mohammad Arshad on July 14, 2014, removed from the register of trade marks.

Judge Amit Bansal ruled in favour of Zepto’s present rectification petition on March 3 observing that Zepto has been using the trademark continuously and extensively since July 2021 in India and has gained reputation under the brand logo. 

On the other hand, the court observed that the impugned trademark was never commercially used by Arshad over the past eight years. Thus, it found the latter’s argument devoid of any merits. 

“The respondent no.1 (Arshad’s Zepto) has no bona fide intention to use the impugned mark in relation to the services claimed in the impugned registration. Nearly 8 years have passed since the date when the impugned mark was entered on the Register of Trade Marks, however, the respondent no.1 has failed to use the impugned mark in relation to the aforesaid services in class 35 till date. Therefore, the impugned mark is merely a block on the Register of Trade Marks,” the order said. 

As per the court order, Arshad’s Zepto has been engaged in services related to distribution of smart phones, phone accessories, computer software and telephone instruments, among others.

This Zepto registered for the mark with effect from July 14, 2014 with a user claim since April 1, 2011 under Trademark Class 9 and Class 35. 

The quick commerce major submitted that Arshad had filed the aforesaid opposition against its trade mark application “merely to unjustly delay the registration and harass the petitioner.”

It pointed out that the dishonesty in the claim was evident as Arshad had approached Zepto in July 2024 to settle the case. The settlement didn’t materialise as Zepto figured that Arshad “was merely attempting to extort money under the garb of amicable resolution.”

In its ruling, the court observed that since there was no reply or appearance from Arshad during the hearings. 

The court noted that Arshad failed to file a reply to the petition or appear during the hearings, leading to the admission of Kiranakart’s petition. 

“A perusal of Section 47(1)(b) of the Act would reveal that a registered trade mark is liable to be taken off the Register of Trade Marks if up to a date three months prior to the date of filing of the rectification petition, the same is not used in relation to those goods/ services in respect of which it is registered for a continuous period of at least five years from the date on which the mark is entered in the Register of Trade Marks,” the court said. 

It is pertinent to mention that the startup submitted to the court that it is currently operating  approximately 350 stores/ delivery hubs (dark stores), employs over a 1000 professionals and 40,000 delivery executives. At present, it said that Zepto has a presence in over 10 cities across India and over 8 Mn customers have placed orders on its platform.

While announcing a fundraise of $665 Mn last June, Zepto then said it was looking to double its dark store count to 700 by March this year from 350 at that point. There hasn’t been any official communication on the startup’s dark store count since then. 

However, recent reports suggest that the startup surpassed 900 dark stores back in January 2025, exceeding its earlier target of 700 by March. Further, it has also reportedly set its sights on dark store network expansion post the 1,000 stores mark.

In comparison, Zepto’s larger competitor Blinkit was operating 1,007 dark stores at the end of December quarter. Swiggy too had increased its dark store count by 96 in the third quarter of the fiscal year 2024-25 (Q3 FY25) to take its dark store count to 705. 

After raising about $1 Bn last year to fuel its rapid expansion, Zepto is now looking to file for an $800 Mn–$1 Bn IPO soon. The startup’s offering size is now expected to exceed $800 Mn, including $300–400 Mn in shares sold via an offer for sale (OFS) and an increased primary fundraise through new share issuance.

The post Trademark Dispute: Delhi HC Rules In Favour Of Zepto Parent appeared first on Inc42 Media.

D2C jewellery brand GIVA has raised INR 102 Cr (about $11.7 Mn) in a mix of equity and debt from Alteria Capital and Northern Arc.

As per the company’s regulatory filings, GIVA allotted 1,360 Series B2 compulsorily convertible cumulative partly paid preference shares at an issue price of INR 14,700 apiece to Alteria Capital Fund III to secure INR 52 Cr in equity.

It also raised an additional INR 50 Cr in debt funding from Northern Arc through allotment of 5,000 Series B1 non-convertible debentures at an issue price of INR 1 Lakh each.

The Premji Invest-backed jewellery startup said it plans to deploy the capital primarily for general corporate purposes and setting up new retail outlets. At present, it operates 199 stores spanning across Tier I and II cities like Bengaluru, Pune, Hyderabad, Mumbai, Delhi NCR, Ahmedabad, Dehradun, Surat, Indore, among others.

It is unclear if the latest fundraise is part of an ongoing round. GIVA did not immediately respond to Inc42’s request for comment.

This is the second fundraise by the startup in the last five months. In October last year, GIVA netted INR 255 Cr (about $30.3 Mn) in a mix of equity and debt as part of its extended Series B funding round led by Premji Invest.

The jewellery startup then said that it would use the funds to increase its offline presence and bolster its lab-grown offerings.

Founded in 2019 by Ishendra Agarwal, Nikita Prasad and Sachin Shetty, GIVA initially sold authentic 925 fine silver jewellery but later diversified into 14K and 18k gold and lab-grown diamond jewellery. 

The brand retails its products through physical stores it operates across the country as well as via shop-in-shop model with Shoppers Stop and other chains.

In 2023, GIVA raised INR 270 Cr ($32.9 Mn) in a Series B funding led by Premji Invest. The round also saw participation from existing investors Aditya Birla Ventures, Alteria Capital and A91 Partners.

The Aditya Birla Ventures-backed jewellery startup’s net loss widened 30% to INR 58.7 Cr in the fiscal year 2023-24 (FY24) from INR 45.2 loss it reported a year ago, primarily due to a sharp increase in procuring metals.

The cost of procurement of metals jumped 55% to INR 114.9 Cr during the year from INR 74.3 Cr in FY23.

Its operating revenue, however, zoomed 66% to INR 273.6 Cr in FY24 from INR 165 Cr in the previous fiscal year.

GIVA competes against the likes of Tata Group-owned CaratLane, Kushal’s, Palmonas, Voylla, among others, in the Indian online jewellery market, which is expected to become a $3.7 Bn opportunity by 2025. The competition is expected to intensify with Tiger Global-backed wealthtech startup Jar having launched its own D2C jewellery brand Nek. 

The fundraise by GIVA comes at a time when rival BlueStone is gearing up for a public listing amid a boom in new-age tech IPOs in the country. In December 2024, BlueStone filed its draft red herring prospectus (DRHP) with SEBI for INR 1,000+ IPO.

The post Exclusive: GIVA Raises INR 102 Cr To Open New Stores appeared first on Inc42 Media.

Social media platform X was hit by a global outage, with many users, including in India, unable to access posts on Monday (March 10).

The platform showed an error message, “Something went wrong. Try reloading.”

According to DownDetector, a website that tracks online outages, more than 2,500 users reported issues with X at 3:26 PM. 

“User reports indicate possible problems at X (Twitter),” said DownDetector in a message. 

The Elon Musk-owned platform didn’t provide any update on the said incident. 

Notably, the issue was resolved within an hour. At 4:00 PM, there were less than 100 reports on DownDetector about issues with X. 

This was not the first time when X saw a global outage like this. It witnessed a similar outage in 2023 as well. 

At the time, Musk said that the company had applied temporary limits like verified accounts limited to reading 6,000 posts per day, unverified accounts to 600 posts per day, and new unverified accounts to 300 posts per day. This was done to address extreme levels of data scraping and system manipulation, he said.

Meanwhile, a number of other online platforms have also suffered such outages in the recent past. Last month, workplace communication platform Slack faced an outage which affected users globally. 

In January this year, OpenAI’s chatbot ChatGPT faced an outage that lasted for about 3 hours. 

This was after Meta’s Whatsapp, Facebook and Instagram went down across India for several users in December last year. Meta has faced multiple outages in India over the last year or so.

The post Social Media Platform X Down Globally appeared first on Inc42 Media.

With BYJU’S stuck in bankruptcy limbo, its suspended resolution professional Pankaj Srivastava has made damning allegations against Khaitan & Co, accusing the law firm of strong-arming him to appoint EY as process advisor for investigation into the edtech firm.

In a confidential filing to the Insolvency and Bankruptcy Board of India (IBBI), Srivastava alleged that officials of Khaitan & Co insisted that he engage EY as the process advisor for the corporate insolvency resolution process (CIRP) of Think & Learn Pvt Ltd, the parent of BYJU’S, as per a report by Business Standard.

“They further insisted that if I did not cooperate for appointing EY as the IPE, they would malign my image as insolvency professional,” the former insolvency officer in BYJU’S bankruptcy case said.

Khaitan & Co is representing GLAS Trust, a consortium of US-based lenders who gave BYJU’S a $1.2 Bn term loan B in 2021, in their legal battle against BYJU’S and its debt default.

Srivastava further alleged that GLAS Trust had no legal backing in the matter at the time to instruct an insolvency resolution professional. The US-based group is said to have supported  the EY team through its counsels Khaitan & Co and Eliis, and sent several unwarranted directions to Srivastava.

Khaitan & Co officials allegedly threatened Srivastava with “personal consequences” had he appointed anyone other than EY as the process advisor in the case against BYJU’S as it would have been “counterproductive to the interests of GLAS Trust.”

However, in a statement to Inc42, Khaitan & Co refuted these allegations, calling them “untrue and baseless”. It refrained from making any further comments, given the matter is currently sub-judice.

Srivastava also allegedly submitted that he did not mislead authorities or fail his statutory duties. In January, the National Company Law Tribunal (NCLT) initiated disciplinary proceedings against Srivastava while setting aside his decision to oust GLAS Trust and Aditya Birla Finance from the CoC. 

The latest development comes against the backdrop of BYJU’S founder and CEO Byju Raveendran’s allegations that he and several employees of the company received a document with “conclusive evidence of criminal collusion” between EY India, the lenders and Srivastava. 

It is pertinent to mention that BYJU’S has faced numerous setbacks in the past few years, leading to erosion in investor confidence, thousands of job cuts at the edtech company and a collapse in its valuation from $22 Bn to zero.

The company is undergoing bankruptcy proceedings in the country after the Board of Control for Cricket in India (BCCI) took it to court over unpaid dues worth $19 Mn related to sponsorship rights.

Earlier this month, the NCLT’s Bengaluru bench appointed Shailendra Ajmera as the new insolvency resolution professional (IRP) of cash-strapped BYJU’S. The tribunal has also directed the BCCI to submit its application for settling its insolvency dispute with BYJU’S newly-constituted CoC.

The developments come on the heels of a US insolvency court ruling in favour of the lenders of BYJU’S in connection with a case involving alleged fraudulent transfer of $533 Mn by the troubled edtech startup. 

Last year, a Nebraska-based businessman accused BYJU’S founder of trying to regain control of Epic! using hidden loan money that he allegedly hid from investors.

Editor’s Note: This article has been updated with a statement from Khaitan & Co.

The post BYJU’S Suspended Resolution Professional Alleges Pressure To Rope In EY appeared first on Inc42 Media.

Days after the cofounders of Sirona bought back the startup from The Good Glamm Group, the feminine hygiene brand has elevated its head of ecommerce Krishna Mishra to the position of vice president of growth.

“I’m happy to share that I’m starting a new position as VP of Growth at Sirona!” Mishra said in his LinkedIn post on Saturday (March 8).

Mishra is expected to lead strategic expansion and revenue growth efforts at Sirona in the new role. As per his LinkedIn profile, he claims to have delivered “triple-digit” annual growth, propelling Sirona to the INR 100 Cr annualised recurring revenue (ARR) mark on several marketplaces.

He also claims to have helped the brand clock a tenfold business growth on Flipkart and Nykaa, in addition to building new portals including quick commerce and strategic partnerships.

“It’s been an exciting journey at Sirona, and I’m looking forward to driving growth in this new role,” Mishra told Inc42

Mishra’s stint at Sirona began in 2020 as a senior manager for ecommerce. He was promoted to the role of the deputy head for the marketplace in 2022. After this, Mishra led the ecommerce segment for nearly 3 years.

Prior to Sirona, Mishra worked for 8 years with ecommerce segments of companies like ayurvedic D2C brand dhampurgreen.com, RAL Consumer Products, and Universal Corporation Limited.

Founded by Deep Bajaj and Mohit Bajaj in 2014, Sirona offers feminine hygiene products  like menstrual cups, intimate washes, period pain relief patches, biodegradable sanitary pads, and menstrual cup kits. The startup began its journey by selling PeeBuddy, a portable urination device. 

The Delhi NCR-based startup was acquired by Th Good Glamm Group in October 2024 for INR 450 Cr. However, following the acquisition, Sirona’s sales dropped to just one-eighth of its peak monthly run rate of INR 12 Cr, leaving vendors and the Sirona team in a limbo.

Amid the ongoing challenges being faced by The Good Glamm Group, Sirona’s founders bought back the company last month. 

Notably, The Good Glam Group has been going through a rough patch for the past one year.  The changes to its operational and management structure have allegedly derailed the brands acquired by the company and left them in a disarray.

The post Sirona Elevates Ecommerce Head Krishna Mishra To Role Of Vice President appeared first on Inc42 Media.

Online travel aggregator ixigo’s board has approved formulation, adoption and implementation of Le Travenues Technology – Employees Stock Option Scheme 2025 (ESOS 2025) with a pool size of 1.2 Cr stock options.

In an exchange filing on Saturday (March 8), ixigo parent Le Travenues Technology said that its board also approved granting of options equal to or more than 1% of the issued capital of the company to cofounders Aloke Bajpai and Rajnish Kumar under the new ESOS plan.

Besides, the board approved  extension of the benefits of ESOS 2025 to employees of subsidiaries and holding companies of the company. ixigo will now seek the approval of its shareholders for the actions approved by the board.

As per the filing, the 1.2 Cr stock options under ESOS 2025 will convert into an equivalent number of equity shares upon vesting and exercise. The exercise price for the options would be INR 93 per option, which was the IPO price for the company’s shares.

“ESOS 2025 is designed exclusively to reward and compensate key executives for their exceptional contributions to the company’s success… The vesting terms are structured to ensure that the options will vest only once the company’s valuation achieves significant growth, thereby enhancing shareholder value,” it said.

The first 50% of the granted options will vest upon the company’s market capitalisation reaching INR 9,000 Cr at any time after the grant date but no later than 33 months from the said date.

If the market capitalisation fails to reach INR 9,000 Cr within 33 months from the grant date, it will automatically lapse and will be added back for regrant.

“The second vesting will be for the remaining 50% of the options granted, which will occur upon the company’s market capitalisation reaching INR 14,000 Cr at any time after the grant date but no later than 69 months from the said date,” it added.

In a separate exchange filing on Saturday, ixigo said it approved the grant of 1,56,232 stock options under ESOS schemes 2012, 2016 and 2020.

The options have been granted at an exercise price of INR 93 per option and will be vested over a period of four years in an equal installment of 25% each.

Founded in 2007 by Kumar and Bajpai, ixigo allows users to book flights, trains, and bus tickets, and hotel and holiday packages. The company went public in June last year, with the shares listing at a premium of 48.5% to the issue price of INR 93 on the NSE.

On the financial front, the company’s net profit slumped 49% to INR 15.54 Cr in the third quarter of the financial year 2024-25 (Q3 FY25) from INR 30.65 Cr in the year-ago quarter. However, revenue from operations surged 42% on a year-on-year basis to INR 241.76 Cr.

Shares of the company were trading 3.32% lower at INR 129.55 on the BSE at 12:48 PM on Monday (March10).

The post ixigo Board Approves New ESOP Scheme With 1.2 Cr Stock Options appeared first on Inc42 Media.

Going full throttle on its highly-anticipated initial public offering (IPO), electric two-wheeler maker Ather Energy has converted its outstanding compulsory convertible preference shares (CCPS) into equity shares.

As per regulatory filings accessed by Inc42, the company’s board passed a resolution on March 8 to convert 1.73 Lakh outstanding CCPS into 24 Cr fully paid up equity shares.

The equity shares, having a face value of INR 1 each, will rank pari-passu with the existing equity shares of the company.

The resultant equity shares will be allotted to shareholders including Hero MotoCorp Limited, Internet Fund III, Caladium Investment Pte Ltd, Innoven Capital India Fund, among others.

It is pertinent to note that SEBI regulations require all CCPS to be converted into equity shares before filing the red herring prospectus (RHP) for an IPO. 

The move comes two months after the markets regulator greenlit Ather’s draft red herring prospectus (DRHP) for INR 3,100 Cr+ IPO. The EV company is expected to float its IPO by April, PTI reported, citing merchant banking sources.

The proposed public issue will comprise a fresh issuance of shares worth INR 3,100 Cr and an offer for sale (OFS) of up to 2.2 Cr shares. 

Tiger Global, Caladium Investments, National Investment and Infrastructure Fund (NIIF), Binny Bansal’s 3 State Ventures, and cofounders Tarun Mehta and Swapnil Jain will offload their stakes via the OFS. However, Ather’s biggest shareholder, auto giant Hero MotoCorp with a 37.2% stake, will not participate in the OFS component. 

Ather was reportedly targeting a valuation of around $2.5 Bn for its IPO. Ather plans to use the fresh proceeds from the public issue to shore up R&D, marketing initiatives, infrastructure, production initiative and general corporate purposes.

As per its DRHP, Ather plans to raise INR 620 Cr through a pre-IPO placement. 

Ather’s public listing, when it transpires, will be the second by an electric mobility company in the country after Ola Electric. The Bhavish Aggarwal-led company made its public market debut in August last year. Its 6,145 Cr+ IPO was one of the largest in 2024. 

Greaves Electric Mobility, which sells its escooters under the Ampere brand, is also preparing to knock at the doors of Dalal Street. The EV maker filed its draft red herring prospectus (DRHP) with SEBI for INR 1,000 Cr+ IPO in December 2024. 

Meanwhile, Hyderabad-based electric vehicle maker Pure EV has converted into a public company ahead of its potential IPO this year.

The post Ather Converts Preference Shares To Equity, Likely To Float IPO In April appeared first on Inc42 Media.

Even as the tubelights go off one by one, BYJU’S founder and CEO Byju Raveendran continues to fight the fight and delay what looks like the inevitable. The latest weapon in his arsenal is an anonymous whistleblower claiming a huge conspiracy at EY against the crumbling edtech giant.

While Inc42 could not get EY or Byju Raveendran to officially comment on the allegations, the company is still stuck in limbo. With cases in the US and India looking like they might fall against BYJU’S, there’s also a serious possibility of an official dissolution of the company.

Here’s how BYJU’S is stuck in a limbo and with nowhere to go. But first, a look at the top stories from our newsroom:

• Inside Licious’ High-Stakes Bet: At a time when the D2C meat delivery unicorn, currently at an inflexion point, is burdened with growth challenges, what aces do its cofounders Abhay Hanjura and Vivek Gupta have up their sleeves?
• How IvyCap Sharpened Its Playbook: Fifteen years ago, when IvyCap was founded, the Indian startup ecosystem was in the nascent stages and had very few VC players. So, what have IvyCap’s learnings been that helped the VC firm amass a portfolio of 50+ startups?
• 30 Startups To Watch: Despite the subdued trends headlining news cycles, the world’s third-largest startup ecosystem continued to forge ahead. In our 56th cohort of ‘30 Startups To Watch’ series, we bring to you a balanced mix of startups

BYJU’S In A Loop

There seems to be no end to the twists and turns in the BYJU’S saga. Now, the troubled edtech’s founder and CEO Byju Raveendran has raised questions over the ongoing insolvency proceedings against the company.

In a LinkedIn post, Raveendran alleged that he has documents that show “conclusive evidence of criminal collusion” between EY India, the lenders and Pankaj Srivastava (IRP). While he did not divulge any further details, he called for a government probe into the matter.

In fact, training his guns at Srivastava, Raveendran said that he was appointed by an Indian court to protect BYJU’S but “ended up destroying it”.

Curiously, this follows a viral post online by a whistleblower, alleging that Srivastava had hired EY India to advise on the insolvency proceedings even though the audit firm had a conflict of interest, as it has been working alongside the lenders of BYJU’S on a related matter.

Meanwhile, Raveendran is likely in for a rocky ride as the NCLT, which is hearing the insolvency case against BYJU’S, has appointed Shailendra Ajmera, also an EY India executive, as the new RP of the troubled company.

On top of this, lenders are now part of its committee of creditors and are looking to extract whatever remains of the once poster child of India’s edtech revolution.

In addition, a US bankruptcy court has ruled in favour of the creditors in connection with the fraudulent transfer of $533 Mn out of the $1.2 Bn term loan B — more on this next.

It’s a pattern of blame and allegations that has brought down the once highest valued startup in India.

The Bigger Blow In The US

Curiously, just hours before the allegations broke out, a ruling made by the United States Bankruptcy Court in Delaware, said BYJU’S is responsible for orchestrating and executing an unlawful scheme that defrauded the investors through the wrongful transfer of money.

In its order, the court named BYJU’S parent company Think & Learn Private Limited, director Riju Ravindran (brother of CEO Byju Raveendran), BYJU’S Alpha and Camshaft Capital as responsible to the wrongful transfer and will rule on damages in the matter.

“We are gratified the Court unequivocally recognized that Riju Ravindran, Camshaft, and BYJU’s together conducted a deliberate fraud on a global scale arising from the theft of $533 million. This is a significant step forward in the Lenders’ efforts to recover the stolen funds that are rightfully owed to them,” according to a statement from the BYJU’S creditors, collectively known as Glas Trust.

Glas Trust, incidentally is at the heart of the allegations levelled at EY in terms of collusion and conflict of interest and trying to manipulate India’s insolvency laws.

The US ruling is very likely to be a factor in India, as thus far the company believed that Glas Trust could not be part of the India bankruptcy hearings because of this US lawsuit. Since that is close to winding down, the insolvency proceedings against BYJU’S is also likely to wind down soon, according to a IBC law expert based in Bengaluru

Earlier in March, the BYJU’S committee of creditors proposed the appointment of Shailendra Ajmera, a partner at EY, as the new interim resolution professional. Ajmera is now responsible for handling the financial restructuring of BYJU’S, engaging with creditors and drafting a plan to either revive or liquidate the company.

His appointment has also been targetted in the latest allegations against EY’s tampering with the process and back-channeling of the insolvency process.

Byju Raveendran’s Fight Goes On

“From now on, you will hear it directly from me. Because direct action is how we built BYJU’S. Those who believe in me make me strong. Those who do not, make me stronger. As they say, you can never defeat someone who does not give up. To all BYJUites, past and present, I have just one message: stay strong, stay proud. Forgive me for my mistakes. We will be back stronger than ever before,” Raveendran exclaimed on LinkedIn.

But it’s not clear how exactly the company might be making a comeback. The business is in disarray. Raveendran himself has not been in India for the past 18-24 months. Sources told us earlier that the CEO has not stepped back into India since leaving it at the end of 2023, much before BYJU’S came crumbling down.

Calling it a shell of its former self might just be an exaggeration.

Raveendran calls for forgiveness, but there is real money at stake here. He urges employees to stick with him despite no pay or incentive in the offing. There’s no business at BYJU’S any more.

The shutters are down on the offline learning centres, plus the two acquisitions have both separated themselves from the management. As we reported in our coverage of Great Learning earlier this year, perhaps staying away from the BYJU’S leadership and management saved the skill development startup. Even if it meant the founders settled for a lower amount during acquisition.

Today, Great Learning is able to eye profits and a future away from the shadow of BYJU’S. The edtech giant is stuck in purgatory.

And while it’s there, Raveendran is milking every glimmer of hope to claim a comeback is on the cards. What exactly is BYJU’S coming back to?

Sunday Roundup: Startup Funding, Deals & More

• Between March 3 and 8, Indian startups cumulatively raised $385.5 Mn across 29 deals. This is over 4X of the $88.3 Mn raised by 16 startups in the preceding week
• In an effort to bolster the startup ecosystem and boost entrepreneurship, the Karnataka government has announced an INR 300 Cr fund of funds and INR 100 Cr corpus to support the deeptech startups in the state
• Rohan Misra, son of former SoftBank Vision Fund chief Rajeev Misra, has launched a $150 Mn fund under Gravity Holdings, looking to invest in growth stage deals
• Info Edge portfolio company NoPaperForms’ board has green lit the SaaS startup’s initial public offering, which is likely to have OFS component
• Ahead of the IPL 2025, JioHotstar is going all out to lure startups and SMEs for ad spaces during the marquee tournament with events planned in various cities for prospective customers

The post BYJU’S Stuck In Bankruptcy Limbo appeared first on Inc42 Media.

Ahead of the start of the Indian Premier League (IPL) 2025 on March 22, OTT streaming giant JioHotstar is going all out to lure startups and small and medium enterprises (SMEs) for advertising during the marquee cricket tournament by offering targeted ads at “affordable” rates.

“Now you can afford to advertise your business on the TATA IPL,” a brochure sent by the OTT platform to ad and market agencies last month, and reviewed by Inc42, reads.

In its brochure, JioHotstar has introduced exclusive advertising package plans between INR 15 Lakh and INR 1.5 Cr. With these, the company claims businesses will be able to attract more customers, boost visibility, and cement their credibility in their local areas.

This comes weeks after JioStar announced that it is merging its OTT platforms JioCinema and Disney+ Hotstar to launch JioHotstar.

According to the chief business officer (CBO) of sports revenue, SMB and creators segments of the JioStarIPL, Ishan Chatterjee, the company has built its ad playbook around three pillars — unmatched reach and scale, innovative targeting, and advanced measurement. It is pertinent to mention that before joining the platform in September, Chatterjee served as the managing director for YouTube India for a period of two years. 

“Our primary objective is to make the IPL as accessible as possible to a broad spectrum of advertisers, from large brands to small and medium businesses. We have made IPL accessible to brands across various segments by not limiting the fixed minimum ticket size for advertising. We are offering flexibility, with decisions based on factors such as an advertiser’s goals, reach, ad assets and targeting capabilities,” the CBO added. 

As per the brochure accessed by Inc42, the OTT giant is offering five ad packages – INR 15 Lakh, INR 25 Lakh, INR 50 Lakh, INR 90 Lakh and INR 1.5 Cr – for the upcoming tournament. These charges don’t include GST. 

To onboard more startups and SMEs as advertisers for this year’s IPL, the platform has launched an SMB outreach programme across 10 cities.

“Under this drive, we are demonstrating how the tournament can drive growth not only for large corporations but also for SMEs,” Chatterjee said. 

Overall, JioHotstar plans to host events under the outreach programme across 10 cities in the run-up to the IPL to attract 1,000-2,000 advertisers per session.

“A common misconception among SMBs is that advertising on the IPL requires a massive budget. Through these initiatives, we are demonstrating how brands (big and small) can leverage the IPL’s unmatched reach while optimising costs. Startups and MSMEs have shown strong interest in IPL 2025, leveraging its massive scale, targeted reach, and digital precision to engage their audiences effectively,” Chatterjee said. 

What’s In It For Startups And MSMEs? 

JioHotstar is providing flexible options to advertisers for multiple placements and impressions to fit in according to different budgets. Besides, the OTT platform will provide expert guidance to help advertisers choose from display or video ads to magnify their message.

While display ads are image-based brand communications that pop up below the livestream, video ads would be 10-second ads that will run before, during or after the regular programming. 

In case of both the ad formats, JioHotstar will allow the advertisers to target their specific audiences based on geographic location (city, state or region) they want to run their ads. Advertisers can also choose the matches during which they want their ads to run.

Chatterjee said that for this year’s IPL, JioHotstar will offer its advertisers access to over 100 advanced-targeting options, including demographics, language, first-party data, and interest-based targeting.

Besides, the OTT platform has also partnered with Nielsen to introduce India’s first comprehensive, third-party validated audience measurement for digital live sports.

In its pitch to advertising agencies, JioHotstar is also touting the results of a “brain mapping” research conducted by it. It says that the research analysed the neuron, or brain cell, response of participants and this showed that its streaming ads have a higher engagement rate compared to Google. Reuters was the first to report this development.

Why Is IPL A Big Deal For Advertisers & JioStar?

While the IPL is still two weeks away, Chatterjee said that the response from advertisers has been positive. “We are seeing strong demand across key categories, including beverages, ACs and fans, BFSI & fintech, mobile handsets, fantasy gaming,” the CBO said.  

At the heart of this rush is the popularity of the IPL, which is among one of the most viewed sports leagues in the world. Last year, the number of startups partnering with IPL teams increased 68% year-on-year to 32, including Bira91, boAt, FanCraze, Upstox, slice, Rapido, EatSure (Rebel Foods), among others.

As per a document reviewed by Reuters, JioStar has set a target of reaching 40 Mn smart TVs and 420 Mn mobile devices during this year’s IPL.

Notably, JioHotstar’s predecessor JioCinema achieved a record-breaking viewership on Day 1 of IPL 2024, with over 11.3 Cr people tuning in to watch the match. 

It is pertinent to note that Viacom 18 outbid Star India in 2022 to win the rights for streaming IPL for the Indian subcontinent for five years for INR 20,500 Cr ($2.57 Bn). Star India won the TV broadcasting rights for the tournament for INR 23,575 Cr ($3.02 Bn). 

Post the merger of Reliance Industries and The Walt Disney’s Indian media business in November last year, JioStar has been looking to shore up the top line and cut corners.

Be it the recent report of culling hundreds of jobs or initiatives like opening ad streams for startups at prices as low as INR 15 Lakh, the streaming behemoth seems to be pounding the return on investment (RoI) table from all sides.

Understandably, a merger of this size will need much to create a stable company, and offering innovative ad slots seems to be one of the many offerings that can be expected in the near future. For now, the company has been quick to cash in on the IPL mania of cricket-crazy Indians, with Indian startups and MSMEs by their side.

[Edited by: Vinaykumar Rai]

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Listed gaming major Nazara Technologies has received its board’s approval to sell 94.85% stake in its subsidiary OpenPlay Technologies to online poker platform PokerBaazi’s parent entity Moonshine Technology for INR 104.33 Cr.

As per the company’s exchange filing, the deal will be executed through the issuance of 1,99,890 Moonshine’s compulsory convertible preference shares (CCPS) at a face value of INR 10 each, to Nazara and other sellers.

Founded by Navkiran Singh in 2014, Moonshine Technology initially focussed on online poker (PokerBaazi) but later diversified into card games (CardBaazi), fantasy sports, and spectator gaming (SportsBaazi).

Post the deal, ClassicRummy game creator will become a subsidiary of Moonshine, where it currently holds 46.07% equity stake and 2,87,376 CCPS, as per the filing.

Through the acquisition, Moonshine aims to strengthen its hold in the real money gaming (RMG) market, while the integration of OpenPlay’s rummy platform to its existing list of games will also enable PokerBaazi’s parent to leverage its technological, marketing, and data-driven expertise, the filing added.

“We look forward to leveraging OpenPlay’s strong foundation and accelerate the growth by enhancing user experience with our best-in-class technology and product innovations we are poised to accelerate growth and enhance user experience by integrating best-in-class technology and product innovations,” Navkiran Singh, founder and chief executive of Moonshine said.

This development comes at a time when the company has been on the acquisition spree where Nazara bought a majority stake in Mumbai-based Funky Monkeys Play Centers Private Limited for INR 43.7 Cr (around $5.01 Mn), weeks ago.

Prior to that, Nazara’s subsidiary NODWIN Gaming announced acquiring another 93% stake in gaming and esports media company AFK Gaming for INR 7.6 Cr via cash and equity swaps, in December last year.

To note, Nazara received approvals to acquire a 47.7% stake in Moonshine for INR 831.5 Cr through a secondary transaction from existing shareholders.

Other Board Approvals

Moreover, the board has approved OpenPlay to grant an unsecured loan of about INR 20 Cr to Moonshine, while further details are yet to be finalised upon the completion of the deal.

Further, the company’s board also gave a nod for Nazara to invest around $250K (INR 2.17 Cr) in ReelSaga Innovations Pvt Ltd in cash through subscription to its 593 equity shares of INR 10 each, representing 3.57% of the equity share capital of ReelSaga.

Nazara’s filing stated that the investments are subject to statutory approvals, consents and permissions to get through.

On the financial front, Nazara Technologies’ consolidated net profit declined 53.5% to INR 13.7 Cr in Q3 FY25 from INR 29.5 Cr in the year-ago quarter. Meanwhile, its operating revenue zoomed 66.8% to its highest ever recorded INR 534.7 Cr during the quarter under review from INR 320.4 Cr in Q3 FY24.

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In a major relief for Samsung India, workers at the South Korean tech giant’s Sriperumbudur factory have finally called off their month-long strike. 

The protesting employees will now resume work at the unit in batches starting March 8, Centre of Indian Trade Unions’ (CITU) Tamil Nadu president A Soundararajan told news agency PTI. 

Meanwhile, sources told The New Indian Express that while CITU had initially insisted on revoking the suspension of 23 workers before calling off the strike, it has now agreed to a fair internal inquiry by the company against the said workers. 

Additionally, the Samsung India management has also allowed workers to resume duty without a written undertaking. This follows the company previously seeking an undertaking from protesters to pledge they would not engage in such actions in the future. Now, the workers will return in batches to the plant after attending a one-day ‘training’ programme.

“Samsung welcomes the workers’ decision to call off the illegal strike and resume their duties at the Chennai plant. The company’s initiative to welcome back striking workers and its proactive engagement have facilitated their return, effectively ending the strike… We remain committed to enforcing discipline in the premises and resolving outstanding issues directly with our workers to maintain a positive work environment,” a Samsung India spokesperson reportedly said.

The development comes a month after Samsung India Workers Union (SIWU) on February 5 launched a sit-in protest against the company for suspending three key office bearers of the union. The matter snowballed into a bigger controversy after workers shifted their protest from a designated site within the company premises to the shop floor.

The protestors were demanding the ouster of the contract workers, who were reportedly hired by the company to compensate for the striking workforce. 

Subsequently on February 20, Samsung representatives failed to appear for a scheduled round of talks with the union members citing difficulties due to the sit-in strike. Thereafter, workers retreated from the company premises and moved their protest outside, and also were joined by CITU members.

Amid all this, Samsung suspended 20 additional workers, instructing them to refrain from reporting to work until an inquiry was completed. The company alleged that they were suspended after a group of workers allegedly tried to barge into the senior management’s offices on the second floor.

Previously, the smartphone giant also called for the intervention of the Tamil Nadu government to secure the safety of its workers, maintain discipline and provide ease of doing business amid growing protests.

The post Workers Call Off Month-Long Strike At Samsung’s Tamil Nadu Plant appeared first on Inc42 Media.

India has solidified its position as the third-largest startup ecosystem globally, with over 160,000 startups and a combined ecosystem worth $650 Bn. Fueled by 120+ unicorns, record-breaking investments, and rapid digital adoption, startups are driving innovation across fintech, SaaS, deeptech, and more.

Beyond valuations, the ecosystem has become a major economic engine, generating 1.6 Mn+ jobs and propelling India toward its $5 Tn economy goal. With strong government backing and a thriving talent pool, India’s startup growth story is only getting stronger.

A recent study has tracked the impact and predicted that the total flexible workspace stock would grow from 62-64 Mn sq ft in 2023 to 124-126 Mn sq ft across tier I cities by the end of 2027. 

Tech startups, which bagged over $12 Bn in funding last year, are significant drivers of office space demand in India, making up most of the 23-28% offtake by tech firms in the top nine cities. Other key sectors driving the demand include banking, financial services, and insurance (BFSI), engineering and manufacturing, and research, consulting and analytics. 

The startups are expected to drive the demand for flexible, scalable, and capital-efficient office solutions by creating approximately 4.7 Mn tech-focussed jobs over the next five years and contributing over $1 Tn to the Indian economy. 

At the centre of this rapid transformation stands IPO-bound IndiQube, a managed workspace provider that aims to redefine how India works. Founded in 2015 by husband-wife duo Meghna Agarwal and Rishi Das, the company has scaled to over 100 properties across 13 cities. 

“We saw first-hand how startups struggled with expansion – every time they grew, they had to move to a bigger office. That’s when we realised there was a huge gap in the market for flexible, scalable workspaces that could evolve with the company’s needs,” IndiQube’s executive director and COO, Agarwal told Inc42. 

What began as a provider of office space solutions has grown into a INR 868 Cr powerhouse, catering to the diverse needs of startups, enterprises, and multinational corporations alike. 

But it hasn’t been a cakewalk, for sure. Agarwal steered the company to navigate some of the toughest challenges, including the Covid-19 pandemic. “Our enterprise-first approach and long-term client leases helped us ride out the pandemic blues, ensuring business continuity for clients,” she said. 

But Agarwal’s journey isn’t just about building a successful business – it’s also about breaking the barriers. In an industry traditionally male-dominated, she is a rarity, holding double-digit equity in a soon-to-go-listed company, and paving the way for more women to lead in the tech revolution.

Ahead of the International Women’s Day on March 8, we caught up with Agarwal for a candid conversation to get an insight into IndiQube’s journey, secure a perspective on the evolving demands in India’s workspace market, and know about her vision for the road ahead. 

From pioneering the hub-and-spoke model in the segment to leveraging AI and automation for smarter workspaces, Agarwal’s perspective as a woman leader offers a unique lens to see the challenges and opportunities in this dynamic sector. 

As the conversation unfolded, she delved into the trends shaping the future of work, the rise of non-tier I cities as startup hubs, and shared how IndiQube was poised to lead the change in creating flexible, sustainable, and tech-enabled workspaces for India’s growing workforce. 

Here are the edited excerpts from the conversation…

Inc42: From inception to scaling across 100+ properties in 13 cities, how has IndiQube’s journey unfolded, and what have been the key inflection points along the way?

Meghna Agarwal: IndiQube’s journey began with a simple yet profound insight. One of our group companies faced the recurring challenge of relocating offices every time it expanded its workforce. To address this, we leased a large office space in Bengaluru and sublet the excess space to other clients. 

As these tenants began requesting additional amenities, we spotted a significant gap in the market – the need for accessible, affordable workspace solutions that could enhance the employee experience. This realisation led to the birth of IndiQube in 2015. 

By FY18, we received a major boost with investment from WestBridge and Ashish Gupta, an angel investor. These strategic partnerships validated our business model and brought in invaluable industry expertise. 

In 2021, we took a bold step by expanding into non-tier 1 cities, starting with Coimbatore, marking a significant shift to tap into emerging markets. Today, we operate in 13 cities across India, managing 103 properties and 7.76 Mn sq ft of workspace. Our mission has always been to provide accessible, holistic, personalised, and sustainable workspace solutions. 

Inc42: Over the past decade, the concept of ‘workspace as a service’ has evolved significantly. How has IndiQube adapted to these shifts, and what differentiates your approach from conventional models?

Meghna Agarwal: When the concept of coworking came, it primarily targeted startups. As the market evolved, we noticed a growing demand for customised workspaces with flexible terms, which led to the origin of the ‘managed office’ concept between 2017 and 2019.

At IndiQube, we’ve always focussed on an enterprise-first strategy, catering to companies with larger office space requirements. While workspace leasing remained our core revenue stream, we expanded our offerings to include value-added services such as interior design and build, facility management, food, transport, and technology solutions. 

By integrating design, management, and technology into a location-agnostic platform, we tried to redefine the workspace journey. 

Inc42: Post-pandemic, how have workspace preferences changed among domestic and multinational companies, and what are the key trends shaping office space demand today?

Meghna Agarwal: The pandemic was a turning point for the workspace industry. One of the most significant trends we’ve observed is the growing relevance of non-tier 1 cities. Companies are increasingly setting up satellite offices in these locations, driven by cost-effective real estate and the availability of a talented workforce. 

In FY22, we noticed a shift in employee preferences, with many opting to work closer to their hometowns. This led us to adopt a ‘follow the talent’ approach, spreading our wings across cities like Coimbatore, Kochi, Jaipur, Madurai, Calicut, and Vijayawada.

Another key trend is the rising demand for certified green buildings. A recent report shows 60 percent of occupiers now prioritise ESG compliance and sustainability certifications. At IndiQube, we’ve embraced this shift by incorporating initiatives like rooftop solar plants, sewage treatment plants, rainwater harvesting systems, and energy-saving equipment. Over 25% of our operational area has received certifications from the Indian Green Building Council and Leadership in Energy and Environmental Design. 

We’ve also positioned ourselves as ‘workplace transformation’ partners, collaborating with landlords to renovate and upgrade aging properties. Nearly 88% of our leased properties are non-institutional assets, and with a close collaboration with landlords, we are transforming these spaces into modern, sustainable workplaces. 

Inc42: The Indian startup ecosystem is expanding beyond traditional hubs. Are there any unexpected locations emerging as significant startup and office clusters, and what factors are driving this trend?

Meghna Agarwal: With over 160K recognised startups generating 1.6 Mn direct jobs, the whole startup ecosystem is booming. What’s particularly exciting is the rise of non-tier 1 cities as emerging hubs. More than 45% of recognised startups are now based in these cities, driven by innovation in sectors like edtech, healthtech, and fintech, supported by government initiatives. 

There is an obvious surge in demand for high-quality office spaces in those cities. This trend, as I said earlier, is fuelled by the availability of talent, lower operational costs, and a growing entrepreneurial spirit. We’ve been quick to recognise this shift and expanded our presence accordingly. 

From an industry perspective, the next few years will be transformative for us. With emerging technologies expected to create 4.7 Mn tech-focussed jobs across sectors like manufacturing, retail, education, finance, and insurance, the demand for modern, collaborative work environments will only grow. 

Inc42: How has your perspective shaped IndiQube’s approach to designing workspaces that foster inclusivity, diversity, and equity for startup teams?

Meghna Agarwal: I strongly believe that women have a transformative role to play in the real estate industry. Their influence spans across every facet of the sector — from architects and designers who shape the physical spaces we inhabit, to professionals driving community engagement and building meaningful customer relationships. 

Women are excelling in business development, market research, and facility management, bringing a unique blend of creativity, empathy, and strategic thinking to the table. 

Their ability to balance practicality with innovation is reshaping how we think about spaces, making them more inclusive, functional, and future-ready.

Inc42: In your leadership journey, what challenges have you faced as a woman entrepreneur in the real estate and workspace industry, and how have you navigated them?

Meghna Agarwal: One of the challenging moments was during the COVID-19 lockdown. There was a looming uncertainty with a narrative getting built that ‘offices’ would no longer be needed and work-from-home would be the new norm. While we were confident that this was a short-term blip, we were concerned about the narrative and its impact. It was a feeling mixed with shock, disbelief and uncertainty over what comes next.

To navigate this tough moment, I had to block out the noise, stay true to our vision, and keep moving forward. Post Covid-19, we strategically expanded our offerings to non-tier I cities that have increasingly become relevant for companies to set up their satellite offices.

I think one of the most powerful tools that helped me navigate challenging times has been building a supportive ecosystem. At home, having a family that believes in me unconditionally has been my anchor. Their encouragement reminds me that my worth isn’t tied to my achievements or setbacks. 

At work, I surround myself with people, who are loyal and can be confided upon. Whether it’s cofounders, mentors or team members, having a network that celebrates your wins and stands by you through your lows is always invaluable. 

Inc42: You mentioned emerging technologies. How do you see AI and automation impacting the design and functionality of workspaces in the near future?

Meghna Agarwal: AI and automation are set to revolutionise the workspace experience. At IndiQube, we’ve developed a comprehensive technology stack to be interconnected, serving clients, their employees, and our frontline facility management teams. Our core platform, MiQube, empowers organisations to manage, operate, and optimise their office spaces with ease. 

From booking meeting rooms and managing visitor access to tracking desk utilisation and enhancing employee engagement, our technology solutions are designed to streamline operations and improve efficiency. 

Looking ahead, we aim to expand our reach beyond the workspace solutions ecosystem by offering SaaS products to landlords and property managers, helping them reduce operating costs and unlock new revenue opportunities. 

Inc42: Women’s representation in leadership roles across industries remains a work in progress. What steps can businesses take to ensure more women rise to decision-making positions, and how are you (as an individual) and IndiQube (as an organisation) contributing to this shift?

Meghna Agarwal: I think in today’s world promoting gender diversity is no longer necessary. We have women who are equally capable, have the right set of skills and are passionate about what they do. 

We just need to create a conducive environment that enables these women to thrive; equip them with an ecosystem to balance personal and professional priorities; embrace pay parity; and foster a support system of mentors, peers, and allies.  

Female participation at IndiQube has fostered a more collaborative, empathetic, and inclusive environment where everyone feels valued and empowered to contribute. Women leaders and team members have brought a unique perspective to problem-solving and decision-making, which contributes to our ability to innovate and adapt to changing market dynamics.

The post IndiQube’s Meghna Agarwal On Scaling 100+ Properties And The Future Of Workspaces appeared first on Inc42 Media.