Retail tech startup Daalchini turned profitable in the year ended March 2025 (FY25), its cofounder and CEO Prerna Kalra said.

The startup reported a consolidated net profit of INR 2.5 Cr in FY25 and an EBITDA of INR 3.7 Cr, as per its unaudited financials, Kalra told Inc42. In FY24, Daalchini had reported a consolidated net loss of INR 8.58 Cr. 

The startup’s operating revenue zoomed 88.7% to INR 70 Cr in FY25 from INR 37.3 Cr in the previous fiscal year on the back of growing demand for its vending machines. 

Kalra said that the number of vending machines deployed by the startup more than doubled to 3,400 at the end of FY25 from 1,600 machines a year ago. Daalchini is eyeing 100% growth this year as well and has set a target to increase the number of vending machines to 6,700 by the end of FY26.

Founded in 2017 by ex-Paytm executives Kalra and Vidya Bhushan, Daalchini offers IoT-based smart vending machines. The startup rents as well as sells these machines to retail stores, offices, schools, hospitals, among others. 

It claims to work with more than 190 D2C brands and cloud kitchens, including Nestle, Parle, Mother Dairy, Haldirams and Bikanerwala. Its clients include Fortis, Apollo, AIIMS, Amazon, EY, Accenture, Tata, Reliance, Adani, among others. 

Daalchini claims to be “India’s first vending machine” provider, and competes with the likes of Wendor, NutriTap Technologies, Vendekin Technologies, and more. 

Notably, Daalchini has also raised about $3.6 Mn in a mix of equity and debt recently, the cofounder said. The round saw participation from its existing investors Unicorn India Ventures, Artha Venture Fund and ICICI Securities.

Including the latest round, the startup has raised about $8.8 Mn to date. 

This comes at a time when Daalchini’s competitor Wendor also raised $2.5 Mn in funding from commercial refrigeration company Elanpro earlier this month. 

The post Exclusive: Daalchini Turns Profitable, Posts INR 2.5 Cr PAT In FY25 appeared first on Inc42 Media.

Sustainability-focussed venture capital firm ZeCa Capital has received approval from the Securities and Exchange Board of India (SEBI) to launch its maiden fund with a corpus of INR 150 Cr.

Having already received commitments from a few LPs, including Atria Group chairman Sunder Raju and a few CXOs in the sustainability space, the VC firm is expected to announce the first close of the fund at about INR 40 Cr this month.

Floated last year by serial entrepreneur and investor (former partner at Venture Garage) Pawan Raj Kumar, along with ex-Cuemath executive Aakash Kushwaha and former RedSeer CFO Shreya Ravi, ZeCa Capital aims to invest in early-stage sustainable startups across electric mobility, renewable energies, agritech, circular economy, consumer brands, and SaaS sectors.

The fund, a Category II AIF, will invest in pre-seed and seed funding rounds of 20 to 25 startups in the next four years. The average ticket size will range between INR 2 Cr and INR 3 Cr.

“Our sweet spot is when a company is raising half a million to a million dollars at a valuation between $3 Mn to $6 Mn,” ZeCa Capital partner Kumar told Inc42. 

The VC firm made its first investment in sustainability-focussed SaaS platform, GreenStitch, earlier this year.

“We are placing only one big restriction on ourselves right now in terms of making investments. Unless a company is into deeptech, we want to see some customer love in the form of revenue and repeats to infuse capital there. We don’t want to fund research,” Kumar said on the investment criteria.

ZeCa Capital’s Sustainability Pathway

Talking about the idea behind launching the firm, Kumar said he wanted to start his own sector-focussed fund after being an investor for years. The recent developments in the sustainability space matched his personal inclination towards sustainable living, giving birth to ZeCa Capital, in which ‘ZeCa’ stands for Zero Carbon.

The VC firm has divided its investments into four buckets – technology, software, consumer, and circular economy. Under technology, it will invest in startups involved in building tech for electrification of transport, renewable energy, and agriculture. 

Even though funding EV startups is not anymore the top choice for most Indian VC firms, ZeCa Capital aims to invest in startups building efficient batteries and providing financing solutions. ZeCa Capital is currently evaluating a few fintech startups focussed on the EV space.

Given the nature of the sector, most of the investments by ZeCa Capital are expected to be in B2B startups, except for sustainable consumer brands, Kumar said.

Sustainability Driving Investments In Indian Startups 

As India aims to achieve its net-zero targets by 2070, sustainability and carbon neutrality have emerged as key themes in the country’s startup ecosystem. Within this, EV, solar energy and circular economy are among the subsectors that are abuzz with activities. 

This has given birth to several startups and even a few VC funds that are focussed solely on the sustainable space. 

For instance, Nikhil Kamath’s investment firm Gruhas and Bengaluru-based real estate major Brigade Group recently launched INR 300 Cr Earth Fund for investing in proptech and sustainability-focussed startups.

In October last year, Avaana Capital marked the final close of its early-stage fund at around INR 1,135 Cr. 

Climate-focussed Green Frontier Capital also launched Green Frontier Capital India Climate Opportunities Fund with a target corpus of INR 1,500 Cr last year.

The post Exclusive: ZeCa Capital’s INR 150 Cr Sustainability-Focussed Fund Gets SEBI Nod appeared first on Inc42 Media.

D2C mental healthtech startup InnerGize has raised another INR 4.5 Cr in its pre-seed round, led by Antler. It also saw participation from angel investors such as Arjun Vaidya (V3 Ventures), ​Sharan Hegde from Finance with Sharan, OYO’s Ritesh Agarwal, boAt’s Aman Gupta, Azhar Iqubal, and others.

With this, the startup has raised a total of INR 6.5 Cr in the pre-seed round. InnerGize cofounder Dr Siddhant Bhargava said that the round was structured in two phases, with the first INR 2 Cr coming from government bodies such as Startup India Seed Fund Scheme (SISFS), MeitY Startup Scheme, NGIS (Next Generation Incubation Scheme), and Biotechnology Industry Research Assistance Council (BIRAC).

Last month, Bhargava told Inc42 that Shark Tank’s Gupta was initially set to invest INR 1 Cr for a 4.2% equity stake in the startup. However, to accommodate other investors, he invested INR 30 Lakh for a 1.4% equity instead.

The Delhi-based startup will use the fresh funds primarily for manufacturing, clinical trials, R&D, and its maiden product launch in April 2025.

Founded by Bhargava, Shalmali Kadu, and Mitansh Khurana, InnerGize is a mental healthtech startup which aims to tackle stress with its key offering – a wearable InnerGize Gen 1. 

How InnerGize Plans To Address Mental Health Issues

The startup claims that the wearable device sends calming signals to the brain’s relaxation centres, helping users reduce stress, anxiety, and other health issues. The startup leverages Neuroacoustic Vagal Modulation technology, which gently stimulates the vagus nerve, the body’s natural relaxation switch. 

The device offers tailored 10-minute sessions aimed at improving sleep, relaxation, mood stabilisation, focus, pain relief, ADHD support, and more. Its discreet, portable design enables seamless integration into daily life. 

Although officially registered in July 2023, InnerGize plans to launch its first-generation product next month. 

The startup claims that its pitch on Shark Tank India has helped it secure 1,300 customers before its official product launch. 

The product is priced at INR 12,400 and is currently available for pre-order at INR 5,000-6,000.

Going forward, the startup has ambitious goals of reaching an annual recurring revenue (ARR) of $10 Mn in the next 18 months. It is also looking to expand its presence beyond India and plans to expand into the Gulf countries and Southeast Asia by the end of the year. Additionally, it aims to submit applications for FDA approval in the second quarter of this year.

India’s Burgeoning Mental Health Market

The development comes at a time when the mental wellness sector is rapidly gaining traction among investors, with several startups entering the market. The space includes names such as Mave Health, Wysa, Shyft (formerly Mindhouse), Sukoon, Trijog, YourDOST, Mitsu, among others, all of which have raised capital in recent years.

LISSUN, which aims to address contemporary mental health issues by offering expert guidance, therapies, and comprehensive solutions for emotional and mental well-being, is another startup in the space that raised $2.5 Mn (around INR 20.7 Cr) in its pre-Series A funding round led by RPSG Capital Ventures last year.

In October 2024, Eternal cofounder and group CEO Deepinder Goyal also announced plans to incubate a health tracking and mental wellness venture. Goyal is also an investor in healthtech startups like Ultrahuman and Pristyn Care. 

Driven by digital health platforms and a rising demand for accessible mental health solutions, India’s mental health market reached $20.2 Bn in 2024 and is expected to grow to a size of $27.4 Bn by 2033, according to an IMARC report.

The post Shark Tank Fame InnerGize Bags Funding To Address Mental Health Issues appeared first on Inc42 Media.

Bengaluru-based Boba Bhai, a quick-service restaurant (QSR) brand specialising in bubble tea, saw its net revenue surge 500% to INR 30 Cr in FY25 from INR 5 Cr in the previous fiscal year, its founder Dhruv Kohli said. 

The startup is currently generating INR 4 Cr in monthly revenue, Kohli told Inc42, adding that it is seeing strong traction from the quick commerce channel. 

Boba Bhai joined Blinkit in February with its packaged bubble tea – a ready-to-drink variant featuring a 270-day shelf life and a spill-proof seal, specifically designed for quick commerce.

Founded in 2023, Boba Bhai offers bubble tea in 45 flavors. Its other offerings include Korean fusion burgers, ice cream, and fries. It sells these products via its stores, foodtech platforms Zomato and Swiggy, and Blinkit.

While the startup earned about 50% of its revenue from sales of bubble tea, it got 10% of its revenue from ice cream and quick commerce in FY25. The remaining revenue came from its Korean offerings.

The QSR brand posted a net loss of INR 4 Cr in FY25 as against INR 2 Cr in the previous fiscal year. 

Talking about expenses, Kohli said, “In FY25, marketing was the biggest expense as the brand focussed on building awareness across India.” 

It is pertinent to note that Boba Bhai raised INR 30 Cr (about $3.4 Mn) in its Series A funding round, led by 8i Ventures, in January this year. The round also saw participation from existing investors Titan Capital Winners Fund, Global Growth Capital, DEVC, among others. Overall, it has raised about INR 42.5 Cr ($4.9 Mn) till date.

Store Expansion, Quick Commerce To Drive Revenue Growth

Boba Bhai currently has over 50 stores in Delhi NCR, Bengaluru, Chennai, Mumbai, among others. These are a combination of dine-in and delivery-only stores.

Kohli said that the startup is profitable at store level and is looking to aggressively expand its store network by taking its store count to 150 by the end of this year.

In FY25, Boba Bhai got 20% of its revenue from dine-in stores while delivery accounted for 80% of the revenue. With the expansion of its store network, it is looking to increase the revenue from dine-in stores to 40% to 60%.

The QSR brand recently entered Pune and is now focussing on deepening its presence in Delhi, Mumbai, Chennai, and Hyderabad, It also plans to enter new cities like Jaipur and Ahmedabad.

Kohli said that Boba Bhai is eyeing a revenue of INR 70 Cr to INR 100 Cr in FY26. Besides store expansion, it expects quick commerce to be a major contributor to its top line.

“Quick commerce is expected to contribute 40% of our total revenue next fiscal. We are also aiming to achieve a monthly run rate of INR 8 Cr within the next two quarters,” he added.

The startup is looking to go live on Swiggy Instamart and Zepto in 10 cities by next month, and will also expand its presence on Blinkit to 18-19 cities.

Boba Bhai competes with brands like Dr Bubbles, The Bubble Tea Junction, Bubble Bee, Cha Bar, and Got Tea. Established players like Chai Point have also joined the bubble tea race. At the heart of this is the Indian bubble tea market, which generated a revenue of $67.4 Mn in 2022 and is expected to cross the $140 Mn revenue mark by 2030.

The post Exclusive: Boba Bhai’s Revenue Zooms 6X To INR 30 Cr In FY25, Eyes 3X Growth Next Year appeared first on Inc42 Media.

Evenflow, a Thrasio-style marketplace aggregator floated by former Uber executives, has secured fresh capital from Venture Catalysts, head of business transformation at Dr Reddy’s Laboratories Sunder Ramachandran and a few angel investors, as part of its ongoing Series A funding round totalling $5 Mn (around INR 41 Cr).

The company claims that in October last year, it raised an undisclosed amount in a bridge funding round. With the latest fundraise, it also claims to have raised nearly $14 Mn in total funding till date.

Evenflow plans to use the fresh funds to grow and further improve the bottomline across its multi-brand portfolio — Xtrim, Yogarise, Rusabl, BabyPro, Trendy Homes, Cinagro and Frenchware.

Founded in 2021 by Utsav Agarwal and Pulkit Chhabra, Evenflow acquires and scales third-party sellers on ecommerce marketplaces. The startup’s brands are present in India, US and the MENA region, and claims to have grown 350% by focusing on distribution across marketplaces and quick commerce platforms including Amazon, Flipkart, CRED, Myntra, Blinkit, Instamart, Zepto and Walmart.

“We are a low margin business. With scale, we are beginning to see backend synergies play out, with our downstream cost per unit reducing by the month and further flexibility to stress test the end customer pricing upwards or downwards – thus turning our big bets SKUs into a profitable engine,” said Utsav Agarwal, cofounder and CEO of Evenflow.

Evenflow aims to increase its revenue by 10x and profits by six-fold in next two years while building a strong core team, scaling the business and maintaining a healthy bottom line.

The house of brands has previously received funding from 100unicorns, Village Global, Equanimity, CRED founder Kunal Shah, Paytm founder Vijay Shekhar Sharma and Uber CBO Emil Michael, among others.

In October last year, Evenflow strengthened its leadership team with four key appointments across business, category, supply chain and sourcing verticals.

The Thrasio-style marketplace aggregator operates in the sector alongside other players such as Mensa Brands, GlobalBees, Upscalio, GOAT Brand Labs and 10Club, which also acquire and scale digital-first brands.

The roll-up e-commerce model, where companies acquire and consolidate multiple smaller online brands to drive growth and efficiency, has been gaining traction from venture capital firms, with players like Mensa Brands raising nearly $300 Mn and achieving unicorn status. 

These aggregators are adopting various growth strategies, with GlobalBees expanding its portfolio through full acquisitions like The Butternut Co, while GOAT Brand Labs focuses on multichannel expansion across quick commerce, offline stores and exports. 

The D2C segment, where most roll-up brands operate, is currently valued at $12  Bn and expected to grow to $60  Bn by FY27 according to a report by Praxis.

The post Evenflow Bags Fresh Funding From Venture Catalysts, Others appeared first on Inc42 Media.

As working harder gets replaced by working smarter thanks to automation and AI technology, communication and soft skills are just as relevant in today’s tech-driven world. PlanetSpark doubled down on this opportunity and even as other edtech platforms have struggled to make a mark, the company has turned cash flow positive after eight years of operations.

The Binny Bansal-backed startup will join the elite league of rare profitable edtech startups such as Physics Wallah by FY26 after reaching break-even in FY25, according to cofounder Kunal Malik.

Profit-making ventures are too rare in a sea of nearly 18,000 edtech startups in India. Even more so when XLRI graduates Malik and PlanetSpark cofounder Mahesh Dhoopar launched the startup in 2017.

The founders banked on a simple statistic to build on this idea. Nearly 4 Mn Google searches from India every month for soft skills with special focus on communication and language learning. Topics such as communication skill classes for kids, personality development for kids, and ways to boost a child’s confidence were the top searches.

“After-school activities, especially personality development and life skills, is an INR 10,000 Cr opportunity in domestic markets and, with international expansion, this could be an INR 20,000 Cr opportunity. Hence, the total addressable market (TAM) is still large,” PlanetSpark cofounder and CEO Malik told Inc42. 

It is this growth potential that wooed PlanetSpark to the K12 segment, which focuses on kindergarten to Class XII standard education. 

Even today, when the market is swept by GenAI, machine learning and tech skills development, Malik believes that there is a strong underlying demand for communication in English in India. Plus, AI has made real-time learning smoother through personalisation, while also minimising costs for the startup, the CEO revealed — read on to know more about how the startup leveraged AI for efficiency.

This thesis, according to the PlanetSpark CEO, is based on the fact that in India alone, the total addressable market for skills like communications is around 20 Mn children from the middle-income segment. 

“This represents an opportunity to create an INR 5,000+ Cr company in the Indian market. Additionally, about 20% of our traffic comes from outside India, including North America (the US and Canada), the Middle East, and a bit of the UK, which further expands our reach on a global scale,” Malik claimed.

Backed by the likes of Prime Venture Partners, Innoven Capital, besides Bansal, the startup has raised $31.3 Mn in funding so far, a relatively small amount given the huge inflow of capital in edtech between 2018 and 2021. This has been a key factor in PlanetSpark’s journey thus far too, pushing the startup to break-even in FY25, and the confidence of going for a public listing in the next two years. 

How PlanetSpark Reached The Break-Even Point

According to Malik, the company’s push for profitability came in FY24, when it raised $13 Mn in a funding round led by Prime Venture Partners. It vindicated this fundraise by cutting its losses by 70% to INR 26.6 Cr in FY24 from INR 89.5 Cr in FY23, while its revenue surged 60% to INR 67 Cr. 

The CEO claimed that gross bookings for the first two quarters of FY25 have already touched INR 61 Cr and the company was able to break even on a cash flow basis in this period. 

The cash flow break-even point means that a business’s operating cash inflows equal its operating cash outflows – it neither makes a profit, nor does it incur a loss based on cash flow.

“In FY25, the company achieved cash flow profitability during the first and second quarters – a major milestone showing that our operations are generating positive cash flow. Although we have narrowed the gap from FY24, we are not yet fully profitable on an accrual basis for FY25. However, we are very close to our target and expect to achieve full accrual profitability by FY26, starting from the first of April,” Malik claimed.

Accrual profitability refers to a company’s ability to generate profits based on the timing of revenue and expense recognition, rather than the cash flow basis. 

Beating The Edtech Blues With AI

The turn towards breaking even is all the more impressive given the woes in the Indian edtech sector in the post-pandemic world. While cumulative investment in edtech exceeded $11 Bn between 2014 and 2024, the sector suffered a drastic slowdown after 2022.

In the past two years, edtech made the unenviable record of having the most shutdowns and layoffs. While reopening of schools diminished the urgent need for digital learning, macroeconomic uncertainties, coupled with recession fears and soaring inflation made the investors risk-shy. Investors prioritised profitability over growth in the changing market dynamics.  

When large swathes of the edtech sector reeled under funding winter, PlanetSpark went on to cut costs across various levels to deliver results. Automating various processes helped the edtech firm become highly cost-efficient in terms of streamlining manual operations and optimising content delivery.

For one, the startup devised a SaaS product for teachers that enables digital class delivery. This product helped unlock growth for the company from educators, and helped further reduce costs since it was a subscription-based product.

“We also focused on driving organic revenue growth by expanding our social media presence, creating a production house for learner videos, and leveraging customer referrals. These initiatives together have enhanced our cost structure and played a pivotal role in achieving cash flow break-even in the first two quarters of FY25,” Malik said. 

Malik emphasised that some of the startup’s major product and growth strategies revolved around leveraging artificial intelligence. As a result, the focus was on product-led growth rather than acquiring customers through marketing campaigns.

“We added AI for scoring, personalisation and conducting classes, as well as for a differentiated pedagogy and curriculum. Over the last 8 years, we have critical data specific to language learning and communication skills, which is unique and differentiated from other platforms,” the CEO added.

Underpinning the importance of deploying the AI model, the PlanetSpark cofounder told Inc42 that the combined impact of automation and its in-house AI offering significantly reduced overheads and helped improve gross margins with AI-powered development accounting for nearly a quarter of platform’s learning modules.

However, it was not all smooth sailing. Malik claimed the company encountered challenges while integrating AI into its operations, especially when replicating emotional connection by human teachers.

“We quickly discovered that AI allowed us to excel in personalisation. Our AI-driven system tailors each child’s learning journey by adapting to their unique interests and learning styles. For example, if a child is fond of a particular character or topic, our content dynamically adjusts to bring that to life in a very engaging manner.”

The CEO believes that leveraging product-led growth allowed the startup to build based on customer feedback and strike an effective balance between automation and human touch, which is just as important in an AI-first world.

PlanetSpark’s IPO Dream 

After breaking even, the company is targetting net profitability in FY26. This is a critical step for the company, and coincides with its push for a public listing within the next two to two-and-a-half years.

“Our short-term goal is to continue the improvements we have  made in the company and officially, albeit informally, achieve profitability. That is  our first milestone. From there, we plan to grow the company to around $50 million in annualised revenue, which we see as the ideal scale for us to pursue an IPO,” Malik told Inc42.

The steady growth in business has kept the investor attention in PlanetSpark unabated. Malik believes that the focus on profitability gives the startup an edge, and means it doesn’t have to rely on ẻxternal funding for growth, even though interest from both Indian and international investors remains high.

PlanetSpark’s optimism is reaffirmed by a 55% surge in subscriptions this year. In terms of scalability, it saw a significant boost in revenue with 12.5% of it coming from working professionals.

“Our focus on enhancing communication skills has proven especially important after the 12th standard, when these skills become crucial for career success. This diverse demographic coverage, unlike typical tech platforms that cater to a narrower age band, has been a major growth driver in FY25 and sets us on course as we head into FY26,” Malik said. 

India constitutes 70-80% of PlanetSpark’s revenue at the moment, and more than 84% of the income is generated from middle-income groups. This reaffirms the fact that Indians in semi-urban areas and smaller cities are just as keen on enhancing communication skills across age groups as those in the metros and Tier 1 cities.

“Roughly 50% of our learners come from Tier 2, Tier 3, and Tier 4 towns. For example, we serve a school teacher in Nagpur, a retail shop owner in Meerut, and a bank employee in Vijayawada. This diverse demographic highlights the deep and widespread demand for enhanced communication skills across various age groups and income levels,” the CEO said.

A Bright Spark In Language Learning 

While the K-12 segment went into a slump when the schools reopened after the Covid-19 pandemic, language learning started getting the attention of small and large edtech companies in India.

SoftBank-backed edtech unicorn Unacademy, for example, forayed into the language learning model last year, positioning itself as a competitor to global language learning platforms like Duolingo and Babbel. 

The Indian language learning market saw significant growth in 2024, with the online learning platforms sector projected to reach $16.90 Bn in revenue by 2029, driven by increasing online education preferences and mobile learning adoption. 

PlanetSpark’s CEO acknowledges that the market is getting increasingly competitive, however, he claims the startup enjoys a first-mover advantage in the segment. User data and behavioural patterns collected over the last eight years also gives PlanetSpark a unique advantage, he claimed.

“We differentiate ourselves primarily through the deep, exclusive learning data we have gathered over our eight-year journey, with insights from nearly 1 Lakh learners on our platform.This data captures a wide array of learning styles and regional dynamics, such as learners in South India have a unique way of engaging that’s not there in other regions, and individual characteristics like whether a child is introvert or confident,” Malik told Inc42. 

He said that GenAI and machine learning offer great use cases when startups have existing data sets; it allows them to build products that competitors cannot replicate easily.

“Our first-mover advantage and deep market understanding further set us apart, and while we welcome competition as it validates the market’s potential and spurs innovation, our scale and the nuances we’ve built into our offerings keep us ahead in addressing our customer needs,” Malik explained.

Will the break-even milestone deliver the all-elusive profitability for PlanetSpark, and become a rare profitability story in India’s edtech landscape? Watch this space.

[Edited By Kumar Chatterjee]

The post How Binny Bansal-Backed PlanetSpark Reached Break-Even And Beat The Edtech Blues appeared first on Inc42 Media.

Mumbai-based fintech startup axiTrust Surety is raising INR 22 Cr (about $xx Mn) in its seed round led by US-based VC firm General Catalyst. 

As per the startup’s regulatory filings, the seed funding round will also see participation from Veltis Capital, Good Capital, AngelList, among others. 

A mail sent to axiTrust cofounders Aditya Tulsian and Mukund Daga didn’t elicit any response till the time of publishing this story.

Founded in 2024 by former numberz cofounders Tulsian and Rajeev Chari, and Daga, who was the former head of credit solutions at AON India, axiTrust offers micro surety bonds to micro, small and medium enterprises (MSMEs).

How axiTrust Aims To Free Up Capital For MSMEs

Most MSMEs in the country provide bank guarantees for contracts and orders, which ties up their valuable resources. axiTrust aims to solve this problem by providing surety bonds and other innovative financial products by leveraging technology. The startup also offers consulting services to MSMEs to provide them solutions as per the needs of their business. 

For this, it has a technology platform, which axiTrust claims integrates with the existing systems of the enterprises to provide them real-time insights.

It is pertinent to note Tulsian and Chari bring with them experience in the financial services segment. Their previous venture numberz, which provided a receivables management platform, was acquired by fintech SaaS unicorn Chargebee. 

As per its LinkedIn page, axiTrust has around eight employees currently. A part of the fresh capital is likely to be used to increase its headcount. Besides, the funds will also be used to build apps and for marketing.

The startup is trying to get a share in the country’s rapidly growing fintech market, which is expected to clock 18% CAGR and reach a size of $2.1 Tn by 2030. 

General Catalyst Bets Big On India

For US-based General Catalyst, this marks yet another investment in an Indian startup. The VC firm, which counts unicorns like CRED and Uni Cards in its portfolio, acquired Indian investment firm Venture Highway last year to expand its presence in India.

Post the merger, General Catalyst was said to be looking to invest $500 Mn to $1 Bn in early stage startups in the country. 

Since the merger, the VC firm has made a number of investments in India, including Myntra and Cultfit founder Mukesh Bansal’s Nurix AI and eldercare startup Primus Senior Living.

In October last year, General Catalyst launched its eight fund and raised $8 Bn for it.

The post Exclusive: Trade Finance Solutions Provider axiTrust To Raise INR 22 Cr From General Catalyst appeared first on Inc42 Media.

Healthtech startup Dozee, backed by Prime Venture Partners, 3one4 Capital, among others, has raised INR 71.5 Cr (about $8.3 Mn) in a mix of equity and debt, sources told Inc42.

As per the startup’s MCA filings, Temasek Trust’s impact-first investment vehicle C3H infused INR 6.3 Cr in the form of equity in the Bengaluru-based startup. Meanwhile, INR 58.5 Cr was infused as debt by Stockhausen International Pte Ltd.

The remaining capital came from undisclosed strategic investors.

The fresh capital will help the startup accelerate its global expansion and strengthen R&D efforts to enhance critical patient care monitoring, a company spokesperson told Inc42 in a statement.

Founded in 2015 by Mudit Dandwate and Gaurav Parchani, Dozee sells contactless patient monitoring systems that allow clinical staff of hospitals to remotely monitor vital signs of those under treatment, including heart rate, respiration rate, blood pressure and temperature.

It also sells an early warning system that alerts doctors about clinical deterioration in patients’ health. 

The startup competes with the likes of Zyla Health, Fix Health, Zivov and Cardiac Design Labs in India.

Dozee last raised $6 Mn funding in its Series A2 round from 3one4 Capital, Prime Venture Partners, YourNest VC, State Bank of India, among others, in 2023. With the close of the latest round, the healthtech startup has raised close to $20 Mn in multiple rounds till date.

Struggling to grow its business in India, Dozee has expanded to international markets, including the US, the UAE and Africa. The sources cited above said that the startup is looking to foray into new international markets and also broaden its product portfolio in the coming days.

The company spokesperson said that Dozee is on track to achieve profitability in India and is currently hiring across multiple departments such as data science, product and marketing.

It must be noted that the Bengaluru-based healthtech startup fired about 40 employees last year to contain losses.

A Look At Dozee’s Financial Numbers: Dozee managed to narrow its net loss by 19% to INR 68 Cr in the financial year 2023-24 (FY24) from INR 84.4 Cr posted in the previous fiscal, as its cash burn declined. 

Revenue from operations zoomed 148% to INR 5.2 Cr during the year under review from INR 2.1 Cr in FY23. Including other income of INR 1.3 Cr, Dozee’s total revenue stood at INR 6.5 Cr in FY24.

Even as its top line grew, total expenditure declined 15% to INR 74.5 Cr during the year ended March 2024 from INR 87.9 Cr in the previous fiscal year. 

Employee costs continued to be the biggest expense head for the healthtech startup. However, the spending under this head declined 12% to INR 47 Cr in the reported period from INR 53.3 Cr in FY23.

The post Exclusive: Healthtech Startup Dozee Raises $8 Mn To Accelerate Global Expansion appeared first on Inc42 Media.

D2C nutraceutical brand Wellbeing Nutrition is on track to close the ongoing financial year 2024-25 (FY25) with a revenue of INR 140 Cr, its cofounder Avnish Chhabria said. 

This would mark nearly a 95% increase from the INR 71.96 Cr revenue the startup reported in FY24. It clocked a 68.7% year-on-year increase in its revenue in FY24.

Talking to Inc42, Chhabria attributed the surge in revenue in FY25 to the startup expanding its product offerings and geographical presence. Over the past year, Wellbeing Nutrition entered a number of new markets, including the Gulf Cooperation Council (GCC), the US, and Europe, while also foraying into new product categories such as whey protein.

“We are witnessing a 200% month-on-month growth in whey protein,” the cofounder said. 

Founded in 2019 by Chhabria and Saurabh Kapoor, Wellbeing Nutrition sells vitamins and mineral supplements through its website and retail outlets. 

Chhabria said that Wellbeing Nutrition will achieve EBITDA profitability in the ongoing January-March quarter of 2025 on the back of cost optimisation. He said that the startup will end FY25 with a total expenditure of INR 78-80 Cr as against INR 104 Cr in FY24.

“Due to strong retention and better conversion on advertisements, our optimisation efforts have kicked in, leading us to achieve cash breakeven in the March quarter,” he said.

The cofounder said that the startup’s return on advertisement spend (ROAS) improved to $3.5 to $4 in FY25 from $2.5 in the previous year, while its retention rate nearly doubled to 43% from 22% in FY24. 

Meanwhile, net loss is expected to remain flat at around INR 31.8 Cr in FY25 as against INR 31.6 Cr in the previous fiscal year.

Wellbeing Nutrition has raised a total funding of over $12 Mn till date. It last raised $10 Mn (INR 85 Cr) in Series B funding round, led by Hindustan Unilever Limited (HUL) and Fireside Ventures. Both investors joined the company’s board, with HUL acquiring a 19.8% stake. It also counts celebrities like actress Rakul Preet and Mira Kapoor among its backers. 

The startup competes with the likes of Oziva, Gynoveda, Amway, Cureveda, and Auric, as well as D2C nutrition startups such as Power Gummies and Fast&Up.

The post Wellbeing Nutrition To Close FY25 With INR 140 Cr Revenue: Founder Avnish Chhabria appeared first on Inc42 Media.

Mumbai-based electric mobility startup Magenta Mobility has raised INR 100 Cr (about $11.5 Mn) in a mix of equity and debt in its pre-Series B round, sources told Inc42.

The startup has raised INR 50 Cr from its existing investors BP Tech Ventures and Morgan Stanley India Infrastructure, with both investing INR 25 Cr each. The remaining INR 50 Cr was raised via debt funding, the sources added. 

However, Inc42 couldn’t ascertain the name of the investors involved in the debt funding round.

Magenta Mobility is also eyeing launching a Series B round of INR 400 Cr to INR 500 Cr in the coming months. “This (pre-Series B round) is the gun powder for Series B, which will take another six months to be formally launched,” one of the sources said. 

Magenta Mobility didn’t respond to Inc42’s queries on the development. 

Founded in 2018 by Maxson Lewis, Magenta Mobility started as a charging solutions provider for EVs but gradually shifted its focus to providing vehicle fleets for mid and last-mile delivery needs of various ecommerce companies. It works with companies like Amazon and Flipkart. 

Magenta Mobility has a fleet capacity of 2,700 electric three-wheelers in the L5 category, and 100 charging depots in its charging infrastructure.

The startup recently diversified its offerings by launching a vehicle management platform NorMinc to provide real-time insights, predictive analytics, and operational control to fleet operators and vehicle manufacturers.

To further bolster its fleet business, it recently placed an order for 100 units of Eicher Pro X small trucks as part of a phased deployment plan. The first batch of trucks will be used in major markets such as Mumbai, Delhi NCR, Bangalore, Hyderabad and Chennai.

Magenta Mobility last raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from UK-based energy major bp and Morgan Stanley India infrastructure.

Overall, the startup has raised about $35 Mn to date. 

On the financial front, its consolidated net loss widened 15% to INR 47.91 Cr in the financial year 2023-24 (FY24) from INR 41.68 Cr in the previous year. Operating revenue surged 3X to INR 35.51 Cr during the period from INR 11.84 Cr in FY23. 

The post Exclusive: Magenta Mobility Raises INR 100 Cr In Pre-Series B Round appeared first on Inc42 Media.

Former Milkbasket cofounder and CEO Yatish Talvadia has launched a new venture, D2C grocery brand Anmasa.

Talvadia has cofounded the startup with Shailendra Upadhyay, the former founder of grocery delivery platform Veggie India that was acquired by Milkbasket in 2019.

It is pertinent to note that Milkbasket is also an ecommerce platform that sells dairy products, groceries, fruits, vegetables, and bakery. In 2021, Reliance Industries’ subsidiary Reliance Retail Ventures acquired a majority stake in the startup. After serving as the acquired company’s CEO (after erstwhile CEO Anant Goel resigned in 2020), Talvadia stepped down from his position at Milkbasket in 2023.

Anmasa was incorporated in the same year, but it became fully operational towards the end of 2024. The D2C startup sells products such as whole wheat atta (flour), wood-pressed oil, spices, and dry fruits. 

Currently, it has more than 80 stock keeping units (SKUs) and differentiates itself from its competitors by providing fresh cold-pressed atta where its customers can choose the quantity of different grains they want to use in making customised whole wheat atta. These grains may include millet, grams, and more.

Anmasa’s cofounder and CEO Talvadia told Inc42 that the inspiration for launching the venture came from his own struggles while dealing with an autoimmune disease. While doctors suggested he switch to gluten-free food, he found it difficult to rely on a single brand that would cater to this need. This made him depend on local atta chakki (mills) for freshly ground flours, and he realised that this was a major market that could be partially captured. 

Catering To Premium Market With Omnichannel Presence

As per the cofounder, 88% of the wheat flour market in India is unorganised and the local mills are unhygienic in most cases.

Anmasa aims to cater to customers who do not prefer packaged wheat flour of popular brands such as Aashirvaad, Pillsbury, or Fortune, and want premium and hygienic products, Talvadia said.

This is also the reason the startup has chosen to take the omnichannel route. Currently, Anmasa operates an experiential store in Gurugram where customers can visit, inspect how the processing is done, choose their customisation option, and place an order online or offline. Its online service is currently available in Gurugram and promises delivery in 90 minutes. Anmasa also has a microprocessing centre in the city, which is like a dark store.

While Anmasa’s cold-pressed oils, whole spices, and dry fruits are pre-packed after processing, Talvadia said that its wheat is always freshly milled. The startup doesn’t leverage other quick commerce platforms like Zepto or Blinkit at this time to ensure this promise of freshness, he said.

“We do not want to choose a marketplace model of selling our products on other ecommerce platforms for two reasons. First, we will end up being far from consumers, losing personal touch and customer base. Second, a marketplace model also doesn’t go well with the ethos of our brand, which is selling fresh flour. If we keep the inventories of our products at other quick commerce dark stores, we are competing with more established and new-age brands, and it becomes a commodity play,” Talvadia said.

Anmasa is also raising $1 Mn (about INR 9 Cr) in its pre-seed funding round from a few investors to penetrate deeper into the Delhi NCR region. It plans to open at least 10-12 physical retail outlets or “experiential centres” in the region in 2025.

However, Talvadia didn’t disclose the names of the investors.

The startup plans to foray into more Tier I cities by mid-2026. However, it is yet to zero down on the regions for this.

At its present capacity, Anmasa claims to serve more than 2,000 customers via online and offline channels. Between October 2024 and February this year, the startup claims to have witnessed 15% revenue growth month-on-month.

Anmasa competes with D2C brands such as Zoff (in the spices market), Anveshan (in wood-pressed oil and dry fruits markets), Jiwa and Two Brothers Organic Farms (in gluten-free flour products), among others.

India’s ecommerce market is expected to become a $400 Bn market opportunity by 2030, of which food and FMCG will together account for $68 Bn.

The post Exclusive: Former Milkbasket Cofounder Yatish Talvadia Launches D2C Grocery Brand Anmasa appeared first on Inc42 Media.

Fintech unicorn Incred Finance has secured a debt of INR 258 Cr (around $30 Mn) from a clutch of investors, led by wealth and asset management firm Neo Group, in multiple tranches since January.

InCred Finance’s board passed resolutions to issue a cumulative 25,800 non-convertible debentures having a face value of INR 1 Lakh each to raise the debt, its regulatory filings accessed by Inc42 showed.

Neo Group invested INR 50 Cr through its arms Neo Asset Management and Neo Markets Services in the company. InCred’s wealth division InCred Wealth and investment banking arm InCred Capital also participated in the round, contributing INR 25 Cr each.

The remaining capital came from MAS Financial Services, CredAvenue Securities, and a group of angel investors and cooperative banks.

InCred didn’t respond to Inc42’s queries on the development till the time of publishing this story. 

This comes days after Incred Finance said it is acquiring TruCap Finance’s gold loan division via a slump sale.

Founded in 2016 by Bhupinder Singh, InCred Group operates in the BFSI sector through three separate entities – lending arm InCred Finance, wealth and asset management vertical InCred Capital, and B2C and B2B2C digital investment distribution platform InCred Money. In 2022, InCred Finance merged with KKR India Financial Services.

InCred Finance became a unicorn in December 2023 after raising INR 500 Cr in its Series D funding round from high-net-worth individuals, including early backers like Ranjan Pai. 

InCred Finance’s consolidated net profit more than doubled to INR 316.3 Cr in the financial year 2023-24 (FY24) from INR 120.9 Cr in the previous year. Operating revenue zoomed 47% to INR  1,270 Cr during the year under review from INR 864.6 Cr in FY23.

The debt funding comes amid reports that InCred Finance is looking to launch its initial public offering (IPO) in the latter half of 2025. The fintech unicorn plans to raise INR 4,000 Cr (about $470 Mn) to INR 5,000 Cr (about $590 Mn) through its public issue.

It is eyeing an IPO valuation of INR 15,000 Cr (about $1.8 Bn) to INR 22,500 Cr (about $2.6 Bn).

With investors taking a shine to new-age tech IPOs, more than 20 startups are gearing up for their public listings this year, including the likes of Ather Energy, Ola Consumer, BlueStone, Zepto, Avanse Financial Services, ArisInfra, boAt, Physics Wallah, among others.

The post Exclusive: Fintech Unicorn InCred Finance Raises $30 Mn Debt appeared first on Inc42 Media.

Damandeep Singh Soni, the former president and chief business officer of GlobalBees, has joined spiritual tech startup Astrotalk’s ecommerce venture, Astrotalk Store, as its chief business officer, sources told Inc42.

As per his LinkedIn profile, Soni quit Globalbees in August last year. Prior to that, he worked with D2C startups such as boAt, MilkBasket, among others. 

Astrotalk founder and CEO Puneet Gupta confirmed to Inc42 that Soni would head the startup’s ecommerce business.

Astrotalk entered the ecommerce segment with the launch of Astrotalk Store last year. It currently sells gemstones, healing stones, and accessories like bracelets via it.

“We are thrilled to welcome Damandeep Singh Soni as the head of our ecommerce vertical. After building a INR 1,400+ Cr ARR business in astrology consultations, our customers expressed a growing need for a trusted source for all their spiritual product purchases. With Daman’s extensive experience in scaling ecommerce businesses, we are confident and bullish about transforming this vertical into another INR 1,000 Cr ARR business in the coming years,” Astrotalk cofounder and CEO Anmol Jain said. 

Founded in 2017 by Gupta and Jain, Astrotalk provides online consultation services by astrologers. It forayed into the spiritual ecommerce segment to expand its offerings and shore up its revenue.

In November last year, Inc42 exclusively reported that Astrotalk had appointed former Google executive Siddharth Prakash Singh as its first chief technology officer.

On the financial front, Astrotalk’s net profit zoomed over 1,000% to INR 100 Cr in FY24 from INR 8.47 Cr in the previous fiscal year. Operating revenue skyrocketed 129.81% to INR 651.12 Cr during the year under review from INR 283.32 Cr in FY23 on strong demand for its services.

In June last year, Astrotalk raised INR 110 Cr in a mix of primary equity infusion and secondary share sale. At the time, the startup said it would use the proceeds to expand its offerings in regional languages. Overall, it has raised a total funding of over $33 Mn to date and counts the likes of Left Lane Capital and Elev8 Capital among its investors.

It competes with the likes of Astrosage, AstroYogi, AstroBuddy, Ganeshaspeaks, AppsForBharat, and other unorganised players and independent astrology service providers.

The post Ex-GlobalBees President Damandeep Singh Soni Joins Astrotalk Store As CBO 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.

Gen-Z focused fast fashion footwear brand Bacca Bucci has raised INR 21.87 Cr (around $2.5 Mn) in its maiden funding round from family members of industrialist and founder of healthcare company Famy Care, JP Taparia.

The startup’s board passed a resolution last month to raise the sum by issuing 20,240 Series A compulsorily convertible preference shares (Series A CCPS) at an issue price of INR 10,810 each, its regulatory filing accessed from the Registrar of Companies shows.

Ashutosh Taparia, founder and managing director of Ananata Capital, and Sanjeev Taparia, managing director of Famy Care, infused INR 8.2 Cr each in Bacca Bucci. The remaining capital came from JP Taparia.

Anuj Nevatia, cofounder and director of Bacca Bucci, did not immediately respond to Inc42’s request for comment.

Founded in 2012 by Natwar Agrawal and Nevatia, Bacca Bucci is one of India’s fastest-growing D2C footwear brands. It sells casual, formal and athleisure shoes and manufactures most of its stock online.

The Delhi NCR-based D2C startup leverages 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.

While Bacca Bucci initially sold its merchandise through third-party ecommerce websites, it launched its own website in 2019.

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.

Bacca Bucci earns half of its revenue by selling sneakers, followed by athleisure footwear at 30% and boots at 15%.

The homegrown footwear brand clocked a revenue of INR 60 in the fiscal year 2023-24 (FY24).

It is pertinent to note that Bacca Bucci appeared on Shark Tank India 3 last year but failed to hook the investors. While the founders sought INR 2.5 Cr for 1% equity, they were turned down by the sharks due to concerns over scalability. 

However, the rejection turned out to be a turning point for the Delhi NCR-based D2C footwear startup.

Following the episode, Bacca Bucci witnessed a 50X increase in website traffic as viewers, intrigued by the brand’s story, flocked to check out their products online.

To meet the growing demand after Shark Tank, Bacca Bucci opened a 25,000 sq. ft. warehouse in East Delhi, with additional fulfilment centres spread across India. This has allowed the startup to cut delivery times and ensure smoother logistics, even as their daily sales hit 4,000 units.

Bacca Bucci shoes are priced in the range of INR 1,500 and INR 2,500. With its pricing strategy, the homegrown Indian footwear brand has positioned itself as an affordable alternative to giants like Nike, Adidas, and Puma.

Recently, Bacca Bucci entered the Dubai market, eyeing international expansion as the next frontier for growth. 

Bacca Bucci’s maiden fundraise comes at a time when D2C brands are disrupting India’s consumer market and grabbing investors’ attention. Earlier this week, Inc42 reported that D2C electronics brand Nuuk raised INR 40 Cr ($4.6 Mn) in its Series A funding round led by Temasek-backed Vertex Ventures. 

D2C menswear brand XYXX is also looking to raise INR 29.8 Cr (about $3.4 Mn) in a round led by Niveshaay Sambhav Fund.

At the heart of this push is the growing Indian D2C market, which is projected to become a $300 Bn opportunity by 2030.

The post Exclusive: D2C Footwear Brand Bacca Bucci Bags $2.5 Mn In Maiden Funding Round appeared first on Inc42 Media.

IPO-bound logistics major Shadowfax has secured a funding of INR 65.4 Cr (about $7.5 Mn) from its cofounders Vaibhav Khandelwal and Abhishek Bansal.

Sources told Inc42 that the startup raised the capital at a post-money valuation of $750 Mn (about INR 6518.51 Cr). The funding is part of a larger funding round of about $50 Mn that Shadowfax is raising.

Of the total INR 65.4 Cr funding, Bansal infused INR 37.3 Cr while Khandelwal invested INR 28.1 Cr. 

The startup’s board on March 4 approved a resolution to allot 21,358 Series Y1, Y2, and Y3 compulsorily convertible preference shares (CCPS) to the cofounders at an issue price of INR 30,638 per CCPS to raise the sum, its filing with the Registrar of Companies (RoC) showed.

In a separate filing, Shadowfax said it has raised INR 10.9 Cr from IMM India Fund through issuance of 1,838 Series F CCPS. This was an extension of the INR 96.2 Cr funding that the startup raised from Edelweiss Discovery Fund – Series I, NewQuest Asia Fund IV (Singapore) and InCred Growth Partners Fund – I, among others, in February.

Last month, Shadowfax raised INR 34.24 Cr (around $4 Mn) in a Series F funding round from existing investors Mirae Asset and Nokia Growth Partners. 

The investment comes on the back of reports that the company is looking to list on the bourses by the second half of 2025. Shadowfax is eyeing to raise INR 2,500 Cr to INR 3,000 Cr via its initial public offering (IPO) at a valuation of INR 5,000-8,000 Cr. 

Last year in February, the company raised $100 Mn (INR 828.78 Cr) as a part of its Series E funding round led by TPG NewQuest, with participation from existing investors like Mirae Asset Venture Investments (India), Flipkart, International Finance Corporation, Nokia Growth Partners, Qualcomm and Trifecta Capital. 

The round also gave a partial exit to its first institutional investor from 2015, Eight Roads Ventures.

Founded in 2015 by Khandelwal and Bansal, Shadowfax provides hyper-local and on-demand deliveries to businesses. It counts ecommerce platforms like Flipkart and Meesho among its clients. 

To date, the logistics services startup has raised over $212 Mn. It counts Flipkart, Mirae Asset Venture Investments (India), and Qualcomm among its backers. It competes against the likes of Delhivery, Ecom Express, XpressBees, Shiprocket LoadShare, Ripple, and Pickrr in the logistics segment. 

While Delhivery is a listed company, its other two counterparts Ecom Express and Shiprocket are reportedly gearing up for an IPO this year. 

In January this year, Shadowfax acquired transportation and logistics company CriticaLog India Private to scale its offerings. As per its website, it currently has a distribution network covering over 2,500 cities and more than 18,000 pincodes. 

On the financial front, Shadowfax narrowed its net loss by nearly 92% to INR 11.8 Cr in the financial year ended March 31, 2024 (FY24) from INR 142.6 Cr in FY23. Operating revenue jumped 33.19% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in the previous year.

The post Shadowfax Cofounders Infuse INR 65 Cr In IPO-Bound Startup appeared first on Inc42 Media.

Furniture rental startup Furlenco has raised INR 60 Cr (about $7 Mn) in debt funding from Northern Arc Capital and CredAvenue.

Furlenco raised the debt through two series of non-convertible debentures — INR 50 Cr by allotting 500 NCDs at an issue price of INR 10 Lakh each to Northern Arc and INR 10 Cr by allotting 40 NCDS at an issue price of INR 25 Lakh each to CredAvenue, as per its regulatory filings accessed by Inc42.

The startup last raised $140 Mn in its Series D funding round in 2021. The funding round, led by Zinnia Global Fund, CE-Ventures and Lightbox Ventures, comprised $120 Mn of venture debt and the remaining portion was equity funding. Overall, it has raised a total funding of over $269 Mn till date.

Founded in 2012 by Ajith Mohan Karimpana, Furlenco operates an online subscription-based furniture rental platform in Bengaluru, Mumbai, Delhi NCR, Chennai and Kolkata among others. Besides renting furniture, it also operates a furniture marketplace.

In 2021, Furlenco rejigged its business model and created House of Kieraya as an umbrella brand, which houses Furlenco, remanufactured furniture marketplace Furbicle, and annual subscription vertical UNLMTD. 

Furlenco competes against the likes of Rentomojo, Cityfurnish Rentickle and Pepperfry in the rental furniture market.

The debt funding for Furlenco highlights that startups with rental as their core business are grappling with scarcity of equity capital. The growing popularity of affordable EMIs has further dented the prospects of such companies.

While furniture rental companies are growing, they have remained small. Take the case of Wakefit Innovations, which started in 2016 as a mattress startup but later diversified into selling furniture online. The furniture seller posted a 21% year-on-year growth in its operating revenue at INR 986.4 Cr in the fiscal year 2023-24.

Rentomojo, which was founded only two years earlier in 2014, generated an operating revenue of only INR 193 Cr in FY24. Pepperfry was founded in 2011. The company saw its operating revenue decline 31% year-on-year to INR 180.9 Cr in FY24. Reports surfaced last September that the Bengaluru-based startup is eyeing a public listing in the next 18 months.

Furlenco, which started around the same time, reported an operating revenue of INR 139.6 Cr in FY24, down over 10% from INR 155.8 Cr a year ago. Sheela Foam signed an agreement to acquire a 35% stake in the company for INR 300 Cr in July 2023.

It must be noted that Furlenco sacked nearly 180 employees to cut costs in March 2022. Inc42 then reported that with the job cuts, the startup was looking at achieving profitability ahead of its potential public listing.

The post Exclusive: Furlenco Raises $7 Mn Debt From Northern Arc, CredAvenue appeared first on Inc42 Media.

IPO-bound fintech soonicorn Innoviti Technologies has raised INR 35 Cr (about $4 Mn) in a fresh funding round from existing shareholders, including angel investor and Ola Electric backer Ashutosh Joshi and VC firm Bessemer Venture Partners.

The company’s board passed a special resolution to allot 6,95,871 Series M compulsorily convertible preference shares (Series M CCPS) at a face value of INR 11 each and a premium of INR 492.93 per share to raise the sum, as per its regulatory filings accessed by Inc42.

Following the board’s approval, the digital payments solutions company raised the funding in two tranches.

Joshi led the round with INR 20 Cr investment, Devi Construction LLP contributed INR 5 Cr while Bessemer invested INR 3.4 Cr in the fintech company.

The latest fundraise appears to be part of an ongoing round. In a separate filing with the Registrar of Companies (RoC), Innoviti said that its board approved the company’s proposal on January 21 to raise up to INR 77.88 Cr (about $9 Mn) from existing shareholders through issuance of 15,45,513 Series M CCPS at an issue price of INR 503.93 each.

The startup said it plans to raise fresh capital to drive its business growth. 

“This investment is a continuation of the funding round we did last year, where we raised $6.5 million. The fresh capital will primarily be used to clear existing debt as we prepare for an IPO in the next four quarters,” said Innoviti cofounder and CEO Rajeev Agrawal.

The development comes close on the heels of reports that the startup is gearing up for its initial public offering (IPO) with plans to list on the bourses as soon as in the fiscal year 2025-26 (FY26).

In August 2024, reports surfaced that Innvoti was planning to float an IPO in the next 12 months. However, earlier this year, the company’s founder and CEO Rajeev Agrawal said the company aims to achieve profitability in the next two quarters and has pushed its IPO timeline.

“The company [Innoviti] is planning for operating profitability within the next two quarters, and has initiated IPO planning with an aim to list in the next 12 months,” he said then.

In the run up to its IPO, Innoviti Technologies roped in fintech veteran Nish Kotecha on its advisory board to advise the company on building new consumer payment solutions and guide its IPO strategy. 

Founded in 2002 by Agrawal and Amrita Malik, the company enables merchants to accept payments and integrate real-time sales data into critical business processes. It claims to process over INR 80,000 Cr of purchase volume annually from across 2,000 Indian cities and over 20,000 merchants. 

In March last year, it secured an online payment aggregator (PA) licence from the Reserve Bank of India (RBI) to operate its PA ‘Innoviti Link’. 

In August 2024, Innoviti announced the close of its Series E funding round at INR 70 Cr. Overall, it has raised over $100 Mn in funding to date and counts Bessemer Venture Partners, FMO, Catamaran Ventures, among others, as its investors.

Innoviti Technologies is among the growing list of Indian startups stitching up plans for an IPO. India witnessed a boom in new-age tech IPOs last year with 13 startups, including Swiggy, Ola Electric, Go Digit General Insurance, Awfis, MobiKwik, BlackBuck, among others, going public.

The startup IPO wave is expected to continue this year, with more than 20 new-age tech startups such as OfBusiness, Ather Energy, boAt, Physics Wallah and Zepto, preparing to go public in 2025.

The ongoing IPO frenzy is also driving the trend of ‘reverse flipping’ in the Indian startup ecosystem with companies like Razorpay, Pine Labs, Mensa Brands, Udaan, looking to shift their domiciles back to India.

Editor’s note: This article has been updated with a statement from Innoviti cofounder and CEO Rajeev Agrawal.

The post Exclusive: Innoviti Nets INR 35 Cr From Existing Backers To Fuel Business Growth appeared first on Inc42 Media.

B2B manufacturing unicorn Zetwerk has raised INR 43 Cr (around $5 Mn) in a funding round co-led by Arc Investments and Oriental Biotech Limited.

The company’s board passed a special resolution on February 25 to raise the sum through issuance of 9,93,721 Series F3 compulsorily convertible preference shares (Series F3 CCPS) at an issue price of INR 432.718 per share, as per its regulatory filings accessed by Inc42.

Arc Investments and Oriental Biotech infused INR 10 Cr each in the IPO-bound company, while Stargazer Fund-I invested INR 5 Cr. The remaining capital came from a group of angel investors.

Zetwerk did not say why it has raised the fresh capital. Inc42 has reached out to the company for comments. The story will be updated if and when we get a response.

The round appears to be ongoing, and Zetwerk is likely to raise more money in the coming days. Last month, sources told Inc42 that Zetwerk is in talks to raise $25 Mn to $30 Mn from Indian family offices and high-net-worth individuals.

The funding round will value the Bengaluru-based startup at $3.1 Bn and is aimed at increasing domestic ownership in the company, sources added.’’

In December last year, Zetwerk raised $70 Mn from Silicon Valley-based Khosla Ventures, and Indigo Airlines cofounder Rakesh Gangwal, among others. Overall, the startup secured a funding of $90 Mn in 2024.

Founded in 2018 by Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary, Zetwerk connects vendors and suppliers with manufacturing companies for procuring industrial machine components. 

The startup joined the unicorn club in 2021. It has raised a total funding of over $700 Mn to date and counts the likes of Peak XV Partners, Lightspeed, Mars Growth Capital, among others, as its backers.

Last year, the startup also announced its foray into IT hardware and electric vehicle (EV) component manufacturing. Additionally, it set aside INR 1,000 Cr ($122 Mn) to invest in electronics manufacturing.

Zetwerk competes with the likes of Moglix, IPO-bound OfBusiness, among others.

The latest fundraise comes amid reports that Zetwerk is planning to file its draft red herring prospectus (DRHP) for an initial public offering (IPO) in the next six months. The company plans to raise $500 Mn through its public issue.

In October last year, Inc42 reported that the company had initiated talks with investment bankers like JP Morgan, Axis Capital, Goldman Sachs, Jefferies Financial Group, JM Financial, and Kotak Mahindra Bank for its upcoming IPO. 

In January, reports said that the Peak XV-backed B2B marketplace has finalised six bankers – Axis Capital, Goldman Sachs Group, Jefferies Financial Group, JM Financial, JPMorgan Chase & Co and Kotak Mahindra Bank – to helm its potential $500 Mn IPO later this year. 

This comes at a time when India has emerged as a hotbed for new-age tech IPOs even as the US market remains muted. More than a dozen startups went public last year and raised a record INR 29,070 Cr via their respective IPOs. Not just this, public listings also proved to be money makers for the early backers of these companies, with some VCs and PEs minting returns of over 30X. 

The momentum is expected to continue this year with more than 20 new-age tech companies such as Zepto, Ola Consumer, Physics Wallah, BlueStone, Ather Energy, Smartworks, Ecom Express, among others, eyeing a public listing in 2025.

Inc42 reported on Tuesday that Hyderabad-based electric two-wheeler maker Pure EV has turned into a public company with plans to launch an IPO this year. Fintech giant PhonePe recently announced that it has kicked off preparations for its IPO.

The post Exclusive: Zetwerk Raises INR 43 Cr Ahead Of IPO appeared first on Inc42 Media.

Taking a step towards its initial public offering, electric vehicle manufacturer Pure EV has converted into a public company.

The Hyderabad-based startup’s board passed a special resolution in September last year to change the status of its parent, PuR Energy, from private to public.

Following the board’s approval, the Hyderabad-based EV maker changed its name to PuR Energy Ltd from PuR Energy Pvt Ltd earlier, as per its regulatory filings accessed by Inc42.

The conversion of a private entity to a public entity is a requisite process for companies intending to be listed on the stock exchange.

The conversion took place in the same month when the startup said in a statement that it plans to go for its IPO in 2025. 

Commenting on the IPO plans, Pure EV cofounder Rohit Vadera said then, “As we embark on our journey towards a significant IPO in 2025, we are excited to continue driving the electric revolution in India. Our commitment to innovation and sustainability has positioned PURE EV as a leader in the electric two-wheeler market.”

Launched in 2015 by Nishanth Dongari and Vadera, Pure EV manufactures electric bikes and scooters – eePluto 7G MAX, ETRANCE Neo+, ePluto 7G, ecoDryft 350 and 3TrystX. 

It has an EV and battery manufacturing unit exceeding 1 Lakh sq ft in Telangana. Through this, the startup is also looking to launch solid-state battery technology in FY26 with UK-based engineering firm PDSL.

In February last year, Pure EV raised $8 Mn (about INR 66.3 Cr) in a funding round led by Bennett Coleman and Company Limited, Hindustan Times Media Ventures, along with participation from Ushodaya Enterprises Private Limited and existing investors and HNIs.

The startup competes with the likes of Bhavish Aggarwal-led Ola Electric, Hero MotoCorp-backed Ather Energy, legacy two-wheeler makers Bajaj Auto and TVS Motor, among others. 

Last month, Pure EV’s vehicle registrations declined 9% month-on-month to 1,507 units, as per Vahan data.

The startup’s transition to a public company comes at a time when rivals Ather Energy and Greaves Electric Mobility are also gearing up for a public listing amid a boom in new-age tech IPOs in the country. 

SEBI greenlit Ather’s INR 3,100 CR IPO in December 2024. In the same month, Greaves filed its draft red herring prospectus (DRHP) with the markets regulator for INR 1,000 Cr+ IPO. 

Ola Electric’s INR 6,145 Cr+ IPO was one of the largest in 2024. In fact, 13 new-age tech companies made their debut on Dalal Street last year and raised a record INR 29,070 Cr via their respective IPOs.

The startup IPO mania is expected to continue this year, with more than 20 new-age tech companies, including the likes of BlueStone, Zepto, OfBusiness, Captain Fresh, boAt, Zappfresh, among others, looking to go public in 2025.

The likes of PhonePe, Razorpay, Lenskart, Fractal, Infra.Market are also stitching up plans for their IPOs.

The post Exclusive: Pure EV Gears Up For IPO, Converts Into Public Company appeared first on Inc42 Media.

D2C home appliances brand Nuuk has raised INR 40 Cr ($4.6 Mn) in its Series A funding round led by Temasek-backed Vertex Ventures. 

The startup will use the fresh capital for product development, brand building, and scaling up local manufacturing, Nuuk cofounder Gazal Kalra told Inc42.

Kalra, who earlier cofounded logistics startup Rivigo, said, “With the help of this funding, we will be able to add newer products in the already existing categories that Nuuk caters to.”

Founded in 2023, Nuuk offers products across four categories – fan, vacuum cleaner, garment care, and juicer and blender. 

With the latest round, the startup has raised a total funding of INR 65 Cr (about $8 Mn) to date from Good Capital, Rohit Kapoor, Suhail Sameer, Deep Bajaj, Vivek Gambhir, among others. 

Talking about its cap table, Kalra said, “As a second time founder, I wanted to ensure that we have supportive investors on the cap table. Given the industry we are in, and how frugal we were with regards to our expenses, all the investors were happy to come on board.” 

Nuuk currently manufactures only 20% of its products in India, with the rest being imported from China. However, its cofounder Shalabh Gupta said the startup is on track to produce over 50% of its products in India by the end of the financial year 2025-26 (FY26).

However, Kalra highlighted that the designs of the startup’s appliances are made internally and then shared with third-party manufacturers.  

Besides its own website, Nuuk also sells its products via ecommerce marketplaces. 

Gupta said that Amazon is the biggest revenue generator for it currently. However, with the rising popularity of quick commerce, he expects Blinkit to start driving significant sales.

Nuuk, which also featured in Inc42’s flagship ‘30 Startups To Watch’ series last year, competes against the likes of Philips, Bajaj, Atomberg, LifeLong Group, among others. 

The funding comes at a time when a number of D2C brands have emerged in the country over the last few years and are seeing rapid growth. This has also attracted a lot of investor interest.

Earlier today, Inc42 reported that D2C menswear brand XYXX is looking to raise INR 29.8 Cr (about $3.4 Mn) in a round led by Niveshaay Sambhav Fund.

At the heart of this push is the growing Indian D2C market, which is projected to become a $300 Bn opportunity by 2030.

The post Exclusive: D2C Electronics Brand Nuuk Bags INR 40 Cr From Vertex Ventures appeared first on Inc42 Media.

Beauty ecommerce unicorn Purplle has secured fresh capital of INR 99.88 Cr (around $11.43 Mn) from its parent Manash E-commerce Private Limited.

Regulatory documents sourced from the Registrar of Companies (RoC) showed that Manash E-commerce issued 1,13,200 shares to Manash Lifestyle Private Limited at an issue price of INR 8,824 each.

It is to be noted that this is an internal cash transfer and not fresh funding at a parent level.

Purplle’s board passed a resolution to give effect to the allotment of equity shares on a rights issue basis at its meeting held on February 28, 2025.

The investment comes amid reports that the Purplle, which counts Goldman Sachs, Peak XV Partners and Kedaara Capital among its investors, is likely to tap the public markets between the second half of this year and early 2026. 

In October last year, Purplle closed its Series F funding round at INR 1,500 Cr led by Abu Dhabi Investment Authority (ADIA). The round also saw participation from existing investors Premji Invest, Blume Ventures along with new investors, including Sharrp Ventures joining its cap table.

Founded in 2012 by Manish Taneja and Rahul Dash, Purplle sells a wide range of beauty, personal care, skincare and cosmetics products, typically catering to households in Tier-II and III towns. Most of its gross merchandise value (GMV) comes from smaller cities such as Mysuru, Coimbatore, Kochi, Ernakulam, Kozhikode and Siliguri.

Purplle’s private label play — built around acquisitions of D2C brands such as Faces Canada, Carmesi, Good Vibes and NY Bae — has helped the company carve a niche for itself in India’s fast-growing beauty and personal care market.

In contrast, its competitors Nykaa, Meesho and Tata Cliq have looked to build a premium-focussed product portfolio through partnerships with coveted brands.

Mumbai-based beauty ecommerce marketplace Purplle’s revenue zoomed 43% to INR 679.6 Cr in the financial year 2023-24 (FY24) from INR 475 Cr in the previous fiscal year. The company also managed to reduce its consolidated net loss by 46% to INR 124.1 Cr during the year under review from INR 230 Cr reported in FY23.

Twelve-year-old Purplle claims to sell over 60,000 products from more than 1,000 brands, including Plum, Wow Skin Science, mCaffeine, Maybelline and SUGAR Cosmetics, on its platform. Besides, it also sells products under its private labels mentioned above. The startup claims to have amassed more than 7 Mn monthly active users. 

Its growth is indicative of the growing ecommerce space in the country where users are increasingly turning to online platforms to purchase beauty and personal care products. Mumbai-based D2C skincare brand Foxtale last month raised $30 Mn in a Series C funding round led by KOSÉ Corporation.

However, Purplle faces intense competition with rivals Reliance Retail’s Tira, Flipart’s Myntra, Tata Cliq and Meesho amping up their presence in India’s beauty and personal care market. Add to that the rise of quick commerce players selling beauty products. 

The Indian beauty and personal care (BPC) market is projected to reach a size of $30 Bn by 2027, growing at an annual rate of 10%, making it the fastest-growing among large economies.

The post Exclusive: Purplle Gets INR 100 Cr Infusion From Parent appeared first on Inc42 Media.

Times Internet-owned popular cricket news and information platform Cricbuzz has entered the fantasy gaming space with the launch of a new platform, Cricbuzz11. 

The launch comes amid the ongoing Champions Trophy and Women’s Premier League (WPL) and ahead of the start of the marquee cricket tournament, Indian Premier League (IPL).

While a separate Cricbuzz11 application in the form of an APK file is available for download for Android users, the fantasy platform is integrated within the core application for iOS users. 

Times Internet declined to comment on Inc42’s queries on the launch of the platform.

Currently, users can participate in contests for Champions Trophy and the WPL on Cricbuzz11, which competes with the likes of Dream11, MPL, My11Circle, among others. 

Interestingly, the development comes at a time when Ashneer Grover-led CrickPe has halted its operations. Last week, Inc42 exclusively reported that Grover’s startup Third Unicorn, the parent of CrickPe, halted the operations of the fantasy gaming platform due to the new 28% GST rate on full face value for online real-money gaming. 

It is pertinent to mention that the GST Council, in 2023, announced its decision to levy a 28% GST on full face value for real-money gaming. Previously, a lower 18% GST was levied on the platform fee for skill-based games.

The move caused a furore and was opposed by the gaming industry, but the new GST rate came into effect on October 1, 2023. 

Grover also cited “misplaced connotation of gambling with gaming in India” as one of the reasons for halting CrickPe. In a recent interview with Inc42, Games 24X7 cofounder Trivikraman Thampy also rued the stigma associated with real-money gaming in India.

Besides, online gaming companies have been saddled with GST notices worth over INR 1 Lakh Cr. In some respite to these companies, the Supreme Court, last month, put a temporary halt on GST proceedings against 49 real-money gaming companies. 

Multiple gaming companies, including Gameskraft, Dream11, Games 24×7, and Head Digital Works, had moved the SC against the retrospective demand notices issued to them, seeking taxes on the full face value of bets placed through their gaming platforms.

The post Exclusive: Times Internet Enters Fantasy Gaming Space With Launch Of Cricbuzz11 appeared first on Inc42 Media.

Shares of Zaggle Prepaid Ocean Services rose over 3% on Tuesday (February 25) after the fintech SaaS company secured three orders in just four days.

At 12:28 AM, Zaggle Prepaid shares were trading at INR 364.50 apiece on the BSE, reflecting a gain of 2.98% from the previous close.

In an exchange filing today, Zaggle said it bagged a three-year contract from Honasa Consumer, the parent company of D2C brands such as Mamaearth, The Derma Co, BBlunt, Dr. Sheth’s, Aqualogica and Ayuga.

Under the customer service agreement, Zaggle will provide the D2C company with its Zaggle Zoyer Platform. The platform helps businesses streamline and automate multi-branch and store recurring expenses.

Besides this, Zaggle Prepaid informed the bourses yesterday (February 24) that it has secured a 5-year contract from Gujarat International Finance Tec-City Company Limited (GIFTCL). Under this order, Zaggle will provide GIFTCL solutions of co-brand prepaid citizen card and visitor management system.

Last week, Zaggle also inked a deal with Indus Towers Limited to provide the latter with its employee expense management and benefits platform Zaggle Save.

Earlier this month, Zaggle’s subsidiary Redington (India) Limited introduced the Smart Employee Purchase (EPP+) programme in partnership with tech giant Google. The initiative is aimed at helping organisations boost their business efficiency while offering their employees benefits such as discounts on Pixel devices, theft protection, and tax savings, among others.

Founded in 2011 by Raj Narayanam, Zaggle provides a spend management and corporate employee benefits platform. Its offerings help businesses automate their accounts and issue prepaid cards. Its portfolio of SaaS products also includes tax and payroll software. 

The company made its stock market debut in 2023 with its shares listing flat at INR 164 apiece on the BSE. The stock has given an upward run of a whopping 115% since its debut. 

Zaggle reported a 30% jump in its consolidated net profit to INR 19.74 Cr in the December quarter of the fiscal year 2024-25 (Q3 FY25) from INR 15.22 Cr in the year-ago period. However, profit declined 3% sequentially from INR 20.29 Cr. 

Revenue from operations increased both on a year-on-year (YoY) as well as quarter-on-quarter (QoQ) basis. Zaggle’s operating revenue surged 69% to INR 336.89 Cr in Q3 FY25 from INR 199.51 Cr in the year-ago quarter. On a QoQ basis, it rose 11% from INR 302.56 Cr. 

The post Zaggle Shares Jump 3% After Bagging Three Orders In Four Days appeared first on Inc42 Media.