Very few startups can withstand revenue fluctuations for nearly a decade, and even fewer can hope for a comeback after teetering on the edge amid the pandemic. Aisle, a high-intent dating app, faced a similar hurdle until it was acquired in March 2022 by the technology holding company Info Edge India, which operates platforms such as Naukri, Jeevansathi, 99acres and Shiksha.

But first things first. Launched in 2014 by Able Joseph and Sarath Nair, the app was positioned between Tinder, Bumble or Hinge-like casual dating platforms and online matrimonial services like Shaadi, BharatMatrimony or Jeevansathi.com. The subscription service promised to bridge the two formats — focussing more on all-round compatibility rather than visual cues and ensuring that users looking for serious relationships could find suitable matches.

Additionally, it bucked the conventional wisdom of constant engagement and factored in user churn into its growth outlook, a natural progression when a member meets someone special and exits the platform.      

The Bengaluru-based startup launched several vernacular dating sites and apps, considering how a ‘modern and young India’ would want to pursue love and relationships in a digital-first era. Among these were Arike, the country’s first vernacular dating app for Keralites, Anbe for Tamil users, Neetho for the Telugu populace, Neene (for Kannada speakers) and a few other apps/sites.

Before its acquisition, the startup raised $1.15 Mn across four rounds from a clutch of investors such as Titan Capital, LetsVenture, ah! Ventures and White Unicorn Ventures. Essentially, it was trying to do everything right to drive its business (more on its exclusive features later).

Meanwhile, casual dating apps thrived throughout the pandemic or earlier due to their novelty and convenience. They became immensely popular and Wall Street’s darlings, as nothing more was required than swiping a finger across a smartphone. In 2022, India emerged as the fifth fastest-growing market for dating app spending, with a $31 Mn rise in user expenditure compared to the previous year.

According to Grand View Research, the country’s online dating app market is projected to reach $1.01 Bn by 2030 from $547.9 Mn in 2023, at a 9.2% CAGR. Globally, the revenue forecast is $14.4 Bn.

Despite a growing market for digital dating services, Aisle struggled to achieve profitability. In FY22 (ended on March 31, 2022), the startup generated operating revenue of INR 14.11 Cr but reported a loss of INR 6.25 Cr. The previous year (FY21) saw revenue of INR 7.57 Cr, with a narrower loss of INR 29 Lakh. In fact, FY20 was the only exception, when Aisle posted a modest profit of INR 15 Lakh on revenue of INR 7.61 Cr. Before that, it recorded losses for five consecutive years since FY15. 

The venture was at a critical crossroads as it faced mounting challenges. Should it press forward and take a real shot at building Aisle as one of the largest dating companies? Or should it scale back and rethink the future? As Info Edge stepped in and acquired a 76% stake in Aisle for INR 91 Cr, the startup could push ahead.

Why Info Edge Joined The Aisle Party

An early backer of prominent startups such as Zomato and PolicyBazaar (the foodtech giant and the parent firm of the insurance aggregator are now publicly traded), Info Edge has always been eager to invest in new and differentiated ventures. After acquiring a majority stake in Aisle, it infused an additional INR 30 Cr in March 2025 through its matrimonial portal, Jeevansathi.com. As a result, its total investment in the step-down subsidiary has reached INR 121 Cr. Its shareholding has risen to 92.83% on a fully converted and diluted basis, up from 89.17%.

This strategic push reflects Info Edge’s ambition to dominate India’s up-and-coming online dating market.

“The latest round will help Aisle expand its product offerings and address its working capital requirements. It will further strengthen our offerings in the matchmaking space by addressing the needs of individuals across age groups and backgrounds seeking meaningful connections,” the company said.

An Info Edge spokesperson, requesting anonymity, told Inc42 that the firm gradually increased its stake in Aisle due to the app’s strong user engagement and retention rates among the 25+ age group — a segment often overlooked by global dating platforms.

While many dating platforms grapple with user retention and monetisation challenges, Info Edge has seen distinct value in Aisle’s approach. “Its clear positioning as a ‘high-intent’ dating app has carved a niche among those seeking serious relationships. This aligns well with our understanding of the Indian market, where the emphasis is often on long-term commitment,” the spokesperson said.

“The app’s regional focus has also been a growth driver — especially Arike, which caters to Malayali people. Its success within the country and among the NRIs underscores the potential for culturally curated relationship platforms. This vernacular strategy is critical to our investment thesis in this space.”

Aisle’s Playbook For A Turnaround Amid Stagnation 

With the pandemic gone and barriers against real-life mingling disappearing, will online dating continue to thrive as it did a couple of years ago? A 2023 survey by Pew Research Center revealed that even in the US — the biggest market globally — just 30% of the adults ever used a dating site/app, and only 1% of partnered adults met their current significant other via that route. (For those under 30, it happened to be 50%.) 

According to global estimates, dating app installations and sessions also saw a 13% year-over-year drop from January 2023 to December 2024. International giants like Tinder and OkCupid also witnessed a 20-25% decline in monthly active users between October 2022 and September 2023, indicating slowing growth. Closer home, the stagnation also posed persistent challenges without actual disruptions, and many companies failed to revamp their appeal.

An industry insider terms it a generational shift, pointing out that most millennials are married by now and have outgrown these apps. Young people (read Gen Z) are still keen to try it, but those with less disposable incomes are not willing to pay high subscription fees even for premium features. These daters are increasingly looking to free and popular platforms like Instagram or Snapchat for direct messaging. Conversely, the bulk of the revenue earned by dating apps comes from subscriptions and only a small percentage from digital advertising. Add to that the growing customer acquisition cost and life is anything but rosy for these businesses.   

When Aisle started operating under Info Edge, it underwent a leadership shakeup, paving the path for spinning things around. As confirmed in his LinkedIn post, Founder Able Joseph officially stepped down a year ago. In February 2025, Chandni Gaglani was appointed the new head to lead the company into its next phase of growth.

An alumnus of the Indian School of Business (ISB), she spent more than a decade at Flipkart, Myntra and Udaan, thriving in various leadership roles.

Aisle has developed and deployed several strategies to deepen its competitive advantage post-acquisition. According to Gaglani, the platform now enjoys greater access to Info Edge’s shared resources. Integrating core functions like HR, finance and technology into the startup’s central teams has helped Aisle streamline operations, focus more on innovations and push for market expansion instead of merely coping with day-to-day operational challenges.

Info Edge has invested heavily in Aisle’s technology and product portfolio to improve its performance and ensure a more engaging user experience. According to the spokesperson mentioned earlier, the platform has significantly ramped up its marketing efforts through social media and content-driven campaigns to boost brand visibility and attract a bigger audience.

Aisle’s most significant innovation in this phase is Aisle Experiences, an invite-only programme officially launched in August 2024. It focusses on building a quality-driven community and creating offline events that cater to shared interests, such as wine-and-cheese nights, jam sessions and other interest-based meetups. The goal is to foster genuine connections in a relaxed, safe environment rather than routine swiping or indiscriminate user acquisition.

“Data shows that most meaningful matches occur within common interest groups. Aisle Experiences aims to bring people together based on that insight,” said Gaglani. “When fully rolled out, this initiative will refine the Aisle community through clear brand messaging, data-driven profiling and exclusive invite-only events. These will support its positioning as a premium, intention-driven dating platform.”

Aisle also provides greater transparency by displaying the number of interactions a match had in the past three days. Premium members can benefit from advanced profile filters and photo verification. Recognising the importance of attracting women users, it has also introduced features designed to enhance their experience. Private Mode, for instance, allows women to browse profiles discreetly until they choose to engage. Again, only women can initiate chats after a mutual match to curb unsolicited messages.

To further strengthen its branding, Aisle is experimenting with customised, cohort-based pricing — tailored subscription plans to cater to different users. A recent pilot saw subscription costs reduced by more than 50%, with varying responses across markets. “NRIs responded positively to the price drop, while urban Indians on iOS were more receptive than their Android counterparts. We are moving towards personalised subscription plans based on app usage to make profile-matching more accessible and effective across demographics,” said Gaglani.

Currently, Aisle charges INR 1,500 as a monthly subscription fee.

Historically, Aisle has maintained a lean tech infrastructure, but it is now transitioning to a microservices model that leverages Info Edge’s technological resources. While AI integration is still early, Aisle Network is exploring AI-driven innovations to improve safety, mitigate cybercrime risks and automate profile matching for better quality and match volume.

“Ahead of broader AI integration, we are focussing on AI-led verification, including live checks to detect image-based spoofing,” said Gaglani. “We also plan to introduce AI-powered tools to encourage more meaningful interactions, moving beyond generic conversations.

A Look At Aisle’s Numbers Post Info Edge Acquisition 

Like many of its peers, Aisle struggled to generate substantial revenue in its early years. It failed to surpass INR 1 Cr in the first three years and hit the profit button just once in FY20. But it slipped back in the red and did not see a recovery, although its revenue crept up in FY22. 

The turning point came after the Info Edge acquisition. In FY23, its operating revenue jumped by 123% YoY to reach INR 31.46 Cr. Although losses widened during this period due to increased investments and expansion, its revenue rose 10.6% to INR 34.80 Cr in FY24. Overall, Aisle’s operating revenue soared by nearly 146% in two years. The numbers for FY25 are not out yet, but the company managed to reduce its cash burn by 42% and inched closer to profitability, according to Gaglani. 

User growth across its key apps also remains strong. Over the past two years, Aisle has maintained a steady stream of 1 Mn monthly active users. Within Aisle’s portfolio, the flagship app contributes 50% of revenue and user base, with regional apps like Arike, Anbe and Neetho accounting for the rest, noted Gaglani. The company claims an overall user base of 16 Mn and counting.

In another sign of surefire growth, Aisle has expanded its team from 20 to 49, setting up new divisions and looking at more investments for product and leadership development to fuel continued expansion.

However, Gaglani stresses upholding the core mission. “Globally, dating apps lean towards the hookup culture, but Aisle has always set itself apart. It avoids swipe-based features and encourages deeper engagement,” she said. “More importantly, its apps were primarily created for individuals aged 27-35. Right now, we are seeing an influx of Gen Z users. Nevertheless, our core mission remains unchanged, although we filter our target audience more effectively.”

Aisle’s Roadmap For Scaling Up

Aisle aims to redefine the dating landscape in India, both qualitatively and through tech power. Understandably, AI will be the next big bet for profile matching, along with hyperlocal engagement and experiential dating. Although things are still at an early stage, the company is now refining these strategies to disrupt the industry and chart a course for sustainable expansion.

At the core of its growth strategy lie user engagement, retention drive and moving beyond digital matches to foster community-driven connections.

On the monetisation front, Aisle is optimising its investments instead of dramatically increasing them. The company is implementing a city-specific, hyperlocal strategy to deepen its presence in key markets. This tailored approach ensures that each platform within the Aisle Network delivers a unique value proposition, minimising overlap and maximising user value. In the current financial year, Aisle projects a 70-80% YoY revenue growth from its key apps, driven by deeper segmentation, regional customisation and differentiated offerings across multiple dating platforms.

For Gaglani and her team, going granular and regional matters most as key vernacular apps under the Aisle umbrella have shown strong performance, with its key apps recording 45% YoY growth in FY25. As she noted, India’s dating market is highly diverse, featuring distinct regional behaviours that defy global patterns. Although urban areas may resemble metro trends or even the West, where typical user acquisition metrics look promising on spreadsheets, smaller cities in tier II and III regions offer different values, habits and relationship perspectives. Hence, companies like Aisle must adopt a tailored approach, not a one-size-fits-all model.  

Given the recent capital infusion, it is evident that Info Edge remains committed to these growth strategies for the long term. The internet behemoth considers these platforms complementary to its matrimony service, Jeevansathi. Therefore, it aims to cultivate a suite of offerings that meet diverse user requirements across dating, relationships and matchmaking.

“Over time, Info Edge will invest in these [vernacular] platforms to build a varied portfolio that serves different audiences and relationship goals,” the spokesperson told Inc42. 

Meanwhile, Aisle must prove its mettle, personalise its services, and offer flexibility to all user groups to ensure that the demand for meaningful connections continues to grow in India and around the globe. After all, nearly 50% of Indian men and women never got married, and the number is rising, throwing open a massive market for the likes of Aisle.   

[Edited By Sanghamitra Mandal]

The post The Info Edge Effect: How Dating App Aisle’s Revenue Soared 146% After Acquisition 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.

Are dark stores getting darker for quick commerce? 

As Indian quick commerce platforms tried to gather speed – from fast to ultra-fast delivery – the topline for the Q-Com Big Three became loftier, soaring past $1 Bn in FY24, but the bottomline for Blinkit, Zepto, and Swiggy Instamart slumped with cracks showing up in their business models. Costs are scorching their coffers and deliveries turning slower as they promise to outpace reality. 

Blinkit’s adjusted EBITDA loss widened 15.7% in the third quarter of FY25 from INR 89 Cr a year back, battering down parent Zomato’s net profit 57.2% to INR 59 Cr. Swiggy, on its books, saw consolidated net loss deepen 39.1% to INR 799 Cr with INR 527.68 Cr attributed to its quick commerce arm Instamart. While Zepto is yet to disclose its financials, CEO Aadit Palicha recently stated on social media that the industry burns around INR 5,000 Cr quarterly, with more than half of this attributed to Zepto alone. 

As quick commerce slowed down, global brokerage firm BofA Securities downgraded ratings for Zomato and Swiggy, citing concerns over growth and mounting losses.

Time for the quick commerce giants to review their dark store blueprint? 

Or, time for small retailers, who had to bear the brunt of the rapid strides of deep-pocket quick commerce platforms, to take it to the chin and take another shot to revive and regain? 

Mumbai-based husband-wife duo Alok and Neeta Chawla saw rays of hope in the changing dynamics of quick commerce dark stores. They were joined by friend Virendra Kumar Chauhan. Their shared vision was simple – help small neighbourhood retailers to reclaim their loyal customer base. 

They set up Kiko Live in July 2020 to digitise and empower small businesses like kiranas, pharmacies, stationeries, and even paan-wallahs. It helps them set up online storefronts in barely 24 hours and takes them on a digital journey, enhancing their visibility and, in turn, their revenues. As a seller network partner on ONDC, Kiko Live connects retailers to buyer apps like Paytm, PhonePe, and MyStore, boosting their online presence. It also provides automated WhatsApp ordering and integrates D2C brands and B2B distributors with local retailers for faster deliveries. 

“For a typical neighbourhood retailer, 10-15% of the business comes from home deliveries, through WhatsApp or phone calls. This is the segment that the dark store-driven quick commerce has dented most,” said Alok Chawla, a seasoned entrepreneur who believes that the dark store model of quick commerce is unsustainable.

Making Of A Cornerstone For Retailers In Crisis

In his over 16 years of experience in the sphere of payments, ecommerce, and retail, Alok had cofounded ZiPCASH, a prepaid wallet company later acquired by Ola and renamed Ola Money, in 2006. Three years later, he had founded TRISTAR International Trading Operations, which focussed on foreign trade and retail distribution. 

In 2012, he launched Gizmobaba, an electronics brand that pioneered influencer-led marketing, collaborating with over 700 TikTok influencers. The business was highly profitable until it was impacted by the ban on TikTok and COVID-19 lockdowns, he said.

Locked at home, Alok saw the plight of neighbourhood retailers, and was back to the drawing board in search of a solution to their struggle for survival.

“While digital ordering for food via Zomato and Swiggy was available, grocery retail remained largely offline. Small retailers were struggling with store closures and a lack of digital presence, causing them to lose business,” he said. 

The thoughts struck the chord with wife Neeta and friend Virendra. Months of brainstorming followed. “What if we could digitise these small businesses and bring them online? This idea laid the foundation for Kiko. We registered the brand in 2020 but became operational in 2021 after securing seed funding.”

The startup has raised $4.08 Mn so far from investors such as venture catalysts, 9 Unicorns, Powerhouse Ventures, and SOSV.

Dark Store Fallacy 1: Using The Distance Edge 

Quick commerce platforms set up their dark stores as retail outlets optimised for addressing online orders and ensuring quick delivery. These are typically out of bounds for walk-in customers and play a critical component in the business model in the business of quick commerce. These micro-warehouses or fulfillment centres, as they are called, are designed exclusively for online order picking, packing, and dispatching.  

The Kiko founders found the distance edge in favour of the neighbourhood retailers. “Despite the 10-minute delivery promise, the actual time taken (by quick commerce platforms) is often 20-25 minutes, and the cost is high. Several platforms have introduced delivery charges, ranging from INR 10 to INR 60, depending on factors like distance and order value. The moment they start charging INR 75 per delivery, 90% of customers will opt for a slower but more affordable alternative,” Alok said. 

The founders integrated the hyperlocal delivery options into Kiko’s seller panel. These logistics are powered by ONDC, allowing the seller to request a delivery rider with a single click once the order is packed. 

The seller can also choose the self-delivery option. Most sellers opt for self-delivery for very short-distance orders, typically under 1 km, while network logistics handle deliveries farther away.

Dark Store Fallacy 2: Building A Smarter Army Of Retailers

Quick commerce platforms that gained immense success during the lockdown days made it harder for the less organised and digitally backward small retailers to sustain. Consumers increasingly preferred structured catalogues with instant checkouts, while the struggling retailers needed better discoverability beyond their existing customer base. 

Kiko was born at this juncture. To address this shift, the startup transitioned from a live ordering model to a catalogue-driven system and integrated with ONDC, which has revolutionised the digital payments space. This enabled retailers to list their products digitally, reach a wider audience, and scale their business across multiple platforms. “Kiko drives traffic directly to retailers, rather than expecting them to promote individual websites,” Alok said.

Instead of relying on traditional product catalogues – be it printed or verbal – Kiko Live allows its users to place orders through in-app calls with retailers, largely simulating the familiar experience of shopping in a physical store. 

Kiko brought in artificial intelligence (AI) to detect product names mentioned in those conversations, create a cart, and generate a payment link. Retailers could also display products on video, helping customers make informed choices without physically visiting the store. 

The buyer-seller app operates on a retailer-held inventory model, ensuring that small businesses retain control over their stock. It helps retailers maintain their online inventory by linking it to their physical inventory if they have a PoS (point of sales) system. Sellers without a PoS can easily update inventory using a simple Excel upload, which can be done once or twice a day. Additionally, the sellers can also use an out-of-stock toggle to manage availability.

Dark Store Fallacy 3: Making A Unique Approach To Regain The Market 

A host of players in the segment are now attempting to follow a similar strategy. KiranaPro, for instance, is one such platform empowering local kirana stores with AI-driven quick commerce. While both Kiko Live and KiranaPro leverage ONDC to enable quick commerce for local retailers, they differ significantly in their approach and execution.

The Kiko Live app operates with two ends – one for the buyer and another for the seller – and directly enables retailers to list their inventory, manage sales, and fulfill orders. It provides sellers with an integrated inventory system, marketing tools, and operational support, ensuring a seamless transition to online selling. Kiko Live allows buyers to search for products by store, browse seller catalogues, and even paste entire grocery lists for quick cart building.

KiranaPro, on the other hand, focusses on connecting consumers with neighborhood businesses through a voice-based AI model. Customers can place orders by speaking into the app, and the AI processes the request to create the shopping cart. The KiranaPro app does not have its own seller network, instead, it routes customer orders to sellers from other ONDC-integrated platforms like Kiko Live. Its standout feature is its voice-based AI model, which requires users to dictate their shopping lists, instead of manually browsing or selecting products.

Kiko has so far processed over 6.5 Lakh transactions and enjoys a 5 Lakh+ user base, claimed the founder. In contrast, KiranaPro is still in its early stages, refining its product and testing within a smaller user group, as reflected in its 5,000 app downloads so far.

Dark Store Fallacy 4: Mapping The Road Ahead, Resolving The Hurdles

Apart from competition from newer players, Kiko’s biggest challenge is maintaining operational efficiency at the store level. 

“For 30-minute deliveries, each store onboarding the Kiko platform requires 4-7 days of intensive training to streamline operations. The retailer must pick, pack, and have orders ready within 5 minutes, as riders typically arrive within 7-8 minutes. Some stores struggle to maintain these processes once the team exits, leading to deactivation. High-volume stores have adapted by hiring dedicated staff and setting up pickup counters, similar to restaurant delivery setups,” Alok said.

For this, the brand looks to invest heavily in training retailers for 30-minute delivery efficiency to ensure smooth execution. 

Another challenge for the brand has been building credibility among retailers as many of them shied away from digital platforms because of scams that rarely ceased to surface and promises that were hardly met. According to the founder, ONDC has significantly solved this problem. “Before ONDC, we were handling around 200-300 orders a day, now we are doing 3,000+. We aim to reach 10,000+ in the next two to three months.”

Unlike the dark store model that requires heavy upfront investment – to the tune of INR 200 Cr for multiple stores and inventory – ONDC-enabled retail partnerships provide a cost-efficient, scalable solution.

“We charge INR 3,000 that covers onboarding, cataloguing, some marketing activities such as flyer distribution, and handholding for one week,” Alok said. Kiko Live also offers a plan with zero joining fee with limited support.

Joining ONDC has also helped Kiko Live boost its revenue from INR 3-4 Lakh a month to INR 10 Lakh. The brand’s monthly gross merchandise value (GMV) stands at INR 1.5 Cr and it aims to reach INR 5 Cr in the next six months, according to Alok. 

Riding on the success, Kiko plans to widen its key markets, with the blueprint for three major cities drawn up. It is also looking to enter Tier 2 and Tier 3 cities.

Kiko Live may not yet match the scale of quick commerce giants in terms of revenue, but investor interest in this segment remains strong, signalling a positive market outlook for the brand. Sri Peddu, general partner at Powerhouse Ventures and an investor in Kiko, sees immense potential in these seller apps. 

Dark stores and retailer-led quick commerce will coexist, he said. “There is a huge opportunity in the digital enablement of retail sellers, with the government-run ONDC network serving as a key catalyst in this evolution.”

[Edited By Kumar Chatterjee]

The post Can Kiko Live Help Kiranas Strike Back At Quick Commerce Giants? 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.

The good old way to the heart through the stomach has just got smarter. From refrigerators, air fryers, pressure cookers and pan stirrers to blenders, storage systems, smoke detectors and soap dispensers – smart makes a rightful association with most kitchen appliances. But, there’s a lot beyond the machines that can make the kitchen itself smarter. 

Beyond Appliances scored the brownie point by jumping into the white spaces left between the smart devices. As artificial intelligence makes a natural progression into our lives and disrupts every corner of our homes – from bedrooms to studies and dinner tables to washrooms – our kitchens cannot be left out of the disruption. 

“Disconnect from the world; reconnect with yourself,” suggests the landing page of the Bengaluru-based startup’s website, as it aims to integrate AI with everyday functionality to reimagine home cooking. “We build solutions that can cook dosas, burgers, sandwiches, Asian cuisine, Indian gravies, biryanis – you name it,” said Eshwar K Vikas, as he explained how AI can transform the kitchen into a treasure house of gastronomic fantasies. 

As India’s smart home market grows 30% a year to reach $19.31 Bn in the next five years, the country’s smart kitchen appliances market, too, grows in sync, driving home a revenue of $1,060.4 Mn in 2022 and staying the course to fetch $4,848.8 Mn by 2030, when the country aims to be a $10 Tn developed economy. 

“We had access to strong technology. We developed innovative food bots and became an end-to-end solution provider in the kitchen robotics space with in-house R&D, a manufacturing facility, and a global service network,” said Vikas, who took a leaf out of his journey with food robotics startup Mukunda Foods and cofounded Beyond Appliances in August 2024 with his colleague Rakesh Patil. 

After successful deployment of robotic innovations of Mukunda Foods in more than 25,000 restaurants across India, he planned to enter the household kitchens. Vikas’s brainchild soon spun into a standalone venture as Beyond Appliances and raised $2 Mn in a seed round, led by Fireside Ventures, with participation from Dharana Capital and a bunch of prominent angel investors. 

Beyond Appliances has sold over 1,500 chimneys and hobtops so far through its own website, on ecommerce sites like Amazon and Flipkart, and from select retail stores across Bengaluru.

The Birth Of The Idea

The founders were seasoned in running the B2B business at Mukunda Foods and making the robotics foods startup an INR 50 Cr brand. “But, it never really occurred to us to launch another brand or tap into the consumer space,” said Vikas.

The idea took its birth when Mukunda Foods cofounders Vikas and Sudeep Sabat were scaling their business and raising capital. That’s when the investment community and even the company’s board started pushing them to explore the consumer space and build products for households.

“We took a step back to assess the real scope of AI in the Indian kitchen. Will something like this even work? And in what shape or form?” Vikas told Inc42.

They started visiting homes, observing kitchens, and trying to understand consumer behaviour. They realised that the entire home has been disrupted by technology, but the kitchens have not changed much.

“While there were some brands that had smart kitchen appliances, and even some big brands were trying to bring in innovation, most of these were simply trading Chinese products in India and didn’t have proper R&D setup,” he said. 

“We had achieved what we wanted at Mukunda. Sudeep continued to stay with Mukunda while I took off to focus on Beyond.”

Beyond Appliances was a fledgling AI-powered smart kitchen startup under Mukunda as it took off with just two products in January 2024. Six months on, Vikas and Patil, who is still the CTO of Mukunda, decided to make it a standalone brand.

With Vikas’s experience in kitchen automation and Patil’s expertise in advanced engineering, Beyond Appliances was backed by a deep understanding of modifying household kitchens. Its focus is not just on building innovative products, but on creating solutions that address real, everyday kitchen challenges.

Beyond’s smart kitchen solutions are designed specifically for Indian homes, incorporating features like timer-controlled cooking in cooktops and hobs, and 3D suction in chimneys. “These aren’t just superficial add-ons – they are engineered to handle the practical realities of Indian cooking, from spice-laden dishes to usage across multiple generations,” Vikas claimed.

Bringing AI Into Indian Kitchens

Unlike traditional players like Bosch, Faber, Glen, or Prestige, which largely offer standard mechanical appliances, Beyond claims to offer a product lineup that blends AI, IoT, automation, and user-centric design. Another key differentiator is its ability to roll out software updates and ML model upgrades for the existing appliances. “It’s a unique feature in this category,” Vikas claimed.

It takes INR 9,000 to INR 15,000 to transform a traditional household kitchen into a smart kitchen without the need to invest in smart appliances, according to him. The company upgrades the existing gadgets to function on AI-powered instructions. 

While traditional brands rely on mass-market modular manufacturing, Beyond claims to build and refine its systems based on real-life kitchen usage data, drawn from Mukunda Foods and insights from a network of chefs and sensor-driven feedback.

The brand has six SKUs, packed with features tailored to Indian kitchens. Its smart cooktop, for instance, comes with a digital timer-controlled system, allowing the user to set timers for individual burners, just like a microwave oven. It also includes a Flame Failure Device (FFD), ensuring zero chances of gas leakage. 

Its Orion Android-powered Chimney comes with a 7-inch touchscreen, OTT and YouTube access, predictive maintenance alerts, and a 3D suction system. The Asteria Chimney combines smart utility with infotainment and offers a recipe screen, chef connect, dry heat auto-clean, and a high-powered motor for effective suction.

Another key product is the Dorado Hobtop, which features timer-controlled cooking, FFD on all burners, superior auto ignition, digital timers, and a convertible hobtop design that adapts to varying kitchen layouts.

The company has refined its features based on user feedback and real-life usage. One key innovation was the addition of 3D suction technology in chimneys. “European-style chimneys often underperform in spice-heavy Indian cooking. We redesigned the system to fix that, and it’s now a patented design,” he said.

“We have built a network of chefs and captured real-life cooking patterns. Our ML models are trained on sensor data, whistle counters, and more. All our chimneys are software upgradeable, so even older units can evolve – making Beyond Appliances less of a hardware brand and more of a tech platform.”

Beyond Appliances’ Elara chimney uses sound and sensor data to detect pressure cooker whistles. It features an intelligent whistle counter sensor, 1350 CMH suction power, a filterless design, Bluetooth connectivity, built-in FM radio, and auto shutdown.

“Dal and chole, for instance, have different whistle patterns. Our system is being trained to recognise these nuances and deliver contextual prompts. This makes the chimney a real-time cooking assistant,” said Vikas. Even without a smart cooktop, the AI chimney functions as a standalone smart guide through its intelligent sensors.

The Blueprint For Growth

Economic fundamentals are in favour of a smooth sail for Beyond Appliances. The country’s booming middle class, defined by households earning INR 5 Lakh to INR 30 Lakh annually, is expected to make up 60% of the population by 2047, according to media reports. 

By the time India turns 100, its per capita income is projected to surge to $26,000 — nearly 13 times higher than its 2023 level, according to a PwC report. “The cost of setting up a smart kitchen is well within the affordability of the average Indian household. The rapid growth in urbanisation, increasing access to education, and advancement of technology will only bolster the demand for solutions like this,” said Vikas. 

Beyond’s offerings, according to the founder, aim to solve challenges that most legacy brands have overlooked. One of the biggest gaps, he said, lies in manufacturing. “While most brands in the segment merely import and trade appliances from overseas, Beyond Appliances is pushing boundaries in how kitchen appliances are made in India.” 

The brand’s manufacturing unit in Bengaluru makes most of its products. The biggest challenge in front of the brand is imitability. “Despite holding the IP, protecting innovation is difficult in India. To protect against imitability, we will keep on bringing innovation and speed to market,” he said.

“We want to bring the smartphone model into the appliance world, where customers look forward to the next version of our products, just like an iPhone,” said the founder. To enable this, Beyond is working with Flipkart on an exchange model to drive recurring upgrades and build loyalty. The brand has also partnered with Urban Company to firm up its after-sales services and boost consumer confidence.

The company expects to close FY25 with INR 5–6 Cr revenue and is projecting a strong leap to INR 25 Cr in FY26. In the long term, the brand aims to hit INR 100 Cr in revenue in the next three years.

The company plans to launch six more SKUs in the next two months in the chimney, hob, and cooktop categories. In the hob and stove segment, the new models will feature methane sensors to detect gas leaks, enhancing kitchen safety. It also plans to go deep with its AI integration.

The company is focussing on innovation for safety, personalisation, and intelligent cooking assistance. The brand will introduce an AI-powered cooking assistant, an in-built AI Chef. “The goal is to build a Google Maps equivalent in cooking, where users receive real-time, intelligent prompts and corrections during the process. With AI-enabled cameras and sensors, the system will monitor the progress and guide users with precise suggestions.” The feature will be built on Beyond’s Chef Connect system. 

[Edited By Kumar Chatterjee]

The post How Mukunda Foods Founder’s New Venture Is Reimagining Indian Kitchens With AI appeared first on Inc42 Media.

A quiet revolution is taking place in India, where oral care has often been an afterthought. Earlier, purchases were limited to toothpaste and toothbrush at the local chemist or the neighbourhood kirana store. And the market was ruled by a handful of FMCG majors like Dabur, Colgate Palmolive, HUL, GlaxoSmithKline and Procter & Gamble, although generic products made foray to a certain extent.

However, there was no real innovation, and the dental aisles in big stores languished in the absence of fresh and dazzling, Insta-worthy brands. Dental influencers did not exist then. Smart toothbrushes did not interact via phone apps. TikTok videos did not flash perfect smiles powered by 3D-printed dental crowns or brandished on-the-go teeth-whitening pens. In short, no excitement permeated the formerly ho-hum world of oral care.

Lately, advanced technology and product innovation have ushered in that excitement, further fuelled by a stylish rebranding of the sector (from drab dental to luxurious oral care, as mentioned by the Business of Fashion) and a major shift in consumer mindset.

The spotlight has moved beyond the routine oral health regime and orthodontics (teeth and jaw alignment) to digital and cosmetic dentistry, making gum health and ‘tooth jobs’ attractive to young, fashionable and woke consumers. Given this change in consumer perception, dozens of direct-to-consumer (D2C) oral care brands have come up in India to cater to aspirational buyers and a fast-growing market witnessing novel trends.

Inside Perfora’s Play To Disrupt Functional Oral Care Space

Before setting up Perfora, a consumer-first brand that aims to elevate end-to-end oral care, founders Jatan Bawa and Tushar Khurana researched potential ventures in 2020. But creating a buzz brand in the oral health and hygiene space was not initially on their radar.

The duo had spent years working for consumer brands and were deeply ingrained in the ecosystem. Khurana, a Shri Ram College of Commerce graduate, worked for hospitality behemoth OYO, FMCG firm Akiva Superfoods and fitness brand Cult.fit. Bawa, too, had been with Akiva, the Indian tea brand Vahdam and CoHo that specialises in co-living solutions. He was part of the founding team at CoHo and led its product strategy. But it was only in 2020 that the itch to build their own business grew stronger.

After sifting through many options, Khurana eventually spotted a big gap in the market — one that had remained neglected for long. “While categories like skincare and food & beverage were evolving, oral care remained stagnant,” he told Inc42.

“Consumers today are more conscious of what goes into their products. Yet many toothpastes still contain ingredients like titanium dioxide, which is banned in the EU [for its potential toxicity], and SLS [sodium lauryl sulfate creates foam and removes food particles but can cause contact irritation], which has been phased out in skincare.”

There was another reason to plunge into functional oral care, although none of the founders had a dental care background. Khurana had issues with teeth alignment and struggled with bleeding gums. He had tried multiple products and visited dentists but failed to find a permanent cure.

As oral health is essentially linked to overall well-being and failing to take care of it can trigger heart conditions, diabetes or even dementia, the mandate was clear. The entrepreneurs saw an opportunity to redefine the category with a new product line made with chemical-free ingredients that would be more effective, safe, affordable and fun.

After seven to eight months of digging into consumer behaviour, bouncing off ideas, studying category gaps and speaking with dentists and other industry experts, the startup was launched in August 2021.

The market entry during the pandemic was fortuitous. At a time when consumers embraced preventive healthcare and holistic wellness, Perfora seized the moment and positioned itself at the crossroads of innovation and convenience. It currently offers 35 SKUs under six major categories but focusses on tooth whiteners.

The brand has sold more than 4 Mn products, which are science-backed, aesthetically packaged and free from all harmful chemicals. More importantly, many of these products are plant-based — all-natural, healthier-for-you products users tend to prefer. 

The brand sells through its website, on quick commerce platforms and ecommerce marketplaces and via 1,200 partner retail stores in Delhi and Mumbai. On average, Perfora serves 1.2-1.3 Lakh monthly users, with more than 25K transacting on its website. Another 50K purchase via ecommerce platforms, while 35-40K opt for quick-commerce. Repeat customers account for 30-35% of its monthly user base. 

Its remarkable growth trajectory further highlights the rising consumer appetite for reliable and effective oral care products. It reported a 985.7% year-over-year rise in revenue for FY23, growing from INR 1.4 Cr to INR 15.2 Cr. The momentum continued into FY24, with an 184.9% YoY surge to INR 43.3 Cr.

Khurana says the brand will likely close FY25 with INR 70 Cr, marking 61.7% YoY revenue growth. Although the current fiscal year figures are not audited, early indicators suggest that the business is moving towards sustainable growth.  

The founders attribute this success to a strategic emphasis on content to enhance people’s awareness, omnichannel (online+offline) distribution for greater accessibility and product innovation to meet consumer requirements.

“We doubled down on our core strategies, invested in research and focussed on doing fewer things, but doing them exceptionally well,” explained Khurana. Additionally, FY25 has seen the brand streamline operations, become more data-driven, push category-specific ROIs and track advertising performances. 

Overall, as per its claims, Perfora is on track to clock 50X revenue growth between FY22 and FY25. Conversely, its losses have deepened, a common trend among growth-stage startups, with manufacturing and the cost of goods accounting for most of its expenses.

Despite these challenges, Perfora’s founders remain undeterred, outlining ambitious growth targets and securing growth capital. The Shark Tank India participant has attracted $8.4 Mn (INR 72.6 crore) in funding. The D2C brand counts RPSG Capital Ventures, Sauce VC, Lotus Herbals Family Office and Sara International Family Office, as well as a clutch of angels, among its investors.

How Perfora Found Its Whitening Sweet Spot

Perfora began with a simple mission: To put the customer first and solve their problems by developing a safe and effective oral care brand tailored for modern consumers. The goal was to tap into the whitespace in the oral care segment that had seen little innovation.

While building the brand, the founders’ biggest hurdle was their lack of exposure to oral care. Neither had a background in dentistry, and it took them time to understand issues like mouth ulcer, toothaches or bleeding gums and their broader health implications. “Grasping the nuances of people’s needs — how they perceive these problems, what feels like an emergency, and what doesn’t — is crucial, ” said Bawa.

Their learnings came from two key sources: Regular conversations with customers to assess whether their products addressed real concerns and ongoing engagement with dentists and industry experts to stay informed on emerging issues and treatments.

The problem of product specialisation emerged next.

“Earlier, we wanted to create a comprehensive range — products for cavities, whitening, freshness — all offered at a single price point,” said Bawa. “We were thinking like market leaders, convinced we could play across multiple categories. But soon, we realised that trying to be everything to everyone does not work.”

Hence, the brand shifted its focus to tooth whitening, an extremely popular dental procedure that can be done by professionals or with the help of over-the-counter products. The decision has stemmed from the realisation that brand-building is costly and requires sustained, focussed effort.

“Marketing demands significant investment, and for it to gain traction, you need compounding growth to make it happen. A brand that stands for one thing, even for a smaller audience, is often stronger than one that tries to stand for too many things,” explained Bawa.

Although Perfora will be operating across categories, the D2C brand is refining its strategy and will emphasise cultivating a clear, distinct identity around whitening products to deliver quick results.

Creating An All-New Oral Care Line

Think of a peroxide-free tooth whitener, an alcohol-free, oral microbiome-friendly mouthwash, a smart water flosser, or toothpaste with the refreshing flavour of lemon mint or soothing lavender rose — products which are thoughtfully crafted for health-conscious consumers not fond of stereotypes.

That was the transformation the founders sought, away from the mass brand-driven market and exorbitantly priced luxury offerings. The brand’s key strength lies in addressing consumer concerns through conscientious oral care, prioritising safety and efficacy.

Perfora cuts through an oversaturated market with a line of vegan and plant-based products that are non-GMO, toxin-free, and MADE SAFE-certified. Most of its formulations contain natural ingredients such as xylitol (a natural sugar alcohol found in plants), spearmint and lemon oils, Vitamin C, aloe vera and menthol crystals and other potent natural extracts for safety and efficacy while doing away with artificial sweeteners and harmful additives. 

Its clean formulations are free from SLS, parabens, synthetic dyes or broad-spectrum antimicrobial agents like triclosan, which may cause skin and gum irritation and long-term health concerns like antibiotic resistance. Incidentally, many of these ingredients are already banned or restricted globally.

The brand’s innovation is driven by a dedicated R&D team of dentists and formulators who create all formulations in-house and further collaborate with external partners for new product development. 

Perfora products are contract-manufactured in FDA-approved and ISO-certified facilities and deployed to partner warehouses — mini rented spaces in Mumbai, Gurugram and Bengaluru — for efficient distribution. Everything undergoes rigorous quality checks during production and warehousing, while the startup has developed ethical sourcing networks for ingredients. 

“One of the biggest hurdles was the lack of established playbooks in India for building clean-label, functional oral care products,” said Bawa. “We had to reimagine the supply chain from the ground up, driven by first-principles thinking and convince our vendors to focus on quality. At times, we had to educate all stakeholders about clean-label certifications and international compliance standards, which wasn’t easy.” 

However, the oral care brand is still struggling to produce toothcare electronics (electric toothbrushes and water flossers) in-house. These are currently imported from China, but Perfora has developed the first batch of prototypes and partnered with an Indian manufacturer to release the homegrown products soon. “If we can achieve the same level of product quality and compliance locally, it will be a major milestone for us,” said Khurana.

Electric toothbrushes have long been a staple in Western households but are slowly gaining traction in India. That, however, is changing, and Perfora is at the centre of this shift.

How Perfora Turned Consumer Insight Into Its Growth Engine

For a young player like Perfora, breaking into a $1.96 Bn Indian oral care market dominated by legacy players is no small feat. After all, these industry giants have spent decades cultivating deep consumer trust, expanding distribution networks and wielding enormous advertising budgets.

New entrants face two steep hurdles against this backdrop: The high cost of customer acquisition online and the time-intensive task of building a robust offline presence. Yet, Perfora has beat the odds by combining an instinctive savvy approach with strategy. A keen understanding of what young consumers crave is at the core of its success.

From the outset, the founders realised that its target audience would be open to new brands and never-before experiments if they felt a personal connection to the brand’s story and trusted the people behind it. This insight helped them focus on product innovation, design, storytelling and brand-building.

One of their earliest wins was upending the traditional product aesthetics. Perfora’s vibrant packaging, playful colour schemes and unconventional flavours made their toothpaste stand out on crowded shelves.

Another growth driver is product-related content to address oral care issues. Whether yellow teeth, bad breath, or oral sensitivity, Perfora’s messaging zeroes in on a relatable issue and positions its products as solutions.

Continuous product iteration based on customer feedback also fuelled its growth. Bawa and Khurana have created a dynamic feedback loop to stay tuned to customer requirements and constantly refine their products based on audience insights. For instance, Perfora’s signature product, Purple Magic Whitening Serum, was launched in September 2023 after listening to customer demand for an on-the-go whitening product with instant results. It quickly became a bestseller and a major revenue contributor.

But its boldest move was a clean breakaway from dentist-endorsed impersonal advertising. Perfora engages with its customers in a relatable, authentic manner that resonates well. This shift has strengthened the brand’s emotional connection with its target audience, setting it apart from legacy players.

Using Digital Distribution To Build Trust And Traction

The brand’s rapid rise can be further attributed to its digital-first strategy. Unlike the legacy players relying on pharmacy shelves and supermarket aisles, Perfora has built a strong online narrative, eliminating intermediaries for better pricing and engaging with customers for new product concepts and a more personalised shopping experience.

As oral care is now considered a core element of one’s well-being, Perfora tapped into this awareness and positioned its products not as hygiene essentials but as critical self-care tools. Its strategy worked, and customers responded positively.  

The pivotal moment came in February 2023, when the brand appeared on Shark Tank India. “That moment truly changed the orbit we were in. It brought massive visibility, drove a surge in traffic and introduced Perfora to a whole new customer base [read national audience]. People discovered us, tried our products, and the feedback was incredibly positive,” said Khurana.

The startup secured INR 80 Lakh at a valuation of INR 32 Cr, a deal that boosted its financial standing and amplified its credibility.

In a market where brand trust is crucial, Shark Tank gave Perfora the validation it needed to scale, driving an 8X spike in traffic and a 3.5X jump in revenue in the following months. 

Khurana added that the strong recall was also possible as the brand had built a solid presence across key channels before the episode was aired. “We entered quick-commerce platforms Blinkit and Swiggy Instamart a couple of months before Shark Tank. While q-commerce initially contributed 5–6% of our revenue, it now accounts for 20–25%,” he said.

The show propelled Perfora into the mainstream, but the startup quickly capitalised on the momentum. Unlike many businesses that struggle post-funding, the brand had a clear roadmap. It doubled down on digital marketing and expanded its product line, introducing new variants and improving existing ones based on user feedback. This agility has been key to Perfora’s sustained growth. 

Can Whitening And Offline Push Help Perfora Cross INR 100 Cr?

Perfora is yet to hit the profit button, but the founders outlined bold plans for FY26, targeting INR 100 Cr in revenue. Moving forward, it will continue to invest in marketing, brand building and content creation and push its omnichannel strategy for comprehensive growth.

As expansion into offline retail will be crucial for this strategy, Perfora wants to scale from 1,200 to 2,500 stores. It will focus on key hubs like Delhi, Mumbai, Jaipur, Lucknow, Chandigarh and Punjab, with possible expansion into Pune, Bengaluru and Hyderabad. 

It will expand its kids’ range, which has already seen a soft launch, and wants to serve 1 Cr users by 2030, which seems well within its reach, given its current trajectory. 

More importantly, the brand plans to deepen its tooth-whitening portfolio with a host of variants, including serums, strips and electronic devices. “The idea is simple. Six to 12 months from now, if you ask 10 people about Perfora, we want all of them to associate us with tooth whitening. We are looking at 30% of that market,” said Bawa.

Sceptics might not appreciate Perfora’s niche focus in a market where people are not deeply invested in cosmetic dentistry. A recent Mintel study revealed that 59% of Indian consumers brush their teeth just once a day, underscoring the disparity in oral care priorities compared to the West.

However, Perfora seems to target a niche demographic — young, ingrained in global culture and conscious consumers eager to adopt smarter, safer and more stylish health and wellness products. Given this context, brands like Perfora are well-positioned to drive innovation and disrupt the personal care industry.

A look at the projected growth in this sector will not be out of context, either. The tooth-whitening market in India is estimated to reach $220.6 Mn by 2030 from $123.2 Mn in 2023, at a CAGR of 8.7%. Meanwhile, the global oral care market is projected to grow from $34.8 Bn in 2025 to $46.5 Bn by 2032. As Perfora continues to cater to the broader segment of functional oral care, its blueprint for growth is firmly in place. 

But that does not rule out tough competition from deep-pocketed industry giants like Colgate-Palmolive, Dabur and Patanjali or new-age D2C players like Protouch, Fang and Purexa also eyeing a slice of the oral wellness pie. Can Perfora take them in its stride as it tries to redefine oral care in India?

[Edited By Sanghamitra Mandal]

The post How Perfora Scaled To INR 70 Cr Revenue In 4 Years By Disrupting Oral Care appeared first on Inc42 Media.

Imagine receiving an exclusive invite to St James’ London, D’MONDE or Sentosa Golf Club. What about getting your hands on a limited-edition watch from Patek Philippe or Audemars Piguet even before it hits the market. What would be your expression if you got a last-minute reservation at a Michelin-starred restaurant booked out for months? Envisage a seamless VIP airport experience where security lines simply don’t exist for you. Sounds like a dream, right? 

Now, that’s what luxury concierge is all about. Whether it’s fine dining, elite sports access, immersive travel, or securing once-in-a-lifetime experiences, these services, especially designed for high & ultra-high-net-worth individuals, at their best exemplify what it means to live in the lap of luxury. 

The world of luxury concierge is rapidly growing in India, with many reports estimating its current market at approximately INR 500 Cr. Raising the bar in this realm where dreams transcend into reality are names like Indulge Global and Pinch. These brands are redefining luxury by offering highly personalised, 24X7 concierge services.  

Hell-bent on cutting above the rest is RedBeryl. Founded in 2023 by Manoj Adlakha, a former executive at American Express, the lifestyle startup aims to redefine luxury concierge services in India by offering highly personalised, 24/7 lifestyle management tailored to the unique needs of its members.

Currently, the company operates in 14 premium segments, including fine dining, sports, entertainment, travel, elite mobility, and more. 

Through its ultra-exclusive range of experiences, the brand aims to even cater to its consumers’ rarest of the rare aspiration. To make its services more accessible, the brand has forged alliances across 85 Indian cities and 25 international destinations. It also promises a seamless access to VIP airport assistance, elite mobility services, and exclusive club memberships. 

Its membership is available by invitation only and requires a one-time joining fee of nearly INR 5 Lakh. This allows members access to over 15,000 luxury hotels, premium events, and exclusive priority services in travel and hospitality.

The Making Of RedBeryl

Redberyl is the brainchild of Adlakha’s vision to create a platform that redefined luxury and exclusivity for India’s elite. A former executive at American Express, Adlakha brings over three decades of experience in the banking and finance industry. 

Having held top roles at American Express, Visa, and Yes Bank, Adlakha deeply understood the evolving needs of high-net-worth individuals and the gap in high-touch membership services. 

His deep understanding of the fancies of high and ultra-high-net-worth individuals showed him several gaps in the luxury market in the country. One of the major ones was that no single platform offered a comprehensive suite of premium services under one roof. “While such services existed, they were fragmented, with no provider integrating them seamlessly,” the founder said.

Observing a huge whitespace, he decided to integrate various offerings such as concierge services, travel, shopping, financial products, and lifestyle benefits into a single platform. He envisioned a full-fledged lifestyle platform. 

As the CEO of Amex India, who launched several premium credit cards during his tenure, he has always been well-versed with the extent of an aspirational luxury customer. 

His work on the Centurion Card (Amex Black Card) taught him that strong alliances and partnerships were key to enhancing the value proposition of the product he had in mind. Therefore, he embarked on the quest to join hands with the right partners.

After months of research and forging alliances, the founder launched Redberyl in 2023 as a platform where high-net-worth individuals could access premium services, including invitations to events at St James’ London, D’monde, Sentosa Golf Club, Willingdon Sports Club, and Emirates Golf Club. Adlakha also worked on getting an early access to limited-edition watches from brands like Patek Philippe, Jacob & Co, and Audemars Piguet.

The startup also enjoys a strong association with luxury hotel chains like Oberoi and Leela. Besides, the company cherishes its partnership with Kirchhofer, known for housing the world’s largest selection of Swiss watch brands. Recently, it has partnered with D’MONDE Members Club, an elite network offering luxury privileges. 

Redberyl’s One-Stop Shop For All Things Luxury 

What sets RedBeryl apart is its all-in-one approach to luxury lifestyle management. Unlike traditional concierge services that focus on specific requests — like booking a table at an exclusive restaurant or arranging wine delivery — RedBeryl is built to be a comprehensive lifestyle partner. As per the founder, as long as a request is legal and ethical, the startup will do everything in its might to manage it.

Besides, the brand aspires to be more than just a service provider, it seeks to transform experiences into lifelong memories. For instance, its flagship DreamWeaver concept goes beyond luxury. Under this, the company claims to have recently curated an exclusive VIP offering for cricket enthusiasts by offering premium seats to its members right behind the bowler’s arm, ensuring the best view of the action.  

“We also help our members get access to VIP lounges to network with high-profile guests and personalised transportation, including private car service to and from the venue,” the founder said. 

From round-the-clock concierge support to VIP airport assistance, mobility solutions, access to elite clubs, fine dining, and major events, RedBeryl offers a full spectrum of premium services.

What further sets it apart is that it combines the best features and perks of premium credit cards while giving customers the flexibility to access a full range of services anytime, anywhere — both in India and abroad. According to the founder, this approach ensures that members receive unmatched value, with benefits worth 20X the annual subscription fee.

Currently, under its Red Membership plan, the platform charges a one-time joining fee of INR 5 Lakh and 1.9 Lakh annually. Similarly, its Black Membership is priced at INR 1.5 Lakh (one-time) and 90K annually.

The Red Membership is by invitation-only and comes with annual benefits worth INR 37 Lakh+, while the Black Membership offers benefits worth INR 13 Lakh. While the Red Membership offers premium experiences, luxury hospitality, elite clubs, high-end retail, and priority concierge services, the Black Membership includes luxury travel, concierge services, and event access with fewer perks.

What’s Next In Store For Redberyl

According to the founder, 2024 marked a milestone year for RedBeryl as it entered into B2B alliances with brands such as The Leela, Ellidore, and Platinum World Group. These collaborations have enabled the brand to offer exclusive access to luxurious properties, world-class events, and curated travel experiences.

In addition to these partnerships, the startup has largely remained focussed on expanding its network both globally and within India, particularly in tier-II and tier-III cities. 

Going forward, the company plans to strengthen ties with top-tier luxury brands across industries such as travel, real estate, and gastronomy to enhance its offerings.

Driven by the growing number of HNIs and UHNIs seeking personalised experiences, India’s luxury market is projected to reach $85-90 Bn by 2030, according to management consulting firm Bain & Co. This emerging sector is attracting significant investor interest as well. For instance, luxury concierge startup Indulge Global recently raised $1 Mn from Gautham Pai and angel investor Nikhil Shettar. 

Meanwhile, foodtech major Swiggy has also ventured into the segment, piloting concierge services for premium customers through the launch of Rare Club, a membership programme priced at INR 50,000 annually.

Capitalising on this momentum, RedBeryl aims to expand its membership base from 700 to 2,000 by 2026. While the concierge industry is still in its early stages, its long-term trajectory remains uncertain. It is yet to be seen how this evolving sector will shape opportunities for these new-age brands.

[Edited By Shishir Parasher]

The post How This Ex-American Express CEO Wants To Change The Luxury Concierge Paradigm In India appeared first on Inc42 Media.

Audio OTT platform Vobble, which raised $1 Mn as a part of its seed funding round in March last year, has secured another $1 Mn (INR 8.7 Cr), closing the round.

The investment was led by MIXI Investments, along with participation from existing backers, including Lumikai, Namita Thapar and Sattva Investments among others.

On the capital deployment, Vobble cofounder Neha Sharma told Inc42 that the company will use the fresh proceeds to launch a new AI-assisted audio product for kids in the US.

She also added that almost 30% of the total funding will be dedicated to building technology and AI-related features.

The audio pocket player is designed for kids aged 6-12, aiming to offer interactive storytelling, audio games, and personalized content. It will allow children to listen to dramatized stories, play with their favorite characters, and even create their own AI-assisted audio tales using simple prompts or voice inputs.

With more than 300 episodes featuring original characters and fresh content set to drop monthly, this product is built with strict safety measures, no ads, and full parental controls. It promises a fun yet secure environment for kids to explore audio entertainment in a whole new way, the company said.

Founded in 2023 by Sharma and Sowmya Jagannath, Vobble is an audio OTT platform designed for kids aged 4 to 12 years. It offers an immersive, screen-free storytelling experience, featuring a diverse content library that includes story series, music, audio shows, and kids’ podcasts.

“Vobble is tackling the global concern of kids’ screen time by embracing the growing trend of audio content for kids,” Tomoharu Urabe, Principal Partner, MIXI Global Investments.

The founders are looking to launch this product both in India and the US by May 2025. 

The Bengaluru-based startup was born out of the founders’ vision to create engaging, educational, and entertaining audio content for children, helping them explore stories and music without the need for screens. With a focus on original and curated content, Vobble aims to redefine kids’ entertainment by making storytelling more interactive and enriching.

The startup’s shot to fame was its appearance on Shark Tank India Season 3, where it got a commitment of INR 25 Lakh from Emcure Pharmaceuticals’ executive director Namita Thapar. 

On the financial front, the startup reported a revenue of over INR 60 Lakh in FY24 and claims to have a monthly recurring revenue (MRR) of INR 13 Lakh. The company aims to close the financial year 2024-2025 (FY25) with $2 Mn (INR 17.4 Cr) in revenue. Going forward, the company will focus on its new product launch and expansion into new markets.

The post Exclusive: Vobble Bags Funding To Launch AI-Powered Audio Pocket Player For Kids appeared first on Inc42 Media.

A month after it was reported that Amazon Web Services (AWS) is planning to invest $8.3 Bn in cloud infrastructure across Maharashtra to further expand its cloud capacity in India, the team of the company yesterday (March 3) met Union Minister for Electronics and Information Technology Ashwini Vaishnaw to discuss the investment plan in the coming few years. 

During the meeting, AWS reaffirmed its commitment to investing $8.3 Bn in Maharashtra over the next few years to expand its cloud infrastructure in India, ET reported. 

“The team of Amazon Web Services explained their entire plan of investing about $8.3 Bn in Maharashtra in the coming few years,” said Vaishnaw. 

He added, “They are very optimistic about growth in India. They are bringing latest technologies, they are deploying the latest GPUs which is what they shared today. They are deploying some of the best compute facilities and the cloud management services in India.”

He said that along with the investment there will also be significant growth in employment as well.

In January, AWS announced plans to invest $8.3 Bn in cloud infrastructure within the AWS Asia-Pacific (Mumbai) Region in Maharashtra, aiming to expand cloud computing capacity in India. To formalise this partnership, the Maharashtra government and AWS had signed an MoU at the World Economic Forum in Davos.

At the time, it was reported that this investment could contribute $15.3 Bn to India’s GDP by 2030, driving growth across sectors like telecom, construction, electricity, and data center operations. 

Additionally, the investment was projected to support over 81,300 full-time equivalent jobs in businesses linked to the data center supply chain. AWS’s infrastructure powered major enterprises such as Axis Bank, HDFC Bank, and ICICI Lombard, along with startups like Healthify and public-sector entities like Coal India Limited.

AWS, a subsidiary of Amazon, is a leading cloud computing platform that provides a diverse range of services, including computing power, storage, databases, and content delivery. 

As part of its aggressive expansion in India, AWS has committed an investment of INR 60,000 Cr to set up data centres in Telangana. 

Additionally, in September last year, Amazon had reportedly announced plans to inject another $2 Bn into Telangana to further enhance its data center infrastructure in the state.

The post AWS Discusses $8.3 Bn Maharashtra Investment Plan With Ashwini Vaishnaw: Report appeared first on Inc42 Media.

National Payments Corporation of India (NPCI) MD and CEO Dilip Asbe has reportedly said that almost 16% of all credit card spending in India takes place on the RuPay network, with nearly half of these transactions made via credit on the Unified Payments Interface (UPI).

According to an ET report, speaking at the Mumbai Tech Week, Asbe said that over 30 banks now issue RuPay credit cards.

According to data from the Ministry of Finance, RuPay credit cards on UPI recorded over 750 Mn transactions worth INR 63,825.8 Cr in the ongoing fiscal year until October 2024, up from 362.8 Mn transactions valued at INR 33,439.2 Cr in the previous year.

While RuPay is seeing increased adoption, mainly due to UPI-enabled credit cards, Visa and Mastercard still hold a major share of India’s credit card market, added the report.

In June 2022, the RBI approved the integration of UPI with RuPay credit cards, making RuPay the sole UPI-linked credit card network in India, giving it a substantial advantage.

Then, in October 2023, NPCI implemented interchange fees for credit card UPI transactions, with small merchants being exempted from these charges.

In March last year, the RBI further solidified RuPay’s position by mandating that card issuers provide multiple network options to customers, while also prohibiting exclusive agreements that restrict their choice of card networks.

Meanwhile, NPCI is establishing a research and development center with a capacity for 5,000 people as part of its global expansion strategy. Asbe mentioned that representatives from approximately 70 countries have visited the NPCI office in the past four to five years.

This development comes at a time when the government has reduced its incentives for promoting RuPay debit cards and low-value UPI transactions, specifically those up to INR 2,000, marking a significant shift in digital payments.

The budget document presented by Finance Minister Nirmala Sitharaman highlighted a reduction in the incentive scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions (person-to-merchant), with the allocation dropping from INR 2,000 Cr last year to INR 437 Cr for the upcoming fiscal year.

It’s important to note that the INR 2,000 Cr figure for 2024 was a revised estimate, down from the original budget allocation of INR 1,441 Cr. Over the years, the government has been gradually reducing funding for this scheme, which was initially introduced in 2023 with an outlay of INR 2,484 Cr.

This development coincides with UPI transactions reaching an all-time high in January, recording 16.99 Bn transactions. UPI transactions saw a 1.5% increase in January, rising from 16.73 Bn in the previous month. The total transaction value for January stood at INR 23.48 Lakh Cr, up from INR 23.25 Lakh Cr in December.

The post 16% Of Credit Card Spending In India Takes Place On RuPay Network: Dilip Asbe appeared first on Inc42 Media.

Vidita Kochar Jain was stunned by the big diamond studded on the proposal ring. The boyfriend was aspiring to be the husband. It must have been frightfully expensive – the thought kept gnawing at her until she came to know that it was a man-made diamond created in laboratories, barely in a few weeks. 

Vidita wasn’t aware that the chemistry that goes behind the making of these vanity rocks could now create the magic sparkle at a cost that suits the budget-conscious Indian as natural diamond gets increasingly out of bounds. 

What makes lab-grown diamonds 80-95% cheaper than natural diamonds? It was an obvious curiosity for someone like Vidita, who experienced the artificial gemstone for the first time. It takes 100-300 Cr years for carbon to crystalise into natural diamonds deep underground. It’s the rarity of the gemstone that makes it so expensive.  

Diamond remained synonymous with desire, thanks to the price it commands, but the enigma it flaunts kept beckoning humans for centuries.   

Diamonds manufactured in laboratories have come up as the best and the most affordable alternative to natural diamonds. Although it took some time to charm the Indian buyer, an evolving consumer preference has fostered a $264.5 Mn (around INR 2,292 Cr) market for lab-grown diamond jewellery in the last few years that’s set to average a 14.8% growth rate through the next 10 years. 

Jewellery marques like Pome, from Tatas-owned Trent, Senco Gold arm Sennes Fashion, and Giva hitched a ride on the drifting preference and brought lab-grown diamonds into their collections. New-age brands such as Fiona Diamonds, Aukera Jewellery, and Limelight Diamonds too are pushing the boundaries for innovation with lab-grown diamonds. 

The possibilities in the emerging market attracted business brains and innovators from every sphere. Vidita and her brother Nipun Kochar didn’t miss the bus. While brands rushed for grandeur, Jewelbox spotted a rather overlooked market in everyday diamonds. The Kolkata-based startup, founded by the siblings, chose to stand out by focusing on accessibility, customisation, and strategic product positioning. Unlike most brands that target high-end buyers, it creates everyday-wear lab-grown diamond jewellery in a price range of INR 5,000 for nose rings to INR 5 Lakh for bridal sets. 

The company saw its topline zoom to INR 16.5 Cr in FY24 from INR 3.8 Cr within a year as the rush for lab-grown diamond jewellery spiked. 

Lab-grown diamonds are created in highly controlled environments using advanced processes like chemical vapour deposition (CVD) and high-pressure high-temperature (HPHT). These methods replicate the process of formation of natural diamonds, using pure carbon, high pressure, and extreme heat to develop a crystalline structure. The diamonds produced this way are chemically, physically, and optically identical to natural ones.

The entire process takes just a few weeks until the rough cut is polished and the stone is ready to be fit into pieces of jewellery. Lab-grown diamonds not only cost a meagre fraction of the natural diamond, but they are also gaining ground for their sustainability and ethical production. 

Natural diamond is sourced from coal mines. The mining practices often involve the felling of trees, deforestation, and evacuation of locals, and cause major threats to the ecological balance. 

The lab-grown alternatives have been in existence since the 1970s, but they entered the Indian market only around 2008-10. Their popularity surged only in recent years as consumer preferences changed. As lab-grown diamonds caught the fancy of Indian consumers and its bigger and older peers rushed to ride the wave, Jewelbox entered the market in 2022. 

Out Of The Box 

The jewellery startup operates across ecommerce platforms and offline retail outlets, offering a diverse range of new-age ornaments for men and women, including rings, earrings, nose rings, pendants, bridal jewellery, bands, and bracelets.

What’s unique about Jewelbox is its ever-growing catalogue, with 300 designs launched every month. 

What plays behind the ever-growing portfolio? The idea is Vidita’s brainchild. The chartered accountant by profession had served Swiggy for over three years, managing diverse non-food categories. She played a key role there in launching new categories on Instamart. 

The thought of doing something on her own crossed her mind after she had to relocate from Bangalore to Gujarat and her role changed. Vidita had floated a startup advertising agency with her brother Nipun back in 2013, when he told her about the growing traction in lab-grown diamonds. They dusted off the idea and set out on extensive research. 

They spoke to more than 5,000 people and over 30 jewellers to understand the industry scenario. Although most jewellers dismissed lab-grown diamonds as a risky idea, they found that in the US, the category had grown rapidly, increasing its market share from just 1% to 19% within four years. 

“Consumer trends from developed markets often, if not always, make their way to India, indicating strong potential,” recounted Vidita. 

They found that despite only 4-5% of Indians owning diamond jewellery, its aspirational value remained high. Most people instinctively associate engagement rings or statement jewellery with diamonds. This pointed to a significant untapped demand, with lab-grown diamonds offering a more accessible alternative.

“This made us realise that the natural diamond industry had intentionally kept this innovation under wraps for years. The reluctance stemmed from concerns that if lab-grown diamonds gained traction, consumers might shift away from natural diamonds. That fear is now turning into reality as consumer perceptions and buying behaviours evolve, marking a significant shift in the jewellery industry,” Vidita told Inc42.

With their research insights and limited knowledge of lab-grown diamonds and the retail space, the founders rolled out Jewelbox in May 2022, starting with retail stores in their home city, Kolkata, with the goal of expanding the brand across India. The vision for the brand at the time was to bridge the affordability gap and make diamond jewellery more accessible.

Breaking Into The Market

The founders stepped out of their comfort zone to launch Jewelbox, but they soon encountered multiple hurdles. One of the biggest challenges was the lack of awareness about lab-grown diamonds in the market. When they opened their stores, only about one in 10 customers had even heard of lab-grown diamonds, and most had never seen or experienced them first-hand. 

“Despite explaining to customers that lab-grown diamonds possess identical chemical, optical, and physical properties to natural diamonds and are made of 100% carbon, most remained sceptical. Educating customers about the product and building trust in the category proved to be a difficult task,” Vidita said.

What worked in favour of the founders was that, around the same time, the government began promoting lab-grown diamonds. The Union Budget 2023-24 proposed a five-year research grant to IIT Madras to boost indigenous production of lab-grown diamond machinery, seeds and recipes. It also proposed to establish an India Centre for lab-grown diamonds there at an estimated cost of INR 242.96 Cr for five years.

“This endorsement from the government helped reduce the scepticism over lab-grown diamonds among customers substantially,” Vidita said.

That was not the end. Expanding a jewellery brand across India had its own set of challenges. Unlike traditional jewellers who operate in select cities, Jewelbox had a pan-India vision from the start. This meant they had to streamline operations and logistics to ensure smooth expansion. The team spent months researching, planning, and optimising inventory management to cater to diverse regional preferences. 

According to the cofounder, jewellery trends vary widely across the country – what’s popular in South India may not appeal to customers in the Northeast or in the West. Even within a city like Kolkata, different stores witness distinct preferences. 

“We decided to flood the market with options. Today, we launch 300 designs every month, while making sure that no design is repeated across stores. This allows each location to cater to its unique customer base,” she said.

The effort paid off. The brand has scaled from just 300 SKUs to over 3,000 SKUs. Its key USP lies in catering to multiple segments, from everyday jewellery to occasion-specific and religious designs. It also differentiates itself by offering customised and personalised orders, ensuring delivery within a 21-25-day timeframe.

For manufacturing, Jewelbox relies on exclusive tie-ups in Mumbai and Surat, who manage the supply on a just-in-time basis. The process starts with procuring lab-grown diamonds and gold from the market, while the designing is handled entirely in-house, backed by extensive research to cater to evolving customer preferences. 

Thrashing Out The Blueprint 

The startup has built a strong customer base with over 800 monthly users and 9,000 jewellery pieces sold. A key driver of this growth has been its appearance on Shark Tank India.

After appearing on Shark Tank India Season 3, the startup saw a massive five-fold jump in revenue. “At the time, jewellery sales were predominantly offline, with a 90% offline and 10% online split. However, after Shark Tank, this completely flipped to 90% online and 10% offline. While the online share has since stabilised at 40%, the brand sees this as a strong number, given the challenges of selling jewellery online,” Vidita added.

Jewelbox has a presence in eight stores and is looking to launch at least two outlets every month. It recently launched a store in Bengaluru and plans to expand further in Hyderabad and Mumbai, followed by Tier II cities such as Lucknow and Bhopal.

The company is looking at both company-owned (COCO) and franchise-operated (FOCO) models to scale its offline presence. It is in advanced discussions for its next funding round and has raised INR 3.5 Cr from institutional backers JITO Incubation & Innovation Foundation (JIIF).

On the financial side, the startup ended FY24 at INR 16.5 Cr. It aims to close FY25 with INR 34 Cr, with an MRR of INR 3.5 Cr. The company has ambitious plans to reach a revenue milestone of INR 120 Cr by FY26.

It is also innovating on the product front. The company has exclusive right to market a special ‘Padma Cut’ diamond for lab-grown diamonds in India, featuring 80 facets compared to the standard 56-60. 

The company also looks to integrate AI and roll out virtual try-ons both in-store and online this year itself. 

The founders believe the startup is on track, but the biggest roadblock ahead for them alerts that the category itself is very new even now. The market is certainly growing, but in a country like India, Jewelbox isn’t just competing with traditional players – it is trying to create an entirely new segment and replace natural diamonds. 

Changing the deep-rooted consumer mindset around diamonds, which have always been seen as a symbol of status and tradition, is not a small task. It’s not just about selling a product; it’s about shifting an entire cultural perception.

[Edited By Kumar Chatterjee]

The post Will Jewelbox’s Everyday Designs Carve A Niche In Lab-Grown Diamonds? appeared first on Inc42 Media.

Taiwanese power and energy management company Delta Electronics is reportedly investing $500 Mn to expand its presence in India. 

The investment, announced in 2015 under the ‘Make in India’ initiative, aims to boost its manufacturing and operations in the country, a top official told PTI.

Since entering India in 2003, Delta Electronics has made significant investments through its local arm, Benjamin Lin, president of Delta Electronics India, said at Elecrama 2025.

“India is a key market for Delta, and we are committed to driving its industrial and energy transformation with our advanced solutions. Our strategic investment in the Krishnagiri facility underscores our dedication to local innovation, manufacturing excellence, and sustainability,” he added.

Delta Electronics is currently investing $500 Mn in India, which includes the expansion of its Krishnagiri facility, added Lin.

He highlighted that the investment aims to strengthen India’s self-reliance in smart manufacturing and energy infrastructure while adhering to global industry standards. He also mentioned that part of this expansion is expected to be operational by the end of 2025.

It is pertinent to note that the 125-acre Krishnagiri project was set to be developed in five stages, including a special economic zone (SEZ).

Delta Electronics manufactures solutions for electric mobility, telecom, and data centre energy efficiency at its Krishnagiri facility, about 90 km from Bengaluru.

Delta Electronics India, a subsidiary of Delta Group, has been operating since 2003 as a leading power and energy management company. It specialises in power electronics, automation, and infrastructure, with market leadership in telecom power, EV charging, and display solutions. 

The company also offers industrial automation, UPS & data centre solutions, rail transport, and energy storage solutions. With 16 regional offices, three manufacturing facilities (Rudrapur, Gurugram, Krishnagiri), and two R&D centres (Gurugram, Bengaluru), Delta has a strong nationwide presence. 

With sustainability a key priority, EV adoption in India has surged, driven by startups and government policies. Despite a late start, the market is growing rapidly, with players like Ather Energy, Altigreen, BluSmart, and Exponent Energy offering innovative solutions. The Indian EV market is projected to reach $110.74 Bn by 2029.

Indian EV startups are driving sustainable mobility, energy infrastructure, and battery management solutions while reducing carbon emissions and offering cost-effective alternatives to fossil fuels.

The development comes at a time when the Indian government plans to cap the share of total investment foreign automakers can allocate to charging infrastructure at 5%.

This provision aims to ensure EV manufacturers focus more on vehicle production rather than charging networks. Any investment beyond the 5% threshold will not be considered part of their committed investment in the country.

Meanwhile, Elon Musk-led Tesla, which is preparing to enter the Indian market, has reportedly started arrangements to ship a few thousand electric cars to a port near Mumbai in the coming months. Additionally, the EV giant has finalised two locations for its showrooms in Delhi and Mumbai as part of its expansion strategy in India.

The post Delta Expanding India Operations With $500 Mn Investment appeared first on Inc42 Media.

The Good Glamm Group has completed sale of its digital media unit ScoopWhoop to marketing firm Wubba Lubba Dub Dub (WLDD), a source close to the matter confirmed Inc42.

“The rationale behind this is that The Good Glamm Group has not just sold the brand, but made a strategic decision. Good Glamm has always been focused on beauty, whereas ScoopWhoop primarily caters to a male audience, which does not align with the company’s current plans,” the source said.

Although the source did not disclose the financial transactions of the deal but according to a report by The Morning Context, the deal was pegged at INR 20 Cr and was signed nearly a week ago which took less than a month to materialise for both the parties.

The report further said that it is an all-asset sale agreement, which means WLDD has acquired ScoopWhoop’s intellectual property but has not taken on any of its liabilities. WLDD, a seven-year-old digital marketing firm, also operates a creator marketing school in Bengaluru.

This is the second sale by The Good Glamm Group in a week as it struggles with a cash crunch. 

In a separate report by ET, The Good Glamm Group was also looking to sell its stakes in personal care brands like Organic Harvest and The Mom’s Co, as well as content brands such as POPxo and MissMalini. 

However, sources told ET that the company has now decided against selling any more brands. The report also cited a potential buyer saying that the Good Glamm Group had explored selling its stake in Organic Harvest, but the brand’s liabilities of around INR 60-70 Cr made it an unattractive asset.

A few days back, the content-to-commerce unicorn sold Sirona Hygiene back to its original founders as the group looked to manage its financial obligations. Earlier, reports suggested that the buyback would primarily be funded by Sirona cofounders Deep Bajaj and Mohit Bajaj’s personal capital and would also include the repayment of debts incurred during Sirona’s time under Good Glamm.

These divestments come as Good Glamm faces a series of setbacks. In the past year, it was dousing fires on multiple fronts despite making claims of profitability, IPO plans, and global expansion. However, the reality appears far from its optimistic projections.

On January 29, representatives from investment firms Accel, Prosus Ventures, and Bessemer Venture Partners stepped down from the company’s board.

The Good Glamm Group was established in 2021 through the merger of Darpan Sanghvi’s MyGlamm (founded in 2017), Priyanka Gill’s POPxo (2013), and Naiyya Saggi’s BabyChakra (2015).

The post Good Glamm Completes Sale Of Its Digital Media Unit ScoopWhoop To WLDD appeared first on Inc42 Media.

Workplace SaaS startup OneTab has raised $3.3 Mn (INR 28.6 Cr) in its seed funding round co-led by LIT Fund and Orbit.

The round also saw participation from a Singapore-based family office, SOSV, Sunil Kumar Singhvi and the company’s founders.

The startup plans to use the fresh capital to boost the development and deployment of OneAsk, its AI agent designed to manage the entire software development life cycle (SDLC). Apart from this, the proceeds would also be deployed to bolster the platforms’ features, expand team and scale operations.

OneAsk, the AI agent by OneTab.ai, will simplify software development by unifying all phases of the SDLC. From ideation and design to testing, deployment, and post-launch analytics, it streamlines workflows into a single intelligent platform, enabling developers, project managers and businesses to work more efficiently.

Saket Dandotia, founder of OneTab.ai said, “With OneTab’s AI agent, we have created an intelligent solution that not only simplifies processes but also drives innovation by enabling teams to focus on what truly matters—building exceptional software.”

Powered by open-source large language models (LLMs), OneAsk automates manual tasks, enhances collaboration, and improves decision-making throughout SDLC. It integrates key capabilities such as real-time communication and project management, AI-driven code generation and debugging, automated quality assurance and testing, and smarter deployment strategies with actionable analytics.

Founded in November 2023 by Saket Dandotia, Sonal Dandotia, and Alok Patil, OneTab is a workplace SaaS startup designed to streamline software development workflows. It integrates project management, communication, API development, CI/CD, and AI-driven automation into a single platform, addressing inefficiencies in traditional tools like Slack and Asana.

OneTab operates on a SaaS subscription model with tiered pricing based on team size and usage. Its proprietary LLMs, OneGPT and OneCode, enable AI-powered project management, coding assistance, and automation while ensuring data privacy through private hosting.

In 2024, Indian SaaS startups secured a total of $2.1 Bn in funding, reflecting a 31.25% year-on-year (YoY) growth, as per Inc42’s ‘Indian Tech Startup Funding Report 2024’. The number of deals also increased by 5% YoY, reaching 207.

This surge in funding was driven by the growing influence of artificial intelligence (AI), with VCs actively investing in AI-powered startups.

A recent example is Hyderabad-based AI startup Pulse, which raised $1.4 Mn (INR 11.8 Cr) in its seed funding round led by Endiya Partners, with participation from angel investors, including founders of Zluri and Yellow.ai. 

Additionally, Indian SaaS companies continue to be investor favourites due to their global market appeal and access to a high-quality yet cost-effective talent pool.

The post Workplace SaaS Startup OneTab Bags $3.3 Mn To Boost Its AI Play appeared first on Inc42 Media.

Sirona cofounders Deep Bajaj and Mohit Bajaj have bought back the feminine hygiene brand from The Good Glamm Group.

This comes a day after Inc42 reported that the cofounders were in final discussions to buy back Sirona. The buyback will be primarily financed through the founders’ personal capital and includes the repayment of debts incurred during Sirona’s time under Good Glamm’s ownership.

“We have officially bought back Sirona. We still have more to contribute to the feminine hygiene space. And this time, we return with the same passion, a bit more wisdom, and an even bigger vision to create a meaningful impact,” Deep said in a LinkedIn post.

He further added that their goal was never merely to sell, profit, and move on. 

“We had a good run together, with its highs and lows. But with Good Glamm’s changing priorities, we felt the best way forward was to reclaim the brand and lead its next phase of growth ourselves.”

Founded in 2014, Sirona specialises in feminine hygiene products and aims to address unspoken and underserved hygiene needs. It started with PeeBuddy, a portable urination device, and expanded to a range of innovative products, including menstrual cups, intimate washes, period pain relief patches, biodegradable sanitary pads, and menstrual cup kits. The brand stands out for its commitment to solving real hygiene challenges with thoughtful, eco-friendly solutions.

Mumbai-based Good Glamm Group acquired Sirona in October 2024 for INR 450 Cr. However, since then, Sirona’s sales have dropped to just one-eighth of its peak monthly run rate of INR 12 Cr, leaving vendors and the Sirona team uncertain amid a shortage of fresh funding.

Over the past year, The Good Glamm Group has faced multiple challenges despite its ambitious claims of profitability, IPO plans, and global expansion. However, the reality has not matched its optimistic projections. The company has received default notices from IAN and the founders of Sirona and The Moms Co., witnessed the exit of Good Brands Co. CEO Sukhleen Aneja, put several brands up for sale, and conducted multiple rounds of layoffs.

In January, the company reportedly delayed salary payments due to a funding crunch, affecting a section of its employees. While it cleared salaries for 85% of its workforce, higher-earning employees received only partial payments, with the remainder promised by the end of the month. By October, reports suggested the company had put at least three of its brands up for sale to stay afloat. 

Founded in its current form in September 2021 through the merger of MyGlamm, POPxo, and BabyChakra, the unicorn has since acquired nearly a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona. The company specialises in producing and selling personal care and cosmetic products, leveraging a content-to-commerce approach.

The post Sirona Founders Reacquire The Feminine Hygiene Brand From Good Glamm appeared first on Inc42 Media.

Sirona founders Deep Bajaj and Mohit Bajaj are reportedly in the final stages of buying back the feminine hygiene brand from The Good Glamm Group.

The buyback deal, valued at approximately INR 150 Cr, will be primarily financed through the founders’ personal capital. The amount also includes repayment of debts Sirona incurred during its time under Good Glamm’s ownership.

“We haven’t signed the agreement yet, but yes, we are headed in that direction. Nothing official yet,” Deep Bajaj told Inc42.

Arc was the first to report the development.

Founded in 2014, Sirona specialises in menstrual hygiene products, including herbal pain relief patches, biodegradable sanitary pads, and menstrual cup kits. It also offers PeeBuddy, a stand-and-pee device designed for women.

Mumbai-based Good Glamm Group acquired Sirona in October 2024 for INR 450 Cr. However, since then, Sirona’s sales have dropped to just one-eighth of its peak monthly run rate of INR 12 Cr, leaving vendors and the Sirona team uncertain amid a shortage of fresh funding.

Inc42 has reached out to both Sirona and the Good Glamm Group. The story will be updated based on their responses.

Over the past year, The Good Glamm Group has faced a series of setbacks despite its ambitious claims of profitability, IPO plans, and international expansion. The reality has been far from its optimistic projections. The company has received a default notice from IAN and the founders of Sirona and The Moms Co., seen the exit of Good Brands Co. CEO Sukhleen Aneja, put multiple brands on sale, and underwent multiple rounds of layoffs. 

Most recently, Accel, Prosus, and Bessemer stepped down from its board. 

In January, the company reportedly delayed salary payments due to a funding crunch, affecting a section of its employees. While it cleared salaries for 85% of its workforce, higher-earning employees received only partial payments, with the remainder promised by the end of the month. By October, reports suggested the company had put at least three of its brands up for sale to stay afloat. 

Founded in its current form in September 2021 through the merger of MyGlamm, POPxo, and BabyChakra, the unicorn has since acquired nearly a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona.

The post Sirona Founders In Final Leg Of Buying Back Company From Good Glamm appeared first on Inc42 Media.

The 5,000-year-old practice of mindful living, health and well-being, Yoga today is a $100 Bn+ industry. Often touted as the ancient art of meditation, which finds its roots in ancient Indian sacred texts, yoga has become a global phenomenon — a sensation, if you will — especially after the outbreak of the pandemic, which forced people to become serious about health and longevity.

However, what’s interesting is that more than 90% of the industry’s market value comes from outside India, with the highest popularity in regions such as North America and Europe.

Intrigued by this data, first-time entrepreneur and IITian Deepak Agarwal decided to take Ayurveda from India to the world. In his quest, he decided to create an Ayurvedic wellness brand, which today harvests 70% of its revenue from global markets such as North America.

Founded in 2019, AURIC offers herbal supplements, Ayurvedic foods, lab-certified bilona method ghee, peanut butter, honey, flavoured nuts, herbal teas, pre-mixes, supplements, and effervescent tablets, serving both Indian and international markets.

It exports to over 10+ countries, including the USA, the UK, Australia, the UAE, Saudi Arabia, South Africa, and Singapore. 

Since its inception, the startup has raised nearly $6 Mn from Cactus Partners, 9Unicorns, Venture Catalysts, Capital A, Force Ventures, Aman Gupta, Ramakanta Sharma, and Varun Alagh, among others.

With a key focus on global markets and tweaking its playbook, the brand claims to have breached the INR 100 Cr revenue mark in just one year from a mere INR 18 Cr in FY24.

Now, before we understand what led to this high-octane growth in the last one year, let’s first understand how Agarwal found his true calling in Ayurveda.   

The Genesis Of AURIC

The IIT Delhi chemical engineer has a decade-long experience of working with Unilever in India, Switzerland, and Singapore under his belt. During his stint at the multinational FMCG company, Agarwal has worked with brands such as Fair & Lovely, Lux, and Clinic Plus. 

He has also led strategic transformation initiatives and supply chain optimisation across multiple continents. His expertise includes scaling businesses, optimising costs, and driving strategic transformation. 

While he left Unilever in 2017 to bring his vision to life, the seeds of AURIC had already been sown in 2008 when he endured a backbone injury.

After committing to physiotherapy sessions for three years, he decided to surrender himself to yoga. Well, there was nothing to lose, but pain and suffering. Before he knew it, five years passed in relief and great health. 

Around 2015, one of his neighbours introduced him to the teachings of Sadhguru, which made him curious about ancient Indian wisdom. 

Coincidently, HUL was planning to relaunch its Ayurvedic brand, Lever Ayush. This was also the time when Patanjali was also gaining traction in the FMCG space, leading to numerous internal discussions at Unilever.

Recognising the growing demand for Ayurvedic products, HUL repositioned Lever Ayush for the mass market with a range of offerings, including toothpaste, skin creams, soaps, and shampoos. 

The series of occurrences — from his backbone injury to practising yoga and his tryst with ancient wisdom and the Ayurveda boom sparked by FMCG brands like Patanjali, coupled with his long-standing desire to take the entrepreneurial plunge — led to the genesis of AURIC. 

“I had always been a creator—whether in academics or extracurricular activities—constantly working on new ideas. My vision has always been to build a global brand in India for the world.  I knew that at some point, once I struck the right chord between my interests and passion, I would venture into entrepreneurship,” Agarwal said.

However, he had never anticipated that he would find his calling in Ayurveda and wellness. “Had I not suffered a backbone injury, this realisation may have never come,” the founder added. 

Agarwal said that shortly after the realisation hit him, he began researching, and after eight months, he identified three key opportunities. 

First, while people wanted to be healthy, they lacked the time and energy to maintain their wellness. Second, there was a growing distrust towards pharmaceutical companies, pushing consumers back to ancient wellness practices. 

Finally, he realised that everything from cuisine to talent was becoming a global trend, and the same was happening with yoga and Ayurveda. 

He said that he saw a huge demand for Ayurvedic ingredients, like turmeric and ashwagandha, gaining traction in the West. Therefore, he decided to strike the iron when it was hot, leading to the launch of AURIC as a D2C wellness brand in 2019. 

AURIC started with functional beverages, and today commands a folio of 20+ SKUs ranging from herbal teas to effervescent tablets. 

AURIC’s Pivot Story

Speaking with Inc42, Agarwal said he was against the idea of complicating things at the very outset and wanted to launch something easy, effective and unique. 

For this, he decided to go with global trends and found that functional beverages had a huge scope both in India and abroad. 

“Globally, functional beverages have seen major acquisitions by companies like Coca-Cola, Pepsi, and Nestlé, yet in India, the category has remained underdeveloped. We decided to deliver wellness through Ayurveda in a drinkable form, unlike usual wellness supplements,” the founder said.

So, he introduced the concept of “Beverages for Benefits”, blending Ayurvedic herbs with coconut water to create ready-to-drink functional beverages targeting skin radiance, men’s energy, sexual wellness, and weight management. 

This gained strong consumer traction, and the startup’s best sellers remained sexual wellness and skin radiance beverages for the first three years, the founder said. 

However, by 2022, the brand started facing challenges. The high logistics costs of transporting liquid products made it difficult to achieve profitability and expand internationally.

As a result, AURIC pivoted in 2022. “We decided to pivot from liquid supplements to dry supplements (effervescent tablets),” Agarwal said. By removing water from its formulations, the brand not only reduced logistics costs but also enhanced scalability and profitability.

“This transformed our contribution margins from -35% to +5%. This shift not only resolved unit economics challenges but also unlocked international scalability. Today, 70% of AURIC’s revenue comes from outside India,” the founder said.

Today the most selling products for the brand’s stable are its effervescent liver detox tablets and cow ghee. 

While pivoting, the founders faced another challenge. “While the global market holds immense potential for Ayurvedic products, the perception of Indian-origin brands wasn’t always favourable,” Agarwal said.

The startup handled this by reiterating to the world that the formulations are made in India, the birthplace of Ayurveda, for the world. The founder said the “Made in India” label became a strong differentiator for them.

Managing cross-border logistics has also been an ongoing challenge for AURIC, as global consumers today expect same-day or next-day deliveries. To tackle this, the startup has established multiple storage locations, enabling it to meet customer delivery expectations efficiently.

AURIC’s Road Ahead

Despite challenges, what has truly driven the brand to surpass the INR 100 Cr revenue mark in just a few years is its strong focus on the ‘less is more’ approach. 

Instead of overloading itself with too many SKUs, the brand has chosen to go deep into a select few products, prioritising refined formulations, strengthened communication, and a solid market positioning.

Another key strategy that has worked for the brand is its conscious effort to tailor its offerings and communication to international consumers. 

The real breakthrough came in 2022 when the brand decided to pivot from beverages to dry supplements. As per the founder, shutting down an entire business vertical at $3 Mn revenue was a tough call, but over the last 18 months, the transition to dry supplements has not only solved their unit economics but also created a more scalable and profitable model.

Going forward, while the brand’s focus will remain on global markets, it also aims to expand its presence in India by getting listed on quick commerce platforms like Zepto, Blinkit and Instamart. 

From the product perspective, it is experimenting with new formats and will soon be launching liver detox gummies. It is also planning to expand its sexual wellness category.

The brand also aims to strengthen its B2B segment, leveraging it for stable cash flow and recurring revenue. Some of its current B2B partnerships include supplying ghee to the largest ghee brand in the US. 

Helped by the pivot, the brand has witnessed 6X year-on-year growth from INR 18 Cr in FY24 to INR 105 Cr so far this fiscal. The change in its playbook has also helped the brand grow its user base exponentially from 15K-20K monthly to 55K-60K monthly. AURIC aims to double sales and achieve EBITDA-positive margins by FY26.

While things have just started looking up for the nearly five-year-old brand, it operates in a highly competitive and evolving Ayurvedic and wellness space dominated by giants like Kapiva, Himalaya Wellness, Dr Vaidya’s, and Goodveda, just to name a few.

For now, the key question is: How long will AURIC’s ‘less is more’ strategy hold up in the face an ever-intensifying competition?

[Edited By Shishir Parasher]

The post How AURIC Scaled To INR 100 Cr By Taking Ayurveda Global appeared first on Inc42 Media.

The ministry of electronics and information technology (MeitY) is reportedly looking to extend the deadline for submitting feedback on the draft Digital Personal Data Protection (DPDP) Rules, 2025 by 15 days.

A government official told ET that the deadline will be pushed from February 18 to March 3, 2025.

According to ET, an official notification confirming the extension is expected soon.

The government released the draft DPDP Rules, 2025 on January 3, laying out the tentative terms of implementing the DPDP Act, which was passed in the Parliament in 2023.

The rules, when finalised and notified, will provide the teeth to the DPDP Act notified in the gazette on August 12, 2023.

The DPDP Act classifies users under 18 as children and mandates social media platforms and internet intermediaries, known as data fiduciaries, to obtain explicit parental consent before processing their data.

The draft rules mandate that digital platforms process a child’s data only with verifiable parental or guardian consent, which can be confirmed using voluntarily provided identity details or a virtual token issued by an authorized entity.

MeitY has proposed that all data fiduciaries implement appropriate technical and organisational measures to ensure compliance before processing any personal data of a child.

Meanwhile, last month founders of several new-age tech companies such as MobiKwik, OYO, ixigo and Razorpay among others, reportedly met with government officials and voiced concerns about the proposed rules.

The discussions centred around provisions of cross-data transfer, the role of consent managers, and overlap with other sectoral regulations, Moneycontrol reported.

Many experts also believe that the Centre has chosen a faulty approach by deciding to target data fiduciaries for data privacy. 

Meanwhile, union minister Ashwini Vaishnaw said earlier that the DPDP rules will be refined further in order to protect children from the dangers posed by the digital space.

The post DPDP Rules: Deadline To Submit Feedback Extended To March 3 appeared first on Inc42 Media.

I scream, you scream, we all scream for ice cream! While that is true, here’s another fact for you — India’s ice cream market, like many other sectors and industries, is getting a flavour shift with consumers actively engaging themselves in healthier choices. 

Gone are the days when legacy players like Amul, Mother Dairy, Kwality Wall’s, and Vadilal would dominate the freezers of retail stores and supermarkets, making it difficult for newcomers to break in.

With healthy and conscious eating becoming the new norm among Indians, a wave of new-age ice cream brands (NOTO, Get-A-Way, Minus 30) has buckled up to take the market by storm. 

Among them is a new entrant, Go Zero, which plans to scoop up a large chunk of health-conscious customers with its high-protein, low-calorie, sugar-free, and plant-based ice cream options. 

“Health-conscious buyers are no longer willing to compromise,” said Kiran Shah, the founder of Go Zero, an ice cream startup.

It may seem quite over-ambitious for an ice cream brand founded in July 2022, but Shah has set his eyes on breaking records in the industry that today fosters more than 5,000–6,000 ice cream manufacturers but none, except Naturals, claims to have churned more than INR 200 Cr in revenues last fiscal.

So, how does Shah plan to achieve this? He aims to position Go Zero as the go-to brand for health-conscious ice cream lovers by leveraging his decade-long experience in the industry and adopting quick commerce as its sole growth strategy. Notably, before launching Go Zero, Shah led Apsara Ice Creams from 2014 to 2022.

The D2C startup is currently available on Swiggy and Zomato, as well as quick commerce platforms like Swiggy Instamart, Blinkit, and Zepto, across 16+ Indian cities, including Mumbai, Pune, Bengaluru, Delhi NCR, Hyderabad, and Chennai.

Go Zero has raised over $2.5 Mn from investors such as DSG Consumer Partners, Saama, and V3 Ventures, along with Arjun Purkayastha (SVP, Reckitt Benckiser).

While several strategies have contributed to the brand’s growth (more on this later), what truly propelled Go Zero into the spotlight was its appearance on Shark Tank India.

The startup is currently generating a monthly revenue of INR 4-5 Cr. From its FY24 net revenue of INR 11.1 Cr, Go Zero claims to be on track for a nearly 3X revenue jump in FY25. 

Go Zero: Scooping Out A New Era

Go Zero’s journey dates back to 2014 when Shah joined his family business, Apsara Ice Creams. Before that, the IIM Lucknow alumnus worked as a brand manager at Procter & Gamble Singapore for three and a half years.

Apsara Ice Creams, a Mumbai-based parlour chain founded in 1971, is known for its diverse and seasonal flavours, including roasted almond, blueberry cheesecake, and guava chilli.

At the time Shah joined, Apsara had only one store and was largely focussed on B2B sales, weddings, and events. However, he was dissatisfied with the brand’s approach and felt the brand name was lacking a sharp recall. 

“I suggested changing the name because it wasn’t strong enough. Look at Naturals — the name itself conveys what it stands for. But in a family business, you don’t always get to make those decisions,” he said.

Apsara has always been bootstrapped, the founder said, as the family has always wanted to operate independently, keep full equity within the family and grow at a steady pace rather than scaling rapidly with outside capital.

While these factors made the founder eager to start something of his own, it wasn’t until the pandemic that he saw a surge in demand for sugar-free, healthy, and guilt-free ice creams.

“I noticed this trend not just at Apsara but across other brands like NOTO and Get-A-Way, which positioned themselves as guilt-free. The trend was already growing in the US and making its way to India. Post-pandemic, as awareness around sugar’s impact grew and influencers amplified the conversation, the ‘better-for-you’ wave took off,” Shah said.

This was when the founder finally decided to step away from his family business and build a brand in this space.  

A Leap From Apsara To Go Zero 

While launching the startup, Shah was clear about a few things — the first being that he wanted a sharp, instantly recognisable brand name. Secondly, unlike Apsara Ice Creams, he did not want Go Zero to be just an offline-focussed brand. 

From a manufacturing standpoint, instead of owning a plant, he opted to work with contract manufacturers to keep costs low and scale efficiently.

“Instead of investing heavily in capex for physical stores, we took a more efficient approach. We set up small dark stores and got listed on platforms like Swiggy and Zomato. This allowed us to scale faster without the overhead costs of traditional retail,” Shah said, adding that setting up 100 parlours would have required an investment of at least INR 25 Cr. 

“It makes more sense for a new brand like us to capture the online market first and then gradually expand offline.”

Once, this was sorted, next on the list for the founder was to decide the USP of the products, and given the founder hailed from the ice cream manufacturing industry, making a low-calorie or zero-sugar ice cream wasn’t difficult, but categorisation of products was a brain freeze moment.

So, he started by setting his benchmark against brands like NOTO, Get-A-Way, and The Brooklyn Creamery. For this, he launched a low-calorie range inspired by NOTO, a high-protein range similar to what Get-A-Way was doing, and a few vegan (dairy-free) options like The Brooklyn Creamery.

Apart from experimenting with what products consumers preferred, he also researched a bit and found that when people think of “guilt-free” ice cream or desserts, their top concerns are zero sugar and calorie count. Protein, carbs, and fats didn’t matter as much. This insight led him to simplify the portfolio, and the brand decided to pivot in 2023 with a complete focus on zero-sugar offerings.

“If a brand has both zero-sugar and regular sugar products, it means they are not committed to the philosophy. I’m not saying sugar is good or bad. But once you decide that sugar isn’t good for you or your consumers, you should stick to that philosophy and build a brand around it,” Shah said.

What’s Next For Go Zero

According to Shah while his learning from Apsara has really helped him shape Go Zero’s journey, what has worked best for the brand is the decision to get listed on quick commerce. 

“Within just six months of launching on quick commerce, sales skyrocketed. The brand’s monthly revenue has skyrocketed from INR 25-30 Lakh to INR 3.5 Cr,” the founder said.

Realising this potential of quick commerce, the brand’s sole focus has been on expanding on all quick commerce channels. It is already in initial talks with BigBasket and Flipkart Minutes to launch on these platforms. 

Today 20-25% of its sales come from Swiggy and Zomato, whereas 70-80% of sales happen on quick commerce, which is growing at 2X annually, per the founder. The D2C brand also aims to expand its presence to towns such as Ahmedabad, and Jaipur.

Shark Tank has played a crucial role in giving Go Zero a much-needed sales boost. The episode aired in January, typically the lowest sales month due to peak winter. However, the show’s massive reach turned it into Go Zero’s best sales month, even surpassing the previous summer season.

Before Shark Tank, the brand had around 4-5 Lakh monthly users, which jumped to 8 Lakh in January, and has now stabilised to 8-10 Lakh users per month. 

According to Shah, Go Zero is also one of the top five most searched ice cream brands in the country. Its net revenue has surged from INR 11.1 Cr in FY24 to INR 35 Cr in FY25 so far, the founder added.

Going forward, the brand wants to enter new categories and launch sugar-free shakes and desserts.

As it moves ahead with its ambitious goal of rapid expansion, one of the biggest challenges that stands in front of the brand is scaling up production. To address this, the brand is actively seeking a third contract manufacturer in Delhi NCR.

Additionally, it aims to increase brand awareness and drive repeat user percentage. While Go Zero primarily focusses on quick commerce, it is leveraging offline events to introduce consumers to its products.

On the financial side, the brand is targeting INR 10 Cr in monthly sales by May 2025. While the D2C ice cream brand is on the right track, increasing competition and evolving consumer demands pose a challenge to its survival in India’s INR 268 Bn ice cream industry. Can it stay at the top of the freezer without melting under pressure of its ambitious growth plans?

[Edited By Shishir Parasher]

The post The Next Naturals? How Go Zero Plans To Sweeten India’s Low-Calorie Ice Cream Space appeared first on Inc42 Media.

B2B manufacturing unicorn Zetwerk is reportedly looking to file its draft papers for an initial public offering in the next six months, aiming to raise $400-500 Mn.

According to an ET report, the IPO will include a small secondary component, with Axis Bank, Goldman Sachs, and Kotak Mahindra appointed as bankers for the issue. 

While the outer limit for filing IPO papers is nine months, sources told ET that the Bengaluru-based firm is aiming to go public within this calendar year.

Zetwerk is eyeing a valuation of over $5 Bn as it strengthens its global presence, particularly in the US, while expanding its in-house manufacturing capabilities.

“A few more bankers will be added, but Axis is the lead bookrunner for the issue, with a planned 10% dilution to raise $400–500 Mn,” a source said. Given that the company is only six years old, the secondary component—where existing investors sell their stake—will be small, the source added.

Zetwerk has confirmed the development to Inc42. The story will be updated based on their responses.

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 entered the unicorn club in 2021. It has raised a total funding of over $700 Mn till 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, OfBusiness, among others. 

This comes as the startup prepares to raise up to $500 Mn through its IPO. In October last year, Inc42 reported that the company had begun discussions with investment bankers, including JP Morgan, Axis Capital, Goldman Sachs, Jefferies Financial Group, JM Financial, and Kotak Mahindra Bank, for its public listing.

Last month, reports indicated that the Peak XV-backed B2B marketplace had finalized six bankers—Axis Capital, Goldman Sachs, Jefferies Financial Group, JM Financial, JPMorgan Chase & Co, and Kotak Mahindra Bank—to lead its potential $500 Mn IPO later this year. In the same month, ArisInfra Solutions secured INR 80 Cr through a pre-IPO placement.

This month, Captain Fresh raised INR 250 Cr in a pre-IPO round led by Prosus Ventures, Accel, and Tiger Global. 

The post Zetwerk Planning To File IPO Draft Papers In Next Six Months: Report appeared first on Inc42 Media.

Digital payments startup ToneTag has raised Series B2 funding of INR 674 Cr ($77.5 Mn) in a mix of primary and secondary deal co-led by ValueQuest Scale Fund and Iron Pillar. 

The round also saw  participation from existing investor Elevate Capital.

Kumar Abhishek, founder and CEO of ToneTag, said, “This funding round is a testament to the trust our investors have in our vision and technology prowess. With their support, we are ready to take the next big leap of bringing awe-inspiring experiences in the hands of consumers and expanding our solutions globally.”

The Bengaluru-based company plans to deploy the fresh proceeds to scale up its operations and expand into global markets, besides bolstering its customer payment experiences, advancing research and development (R&D), onboarding top talent and strengthening marketing initiatives.

Founded in 2013 by Vivek Singh and Kumar Abhishek, ToneTag offers audio-based authentication and proximity payment solutions for online and offline commerce. It also develops integrable software to deploy voice-based digital payment systems. 

The startup has raised over $10 Mn in total funding till date and counts Amazon, Mastercard and Elevate Innovation Partners among its investors.

ToneTag also provides inventory management solutions and powers NPCI’s UPI123 Pay for feature phones.

Handling over 30 Mn interactions daily, its patented soundwave technology is used by global giants like Google and Amazon, along with major Indian banks like SBI and ICICI.

Currently operating with a team of around 90 people, ToneTag is also eyeing expansion into Asia, South America, and the Middle East.

In October last year, it was reported that ToneTag was in discussions with Iron Pillar to raise at least $50 Mn in a mix of primary and secondary share sales.

According to a recent Reserve Bank of India (RBI) report, UPI dominated India’s digital payments landscape in 2024, accounting for over 85% of total transaction volume. Out of 20,787 Cr digital payments recorded during the year, 17,221 Cr transactions were routed through UPI.

Continuing its dominance in the UPI space, fintech major PhonePe processed 810.2 Cr transactions in January 2025, a 1.5% increase from 798.4 Cr transactions in December 2024. 

However, even as digital payments surge, the government has slashed budgetary support for UPI incentives. In the Union Budget for FY25, the Centre reduced the allocation for promoting digital payments by over 42% to INR 1,441 Cr from INR 2,485 Cr in FY24. This is also 44.5% lower than the INR 2,600 Cr allocated in FY23. Moreover, no dedicated funds for digital payment incentives were mentioned in the Budget 2024-25.

This reduction comes despite repeated calls from industry stakeholders for the introduction of a merchant discount rate (MDR) for UPI transactions to ensure a sustainable revenue model for payment service providers. 

The post Digital Payments Startup ToneTag Bags $78 Mn To Expand Its Solutions appeared first on Inc42 Media.

Zerodha cofounder Nikhil Kamath has raised concerns with the Reserve Bank of India (RBI) over the rising threat of fake apps impersonating banks, brokers, and payment platforms.

“The sheer number and variety of digital frauds is astounding. It’s fair to assume that things will only get much worse from here, thanks to AI. Both SEBI and RBI are trying to educate people and implement measures to combat these frauds,” Kamath said in an X post.

He added that SEBI has published a consultation paper proposing unique UPI IDs for brokers to ensure investors transfer money only to SEBI-registered brokers, preventing scams involving fraudulent UPI IDs that mimic broker names.

Beyond payment and website fraud, another major concern is the rise of fake apps posing as banks, brokers, and payment platforms. Kamath emphasised the need for urgent action to tackle this issue as well.

This comes days after the RBI rolled out the exclusive internet domain ‘bank.in’ for Indian banks, an initiative designed to combat cybersecurity threats and fraudulent activities like phishing.

The RBI aims to streamline financial services and enhance trust in digital banking and payment platforms by providing a secure and verified domain.

The Institute for Development and Research in Banking Technology (IDRBT) serve as the exclusive registrar, with registrations set to begin in April 2025.

During the time of the announcement, RBI Governor Sanjay Malhotra stated that detailed guidelines for banks would be issued separately. He also mentioned that the RBI planned to extend this approach to non-bank entities in the financial sector with an exclusive “fin.in” domain in the future.

This latest initiative adds to a series of measures the RBI has taken to prevent cyber fraud. In its last MPC meeting on December 6, 2024, the RBI introduced an AI/ML-powered model called MuleHunter.AI to detect mule bank accounts.

The post Nikhil Kamath Urges RBI To Tackle Rising Threat Of Fake Payment Apps appeared first on Inc42 Media.

It’s no longer about running out of groceries and the need for an immediate supply. Quick commerce has evolved beyond the realms of time and the landscape has transformed into an ecosystem that serves a wider cross-section of consumers with a bigger basket of products.  

From cooking essentials to household gadgets and fashion accessories to clothes – everything can be sourced in flat 10 to 30 minutes. A sizzling 280% surge in sales over the last two years fetched a top line of $1 Bn for the three quick commerce leaders – Blinkit, Zepto, and Swiggy Instamart – in the fiscal year 2023-24 (FY24) and paved the way for ultra-fast food deliveries. 

The evolving dynamics are setting new benchmarks for speed and convenience with more players rushing in for a ride on the potential for rapid growth. While ecommerce giants joined the fray with Flipkart launching Minutes and Amazon piloting its Tez venture, brands like Nykaa and Myntra have begun weighing the possibilities.

It’s not a tale of the Goliaths alone. A slew of emerging startups, such as Slikk, Plazza, Blitz, WAAYU, Blip, Zing, and Swish, have zeroed in on segments like healthcare, fashion, shoes, and food to carve out their own space in this market. 

But, can quick commerce stand the test of time? The sustainability of the business model has sparked a debate among experts and analysts. 

“Quick commerce offers brands a distinct edge in scalability, provided they align their operations with consumer needs. Success isn’t limited to one category – sectors like fashion and electronics offer startups opportunities to carve their niche,” said Rohan Bhargava, who cofounded CashKaro and EarnKaro.

CashKaro is a cashback and rewards platform offering deals across more than 1,500 ecommerce sites and EarnKaro is its affiliate marketing arm, enabling users to earn commissions by sharing deals.

Quick commerce isn’t an immediate profit-making move, he said, but a long-term investment. “The rapid growth of market leaders shows that scaling is possible with sufficient resources and strategic execution. For smaller players, focussing on high-demand niche segments or on tier-II and tier-III cities can provide a foothold for scalable growth,” Bhargava said. 

Unlike traditional ecommerce that relies on some central warehouses, quick commerce requires expensive point-to-point logistics and stocking of inventory at multiple locations within the same city. 

“It calls for significant investments in warehouses and inventory, making it challenging to achieve positive unit economics across categories due to the high overhead costs. Given these expenses, cross-category quick commerce will only be viable in the long term, if it is supported by inventory already held by local retailers,” Bhargava said. 

Food Delivery: Undisputed King Of Q-Commerce  

Quick commerce mapped the shortest route to rule the mind through the stomach. Sitting at the core, food delivery holds sway over the entire game, and sets the game plan for quick commerce. While players like Blinkit, Zepto, and Swiggy Instamart initially set the pace with grocery deliveries, the game has shifted to 10-15-minute food delivery options. From bootstrapped startups to deep-pocket giants – every player is vying for a slice of the pie.

If Zepto expanded its Zepto Cafe service for 10-minute food deliveries beyond Mumbai, Swiggy rolled out Bolt in six cities and then floated a new app, SNACC, for 15-minute delivery of quick bites and beverages. 

While the quick commerce biggies are clearly doubling down on food delivery as their core strength, their younger peers have gone full throttle rewriting the rules of the game of 10-minute food delivery. 

Founded in August 2024, Swish delivers fast food in just 10-15 minutes through its app. The startup has already garnered significant investor interest and it raised $2 Mn from venture capital firm Accel within a few months of its launch. It recorded over 5,000 downloads in barely a few months from Google Play Store and clocked 150-200 daily orders at an average order value of INR 250-300. 

Banking on the bustling food delivery space, WAAYU scripted its disruption blueprint of zero commission that challenges the dominance of platforms like Swiggy and Zomato. Founded in 2022 by childhood friends Mandar Lande and Anirudha Kotgire, WAAYU reported a revenue of INR 75 Lakh in FY24 and aims to reach INR 2 Cr in FY25. The startup has partnered with over 3,000+ restaurants across Mumbai, Hyderabad, Pune and Navi Mumbai, with plans to expand to Bengaluru.

One-year-old Zing, a brainchild of Tarun Arora and Rachit Sahi, offers 10-minute food deliveries with the unique selling proposition of serving freshly made meals. Its competitors, according to the founders, focus more on ready-to-cook food items. 

The startup has surpassed 5,000 downloads on the Play Store. Starting with 8-10 orders a day, it now handles more than 100 daily orders, with an average order value of INR 220. Zing has achieved this with minimal customer acquisition costs. It plans to expand to 100 kitchens over the next year.

Jumping on the bandwagon, hyperlocal delivery startup Magicpin, too, rolled out a new 15-minute food delivery service, magicNOW, to deliver food within 15 minutes. 

“The demand for 10-minute delivery is primarily driven by urgent needs or impulse-driven purchases. This includes groceries and food as well as healthcare products. For other industries like fashion or electronics, customers are less likely to prioritise ultra-fast delivery over factors like cost or selection, making the 10-minute delivery model unsustainable in these sectors,” said Mandar Lande, who cofounded WAAYU.

Drug Delivery And The Blue Pill Of Regulatory Hurdles

Medicine delivery has always been a critical service, yet the sector has seen multiple disruptions and regulatory roadblocks over the years. The boom of epharmacy took off only during the lockdowns in Covid days when online pharmacies were declared essential services. 

The boom in epharmacy attracted many players, but they struggled to gain traction. Amazon launched Amazon Pharmacy, while Flipkart partnered with PharmEasy. Reliance sought to expand its grocery platform JioMart into medicine delivery and explore acquiring NetMeds. 

Despite being seasoned and solvent, these companies found it tough to navigate through the maze of regulatory frameworks, prescription verification, and opposition from offline chemists, which caused them delays and setbacks. The government, too, thought of limiting epharmacies to intermediaries, instead of allowing them to become direct drug sellers. This made their plight harder.

Four years on, the quick commerce model is trying to reshape medicine delivery. Companies like Blinkit, Zepto, Swiggy Instamart and Flipkart Minutes have entered the healthcare space, aiming to leverage their core strength – ultrafast deliveries. Swiggy launched an epharmacy on Instamart through a partnership with Pharmeasy, while Flipkart Minutes looked to leverage sister company SastaSundar, though the partnership is over now.

Tata 1mg and Apollo 24/7 are also in various stages of piloting instant medicine delivery, with 1mg teaming up with Tatas-backed BigBasket for the service in select cities. Innovations are integral to the emergence and success of quick commerce. While Blinkit launched a 10-minute ambulance service, Apollo 24/7 has introduced a 19-minute delivery model. 

Younger startups like Plazza, Farmako, Medinos, and Medstown, too, have joined the race with promised delivery times ranging from 15 to 30 minutes. These companies are emerging with a healthcare-first, service-oriented approach, rather than focussing solely on logistics, and are offering services like free delivery within 30 minutes for medicines.

Aman Priyadarshi and Aniruddha Sen launched Plazza, a 24X7 medicine delivery platform, last November to deliver orders within 15-17 minutes. The Bengaluru-based platform partners with licensed pharmacies and runs Lifestores – franchise-based outlets offering inventory management and support services.

It provides access to over 10,000 health products, including prescription medicines, OTC drugs, and personal care items, with plans to expand to two more Lifestores. The startup has garnered over 1,000 users. 

“Quick commerce may not succeed in all industries, but almost everyone will give it a try before dismissing it. It’s an innovation in supply chain and retail, surpassing what India has experienced with modern and general trade. Industries with the oldest supply chains have the highest chances of success, provided the product or service can be kept close to the customer,” Priyadarshi said. 

Aman Bhandula and Kaishu Sahu claimed their Farmako has been delivering medicines in just 30 minutes since 2023. The Gurugram-based company has raised over $3 Mn and counts Y Combinator as a key investor.

Medicine deliveries, despite the criticality of the product, see no end to obstacles. The All India Organisation of Chemists and Druggists (AIOCD) has raised concerns about prescription verification and risks related to drug storage and quality control, citing the Swiggy-PharmEasy partnership as an example. 

India is yet to chalk out a regulatory framework for online pharmacies. Quick commerce has given the e-pharmacy businesses an opportunity to grow through logistics capabilities and expertise to forecast demand. While it’s still too early to determine the long-term viability of these models, drug delivery, from a consumer perspective, has the potential to surpass the growth of food and grocery deliveries.

Fashion Delivery: Cracking The Q-Commerce Code

If foods and meds can play the game, why not fashion? Fast-track delivery has caught the fancy of ecommerce marques like Myntra, too. Starting with a four-hour delivery model in cities like Bengaluru and Delhi, the company rolled out M-Now last November to deliver apparel in 30 minutes to 2 hours in parts of Bengaluru.

When Myntra gave the niche a try, it drove a host of new players with ultra-fast delivery models. Bengaluru-based Slikk, for instance, is focussing on fashion ecommerce with its 60-minute delivery model.

Founded by Akshay Gulati, Om Swami, and Bipin Singh, Slikk aims to meet the growing demand for instant gratification, a practice not common in fashion ecommerce yet, where high return rates are typical. It operates in parts of Bengaluru and serves around 100 users a day. To tackle the issue of high return rates in fashion shopping, Slikk offers a try-and-buy feature with a seven-day return policy, allowing customers to test their purchases and build trust with the brand.

Another recently launched startup, Blip, has come up with an even bolder claim of delivering in just 30 minutes. 

“Shopping for groceries and fashion are fundamentally different, with established mental models. Groceries are linked to platforms like Zepto, while fashion is tied to Myntra and Nykaa. This gives fashion-focussed marketplaces like ours a clear edge,” cofounder of Blip Ansh Agarwal told Inc42 in a recent interview.

Agarwal worked out the Blip business model with fellow cofounder Sarvesh Kedia last year with 30-minute delivery as its USP. It has partnered with brands tailored to specific localities, ensuring lightning-fast deliveries. The startup has created a user base of over 500 so far. It has an in-house delivery fleet, but that could change with expansion to other cities. The startup is handling 30-50 orders a day. 

Despite a strong consumer interest and immense potential, the segment has remained relatively unexplored by many so far. 

Buyers Cheer For Super Fast Deliveries

With ultra-fast deliveries becoming the new standard, customer expectations, too, have been set in sync. According to Dhruv Kapoor, partner at Anicut Capital, seeing this trend, a new wave of logistics startups is emerging, building their infrastructure specifically for quick commerce. 

“Smaller startups are increasingly partnering with these companies to ensure deliveries are made in the most time-efficient manner. This shift in logistics is set define the future of ecommerce,” Kapoor said.

Blitz, a startup founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, provides logistics support to quick commerce across 10 cities, including Bengaluru, Delhi NCR, Mumbai, Hyderabad, Jaipur, Chandigarh and Pune. It specialises in offering 60-minute deliveries from local stores and same-day shipments from urban warehouses.

Another unique launch is Snabbit. The year-old startup offers on-demand domestic services, including general cleaning, laundry, and other similar services, catering to infrequent, momentary needs rather than operating on a subscription basis. The platform allows users to book services up to three days in advance or with just a 10-minute notice for immediate needs, depending on the location. Snabbit’s app has gained over 10,000 downloads on the Google Play Store.

The two instances reflect how innovation is powering the startup brigade to thrash out business models that cover a wider basket of products and services. According to data collated by Inc42, the verticals with the highest potential for quick commerce include grocery, fruits and vegetables, staples, food delivery, pharmacy, and ambulance services. These sectors see increased demand due to the need for convenience, fast delivery, and essential services that consumers require on short notice. 

The ability to provide instant or near-instant delivery in these categories is particularly valuable, given their urgency and frequency in daily life.

There are also clear signs of transition in the wellness and nutrition category, with many startups boarding the quick commerce platforms. Nutrabay, for instance, has just partnered with quick commerce unicorn Zepto. Brands like Plix, MuscleBlaze, and Atom, too, have made their presence in the segment.

With its rapid pace of growth, quick commerce continues to disrupt the traditional ecommerce and delivery models. As more startups and smaller players innovate with faster delivery options, we see larger, more established companies integrating the capabilities into their operations and actively scaling their logistics and infrastructure to compete in this fast-paced market. 

This transition is driven by the need to meet the growing consumer expectations for faster and more convenient services. As we closely watch this space, it will be interesting to see how these major players navigate the challenges of scaling their quick commerce models, especially amid the ongoing debate about the sustainability of the quick commerce bubble.

[Edited By Kumar Chatterjee]

The post Who Will Own The Quick Economy? Inside India’s Fiercest Commerce War appeared first on Inc42 Media.

Doesn’t matter whether you are a brawny biceps braggart or a ubiquitous officegoer, protein is of undeniable importance for your wellbeing. 

At least 90% of Indians aren’t aware of this. In fact, protein deficiency has remained a perennial pain point when it comes to the diet of the average Indian, with nearly 73% running low on the compound that’s essential for the survival of every single cell of our body. The widespread misconception that protein is for gym-goers leads a significant portion of the population in the dark.

This striking, if not shocking, reality played behind the making of protein supplement brand SuperYou. “The protein gap in India is not just a statistic, it’s a reflection of how we’ve misunderstood nutrition as a whole,” said cofounder Nikunj Biyani, a fitness enthusiast himself. 

“Protein is fundamental for everyone — not just for bodybuilders or athletes,” he reiterated. Biyani told Inc42 that SuperYou aims to fill up this protein gap in India by creating products that are easy to access, affordable, and appealing to a wider audience. 

Biyani teamed up with actor Ranveer Singh to roll out SuperYou last November with the hope of positioning it as India’s go-to protein brand by integrating protein into everyday diets. Launched under Think9 Consumer, the brand started with four SKUs, including protein wafers, and plans to expand with chips and biscuits.

“We will add protein to everything that Indian consumers love,” Biyani said. The brand is now focussing on food products like snacks. In the long term, it will explore other categories, including supplements and breakfast options such as granola, oats, and cereals with higher protein content.

The products are available on various platforms, including its website and marketplaces like Amazon and Flipkart, and even on quick commerce platforms like Swiggy Instamart, Zepto, and Blinkit. It is also present in Reliance stores, trade outlets such as Wellness Forever and Nature’s Basket, vending machines via Dal Chini at airports, and Food Stories. It has a presence in over 450 general trade stores across Delhi, Mumbai, and Jaipur, according to Biyani. 

About 70% of the brand’s sales, he said, comes from online, with quick commerce contributing around 30%. 

The Mumbai-based startup has recently raised Series A funding from Rainmatter Capital, the VC arm of Zerodha’s Nikhil and Nithin Kamath. Biyani refused to divulge the funding amount but stressed that the brand is focussed on transforming India from a protein-deficient to a protein-sufficient country by bringing protein in various edible forms.

The Building Block Of SuperYou  

Biyani, who is a nephew of Indian businessman Kishore Biyani, has spent more than half of his career in the FMCG space. He started his professional life in Future Group as a fresh graduate and served in multiple roles where he gained experience in understanding consumer behaviour, sales, and operations. 

Later on, he served as the business head for foods at Future Consumer, the FMCG arm of the Kishore Biyani-led conglomerate. 

It is pertinent to note that Future Consumer Limited (FCL) was one of 19 companies slated for transfer to Reliance Retail as part of an INR 24,713 Cr deal announced in August 2020. The deal was later called off in 2024 by the Mukesh Ambani-led business empire, triggering a series of challenges for Future Group. After the deal fell through, the company witnessed a major exodus in leadership roles. 

During his stint at Future Consumer, Biyani led the packaged foods vertical, where he worked with all categories of foods such as pasta, biscuits, chips, frozen foods and namkeens. 

“SuperYou is a union of my professional experience in the FMCG sector and my passion for sports and fitness,” he said. 

Biyani did a lot of research on the market, product possibilities and consumer insight with his team at Future Group. He gathered knowledge of innovation in nutrition, health and wellness from nutraceutical fairs in the US.

“We saw a whitespace in the market. When people think of a brand in a category, they often associate it with a dominant player – like how Ching’s is synonymous with Chinese food products in India. In the protein space, no such brand existed (outside of the nutraceutical segment, which is already saturated with protein powders). Our vision for SuperYou was to make protein consumption easy, fun, and accessible to all,” the founder said.

After 18 months of background study, Biyani and his team went into developing products – from supplements to bars – until they finally decided to launch the brand with wafers. 

“It was a unique product as nobody in India was offering it, and it’s positioned as a hybrid between chocolate and a protein bar. Unlike traditional protein bars that cater mainly to gym-goers, this product has the potential to appeal to a much broader audience. Cofounder Ranveer Singh adds to the mass appeal of the product.”

Supplements typically have friction points as they target a niche market of fitness enthusiasts, whereas a snack like wafers is more accessible and appealing to a larger consumer base.

The brand now aims to bring more snacking options filled with protein to cater to a mass audience and not remain restricted to gym-goers. 

The startup has started accelerating product development and chips, and biscuits are likely to hit the shelves within a month.

The Making Of SuperYou

Biyani believes that building a brand goes beyond the product, and is about the entire experience and the value you provide to consumers beyond the product. 

Since any product can be copied, what differentiates a brand is how it engages with its consumers and creates a lasting impression, he observed.

Biyani said he owes Future Consumer a lot for his learnings that went into the making of SuperYou. “One of the biggest takeaways is that beyond the top 1% of the population in India, price elasticity is a major factor. Many young brands assume that they can charge premium prices, but I firmly believe that to scale, a product needs to be price-attractive.” 

Another crucial learning has been that brand matters immensely because products can be commoditised quickly, he added.

This is one reason that makes the brand keep on innovating. It claims to be one of the first to use fermented yeast protein technology. “We believe eating well should be simple, not stressful. We focus on balance, mindful choices, and overall well-being,” Biyani said.

SuperYou also looks to build a strong presence through various channels, including online digital marketing by leveraging social media, website content, and targeted ads, besides influencer partnerships, particularly with Singh.

The company engages in public relations and events, participating in offline activities, college activations, and collaborations to raise awareness about its brand and build the protein gap.

Innovation And Expansion Strategy

While the brand is relatively new, it has experienced inventory challenges at a very early stage.

“When we started with Blinkit, we expected to sell 1,000-2,000 units daily, but within two months, the number grew to 10,000. Initially, we had no clear sense of demand, now, with better data, we can forecast and plan inventory more effectively.”

The brand now serves about 4,000 customers a day, with a repeat rate of over 25% on platforms like Blinkit.

Another major challenge, as per the cofounder, is distribution. For young brands, standing out in the crowded market requires relentless creativity and innovation in product development, communication, and marketing, he said.

In the health and wellness category, the brand competes with the likes of Yogabar, Max Protein, The Whole Truth and Gladful. 

Its biggest competitors are, according to Biyani, brands like Snickers, which have a massive target audience. “The challenge is to convince a Snickers consumer to choose SuperYou instead – a product that offers protein, no refined sugar, and no palm oil, making it a significantly better choice.”

With a presence in Mumbai, Delhi, Bengaluru and Hyderabad, the brand will soon be launched at Ratnadeep chain in Hyderabad and has also tied up with Lulu Malls for Indian markets as well as to reach out to the Middle East. 

The months-old startup has achieved more than 5 Lakh consumers. In the very first month of its launch, it grossed over INR 1.5 Cr in GMV, in January, it did around INR 2.2 Cr in GMV and expects to hit INR 8 Cr by August or September.

Biyani plans to bring in more flavours to the existing wafers while also expanding into snacks. The brand also aims at the breakfast category with high-protein options like granola, oats, and cereals.

With much on the anvil, can SuperYou become the go-to snacking brand for protein-conscious Indians?

[Edited By Kumar Chatterjee]

The post How Ranveer Singh & Nikunj Biyani Are Turning India’s Snack Habit Into A Protein Revolution appeared first on Inc42 Media.