Last week, the Indian startup ecosystem witnessed a different kind of distress sale. Typically speaking, such deals involve companies going through a downturn, but this time it was for an IPO-bound company —  Ecom Express. 

Listed major Delhivery informed stock exchanges that it is acquiring 99.4% stake in Ecom Express for INR 1,407 Cr ($165 Mn), an almost 80% valuation drop from Ecom Express’s last valuation of INR 7,300 Cr ($850 Mn). 

The deal will go down in history for two reasons. Firstly, this distress sale is arguably the most severe of its kind in Indian startup history. Global marquee investors are expected to take a massive loss in the exit — as we will see. 

And the second: Delhivery, an arch rival for Ecom Express, is the one giving some form of a lifeboat and in the process acquiring a bigger piece of the market share. However, as a result of this acquisition there are grave consequences in store for thousands of employees at Ecom Express, who are likely to take the worst hit in this deal.

If we have to track the distress for Ecom Express, we have to go back to the company’s initial plan in February 2022 for an IPO, which was eventually shelved. 

This was soon followed by the tragic loss of CEO TA Krishnan in 2023. And almost immediately after that Ecom Express found itself without its biggest customer. This is how the past 14 months have unfolded for the company:

• February 2024: Meesho, Ecom Express’ biggest customer, launches an in-house logistics vertical Valmo
• June 2024: Ecom Express shelves plans to raise INR 400 Cr at $1 Bn+ valuation from existing investors, raises INR 1,400 Cr via rights issue
• August 2024: Refiles IPO papers with an aim to raise INR 2,600 Cr from public market after withdrawing first bid in 2022
• September 2024: Delhivery alleges Ecom Express inflated shipment numbers and hid costs in its representations to investors and regulators
• December 2024: Meesho reduced almost 40%-50% of shipment volume with Ecom Express
• January 2025: Several Ecom Express’ clients, including Reliance and Amazon, significantly reduced their orders, according to sources
• February 2025: Shelves IPO plans for a second time; over 500 employees laid off and 1,000 delivery centres shut down
• March 2025: Archrival Delhivery announces acquiring 99.4% stake in Ecom Express for nearly half of its targeted IPO valuation

Ecom Express, which claims to have handled over 2 Bn shipments since inception and reached around 97% of the country’s population, is in a dire situation, with revenue declining in FY25 and losses growing. 

What exactly went wrong for Ecom Express, especially after it was one of the first companies in this space to hit profitability?

Delhivery, Ecom Express, and its investors, such as Partners Group, Warburg Pincus, and British Investment International, did not respond to Inc42’s queries.

Ecom Express’ Missed Growth Curve

Founded in 2012 by the late TA Krishnan, Manju Dhawan, K Satyanarayana and Sanjeev Saxena, Ecom Express offers shipping and fulfilment services for ecommerce brands and B2C marketplaces. It claims to have 3,000 delivery centres with a network that spans 2,700 cities and towns across India.

Till date, it has raised more than $324 Mn in funding from global marquee VCs and private equity funds, including Warburg Pincus, British International Investments (BII), Partners Group and others, across 12 funding rounds, and was last valued at around $850 Mn in 2022.

In fact, Ecom even turned profitable in FY21, well before its competitors, which was an encouraging sign in a sector that has cut-throat competition, low margins, and high operational cost. 

For context, Delhivery reported its first ever profit in Q3 FY24 (Oct-Dec 2024), and Ecom’s other competitor, Xpressbees is yet to book its first profitable year since inception in 2015.

However, cut to 2024 and the picture is different. Ecom Express saw its revenue increase by mere 2.3% to INR 2,653 Cr in FY24, from INR 2,554 Cr a year ago. This growth was the slowest among the competition.

Despite this, by August 2024, Ecom Express had come back to the IPO table after the failed first attempt in 2022. However, as sources have now told Inc42, the DRHP only revealed what Ecom Express wanted to show to the market. 

For instance, it didn’t mention that Ecom Express’ biggest customer Meesho was clearly moving away from the company. Nor did it mention anything about how the company’s service quality was hampered by the exit of key leaders from late 2023. 

As per Delhivery’s latest exchange filing dated April 11, 2025, Ecom Express reported operating revenue of INR 1,912 Cr in the first nine months of FY25, which would take it close to INR 2,500 Cr in terms of full year revenue, or back to FY23 level. 

Moreover, the startup saw net loss increase to INR 398 Cr in this period, with an operational loss of INR 184 Cr. This raises even more questions about why Delhivery is acquiring the company?

“The January to March quarter revenue has fallen by 30% YoY, as the company saw more of its clients pull out,” according to an industry insider aware of Ecom Express’ situation. 

The first trigger was Meesho. 

Meesho’s Breakaway Move That Broke Ecom Express

In late 2023, Ecom Express was busy improving its infrastructure and operations by launching same-day, next-day and express deliveries to fulfill the changing needs of D2C players and ecommerce marketplaces. Then its biggest customer — Meesho — became a competitor.

Ecommerce giant Meesho launched its very own logistics vertical Valmo in early 2024 after months of testing to cut operational costs, and this left a big dent in Ecom’s revenue prospects. 

As per Ecom Express’ DRHP, the company made 52% of its revenue from a single customer, which is most likely to be Meesho. 

The company’s DRHP, filed in August 2024, said that in the past, the business had seen a significant impact from a major customer withdrawing its business. 

It would not be a stretch to say that Ecom Express’ revenue growth between FY22 and FY24 was largely driven by Meesho. In FY22, Ecom Express’ largest customer brought in 29% of all revenue, which nearly doubled in FY24. 

This spike coincided with Meesho’s transition towards a full-blown marketplace rather than an affiliate platform with some bits of fulfillment and seller services sprinkled in. When Meesho took full control of the logistics like any other marketplace, Ecom Express was left with a big hole in its roof.

While such a heavy reliance on one customer is always risky, it had other customers such as Amazon India, Roposo, Shiprocket and others that offered the potential for growth. However, just as Meesho gradually pulled its business away from Ecom Express, others did too. 

It is not unusual for logistics companies to have a large reliance on a small set of customers. However, this needs to be reduced over a period of time. Delhivery’s top five customers contributed 38.4% of revenue in FY24, down from 48.8% in FY19. 

Sources claim the lack of revenue diversification was a problem that Ecom Express had encountered earlier and  the company didn’t learn from its mistakes in the past. The company is said to have faced a similar situation when Shopee abruptly exited India in 2022. 

In 2024, without Meesho, Ecom Express had a problem of excess resources and a wide network that was not being utilised efficiently. It also saw an exodus of long-time employees and key leaders. 

A Tragedy And Key Exits 

After the demise of former CEO Krishnan in October 2023, Ecom Express brought in former Airtel Business chief Ajay Chitkara as the managing director and CEO. 

Chitkara, who came with no prior experience in the logistics industry, was tasked to take the company to a public listing at the earliest, according to sources.

“Chitkara’s primary target was to increase order volume and resume the IPO process, which was shelved two years back,” said one of the sources on the condition of anonymity.

As per industry sources, one of Chitkara’s first measures was slashing down the delivery cost by 30%, causing a stir in the industry and prompting other companies to cut their prices too. This naturally resulted in higher volumes, but put a strain on the infrastructure and impacted quality of service. 

Incidentally, within a year of Chitkara’s appointment, several department heads and CXOs departed the company, allegedly due to differences with Chitkara’s approach.

• Dipanjan Banerjee, who was the chief business officer for over eight years, exited and joined BlueDart as chief commercial officer
• Prashant Gazipur, country head operations and chief process officer at Ecom Express left and joined Delhivery as senior VP
• Sonam Paliwal, who looked after hub and network operations at Ecom Express, quit to join as director of operations at DTDC 

These exits severely impacted day-to-day operations, and while Ecom Express had massive team at its disposal, the new leadership was more focussed on growing volumes. 

Sources in the industry point to regular delays in deliveries to customers, delivery fraud and an overall sub-par customer experience with Ecom Express.

For example, a cursory search of “Ecom Express” on social media will yield posts by disgruntled customers narrating their poor experience around misplaced orders, late deliveries and more.

As per another industry insider, Reliance was the first one to express its dissatisfaction with Ecom Express’ service quality, and the rest followed. “By the end of 2024, most clients cut their business with Ecom Express and moved to competitors. This heavily affected the topline and profitability,” said a source.   

Dropping The B2B Ball

For years, Ecom Express’ singular focus on the B2C ecommerce market was seen as an advantage in the logistics tech space. Umesh Chandra Paliwal, CEO of unlisted trading platform UnlistedZone, had earlier told Inc42 that Ecom Express enjoys higher margins compared to Delhivery, which had a more diversified business, and in the long run, this is preferred. 

Up to 80% of Ecom Express’ business was concentrated in Tier 1 and 2 cities where delivery costs are considerably lower than rural areas or remote locations. This gave it something of an edge on margins and commissions from brands. 

But without its biggest customer Meesho, the stubbornness to not venture beyond B2C deliveries became a thorn in the startup’s growth arc.

“Diversification is a must when you are heading for an IPO. What Ecom Express did was too risky, especially when your largest client becomes your competitor,” said another industry insider in the space, adding that it was “red flag” for anyone who was looking at investing in the IPO.

While Delhivery continues to generate 62% of its revenue from B2C deliveries, it has also added B2B and cross-border deliveries to the mix. FirstCry-owned Xpressbees has also diversified beyond B2C and ventured into cargo and B2B areas.  

“Meesho was a major client for other logistics players too, but having diversified businesses and multiple revenue streams cushioned the likes of Delhivery from getting severely impacted,” another source highlighted.

Even if we talk about ecommerce deliveries, Ecom Express stood second with 27% market share with 514 Mn shipments, as per the industry report section in its DRHP — numbers that have to be taken with a grain of salt.

Moreover, Ecom Express claimed to deliver products in 27,000 pin codes, while as per India government the country has around 19,300 pincodes, excluding army postal services. 

Soon after the DRHP was released, Delhivery alleged that Ecom Express’ shipments stood at about 450 Mn when adjusted for return to origin (RTO) shipments.

The claim was that Ecom Express had counted the initial shipment to the customer and the RTO as two shipments, whereas the industry norm is to record it as one shipment. Ecom Express never responded to this claim publicly. 

What’s also clear is that the startup was never able to capitalise on the growing popularity of quick commerce like its competitors such as Shadowfax, which have partnered with brands to facilitate 10 to 30-minute deliveries.

Real Synergy Or A Baggage In The Making?

With several red flags in the company’s DRHP that would eventually need to be addressed closer to the IPO, Ecom Express was running the risk of a dud listing. It seems that the company was left with little choice than to provide an exit to investors through an acquisition, and found a rescue act in Delhivery.

According to a VCCircle report, Partners Group, which had invested over $250 Mn in Ecom Express and owns just under 50% stake, is set to make a 71% loss on its investment in the exit. Similarly, British Institute of Investment (BII), which has 10% stake, will exit at a 70% loss. 

Inc42 did not receive responses from any investors and shareholders of Ecom Express about the extent of their losses and the state of their investment. 

Incidentally, Ecom Express CEO is in line to receive a bonus of up to INR 15 Cr if the company gets listed or gets acquired, as per details seen by Inc42. 

While it is not yet clear how the acquisition will pan out, we know that the company’s workforce is close to 50,000, with the majority being part-time delivery partners. The company employs around 16,000 full-time workers to manage the operations, engineering and technology teams, sales and marketing and other central functions. 

Their fate remains unknown, but it’s unlikely that Delhivery will absorb all the jobs. Some roles would be redundant while others might not fit within Delhivery’s operational wheel. 

While Delhivery is ambitious and says that the acquisition is expected to make “steady state profits” on retained revenue, assumed to be ~30% of FY25 base, it’s also not clear whether Ecom Express will remain independent of Delhivery, but this scenario seems highly unlikely as Delhivery is the bigger brand and there’s no clear need for a multi-brand strategy in this space unlike ecommerce or SaaS. 

Moreover, Delhivery has only just started showing profitability. It’s not exactly clear how much revenue Ecom Express will be adding to its business, even though the acquisition would definitely add to the costs.

Delhivery’s experience with the previous acquisition of Spoton was also not great. Integrating that acquisition was a major challenge for the company and it resulted in unsavoury complications at the management layer. In this regard, Delhivery claims there is significant operational overlap with Ecom Express to prevent such an issue. 

The one thing that could count in Delhivery’s favour is that with thinning competition in this space, it can dictate the pricing to some extent. However, given that the likes of Meesho’s Valmo, Xpressbees, Shadowfax and others are expanding in the logistics space, this advantage could be short-lived.

[Edited By Nikhil Subramaniam]

The post What Triggered Ecom Express’ $165 Mn Fire Sale To Delhivery? appeared first on Inc42 Media.

A total of 60 founders of 34 Indian new-age tech companies took home INR 307.08 Cr in cumulative annual salary in the financial year 2023-24 (FY24)!

However, the average founder salary plummeted 25.6% to INR 4.93 Cr in FY24 from INR 6.63 Cr in the previous fiscal year.

It is pertinent to note that the Indian startup ecosystem continued to be in the grip of the funding winter, which began in 2022, in FY24. As investors tightened the purse strings following the start of the Russia-Ukraine war in 2022, there was mayhem in the Indian startup ecosystem, which was riding high on the bull run of 2020 and 2021.

Consider this: The total funding raised by Indian startups fell to $25 Bn in 2022 from $42 Bn a year ago. This number further plummeted to $10 Bn in 2023 and no respite in 2024 with a total funding raised worth $12 Bn.

This acute funding crunch has meant that Indian startups have had to take drastic measures to cut their costs and extend their runways. Following the onset of the funding winter, startups reduced their advertising and marketing budgets to cut losses or turn profitable in FY23. They also resorted to massive restructuring exercises which resulted in thousands of employees losing their jobs. Some of them even shut down operations.

Amid all these, Inc42 launched ‘Founder Salaries Tracker FY23’ to keep you updated with the salaries of the founders at a time when employees were losing jobs and taking pay cuts.

Continuing that, we are bringing to you the tracker for FY24, which was not much different from FY23. Consolidation remained the main theme in FY24 as well, as startups looked to improve their bottom lines even if they had to compromise on growth in their top lines.

As per the data collated by Inc42, the aforementioned startups posted a cumulative operating revenue of INR 81,937 Cr in FY24. Of these, nine startups reported a combined loss of INR 7,198 Cr, whereas the remaining reported a total profit of INR 7,960 Cr. 

For a deep dive into the financial numbers, take a look at Inc42’s ‘FY24 Financials Tracker’.

Now, let’s delve deeper into the salaries that the startup founders earned in the last financial year. The tracker will keep you informed about the remuneration earned by the founders in FY24, the percentage increase/ decrease in their salaries compared to FY23, and more.

Editor’s Note: This list is not a ranking of any kind. The companies have been placed alphabetically. This is a running list and will be updated periodically.

Founder Remuneration Tracker FY24

Companies are placed in alphabetical order | Data has been sourced from MCA filings, annual reports, and DRHPs |

*Note: Includes Share-based payments, reimbursements, bonus, variable pay, among others

Supam Maheshwari | FirstCry

Supam Maheshwari, the founder of recently listed ecommerce marketplace FirstCry, retained the top spot in terms of annual remuneration in FY24 as well. As per the startup’s red herring prospectus, the founder took home INR 103.8 Cr as remuneration in FY24, which was almost 50% lower than INR 200.7 Cr a year ago.

However, it needs to be highlighted that this amount includes short-term employment benefits, share based payments accrual, and excludes provisions for gratuity, compensated absences and other long term employment benefits which have been actuarially determined and the amounts pertaining to the key managerial personnel (KMP) are not material.

FirstCry reported an operating revenue of INR 6,480 Cr, with a loss of INR 321.5 Cr in FY24. 

Kamath Brothers | Zerodha

Nikhil and Nithin Kamath, founders of Zerodha, clinched the second spot in terms of annual salaries in FY24. Nithin took home INR 33.5 Cr as gross salary during the year, a 30% decline from INR 48 Cr he took home last year. Similarly, Nikhil’s gross salary stood at INR 33.9 Cr in FY24, down 29% from INR 48 Cr in FY23.

However, including the income clubbed under ‘other’ head, their total remuneration stood at INR 96 Cr each. 

Zerodha reported an operating revenue of INR 9,372.1 Cr, while its profit jumped to INR 5,496.3 Cr in FY24. 

Aneesh Reddy | Capillary Technologies

Aneesh Reddy, the founder of SaaS startup Capillary Technologies, was at the third spot in the list. He took home INR 13.3 Cr in the last financial year, an increase of 1,480% from the gross salary of INR 84 Lakh in FY23. Aneesh received a share-based payment of INR 23.1 Cr in FY23, which plummeted to INR 50 Lakh this year. The startup, earlier this year, extended its Series D funding round to $140 Mn, securing $90 Mn in its secondary transaction. 

Bhanu Chopra | RateGain

Publicly listed RateGain’s Bhanu Chopra took home INR 5.8 Cr in FY24, and was fourth on the list. However, his gross salary declined 5% compared to INR 6.1 Cr in FY23. The company’s net profit rose 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in the previous fiscal year. Operating revenue jumped 69% to INR 957 Cr from INR 565 Cr in FY23. 

Vijay Shekhar Sharma | Paytm

Vijay Shekhar Sharma, the founder, chairman, MD and CEO of fintech giant Paytm, was at the fifth spot with an annual remuneration of INR 4.4 Cr during the year under review. Sharma, who is one of the most active angel investors in the county, saw a 10% hike in his annual remuneration in FY24 from INR 4 Cr in the previous fiscal year.

Varun Alagh | Mamaearth

Varun Alagh, the CEO of publicly listed beauty care startup Mamaearth, took home INR 3.97 Cr in annual remuneration in the recently concluded financial year. He received a hefty increment of 166.4% compared to INR 1.49 Cr he took home in the previous year. 

In comparison, his wife Ghazal Alagh, who is the cofounder of the startup, took home INR 1.79 Cr in remuneration in FY24, a jump of 80.8% higher than INR 99 Lakh in the previous fiscal year. 

The Delhi NCR-based startup reported an operating revenue of INR 1,919.9 Cr during the year under review with a profit of INR 110.5 Cr.

Edited By Vinaykumar Rai

Last Updated On April 11, 6:00 PM IST

The post Founder Salaries Tracker FY24: How Much Did Startup Founders Earn? appeared first on Inc42 Media.

The world’s third largest startup ecosystem has been in the midst of a raging funding winter for a couple of years now. As investors tightened their purse strings, the Indian startup ecosystem has had to go through a lot of pain, which included thousands of employees losing their jobs. 

This was especially true for the fiscal year 2023-24 (FY24), when the funding drought peaked. Far from the capital boom of 2021, when fear of missing out (FOMO) among investors drove a valuation bubble, FY23 and FY24 turned out to be a reality check for the startup ecosystem as many shut shop while others took the debt route to extend their runways. 

However, not everything was doom and gloom. The struggle of the funding winter brought with it sanity in valuations and forced startups to cut their expenses to chart a profitable growth. This trend was evident in the financial statements of Indian startups in FY23 and seems to have continued in FY24 as well.

Of the 112 startups that have released their financial statements for FY24 so far, 45 ended the year with profitable numbers. Their cumulative profit stood at INR 7,137.3 Cr. 

The likes of Zomato, PB Fintech, Honasa, and Milk Mantra turned profitable during the year under review.

Meanwhile, the remaining 67 startups posted a cumulative loss of INR 21,472 Cr, with just Paytm and Ola Electric accounting for more than INR 3,000 Cr of this loss figure. However, it needs to be highlighted that many of these startups were also able to cut their losses in FY24.

In terms of top line, the 112 startups posted a cumulative operating revenue of INR 2.05 Lakh Cr (INR 2,05,407 Cr to be precise) in the year ended March 2024. 

So, without further ado, let’s take a look at the financial performance of these startups in FY24. 

Editor’s Note: This list is not a ranking of any kind, we have placed the companies alphabetically. This is a running list and will be updated periodically.

Inside The FY24 Financials Of Indian Startups

Note: All amount in INR Cr

ACKO’s Net Loss Narrows 9%

ACKO managed to trim its consolidated net loss by 9% to INR 669.98 Cr in FY24 from INR 738.55 Cr in the previous year, on the back of a strong growth in its top line and improvement in EBITDA margin.

The digital insurance policy provider clocked sales of INR 2,106.25 Cr in FY24, a 20% jump from INR 1,758.64 Cr in the previous year.

Including other income, the startup’s total revenue rose 20% to INR 2,160.20 Cr during the year under review from INR 1,796.81 Cr in FY23.

Total expenditure grew to INR 2,830.18 Cr in the year ended March 2024 from INR 2,535.36 Cr last year.

Read More: ACKO’s Revenue Jumps 20% To Cross INR 2,000 Cr Mark In FY24

Amagi’s Loss Declines 24% 

SaaS unicorn Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in FY23, due to improvement in its EBITDA margin.

The company saw strong business growth, with its operating revenue rising 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in FY23.

Despite the strong revenue growth, Amagi’s total expenditure increased only 13.43% to INR 1,179.1 Cr in FY24 from INR 1,039.5 Cr in FY23.

Read More: SaaS Unicorn Amagi’s FY24 Loss Declines 24% To INR 245 Cr

Apna Trims Net Loss By 57%

Professional networking unicorn Apna trimmed its consolidated net loss by over 57% to INR 51.3 Cr in FY24 from INR 120.3 Cr in the previous fiscal year due to improvement in its EBITDA margin.

Its operating revenue tumbled over 29% to INR 127.6 Cr during the reported period from INR 180.3 Cr in FY23, largely due to a sharp decline in income from software development support services.

Total expenses fell over 37% to INR 191 Cr during the year under review from INR 308.4 Cr in FY23.

Read More: Hiring Platform Apna’s FY24 Loss More Than Halves To INR 51 Cr

Apna Mart’s Loss Jumps 2X

Apna Mart, which is in the process of raising $25 Mn funding, reported a near 2X jump in its standalone operating revenue in FY24. Revenue from operations zoomed 85% to INR 59.4 Cr from INR 32.2 Cr in FY23, as per its filings accessed from Tofler. Net loss surged 52% to INR 33.1 Cr from INR 21.8 Cr in FY23.

Meanwhile, expenses shot up 78% to INR 96 Cr in FY24 from INR 54 Cr in the previous fiscal year.

Read More: Apna Mart’s Revenue Surges 85% To INR 59 Cr In FY24

Avanse’s Profit Crosses INR 300 Cr Mark

IPO-bound non-banking financial company Avanse Financial Services posted a profit of INR 342.4 Cr in FY24, a jump of 117% from INR 157.7 Cr in the previous fiscal year.

Operating revenue also jumped 74.5% to INR 1,727 Cr in FY24 from INR 989.6 Cr in the previous year. 

Its IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr. It plans to use the IPO proceeds to increase its capital base to fuel further expansion of its business.

Read More: IPO-Bound Avanse’s PAT Doubles To INR 342.4 Cr In FY24, Operating Revenue Surges 74%

Ather Energy’s Loss Crosses INR 1,000 Cr Mark

IPO-bound Ather Energy’s operating revenue declined 1.5% to INR 1,753.8 Cr in FY24 from INR 1,780.9 Cr in the previous fiscal year. On the other hand, its net loss widened over 22% to INR 1,059.7 Cr from INR 864.5 Cr in FY23.

Total expenses in FY24 stood at INR 2,674.2 Cr, rising marginally from INR 2,666.3 Cr in the previous year.

Read More: Ather Energy FY24: Revenue Declines On Reduction In FAME-II Subsidy, Loss Up 22% To INR 1,060 Cr

Awfis’ Loss Narrows 

Coworking space startup Awfis managed to reduce its loss to INR 17.75 Cr in FY24, a 62% decline from INR 46.6 Cr in the previous year. Though the startup was in loss for the entire fiscal year, it turned profitable in Q4 FY24. It posted a profit of INR 1.4 Cr in Q4 FY24. 

In terms of revenue, Awfis’ operating revenue jumped 55.6% to INR 848.8 Cr in FY24 from INR 545.2 Cr in the previous year. In Q4 FY24, the startup’s operating revenue jumped over 45% YoY to INR 232.4 Cr. 

Awfis went public in May this year. Its IPO comprised a fresh issue of shares worth INR 128 Cr and an OFS component of up to 1.23 Cr shares. Peak XV Partners and Bisque Limited were among the investors who sold shares via the OFS. 

Read More: Awfis Turns Profitable In Q4 With INR 1.4 Cr PAT, Operating Revenue Jumps 45% YoY

BlackBuck’s Loss Falls Below INR 200 Cr Mark

IPO-bound BlackBuck managed to lower its loss by over 30% in the financial year ended March 31, 2024. The logistics startup incurred a net loss of INR 194 Cr, a decline of 33% from INR 290.4 Cr in the previous fiscal year. 

The Flipkart-backed startup’s operating revenue zoomed 69% to INR 296.9 Cr in FY24 from INR 175.6 Cr in FY23. It primarily earns revenue by offering payments services, telematics, load marketplace, and vehicle financing services on its platform. 

The logistics unicorn’s IPO will comprise a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares (2,16,09,022 to be precise). 

Read More: IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

BlueStone’s Loss Narrows By 15% To INR 142 Cr

Omnichannel jewellery brand BlueStone managed to narrow its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24) from INR 167.2 Cr in the previous year. 

Its operating revenue surpassed the INR 1,000 Cr mark during the year under review. Revenue from operations surged over 64% to INR 1,265.8 Cr in FY24 from INR 770.7 Cr in the previous year. 

Total expenditure rose 51.4% to INR 1,445.7 Cr from INR 955.1 Cr in FY23.

Read More: BlueStone FY24: Revenue Surpasses INR 1,000 Cr Mark, Loss Narrows 15% To INR 142.2 Cr

boAt’s Revenue Slips 

Aman Gupta-led boAt saw its operating revenue fall 7% to INR 3,117.7 Cr in FY24 from INR 3,376.8 Cr in the previous fiscal year.

Despite the decline in its revenue, the startup managed to narrow its loss by over 38% to INR 79.7 Cr during the year under review from INR 129.4 Cr in FY23.

The audio consumer brand’s expenses fell over 9% to INR 3,233.6 Cr from INR 3,562.1 Cr in FY23.

Read More: boAt’s FY24 Revenue Declines 7% To INR 3,118 Cr

Bombay Shaving Company’s Loss Narrows 

Shantanu Despande-led D2C grooming and personal care brand Bombay Shaving Company’s net loss declined 23% to INR 62.1 Cr in FY24 from INR 80 Cr in the previous fiscal year, as its top line rose and margins improved.

Operating revenue breached the INR 200 Cr mark during the year under review. Revenue from operations rose 26% to INR 204 Cr from INR 161.8 Cr in FY23.

The rise in the startup’s expenditure was lower than the increase in its revenue. Its total expenses grew 13% to INR 295.5 Cr in FY24 from INR 262.6 Cr in the previous fiscal year. 

Read More: Bombay Shaving Company’s FY24 Loss Declines To INR 62 Cr

BookMyShow’s Profit Breaches INR 100 Cr Mark

Online ticketing platform BookMyShow’s net profit zoomed 27.61% to INR 108.6 Cr in FY24 from INR 85.1 Cr in the previous fiscal year. The Mumbai-based company reported an operating revenue of INR 1,396.8 Cr in FY24, up 44% from INR 975.5 Cr in FY23.

The live events segment saw its revenue nearly double to INR 454.7 Cr from INR 237.5 Cr in FY23, on the back of rising trend of live shows in the country. The online ticketing segment brought in INR 740.7 Cr in revenue.

Read More: BookMyShow Profit Jumps 27% To INR 109 Cr In FY24

CaratLane’s Revenue Breaches INR 3,000 Cr Mark

The Tata-owned omnichannel jewellery startup reported a 42% jump in its operating revenue to INR 3,080 Cr in FY24 from INR 2,169 Cr in the previous fiscal year. 

However, net profit declined nearly 5% to INR 78.59 Cr during the under review from INR 82.08 Cr in FY23 due to rise in advertising and “miscellaneous” expenses. 

CaratLane FY24: Profit Declines 5% To INR 79 Cr, Revenue Crosses INR 3,000 Cr Mark

CarTrade’s Profit Halves 

Used car marketplace startup CarTrade saw its profit fall 50% to INR 20 Cr in FY24 from INR 40 Cr in the previous fiscal year. The decline in the loss could be attributed to the startup’s acquisition of Sobek Auto India, comprising OLX Autos C2B business and OLX classifieds business, for INR 535.54 Cr.

CarTrade reported an operating revenue of INR 489.9 Cr in FY24 as against INR 363.7 Cr in the previous year.  

Read More: CarTrade Back In The Black With INR 25 Cr PAT In Q4; Revenue Jumps 38% YoY

Chaayos Loss Reduces By 51%

Popular QSR chain Chaayos reduced its net loss by 50.59% to INR 54 Cr in FY24 from INR 109.3 Cr in FY23, as it cut its expenses and turned EBITDA profitable.

Chaayos’ operating revenue rose a mere 4.89% to INR 248.6 Cr during the year under review from INR 237 Cr in FY23. Including other income, total revenue grew 7% to INR 271.2 Cr in FY24 from INR 253.4 Cr in the previous fiscal year. 

Chaayos managed to reduce its total expenditure by 3.69% to INR 352.2 Cr in FY24 from INR 365.7 Cr in the previous fiscal year.

Read More: Chaayos’ Loss Halves To INR 54 Cr In FY24

Cleartrip’s Loss Crosses INR 800 Cr Mark

Flipkart-owned online travel aggregator Cleartrip’s net loss jumped 18.5% to INR 810.3 Cr in FY24 from INR 683.8 Cr in the previous fiscal year, despite a surge in its top line. 

Cleartrip’s operating revenue almost doubled to INR 97.2 Cr in FY24 from INR 49.4 Cr in FY23. Its revenue would have been INR 622.2 Cr if not for discounts. The company gave INR 524.9 Cr worth of discounts in FY24 as against INR 441.1 Cr in the previous fiscal. 

Cleartrip’s expenses during the period under review jumped 26.7% to INR 988.2 Cr from INR 780.1 Cr in FY23.

Read More: Flipkart-Owned Cleartrip Spent INR 10 To Earn Every Rupee In FY24

Curefoods Net Loss Reduced To INR 173 Cr

Bengaluru-based cloud kitchen startup Curefoods reduced its net loss by 49.64% to INR 172.6 Cr in FY24 from INR 342.7 Cr in the previous fiscal year, as its top line surged and margins improved.

The startup’s operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.

The startup’s expenses grew only 6.97% to INR 806.8 Cr in FY24 from INR 754.2 Cr in FY23.

Read More: Curefoods’ FY24 Loss Halves To INR 173 Cr

Daalchini’s Loss Declines 34% 

Retail tech startup Daalchini’s consolidated net loss narrowed 34% to INR 8.58 Cr from INR 13.14 Cr in FY23. The startup, which offers vending machines, saw its operating revenue surge as much as 66% to INR 37.31 Cr from INR 22.44 Cr.

Daalchini’s IoT-based smart vending machines are present across 2,600 stores in over 80 cities in India, catering to on-the-go consumption with a specialised supply chain designed to serve 6-meal-a-day to its customers. 

Read More: Daalchini’s Standalone Revenue Jumps 56% To INR 18.3 Cr in FY24

Delhivery’s Loss Narrows By 75% 

Delhi NCR-based Delhivery posted a 75% decrease in its loss in FY24. The logistics unicorn reported a loss of INR 249 Cr during the year as against INR 1,007 Cr in FY23. 

Operating revenue stood at INR 8,141 Cr in FY24, an increase of 12.6% from INR 7,225 Cr in the previous fiscal year. 

The startup also reduced its advertising expenses to INR 16 Cr from INR 22 Cr in FY24. 

Read More: After A Profitable Q3, Delhivery Posts INR 69 Cr Loss In Q4 FY24

DealShare’s Revenue Plummets 75%

The Delhi NCR-headquartered startup’s operating revenue plunged nearly 75% to INR 499 Cr in FY24 from INR 1,963.5 Cr in the previous fiscal year. 

In line with the fall in revenue, DealShare managed to lower its net loss by 67% to INR 167.7 Cr from INR 503 Cr in the previous fiscal year.

In a bid to improve its bottom line, DealShare cut its expenditure by 70% to INR 768.1 Cr in FY24 from INR 2,557.6 Cr in the previous fiscal year.

Read More: DealShare’s FY24 Revenue Plummets 75% To INR 500 Cr

DevX Turns Profitable In FY24

IPO-bound coworking space provider DevX posted a net profit of INR 43.7 Lakh in FY24 as against a net loss of INR 12.83 Cr in the previous fiscal. 

The startup’s operating revenue zoomed 55% to INR 108.08 Cr during the year under review from INR 69.91 Cr in the previous fiscal year. 

The coworking space provider’s total expenses rose 37% to INR 119.50 Cr in FY24 from INR 87.49 Cr in the previous fiscal year.

Read More: IPO-Bound DevX Posts INR 44 Lakh Profit In FY24

Dezerv’s Revenue Surges 157%

Accel-backed wealthtech startup Dezerv’s operating revenue surged 157% to INR 26.25 Cr in FY24 from INR 10.20 Cr in the previous fiscal year.

Despite the growth in its top line, Dezerv’s consolidated net loss rose 95% to INR 74.53 Cr during the year under review from INR 38.20 Cr in FY23, on account of a sharp increase in its expenses.

Dezerv’s total expenditure shot up 108% year-on-year to INR 100.84 Cr in the year ended March 31, 2024. It had incurred expenses of INR 48.42 Cr in the previous year.

Read More: Dezerv’s FY24 Revenue Zooms 157% YoY To INR 26 Cr

DroneAcharya’s Profit Doubles

Pune-based drone startup DroneAcharya Aerial Innovations reported a consolidated profit after tax (PAT) of INR 6.2 Cr in FY24, almost double of INR 3.42 Cr profit it posted in the previous fiscal year.

DroneAcharya’s operating revenue increased nearly 90% to INR 35.19 Cr in FY24 from INR 18.56 Cr in FY23. The startup attributed this increase to the company’s steady and consistent growth as a drone solution provider and a drone training organisation.

Read More: DroneAcharya’s Net Profit Doubles To INR 6.2 Cr In FY24, Operating Revenue Jumps 90%

Droom’s Net Loss Narrows 35%

IPO-bound automobile ecommerce platform Droom reported a 35% decline in its consolidated net loss to INR 40.4 Cr in the fiscal year 2023-24 (FY24) from INR 62.1 Cr in the previous fiscal year due to lower expenses.

A change in its business model resulted in the IPO-bound startup’s operating revenue plunging 66% to INR 85.4 Cr in the year ended March 2024 from INR 253.3 Cr in the previous fiscal year.

Droom’s total expenses also fell over 64% to INR 100.9 Cr in the year ended March 2024 from INR 277 Cr in the previous fiscal year.

Read More: IPO-Bound Droom’s FY24 Loss Declines 35% To INR 40 Cr

EaseMyTrip’s Revenue Inches Closer To INR 600 Cr Mark

Online ticketing platform EaseMyTrip saw its revenue rise 32% to INR 591 Cr from INR 488.8 Cr in FY23, driven by an increase in sales of air tickets. 

Despite the increase in revenue, the startup’s profit took a hit. EaseMyTrip’s profit fell 23% to INR 103.4 Cr in FY24 from INR 134 Cr in the previous fiscal year. Increase in advertising expenses was among the reasons for the decrease in profit.

Read More: EaseMyTrip Q4: Incurs Loss Of INR 15 Cr Due To One-Time Expenses

Ecom Express Sees Its Loss Decline 67%

IPO-bound logistics startup Ecom Express managed to reduce its net loss by 67% to INR 255.8 Cr in FY24 from INR 428.1 Cr in FY23.

The startup’s operating revenue saw a marginal 2.15% increase to INR 2,609 Cr in FY24 from INR 2,553.9 Cr in the previous fiscal year, as per its DRHP. Total expenses rose marginally by 0.64% to INR 2,921.5 Cr in  FY24, from INR 2,902.8 Cr.

Read More: Ecom Express FY24: IPO-Bound Startup’s Loss Narrows 67% To INR 255.8 Cr

ElasticRun’s Revenue Plummets 49%

Elasticrun reported a 49% decline in its operating revenue to INR 2,434.8 Cr in FY24 from INR 4,738.0 Cr in the previous fiscal year.

In line with the decrease in revenue, net loss fell 42% to INR 359.6 Cr in FY24 from INR 619.0 Cr in the previous fiscal year.

ElasticRun generates revenue through the sale of products and services. Revenue from the sale of products stood at INR 2,023.19 Cr in FY24, a sharp decline from INR 4,366.11 Cr in FY23. However, revenue from the sale of services increased 10.3% to INR 406.30 Cr from INR 368.34 Cr in the previous fiscal year.

The Pune-based startup’s total expenditure fell 47% to INR 2,904.4 Cr from INR 5,452.8 Cr in FY23

Read More: ElasticRun’s FY24 Revenue Narrows To Half, Loss Declines 42%

Fasal’s Revenue Surges Nearly 90%

Agritech startup Fasal’s revenue from operations grew 89% to INR 34.1 Cr in FY24 from INR 18 Cr in FY23. Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.

Meanwhile, total expenses rose 34% to INR 69.5 Cr during the year under review from INR 51.6 Cr in FY23. 

Loss increased 6% to INR 34 Cr from INR 32 Cr in FY23. 

Read More: Agritech Startup Fasal’s FY24 Revenue Jumps 89% to INR 34.1 Cr

Fino Payments Bank’s Profit Jumps Over 30%

Mumbai-based Fino Payments Bank’s operating revenue jumped 20% to INR 1,478.3 Cr in FY24 from INR 1,229.9 Cr in the previous fiscal year. 

Its expenses also grew almost in line with revenue. Total expenses stood at INR 1,391.5 Cr in FY24, up 19% from INR 1,164.8Cr in the previous fiscal year.

Fino’s net profit zoomed 32% to INR 86.2 Cr from INR 65 Cr in FY23. 

Read More: Fino Payments Bank Q4: Net Profit Rises 14% YoY To INR 25.21 Cr

FirstCry’s Loss Declines Over 30% 

Ahead of its IPO, kids-focussed omnichannel retailer FirstCry managed to reduce its net loss by 34% to INR 321.5 Cr in FY24 from INR 486 Cr in the previous fiscal year.

Its operating revenue increased 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23. Expenses rose 9.2% to INR 6,896.6 Cr from INR 6,315.7 Cr in FY23. 

FirstCry made its public market debut in August. Its shares listed at INR 651 on the NSE, a premium of 40% over its issue price of INR 549.

Read More: FirstCry FY24: Loss Narrows 34%, Revenue Crosses INR 6K Cr Mark Ahead Of IPO

Fisdom’s Loss Narrows 19%

Investment tech startup Fisdom, which is reportedly in talks to get acquired by Groww, managed to narrow its loss by 19% YoY to INR 57.4 Cr in FY24. The Bengaluru-based startup had reported a net loss of INR 70.5 Cr in FY23. 

Its operating revenue grew 28% to INR 82.9 Cr during the year under review from INR 64.7 Cr in FY23. Total expenditure increased 3% YoY to INR 141.7 Cr.

Read More: Investment Tech Platform Fisdom’s FY24 Loss Declines 19% To INR 57 Cr

Fractal Analytics Slips Into The Red

IPO-bound Fractal Analytics reported a consolidated net loss of INR 54.7 Cr in FY24 as against a profit of INR 194.4 Cr in the previous fiscal. While the startup had registered a gain of INR 494.9 Cr from exceptional items in FY23, it incurred a loss of INR 21.8 Cr in FY24 from it. 

The SaaS startup’s revenue from operations surged 11% to INR 2,196.3 Cr in FY24 from INR 1,985.4 Cr in the previous fiscal year. Including other income of INR 45.6 Cr, Fractal’s total income for the fiscal year surged 10% year-on-year (YoY) to INR 2,241.9 Cr. 

Fractal’s total expenses rose a mere 1.1% to INR 2,250.6 Cr from INR 2,225.2 Cr in FY23. 

Read More: IPO-Bound Fractal Slips Into The Red In FY24, Reports INR 54.7 Cr Loss

Freo’s Loss Narrows 65%

Freo narrowed its net loss by 64.54% to INR 14.16 Cr in FY24 from INR 39.94 Cr in the previous year, on the back of improvement in its EBITDA margin. 

Revenue from operations rose 11% to INR 111.46 Cr in the financial year ended March 2024 from INR 99.80 Cr in the previous year. 

The digital banking startup managed to bring down its expenses by 10.28% to INR 125.58 Cr from INR 139.97 Cr in FY23. 

Read More: Freo’s FY24 Loss Declines 65% To INR 14 Cr

Furlenco’s Sales Dip

The Bengaluru-based furniture rental startup’s operating revenue declined 10.4% to INR 139.56 Cr in FY24 from INR 155.78 Cr in the previous fiscal year.

Furlenco also managed to lower its loss by 2.3% to INR 129.97 Cr in FY24 from INR 127.04 Cr in FY23.

Total expenditure declined 1.3% to INR 282.1 Cr from INR 285.9 Cr in the previous fiscal year.

Read More: Furlenco’s FY24 Operating Revenue Declines 10%, Net Loss Down 2.3%

Gramophone’s Revenue Plunges

Gramophone’s operating revenue slumped 69% to INR 98.2 Cr in FY24 from INR 315.7 Cr in the previous year, as the startup shuttered its marketplace business during the year under review. 

This also led to its expenditure falling 64% to INR 133.4 Cr from INR 374 Cr in FY23. As a result, the startup’s net loss declined 40% to INR 34.8 Cr from INR 57.9 Cr in the previous year. 

Read More: Gramophone’s FY24 Revenue Slumps 69% To INR 98 Cr

Go Digit’s Profit Zooms 5X

Insurtech startup Go Digit posted strong results with a 400% jump in its profit after tax (PAT) to INR 182 Cr in FY24 from INR 36 Cr in the previous fiscal year.

With the sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23.

Net earned premium rose over 37% to INR 7,096 Cr in FY24 from INR 5,164 Cr in FY23.

Read More: Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr

HealthKart Becomes Profitable

Delhi NCR-based HealthKart, which bagged a funding of $153 Mn in November 2024, turned profitable in FY24, posting a net profit of INR 38.3 Cr in FY24 as against a net loss of INR 164.7 Cr in the previous fiscal year. 

The startup’s sales rose 23% to INR 1,021.5 Cr during the year under review from INR 832.4 Cr in the previous fiscal year. Total expenditure saw a marginal 1% rise to INR 1,031 Cr in FY24 from INR 1,016 Cr in the previous year. 

Read More: HealthKart Turns Profitable, Posts INR 38 Cr PAT In FY24

Infra.Market’s Profit Crosses INR 350 Cr Mark

Mumbai-based Infra.Market reported a profit of INR 378 Cr in FY24, an increase of 144% from INR 155 Cr in the previous fiscal year. 

The IPO-bound startup’s operating revenue increased 23% to INR 14,530 Cr from INR 11,846.5 Cr in the previous year. 

In line with the increase in sales, total expenditure grew 23% to INR 14,272 Cr from INR 11,607.6 Cr in FY23. 

Read More: Infra.Market’s FY24 Profit Crosses INR 350 Cr, Sales Breach INR 14K Cr Mark

Jar’s Loss Narrows To INR 104 Cr

Wealthtech startup Jar narrowed its net loss by 15% to INR 103.97 Cr in FY24 from INR 123 Cr in the previous year, as revenue grew and expenses declined. 

Revenue from operations skyrocketed 461% to INR 49.03 Cr in FY24 from INR 8.73 Cr in the last fiscal (FY23).

Including other income of INR 7.37 Cr, total revenue surged 277% to INR 56.41 Cr during the year under review from INR 14.93 Cr in the previous year.

Jar’s total expenses for the fiscal year ended March 31, 2024 increased 16.2% to INR 160.3 Cr from INR 137.5 Cr in FY23. 

Read More: Jar Cuts FY24 Loss To INR 104 Cr

Jimmy’s Cocktail’s Revenue Tanks

D2C brand Jimmy’s Cocktails saw its operating revenue decline 30.9% to INR 23.7 Cr in FY24 from INR 34.3 Cr in the previous fiscal year. Including other income of INR 2.9 Cr, the startup’s total income fell 23.3% to INR 26.6 Cr during the year under review from INR 34.7 Cr in FY23.

Despite the decline in its revenue, Jimmy’s Cocktails’ net loss widened 47.1% to INR 10 Cr in FY24 from INR 6.8 Cr in the previous year.

The startup managed to cut its total expenditure by 8% to INR 40.4 Cr in FY24 from INR 43.9 Cr in FY23.

Read More: Jimmy’s Cocktails’ Revenue Dips 31% To INR 23.7 Cr In FY24

Juspay’s Loss Declines 8% 

Fintech company Juspay’s net loss narrowed 7.7% to INR 97.54 Cr in FY24 from INR 105.75 Cr in the previous fiscal year.

It posted a 49.6% rise in operating revenue to INR 319.32 Cr from INR 213.39 Cr in FY23. 

Total expenses climbed 29.5% to INR 443.74 Cr in FY24 from INR 342.59 Cr in FY23.

Read More: Juspay Trims Net Loss To INR 97.54 Cr In FY24

Lenskart’s Revenue Crosses INR 5,000 Cr Mark

Peyush Bansal-led Lenskart saw its sales jump 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. 

Including other income, total revenue rose 43% to INR 5,609.8 Cr in FY24 from INR 3,927.9 Cr in the previous fiscal year. 

Lenskart managed to reduce its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in FY23. 

Read More: Lenskart’s FY24 Loss Declines 84% To INR 10 Cr

Kuku FM’s Revenue Inches Closer To INR 100 Cr Mark

Kuku FM saw its operating revenue increase over 100% in FY24. Revenue from operations zoomed 114% to INR 88 Cr from INR 41.1 Cr in FY23.

The IFC-backed startup saw its expenditure increase 21% to INR 200 Cr in FY24 from INR 165.4 Cr in the last fiscal year.

It also managed to bring down its loss. Net loss stood at INR 96 Cr in FY24, down 18% from INR 116.5 Cr in FY23. 

Read More: Kuku FM’s FY24 Revenue Jumps 114% To INR 104 Cr

ideaForge’s Profit Nears INR 50 Cr Mark 

ideaForge reported its third consecutive profitable fiscal as the drone maker clocked a net profit of INR 47.8 Cr in the fiscal ended March 2024. This was an increase of almost 50% from INR 31.9 Cr. Its profit stood at INR 44 Cr in FY22. 

Operating revenue also soared more than 70% year-on-year (YoY) to INR 186 Cr during the year under review.

Meanwhile, expenses zoomed 81% to INR 282.9 Cr in FY24 from INR 155.6 Cr in the previous year. 

Read More: ideaForge PAT Slips 30% QoQ To INR 10.3 Cr In Q4

iD Fresh Foods Turns Profitable

The Bengaluru-based read-to-eat food maker turned profitable in FY24, posting a net profit of INR 1.84 Cr as against a loss of INR 23.25 Cr in FY23. 

iD Fresh Foods clocked a 16% increase in its operating revenue to INR 395.76 Cr in FY24 from INR 340.9 Cr in the previous year. 

Total expenditure grew 8.4% to INR 398.75 Cr during the year under review from INR 367.94 Cr in FY23. 

Read More: iD Fresh Food Turns Profitable In FY24, Posts INR 1.8 Cr PAT

InCred’s Profit Surges 2.6X 

The fintech startup’s operating revenue crossed the INR 1,000 Cr mark during the year under review. InCred saw its top line grow nearly 47% to INR 1,270 Cr in FY24 from INR 864.6 Cr in FY23.

Meanwhile, profit soared 162% to INR 316.3 Cr from INR 120.9 Cr in FY23. Rising finance costs and employee benefit expenses pushed up InCred’s total expenses by over 37% YoY to INR 871.3 Cr during the fiscal year under review. 

Read More: InCred FY24: Profit More Than Doubles To INR 316.3 Cr, Revenue Crosses INR 1,000 Cr Mark

IndiaMART’s Revenue Crosses INR 1,000 Cr Mark

The B2B ecommerce major posted a 17% rise in its net profit to INR 334 Cr in FY24 from INR 283 Cr in the year-ago period. 

Operating revenue jumped 21% to INR 1,196 Cr in the fiscal ended March 2024 from INR 985 Cr in FY23. On similar lines, total expenses also rose 20% to INR 910.7 Cr in FY24 from INR 756.7 Cr in the previous fiscal year. This increase in expenditure was largely attributable to a sharp jump in employee benefit costs, which rose 27% YoY to INR 507 Cr during the year under review. 

Read More: IndiaMART Q4: Profit Surges 78% YoY To INR 99.6 Cr

IPO-Bound IndiQube’s Loss Widens By 72%

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous year, primarily due to a sharp increase in loss on fair valuation of financial liabilities.

However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23.

The IPO-bound managed office space provider saw its total expenses zoom 51% to INR 1,252.48 Cr during the year under review from INR 829.20 Cr in FY23.

Read More: IPO-Bound IndiQube’s Loss Widens 72% To INR 341.5 Cr In FY24

InsuranceDekho Turns Profitable

Auto marketplace CarDekho’s insurance arm InsuranceDekho turned profitable in FY24 on the back of a multifold jump in revenue. The startup reported a net profit of INR 85.7 Cr during the fiscal year under review compared to a loss of INR 51.6 Cr in FY23. 

Operating revenue zoomed 670% to INR 743.6 Cr from INR 96.5 Cr in FY23. The startup’s total expenditure also rose 360% to INR 699.2 Cr in FY24 from INR 151.9 Cr in the precious fiscal year. 

Read More: InsuranceDekho Turns Profitable, Posts INR 86 Cr PAT In FY24

ixigo’s Profit Triples 

Online travel aggregator ixigo had a bumper year as its net profit more than tripled to INR 73.1 Cr from INR 23.4 Cr in FY23. 

The travel tech major’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23. This came largely on the back of broad-based growth across its business verticals and healthy uptick in annual active users. 

Total expenditure jumped almost 30% YoY to INR 627.8 Cr in FY24.

Le Travenues Technology, the parent company of the travel tech startup, made a stellar debut on the stock exchanges in June 2024 and listed at INR 138.10 per share on the BSE, a 48.5% premium from the issue price of INR 93. 

Read More: ixigo FY24: Profit Jumps Over 200% To INR 73.1 Cr, Train Bookings Biggest Revenue Source

Josh Talks Trims Loss By 25%

Delhi NCR-based media and entertainment startup Josh Talks pruned its loss by 25% in FY24 to INR 9.88 Cr from INR 13.21 Cr loss it incurred in the previous fiscal year.

Revenue from operations rose 2% to INR 18.71 Cr from INR 18.29 Cr in FY23. Including other income of INR 65.40 Lakh, the startup’s total revenue for the fiscal stood at INR 19.37 Cr. This number was 3% higher than the INR 18.80 Cr total revenue for FY23. 

The startup also managed to lower its total expenditure by 9% to INR 29.2 Cr in FY24 from INR 32 Cr. 

Read More: Josh Talks FY24: Losses Come Down 25% To INR 9.8 Cr, Revenue Up 2%

LeadSquared’s Revenue Rises 9%

WestBridge Capital-backed SaaS startup LeadSquared reported a marginal 0.73% increase in its net loss to INR 162.24 Cr in FY24 from INR 161.06 Cr in the previous year.

Operating revenue rose 9.12% to INR 279.29 Cr during the year under review from INR 255.93 Cr in FY23. Including other income of INR 45.9 Cr, the Bengaluru-based startup’s total revenue jumped 9.77% year-on-year to INR 325.2 Cr.

LeadSquared’s overall expenses rose 6.6% to INR 486.45 Cr during the year ended March 31, 2024 from INR 456.21 Cr in the previous year.

Read More: SaaS Unicorn LeadSquared Posts INR 162 Cr Loss In FY24

Lendingkart’s Profit Declines 97%

Lendingtech startup Lendingkart reported a 97.2% decline in its consolidated net profit to INR 3.25 Cr in FY24 from INR 118.8 Cr in FY24, primarily due to a sharp increase in impairment loss on financial assets, loans and advances.

However, operating revenue zoomed 36.6% to INR 1,090.6 Cr during the year under review from INR 798.4 Cr in the previous year.

Lendinkart’s total expenses rose 58.92% to INR 1,194.3 Cr during the year ended March 31, 2024 from INR 751.5 Cr in the previous year. 

Read More: Lendingkart FY24: Profit Declines 97% To INR 3.25 Cr

M2P Reports INR 134 Cr Loss

Fintech startup M2P Fintech’s loss stayed flat in FY24. The startup posted a loss of INR 133.5 Cr in FY24, an increase of 0.15% from INR 133.3 Cr in the previous fiscal year.

However, this came at the cost of its top line. The startup’s operating revenue slipped 13.3% to INR 382 Cr in FY24 from INR 440.7 Cr in FY23. 

M2P’s total expenses declined 15.4% to INR 527.6 Cr in FY24 from INR 623.3 Cr in the previous year. The startup’s spending on employees jumped 33.46% to INR 251.3 Cr from INR 188.3 Cr in FY23.

Read More: M2P Fintech’s FY24 Loss Stagnant At INR 133 Cr

Mamaearth Turns Profitable In FY24

Honasa Consumer Ltd, the parent entity of D2C unicorn Mamaearth, returned to the black during the year under review. After posting a net loss of INR 150.9 Cr in FY23, the startup minted a profit of INR 110.5 Cr in FY24. 

Operating revenue rose 28.6% to INR 1,919.9 Cr from INR 1,492.7 Cr in FY23. Total expenditure jumped 21.3% to INR 1,822.4 Cr in FY24 from INR 1,501.6 Cr in the previous fiscal year.

Read More: Honasa FY24: Mamaearth Parent Turns Profitable For Full Fiscal Year

MapmyIndia’s Profit Jumps 25% 

Geotech company MapmyIndia reported a profit of INR 134.4 Cr in FY24, up 25% from INR 107.5 Cr in the previous fiscal year. 

Operating revenue rose more than 34% to INR 379 in the year ended March 2024 from INR 281 Cr in FY23. Meanwhile, total expenditure increased 36% YoY to INR 240.9 Cr on the back of a sharp rise in other expenses, which rose 73%.

Read More: MapmyIndia’s Q4 PAT Jumps 35% YoY To INR 38 Cr

Mensa Brands Trims Loss

House of brands Unicorn Mensa Brands’ consolidated net loss declined about 31% to INR 155.85 Cr in FY24 from INR 227.03 Cr in the previous fiscal. 

The startup’s operating revenue increased 11.6% to INR 557.66 Cr during the year under review from INR 499.63 Cr in FY23. Including other income of INR 40.53 Cr, total income stood at INR 598.20 Cr in FY24.

Mensa Brands managed to cut its total expenses by 7% to INR 712.60 Cr in FY24 from INR 763.22 Cr in the previous fiscal year. 

Read More: Mensa Brands’ FY24 Loss Narrows 31% To INR 156 Cr

Milk Mantra Back In The Black

Bhubaneswar-based dairy tech startup Milk Mantra turned profitable in FY24, posting a net profit of INR 9.8 Cr as against a net loss of INR 12.3 Cr in the previous fiscal year. It is pertinent to note that the startup slipped into the red for the first time in FY23 after eight straight years of profitability. 

Operating revenue stood at INR 276.4 Cr in FY24, a marginal increase of 1.3% from INR 272.9 Cr in FY23.

 In terms of expenditure, the startup’s total cost fell a little over 7% to INR 269.1 Cr in FY24 from INR 289.5 Cr in the previous year. 

Read More: Milk Mantra Back In The Black With INR 9.8 Cr Profit In FY24, But Growth Remains Muted

Minimalist’s Profit Jumps 2X In FY24

D2C skincare brand Minimalist’s net profit more than doubled to INR 10.9 Cr in the financial year 2023-24 (FY24) from INR 5.2 Cr in FY23, on the back of a strong growth in its top line.

The Rajasthan-based startup’s revenue from operations surged 89% to INR 347.4 Cr during the year under review from INR 183.8 Cr in FY23.

Expenditure rose largely in line with the growth in its sales. Total expenses jumped 84% to INR 331.7 Cr in FY24 from INR 180.2 Cr in the previous fiscal year.

Read More: D2C Brand Minimalist’s FY24 Profit Doubles To INR 10.9 Cr, Revenue Up 1.9X YoY

Mintifi’s Profit Jumps 273%

Supply-chain financing startup Mintifi’s net profit zoomed 273% to INR 92.53 Cr in FY24 from INR 24.79 Cr in the previous year on the back of robust growth in its topline and improvement in margins.

Revenue from operations surged nearly 72% to INR 383.67 Cr during the year under review from INR 223.20 Cr in FY23. Including other income of INR 17.80 Cr, total revenue climbed almost 77% year-on-year to INR 401.47 Cr in the year ended March 31, 2024.

Mintifi’s total expenses also rose sharply to INR 276.68 Cr in FY24, up nearly 44% from 192.35 Cr a year ago

Read More: Mintifi’s FY24 Profit Zooms 273% To INR 92.5 Cr

Mokobara Halves Its Loss

D2C luggage startup Mokobara’s loss nearly halved to INR 4.24 Cr in FY24. It had posted a loss of INR 8.22 Cr in the previous fiscal year. 

Revenue from operations jumped 120% to INR 117.44 Cr from INR 53.27 Cr it reported in FY23. Total expenditure nearly doubled to INR 123.28 Cr from INR 61.85 Cr in FY23.
Read More: Mokobara’s Revenue Surges 2.2X To INR 117 Cr In FY24

Mosaic Wellness’ Revenue Crosses INR 300 Cr Mark

Health and wellness startup Mosaic Wellness saw its consolidated operating revenue zoom 60% to cross the INR 300 Cr mark in FY24. It posted revenue from operations of INR 333.32 Cr during the year under review as against INR 206.20 Cr in FY23. Including other income of INR 8.37 Cr, total income stood at INR 341.69 Cr in FY24.

The startup’s loss declined 38% to INR 38.78 Cr in FY24 from INR 62.19 Cr in the previous fiscal year.

Total expenses rose at a lower pace than the increase in its top line. Expenses grew 38% to INR 380.47 Cr from INR 275.80 Cr in FY23. 

Read More: Mosaic Wellness’ FY24 Revenue Surges 60% To Cross INR 300 Cr Mark

Myntra Turns Profitable 

Fashion ecommerce giant Myntra turned profitable in the fiscal year 2023-24 (FY24), posting a consolidated net profit of INR 30.9 Cr as against a loss of INR 782.4 Cr in the previous fiscal year.

The profitability came on the back of a bump in Myntra’s topline and slight reduction in its expenses in the fiscal. 

The startup’s revenue from operations stood at INR 5,121.8 Cr in FY24, up about 15% from the INR 4,465 Cr in the previous fiscal year. 

Myntra cut its expenses slightly to turn profitable in the fiscal. In FY24, the startup spent INR 5,123 Cr, down 3% from the INR 5,290.1 Cr it spent in the prior fiscal.

Read More: Myntra Turns Profitable In FY24, Revenue Soars 15%

Navi Finserv’s Operating Revenue Takes Hit 

Navi Finserv’s consolidated operating revenue fell 6.6% to INR 1,906.2 Cr in FY24 from INR 2,040.6 Cr in FY23. The startup’s profit from continued operations also slipped 41% year-on-year (YoY) to INR 155.6 Cr in FY24. 

It is pertinent to mention that Navi Finserv divested its entire holding in microfinance subsidiary Chaitanya India Fin Credit Private Ltd during the year under review. Including profit from discontinued operations, its net profit more than doubled to INR 545.1 Cr in FY24 from INR 264.2 Cr.

Total expenses saw a marginal increase to INR 1,750.4 Cr in the reported year from INR 1,743.9 Cr in FY23, with finance cost alone comprising over 37% of its total spending.

Read More: Navi Finserv FY24: Revenue Falls 6.6% To INR 1,906 Cr, Profit Down 41% YoY

Nazara’s Profit Increases By Over 20% 

Gaming major Nazara Technologies reported an operating revenue of INR 1,138.2 Cr during the year under review. This was an increase of 4.3% from INR 1,091 Cr in FY23. 

Profit jumped 21.7% to INR 74.7 Cr from INR 61.3 Cr in the previous fiscal year. 

Nazara’s total expenses stood at INR 1,112.4 Cr in FY24, an increase of 5.7% from INR 1,051.7 Cr in the previous fiscal year. 

Read More: Nazara Q4: Profit Shrinks To INR 18 Lakh, Operating Revenue Declines To INR 266.2 Cr

Nykaa Nearly Doubles Its Profit 

Fashion ecommerce startup Nykaa reported an operating revenue of INR 6,358.6 Cr in FY24, 23.6% higher than INR 5,143.8 Cr in the previous fiscal year. 

Its profit increased 89.5% to INR 40 Cr in FY24 from INR 21.1 Cr in FY23. 

The Falguni Nayar-led unicorn’s total expenditure grew 23.5% to INR 6,346.5 Cr in FY24 from INR 5,135.6 Cr in the previous fiscal year. 

Read More: Nykaa FY24: Despite Q4 Slide, Profit Rises By 80% For Full Fiscal Year

OfBusiness’ Revenue Crosses INR 19,000 Cr Mark

B2B marketplace OfBusiness’ consolidated operating revenue surged over 25% to INR 19,296.3 Cr FY24 from INR 15,342.6 Cr in the previous fiscal year. Net profit increased by over 30% to INR 602 Cr from INR 463 Cr in the previous fiscal year. 

Total expenses jumped 24.3% to INR 18,695.7 Cr in FY24 from INR 15,037.5 Cr in the previous fiscal year.

Read More: OfBusiness FY24: Profit Surges Over 30% To Cross INR 600 Cr Mark

Ola Consumer’s Loss Narrows

Ola Consumer’s parent ANI Technologies reported a 57.46% decline in its consolidated net loss to INR 328.5 Cr in FY24 from INR 772.2 Cr in the previous fiscal year. The decline in loss came on the back of a sharp 42.28% reduction in employee benefit expenses.

However, its operating revenue took a hit. ANI Technologies’ operating revenue slipped 5.48% to INR 2,011.9 Cr in FY24 from INR 2,128.5 Cr in FY23.

The company’s expenditure for FY24 declined 16.3% to INR 2,106.7 Cr from INR 2,516.7 Cr in FY23. 

Read More: Ola Consumer’s FY24 Loss Declines 57% To INR 329 Cr

Ola Electric Breaches INR 5,000 Cr Revenue Mark

Recently listed two-wheeler EV startup Ola Electric reported a 90% jump in its revenue to INR 5,010 Cr in FY24 from INR 2,630 Cr in the previous year, on the back of increase in sales of its EV scooters. 

The Bhavish Aggarwal-led startup also managed to cap the increase in loss ahead of its IPO. Its net loss rose 7% to INR 1,584.4 Cr in FY24 from INR 1,472 Cr in the previous year. Employee benefit expenses increased to INR 439 Cr from INR 427 Cr in FY23. 

Read More: IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

OneCard’s Revenue Crosses INR 1,400 Cr Mark

Peak XV Partners-backed fintech unicorn OneCard’s operating revenue zoomed 163% to INR 1,425.58 Cr in FY24 from INR 541.16 Cr in the previous fiscal year. Including other income of INR 39.19 Cr, total revenue for the fiscal stood at INR 1,464.77 Cr.

The startup incurred a net loss of INR 401.15 Cr in FY24, down 1.1% from INR 405.66 Cr in the previous fiscal year.

Expenses also surged during the fiscal year as its top line grew. OneCard spent INR 1,865.92 Cr in FY24, up about 87% from INR 999.51 Cr in the previous fiscal. 

Read More: OneCard’s FY24 Revenue Surges 2.6X To INR 1,425 Cr

OPEN’s Revenue Slumps To INR 25 Cr

Neobanking startup OPEN’s operating revenue declined 17% to INR 24.8 Cr in FY24 from INR 29.9 Cr in FY23.

Including other income, the startup’s total revenue declined 13% to INR 46.1 Cr from INR 53.1 Cr in FY23. 

With the decline in revenue, the Temasek-backed startup’s net loss also reduced 30% to INR 170 Cr during the year under review from INR 242.2 Cr in the previous fiscal year.

Total expenditure fell 34% to INR 194.6 Cr in FY24 from INR 296.5 Cr in FY23. 

Read More: OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Oxyzo’s Profit Rises To Almost INR 300 Cr

Fintech unicorn Oxyzo, led by couple Ruchi Kalra and Asish Mohapatra, reported a 47% rise in profit to INR 290 Cr in FY24 from INR 198 Cr in the previous fiscal year. 

Operating revenue zoomed 58% to INR 903.3 Cr from INR 569.9 Cr in FY23. Oxyzo primarily earns revenue from the interest it earns by offering loans to small and medium enterprises.

Read More: Fintech Unicorn Oxyzo’s Profit Zooms 47% To INR 290 Cr In FY24

OYO Turns Profitable With INR 229 Cr PAT As Employee Costs Halve

IPO-bound OYO posted a net profit of INR 229.5 Cr during the year as against a net loss of INR 1,286.5 Cr in the previous financial year. 

However, its operating revenue remained almost flat during the year under review. Revenue from operations stood at INR 5,388.7 Cr in FY24, a decline of 1.3% from INR 5,463.9 Cr in the previous fiscal year.

The startup managed to reduce its total expenditure by 16% to INR 5,725.7 Cr in FY24 from INR 6,799.6 Cr in the previous fiscal year. 

Read More: OYO Turns Profitable With INR 229 Cr PAT In FY24 As Employee Costs Halve

Paytm’s Revenue Nears INR 10K Cr Mark

Troubled fintech giant Paytm posted a revenue of INR 9,977.8 Cr in FY24, an increase of 24.8% from INR 7,990.3 Cr in the previous year. It also managed to narrow its loss by 19.3% to INR 1,422.4 Cr from INR 1,775.6 Cr in FY23. 

However, it needs to be mentioned that the Vijay Shekhar Sharma-led company’s revenue is likely to take a hit in FY25 due to the RBI’s crackdown on Paytm Payments Bank. 

Read More: Paytm Q4: Net loss Widens To INR 550 Cr

PB Fintech Operating Revenue Crosses INR 3,000 Cr Mark

PB Fintech, the parent company of insurance tech platform PolicyBazaar, saw its revenue cross the INR 3,000 Cr mark in FY24. Its operating revenue rose 34.4% to INR 3,437.6 Cr during the year under review from INR 2,557.8 Cr in FY23. 

The company also turned profitable, posting a profit of INR 64.61 Cr during the year under review compared to a loss of INR 487.9 Cr in FY23. 

Read More: PB Fintech Stock Goes Through Market Swings After Reporting Profitable Q4 FY24

Perfios Profit Zooms Past 800%

SaaS startup Perfios saw its consolidated net profit jumping 819.2% at INR 71.7 Cr in FY24 from INR 7.8 Cr. Revenue from operations jumped 37.1% to INR 557.8 Cr during the year under review from INR 406.8 Cr in FY23.

In line with the surge in its revenue, Perfios’ total expenses zoomed 28.2% to INR 495.5 Cr in the year ended March 31, 2024 from INR 386.4 Cr in FY23.

Read More: Perfios FY24: Profit Jumps 819% To INR 71.7 Cr

Perfora’s Sales Jump 180%

D2C oral care startup Perfora’s operating revenue skyrocketed 180% to INR 42.2 Cr in FY24 from INR 15.1 Cr in the previous fiscal year amid rising demand for electric toothbrushes and other oral care products.

Despite strong growth in the top line, the startup’s consolidated net loss more than doubled to INR 10.7 Cr in FY24 from INR 4.9 Cr in the previous fiscal year. Amid a surge in sales, the D2C oral care startup’s overall expenses ballooned 167% to INR 54 Cr during the year under review from INR 20.2 Cr in the previous fiscal year.

Read More: Perfora’s FY24 Revenue Zooms 180% YoY To INR 42 Cr

PharmEasy’ Net Loss Halves

Epharmacy PharmEasy saw its consolidated net loss halve to INR 2,531.1 Cr in the financial year 2023-24 (FY24) on the back of a decline in its expenses and exceptional items. The company’s net loss declined 51.35% from INR 5,202.5 Cr in FY23.

The company, which was hit by financial and operational struggles in the recent past, also saw a 14% decline in operating revenue to INR 5,644 Cr from INR 6,643.9 Cr in FY23. 

Total expenditure declined 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23

Read More: PharmEasy’s FY24 Loss Halves To INR 2,531 Cr

PhonePe’s Revenue Breaches INR 5,000 Cr Mark

Walmart-backed fintech giant PhonePe reported an operating revenue of INR 5,064 Cr in FY24, an increase of 74% from INR 2,914 Cr in the previous fiscal year. 

It also managed to reduce its net loss by 28% to bring it under INR 2,000 Cr. The company’s net loss stood at INR 1,996 Cr during the year under review as against INR 2,795 Cr a year ago. Excluding share based payment expenses of INR 2,193 Cr, PhonePe posted adjusted profit after tax of INR 197 Cr in FY24 as against a loss of INR 738 Cr in FY23.

Read More: PhonePe Narrows Net Loss To INR 1,996 Cr In FY24

Pilgrim’s Sales Near INR 200 Cr Mark

The Mumbai-based D2C beauty and personal care startup, which recently bagged INR 200 Cr funding, saw its operating revenue increase 160% to INR 199 Cr in FY24 from INR 77 Cr in FY23. 

In line with this, expenses shot up 130% to INR 230 Cr from INR 99 Cr in FY23. The biggest expenditure was marketing, which zoomed over 100% to INR 109 Cr in FY24.

Pilgrim’s loss increased 14% to INR 26.3 Cr during the year under review from INR 23 Cr in FY23. 

Read More: Pilgrim’s FY24 Revenue Jumps 160% To INR 199 Cr

Porter’s Loss Declines 45% To INR 96 Cr 

The Peak XV Partners-backed startup’s loss declined 45% to INR 95.7 Cr in FY24 from INR 174.6 Cr in the previous fiscal year. Operating revenue zoomed 56% to INR 2,733.7 Cr in FY24 from INR 1,737.4 Cr in the previous fiscal year.

The startup’s total expenditure rose 46% to INR 2,862.1 Cr during the year under review from INR 1,964 Cr in the previous fiscal year. 

Read More: Porter FY24: Loss Declines 45% To INR 96 Cr, Revenue Crosses INR 2,500 Cr Mark

Pristyn Care’s Loss Remains Flat

Healthtech startup Pristyn Care reported a net loss of INR 381 Cr in FY24, down a negligible 0.42% from INR 382.6 Cr in the previous fiscal year.

The startup’s loss was flat despite a strong growth in its top line. Pristyn Care’s operating revenue grew 32.6% to INR 600.5 Cr during the year under review from INR 452.9 Cr in FY23.

It earned INR 226.7 Cr from the sale of products, and generated INR 332 Cr from the sale of services. While the revenue from the sale of services remained stagnant in the period under review, the revenue from products grew 112.6% from INR 106.6 Cr in FY23. 

Total expenditure rose 15.6% to INR 1,013.8 Cr in FY24 from INR 876.8 Cr in FY23.

Read More: Pristyn Care’s Loss Flat At INR 381 Cr In FY24

Purplle’s FY24 Sales Zoom 43% To INR 680 Cr 

The Abu Dhabi Investment Authority (ADIA)-backed unicorn reported an operating revenue of INR 679.6 Cr in FY24, an increase of 43% from INR 475 Cr in the previous fiscal year.

Purplle’s total expenditure rose only 15% year-on-year. Its expenses stood at INR 849.6 Cr in FY24 as against INR 738.3 Cr in the previous fiscal year. 

Purplle managed to reduce its cash burn during the year under review, as a result of which its net loss plummeted 46% to INR 124.1 Cr from INR 230 Cr in FY23.

Read More: Purplle’s FY24 Sales Zoom 43% To INR 680 Cr, Loss Almost Halves

Rare Rabbit’s Profit Doubles 

Radhamani Textiles, the parent entity of Rare Rabbit, posted a profit of INR 74.5 Cr in FY24, up 131% from INR 32.2 Cr in the previous fiscal year

The apparel brand’s operating revenue zoomed 69% to INR 637 Cr during the year under review from INR 376 Cr in FY23. 

The startup’s expenses also increased. However, the rise in revenue was more than the increase in expenses. Total expenditure rose 60% to INR 542 Cr in FY24 from INR 339 Cr in the previous fiscal year.

Read More: Rare Rabbit’s FY24 Profit Doubles To INR 75 Cr

RateGain’s Profit More Than Doubles 

Traveltech company RateGain’s consolidated profit after tax jumped 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in FY23. Its operating revenue zoomed 69% to INR 957 Cr during the year under review from INR 565 Cr in FY23

Employee benefit expenses increased to INR 380 Cr from INR 252.7 Cr in FY23, indicating an increase in employee count. 

Read More: RateGain FY24 Results: Profits More Than Double To INR 146 Cr

Razorpay’s Profit Quadruples 

Peak XV Partners-backed Razorpay posted a profit of INR 33.5 Cr in FY24, an increase of 365% from INR 7.2 Cr in the previous year, as margins improved. 

Operating revenue rose 9% to INR 2,475 Cr from INR 2,283 Cr in the previous fiscal year. 

Total expenditure stood at INR 2,454.3 Cr, an increase of 7% from INR 2,283.1 Cr in FY23. 

Read More: Razorpay’s FY24 Profit Jumps 4.5X To INR 34 Cr

Rebel Foods’ Loss Narrows By 42%

Cloud kitchen unicorn Rebel Foods narrowed its net loss by 42% to INR 378.2 Cr in FY24 from INR 656.5 Cr in the previous fiscal year. The Faasos-parent trimmed its loss on the back of an increase in its top line and controlled expenses.

Rebel Foods’ operating revenue jumped 19% to INR 1,420.2 Cr in FY24 from INR 1,195.2 Cr in FY23. Total expenses increased marginally by 1.6% to INR 1,857 Cr from INR 1827 Cr in the previous fiscal year.

Read More: Rebel Foods FY24: Net Loss Nearly Halves To INR 378 Cr, Revenue Up 19% YoY

IPO-Bound Smartworks’ Loss Falls 51% 

IPO-bound coworking space provider Smartworks’ net loss narrowed 51% to INR 49.8 Cr in FY24 from INR 101.02 Cr in the previous fiscal year. The startup, which recently filed its DRHP to raise over INR 550 Cr via its IPO, saw its operating revenue jump 46% to INR 1,039.4 Cr during the year under review from INR 711.4 Cr in FY23. 

Total expenditure increased 34% to INR 1,180.7 Cr from INR 880.2 Cr in the previous fiscal year. 

Read More: Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Swiggy’s FY24 Revenue Crosses INR 10K Mark

IPO-bound Swiggy managed to narrow its loss by 44% to INR 2,350 Cr in FY24 from INR 4,179.3 Cr in the previous fiscal year. 

Operating revenue stood at INR 11,247.3 Cr, up 1.3X from INR 8,264.5 Cr in FY23. 

The IPO-bound company managed to control the rise in its expenses during the year. Its total expenditure grew a mere 8% to INR 13,947.3 Cr from INR 12,884.3 Cr in FY23.

Read More: Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Shadowfax Trims Loss To INR 12 Cr

IPO-bound Shadowfax slashed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year, on the back of an increase in its top line and improvement in margins.

Operating revenue jumped 33.19% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in the previous year. 

The logistics major’s total expenses rose 21.9% to INR 1,908.3 Cr in FY24 from INR 1,565.5 Cr in the previous fiscal year. 

Read More: IPO-Bound Shadowfax’s FY24 Loss Falls 92% To INR 12 Cr

TAC Infosec Reports INR 6 Cr Profit

SaaS cybersecurity startup TAC Infosec reported a net profit of INR 6.33 Cr in the financial year 2023-24 (FY24), a 23% jump from INR 5.12 Cr in FY23. 

Operating revenue rose 17% to INR 11.84 Cr during the year under review from INR 10.09 Cr in FY23.

Total expenditure for the fiscal stood at INR 5.49 Cr, an increase of 10% from the INR 4.97 Cr in the previous fiscal year.

Read More: SaaS Cybersecurity Startup TAC Infosec’s FY24 Profit Rises 23% To INR 6.3 Cr

Tata 1mg Narrows Its Loss By 75% 

The Bengaluru-based startup’s net loss narrowed 75% to INR 313 Cr in FY24 from INR 1,254.8 Cr in the previous fiscal year. 

The startup, which primarily earns revenue from sales of medicines, and offering lab and diagnostics test services, saw its operating revenue rise 21% to INR 1,967.7 Cr during the year under review from INR 1,627 Cr in FY23.

It managed to cut its total expenditure by 20% to INR 2,302.7 Cr in FY24 from INR 2,893.6 Cr in the previous fiscal year.

Read More: Tata 1mg FY24: Loss Declines 75% To INR 313 Cr On Business Growth, Fall In Expenses

TBO Tek Posts INR 200 Cr Profit 

B2B travel portal TBO Tek, which made a strong market debut in 2024, reported a 35% increase in its net profit to INR 200 Cr in FY24 from INR 148.4 Cr in the previous fiscal year. Operating revenue jumped 31% to INR 1,392.8 Cr from INR 1,064 Cr in FY23. 

Employee benefit expense rose to INR 277.3 Cr during the year under review from INR 228.3 Cr in FY23.

TBO Tek made its public market debut in May. The stock listed at INR 1,426 on the NSE, a premium of 55% to its issue price of INR 920. Similarly, the stock listed at INR 1,380 on the BSE, a premium of 50% to its issue price.

Read More: TBO Tek Q1: Profit Jumps 29% YoY To INR 61 Cr, Revenue Up 21%

Teachmint’s Loss Reduces To INR 110 Cr

Lightspeed-backed edtech startup Teachmint’s consolidated net loss narrowed 37% to INR 110.1 Cr in FY24 from INR 180.7 Cr in the previous year, on the back of a robust growth in its top line and decline in expenses.

Operating revenue increased over 2X to INR 17.1 Cr during the year ended March 31, 2024 from INR 8.1 Cr in FY23. 

Teachmint managed to bring down its total expenses by 26.6% to INR 160 Cr during the year under review from INR 217.9 Cr in FY23.

Read More: Teachmint Cuts FY24 Loss To INR 110 Cr, Revenue Soars 111%

Tracxn’s Profit Tanks In FY24

In what was a sombre fiscal for Tracxn, the market intelligence platform saw its net profit shrink by more than 80% to INR 6.5 Cr in FY24 from INR 33 Cr in the year-ago period. 

Tracxn’s operating revenue rose nearly 6% to INR 82.70 Cr during the year under review from INR 78.10 Cr in FY23.

Tracxn FY24 Results: Profits Shrink By 80% For Full Year

Trust Fintech’s Profit Triples 

The fintech SaaS company’s net profit zoomed 210% to INR 12.5 Cr in FY24 from INR 4 Cr in the previous fiscal year, on the back of a healthy growth in its top line.

The company, which made its public market debut in April 2024, saw its operating revenue jump 55.4% YoY to INR 35 Cr during the fiscal year ended March 2024.

Trust Fintech’s Net Profit Jumps 3X To INR 12.5 Cr In FY24

Ultraviolette’s Loss Jumps 8X

EV two-wheeler startup Ultraviolette’s net loss surged 8X to INR 61.58 Cr in FY24 from INR 7.46 Cr in the previous year. Operating revenue almost doubled to INR 15.8 Cr from INR 8.67 Cr in FY23. 

The startup’s total expenses zoomed 312% to INR 106.89 Cr from INR 25.92 Cr in FY23, outpacing the increase in revenue. 

Read More: Ultraviolette’s Loss Jumps 8X To INR 62 Cr In FY24

Ustraa’s Loss Widens

Men’s grooming D2C brand Ustraa, which is owned by VLCC, saw its net loss jump 25% to INR 50.3 Cr in the financial year 2023-24 (FY24) from INR 40.2 Cr in the previous fiscal year. 

Revenue from operations declined 2.9% to INR 94 Cr during the year under review from INR 96.8 Cr in FY23. 

Despite the decline in revenue, Ustraa’s total expenses rose 5.1% to INR 144.6 Cr in FY24 from INR 137.6 Cr in FY23. 

Read More: Ustraa’s FY24 Loss Widens 25% To INR 50 Cr

Vedantu’s FY24 Loss Declines 58%

Edtech unicorn Vedantu’s net loss declined 58% to INR 157.52 Cr in FY24 from INR 372.64 Cr in the previous fiscal year on the back of growth in its top line and improvement in margins.

The startup’s revenue from operations increased 21% to INR 184.50 Cr from INR 152.59 Cr in FY23. Including another income of INR 14.73 Cr, total revenue for the fiscal stood at INR 199.23 Cr.

The startup managed to reduce its expenses by 34% to INR 367.79 Cr from INR 553.09 Cr in FY23. 

Read More: Vedantu’s FY24 Loss Falls 58% To INR 158 Cr

Whatfix’s Revenue Crosses INR 400 Cr Mark

SoftBank-backed Whatfix posted a 49% increase in its revenue from operations to INR 425 Cr in FY24 from INR 285 Cr in the previous fiscal year.

Including other income, the startup’s total revenue rose 1.5X to INR 445.3 Cr from INR 303.9 Cr in FY23.

Whatfix also managed to lower its loss. Its net loss declined 20% to INR 263 Cr from INR 328.3 Cr in FY23. Besides, the startup’s total expenses rose only 12% to INR 706 Cr from INR 631.3 Cr in FY23.

Read More: Whatfix’s Revenue Jumps 49%, Crosses INR 400 Cr Mark

WonderChef Turns Profitable

Celebrity chef Sanjeev Kapoor’s D2C startup WonderChef turned profitable in FY24. The D2C kitchenware startup reported a profit of INR 1.55 Cr as against a net loss of INR 51.83 Cr in FY23.

Revenue stood at INR 377.67 Cr, up 20% from INR 315.6 Cr in FY23. Total expenditure rose 16.6% to INR 374.63 Cr in FY24 from INR 321.21 Cr in the previous fiscal year. 

Read More: Sanjeev Kapoor’s Wonderchef Turns Profitable In FY24

Wow! Momo’s Loss Remains Unchanged In FY24

Kolkata-based QSR chain Wow! Momo’s net loss remained almost flat at INR 114.4 Cr in FY24. This was 0.53% higher than the loss of INR 113.8 Cr in FY23.

Operating revenue rose 13.83% to INR 470 Cr during the year under review from INR 412.9 Cr in FY23. 

The startup’s expenditure for the fiscal year under review grew 11.9% to INR 593.1 Cr from INR 530 Cr in FY23. 

Read More: Wow! Momo’s Loss Flat At INR 114 Cr In FY24

WROGN’s Operating Revenue Slumps 29%

Virat Kohli and Accel-backed youth fashion brand WROGN’s operating revenue slumped 29% to INR 243.8 Cr in FY24 from INR 344.3 Cr in the previous fiscal year. Including other income, total income declined 27% to INR 264.7 Cr in FY24 from INR 361.3 Cr in FY23.

Despite the decline in revenue, WROGN’s net loss rose 28% to INR 56.8 Cr during the year under review from INR 44.3 Cr in FY23.

Read More: Virat Kohli-Backed WROGN’s FY24 Revenue Falls 29% To INR 244 Cr, Loss Up 28%

Yubi’s Loss Narrows By 22%

Lending tech startup Yubi managed to reduce its net loss by over 22% to INR 395.8 Cr in FY24 from INR 509.8 Cr in the previous year.

Operating revenue jumped 47% to INR 483.7 Cr in FY24 from INR 327.6 Cr in the previous fiscal year.

 The Peak XV Partners-backed startup’s total expenses increased marginally to INR 938.8 Cr during the year under review from INR 922.9 Cr in FY23.

Read More: Yubi Group Cuts FY24 Net Loss By 22%, Revenue Jumps 47%

Yu Foods’ Operating Revenue Jumps Over 100%

D2C brand Yu Foods’ operating revenue surged 103.9% to INR 15.7 Cr in FY24 from INR 7.7 Cr in the previous fiscal year.

Currently, Yu Foods earns 40% of its revenue from quick commerce, 10% from ecommerce channels, 35% from offline business, and the remaining 15% from airlines.

Its net loss widened 80.5% to INR 11.2 Cr from INR 6.2 Cr in FY23. 

Total expenses zoomed 92.86% to INR 27 Cr in FY24 from INR 14 Cr in the previous fiscal year.

Read More: Yu Foods’ FY24 Revenue More Than Doubles To INR 15.7 Cr

IPO-Bound Zappfresh’s Profit Rises 70% 

The IPO-bound D2C meat delivery startup reported a 70% jump in its net profit to INR 4.7 Cr during the fiscal ended March 2024 from INR 2.7 Cr in FY23. 

As per its draft red herring prospectus (DRHP), Zappfresh’s operating revenue zoomed over 60% to INR 90.4 Cr in FY24 from INR 56.3 Cr in the previous fiscal year. 

Zappfresh DRHP: Revenue Surges 60% To INR 90 Cr In FY24, Profit Jumps 70%

Zepto’s Revenue More Than Doubles

Quick commerce unicorn Zepto’s consolidated revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24), on the back of growing popularity of quick commerce. The startup’s operating revenue jumped 120% during the year under review from INR 2,025.70 Cr in FY23.

Despite a surge in revenue, it managed a slight reduction in its loss to 2% to INR 1,248.64 Cr from INR 1,271.84 Cr in FY23. The startup spent INR 5,747.21 Cr in FY24, up 72% from INR 3,350.09 Cr in the previous fiscal year. 

Read More: Zepto’s FY24 Revenue More Than Doubles To INR 4,454 Cr

Zypp Electric’s Revenue Jumps Over 2.5X

The two-wheeler electric bike manufacturer saw its operating revenue surge over 2.5X in the financial year ended March 31, 2024. The Delhi NCR-based startup reported an operating revenue of INR 292.7 Cr in FY24, a jump of 168% from INR 109 Cr in FY23.

However, loss also surged over 125% to INR 91.1 Cr in FY24 from INR 40 Cr in FY23. 

Total expenditure grew 160% to INR 394 Cr from INR 152 Cr in FY23. 

Read More: Zypp Electric’s Revenue Zooms 2.7X, Nears INR 300 Cr Mark

Edited By: Vinaykumar Rai
Last Updated: 5 April, 9:30 PM IST

Note: This story has been edited to correct boAt’s FY24 operating revenue in the table.

The post Indian Startup FY24 Financials Tracker: Tracking The Financial Performance Of Top Startups appeared first on Inc42 Media.

Chennai-based D2C snacking brand Sweet Karam Coffee has raised $8 Mn in its Series A funding round led by Peak XV Partners. The round also saw participation from existing investor Fireside Ventures.

The startup will utilise the capital to expand its product portfolio and geographical presence. 

Founded in 2015 by Anand Bharadwaj, Nalini Parthiban, Srivatsan Sundararaman, and Veera Raghavan, Sweet Karam Coffee sells a range of south Indian sweets and snacks, which it claims are free of palm oil and preservatives, and filter coffee. It also sells condiments and ghee.

The startup sells its products via its website, ecommerce marketplaces and quick commerce platforms. It claims to serve customers across 32 countries. 

To support its next phase of growth, the startup recently appointed former Unilever executive Nandhitha Indermohan as its chief operating officer. She has over 15 years of experience in supply chain and operations. 

The funding comes almost two years after Sweet Karam Coffee raised $1.5 Mn from Fireside Ventures. 

On the financial front, the startup reported a whopping 558% increase in its operating revenue to INR 11.2 Cr in FY24 from INR 1.7 Cr in the previous fiscal year. However, its loss too surged 10X to INR 7.58 Cr from INR 77 Lakh in FY23.  Building on this momentum, the company has achieved another 4.5x growth in FY25, further solidifying its market position. The startup has even improved operational efficiency and cut it’s losses significantly in FY25. 

Rising Demand For Healthy Snacking

The Covid-19 pandemic has brought a shift in consumption patterns, with the demand for healthy and preservative-free snacks on the rise across the globe. This has led to the emergence of a number of D2C brands in India which are looking to meet this demand through chemical free and healthy alternatives to fried and high-calorie snacks. 

As a result, investors have also been lining up to invest in such brands. For instance, Kerala-based Beyond Snack, which competes with Sweet Karam Coffee, bagged $8.3 Mn in its Series A funding round led by 12 Flags Group in January this year.

The Whole Truth Food also raised $15 Mn in a round led by Sofina Ventures earlier this year, while actor Ranveer Singh’s Super You secured funding from Zerodha’s Kamath Brothers recently. 

Besides the healthy snacking category, the D2C sector as a whole is seeing rapid growth in India on the back of rising disposable incomes and increasing number of online users. The Indian D2C market is projected to become a $300 Bn market opportunity by 2030. 

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There seems to be no respite for Gensol Engineering and ride-hailing startup BluSmart. In a fresh development, Refex Industries has terminated its deal to acquire 2,997 electric vehicles from Gensol Engineering. 

In an exchange filing today, Refex said its subsidiary Refex Green Mobility Limited (RGML), after constructive discussions and due consideration, has mutually decided with Gensol not to proceed with the proposed transaction for the takeover of vehicles from the latter. 

“This decision has been arrived at due to the evolving commitments at both ends, which would make it challenging to conclude the transaction within the originally envisaged timeline. The parties have therefore agreed to not move forward with the transaction at this stage,” the filing said. 

This comes two months after Gensol’s EV financing arm Gensol EV Lease Pvt Ltd, in January, decided to sell 2,997 EV cars, which were leased to BluSmart, to RGML. The sale was aimed at reducing Gensol’s debt by INR 315 Cr.

Right after the acquisition, ICRA and CARE downgraded Gensol’s credit rating to D (default/junk) based on the feedback received from the company’s lenders about the ongoing delays in debt servicing.

ICRA even accused Gensol of submitting falsified data and highlighted that BluSmart recently delayed payments for its non-convertible debentures (NCD), which can have an adverse impact on the “financial flexibility and capital raising ability” of Gensol Engineering.

Since then, Gensol’s shares have tanked about 60%. 

What Is BluSmart’s Connection With Gensol?

Promoters of Gensol, Anmol Jaggi and Puneet Jaggi, are the cofounders of BluSmart. The brothers onboarded Punit K Goyal as the third cofounder in BluSmart. 

In Inc42’s detailed investigation earlier this week, we reported that BluSmart initially grew under the umbrella of Gensol. Later, it was spun off as a separate entity. In fact, BluSmart’s legal entity was earlier called Gensol Mobility Pvt Ltd. We have written in depth about BluSmart’s and Gensol close ties here. 

Gensol leased its EV vehicles to BluSmart to operate. Gensol is one of the key suppliers for BluSmart. However, BluSmart said that it has signed deals with Orix, Kinto, Mahindra & Mahindra, among others, to lease EVs.

The troubles at Gensol have put a question mark on BluSmart’s future. The startup’s promoters historically invested in every funding round. With the troubles at Gensol, it remains to be seen if BluSmart can raise fresh funding.

In January, Inc42 reported that BluSmart was in talks to raise $50 Mn in its Series B funding round. However, there have been no further updates on it since then. 

BluSmart has raised $180 Mn in a mix of debt and equity funding rounds over the years. The startup counts bp Ventures, Venture Catalysts, Green Frontier Capital, responAbility, Deepika Padukone among its investors. It competes against the likes of Uber, Rapido, and Ola Cabs. In the premium cab-hailing space, the startup competes against Shoffr, Uber Black, and other third-party cab hailing platforms.

The post Fresh Trouble For BluSmart As Refex Drops Gensol’s EV Fleet Acquisition Plan appeared first on Inc42 Media.

Bengaluru-based Kouzina Food Tech has made a “strategic” investment in Delhi NCR-based cloud kitchen startup MOPP Foods, the latter’s cofounder Gaurav Gupta said.

Without disclosing the investment or the amount of stake acquired by Kouzina Food Tech, Gupta told Inc42 that the Bengaluru-based startup will have a majority representation on MOPP Foods’ board.

The two startups will use each other’s network to expand their partnership and grow their top lines.

Shark Tank India fame MOPP Foods runs cloud kitchen brands Mealy, Mad Over Parathas & Pakoda, Yum Biryani Bowls, Khichdi In A Bowl, among others. The startup secured investment from CarDekho founder Amit Jain after its pitch in Shark Tank India’s second season. 

MOPP Foods & Kouzina Eye Nationwide Presence

With the investment, Gupta said MOPP Foods is looking to leverage Kouzina Food Tech’s cloud kitchen network, which is primarily present in south India, to increase the number of its cloud kitchens to 200. 

The partnership will also help MOPP Foods improve operational efficiency and enhance customer experience. 

Founded in 2019 by husband and wife Gaurav Gupta and Geetika Anand Gupta, MOPP Foods specialises in north Indian cuisine such as parathas, pakodas, and curries. It currently claims to serve over 25,000 orders monthly.

Meanwhile, Kouzina Food Tech, founded in 2019 by Gautam Balijepalli, Mahesh Madiyala, Sumit Gupta, and Rohan Rao, operates food brands such as WarmOven, Indiana Burgers, KaatiZone, among others. It has a presence in 90 cities across the country. 

For Kouzina Food Tech, the partnership is aimed at adding more brands to its portfolio to take on sector giants Curefoods and Rebel Foods.

“… We are building a house of brands that leverages technology to scale nationally. This deal aligns with our strategy to expand our national presence and strengthen our portfolio of brands. MOPP’s focus on authentic, high-quality north Indian flavours perfectly complements our existing brands, creating new opportunities for growth and customer delight. We plan to expand this portfolio of brands across multiple formats, including cloud kitchens and QSR outlets,” Kouzina Food Tech cofounder and CEO Balijepalli said. 

The $4.4 Bn Cloud Kitchen Opportunity 

The last few years have seen the emergence of a number of cloud kitchen startups in the country. These startups have benefitted from the rise of Zomato and Swiggy, with most of them selling their products via the two companies. 

Quick commerce has emerged as another growth driver in recent times, with many cloud kitchens now promising to deliver food in up to 15 minutes. Swish, Zing, and Rebel Foods are among the cloud kitchen brands providing quick delivery services, while Zepto, Swiggy and Zomato have also entered the foray with 10-minute food delivery offerings.

The sector is also seeing consolidation, with the most recent one being donut brand Krispy Kreme’s acquisition by Curefoods from Landmark Group. 

At the heart of all these is the growing Indian cloud kitchen market, which is expected to become a $4.4 Bn opportunity by 2032, as per Markets and Data. As a result, investors are lining up to invest in startups operating in the space.

Earlier this year, Salad Days bagged INR 30 Cr in its Series A funding round, which was co-led by V3 Ventures and Client Associates Alternate Fund. In December last year, revenue-based financing platform Velocity launched a fund with a corpus of INR 200 Cr (about $23.5 Mn) for India’s restaurant and cloud kitchen brands. 

The post Exclusive: Kouzina Food Tech Invests In Shark Tank Fame MOPP Foods appeared first on Inc42 Media.

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

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

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

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

How axiTrust Aims To Free Up Capital For MSMEs

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

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

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

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

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

General Catalyst Bets Big On India

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

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

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

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

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

“In 10 years, everyone in India should be able to get a BluSmart EV cab within 5 minutes.” This is what Anmol Jaggi, cofounder of BluSmart — and chairman and MD of listed company Gensol Engineering — said in a press conference, as recently as February 2025. 

It’s only been a month, but the turnaround has been swift. Since then, publicly listed Gensol Engineering has come under the scanner due to debt and liquidity issues. And this controversy has also cast a shadow on BluSmart’s future. 

That’s because Gensol was BluSmart’s largest fleet supplier till last year, and in turn, BluSmart was Gensol’s largest customer. With Gensol now looking to raise INR 600 Cr to fix these issues, it also announced a stock split in the ratio of 1:10 (further drop in share price), even as its shares have plummeted over 60% since the beginning of March.

What exactly happened at Gensol that threatens to also consume BluSmart, one of India’s first EV-only ride-hailing startups? To start, let’s unpack the connection between the two companies, both founded by brothers Anmol Jaggi and Puneet Jaggi. 

The Gensol Connection

In January 2025, Gensol Engineering’s EV financing arm Gensol EV Lease Pvt Ltd sold around 3,000 EV cars, which were being operated by BluSmart, to a refrigerator company – Refex Industries’ wholly owned subsidiary — Refex Green Mobility. This acquisition was primarily done to bring down Gensol’s debt by INR 315 Cr.

Well, the acquisition seemed normal until, in March’s first week, credit agencies ICRA and CARE downgraded Gensol’s credit rating to D (default/junk) based on the feedback received from the company’s lenders about the ongoing delays in debt servicing.

Besides, ICRA accused Gensol Engineering of submitting falsified data and highlighted that BluSmart recently delayed payments for its non-convertible debentures (NCD), which can have an adverse impact on the “financial flexibility and capital raising ability” of Gensol Engineering. 

Consequently, the company’s shares have tanked and continue to free fall.

Amid these challenges, BluSmart decided to discontinue its Dubai operations from April 2025 as it has decided to focus only on the Indian market.

Sources also indicated there has been a top-level exodus in BluSmart, which was reported by The Morning Context this week. Chief executive officer Anirudh Arun, chief business officer Tushar Garg, chief technology officer Rishabh Sood, and vice president Priya Chakravarthy have all exited. Nandan Sharma, who was earlier a vice president, will take over as the chief executive officer. 

Even as Gensol Engineering tries to raise capital to beat its debt issues, there could be ramifications on BluSmart as well, given the business links between these two entities and its promoter group.

Gensol And BluSmart: Same Same, But Different

Founded by the brothers in 2007, Gensol Engineering primarily operates as an EPC (Engineering, procurement, and construction) company but things began changing sometime in 2018 as the company looked to diversify into the ride-hailing business. 

Sensing an opportunity to disrupt the space with electric vehicles, BluSmart began operating under the Gensol umbrella. 

Indeed, the company was incorporated as Gensol Mobility Private Limited in October 2018, before its name was changed a year later to Blu-Smart Mobility Private Limited. The three BluSmart subsidiaries also started life with the Gensol branding front and centre, before their names were also changed. 

Along the way, the Jaggi brothers brought Punit K Goyal – who had earlier founded solar energy company PLG Power and also sold two power plants in Gujarat and Maharashtra for $68 Mn and $56 Mn respectively – on board to helm the operations even as they held the majority of the company.

Of course, starting a ride-hailing business is relatively easier in the post-Uber world, as long as you have cash to burn to acquire users and have the right procurement chain in place for vehicles. 

BluSmart chose an asset-light model like Ola and Uber, which meant it didn’t want to purchase vehicles and operate them directly. Instead, the idea was to either lease a fleet or incentivise drivers who already were on electric vehicles.

For the former, Gensol Engineering became something of a knight in shining armour for BluSmart. The publicly listed company’s EV leasing business acquired EVs from OEMs such as Tata Motors, MG Motor and others, and dry leased them on a multi-year contract to BluSmart which essentially meant BluSmart operated the fleet, and Gensol did not take on any liability in this regard.

“When we started the ride-hailing business, it was initially named after the Gensol Group. As BluSmart grew into a strong, independent brand, it was decided during the initial days to rebrand it as BluSmart,” BluSmart told Inc42 in response to questions related to BluSmart’s origins within Gensol.

While BluSmart continues to say that neither Gensol nor any of its subsidiaries has any stake in BluSmart, Gensol’s annual report clearly shows that its promoters — the Jaggi brothers — and their families have significant influence on three of the subsidiaries that actually manage the ride-hailing operations. 

Inc42 asked BluSmart about the Gensol connection back in January 2023 when looking into the ties between the companies. At the time, we were told that BluSmart had signed a board-approved deal to lease vehicles from Gensol. 

“The only business relationship is between Gensol EV Leasing business which has leased out vehicles to BluSmart. This is a board approved transaction and audited for arm’s length from a Big 4 audit firm,” Anmol Singh Jaggi told Inc42 in an emailed response. 

Responding to our questions about the Gensol connection earlier this week, BluSmart denied that it was largely dependent on Gensol to continue scaling up the business. The company highlighted that it has multiple deals with leasing companies such as Orix, Kinto, Mahindra & Mahindra, among others. The statement also emphasised that in 2024, the majority of cars leased by BluSmart were from partners other than Gensol.

On the surface, this might be an accurate statement, but digging a little deeper, we find that at the very least the ownership of close to 3,000 vehicles was only recently transferred by Gensol to Refex.

This made up more than a third of BluSmart’s total fleet of 8,500, therefore, it’s not clear how diversified BluSmart’s fleet is despite what it says about having a number of OEMs on board.

How BluSmart Is Losing Its Edge

Incidentally, this is also a related party transaction as far as BluSmart is concerned. In January 2025, Gensol signed a deal with Chennai-based Refex Industries (founded in 2002) to transfer 2,997 electric vehicles from its books to Refex.

These vehicles continued to be leased to BluSmart, and Refex Industries also took over an existing loan facility amounting to nearly INR 315 Cr from Gensol Engineering, which comes as some respite for Gensol.

It is pertinent to note that Refex Industries managing director Anil Jain was an early investor in BluSmart and currently holds less than 1% equity in the EV-hailing company on a fully diluted basis. 

In an earnings call after the December 2024 results, Jain told analysts that the acquisition of the fleet will give Refex a long-term growth path, but despite persistent questions by analysts, the contours of the deal are unclear. 

Refex Industries will offer a long-term dry lease for five years to BluSmart, Jain claimed, but also added that the company could look at taking over this fleet and its operations in the future. 

It’s also not clear whether this deal is beneficial for BluSmart. The company declined to comment on total lease payments owed to Refex. 

What we do know is that with Gensol, BluSmart had an edge, which it has lost. 

BluSmart was not only a key customer for Gensol, but there is a clear affinity between the two companies. As per Gensol’s annual report for FY24, the company signed contracts worth INR 138.87 Cr with Blu-Smart Fleet Private Limited, INR 9.19 Cr with Blu-Smart Mobility Private Limited, and INR 27 Lakhs with Blu-Smart Tech Mobility Private Limited — all of which were disclosed as related party transactions. 

Even if the lease deal was ratified by auditors, this close association between Gensol and BluSmart does raise some questions about favourable deal-making.  

As for Refex Industries, it does have plans to lease electric vehicles to other service providers, which means BluSmart might not be a preferred customer for Refex in the future, leaving it with little leverage in getting the right leasing fees. 

Diversifying its fleet suppliers is key for BluSmart at this point in time. For instance, earlier this month, Refex partnered with Uber Green to deploy 1,000 cars by 2026, and this could grow to a larger deal in the future. 

“…And we being a B2B player for us will be encouraging more and more of these opportunities where we can acquire vehicles and give it to B2C operators so that our income, our revenues are fixed and we don’t lose or burn money,” Jain said in the earnings call. 

BluSmart’s Fundraising Blues 

While BluSmart’s fleet has continued to grow, and entered new cities like Mumbai and Dubai, one thing remained constant. Promoters group have continued to invest in the company in a significant way in every funding round that BluSmart has raised.

While an investor infusing capital in his own company shouldn’t be frowned upon, investing in a regular interval, without disclosing the amount that has been invested has indeed raised a few eyebrows, especially when the promoters are also the promoters of a publicly listed company. 

While the company is yet to file its annual return for FY24, the promoter groups’ stake comprises around 30% in the company, according to the company’s response to Inc42, with Anmol Jaggi being the single largest shareholder (non-institutional).

With both Anmol Jaggi and Puneet Jaggi under SEBI’s scanner because of poor credit ratings, things might get awkward for BluSmart when it comes to raising capital in the future. In fact, Inc42 reported earlier this year that BluSmart was indeed looking to raise $50 Mn in funding from VC funds and the promoter group. 

There is no confirmation or update on this particular funding round as yet.

Its other backers include BP Ventures, responsAbility Investments AG, Sumant Sinha, MS Dhoni Family Office, Survam Partners, Mayfield India Fund, 100Unicorns, JITO and Green Frontier Capital.

Besides, one thing has to be understood — BluSmart has raised over $80 Mn in debt from multiple investors, and a large part of any potential fundraise might go towards repaying this debt, considering it is a loss-making company. 

In fact, earlier this year, BluSmart delayed a tranche of INR 30 Cr, which it subsequently repaid belatedly. 

Ride-Hailing’s 2.0 Moment 

A fundraise is also critical for BluSmart to continue adding to its fleet. Currently, BluSmart claims that it has around 8,500 electric vehicles in its fleet. 

But in terms of overall fleet size, BluSmart trails Uber and Ola, even though it is estimated to have the largest EV-only fleet in India. 

The closest competitor for BluSmart is Uber Green, the ride-hailing giant’s EV business. It is targeting a fleet size of 25,000 EVs by 2026, and has already partnered with Lithium Urban, Everest Fleet, Moove, and even Refex Mobility Green to procure these cars. 

If we talk about Uber India’s overall four-wheeler taxis in the country, the number stands at around 5 Lakh. 

While OLA and Rapido both are yet to introduce a separate EV fleet, their respective fleet count stood at around 10 Lakh and 1 Lakh, respectively. 

Here’s a look at the major players:

BluSmart is yet to file its FY24 numbers. However, media reports suggest that the startup has closed FY24 with a gross income of INR 376 Cr compared to INR 160 Cr in FY23. For context, net revenue for FY23 was INR 70 Cr. 

According to him, BluSmart is for those consumers who seek comfort and don’t mind shelling out a premium for a cab ride. “We don’t want to build BluSmart for people who are finicky about INR 20 or INR 30. We want to focus more on India 1.0 – those living in Bengaluru and Delhi NCR,” Goyal was quoted as saying by The Arc.

But BluSmart is not exactly the most premium service in India currently. It also faces some competition from the recently reintroduced premium service Uber Black. Plus, the likes of Shoffr and Luxorides, which have a sharper focus on the premium segment, are more likely to extract high revenue in this category.

BluSmart also needs to improve on long wait times for cabs and poor customer support. 

While Uber and Ola long held a duopoly in the cab-hailing business, the rise of Rapido has caught them by surprise. Rapido is looking to raise a further round of INR 250 Cr to expand to 500 cities in India this year, after raising INR 1,000 Cr last year.

In the ride-hailing business, Rapido has clearly earned investor faith with its patient go-to-market strategy of two-wheelers first and then three-wheelers before entering the cab-hailing segment relatively later than the others. For instance, in FY24, the startup’s operating revenue jumped by 1.5X to INR 648 Cr, while it reduced its loss to INR 370 Cr. 

BluSmart has long threatened to disrupt the Uber-Ola duopoly, but if anything, its model is most likely to be disrupted by rivals that have a better operating leverage and more optimal balance of demand and supply.

In fact, as more and more Indians adopt electric vehicles, BluSmart is very likely to lose any positioning advantage it has accrued over these years. And then it becomes a game purely of scale and operating leverage.

This is why founder Anmol Jaggi’s dream of having a BluSmart arrive at your doorstep in five minutes by 2035 seems a bit too ambitious.

Edited By Nikhil Subramaniam

The post How BluSmart’s Closest Ally Became Its Biggest Risk appeared first on Inc42 Media.

How much of AI is hype? The question has been going around for a few years now. At least, in the context of Unikon.ai, the answer is now clear.  

The startup, founded by Aakash Anand in 2024, started out looking to capitalise on the generative AI or GenAI boom, but now after months of burning cash, Unikon.ai is pivoting and will launch a D2C brand instead. 

Yes, a startup that wanted to build an AI-powered networking platform is now one of the thousands of D2C brands dotting the market.  

Backed by the likes of Nikhil Kamath, Peyush Bansal, Vishesh Khurana and a number of noted angel investors, Unikon.ai’s failure shows just how difficult it is to actually build a product or platform that’s centred around AI. 

Anand, a serial entrepreneur who had founded and exited Bella Vita Organic earlier, founded Unikon.ai along with former Zecpe CTO Sumit Jha and Palash Arneja.

The startup raised close to $3 Mn in funding soon after launch, with its pitch of a social media and networking platform powered by GenAI. But it would seem that scaling up an AI-powered LinkedIn alternative proved much costlier than expected, and after months of cash burn, Unikon.ai is ready for an altogether new innings. 

Even as GenAI takes most industries by storm, building a startup in this space is about a lot more than just slapping the AI label on. Former and current employees told Inc42 that the company did not seem to have a clear plan when it comes to the GenAI aspect, and soon found itself building another LinkedIn-like platform. 

And now that the startup is building a D2C brand, it’s worth understanding what sealed Unikon.ai’s AI fate.

Where Was The AI In Unikon.AI?

“They [Unikon.ai founders] always spoke about quick exits and told the company will be a billion dollar company and how every employee will make money,” a former employee told Inc42.

Like many new startups in the past two years, the startup banked heavily on the AI story and was looking to build a new-age social media and networking platform with 1:1 conversations between users and experts on diverse topics. Besides this, the app provided a personalised content feed for each user. 

It’s unclear where exactly the GenAI component fit into this product. It’s entirely possible that this was Unikon.ai’s GTM product with AI features in the pipeline. 

As we reported last year, the startup was building something called UniSeek, which helps users post all kinds of queries and seek assistance or even hire professionals. “The platform uses AI and ML-powered algorithms to match queries with the right individuals,” Anand had told us at the time.

He also claimed that the company was addressing the problem of access. “The platform allows anyone to set up rates based on the value of their time. Others on the platform can then reach out to them via video calls, audio calls, or messages, all of which are chargeable, to get their queries or advisory answers.”

He claimed the platform leveraged machine learning to match individuals with the right experts. Soon after raising funds, Unikon.ai went on a hiring spree, bringing 80-90 individuals on board to run the operations and products.

The fundraise had filled the founders and the management with optimism, but this does not always necessarily result in traction. At Unikon.ai, the biggest problem was related to the product itself. 

Holes In The Unikon.AI Story

Building a social network is about building the social graph, the larger the graph, the more organic the user onboarding. The initial days are always a struggle, as seen in the case of even the most successful social media platforms. 

As for revenue, individuals paid anywhere between INR 13 to INR 20,000 for one-on-one calls with experts. Unikon.ai earned a 10%-20% commission cut for facilitating these calls, similar to platforms such as Astrotalk or Wysa.

In fact, Unikon.ai specifically targeted categories such as startup ideas, astrology, mental wellbeing among others for its user base. All well and good, if the startup managed to add hundreds of experts to populate these categories. 

But that’s where the story soured. One of the first challenges was attracting experts and professionals to the platform. At first, Unikon.ai had experts such as Akash Gupta (Zypp Electric cofounder), Amit Choudhury (Lenskart cofounder), Snehil Khanor (TrulyMadly founder) and besides its own investors such as Peyush Bansal.

Aakash Anand himself was an expert on the platform, but sources claim that these names were not enough to attract a mass audience. We were also told that a majority of the one-on-one sessions were related to building startups or pitching business ideas, and it was hard for the startup to attract other experts. 

Sources claim adding more popular names and celebrity experts would have helped in increasing the daily call volume. “We got around 1,000 users to the platform on a daily basis, but the conversion rate was as low as 100,” added one source, adding that the startup tried to get more of their angel investors to join as experts, but did not succeed there either. 

As a user retention and engagement tactic, Unikon.ai offered in-app credits to new users. A  dedicated sales team would call users and urge them to set up a call with an expert based on their needs. 

“The sales team had a target on their back, sometimes in a bid to achieve those numbers, they might even bring their family members, friends on the application,” another source added. 

Besides, Inc42 has also learnt that around 20%-30% of the scheduled calls were cancelled either by the individual or the expert. 

App crashes were also frequent which led to cancellations. Moreover, anyone on the platform could pose as an expert, and the app lacked any scrutiny or filter to onboard experts. 

While the startup had an average retention rate of 33% across its top four categories, Inc42 has learnt many times second time calls were made free for existing users to retain them. This naturally hurt the startup’s revenue and profitability.  

As per sources, while the registered user count was 1 Lakh, the daily active user base ranged between 1,000 and 1,500 users.

As Unikon.ai founder Anand admits in his post on Linkedin, scaling up the platform would have required INR 2 Cr of cash burn per month. This was not proving to be a sustainable model after all. 

In a subsequent email to Unikon.ai’s investors, Anand said the startup has already spent around INR 14 Cr out of the INR 24 Cr raised till date, and has INR 10 Cr in reserves which would go towards building the D2C brand. 

“Your stake in the company remains unchanged,” Anand told investors in the letter, a copy of which was seen by Inc42. 

Product Experiments Fail, Employees Laid Off

Eventually, this situation would lead to layoffs, but even before that there was a lot of chaos and confusion within the ranks. “They didn’t know what they were doing. Everything was last minute and they tried to do multiple things at once,” said one of the sources to Inc42.

Post Diwali last year, for instance, the management pushed for the launch of micro apps for mental wellbeing and astrology. 

“Teams worked on building these categories within the main app for months, but suddenly everything was changed. The app’s UI was revamped, and the updates were delayed, and we don’t know if they will even see the light of the day,” added another former employee.

Following these experiments, Unikon.ai laid off employees just before a major update push, which showed that the company was not seriously thinking about scaling up. 

Close to 50% of the workforce was laid off on February 28 2025, multiple people told Inc42 on the condition of anonymity. 

Employees from sales, product, marketing, tech, design, among others were adversely affected in this restructuring exercise. As per sources, employees were given salary for the month of February, and were helped with job counselling. 

The layoffs came almost eight months after the startup raised $2 Mn in funding Dholakia Ventures; OfBusiness cofounders Nitin Jain and Vasant Sridhar; Gaurav Khatri of Noise; besides the likes of Zerodha’s Nikhil Kamath, Shiprocket’s Khurana and others.

In response to Inc42’s detailed questionnaire on the state of affairs, Unikon.ai said, “Restructuring is a normal part of any growing company. At Unikon.ai, less than 20% of the team was impacted as part of a routine performance review. We remain focused on building a stronger, more efficient organisation to drive long-term growth.”

Incidentally, the statement did not mention anything about a pivot to a D2C brand, even though Inc42 has explicitly questioned CEO Anand and the company on this aspect, based on information provided by sources. 

Raising Funds For AI, But Building Yet Another D2C Brand

In his Linkedin post, CEO Anand said that the company is going back to its D2C roots, but sources we spoke to claim that this was already on the cards. 

Sources alleged that some employees from Anand’s other company Wolfpack Labs were on Unikon.ai’s payroll, and many who have been laid off by Unikon.ai are now working at Wolfpack. 

“Not only the founders, but there are other top management employees who were on Unikon.ai’s payroll until recently and were working on other brands that came under Wolfpack Labs,” said a source.

What exactly is Wolfpack Labs and how is it connected to the AI startup? 

It goes back to 2021 when Aakash launched Bella Vita Organic along with Aashima Anand and Saahil Nayar. In the first year itself, it raised $10 Mn from Ananta Capital, which eventually ended up acquiring the brand. 

It is pertinent to note that Aakash is listed as a partner on Ananta Capital’s website. It also needs to be highlighted that in December 2024, Ananta Capital infused INR 6.4 Cr in Unikon.ai, as per MCA filings.

Also in 2024, Aakash Anand launched Wolfpack Labs, a venture studio, where he infused INR 50 Cr in a personal capacity as a promoter/founder. 

Wolfpack Labs invests between INR 25 Lakh and INR 1 Cr on average for an equity shareholding of up to 15%. This is closer to an early stage investor and unlike a typical venture studio which takes a hands-on approach to building businesses.

As per sources, Unikon.ai and Wolfpack Labs have offices in the same building in Gurugram, and Unikon.ai’s top management often oversees the business of Wolfpack Labs portfolio. Several impacted employees have also been moved to these brands. 

“They might keep Unikon.ai as a side project moving forward,” a source told Inc42 last week, before Anand’s post on Linkedin about the pivot to a D2C brand. 

Ultimately, the story of Unikon.ai is one that’s entirely expected in the world of AI, but one that’s surprising because of how quickly the story unravelled. The company might have added an AI to its name, but as many former employees told us, the use of OpenAI or other models was rather limited at Unikon.ai. 

The hype around AI is very real, even if the products and solutions being built do not always stick close to the AI promise.  

“There was no tech involved. The ‘AI’ was just a fancy suffix that the founders decided to go ahead to tap on the trend,” said one of the sources. 

Another source said that founders realised that a technology company requires at least five to six years to built and scale up, but they didn’t seem to have the patience this required and sought an early exit. 

Meanwhile, some of India’s most noted angel investors did not respond to Inc42’s queries. Ordinarily, these angel investors might have thought twice before backing a D2C brand with no product plan or roadmap. 

“With INR 10 Cr in reserves out of the total INR 24 Cr raised, we’re now focused on building a disruptive D2C brand, leveraging my expertise in driving growth and profitability in a product led consumer business,” Anand said in his email to shareholders, but did not mention what product this brand would be developing. 

For these angel investors — founders and CEOs of giants in their domain — and others, Unikon.ai is a wake-up call, particularly when it comes to falling for the AI hype.

Edited By Nikhil Subramaniam

The post From AI To D2C? Behind The Strange Pivot By Aakash Anand’s Unikon.ai appeared first on Inc42 Media.

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

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

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

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

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

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

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

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

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

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

The post Ex-GlobalBees President Damandeep Singh Soni Joins Astrotalk Store As CBO appeared first on Inc42 Media.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“With due respect to aggregators [Zomato and Swiggy], who play a vital role, their strength lies in logistics irrespective of what they deliver, but Rebel Food’s key strength lies in food,” — Sagar Kocchar, CEO of EatSure by Rebel Foods.

Even as Kocchar defended Rebel Foods’ moat after the launch of QuickiES, the company’s own take on quick food delivery services, the reality is that now India’s OG cloud kitchen startup is now playing on the turf of Zomato and Swiggy.   

For instance, Rebel Foods promises a complete refund if the delivery isn’t made within 15 minutes – a claim never seen before — but largely built around figuring out the logistics behind each delivery. 

Of course, at this moment, the quick food delivery model is immature and therefore a lot more has to be figured out. Even Swiggy Snacc, Bistro by Blinkit and Zepto Cafe are proceeding with caution in this space, despite having a clear advantage in some ways. 

So in the meanwhile, there’s room for others. Here’s how Rebel Food is building QuickiES to take on the three biggest players right now. 

Rebel Foods Takes On Quick Delivery Giants

Food delivery is seeing a mini renaissance in India with the success of quick commerce unlocking new consumer behaviour in the metro and opening up insights into the execution of a similar models for other categories. 

Swiggy Instamart, Zepto and Blinkit spent billions to perfect this model for grocery deliveries, and now it’s being extended to everything. All three themselves have quick food delivery apps, and others such as Bengaluru-based Swish and Delhi-based Zing have also looked to attract first adopters. 

While Swish raised $2 Mn from Accel, the advantage is clearly with Swiggy and Zomato, and to some extent Zepto, which has enough capital to outlast new players. 

So how is Rebel going to compete against Swiggy and Zomato, who not only have more restaurant partners, but also dark stores set up in every corner of Tier I cities and metros? And what advantages can it count on in this fight?

Currently, QuickiES is only running as a pilot in Mumbai and this will serve as a test bed to refine the product before expanding it to other cities. The QuickiES menu includes dishes from Rebel’s house of brands (seen above).

But it will not be the full menu that these brands serve through Zomato and Swiggy, which does make it less attractive for consumers. At this moment, only those items that can be prepared within a short window are available.

Besides food from these brands, Rebel Foods will also deliver coffee and snacks through its own brand Slay Coffee and other restaurant and brand partners. Slay Coffee, a cloud kitchen brand which was shuttered, has been revived for QuickiES.

While Kocchar said it is too early to give names of any such brands, this partnership will definitely take some pressure off Rebel’s own kitchens. 

The CEO’s emphasis was clearly on preparing food in real time. He said everything is prepared fresh in HACCP-Certified kitchens, and Rebel Foods would not compromise on the food quality.

“For categories like snacks and quick bites—including samosas, bread pakoras, puffs, and more—we do not have strong brand pull. Therefore, this range of menu will be managed by our trusted vendor partners,” Kocchar added.

Inside The QuickiES Kitchen 

Having been founded in 2011 by Kallol Banerjee and Jaydeep Barman, Rebel Foods is a pioneer in the cloud kitchen space, starting with Faasos in Pune and Mumbai, and today expanding overseas. 

Kocchar, who joined Rebel Foods in 2012 as a Senior Vice President, Operations, says this wealth of experience and operational knowhow has given Rebel Foods data that has served as a moat for so many years.

“We believe the key to delivering quality food fast is in our forecasting methods. We make sure there is ready availability of fresh food, all based on order projections. Our platform is equipped to handle all sorts of processes from baking to grilling to wok-based cooking, conveyor preparation of pizza, frying etc. And it’s all supported by a very robust tech infrastructure,” he claimed.

The tech includes Tracx, Rebel’s in-house logistics platform, which manages the order fulfilment process through smart driver allocation and ETA predictions.

Riders are assigned based on their proximity and their delivery records. Currently, Rebel Foods has a mixed fleet of full-time, part-time delivery partners, and third-party logistics services. Depending on demand surge for QuickiES orders, Rebel could look to scale its fleet in future.  

Where Rebel Foods Holds The Edge

After owning and operating hundreds of cloud kitchens for multiple brands, the logical thing for Rebel Foods was to launch its food delivery platform, which it did with EatSure. QuickiES is the reaction to the perception that consumer behaviour is shifting towards convenience — even in food delivery — rather than choice. 

Zomato and Swiggy built their empire on aggregation, but to some extent, that model is unsustainable at pan-India scale with the cost burdens of not only running a large marketplace and the delivery fleet. The more profitable model — at least at scale — would be owning the marketplace, the brands and the delivery fleet. 

Rebel Foods owns them all, while Zomato and Swiggy do not yet own restaurant brands. 

At the moment, EatSure’s scale cannot match Zomato or Swiggy, and without separate disclosures, it would be hard to estimate how much of Rebel Foods’ INR 1,400 Cr+ revenue (as of FY24) comes from the delivery app. 

But in the quick food delivery space, Rebel Foods has a couple of advantages. It already has 475 kitchens across 75 cities, which Kocchar claimed would be enough to power QuickiES. It has spent millions in building up around 10 brands, and is also bringing in international brands to India, and running their kitchens.
Having a large enough network to test out changes allows Rebel Foods a key advantage over Zomato and Swiggy, which have to either set up new kitchens or revamp existing dark stores. It can roll out new menu items across India more easily as long as it owns the recipe. 

While the company has plans to expand to 150-200 cities in India by 2028, this investment will not happen in the short term. One must understand that quick food delivery is a new idea and as such the model will only be improved over the next year or so. 

More and more restaurants will learn from the experience to improve their kitchens for the quick delivery age. More brands would enter into the snacks space to cater to new cities and markets. But till that happens, Rebel Foods has that one major advantage. 

And Where It Falls Behind 

But in terms of brand power, EatSure is still quite a way behind Swiggy and Zomato, and perhaps even Zepto. That will require a bigger push. 

The Rebel Foods app has an all time download of 10 Mn. This pales in comparison to Swiggy’s monthly transacting user base of 14.9 Mn and Zomato’s 20.5 Mn as of Q3 FY25. Data for SNACC and Bistro are likely to be only available after the next quarter. 

Zepto Cafe meanwhile claims to have reached 100K orders per day after relaunching sometime in 2024. So a big push on branding is likely to be seen in the next year or so.

Along the way, Rebel Foods has to smartly reallocate its investments towards brand presence and marketing on Swiggy and Zomato. Currently, 70% of Rebel Foods’ business comes from Swiggy and Zomato, Kocchar added. 

It will not be easy for Rebel to widen that revenue stream without spending more, as both delivery giants are hungry for higher revenue. Swiggy has already increased its commission fee from restaurants after listing. Zomato will not be far behind.  

While Kocchar denied that the company is raising new funding, Rebel Foods got a major $210 Mn raised at the end of last year from Temasek, which was likely raised to launch and expand EatSure and QuickiES. 

One does wonder how the new launch will impact Rebel Foods profitability. It incurred a loss of INR 375 Cr in FY24, almost half of what it lost in FY23. Kocchar did not comment on the numbers for FY25. 

As Rebel Foods plans to make a public market debut in the next 12- 24 months, QuickiES is more than an experiment. Even if it is shelved as an individual product, it will generate and contribute vital data for EatSure, which has a more conventional food delivery model. 

The entry of PE giants Temasek and KKR (through a secondary deal) is a big signal about Rebel Foods eyeing an IPO in the next two years. But before that a titanic battle lies ahead for the company that basically created cloud kitchens in India against food delivery pioneers.

Edited By Nikhil Subramaniam

The post Inside QuickiES: Rebel Foods’ 15-Min Gamble Against Zomato, Swiggy appeared first on Inc42 Media.

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

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

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

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

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

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

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

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

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

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

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

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

Ashneer Grover-led fantasy cricket platform CrickPe has halted operations within a couple of years of its launch.

The fantasy platform, which was the first product of Grover’s startup Third Unicorn, was launched ahead of the start of the Indian Premier League (IPL) in 2023. However, it has stopped rolling out new contests.

“We’ve had an amazing innings together, While we won’t be rolling out new contests on the app anymore, this is just a timeout,” a message on the CrickPe app shows.

However, Grover hinted that Third Unicorn has decided to look at other opportunities beyond CrickPe.

Responding to Inc42’s questions, he said, “CrickPe has been halted end 2024 as we are not keen on the space given misplaced connotation of gambling with gaming in India and imposition of 28% GST last year. We had great fun with the space but feel it’s best for incumbents like Dream11 and others and the economics of the business does not have scope for incentivising the cricketers out of the game pot – which was our initial idea.” 

While there are no new contests on the app, the platform shows the option for users to withdraw their winning balance.

CrickPe differentiated itself in the crowded fantasy gaming market by positioning itself as a platform that would give a certain portion of the winning pot to the cricketers involved in the match and the Board of Control for Cricket in India (BCCI), besides the users. 

Explaining the business model, Grover, around the time of the launch of CrickPe, told Inc42 in an interview, “In general, in cricket fantasy apps, from a pot of INR 100 Cr, INR 20 Cr is reserved by the platform and INR 80 Cr is distributed in the prize pool. My core question is why are cricketers not being paid from this total. So we have tried to do it this way: INR 80 Cr as winnings for users, INR 10 Cr will be kept as a profit pool by the app and INR 10 Cr will be distributed to cricket bodies and cricketers.”

At the time, he was so bullish on the business model that he went on to say that he would “make sure Dream11, MPL will move into this”.

However, CrickPe seems to have failed to make a mark in the crowded fantasy cricket segment.

GST Woes Of Gaming Companies

Besides the intense competition in the fantasy space, which has the presence of startups like Dream11, MPL, My11Circle, among others, the GST Council’s decision to levy a 28% GST on full face value of bets for online real-money gaming hit CrickPe’s plans. 

The 28% GST regime came into effect on October 1, 2023. Prior to that, a lower 18% GST was levied on the platform fee for skill-based games.

The outspoken Grover has been a vocal critic of the 28% GST regime. In an old post on X, which he later deleted, Grover said that the 28% GST murdered the online gaming industry. 

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

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

The high taxation and regulatory concerns seem to have forced Third Unicorn to halt CrickPe. 

What’s Next For Third Unicorn? 

Founded in 2023 by Grover, his wife Madhuri Jain and Aseem Ghavri, Third Unicorn raised $5 Mn in its seed round at a valuation of $39 Mn from Venture Catalysts, Haldiram family office, rapper Badshah, cricketer Shikhar Dhawan’s venture capital fund Da-One Ventures and Mumbai-based content creator firm Super Fat Studios.

The startup has now turned its focus on its other platform ZeroPe, a lending tech platform which provides loans for medical treatments.

Grover said that ZeroPe has found its product-market fit, adding that it has more than 1 lakh organic downloads, 1,000 hospital / healthcare providers as partners, and a rating of 4.6 on iOS and Android. 

Customers can choose any hospital from ZeroPe’s partners’ list and get instant loans of up to INR 5 Lakh digitally for medical treatments. Delhi-based NBFC Mukut Finvest is the lending partner for ZeroPe.

“We are providing EMI across healthcare providers across skin, dental, aesthetics, hair implant and IVF, making it affordable for people (to get treatment), especially for things not covered with insurance,” Grover said.

He added that the startup is well funded and he would continue to infuse more capital into ZeroPe from his personal wealth “to make it a leader in healthcare financing in India”.

With this, the former BharatPe MD has turned back his focus to the fintech market. On the back of rising interest penetration and access to smartphones, India’s fintech market has grown by leaps and bounds over the last decade.

Within the fintech sector, the lending tech segment is projected to clock 22% CAGR during 2024-2030 to reach a size of $1.3 Tn by the end of this period. Grover and Third Unicorn are eyeing a share in this burgeoning market.

The post Exclusive: Ashneer Grover Pulls The Plug On Fantasy Cricket Platform CrickPe appeared first on Inc42 Media.

B2B ecommerce giant Udaan has closed $75 Mn (INR 651 Cr) in a fresh equity funding round from existing investors M&G Prudential and Lightspeed Venture Partners, sources close to the matter told Inc42 on conditions of anonymity.

In a company wide town hall today (February 17), Udaan CEO Vaibhav Gupta informed the employees about the ongoing Series G funding round. The startup raised this round at a flat valuation of $1.8 Bn.

Sources further added that the Delhi NCR-based startup is also likely to close an additional $25 Mn in a funding from potential new investors in the next quarter.

As per sources, the startup will use the fresh capital to further enhance customer experience, deepen market penetration, strengthen strategic vendor partnerships and bolster long-term capabilities in supply chain and credit.

Queries sent to Udaan didn’t elicit any response at the time of publishing this story. 

The fresh development also comes close on the heels of the startup receiving an NCLT nod for  consolidation of its various business entities into a unified entity – Hiveloop Ecommerce Pvt Ltd. – from the National Company Law Tribunal (NCLT). This step is considered a major step with respect to the startup’s IPO ambitions. 

The fresh funding round follows Udaan’s $340 Mn fund raise almost a year ago. Back then it bagged from M&G Prudential, along with participation from existing investors Lightspeed Venture Partners and DST Global.

Founded in 2016 by Gupta, Sujeet Kumar, and Amod Malviya, Udaan enables supply chain and logistics operations focused on B2B trade. It claims to enable daily delivery across over 1,000 cities and 12,500 pin codes through udaanExpress.

To date the startup has raised almost $1.8 Bn in funding and counts marquee investors such as Microsoft, Tencent and Lightspeed among others. 

The post Udaan Bags $75 Mn From M&G Prudential, Lightspeed At Flat Valuation appeared first on Inc42 Media.

You have to spend money to make money, goes a popular saying and Swiggy seems to be swearing by it. 

Last week, the Bengaluru-based consumer services giant announced its Q3 results, and ever since then, the startup’s share price has nosedived, even reaching a 52-week low. The market seems to have punished the 10-year-old company due to the increase in overall losses, even as revenue growth was muted for Instamart, Swiggy’s growth bet. 

The stock has declined over 12% since the foodtech major reported weaker-than-expected earnings in the December quarter of FY25.

In fact, as of Q3 FY25, Swiggy is at the same level as Zomato-owned Blinkit was one year ago. This shows the road ahead for Swiggy’s quick commerce business. 

In Q3, the vertical reported 14% QoQ revenue growth to INR 603 Cr, even as Zomato’s quick commerce business touched INR 1,400 Cr in revenue in the same quarter. So a direct comparison with Blinkit is not justified. 

Instead, let’s look at whether Swiggy can push Instamart to Blinkit’s current scale in a year’s time or even faster. After all, the company is betting big on expansion and will be investing in its dark store network, adding larger megapods and venturing into new products and categories. 

So will Swiggy’s investment into Instamart drive scale? Or is there a deeper problem here, which has put Swiggy in the third place in the quick commerce race, as per some reports, behind Blinkit and Zepto.   

The company’s quick commerce business vertical alone posted a staggering loss of INR 527 Cr, a 70% YoY jump. Essentially, Instamart alone contributed to more than 65% of Swiggy’s losses in Q3. 

In the post-earnings call, Swiggy attributed the higher losses to spiralling customer acquisition costs and investments towards expansion of the dark store network. But the fact is that Swiggy is not the only one doing so. 

Zepto, which raised more than $1.4 Bn last year, has looked to ramp up its dark store network similarly, while Zomato-owned Blinkit too is in investment mode at the moment and has taken its foot off the profitability pedal for the time being. 

But even so, Swiggy’s growth rate is well behind Blinkit — the only other platform for whom we have disclosures from the past year on a quarterly basis. 

For instance, Blinkit’s Q3 FY25 YoY revenue growth rate was 120% in comparison to Swiggy Instamart’s 108%, a marginal difference which is also seen in the QoQ growth rates — 21% for Blinkit vs 17% for Instamart.

One of the primary reasons behind Instamart’s sluggish growth rate could be attributed to its late execution and delay in entering to newer categories.

“Swiggy has always been on the backfoot from the very beginning. The company launched quick commerce first, but was late to enter new categories. In many cases, its rivals were already reaping benefits of this transition before Swiggy. In other cases, Swiggy enters a new region or market late, when already everyone is there,” according to Satish Meena, founder of Datum Intelligence, a consumer data and analytics solutions company. 

Based on the disclosures by both Blinkit and Instamart, these players largely earn revenue from metros and Tier-I cities. So any investments in setting up new dark stores will only pay off one year down the line, typically speaking. 

In fact, Swiggy set up 96 dark stores in Q3, which is almost the same as the number it added in January 2025. And across February and March, we can expect another 200 dark stores from Instamart to meet its target of 1,000 stores by March 2025. 

“It was a pure capex expenditure for them in the last quarter. These dark stores will start bearing results in the next 2-3 quarters,” Sameer Sharma, cofounder of uEngage, said, adding that Instamart continues to be razor focused in the categories it operates, unlike Blinkit which has more risk appetite. 

A recent Citi brokerage note elaborated — while all the three players are pursuing higher SKU count (>20K SKUs), this will reduce cart abandonments and help share gain in household grocery basket share. 

Besides increasing SKUs, Instamart is also trying to retain customers, but this is taking a toll on its unit economics.

Why Contribution Margin Went For A Toss

When Swiggy went public late last year, the focus was completely on profitability. But after the IPO, the company has loosened its hold on the contribution margin in quick commerce. 

While it achieved positive unit economics in the food delivery business, the quick commerce growth is heavily reliant on discounting. A recent example of Swiggy offering ‘Free Cash’ for Instamart orders is a clear indicator of this dependency. Some users were given Free Cash worth INR 5 Lakh to be used on a single order, which later turned out to be a bug in Swiggy’s system. 

This error, nevertheless, highlights that taking users away from Blinkit and Zepto has not come cheap for Swiggy.

Explaining this, Sharma added, “ Typically, the cost of six cans of an aerated drink on Blinkit will be the same as eight cans on Instamart, so Swiggy Instamart is essentially paying for two cans through discounts from its own pocket.” 

This will increase the gross order value (GOV) and the average order value (AOV), but not the take-rate for Swiggy. In Q3 FY25, Instamart saw 13% QoQ increase in GOV to INR 3,907 Cr, while its average order value (AOV) grew by 7% QoQ to INR 534 Cr.

Besides discounts, another impact on Instamart’s contribution margin comes from the delivery costs. Though the company is widening its dark store networks which will ensure quicker delivery, this will definitely increase its manpower costs. “Competition is high, and Instamart not only has to retain customers but also their delivery partners by giving them incentives, or else they will jump ship,” Meena added. 

What Lies Ahead For Swiggy Instamart?

As per industry experts, Instamart needs to work on improving customer stickiness. A majority of smartphone users in metros and Tier-I cities will have all three major quick commerce apps –   Instamart, Blinkit and Zepto. 

The app they use for ordering largely depends on categories, assortment of products and pricing. The delivery time is no longer a moat for any one player since nearly all have figured out how to make deliveries in the fastest possible time. 

As per Datum’s Meena, Instamart has failed in capturing the “mind-share” of metro users, and suffers from poorer brand recall for quick commerce.

Citi’s research note commending Swiggy finally launching standalone application for quick commerce said, “…We believe QC as a standalone offering should help it (Swiggy) attract a wider audience (beyond food delivery’s audience) more easily (as demonstrated by Zomato) and could over the medium term, enable both services to aid cross promotions at scale.”

With the recent development, it seems Swiggy has identified the issue and as a result has carved out a standalone Instamart’s app. Not only this, Swiggy has also launched a separate application, Snacc, to compete in the quick food delivery space.

But Instamart cannot stop worrying about the growing competition. Players such as Amazon, Flipkart, PhonePe and BigBasket are also expanding in the quick commerce space and are likely to scale up rapidly to compete with existing players. 

In this context, Swiggy’s investments in Instamart need to deliver returns faster than Blinkit’s investments last year because the competition is heating up, and Swiggy Instamart does not have the luxury — which it perhaps did 12-15 months ago — of taking it slow and steady

Edited By Nikhil Subramaniam

The post What Lies Ahead For Swiggy Instamart After Tepid Q3? appeared first on Inc42 Media.

IPO-bound B2B manufacturing unicorn Zetwerk is in talks to raise $25 Mn to $30 Mn from Indian family offices and high-net-worth individuals (HNIs), sources told Inc42.

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

Zetwerk declined to comment on the development. 

Meanwhile, sources told Moneycontrol that the company received the board approval for the fundraise last week, adding that the fundraise is part of Zetwork’s funding round of December 2024.

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

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

The startup 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. 

The latest fundraise comes close on the heels of reports that the startup is looking to raise up to  $500 Mn Bn via its initial public offering (IPO). In October last year, Inc42 reported that the company had initiated discussions with investment bankers like JP Morgan, Axis Capital, Goldman Sachs, Jefferies Financial Group, JM Financial, and Kotak Mahindra Bank for its upcoming public issue. 

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

The development also comes at a time when a host of Indian startups are raising funds in the run up to their public listings. Last month, Infra.Market bagged INR 1,050 Cr in its pre-IPO round at a valuation of about $2.8 Bn.

Earlier this month, B2B seafood startup Captain Fresh bagged INR 250 Cr in its ongoing pre-IPO funding round led by existing investors Prosus Ventures, Accel and Tiger Global. Last month, B2B ecommerce platform ArisInfra Solutions also undertook a pre-IPO placement to raise INR 80 Cr. 

The post IPO-Bound Zetwerk To Raise Around $30 Mn At $3.1 Bn Valuation appeared first on Inc42 Media.

Angad Bhatia, the founder of India Lifestyle Network (ILN), is quitting the company to launch his own venture, sources said. 

ILN, which operates MensXP, iDiva, and Hypp, was acquired by Mensa Brands in 2022. Bhatia plans to set up a creator-focussed alternative investment fund (AIF), the sources said.

The responsibilities of Bhatia will be delegated to other members in the ILN team, they added.

While Bhatia declined to comment on the development, a query mail sent to Mensa Brands didn’t elicit any response till the time of publishing this story.

The development comes almost three years after Mensa Brands acquired ILN in 2022 for about $100 Mn from Times Internet. Inc42 exclusively reported about the acquisition then.

The three brands under ILN have over 20 Mn social media followers, over 100 Mn monthly active users (MAUs), and garner over 250 Mn video views per month. 

iDiva, incorporated in 2009, is a women-focussed platform that generates content across beauty, fashion, health and wellness, and lifestyle categories, among others. Delhi NCR-based Hypp is a full-stack creator management and marketing platform for digital influencers, while MensXP is a lifestyle portal for men.

The fresh development comes almost five months after Inc42 reported that ILN was looking to separate from Mensa Brands. However, sources aware of the matter told Inc42 that the separation talks have been shelved for now. 

Mensa Brands, a house of brands startup, was founded in 2021 by former Myntra CEO Ananth Narayanan. It turned unicorn within six months of its inception, making it one of the fastest Indian startups to get the coveted tag. It acquires digital-first startups across sectors and then scales them. It counts brands like Dennis Lingo, Pebble Karagiri, among others, in its portfolio.

Mensa Brands counts Accel Partners, Prosus, Tiger Global, Alpha Wave, Norwest Ventures, CRED’s Kunal Shah, among others, as its backers. 

Mensa Brands’ operating revenue rose 11.6% year-on-year to INR 557.6 Cr in the third quarter of the financial year 2024-25 (Q3 FY25), while net loss declined 31% to INR 155.8 Cr. 

The post Exclusive: MensXP Founder Angad Bhatia Quits Mensa Brands To Start New Venture appeared first on Inc42 Media.

Like the classic novel Strange Case Of Dr Jekyll and Mr Hyde, there are two sides to the Good Glamm Group. One that’s always flexing and one that seems to be in flux.

The Darpan Sanghvi-led company made big claims about profitability, plans for an IPO, international expansion, entry into the premium segment and more. But a lot of this seems to be smoke and mirrors — the reality is completely stark to this sunny optimism. 

Forget the plans and the ambitions: here’s what has actually happened in the past year at the Good Glamm Group (GGG).

• Good Glamm Group Gets Default Notice From IAN, Founders Of Sirona And The Moms Co
• Good Brands Co CEO Sukhleen Aneja Quits Good Glamm Group
• Good Glamm Group Looks To Put Brands On Sale
• More Layoffs At Good Glamm Group 
• And the most recent headline: Accel, Prosus, Bessemer Step Down From Good Glamm Board

Even as it has fulfilled a portion of its acquisition obligations related to Sirona and The Moms Co in the past few months, Good Glamm Group’s house of brands and ecommerce platform seems to be on the edge.

The company’s content-to-commerce play has crumbled, and changes to operational and management structures are alleged to have derailed acquired brands and left them in disarray. The company’s bullishness on omnichannel growth has also faded in the past 15 months.

Sources close to the management told Inc42 that GGG is in talks with multiple investors to raise INR 240 Cr in funding, but given its accumulated losses and hefty debt of more than INR 450 Cr, how far will this infusion go? 

Going From Beauty To BYJU’S

“Good Glamm Group is becoming the BYJU’S of the commerce world,” one source aware of the current state of the debt-ridden company remarked. 

Worryingly, the Amazon-backed startup, which was valued at over $1.2 Bn valuation just two years ago, is looking to raise funds at a valuation of close to INR 1,000 Cr (just under $120 Mn today). Investors that backed the company in the early days stand to incur a heavy loss on their investment. 

That’s a 90%-plus haircut on its previous valuation, showing how the company’s promise of becoming a house of brands has disintegrated. Despite acquiring more than 10 companies — GGG, like BYJU’S — failed to create the commerce flywheel that could sustain all these brands.

Sources that have worked with the company over the past few years also claim the group’s management tweaked product formulations for several SKUs, leading to a drop in quality and bad reviews. 

Presence on marketplaces and key new channels such as quick commerce is another major challenge for the house of brands, and the revolving door at the leadership level does not help matters. 

Here’s a laundry list of the issues at the Good Glamm Group:

• Multiple rounds of layoffs and delays in salaries; Offices in Delhi and Mumbai shut 
• Exit of senior CXOs, including CBO Bhavesh Singhal
• Failure to complete payments for past acquisitions, resulting in legal notices
• Uncleared vendor dues and inventory crunch

As per sources, the existing investors were asked to step aside from its board as the company is looking to bring in a new majority shareholder at a lower valuation, in the hope of turning around its financial state. 

At the same time, Darpan Sanghvi, MD and CEO of the Good Glamm Group (GGG), who is based out of Singapore, and former L’Occitane CEO André J. Hoffmann currently sit on the board. Even two other members of the Sanghvi family who sat on the board have resigned with the rest. 

L’Occitane remains the largest shareholder in the company as per its existing cap table.

But all that could change if GGG manages to raise funds from new investors. Sources claim the company is raising between INR 150 Cr ($17 Mn) and INR 250 Cr ($28 Mn) in an equity funding round at a post-money valuation of up to INR 1,000 Cr ($120 Mn). 

The round is likely to be led by Gujarat-based debt provider and investment broker Veloce Fintech and is conditional on GGG bringing in other investors for the round. In that case, Veloce would invest up to INR 85 Cr and become the lead shareholder of the company.

Sources added that as per the terms floated by the incoming investor, the group of incoming investors would have 70% stake in the company, with existing CCPS holders forced to dilute their equity to 10%. Founder Darpan Sanghvi would hold 15% of the company after this deal, while the rest would be allocated to ESOPs.

The investors are also likely to compel GGG to forgo interest payments to venture debt investors and other creditors, sources claimed. 

Indeed, given the recent exits from the board, it would not be a surprise if GGG announces the new round soon.

A new round at a heavily discounted valuation indicates serious problems with the business. At the very least it shows that the company does not have the revenue growth to attract investors at its previous valuation. It could also indicate a rights issue by the company to allow existing shareholders to continue holding some equity in case there is a positive outcome.

However, at the moment, given the fact that many existing investors would continue to hold some stake in the company, GGG is not a complete write-off for them. 

Inc42 sent a number of questions to Good Glamm Group about the various issues related to its financial performance and the struggle to raise funds and meet debt obligations.  

In response to our questions about the fundraise, a company spokesperson said, “The Good Glamm Group received Term Sheets for a new funding round in December and is now in the final stages of closing. While we will not be making any further comments until the fundraise is complete, we would like to clarify that the majority of the query contains factual inaccuracies, which will be clarified once the process is concluded. Our focus remains on executing our strategic priorities, and we will share updates once the fundraise is finalised.”

Further, in response to our questions about investing in GGG, a representative for Veloce told Inc42, ”We do not comment on speculations and the questions posed are too pre-mature for any response.”

“It is at an early stage of discussion. We are yet to decide on a lot of things. It can take even months, if at all this funding takes place,” said a person overlooking investment at Veloce Fintech.

But sources claim that the investment is conditional on the Good Glamm Group using a specified portion of all future fundraise to pay off its debt. 

Indeed, a lot of the fundraise will go towards settling due payables and bank working capital lines.  But the condition of clearing debt with future fundraise indicates that Good Glamm Group would not entirely be free from its debt obligations with its next fundraise — unless it is a significantly large round. 

Sources added that the investment is also conditional on the founders and promoters of Good Glamm Group taking the company to EBITDA breakeven in India within 6 months.

This is a tall ask from Good Glamm Group. Given the company’s dire state in terms of operations and product development, can a turnaround even be expected?  

Where Good Glamm Group Went Bad

Coinciding with the downturn at Good Glamm Group is the rise of beauty marketplaces fuelled by VC money as well as corporate-backed marketplaces such as Reliance Retail’s Tira in 2022, and now Tata’s Zudio Beauty in 2024.

Mamaearth’s parent Honasa went public in 2023, and has churned out profits, while also restructuring its distribution and supply chain. Nykaa has continued to inch forward on growth and profitability, but the Good Glamm Group seems to be stuck in a rut. 

A major reason: the company has not been able to extract the best of its dozens of acquisitions. 

Former employees, including CEOs of some companies acquired by the Good Glamm Group, allege that the management and group CEO Darpan Sanghvi overlooked key matters pertaining to corporate governance and misled international business partners.

The management is also alleged to have overpromised on the growth projections to investors in 2021, which it has failed to keep up with. 

Those formerly leading product and operations at acquired brands such as The Moms Co, Sirona, Organic Harvest claimed that the transition to Good Glamm Group’s structure — where sales, hiring and marketing were centralised — has resulted in lapses on the product development front and marketing budgets, leading to poor sales and a drop in the quality of skincare products. 

The beauty-centric D2C platform is alleged to have also sidelined key members of the product and marketing teams of these acquired companies, which has resulted in brand dilution and pushed many of these brands further away from profitability. 

While Good Glamm was earning 80% of its revenue from online channels in early 2021, it had to pivot to omnichannel mode and as a result, burnt plenty of cash to achieve this. 

For instance, GGG went for premium retail spaces for its offline presence, and also paid retail outlets more for preferred shelf placement. This visibility charge ate into GGG’s retail margins, which were already quite thin due to the premium third-party retail presence. However, the brands’ products never lived up to the premium positioning, as per sources who worked closely on brand development. 

At one point, GGG ran discounting offers such as products for INR 1 (with fulfillment charges of INR 99), which was not a sustainable model. Plus, each retail space required dedicated manpower such as beauty experts which added to the cost.

Good Glamm Group took the call to shut the majority of its brand-owned outlets in mid-2023, and cut off supply to non-performing third-party outlets. It stopped distributing products to the bottom 30%-40% of stores and only stocked up its performing outlets. 

This extreme dilution on the omnichannel front resulted in demand mismatch and damaged the brand name quite a bit. 

The resulting cash crunch — after burning millions — pushed the startup under a pile of vendor dues. Many stockists and distributors are said to have given up on Good Glamm Group, which has marred retail sales.

As per sources, currently the group company is selling around one-tenth of what it was selling a year ago.

“What was the board doing? Were they not aware of the payment obligations in India when approving the plans for investing in the US market? Were they sleeping at the wheel in the name of corporate governance?” a former Good Glamm Group employee said.

The board has clearly taken at least one step now with the resignation of three directors, reasons for which are currently unknown, but it’s not one that fills anyone with confidence about the company’s future.

Mail sent to Prosus and Accel didn’t elicit any responses whereas text messages sent to Bessemer’s Vishal Gupta went unanswered.

Another House Of Brands Collapses

Besides acquiring a host of brands in 2021 and 2022, Good Glamm Group also looked to create a content-to-commerce platform through acquisitions such as Vidooly, Bulbul, ScoopWhoop, Tweak India, Ms Malini, Winkl, and popXO. Some of the key leaders associated with these companies also claimed that the Good Glamm Group has not been compliant with the terms of their acquisition deals.  

While the parent company (Sanghvi Beauty & Technologies Pvt Ltd) has not filed its FY24 financials, sources claimed the company’s top line or GMV grew to around INR 900 Cr in FY24, with losses at around INR 600 Cr. 

Besides, founders of the acquired companies have already left the company, and many of those leading central functions have also quit.

For instance, last year, Priyanka Gill — in charge of the media business — quit, followed by the resignation of the CEO of the beauty business Sukhleen Aneja. Chief business officer Bhavesh Singhal and CPTO Deep Gantara are also on their way out. 

While GGG raised close to $30 Mn from its existing investors in January 2024, this is just a drop in the bucket for the company given its operational scale, employee base and product development needs at the time. 

It was also using a lot of this infusion to fuel its foray into international markets. For instance, CEO Sanghvi claimed the company has invested INR 250 Cr (around $30 Mn) for the global push with Wyn Beauty. And this is even before the brand expands and scales up in the US. 

Many of those associated with the Indian D2C brands acquired by Good Glamm Group claim that the company has ignored key issues and growth challenges for these brands, while prioritising the US launch. 

There’s also discontent because the acquisitions have been leveraged by GGG in signing the deal with tennis star Williams in the US. But on ground, the reality is starkly different. Brands have been starved of growth capital, we were told, and there’s a fear that these brands will die a slow death. 

Back To Square One

Besides this, the GGG management told employees about a severe cash crunch and hurdles in fundraising. According to the management, the company is looking to offload acquired brands including Sirona, Organic Harvest, and The Moms Co. 

Even if GGG raises funds, it’s not clear whether it will continue to retain some of the brands it had acquired in the past.

As per sources, the company has been in the market for the past year looking for a buyer for its acquired brands. As per Moneycontrol, GGG is said to have held talks with Nykaa, Mamaearth, Mensa Brands, and even Purplle to sell either one or multiple brands. 

“They are desperate to sell these brands. From startups to FMCG brands, and even HNIs, they have approached everyone. When selling these brands in a bundle to one player didn’t work, they started to sell one brand at a time,” one of the people aware of the matter told Inc42.

Sources claim Sanghvi has also gone back to the original founders of the acquired brands to sell their companies back to them. Sirona’s founders — Deep Bajaj and Mohit Bajaj — could buy back the brand from GGG for INR 150 Cr to INR 200 Cr. Incidentally, GGG acquired Sirona for INR 450 Cr ($51 Mn)

However, sources also added that nothing has been finalised yet. It’s not clear whether Good Glamm Group will offload its acquired brands even if it ends up raising funds. Some of the brand names — Sirona and The Moms Co., for instance — have stronger recall in the market than any of Good Glamm Group’s own brands, including MyGlamm. 

It also goes without saying that any incoming investors would want the company to sign covenants related to exit options, either through IPOs, secondary sales, or buybacks. This has become a standard ask in shareholder agreements since 2021. 

But Good Glamm Group cannot hope to ride the IPO wave just yet. Any infusion that comes in is only going to go towards its debt obligations and it’s not clear how much capital the company will be left with to push forward on the growth front. 

The current situation is not unlike several other companies that showed unbridled appetite for acquisitions in 2020 and 2021, only to end up with a problem in their hands. 

Good Glamm Group wanted to build a house of brands, but without a solid foundation, the walls are coming down.  

Update | February 5, 12:00 PM

After the story went live, Good Glamm Group informed that two family members of Darpan Sanghvi who were on the board earlier have also resigned the board. This update is made to reflect the same change.

Edited By Nikhil Subramaniam

The post Good Glamm Group’s Bad Formula appeared first on Inc42 Media.

To support the growth of the Indian startup ecosystem, finance minister Niramala Sitharaman on Saturday (February 1) announced that the government plans to extend the period of incorporation by five years to allow benefits to startups incorporated before April 1, 2030.

“We continue to support the Indian startup ecosystem. I propose to extend the period of incorporation by 5 years to allow the benefit available to startups, which are incorporated before 1.4.2030.” the minister said in her budget speech 2025.

The move will allow more startups to avail tax benefits like income tax breaks under Section 80-IAC. 

Sanjeev Kumar, joint secretary of DPIIT, said in a post on LinkedIn that the move will help all the startups recognised by the DPIIT avail 100% tax deduction on profits for three consecutive years within the first 10 years of their incorporation.

Besides, in a bid to improve credit, the FM said that the guarantee fee under the credit guarantee scheme for startups for credit between INR 10 Cr to INR 20 Cr for 27 focus sectors will be cut to 1%.

While the FM didn’t announce the name of the sectors, she said these are the segments which are important for ‘Atmanirbhar Bharat’ initiative.

The FM also said that the credit guarantee cover will be enhanced for MSMEs opting for INR 5 Cr to INR 10 Cr loans. This would result in an additional credit of INR 1.5 Lakh Cr in the next five years.

To further bolster the Indian startup ecosystem, the FM announced setting up a new Fund of Funds for startups with expanded scope and a fresh contribution of another INR 10,000 Cr. 

Terming investment as the third growth engine for transforming India, FM Sitharaman said that the government will explore setting up a fund of funds for the deeptech sector to catalyse the next generation of startups.

She also allocated INR 20,000 Cr for research and innovation initiatives of the private sector.

The post Budget 2025: FM Extends Incorporation Period For Startups By 5 Years To Avail Tax Benefits appeared first on Inc42 Media.

Terming investment as the third growth engine for transforming India, finance minister Nirmala Sitharaman said that the government will explore setting up a fund of funds (FoF) for the deeptech sector to catalyse the next generation of startups.

However, she didn’t give any additional details about the FoF. 

To further boost research and innovation by the private sector, the FM announced an allocation of INR 20,000 Cr. This was initially announced in the July 2024 budget. 

In the next five years, under the PM’s Research Fellowship Scheme, the government will provide 10,000 fellowships for technological research in IITs and IISCs with enhanced financial support.

It is pertinent to note that R&D has emerged as an important focus area for the government over the last few years. In her previous July 2024 budget, FM Sithrarman announced that the government will operationalise the INR 1 Lakh Cr Anusandhan National Research Fund in FY24.

Among the other announcements made today, FM Sitharaman said that the government will establish a ‘Centre for Excellence’ in artificial intelligence for education and with a total outlay of INR 500 Cr. 

To strengthen the Indian startup ecosystem, the FM proposed setting up a new Fund of Funds (FoFs) for startups with a corpus of an additional INR 10,000 Cr. Sitharaman said that the previous FoF has received commitments of more than INR 91,000 Cr with an investment of INR 10,000 Cr

The FM also extended the incorporation date for startups to avail tax benefits like income tax breaks by 5 years till April 1, 2030.

The post Union Budget 2025: Govt To Explore Setting Up Fund Of Funds For Deeptech Sector appeared first on Inc42 Media.

Finance minister Nirmala Sitharaman said in her Union Budget 2025 speech that the guarantee fee under the credit guarantee scheme for startups for credit between INR 10 Cr to INR 20 Cr for 27 focus sectors will be cut to 1%.

While the FM didn’t announce the name of the sector, she said these are the segments which are important for ‘Atmanirbhar Bharat’ initiative.

The FM also said that the credit guarantee cover will be enhanced for MSMEs opting for INR 5 Cr to INR 10 Cr loans. This would result in an additional credit of INR 1.5 Lakh Cr in the next five years.

For micro enterprises registered on the Udyam Portal, the government will introduce a customised credit card with a limit of up to INR 5 Lakh. In the first year, 10 Lakh such cards will be introduced.

Beside, the FM added that the credit guarantee cover will also cover exporter MSMEs availing term loans of up to INR 20 Cr.

Terming the MSME sector as the second growth engine for transforming India, the FM highlighted the importance of the sector. She added that over 1 Cr registered MSMEs employ over 7.5 Cr people and generate almost 36% of the country’s total manufacturing. 

She added that the MSMEs contribute to almost 45% of the country’s total exports.

“To help them achieve higher efficiencies of scale, technological upgradation and better access to capital, the investment and turnover limits for classification of all MSMEs will be enhanced to 2.5 and 2 times respectively,” the FM said. 

To further bolster the Indian startup ecosystem, the FM announced setting up a new Fund of Funds for startups with expanded scope and a fresh contribution of another INR 10,000 Cr. 

The FM also extended the incorporation date for startups to avail tax benefits like income tax breaks by 5 years till April 1, 2030.

The post Union Budget 2025: Govt Cuts Credit Guarantee Fee For Credit For Startups In 27 Sectors appeared first on Inc42 Media.

Mumbai-based device management startup Servify has begun the preparations for its initial public offering (IPO) by roping in three investment bankers.

The startup plans to raise $400 Mn to $500 Mn through the public issue at a valuation of $1.5 Bn, sources told Inc42.

About 55-60% of the public issue likely to be an offer for sale and the remaining would be a fresh issue of equity shares, the sources added. It is looking to file the draft red herring prospectus (DRHP) with markets regulator SEBI by August this year, and is eyeing a listing in 2025 or in the first quarter of 2026. 

Servify is also in advanced discussions with existing as well as new investors to raise $100 Mn in a pre-IPO round before filing its draft papers. This funding round will make the nine-year-old startup an unicorn. Mint was the first to report about the startup’s plans to raise pre-IPO funding. 

Servify declined to comment on its IPO plans. 

Founded in 2015 by Sreevathsa Prabhakar, Servify offers device management services like device protection, product buyback, and device exchange. The startup earns a majority of its revenue from sale of services such as device protection plans and platform licences.

Servify’s revenue breached the INR 1,000 Cr mark in the ongoing financial year (FY25), the sources said, adding that it has also achieved EBITDA profitability.

In FY24, the startup’s operating revenue rose 23% to INR 754 Cr from INR 611 Cr in FY23. Net loss declined 59% year-on-year (YoY) to INR 93.81 Cr in FY24.

Servify has raised a total funding of about $130 Mn to date and counts marquee investors like BEENEXT, Blume Ventures, DMI Sparkle Fund, Iron Pillars, among others, as its backers. It last raised $65 Mn in its Series D funding round led by Singularity Growth Opportunity Fund.

Servify only operated in India in its first three years, but later expanded into international markets. It operates in three continents and has regional offices in the US, Canada, China, the Middle East, among others, besides India.

With the latest development, Servify has joined the growing list of B2B Indian startups heading for a public listing. OfBusiness, Zetwerk, Capillary Technologies are among the other such startups eyeing an IPO. 

The post Exclusive: Servify To File DRHP For $500 Mn IPO By August appeared first on Inc42 Media.

D2C startup P-TAL is in advanced discussions to raise INR 30 Cr (about $3.5 Mn) in its pre-Series A funding round from its existing investors and a new investor, sources told Inc42.

The funding round will see participation from existing investors like Titan Capital, Anicut Capital, and some angel investors. The round will be led by a top VC firm, the sources said, without disclosing the name.

The fundraise will catapult the startup’s post-money valuation to INR 150 Cr (about $17 Mn)

P-TAL declined to comment on Inc42’s queries on the funding round. 

The Shark Tank fame startup plans to utilise the fresh capital to expand its presence in India and the US. P-TAL entered the US about six months ago, the sources said, adding that the US market now accounts for 38% of its revenue.

As per a recent LinkedIn post of P-TAL cofounder Aditya Agrawal, the startup’s US business is currently generating a revenue of $100K per month.

Overall, P-TAL is on track to close the ongoing financial year (FY25) at a revenue of INR 30 Cr and is eyeing a revenue of INR 100 Cr in FY26, the sources added.

Founded in 2019 by Agrawal, Kirti Goel, and Gaurav Garg, P-TAL stands for Punjab Thathera Art Legacy. The startup sells brass and copper utensils to promote the craftsmanship of the Thathera community of Punjab. It offers over 134 SKUs and has different websites for the India and the US markets. 

P-TAL last raised INR 4.33 Cr in a funding round led by Titan Capital, with participation from angel investors like Ghazal Alagh, Sandeep Aggarwal, Vishesh Khurana, Deep Bajaj, among others. 

The startup also appeared in Season 3 of Shark Tank India and received a funding of INR 1 Cr from all sharks – Aman Gupta, Anupam Mittal, Amit Jain, Namita Thapar, and Vineeta Singh. 

P-TAL also features in Inc42’s coveted FAST42 edition of 2023.

The post Exclusive: D2C Brand P-TAL In Talks To Raise INR 30 Cr Funding appeared first on Inc42 Media.