The Good Glamm Group-owned D2C feminine hygiene startup Sirona’s net loss surged 97% to INR 33.10 Cr in the financial year 2022-23 (FY23) from INR 16.83 Cr in the previous fiscal year on account of higher cash burn.

The D2C brand’s operating revenue grew 81% to INR 75.28 Cr during the year under review from INR 41.51 Cr in FY22. 

While the startup earned a majority of revenue from the sales of its products in India, it also managed to bolster its international play during the year under review. It earned over INR 10.77 Cr from trade outside India, almost double from the INR 5.57 Cr it earned in FY22. 

Including other income, total revenue grew 80% to INR 75.75 Cr in FY23 from INR 42.20 Cr in the previous fiscal year. 

Founded by Deep Bajaj and Mohit Bajaj in 2015, Sirona sells an array of female hygiene products such as herbal pain relief patches, period stain remover, oxo-biodegradable sanitary napkins and menstrual cups.

Content-to-commerce platform The Good Glamm Group first acquired a stake in the startup in December 2021 by investing INR 100 Cr. It increased its stake in Sirona to 50.58% by the end of FY23 from 41.15% at the start of the fiscal year.

However, earlier this year, the founders of Sirona, along with another startup acquired by The Good Glamm Group – The Moms Co, and the Indian Angel Network (IAN), reportedly filed default notices against the content-to-commerce platform. They claimed that The Good Glamm Group did not make the final payments due to them.

Despite the rise in its loss in FY23, Sirona acquired vegan condom brand Bleü in May 2023 to enter the sexual wellness category. 

Where Did Sirona Spend?

The startup’s total expenses zoomed over 86% to INR 108.85 Cr in FY23 from INR 58.50 Cr in the previous fiscal year.

Advertising Expenses: Advertising and promotional activities continued to be the focus of the D2C brand in FY23. Its ad expenses shot up 83% to INR 30.90 Cr during the fiscal from INR 16.85 Cr in FY22. 

Employee Expenses: The D2C startup managed to decrease its employee expenses by 13% to INR 9.82 Cr in FY23 from INR 11.29 Cr in the previous year.

Miscellaneous Expenses: The expenses under this head, which included bad debts written off, assets written off, contractual staff costs, saw a big increase. The startup spent INR 13.98 Cr on these expenses in FY23 as against INR 2.99 Cr in the previous year. Its provisions for doubtful debt jumped to INR 37.63 Lakh from INR 4.03 Lakh in the previous fiscal.

Purchase Of Stock In Trade: The expenses under this bracket shot up to INR 32.89 Cr for Sirona in the fiscal, an increase of 73% from INR 18.92 Cr it spent to make the purchases of finished goods required for conducting its business in FY22.

Sirona competes with the likes of Soothe, Paree, Sofy, and Evereve. As per estimates, the country’s feminine hygiene market is expected to reach $1.79 Bn by 2029, growing at a CAGR of 14.85% from 2024.

Meanwhile, Sirona’s parent The Good Glamm Group saw its net loss widen 153% to INR 917 Cr in FY23 from INR 362.5 Cr in the previous fiscal year. Operating revenue rose 185% to INR 603 Cr from INR 211.4 Cr in FY22. 

The post Sirona FY23: Net Loss Almost Doubles To INR 33.10 Cr, Revenue Up 81% YoY appeared first on Inc42 Media.

BrainBees Solutions Ltd, which operates omnichannel kidswear brand FirstCry, has filed its red herring prospectus (RHP) with the Securities and Exchange Board of India (SEBI).

As per RHP, the company’s initial public offering (IPO) will open on August 6 and close on August 8. The price band for the IPO will be announced on August 1.

The Pune-based company has reduced the size of its fresh issue by around 8% to INR 1,666 Cr from INR 1,816 Cr.

FirstCry is offering equity shares with a face value of INR 2 each, totaling up to INR 1,666 Cr, while the offer for sale (OFS) component comprises shareholders selling 5.4 Cr equity shares.

According to its RHP, FirstCry will use the net proceeds from the IPO for several key expenditures. The company plans to spend INR 108.1 Cr on setting up new modern stores under the ‘BabyHug’ brand (INR 93.9 Cr) and establishing a warehouse in India (INR 14.2 Cr).

Additionally, INR 93.1 Cr will be allocated for lease payments for existing identified modern stores owned and operated by the company in India.

Investment in the subsidiary Digital Age will total INR 299.6 Cr, with INR 169 Cr dedicated to setting up new modern stores under the FirstCry brand and other home brands, and INR 130.6 Cr for lease payments for existing identified modern stores owned and controlled by Digital Age in India.

For overseas expansion, FirstCry will invest INR 155.6 Cr in the subsidiary FirstCry Trading, which includes INR 72.6 Cr for setting up new modern stores and INR 83 Cr for establishing warehouses in KSA.

Furthermore, INR 169 Cr will be invested in the subsidiary GlobalBees Brands for acquiring an additional stake in step-down subsidiaries. The company will also allocate INR 200 Cr towards sales and marketing initiatives and INR 57.6 Cr for technology and data science costs, including cloud and server hosting-related expenses.

Lastly, funding for inorganic growth through acquisition is also planned, although a specific amount is not mentioned.

FirstCry’s initial offer size was INR 1,816 Cr, as per its draft red herring prospectus (DRHP). The Supam Maheshwari-led ecommerce unicorn first filed its DRHP in December.

Later, it refiled its DRHP after markets regulator Securities and Exchange Board of India (SEBI) claimed that the Supam Maheshwari-led startup failed to disclose certain key indicators in its draft papers filed last December.

The company reported a revenue of INR 6,481 Cr in FY24, up 15% from INR 5,633 Cr in FY23, as per filings. It narrowed its losses to INR 321 Cr in FY24, down 34% from INR 486 Cr in FY23.

The post FirstCry Files RHP With SEBI, Reduces Fresh Issue Size To INR 1,666 Cr appeared first on Inc42 Media.

Content-to-commerce platform The Good Glamm Group has seen its net loss inch closer to INR 1,000 Cr mark in the financial year ending on March 31, 2023 (FY23). 

Almost after a 15 months delay, the startup’s financial document with the Ministry of Corporate Affairs revealed that it incurred a net loss of INR 917 Cr in FY23, a 153% higher than INR 362.5 Cr it incurred in FY22. 

While the loss increased, the startup’s revenue increased by 2.8X in the financial year under review. In FY23, the startup’s operating revenue rose to INR 603 Cr, 185% higher than INR 211.4 Cr. 

The startup’s primary source of revenue was selling beauty products, as it accounted for almost 93% of its operating revenue. In FY23, the startup earned INR 560.2 Cr from sale of products, while the remaining INR 40.6 Cr came from the services it offered. 

Good Glamm under its umbrella brand owns or has partnerships with D2C brands, including Sirona, The Moms Co, Organica Harvest, and St. Botanica and Wyn Beauty, among others. 

Including other income, the startup’s total revenue rose to INR 638.5 Cr, a 176% higher than INR 231.22 Cr in FY22. 

Where Did Good Glamm Group Spend?

The primary reason behind the startup’s increase in loss is its stupendous increase in expense. In FY23, the startup’s total expenditure rose to INR 1,559 Cr, 170% higher than INR 577.7 Cr it spent the previous year. 

• Marketing & Sales Promotion Cost: The startup’s contributor in its growing expense was its increase in marketing and sales promotion cost. This shot up by 254% to INR 466.2 Cr from INR 131.8 Cr it spent last year. 
• Procurement Cost: Being an ecommerce platform, the procurement cost rose to INR 269.4 Cr, a 276% increase from INR 97.8 Cr in FY22. 
• Employee Cost: The startup’s employee cost rose to INR 420 Cr, 105% higher than INR 204.9 Cr it spent in the previous fiscal year.

Darpan Sanghvi founded D2C brand MyGlamm in 2017, Priyanka Gill founded digital media platform POPxo in 2013, and Naiyya Saggi founded online parenting startup BabyChakra in 2015. The three brands came together and rebranded as The Good Glamm Group in September 2021. 

Since then, The Good Glamm Group has acquired almost a dozen brands, including ScoopWhoop, Organic Harvest, and Sirona. 

Currently, The Good Glamm Group has four verticals – The Good Brands Co, which has a portfolio of D2C beauty and personal care brands, digital content platform The Good Media Co; tech-enabled influencer platform The Good Creator Co; and Good Community, an omni-channel network of consumers and experts focusing on beauty, parenting, sexual and intimate health. 

To date, the startup has raised $270 Mn in funding and counts the likes of Prosus Ventures, Warburg Pincus, L’Occitane, Bessemer Ventures and Amazon among its investors.

Earlier this year, the startup raised $30 Mn at a flat valuation from its existing investors and laid off around 150 employees or 15% of its workforce  in a restructuring exercise undertaken with an aim to turn profitable in FY25.

A part of the restructuring exercise also resulted in adding several new names to the C-suite. Besides appointing Kamal Lath as the Group CFO, the company saw Manan Jain take charge as Group COO, Kartik Rao as Group CPO, Avalok Langer as new Group CCO, among others. 

At the end of April, content-to-commerce unicorn’s CEO of D2C vertical The Good Brands Co, Sukhleen Aneja, departed from the startup. Earlier, Priyanka Gill moved away from day-to-day operations at The Good Glamm Group to join Kalaari Capital as a venture partner.

The post The Good Glamm Group FY23: Reports INR 917 Cr Loss, Sales Jump To INR 603 Cr appeared first on Inc42 Media.

Shares of B2B marketplace IndiaMART tanked 6% during intraday trading today (July 31) to INR 2,955.45 after it reported an addition of 1,500 subscribers during June quarter (Q1) of the financial year 2024-25 (FY25).

The shares were trading at INR 2944.80 at 12:03 PM, as compared to INR 3146.55 at previous close.

During Q1, IndiaMART experienced a decline in traffic, falling to 267 Mn from 269 Mn by the end of the March quarter. This marked the third consecutive month of decreasing traffic.

However, the company posted a 37.3% rise in its consolidated net profit to INR 114 Cr in the Q1 FY25 from INR 83 Cr in the same period last year.

The company’s operating revenue grew 17.4% to INR 331.3 Cr in the quarter under review from INR 282.1 Cr in Q1 FY24.

IndiaMART’s revenue from web and related services increased at the same rate, 17.4% year-on-year (YoY), to INR 315.6 Cr in Q1 FY25, while revenue from accounting software services rose 16.3% YoY to INR 15.7 Cr.

The company said in a statement that its collections from customers grew 14% to INR 366 Cr during the quarter, which primarily comprised standalone collections of INR 341 Cr and Busy Infotech’s collections of INR 24 Cr.

IndiaMART’s total expenses increased a mere 3.5% to INR 221.9 Cr in Q1 FY25 from INR 214.4 Cr in the year-ago quarter.

Employee expenses continued to be the biggest expense head for the company, growing 15.2% to INR 143.2 Cr during the quarter under review from INR 124.3 Cr in Q1 FY24.

Earlier this year, IndiaMART acquired a 10% stake in fraud detection startup Baldor Technologies for INR 89.7 Cr (about $10.7 Mn) via a secondary transaction.

Baldor Technologies offers products and solutions for know-your-customer (KYC), background verifications, risk mitigation, digital onboarding and digital privacy under the brand name IDfy.

The post IndiaMART Shares Tank 6% After Low Subscriber Addition In June Quarter appeared first on Inc42 Media.

Eyeing expansion beyond online retailers, logistics unicorn Shiprocket seeks to enable ecommerce deals for the offline general trade segment.

As per ET’s report, citing chief executive Saahil Goel, the company rolled out a WhatsApp storefront bot and is also launching a quick shipping service for small businesses and direct sellers. 

It has introduced the fast-delivery offering Shiprocket Quick across Delhi-NCR, Bengaluru, Hyderabad and Pune.

“We will build a new stack (for the offline merchant)…it will evolve as we work with these merchants,” Goel was quoted as saying by the report.

Inc42 has reached out to Goel for comments on the development. The story will be updated based on his response.

Founded in 2017 by Goel, Vishesh Khurana, Akshay Gulati and Gautam Kapoor, Shiprocket is an aggregator of third-party logistics companies. It works with 17 courier partners, including Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax. 

This comes at a time when logistics startups have started gaining investors’ confidence in the last few months on the back of a shift in consumer lifestyle. Witnessing the opportunity of delivering everything to the doorstep of consumers, logistics firms have begun to race each other to expand their services.

For instance, Bhavish Aggarwal led ridesharing unicorn Ola has recently rolled out its grocery delivery through the Open Network for Digital Commerce (ONDC).

Earlier this year, hyperlocal delivery startup Magicpin forayed into the logistics aggregation segment with the launch of its new vertical Velocity. 

In April, Shiprocket raised $75 Mn from Silicon Valley-based Tribe Capital’s newly launched special purpose vehicle (SPV) in India. This fundraise is anticipated to involve both primary and secondary transactions, potentially valuing the startup at $1.2 Bn.

Delhi NCR-based logistics unicorn witnessed a 78% increase in its operating revenue of INR 1,089 Cr in the financial year ending on March 31, 2023, a 1.7X upswing from INR 611 Cr, in the previous fiscal year. 

However, the startup saw its net loss widen by 3.6X on the back of its multiple acquisitions. The logistics unicorn reported a net loss of INR 341 Cr in FY23, a 266% surge from INR 93.1 Cr it had reported in the previous fiscal year. 

As per Inc42’s report, India houses more than 5,100 active e–commerce startups and several industry incumbents, which will drive the growth momentum. According to Mordor Intelligence, the country’s ecommerce logistics market size, estimated at nearly $4 Bn in 2024, is expected to hit $7.2 Bn by 2029, growing at a CAGR of 12.7%. 

The post Amid Quick Deliveries Boom, Shiprocket Presses For Offline Ecommerce Space appeared first on Inc42 Media.

IPO-bound omnichannel marketplace FirstCry reported an almost 34% decline in consolidated net loss of INR 321.5 Cr in the financial year 2023-24 (FY24) from INR 486 Cr in the previous fiscal.

The startup’s operating revenue increased 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23.

The metrics are in sharp contrast to the company’s 500% year-on-year (YoY) increase in net loss and 135% YoY rise in the top line in FY23.

Founded in 2010 by Supam Maheshwari and Amitava Saha, FirstCry is an omnichannel baby and kids marketplace. It earns revenue from sale of traded goods, loyalty points programmes, internet display charges, royalty and sales of student kits to franchisee schools, among others.

FirstCry filed its draft red herring prospectus (DRHP) with SEBI in December last year. However, it withdrew the draft paper earlier this year and refiled it in April. As per its DRHP, in the first nine months of FY24, it clocked sales of INR 4,814 Cr and incurred a loss of INR 278.2 Cr. 

FirstCry is aiming to raise INR 1,816 Cr through a fresh issue of shares in its public offering. Its IPO will also comprise an offer-for-sale (OFS) component of 5.4 Cr equity shares.

The startup is set to go public as a loss-making entity despite the public markets looking at profitability as one of the key factors for subscribing to new IPOs.

As per a report, FirstCry is likely to file its red herring prospectus (RHP) this week.

Where Did FirstCry Spend In FY24?

FirstCry’s total expenses rose over 9% to INR 6,896.6 Cr during the year under review from INR 6,315.7 Cr in FY23.

Purchases Of Stock-In-Trade: This bucket accounted for a significant 56.4% of the startup’s total spending during the year. FirstCry’s spending here jumped almost 25% YoY to INR 3,889.9 Cr in FY24.

Cost Of Materials Consumed: It spent INR 557.5 Cr towards cost of materials in FY24 as against INR 479.5 Cr in the previous fiscal year. 

Employee Cost: The startup managed to control its spending towards employee benefit expenses during the year. It spent INR 686.5 Cr under the head in FY24 as against INR 769.8 Cr in FY23 due to a decline in ESOP expenses.

Its employee share-based payment – equity settled more than halved YoY to INR 178 Cr in FY24.

Ad Expense: FirstCry spent INR 482.2 Cr towards advertising and promotional expenses in FY24, which increased about 16% YoY.

Cost Transportation: The startup’s spending in this bucket increased over 27% YoY to INR 545.7 Cr.

The post FirstCry FY24: Loss Narrows 34%, Revenue Crosses INR 6K Cr Mark Ahead Of IPO appeared first on Inc42 Media.

Just a few days after launching a data tool for its restaurant partners to gauge their marketing performance against peers, foodtech major Swiggy has now rolled out another suite to facilitate eateries with influencer and social media marketing solutions.

The IPO-bound company’s new marketing solution suite will help its restaurant partners collaborate with a network of influencers to promote their services as well as assist them in putting up advertisements on social media platforms like Instagram and Facebook and sending push notifications for WhatsApp customers, it said in a statement.

Swiggy’s latest move is a part of its efforts to boost online presence of restaurants and deepen their customer engagement by driving more traffic to menu pages on the foodtech’s app.

“Our new set of marketing services helps brands grow their customer base by combining the reach and engagement of channels like influencer marketing, social media and WhatsApp and the ability to acquire new users through the Swiggy platform,” said Swiggy’s assistant vice president Ajit Panigarhi.

Swiggy has been on an experiment spree lately with its restaurant centric growth solutions.

Last month, the company rolled out ‘Staffing Support’, an initiative to assist its restaurant partners with staff recruitment.  

In April, the foodtech major launched ‘Smart Links’ to enable restaurants to redirect customers straight from social media posts and advertisements to their menu pages on the food delivery app.

Apart from expanding solutions for its restaurant partners, the company has also been undergoing some other major changes.

For instance, recently, Swiggy reportedly hiked its platform fee to INR 6 per order in its key markets, including Delhi and Bengaluru.

Not just this, Swiggy’s early backers including Prosus, Accel and Elevation Capital are reportedly selling shares and partly diluting their stakes in the food tech company.

All this comes at the heart of Swiggy’s upcoming IPO worth INR 10,414.1 Cr ($1.2 Bn), for which the company received a nod from its shareholders in April. 

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

The post Swiggy Unveils Suite To Facilitate Restaurants With Influencer, Social Media Marketing Solutions appeared first on Inc42 Media.

Shares of fashion and beauty ecommerce major Nykaa jumped as much as 10.4% to touch a 52-week high at INR 202 during the intraday trading on the BSE on Tuesday (July 30).

The stock shed some of the gains by the end of the trading session and ended the day 9.3% higher at INR 200. Nykaa shares had last closed at this level in mid-November of 2022, the year it made the stock market debut (adjusted for stock split).

The stock witnessed a significant rise in volume during today’s session, with 6 Cr shares traded cumulatively on the BSE and the NSE.

After seeing some corrections and trading sideways for a while, Nykaa shares have been on an uptrend since the beginning of June this year. The shares have been rising since last week after Nykaa said it would raise INR 125 Cr (about $15 Mn) via non-convertible debentures (NCDs) from an undisclosed foreign portfolio investor for Nykaa E- Retail Limited.

After the announcement on June 22, shares of Nykaa rose almost 5% in four trading sessions to cross the INR 180 mark.

The stock has gained 15% year to date.

The startup said last month that it is expected to post a strong revenue growth of around 22-23% year-on-year in Q1 FY25, with gross merchandise value (GMV) rising in the mid-twenties percentage range during the period.

JM Financial raised its price target on Nykaa to INR 230 from INR 220 earlier, after the company held its investor day last month.

“Despite the muted demand environment in FY24, Nykaa did gain market share across online BPC (beauty and personal care) and Fashion, suggesting strong brand affinity as well as the benefits of Nykaa’s attempts at category expansion. While Superstore as well as international expansion is likely to require investments and hence would impact near-term margin, the company would accrue benefits from a larger BPC and Fashion business,” said the brokerage.

Meanwhile, ICICI Securities upgraded the stock to ‘add’ from ‘hold’, raising the target to INR 195 from INR 175 earlier.

Currently, 14 out of the 23 analysts covering Nykaa have a ‘buy’ or higher rating, with an average price target of INR 192.87.

The post Nykaa Hits 52-Week High By Jumping 10% Intraday; Closes At INR 200 appeared first on Inc42 Media.

B2B marketplace IndiaMART InterMESH posted a 37.3% rise in its consolidated net profit to INR 114 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) from INR 83 Cr in the same period last year.

The company’s operating revenue grew 17.4% to INR 331.3 Cr in the quarter under review from INR 282.1 Cr in Q1 FY24.

IndiaMART’s revenue from web and related services increased at the same rate, 17.4% year-on-year (YoY), to INR 315.6 Cr in Q1 FY25, while revenue from accounting software services rose 16.3% YoY to INR 15.7 Cr.

Its web and related services revenue comes from providing a platform for online B2B marketplace to discover products and services and connect with the suppliers of such products and services.

The company said in a statement that its collections from customers grew 14% to INR 366 Cr during the quarter, which primarily comprised standalone collections of INR 341 Cr and Busy Infotech’s collections of INR 24 Cr.

Meanwhile, its deferred revenue as on June 30, 2024 stood at INR 1,474 Cr, growing 23% YoY. This primarily includes IndiaMART’s standalone deferred revenue and some for Busy Infotech.

It is pertinent to note that earlier this year, IndiaMART approved a scheme of amalgamation amongst its three wholly-owned subsidiaries – Busy Infotech Private Limited (transferor company 1), Hello Trade Online Private Limited (transferor company 2), and Tolexo Online Private Limited (transferee company). 

IndiaMART disclosed in its Q1 FY25 earnings filing that the National Company Law Tribunal (NCLT) pronounced the first motion petition order for the scheme on July 3, 2024 and the second motion hearing held on July 26, 2024. Given that the scheme will become effective on filling of the NCLT order with the Registrar of Companies, the financial impact of the scheme is not incorporated in the consolidated financial results of the group for the quarter ended June 30, 2024, it said.

Emphasising the company’s steady growth in revenue and deferred revenue, along with expansion in operating margin, IndiaMART CEO Dinesh Agarwal said, “On the back of strong balance sheet and sustained cash flows, we will continue to make investments to further strengthen our value proposition, improving customer experience and leveraging growth opportunities.” 

“We are confident of the sustained long term profitable growth as more and more businesses adopt (the) internet to grow themselves,” he added.

IndiaMART’s total expenses increased a mere 3.5% to INR 221.9 Cr in Q1 FY25 from INR 214.4 Cr in the year-ago quarter.

Employee expenses continued to be the biggest expense head for the company, growing 15.2% to INR 143.2 Cr during the quarter under review from INR 124.3 Cr in Q1 FY24.

Its total paying suppliers count stood at 216K, witnessing a 4% rise YoY, while the Indian supplier storefront increased 5% YoY to 8 Mn in Q1.

Ahead of the earnings announcement on Tuesday (July 30), shares of IndiaMART ended the trading session 3.3% higher at INR 3,146.55 on the BSE.

The post IndiaMART Q1: Profit Jumps 37% YoY To Cross INR 100 Cr Mark; Operating Revenue Up 17% appeared first on Inc42 Media.

Online classifieds and auto auction platform CarTrade reported a 69.4% year-on-year jump in its consolidated net profit to INR 22.89 Cr in the June quarter (Q1) of the financial year 2024-25 (FY25) from INR 13.51 Cr in the year-ago period.

Revenue from operations rose 64% to INR 141.17 Cr in Q1 FY25 from INR 86.06 Cr in the corresponding quarter last year.

CarTrade’s EBITDA grew 295% to INR 21.58 Cr during the quarter under review from INR 5.47 Cr in Q1 FY24. 

CarTrade saw its expenses zoom to 132.2 Cr in Q1 FY25, up 45% from INR 91.14 Cr in Q1 FY24. The company spent INR 70.62 Cr towards employee benefit expense in Q1 FY25 as against INR 51.56 Cr in the year-ago quarter.

In Q1 FY25, the classifieds segment contributed INR 46.6 Cr to CarTrade’s total revenue.

On the other hand, the company earned INR 44.06 Cr from its remarketing business, registering a 1.7% YoY rise.

Revenue earned from the consumer segment stood at INR 50.46 Cr in Q1 FY25 as compared to INR 42.84 Cr in the corresponding quarter of the previous fiscal.

Commenting on CarTrade’s strong Q1 performance, chairman and founder Vinay Sanghi said, “CarTrade Tech has a strong history of successful mergers and acquisitions, including the recent integration of OLX India, which is already yielding positive results. Our brands CarWale, BikeWale, Shriram Automall, and OLX India remain leaders in their respective markets. We aim to leverage our brand leadership and technological expertise to explore innovative opportunities, catering to our unique monthly visitor base of 70 million across various platforms.”

CarTrade has also expanded the pool size of its employee stock option plan (ESOP) by granting 1 Lakh ESOP options under the CarTrade Tech Limited ESOP 2021 (I) scheme, as per regulatory filings.

In a separate exchange filing, the company said it has granted 13,000 equity shares pursuant to exercise of vested options under ESOP 2010 and ESOP 2015. 

Shares of CarTrade ended 3% lower at INR 861.15 on the BSE on Tuesday (July 30).

The post CarTrade Q1: Net Profit Jumps 69% YoY To INR 22.89 Cr, Operating Revenue Climbs 64% appeared first on Inc42 Media.

Hyperlocal delivery startup Dunzo’s cofounder and former chief technology officer Mukund Jha is reportedly in discussions to rake in INR 50-80 Cr ($6-10 Mn) from Together Fund for his new GenAI venture.

Jha is working on a Gen AI startup that will focus on automating quality assurance processes. This involves integrating AI with SaaS to enhance QA checks, which are used to test, identify errors and ensure that products meet quality standards, as per Moneycontrol’s report.

Together Fund, founded in 2021 by Girish Mathrubootham, Manav Garg, and Shubham Gupta, raised $85 Mn in its first fund and expanded to $150 Mn with its second fund in 2023. The fund has invested in over 20 companies across areas like recruitment, sales intelligence, marketing, healthcare and cloud for connected devices. 

Its portfolio includes DhiWise, SpendFlo, SecureDen, and TopLyne.

This fundraising effort follows Inc42’s report in October last year about Jha’s departure from Dunzo. 

Jha, who was with Dunzo from 2015 to 2023, previously worked at Google in New York. During his time there, he attempted to launch two of his own ventures: Wisdom.ly, a group video platform for virtual meetups and conferences, and Habet, an intelligent goal-tracking platform.

The round comes at a time when several top executives from Dunzo are quitting the startup. Earlier this year, Dunzo was dealt a body blow with its key investor Lightbox exiting the company’s board.

Founded in 2015 by Kabeer Biswas, Suri, Jha, and Ankur Aggarwal, Dunzo connects consumers with nearby stores and facilitates deliveries of products including groceries, medicines, and food, among other daily needs.

Inc42 has reached out to Jha for an official confirmation on the matter. The story will be updated based on the response. 

The fundraiser comes at a time when Dunzo is dealing with significant financial challenges. The company is reportedly facing a cash crunch and owes around INR 11.4 Cr to vendors, including Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance. This financial strain is reflected in Dunzo’s FY23 results, with the Bengaluru-based quick commerce startup reporting a substantial loss of INR 1,801 Cr, up from INR 464 Cr in the previous fiscal year.

The post Dunzo Cofounder Mukund Jha Seeks To Raise INR 50-80 Cr For His New GenAI Venture appeared first on Inc42 Media.

Pune-based FirstCry is expected to file its red herring prospectus (RHP) this week for an initial public offering (IPO) that values the omnichannel marketplace at $3-3.5 Bn.

“FirstCry will launch its IPO for subscription officially from this week, and wants to close it before August 15,” a source told ET, adding that it has received strong interest from institutional investors for its anchor book.

Earlier this month, the Securities and Exchange Board of India (SEBI) approved the initial public offerings of FirstCry.

FirstCry’s offer size remains consistent with its draft IPO papers, totalling INR 1,816 Cr for the primary fundraise. 

The IPO will also include an offer-for-sale (OFS) component of up to 5.4 Cr equity shares.

Shareholders, including SoftBank, Premji Invest, TPG Growth and Mahindra & Mahindra, will offload shares under the OFS.

It is pertinent to note that Firstcry first filed its DRHP in December last year, taking the first step in its journey to list on the bourses. However, it withdrew the IPO papers after SEBI flagged that some of the key indicators were missing. Following this, the kids-focussed retailer refiled its DRHP in April this year.

Founded in 2010 by Maheshwari and Amitava Saha, FirstCry is an omnichannel marketplace for baby and kids’ products.

To date, FirstCry has raised over $700 Mn in multiple funding rounds, with notable investors including SoftBank, ChrysCapital, and Vertex Ventures.

Notably, FirstCry clocked sales of INR 4,814 Cr and reported a loss of INR 278.2 Cr in the first nine months of the fiscal year ended March 2024 (FY24).

The post FirstCry Likely To File Papers For $3-3.5 Bn IPO This Week appeared first on Inc42 Media.

Auto marketplace Cars24 has bagged INR 250 Cr ($29.8 Mn) funding from its Singapore-based parent entity Global Car Group Limited.

As per Registrar of Companies (RoC) filings accessed by Inc42, Cars24 Services Pvt Ltd’s board approved the allotment of 2.18 Lakh equity shares (2,18,132) to Global Car Group. 

“… Pursuant to provisions…, the consent of the board be and is hereby accorded to allot 2,18,132 equity shares of face value INR 10 each at a premium of INR 11,489 per share, aggregating to Rs 2,508,299,868,” noted the RoC filings. 

There was no clarity on how the Delhi NCR-based startup intends to use the newly infused funds. 

The fundraise comes close on the heels of Cars24 foraying into new segments to bolster its top line. For instance, in March, the car marketplace began piloting a new service which allows car owners to hire drivers on-demand on an hourly basis.

Additionally, in May this year, Cars24 also signed a letter of intent to join the state-backed Open Network for Digital Commerce (ONDC). The new capital may likely be deployed to fuel these new offerings. 

Founded in 2015 by Vikram Chopra, Gajendra Jangid, Ruchit Agarwal, and Mehul Agrawal, Cars24 operates a marketplace to enable car owners to sell their used cars. It also allows users to purchase used cars via its platform and offline outlets. 

Backed by the likes of SoftBank, Alpha Wave Global, and Commercial Bank of Dubai, Cars24 has raised more than a billion dollars in funding till date and was last valued at north of $3.2 Bn. 

It competes with the likes of CarTrade, CarDekho, Spinny, and Droom. 

Cars24 narrowed its net loss by 32% to $168.3 Mn in the financial year 2022-23 (FY23) from $248 Mn in the previous fiscal year.

Meanwhile, its revenue jumped 16% to $930.3 Mn in the fiscal year ended March 2023 from $803.6 Mn in FY22. The unicorn is yet to file its financial statements for the fiscal year ended March 2024. 

The post Cars24 Bags INR 250 Cr From Singapore-Based Parent Entity appeared first on Inc42 Media.

India is renowned for its rich culinary delights, with each state offering a diverse array of food and beverage (F&B) experiences. Despite this, the Indian palate craves more for fresh and exotic cuisines and flavours.

With over 140 Cr people having such affinity for a variety of food and beverages, Indian entrepreneurs have seemingly found a lucrative market, which, as per Inc42, is expected to grow to $68 Bn by 2030. Notably, startups have picked up this opportunity by catering to the requirements of people, through the D2C channels.

According to Inc42’s Findings From Inc42’s Hunt For India’s Fastest-Growing D2C Brands analysis, while the beauty and personal care segment is estimated to exhibit a CAGR of 28.6% by 2030 in the Indian D2C market, it is closely followed by the F&B industry with 27% CAGR.

From established brands like Pedigree Petfoods, Amul, Baskin Robbins, and McDonald’s to startups like iD Fresh Foods, Chaayos, Coolberg, and Paper Boat, there is no dearth of choices for Indian consumers, and still, there is enough headroom for both the existing and new players to flourish in the sector.

The above statement can be substantiated by the fact that several F&B startups, including Blue Tokai Coffee Roasters, Plix, Pluckk, and TagZ have been making waves in the industry, backed by investors’ trust.   

The influx of new startups with innovative product ranges has revitalised the sector, prompting Inc42 to compile a list of the F&B brands that are disrupting the Indian market.

With that said…

Here Are The F&B D2C Brands Reshaping The Indian Consumer Market

(Note: The list below is not meant to be a ranking of any kind. We have listed the Indian F&B startups in alphabetical order.)

1. Beyond Snack

• Year Of Inception: 2018
• Founders: Manas Madhu, Jyoti Rajguru, Gautam Raghuraman
• Funding Raised To Date: INR 33 Cr
• Investors: NABVentures, 100X.VC
• Headquarters: Kerala

Beyond Snack was incorporated to commercialise the popular South Indian snack, banana chips. The startup claims its banana chips are healthy because the nutrients are preserved during the manufacturing process. 

The bananas are sourced directly from farmers and the chips are prepared in under two minutes to retain their natural nutrients, unlike the usual 15-20 minutes of frying. This ensures the products go from farm to plate in less than 24 hours.

To ensure availability across the country, the startup has opened warehouses in Mumbai, Delhi, and Kolkata. As an omnichannel brand, its products are available on ecommerce platforms like Amazon, Flipkart, BigBasket, and Zepto, as well as in over 10,000 retail outlets, including DMart and Reliance stores.

Beyond Snack aims to become a leader in the banana chips market and reach INR 100 Cr in revenue by FY25.

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2. Boba Bhai

• Year Of Inception: 2023
• Founder: Dhruv Kohli
• Funding Raised To Date: INR 12.5 Cr
• Investors: Titan Capital, Arjun Vaidya, Varun Alagh
• Headquarters: Bengaluru 

Launched as a passion project by Dhruv Kohli in late 2023, Boba Bhai has swiftly become a notable player in the bubble tea market, capitalising on the growing trend for this popular Taiwanese drink.

Offering a diverse range of products priced between INR 99 and INR 219, Boba Bhai sets itself apart with its broad product selection and user-centric approach, distinguishing itself from competitors like Chai Point and Cha Bar.

In just one year, the startup has built a substantial customer base of over 4 Lakh and achieved revenues of INR 8 Cr. With plans to significantly expand its presence, Boba Bhai aims to increase its offline footprint to 80-100 stores by the end of 2024, seeking to further boost its revenue and market reach.

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3. Burger Singh

• Year Of Inception: 2014
• Founders: Kabir Jeet Singh, Nitin Rana, Rahul Seth
• Funding Raised To Date: INR 30 Cr + undisclosed
• Investors: RB Investments, Rukam Capital, KCT Family Office, and V.M. SALGAOCAR family office
• Headquarters: Gurugram

Established in 2014 by Kabir Jeet Singh, Nitin Rana, and Rahul Seth, Burger Singh is a Gurugram-based quick-service restaurant (QSR) chain.

In 2019, the company secured an undisclosed amount of funding from RB Investments, based in Singapore. Subsequently, in 2022, Burger Singh successfully raised INR 30 Cr in its Series A funding round. The round was led by Negen Capital, accompanied by LetsVenture, Mumbai Angels, Old World Hospitality, and musician Jasleen Royal.

Following the fundraising in 2022, the fast-food chain announced its plan to utilise the funds for opening 120 new food outlets by the end of FY23.

As of July 2022, Burger Singh boasted more than 80 exclusive food outlets and 12 franchisees across various locations in India.

In the competitive QSR industry, Burger Singh faces competition from well-known brands such as Burger King, McDonald’s, Subway, Domino’s, and KFC.

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4. Chaayos 

• Year Of Inception: 2012
• Founders: Nitin Saluja, Raghav Verma 
• Funding Raised To Date: $98 Mn
• Investors: Alpha Wave Ventures, Elevation Capital, Think Investments, Tiger Global, Integrated Capital, SAIF Partners, InnoVen Capital, Pactolus, Sachin Shukla, Bhavish Aggarwal, Ankit Bhati
• Headquarters: Delhi

F&B brand Chaayos sells multiple types of teas and pre-packaged food products via offline and online marketplaces and uses new-age technologies like AI and IoT to run its operations efficiently.

Earlier, it had shared that its online tea deliveries account for 45% of its revenue. It operates 190 retail outlets across six Indian cities. In June 2022, it secured $53 Mn in its Series C funding to develop tech infrastructure and expand its presence.

Its cap table includes Alpha Wave Ventures, Elevation Capital, Think Investments, Tiger Global, SAIF Partners, InnoVen Capital, Pactolus, and Ola cofounders Bhavish Aggarwal and Ankit Bhati, among others.

Chaayos’ FY22 revenues rose 2.4X YoY to INR 134.9 Cr, while its total revenues stood at INR 140.2 Cr during the period under review.

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5. Charcoal Eats

• Year Of Inception: 2015
• Founders:  Krishnakant Thakur, Anurag Mehrotra, Mohammed Bhol
• Funding Raised To Date: $9.8 Mn+
• Investors: Lokmat Media, Girish Patel, Anil Singhvi, Ajinkya Firodia
• Headquarters: Mumbai

Founded in 2015, Charcoal Eats is a quick-service restaurant chain that delivers “high quality, consistent, authentic, modern Indian flavours to its patrons across the country across snack and meal times at affordable prices” via its app. 

The company operates brands such as Charcoal Eats for Biryani and B Burger across Mumbai, Pune and Delhi NCR.

While the company started with six biryani variants, the company claims to be offering 50 different all-day food options across snack and meal times, that include biryanis, starters, curries, rice bowls, rolls among others.  

It has around 40 outlets, mostly cloud kitchens, across Mumbai, Pune and Delhi-NCR.

Through these outlets, customers can dine-in, take-away or order for delivery, as per their convenience. Charcoal Eats is also available on leading food platforms, Zomato and Swiggy. It also recently launched a new product line under the brand name Khichdibaba.

Among QSR restaurants, Charcoal Eats competes with Wow! Momo Foods, Faasos and Hello Curry, among others. 

The startup recently raised $5.3 Mn to boost its brand operations and expand its footprint across India and overseas.

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6. Coolberg 

• Year Of Inception: 2016
• Founders: Pankaj Aswani, Yashika Keswani
• Funding Raised To Date: $3.5 Mn
• Investors: RB Investments, India Quotient, Ashish Goenka, Indian Angel Network
• Headquarters: Mumbai

Coolberg is a non-alcoholic beer brand, which sells cranberry, peach, ginger, malt, strawberry, mint, and cranberry beverages via its website and offline distribution channels. Currently, it has a presence in India, Africa, Maldives, Bhutan, and Nepal. 

In 2019, Coolberg raised $3.5 Mn in its Series A funding round from RB Investments, India Quotient, Ashish Goenka from Suashish Diamonds, and Indian Angel Network. Prior to that, it bagged an undisclosed sum from India Quotient and Indian Angel Network’s maiden fund.

The beverage startup was acquired by Ghodawat Consumer in 2022 for an undisclosed amount. The startup said that this acquisition would help it develop a portfolio of new-age premium beverage brands as part of the deal. 

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7. Desi Farms

• Year Of Inception: 2022
• Founders:  Sunil Sahi 
• Funding Raised To Date: $6 Mn
• Investors: NAV Capital Emerging Funds, Venture Catalysts, Cummins India’s founder and MD Ashwath Ram
• Headquarters: Pune

Founded in 2022 by Sunil Sahi, the Maharashtra-based farm-to-table D2C brand offers fresh and chemical-free milk and dairy products.

Currently operational in Pune, the brand claims to offer milk within 12-24 hours of the milking process. Other than milk, its product category includes A2 milk, ghee, paneer and more, with each product passing through 20 quality checks. 

It has developed a tech-enabled in-house system, which takes care of production, delivery and franchise modules to ensure product provenance, tracking the entire journey from farms to customers.   

Desi Farms has an omnichannel presence. Its products are sold via its app and portal, on ecommerce marketplaces under the Manchar Farms brand and through 50+ Desi Farms outlets. 

Since inception, it has secured INR 50 Cr funding from investors like NAV Capital Emerging Funds, Venture Catalysts, Cummins India’s founder and MD Ashwath Ram, among others. 

The startup also made it to the list of Inc42’s latest edition of Fast42.

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8. Dogsee Chew

• Year Of Inception: 2015
• Founders:  Bhupendra Khanal, Sneh Sharma 
• Funding Raised To Date: $13.9 Mn  
• Investors: Mankind Pharma, Sixth Sense Ventures
• Headquarters: Bengaluru

Dogsee Chew offers vegetarian dog treats that are natural, human-grade, and protein-rich. These treats are made from yak milk cheese by residents of villages in Nepal, Sikkim, and Darjeeling. 

Earlier this year, the startup secured $6.7 Mn in its Series A funding round from Mankind Pharma and Sixth Sense Ventures.

In November 2021, it raised $7 Mn in its Pre-Series A funding round from Sixth Sense Ventures. Currently, it has a presence in over 30 countries. 

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9. DropKaffe

• Year Of Inception: 2019
• Founders: Rakshit Kejriwal, Lakshmi Dasaka, Chaitanya Chitta  
• Funding Raised To Date: $1.7 Mn 
• Investors: Fireside Ventures, Brigade Group, GrowthStory, Sidharth Pansari, Nirupa Shankar, Hitesh Oberoi, Kanwaljit Singh, Apurva Salarpuria, Manish Singhal P39 Capital
• Headquarters: Bengaluru

Beverage startup DropKaffe sells ready-to-drink cold coffee, fresh coffee beans, coffee powders, and gourmet foods under the brand SLAY Coffee through its website and cafe chains.

According to its LinkedIn page, the startup has a presence in over 160 locations across 19 Indian cities.

In 2016, its parent company raised $550K in a funding round led by Fireside Ventures’ Kanwaljit Singh, Srini Anumolu & Meena Ganesh of GrowthStory, Apurva Salarpuria from Salarpuria Group, Sidharth Pansari from Primac, Rahul Gidwani, Hitesh Oberoi from Naukri, Nirupa Shankar from Brigade Group, and Bhupen Shah also participated in the round. 

The venture claims to serve more than 500K customers across 20 cities across the country.

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10. Eat Better

• Year Of Inception: 2020
• Founders: Mridula Kanoria, Shaurya Kanoria  
• Funding Raised To Date:  $725K
• Investors: Java Capital, Mumbai Angels, Shiprocket Ventures, CapierCapital, Plan B Capital, Harpreet Grover, Arjun Vaidya, Bhavik Vasa, Radhika Ghai, Vishesh Khurana, Bimal Kartheek Rebba, Ishank Joshi, Venus Dhuria, and Divij Bajaj
• Headquarters: Jaipur

Organic food startup Eat Better sells healthy snacks such as coffee and almond laddoos, hazelnut chocolate laddoos, and vanilla, and cacao laddoos, among others, through its website and other ecommerce platforms. 

The startup has a manufacturing facility in Jaipur and manages a base of over 50 female employees.

In March 2022, it secured INR 5.5 Cr seed funding to strengthen its team, expand offerings and develop marketing and distribution channels. 

A slew of investors, including Java Capital, Mumbai Angels, Shiprocket Ventures, CapierCapital and Plan B Capital, participated in the funding round.

Earlier, it claimed to have reported over 10x growth in revenues between October 2020 and March 2022.

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11. Farmley

• Founded In: 2017
• Founders: Akash Sharma, Abhishek
• Funding Raised To Date: $12 Mn+
• Investors: BC Jindal Group, Alkemi Partners, Omnivore, DSG Consumer Partners
• Headquarters: Delhi NCR

Farmley, a direct-to-consumer (D2C) snacking brand founded in 2017 by Akash Sharma and Abhishek, specializes in offering an array of flavoured dry fruits and nuts. Their product range includes enticing options such as roasted peri peri makhanas, Thai chili cashews, and date bites.

With a presence across various ecommerce platforms like Amazon, Flipkart, Blinkit, Zepto, Instamart, and Big Basket, Farmley has established itself as an omnichannel brand. Additionally, it boasts a wide distribution network of over 10,000 retail outlets across India. 

It claims to have crossed an annual recurring revenue (ARR) of INR 300 Cr, growing by over 400% in the past two years. The startup also claims to have turned EBITDA positive.

In December 2023, the startup secured $6.7 Mn in a Pre-Series B funding round led by BC Jindal Group.

Since its inception, Farmley has raised more than $12 Mn from a number of investors, including DSG Consumer Partners, Omnivore, and Alkemi Partners. 

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12. Good Flippin’ Burgers 

• Year Of Inception: 2019
• Founders: Viren D’silva, Sijo Mathew, Sid Marchant
• Funding Raised To Date: $5.1 Mn
• Investors:  Karan Bhagat, Yatin Shah, Nikhil Bhardwaj, Tanglin Venture Partners
• Headquarters: Mumbai

Burger chain Good Flippin’ Burgers has 23 outlets across Mumbai and Delhi, of which 16 are in Mumbai. The brand entered the Delhi market with seven new outlets earlier this year.

In 2023, the startup raised $4 Mn in its Series A round, which was led by Tanglin Venture Partners. It has also raised $1.1 Mn in a seed round led by Kerala Blasters Football Club’s director Nikhil Bharadwaj, IIFL Wealth’s Karan Bhagat and Yatin Shah.

With outlets in only two cities in India, the startup is aiming to expand its footprint in India. It is also in the process of adopting cloud, hybrid, and dine-in formats with a focus on malls and airports. 

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13.  Go DESi

• Year Of Inception: 2018
• Founders: Vinay Kothari, Raksha Kothari
• Funding Raised To Date: INR 80 Cr
• Investors:  Aavishkaar Capital, Rukam Capital, DSG Consumer Partners, Roots Venture
• Headquarters: Bengaluru

The startup was founded by a brother-sister duo to commercialise traditional Indian treats and confectionery, all while empowering women in rural villages.

With an omnichannel presence, the startup’s products are available in over 40,000 stores nationwide, and it claims to have sold over 15 Mn units since inception.

In southern India, the products are available both online and offline. In cities like Mumbai and Delhi NCR, they are available only on quick commerce and online grocery apps.

The startup recently secured INR 41 Cr in funding led by Aavishkaar Capital. The round also saw participation from existing investors Rukam Capital, Roots Ventures and DSG Consumer.

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14. Happilo 

• Year Of Inception: 2016
• Founders: Vikas Nahar
• Funding Raised To Date: $38 Mn
• Bb Investors: Motilal Oswal Private Equity, A91 Partners
• Headquarters: Bengaluru

Happilo is a healthy snack brand that offers nuts, dried fruits, seeds and dry roasted snacks. It has a manufacturing unit at Yeshwantpur, Bengaluru. It follows an omnichannel approach to sell its products across the country. 

Happilo’s products are non-GMO verified, gluten-free, vegan and fat-free. The startup offers EMI options to customers if they cannot pay for products at once. 

In February, Happilo raised $25 Mn from Motilal Oswal Private Equity to expand its business and offerings and acquire other firms. Before this, it secured $13 Mn from A91 Partners.

It has grown over 4X in the last 24 months and is aiming to clock revenue of INR 2,000 Cr in the next four years.

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15. iD Fresh Food

• Year Of Inception: 2005
• Founders: PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar, Noushad TA
• Funding Raised To Date: $104 Mn
• Investors: NewQuest Capital Partner, Premji Invest, Peak XV Partners, Helion Ventures, Azim Premji
• Headquarters: Bengaluru

iD Fresh Food sells ready-to-make food such as dosa and idli batter, and rice rava idli batter, among others, in domestic and international markets. 

It has a presence in over 45 cities across the globe including Mumbai, Bengaluru, Pune, Hyderabad and Dubai, among others.

Recently, the Bengaluru-based D2C startup announced its seventh round of ESOPs worth INR 46 Cr for 27 employees.  

“In the coming months, we are excited to augment our 2,000+ workforce as we explore new markets and continue to create new opportunities for a diverse set of professionals, while actively creating a more inclusive workplace,” Musthafa said while announcing the ESOPs.

In January, the startup secured $68 Mn in its Series D funding round from NewQuest Capital Partner and Premji Invest. It has raised $104 Mn so far from individual and institutional investors. 

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16. Jade Forest

• Year Of Inception: 2019
• Founders: Shuchir Suri, Punweet Singh
• Funding Raised To Date: $1.25 Mn
• Investors: Mumbai Angels Network, Gaurav Kapur, Rohan Abbas, Ashish Tulsian, AngelList India 
• Headquarters: Delhi 

Jade Forest offers a slew of non-alcoholic beverages to customers via its website, ecommerce marketplaces and last-mile delivery platforms. Its products are priced between INR 80 and INR 85.

In 2021, it secured $1 Mn from Mumbai Angels Network. Before this, it secured $250,000 in its seed funding round from angel investors such as Gaurav Kapur, Rohan Abbas, Ashish Tulsian, and AngelList India. 

Its products are certified by the US FDA. In the last two years, it has expanded to 23 Indian cities.

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17. Jimmy’s Cocktails

• Year Of Inception: 2019
• Founders: Ankur Bhatia and Nitin Bhardwaj  
• Funding Raised To Date: $2.4 Mn
• Investors: Roots Ventures, 7Square Ventures, Vishesh Khurana, Varun Alagh, Keki Mistry, Vidur Talwar, Anirudh Somani, Vinay Agarwal, Ankur Bhatia, Mirza Baig, Ekcle Ventures, Angad Bhatia
• Headquarters: Gurugram

Jimmy’s Cocktails offers a slew of cocktail mixers including gin cherry sour, bloody mary, lime margarita, and mango chilli mojito, among others. 

In April, Jimmy’s Cocktails secured $1.8 Mn in its Pre-Series A funding round from investors such as Roots Ventures, 7Square Ventures, Vishesh Khurana from Shiprocket, Varun Alagh from Mamaearth, Keki Mistry from HDFC, among others. 

The startup then said that it sold over 6 Mn cocktails in the first three months of 2022. 

In the financial year 2021-22, it posted a 3X revenue growth. About 40% of its revenue came from Tier II and III cities.

This year, Radiohead Brands, the beverage maker’s parent company, secured $1.3 Mn and announced the launch of its energy drink brand Hustle. 

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18. Kapiva Ayurveda

• Year Of Inception: 2015
• Founders: Ameve Sharma, Shrey Badhani
• Funding Raised To Date:  $15.77 Mn
• Investors: Vertex Ventures, Fireside Ventures, 3one4 Capital
• Headquarters: Mumbai 

Kapiva Ayurveda offers a slew of ayurvedic products for building immunity, improving digestion, strengthening the body and controlling diabetes, among others. 

In October 2021, it got an undisclosed amount of funding from Bollywood actor Malaika Arora.

The startup’s revenue stood at INR 40 Cr in the financial year 2020-21. It claims to have sold over 8 Lakh ayurvedic products since its launch and has a user base of 3.5 Lakh.

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19. Lahori

• Year Of Inception: 2017
• Founders: Saurabh Munjal, Saurabh Bhutna, Nikhil Doda
• Funding Raised To Date: $15 Mn
• Investors: Verlinvest
• Headquarters: Punjab

Lahori offers traditional Indian beverages across the country. Currently, it offers Indian drinks in four flavours – jeera (cumin), nimboo (lemon), kacha aam (raw mango) and shikanji (lemonade). 

Lahori’s parent company, Archian Foods, manufactures nearly 1 Mn bottles in its fully automated manufacturing facility, which is spread across 1,50,000 sq ft. Its manufacturing unit is accredited by FSSAI, ISI, HACCP, RoHS and Make In India (offered by GeM). 

In January, Belgium-based Verlinvest infused $15 Mn in Lahori in exchange for a minority stake.

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20. Licious 

• Year Of Inception: 2015
• Founders: Abhay Hanjura, Vivek Gupta 
• Funding Raised To Date: $360 Mn
• Investors: Amansa Capital, Kotak PE, Axis Growth Avenues AIF – I, Nithin Kamath, Nikhil Kamath, Aman Gupta, Haresh Chawla, Temasek, Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures
• Headquarters: Bengaluru

Licious offers a host of meat and seafood including prawns, kebabs and mutton, among others. Besides, it also offers an end-to-end supply chain of products that it sells to customers, right from their procurement to processing to delivery. 

In March, the foodtech unicorn secured $150 Mn from Amansa Capital, Kotak PE, Axis Growth Avenues AIF – I, Nithin and Nikhil Kamath of Zerodha, boAt’s Aman Gupta and Haresh Chawla from True North. 

Before this, it raised $52 Mn in October 2021. In the financial year 2020-21, it had an annual revenue rate of INR 1,000 Cr and operations in 14 Indian cities. Its customer base stood at over 2 Mn in the fiscal year 2020-21.

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21. MasterChow

• Year Of Inception: 2020
• Founders: Vidur Kataria, Sidhanth Mada
• Funding Raised To Date: $1.6 Mn
• Investors: Anicut Capital, WEH ventures, Fluid ventures 
• Headquarters: Delhi

D2C brand MasterChow offers ready-to-cook noodles, dipping sauces, and sticky rice, among others. 

In May, MasterChow raised $1.2 Mn from Anicut Capital, WEH ventures and Fluid ventures.

Prior to this, it had raised around $462K in its seed funding round from WEH Ventures and some angel investors. The startup had then claimed that it had grown 10x over the previous 12 months and shipped products to over 17,000 pin codes across India.

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22. Namhya Foods

• Year Of Inception: 2019
• Founders: Ridhima Arora
• Funding Raised To Date: Undisclosed
• Investors: Aman Gupta 
• Headquarters: Jammu

Headquartered in Jammu, Namhya Foods specialises in snacks and beverages made from Indian herbs and natural ingredients.

The startup was established in 2019 by Ridhima Arora. To secure funding, she participated in Shark India’s inaugural season and successfully secured INR 50 Lakh against a 10% equity. Additionally, she obtained an additional INR 50 Lakh in debt funding from Aman Gupta, the cofounder of boAt.

Namhya Foods positions itself as a provider of nourishing food products designed to assist individuals with various health conditions such as diabetes, heart issues, high blood pressure, cholesterol, thyroid problems, as well as chest congestion. The company offers a diverse range of products.

In addition to its presence in India, Namhya Foods operates in the United States and has plans to expand into the UAE, Australia, and Canada.

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23. Nourish You

• Year Of Inception: 2015
• Founders: Rakesh Kilaru, Krishna Reddy, Sowmya Reddy
• Funding Raised To Date: $2 Mn
• Investors: Y Janardhana Rao, Rohit Chennamaneni, Nikhil Kamath, Abhijeet Pai, Abhinay Bollineni
• Headquarters: Hyderabad

Nourish You sells nutrient-rich breakfast food products and snacks to consumers via its website and ecommerce marketplaces, including Flipkart, BigBasket, and Amazon, among others. 

Besides selling products directly to consumers, the startup exports food items to countries like Singapore, Nepal, Kenya, Dubai, Mongolia and Maldives. Some of its products are quinoa flour, chocolate & banana muesli, and cranberry walnut mix. 

Earlier, the startup shared that it had 5,000 acres of quinoa and chia farms in Rajasthan, Karnataka, and Madhya Pradesh. 

In January 2023, it secured $2 Mn in seed funding for research and development activities, brand marketing and fortifying its distribution and market presence. As a part of this round, it also secured an undisclosed amount of funding from actress Samantha Prabhu. 

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24. Paper Boat

• Year Of Inception: 2010 
• Founders: Neeraj Kakkar, Niraj Biyani
• Funding Raised To Date: INR 458 Cr 
• Investors: Peak XV Partners, Hillhouse Capital Group, GIC, Advent International, Trifecta Capital, Sofina SA, A91 Partners, Catamaran, Footprint Ventures
• Headquarters: Gurugram

Paper Boat sells a slew of fruit-based drinks in Indian flavours including aam panna (raw mango), rose tamarind (tamarind juice), chilli guava (guava juice), ‘jaljeera’ (spicy, tangy lemonade), among others.

In August, the startup raised $50.1 Mn in funding from GIC-owned sovereign fund Lathe Investment Pte Ltd.

At the time, it used to have a presence in the metro cities, Tier II towns and beyond. In the fiscal year 2021-22, it posted revenue of INR 243 Cr, whilst its losses stood at INR 64 Cr. Meanwhile, in the fiscal year ending March 2020, it clocked revenue at INR 231 Cr and losses at INR 100 Cr, according to Tofler.

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25. Plix

• Year Of Inception: 2019
• Founders: Rishubh Satiya, Akash Zaveri
• Funding Raised To Date: $5 Mn
• Investors: Guild Capital, RPSG Ventures
• Headquarters: Mumbai

Based in Mumbai, Plix specialises in plant-based nutrition supplements, offering a range that includes gummies, superfood powders, and effervescent tablets. Plix asserts that its products effectively address concerns related to weight loss, hair fall and skin, daily wellness, women’s health, and workout requirements.

In July, FMCG giant Marico acquired a majority 58% stake in Plix for INR 369.01 Cr, marking its inaugural foray into the D2C arena. Under the terms of this deal, Marico assumed control over Plix’s board, and Plix became a subsidiary of Marico.

Competing alongside players like OZiva, Setu Nutrition, and Fast&Up, Plix boasts a customer base exceeding 1.5 Mn individuals. The omnichannel brand offers a diverse portfolio of 60 products spanning six categories. 

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26. Pluckk

• Year Of Inception: 2021
• Founders: Prateek Gupta
• Funding Raised To Date: $5 Mn+
• Investors: Exponentia Ventures, Kareena Kapoor Khan
• Headquarters: Mumbai

Pluck is an ecommerce platform which aims to serve the growing demand for lifestyle-oriented fresh produce. It focuses on the global food trends ranging from vegan, carb alternatives, gut health, immunity to plant-forward eating to prevent diabetes and mental health. 

The startup has a 400+ product range across 15+ categories including essentials, exotics, hydroponics, and cuts, mixes. The startup claims that the products are chemical free. Further, the products are customised following different food trends, suitable for gut and heart health, diabetes, and include organic and exotic produce as well. 

Pluckk’s products are available on its own D2C website along with partner ecommerce platforms  including Blinkit, Swiggy, Zepto, Dunzo, and Amazon. While it is currently operational in Mumbai, Delhi, Bengaluru and Pune, it plans to expand to more geographies in the coming quarters.

In 2022, it secured its seed funding of $5 Mn from Exponentia Ventures to develop farm to fork infrastructure, customer acquisition and expansion into key metro cities. It also said that parts of the fund would go towards the acquisition of B2B and B2C company Indus Fresh. 

Last year, it acquired DIY meal kit platform KOOK for $1.3 Mn in a combination of cash and equity.

Following this acquisition, it also secured an undisclosed amount of funding from actress Kareena Kapoor Khan and appointed her as brand ambassador. 

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27. Samosa Singh

• Year Of Inception: 2016
• Founders: Nidhi Singh, Shikhar Veer Singh
• Funding Raised To Date: $2.7 Mn
• Investors: Fireside Ventures, AL Trust, AET Fund, She Capital, Equanimity Investments, ANME
• Headquarters: Bengaluru

Food snack brand Samosa Singh sells Indian food snacks such as samosa, kachori, pani puri, and matar kulcha, among others, to its customers via cloud kitchens and kiosks.

It had earlier shared that its manufacturing unit holds the capacity to produce 25K food items daily.

In 2020, the startup secured $2.7 Mn (INR 17 Cr) in a Series A funding round to develop the capacity of its Bengaluru-based central kitchen. The round was led by She Capital.

As of March 2020, it had a presence in over 25 locations in Hyderabad and Bengaluru. It claims to have set up 100 cloud kitchens in prime cities of South India.

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28. Slurrp Farm 

• Year Of Inception: 2016
• Founders: Meghana Narayan, Shauravi Malik
• Funding Raised To Date: $9 Mn
• Investors: Anushka Sharma, Investment Corporation of Dubai, Fireside Ventures
• Headquarters: Delhi

Slurrp Farm is a children-focussed healthy snack brand. It offers a variety of cereals, milk mixes and snacks such as ready-to-mix pancakes, cakes, dosas, noodles and various kinds of pasta. For first-time users, it offers these products in trial packs. 

Slurrp Farm’s parent, Wholsum Foods, sells the products via its website and ecommerce marketplaces. Currently, it has a presence in India, the UAE, the US, and the UK. 

In the financial year 2021-22, it reported over INR 50 Cr annual revenue rate (ARR) and witnessed a 10X growth between June 2020 and December 2021. It further aims to achieve a revenue of INR 500 Cr by 2025.

In April, Bollywood actress Anushka Sharma backed Slurrp Farm. Prior to this deal, the D2C brand raised $7 Mn from the Investment Corporation of Dubai and Fireside Ventures and also bagged $2 Mn in a Series A round from Fireside Ventures.

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29. Storia

• Year Of Inception: 2017
• Founders: Vishal Shah
• Funding Raised To Date: $6 Mn 
• Investors: Sixth Sense Ventures
• Headquarters: Mumbai

Storia offers a range of processed fruit juices, coconut water, and shakes to customers. 

In 2021, it raised $6 Mn in its Series A funding from Sixth Sense Ventures. It currently has a presence in 33 Indian cities via its 50K retail outlets.

At the time of the announcement of its Series A funding round, the startup said it planned to launch new offerings, expand its distribution network and foray into packaged food. 

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30. Sweet Karam Coffee

• Year Of Inception: 2020
• Founders: Anand Bharadwaj, Nalini Parthiban, Srivatsan Sundararaman, Veera Raghavan
• Funding Raised To Date: $1.5 Mn 
• Investors: Fireside Ventures
• Headquarters: Chennai

Sweet Karam Coffee sells South-Indian delicacies, including filter coffee and ready meal mixes, which it claims to be free from palm oil and preservatives. 

On October 30, 2023, the startup announced that it raised $1.5 Mn from Fireside Ventures to expand its offline play, enter new geographies, and strengthen its product portfolio. 

The startup also aims to address the problem of poor availability of well-packaged traditional South Indian sweets and snacks.  

The startup sells its products primarily through its website and app, and claims to deliver them to more than 30 nations. 

The Chennai-based startup has also partnered with Tamil Nadu farmers to offer a range of millet-based products.

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31. TagZ Foods

• Year Of Inception: June 2019
• Founders: Anish Basu Roy, Sagar Bhalotia 
• Funding Raised To Date: $1.5 Mn 
• Investors: 9Unicorns, Umang Bedi, Venture Catalysts, Dexter Angels, Agility Ventures, Arjun Vaidya, Dharamveer Chouhan, Ashneer Grover, Namitha Thapar
• Headquarters: Bengaluru

TagZ makes and sells chips, chocolates, dips and cheese dribbling, among others. It recently also pitched investors on the television show Shark Tank India. 

It also raised money via a consumer stock option plan (CSOP), where it offered equity to customers for investing a minimum of INR 5,000. The CSOP was oversubscribed by 250%. 

Prior to this, it raised an undisclosed amount of investment in its Pre-Series A funding round from Venture Catalysts, Zostel’s Dharamveer Chouhan, The Pant Project’s Dhruv Toshniwal, and Loy Halder from Goldman Sachs, among others. 

In the financial year 2021-22, its revenue stood at INR 15 Cr. The startup claims to have served over 30 Mn consumers and sold more than 50 Mn packets of chips since its inception.  

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32. TenderCuts

• Year Of Inception: 2016
• Founders: Nishanth Chandran
• Funding Raised To Date: $19 Mn
• Investors: Stride Ventures, Paragon Partners, Nabventures 
• Headquarters: Chennai 

D2C brand TenderCuts offers meat and seafood products including chicken, mutton, seafood, marinades, pickles, and eggs and ready-to-cook products such as cold cuts, sausages, kebabs, shawarmas, etc.

In 2021, it secured approximately $4 Mn in a debt funding round from Stride Ventures. Prior to this, it raised $15 Mn from Paragon Partners and Nabventures and closed a seed funding round worth $759K in 2017. 

It follows an omnichannel marketing strategy and has been serving customers across Chennai, Hyderabad and Bangalore via its 50 retail stores. 

In September 2023, the omnichannel meat brand was reported to be planning the acquisition of TenderCuts along with Happy Chops. 

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33. The Divine Foods 

• Year Of Inception: 2019 
• Founders: Kiru Maikkapillai
• Funding Raised To Date: Undisclosed 
• Investors: Nayanthara, Vignesh Shivan
• Headquarters: Chennai

The Divine Foods is a D2C foodtech startup that specialises in manufacturing products from traditional Indian superfoods such as turmeric, moringa, millet, and others. 

Its portfolio includes products such as turmeric oil, turmeric golden milk, masks, turmeric drinks, turmeric powder, honey, among others. 

Under the flagship seed funding scheme of the Tamil Nadu government called TANSEED 4.0, the startup received a grant of an undisclosed amount. 

Last year, the startup secured an undisclosed amount of funding from actress Nayanthara and her husband Vignesh Shivan. Back then, founder Maikkapillai told Inc42 that the funding would be used for scaling up the infrastructure, expanding the startup’s product line, creating brand awareness among the masses and encouraging other celebrities to support the growth of native businesses. 

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34. The Filling Station

• Year Of Inception: 2021
• Founders: Mahua Ghosh, Suvankar Ghosh
• Funding Raised To Date: Undisclosed 
• Investors: NA (Not Available)
• Headquarters: Mumbai 

Healthy food snack startup The Filling Station sells nutrient-rich laddoos, oil-free snacks, and nutrient-rich spreads, among others, via its website and ecommerce marketplaces such as Amazon and Flipkart.

In snacks, it uses ingredients such as palm, oats, makhana, seeds, nuts, and date fruit. Its cofounder Mahua Ghosh holds 11 years of experience in the food industry. She has previously worked with many fast food joints, cloud kitchens and retail brands. The venture is recognised by the Centre’s Startup India Initiative, according to the website.

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35. The Good Bug

• Year Of Inception: 2022
• Founders: Keshav Biyani, Prabhu Karthikeyan
• Funding Raised To Date: $3.5 Mn
• Investors: Fireside Ventures
• Headquarters: Mumbai

The Mumbai-based startup, The Good Bugs, offers a range of products that are designed to promote and maintain gut health for consumers. Its primary focus lies in addressing the health concerns of individuals aged 25-60 who may be grappling with the negative consequences of unhealthy dietary and lifestyle choices.

Currently, the startup operates as an omnichannel brand, with approximately 70% of its revenue coming from its website and the remaining 30% from various online marketplaces. Notably, the startup has recently initiated partnerships with pharmacies to expand its offline presence.

Since its inception, the brand claims to have catered to over 2 Lakh customers. It also proclaims to have strong repeat rates of 40-45%. To expand its product offerings, the startup is planning to introduce 20 new products to its portfolio over the next six to twelve months.

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36. The Whole Truth

• Year Of Inception: 2019
• Founders:  Shashank Mehta
• Funding Raised To Date: $21 Mn
• Investors: Sequoia Capital India, Matrix Partners India, Sauce.vc, Kalyan Krishnamurthy, Sujeet Kumar, Ashneer Grover, Shashvat Nakrani
• Headquarters: Mumbai 

The Whole Truth sells dark chocolate, muesli, protein bars, nut butter and energy bars via its website and other ecommerce marketplaces.

In July, the D2C snack brand secured $6 Mn in its Series A funding round from Sequoia Capital India, Matrix Partners India, Sauce.vc, Flipkart’s Kalyan Krishnamurthy, Udaan’s Sujeet Kumar, Ashneer Grover and Shashvat Nakrani.

The startup had then claimed that it had grown 12x in the last 18 months. Besides, The Whole Truth said it receives 50% of its sales via its website and the rest from ecommerce marketplaces. 

This year, the startup secured $15 Mn to boost its manufacturing capacity, hire talent, and expand its retail distribution. 

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37. Troo Good

• Year Of Inception: 2018
• Founders: Raju Bhupati 
• Funding Raised To Date: $7.4 Mn 
• Investors: OAKS Asset Management
• Headquarters: Hyderabad

Troo Good offers a slew of millet, peanut, chocolate, and dry fruit snack bars and mixtures. In the year of its inception, it clocked a revenue of INR 12 Cr, while in 2019, it posted a revenue of INR 24 Cr. The startup claims that it is currently profitable before tax. 

In November 2021, Troo Good secured $7.4 Mn from OAKS Asset Management to expand its business in the domestic market.

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38. True Elements 

• Founded In: 2013 
• Founders: Puru Gupta and Sreejith Moolayil
• Funding Raised To Date: $2 Mn
• Investors: Marico, Maharashtra State Social Venture Fund
• Headquarters: Bengaluru 

True Elements offers millet, grains, and seeds-based breakfast and snack foods. It follows an omnichannel marketing strategy, selling products via its website, ecommerce marketplaces and brick-and-mortar stores. 

In May, consumer company Marico acquired a 53.98% stake in True Elements’ parent HW Wellness Solutions for an undisclosed sum. Prior to this, True Elements secured INR 10 Cr from the Maharashtra State Social Venture Fund last year. 

In the financial year 2021-22, it recorded sales of over INR 54.3 Cr as compared to INR 36.3 Cr in the previous fiscal year. 

Currently, it sells over 70 products and more than 200 stock-keeping units (SKUs) across 12,000 retail outlets in India. It claims to earn over 75% of its revenue from online distribution channels.

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39. Twigly

• Year Of Inception: 2015
• Founders: Sonal Minhas, Rohan Dayal, Naresh Kumar Kachhi
• Funding Raised To Date: $800K 
• Investors: Tracxn Labs, Hyderabad Angels, Kunal Shah, Aditya Verma, Gaurav Bhalotia, Amit Gupta, Sahil Barua, Mukul Singhal 
• Headquarters: Gurugram 

Twigly provides freshly cooked food at consumers’ doorstep via its website and mobile app. It currently delivers orders in Delhi NCR. Some of its products are burgers, pasta, grill platters, desserts, and various types of beverages. 

According to its founders, the startup is modelled on San Francisco-based food delivery startup Sprig, which used to offer freshly cooked meals to its consumers. The startup closed down its operations in 2017. 

In September 2018, Twigly was acquired by its competitor for an undisclosed amount.

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40. Vahdam India

• Year Of Inception: 2015
• Founders: Bala Sarda
• Funding Raised To Date: $62.3 Mn
• Investors: Sixth Sense Ventures, IIFL Asset Management, Mankind Group Family Office, SAR Group Family Office, Kris Gopalakrishnan, White Whale Ventures, Urmin Group
• Headquarters: New Delhi 

Vahdam offers an assorted range of teas, including herbal, white, oolong and iced teas, among others in India and across the world. Its other offerings include teaware and instant lattes.  

In September 2021, the startup secured INR 174 Cr in its Series D Round led by IIFL AMC’s Private Equity Fund. Post the fundraising, it was valued at INR 700 Cr. 

Presently, the startup claims that it has a presence in more than 100 countries and also turned profitable in the fiscal year 2021 after clocking a net revenue of INR 160 Cr+.

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41. Wellbeing Nutrition

• Year Of Inception: 2019
• Founders: Avnish Chhabria, Saurabh Kapoor 
• Funding Raised To Date: $10.7 Mn
• Investors: Rakulpreet Singh, Mira Kapoor, Fireside Ventures, HUL, etc.
• Headquarters: Mumbai

Founded in 2019, Wellbeing Nutrition is a direct-to-consumer (D2C) nutraceutical company based in Mumbai. Cofounded by Avnish Chhabria and Saurabh Kapoor, the startup specialises in offering healthy food products with a primary focus on women’s health.

Its product portfolio includes Melts, which are vitamin-based thin strips, Korean Marine for collagen, and Daily Fiber for plant-based prebiotic fibre.

In December 2022, Wellbeing Nutrition secured $10 Mn (INR 85 Cr) in its Series B funding round led by Hindustan Unilever Limited (HUL) and Fireside Ventures. HUL currently holds a 19.8% stake in the startup.

The company’s list of investors includes Bollywood actor Rakulpreet Singh, Mira Kapoor; Ashutosh Valani and Priyank Shah from RENEE Cosmetics, Nikhil Gandhi from MX Player, Harsh Vardhan Bhandari and Jeenendra Bhandari, among others.

Wellbeing Nutrition operates in the D2C segment and faces competition from brands such as Power Gummies and Fast&Up.

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42. WickedGud

• Year Of Inception: 2021
• Founders: Bhuman Dani, Soumalya Biswas, Monish Debnath 
• Funding Raised To Date: $1.34 Mn
• Investors: Mumbai Angels, NB Ventures, Dholakia Ventures, Jalaj Dani Family Office, Ashutosh Valani, Priyank Shah, Ravi Shroff, Ravi Nigam, Ashwini Deshpande, Jorge Fernandez Vidal, Akshay Gurnani, Titan Capital, Archana Priyadarshini, Gaurav Ahuja, Amit Chaudhary, Aman Gupta, Sameer Mehta, Harsh Vakharia, Jorge Fernandez Vidal
• Headquarters: Mumbai 

WickedGud sells pasta, noodles, malted beverages and other snacks via its website and ecommerce marketplaces. According to its website, its products are wholly vegan and contain plant-based protein. 

In April last year, WickedGud secured $1 Mn from Mumbai Angels, NB Ventures, Dholakia Ventures, Jalaj Dani Family Office, Ashutosh Valani and Priyank Shah from Renee Cosmetics, Ravi Shroff from Excel Industries, Ravi Nigam from Tasty Bite, Ashwini Deshpande from Elephant Design, among others. 

Prior to this, it secured $340K in its pre-seed funding round from Titan Capital, Archana Priyadarshini from Point One Capital, Gaurav Ahuja from Chrys Capital, and Amit Chaudhary from Lenskart, among others. 

The startup targets customers aged 26 to 42 and claims to have an average order value of INR 450.

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43. Wingreens Farms 

• Year Of Inception: 2011
• Founders: Anju Srivastava, Arun Srivastava
• Funding Raised To Date: $59.8 Mn
• Investors: Sequoia Capital, Investments AG, Investcorp, Omidyar Network
• Headquarters: Gurugram

The startup offers a diverse range of packaged food products spanning various categories such as healthy snacks, sauces, spreads, spice mixes, specialty bakery items, breakfast cereals, non-dairy milk, protein shakes, and a broad selection of organic products.

It faces competition from brands like Veeba Foods, while in the established FMCG brands segment, it competes with well-known names such as Nestle and Amul.

In 2022, the startup acquired a 100% stake in the Bengaluru-based snacks startup, Postcard. At the time, the startup stated that the acquisition would contribute to the expansion of its product portfolio under the ‘Wingreens World’ category. 

In an earlier acquisition in 2021, the startup acquired Raw Pressery during a distressed sale. The acquisition aimed to broaden its product portfolio and venture into the cold-pressed juices segment.

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Last updated: July 27, 2024 | The article has been updated to include two more names.

The post From Slurrp Farm To TagZ Foods: Here Are 43 F&B D2C Brands Reshaping The Indian Consumer Market appeared first on Inc42 Media.

Legal troubles mounted for cash-strapped hyperlocal delivery startup Dunzo this week as another of its creditors moved the Bengaluru Bench of the National Company Law Tribunal seeking initiation of insolvency proceedings against the company.

Dunzo’s creditor Invoice Discounters of Dunzo Digital on July 22 (Monday) filed an interlocutory application under section 7 of Insolvency and Bankruptcy Code, 2016, alleging that the Reliance Retail-backed startup has only cleared half of the dues it owes, Mint reported.

However, it is yet to be ascertained how much money was owed to Dunzo’s creditor.

According to the report, the lawyer representing Dunzo argued before the NCLT that settlement talks between both the parties were underway and sought two weeks to reach an agreement with its creditor.

However, the bench of justices K Biswal (judicial) and Manoj Kumar Dubey (technical) declined to grant further time for settlement and scheduled the final hearing on the matter for August 6.

According to an NCLT order dated May 25, both the creditor and debtor had sought more time to reach a settlement on the ground that were talks were going on. At the time, the bench had directed Dunzo to reply to the insolvency plea within two weeks in the event of no settlement.

However, on June 19, Invoice Discounters informed the tribunal that the settlement talks fell through. The NCLT order then said that Dunzo has forfeited its right to file a reply.

The development comes days after Betterplace Safety Solutions moved the NCLT in Bengaluru against Dunzo for unpaid dues worth INR 4 Cr.

Earlier this year, Dunzo was dealt a body blow with its key investor Lightbox exiting the company’s board. The company has been facing a cash crunch. Vendors such as Google India, Nilenso, Clover Ventures, Facebook India, Cupshup, Koo, and Glance are collectively owed amounts totalling approximately INR 11.4 Cr.

The financial strain on the Bengaluru-based quick commerce startup is evident from its FY23 numbers. Dunzo incurred a staggering loss of INR 1,801 Cr in FY23, a sharp increase from INR 464 Cr in the preceding fiscal year.

The post Dunzo In Insolvency Soup Again As Another Creditor Files IBC Application appeared first on Inc42 Media.

Aligning with its broader strategy to diversify beyond manufacturing iPhones and AI servers in India, Apple supplier Foxconn is now reportedly looking to assemble iPads in the country at its Tamil Nadu’s Sriperumbudur facility.

According to an ET report, Foxconn is evaluating plans to assemble Apple’s flagship tablet, iPad, in India, marking a significant expansion of its current operations focused on manufacturing iPhones.

Until now, Foxconn India, along with other global contract manufacturers, have only assembled Apple’s smartphones.

“Some rounds of discussions have already happened with the government on this. Their experience so far has been very good, and they are coming in full force. They will double what they have in the next few years, which includes iPhones, iPads, and some other products too,” a source was quoted as saying by ET.

However, the source added that the assembly of the Mac range of laptops is expected to take some time due to the small production volume.

Inc42 has reached out to Foxconn for a comment on the development. The story will be updated based on the response.

It is pertinent to note that several electronics companies have significantly expanded their footprint in India in the recent past, with Foxconn, Wistron, Tata Electronics, and Kaynes Technology leading this trend.

This development also comes at a time when Apple supplier Foxconn plans to invest an additional INR 13,911 Cr ($1.67 Bn) in Karnataka. 

Foxconn has been strategically shifting its production away from China due to disruptions caused by COVID-19 and geopolitical tensions. Over the past year, the iPhone maker has significantly expanded its footprint in India, making substantial investments in manufacturing facilities in the southern part of the country.

The post After iPhone, Foxconn Now Looks To Assemble Apple iPads In India appeared first on Inc42 Media.

Days after IPO-bound Swiggy launched marketing tool ‘Smart Links’ to help restaurants widen online reach and boost orders, the foodtech major has now unveiled a new data tool for restaurant partners to gauge their marketing performance against peers.

The new tool ‘Market Intelligence Dashboard’ shows information about order growth, average order value and how efficiently the restaurant is operating, the company said in a statement.

It also offers insights into customer behaviour like the number of people placing orders after taking a look at the menu. Besides, it helps restaurants to track their marketing efforts on Swiggy.

The dashboard offers restaurants with a score on a scale of 100 at both brand and individual outlet levels on their overall menu quality. 

“It effectively helps partners benchmark their performance versus the best in class, understand their areas of improvement or strength and make informed business decisions,” said Deepak Maloo, assistant vice president for supply at Swiggy.

The company further said that the new tool allows restaurants to benchmark their performance against industry standards, identify areas for improvement and make data-driven decisions. 

Swiggy’s move mirrors similar efforts by its rival Zomato. Last year, the foodtech giant introduced ‘Zomato Food Trends’, an open platform providing insights on food trends in specific localities. 

The new offering comes as the foodtech gears up for its much awaited $1 Bn public listing on the bourses later this year. In April, Swiggy turned into a public limited company, saying the transition would help it raise funds from the public, including through an IPO.

In preparation for the market debut, it has been streamlining and consolidating operations. Earlier this week, Swiggy strengthened its quick commerce business Instamart with four new vice president appointments across various roles.

Back then the Bengaluru-based startup said that these new appointments would further enhance the efficiency of its on demand services across India. This also comes at a time when ecommerce giant Amazon India has reportedly approached Swiggy for a potential deal involving Instamart.

In March, Swiggy also merged its premium grocery vertical InsanelyGood with Instamart.

Swiggy reported a loss of $207 Mn (INR 1,720 Cr) in the first three quarters of the financial year 2023-24 (FY24). In the entire FY23, its net loss stood at INR 4,179 Cr.

The post Swiggy Unveils Data Tool For Restaurant Partners To Gauge Marketing Efforts Against Peers appeared first on Inc42 Media.

In the sweltering heat of an Indian summer, nothing brings more joy than having an ice popsicle, aka ice gola or chuski. Not only do these colourful delights boast a history that spans across many cultures and regions but their global market is also set to soar to $8.9 Bn by 2032. 

While giants like Unilever, Nestlé, Mengniu, and Yili dominate the ice popsicle market worldwide, Mother Dairy, Amul, and Kwality Walls are some of the prominent players in the Indian market. 

However, identifying a big gap in the Indian ice popsicles market, which is largely dominated by a hand full of global and Indian players, Ravi Kabra and Anuja Kabra founded in Skippi in 2021. 

The Hyderabad-based startup offers different flavour popsicles, cream rolls and corn sticks via an omnichannel retail business model. Available at over 14,000 outlets nationwide, the founders claim that they provide ice popsicles that are 100% natural and free from artificial colours, flavours, and preservatives. 

The startup also sells its products on Zepto, Blinkit, Swiggy, Cred, Amazon, Flipkart, and BigBasket. Additionally, its products are available in Kuwait, Oman, Dubai, Nepal, Bhutan, Singapore, and the UAE. Today, approximately 50% of its sales come from online channels and 50% from offline channels.

Speaking with Inc42, Anuja said that while Skippi’s advantage rests in being India’s first exclusive ice popsicle brand, the claim to fame was the appearance on Shark Tank India in Season 1. Notably, Skippi was able to secure a deal from all five judges on the show for INR 1.2 Cr in exchange for a 5% equity.

The startup has raised around INR 11 Cr since its inception.

As per Ravi, when Skippi started on Shark Tank in FY22, it had closed the fiscal year at around INR 2.5 Cr in revenue. Following its appearance on the show, the startup’s revenue skyrocketed to nearly INR 15.4 Cr in FY23. The founders have set their eyes on earning INR 100 Cr in ARR in FY25.

The Skippi Chronicles

After spending a decade running his family business of biscuits manufacturing, Ravi and Anuja relocated to Australia for seven years. During this time, Ravi worked with renowned international brands like Krispy Kreme, George Weston Foods, and Kuehne Nagel, gaining valuable industry experience and insights. 

In 2019, the duo decided to move back to India and start something of their own, as, by now, even Anuja had gained over 14 years of experience in the food industry. 

However, as they were looking for ideas to pursue in the F&B sector, many of their propositions either hit cul-de-sacs or failed to hold their interest tightly. 

While looking for ideas to start up, Ravi remembered that during his time in Australia, his sister would come to stay with them for summer holidays, and on her way back to India, she would pack ice popsicles from local brands.

“When I asked her why she would do that, she said there wasn’t a single ice popsicle brand in India she could trust due to added preservatives and flavours. This made me dive deeper into the matter,” Ravi said.

To understand the ice popsicle market in India, Ravi conducted surveys in supermarkets and at places that had heavy footfall. As luck would have it, Ravi’s sister’s thesis proved to be correct, and almost everyone had negative feedback about the products available at that time. It was at this hint of an opportunity that convinced Ravi to launch Skippi.

It was also during the six months of extensive research that the cofounders realised that an increasing number of Indians were shifting towards organic, natural, and healthy products. In line with the trend, the duo decided to develop so-called guilt free ice popsicles. For market validation, the cofounders would distribute free samples outside a movie theatre in Hyderabad. 

“At the time, we did not have an FSSAI number, a barcode, or even a brand name. Still, people were happy with the product. From distributing free samples, we tried to sell our ice pops for INR 20 a piece. What infused confidence in us was the people’s willingness to buy our product,” Ravi said.

Creating Products For All 

After extensive research and customer validation, the Skippi founders launched their first SKU — The Ice Popsicle Box — in April 2021. Under this package, the founders offered a box of 12 popsicles and a saver pack option with 36 popsicles. The products garnered exceptional market response. Their next move was to take the Indian Tier 2 and 3 cities by storm. For this, the duo started selling ice pops for INR 10 a piece. 

After a year of experimentation, they expanded their product line with Indianised flavours. Since then, the brand has been launching a new product every six months and currently has a total of 15 SKUs.

Currently, some of its best-selling products such as the All Flavor Box, Desi Box, Yellow Tropical Box, Green Tropical Box, and Single-Flavor Boxes see in the price range of INR 120 to INR 240. 

Recently, it launched two new product categories including corn sticks (four flavours) and cream rolls (three flavours). “Currently, each ice popsicle sells at INR 20 at the unit level. That’s a very sweet spot for us. Our customers are happy with our price point,” Ravi said.

Interestingly, when the cofounder launched the startup, their target user base was kids. However, soon the duo realised that adults aged 30 and above, too, formed a significant part of their market, primarily due to the childhood nostalgia.

It is on the back of this market discovery that the startup was able to sell close to 2 Cr popsicles last year, the cofounders said. They aim to surpass the 40 Cr mark this year.

The company claims to have experienced year-on-year growth of 60-70%, with a 38% repeat customer rate. In addition, the startup’s average order value (AOV) has increased from INR 180 initially to almost INR 310 this year.

Skippi’s Future Roadmap

As per the admission by the founders, Skippi experienced a transformative boost after appearing on Shark Tank. It became a household name and achieved significant brand recall, so much so that many people recognise it as a Shark Tank brand, the cofounders claimed.

“The exposure resulted in a surge of website traffic and thousands of orders, with the website receiving lakhs of hits the next day. While the initial spike lasted about a week, Skippi continues to enjoy a significant footfall to date,” Ravi said. 

Before the show, Skippi averaged 80,000 to 90,000 visitors monthly, a number that increased to 3.2 Lakh monthly visitors post their Shark Tank appearance. Its offline coverage, too, has expanded from 1,200 outlets to 14,000 outlets.

Next, the cofounders plan to expand Skippi to 1 Lakh outlets across India by FY25, with initial focus on A and A+ category outlets in top Indian cities. They aim to enhance their online presence and have started establishing partnerships in international markets like Saudi Arabia and Dubai. Additionally, the brand is preparing to launch on Amazon US to target the US and UK markets in the coming month.

While Skippi aims to capture the Indian market by rapidly scaling up using both online and offline channels, it has several challenges ahead of it with the prominent being keeping the resembling counterfeit products at bay.   

“We are concerned about local brands that are either imitating our branding or claiming to be affiliated with Skippi, potentially confusing consumers. To address this, we are focussing on raising awareness among consumers,” the cofounders said.

In a market full of brands offering ice popsicles, it would be important for Skippi to maintain its brand uniqueness going ahead. If the brand is able to stay ahead of the product differentiation curve in the market otherwise dominated by deep-pocketed ice-cream players, it will have much to relish in the sector that is projected to offer an INR 95,600 Cr opportunity by 2032. 

The post How Skippi Is Tapping India’s Appetite For ‘Chuskis’ And Confectionery With A Modern Twist appeared first on Inc42 Media.

Bengaluru-based B2B seafood startup Captain Fresh is planning to acquire Poland-based food and beverage manufacturing company Koral to expand its footprint in the European market.

However, the company did not disclose the financial terms of the deal.

This will also mark Captain Fresh’s third overseas and second acquisition in the European market after US-based seafood importer CenSea and French shrimp distributor Senecrus.

Koral operates in the fish processing market and produces smoked salmon products under its SuperFish brand. It also offers a wide range of processed products such as tuna, halibut, trout and cod.

Captain Fresh said in a statement that the acquisition will mark its entry into the salmon market, estimated to have a size of $33.5 Bn.

The planned acquisition is part of Captain Fresh’s strategy to strengthen its global market reach in the fish and seafood sector.

The deal is subject to regulatory approval. Once the acquisition is completed, Justyna Frankowska, currently a management board member at Koral, will take on chief executive’s role.

Captain Fresh also recently appointed Mathew George as its group CFO. 

Utham Gowda, group CEO of Captain Fresh, said, “This acquisition is a strategic milestone in our mission to become the leading tech-enabled multi-species, multi-origin global seafood conglomerate.”

“The European market is one of the most exciting VAP (value-added product) opportunities in seafood globally. Koral augments our earlier acquisition of France-based Senecrus, adding marquee Polish and German retailer brands to our portfolio of offering,” he added.

Founded in 2020, Captain Fresh has established itself as a major exporter and distributor of fish and seafood. The company, backed by investors including Tiger Global Management and Prosus Ventures, expects to close the current financial year with a revenue run rate of $650 to $700 Mn.

The company has also been actively raising funds to fuel its expansion. Inc42 exclusively reported in February that Captain Fresh was planning to raise about $7 Mn from British International Investment (BII), which will join the cap table with around a 1.45% stake.

The post Captain Fresh Eyes Third Overseas Acquisition With Poland-Based F&B Manufacturing Firm Koral appeared first on Inc42 Media.

The Competition Commission of India (CCI) has approved the sale of Amazon India’s largest seller Appario Retail to Clicktech, another seller on the platform.

CCI approved the “proposed combination involving, inter alia, Amazon Asia-Pacific Holdings, Frontizo Business Services, Appario Retail, Haverl LLC and Clicktech Retail,” the antitrust body’s X post was quoted as saying in ET.

The statutory body also approved Frontizo’s 76% equity shares sale by Zodiac Wealth Advisors to Amazon Asia-Pacific Holdings.

It is pertinent to note that Appario is a joint venture of Amazon and Patni group owned Zodiac Wealth Management. As reported by PTI, Zodiac held 76% stake in Appario Retail while Amazon Asia Pacific Holdings makes up for a 23% stake in it. The remaining 1% share is with Zaffre. 

Additionally, CCI gave its approval to Haverl LLC to buy 1% shares of Clicktech Retail’s parent entity New Trends Commerce.

Appario Retail is the biggest seller on Amazon India and operates under the aegis of Frontizo Business Services, the ecommerce giant’s joint venture (JV) with Patni Group-owned Zodiac Wealth Management.

In 2022, the ecommerce giant shut one of its largest sellers in India Cloudtail which the industry experts linked to the CCI probe.

Following the first big shutdown, Amazon revealed its plans to terminate operations of its yet another seller, Appario Retail, within the next 12 months.

Clicktech initially proposed to acquire its peer Appario as part of Amazon India’s plan to divest stakes in sellers on its platform, in April.

As a seller on the ecommerce platform, Appario primarily earns revenue from the sale of traded goods, including damaged goods.

Appario Retail reported a decline of 8.2% in its sales revenue to INR 14,604.2 Cr in the financial year 2022-23 (FY23) from INR 15,915.6 Cr, a year ago. Despite this, its net profit rose marginally to INR 84.4 Cr in FY23 from INR 82.5 Cr in the previous fiscal year.

The post CCI Greenlights Sale Of Amazon India’s Largest Seller Appario To Clicktech appeared first on Inc42 Media.

The Union Budget 2024-25 has introduced a host of new measures aimed at bolstering the growth of micro, small, and medium enterprises (MSMEs). Among these, the credit guarantee scheme for MSMEs has brought another ray of hope for much-needed financial support.

Finance minister Nirmala Sitharaman also announced plans to establish ecommerce export hubs in a public-private partnership (PPP) model to empower MSMEs and traditional artisans to sell their products in international markets.

These hubs will operate under a seamless regulatory and logistic framework, offering a comprehensive range of trade and export-related services under one roof, significantly enhancing the ease of doing business for small and medium enterprises, the FM said.

Despite MSME-related products accounting for 45.73% of India’s total exports in FY24, industry experts believe that the true potential of this sector remains untapped.

Historically, documentation and cumbersome compliance requirements have imposed substantial costs on small to medium sellers, creating barriers to enter into the ecommerce export market.

Will this change with the Union Budget 2024?

Compliance: Key Challenge For MSME Cross-Border Trade

One of the major challenges that hindered MSMEs selling outside India is the lack of understanding of foreign regulations and their inability to adhere to the intricate compliance standards required for international trade.

According to Tanmay Kumar, chief financial officer of logistics unicorn Shiprocket, managing and delivering orders to global markets affordably is a significant hurdle. Besides this, there are intricacies such as documentation, certifications, customs procedures, and adherence to different countries’ import-export policies.

Plus, international shipping can be expensive, and MSMEs may not have the same negotiating power as larger enterprises to secure better rates and services from logistics providers.

Many MSMEs lack the resources to conduct thorough market research to identify demand trends and potential markets for their products. This limits their ability to strategically position their products in the global marketplace. Dealing with multiple currencies and ensuring secure and timely payments can also be challenging, Kumar added.

The government’s Export Data Processing and Monitoring System (EDPMS) regulates the inflow and outflow of foreign currency, affecting export incentives and compliance.

Simplifying the regulatory maze is one big step towards enabling MSMEs to tap the global opportunity.

Besides compliance, MSMEs face challenges such as limited awareness of demand in different countries and unfamiliarity with international legal requirements, said Nishith Maheshwari, head of digital business loans at NBFC giant InCred.

Many MSMEs lack the resources to conduct thorough market research to identify demand trends and potential markets for their products. This limits their ability to strategically position their products in the global marketplace, added Shiprocket CFO Kumar

In addition, managing and delivering orders to global markets affordably is another significant hurdle. International shipping can be expensive, and MSMEs may not have the same negotiating power as larger enterprises to secure better rates and services from logistics providers, he added.

What Role Will Ecommerce Export Hubs Play?

The ecommerce export hubs, which the government has been working on for some time, could be the answer to many of these problems. It aims to simplify the compliance process and address existing issues through technology.

As per earlier reports, the regulatory framework to enable the setting up and functioning of ecommerce export hubs will be ready by September.

“The ecommerce export hubs should aim to provide market intelligence and customer preference insights, offering market research tools, simplifying documentation and regulatory processes, and facilitating access to trade finance,” Maheshwari said.

Shiprocket’s Kumar echoed the same saying that the hubs can offer access to critical market intelligence, helping MSMEs understand the export potential of their products and identify key demand markets. The insights will enable MSMEs to plan their entry into international markets more effectively.

Many of those we spoke to believe the export hubs can provide integrated financial services, including secure payment gateways and currency management tools, mitigating the risks associated with international transactions.

While the budget did not directly address this point, Shopclues MD Anuraag Gambhir pointed out that there is a significant need for skill-building and capacity-building as well. This would help MSMEs establish an online presence and then expand to international markets using the export hubs.

The Primary Challenge: Access To Capital

While the ecommerce hub will open new opportunities for MSMEs, the basic challenge remains access to capital. For a long time, this has been the main bottleneck for MSMEs. This is down to their limited ability to expand due to a lack of viable financing options or the requirement for collateral and guarantees.

The government’s proposed initiatives for MSMEs with regards to credit can help address this issue. For context, the finance minister announced a credit guarantee scheme for the MSME during her budget speech. The scheme will help in facilitating term loans to MSMEs for the purchase of machinery and equipment without collateral or third-party guarantee.

Moreover, Small Industries Development Bank of India (SIDBI) will open new branches to expand its reach to serve all major MSME clusters within three years and provide direct credit to them.

The new credit guarantee scheme, with a corpus of INR 100 Cr, is expected to enhance capital expenditure within MSMEs, particularly for machinery and equipment financing, Shachindra Nath, founder and managing director, UGRO Capital said.

He added that the value of machinery in many industries, such as CNC printers or plastic moulding machines, is often not well assessed. By providing a credit guarantee, this scheme aims to improve capital expenditure and support MSMEs in acquiring essential equipment.

As per Nath, another important aspect of the new scheme is its potential to improve partnerships between NBFCs and banks. The government has proposed that MSME credit from public sector banks should no longer rely solely on external assessments but also consider their digital footprint.

“This means banks will use data such as GST information and account aggregation data to assess creditworthiness. This shift is expected to encourage collaboration between public sector banks and NBFCs, leveraging digital data for more accurate lending decisions,” he added.

In addition, the term loans to MSMEs for purchase of machinery and equipment without collateral or third-party guarantee can boost the overall manufacturing potential of India as well. In India, the manufacturing sector has faced challenges, particularly with ecommerce companies importing products from China due to gaps in local manufacturing capabilities, as pointed out by Sunil Jhunjhulwala, cofounder of activewear maker Technosport.

Unlike other sectors, manufacturing often relies heavily on debt financing, which typically requires collateral. “The government’s initiative to guarantee manufacturing debt and review collateral requirements is expected to significantly enhance capital availability for the sector. This support could enable more investment in manufacturing, addressing the current reliance on debt and helping to boost domestic production,” he added.

The Indian MSME sector, which contributes approximately 30% to India’s GDP and accounts for nearly 45.73% of the country’s total exports, represents a significant and underutilised economic force. With over 63 mn MSMEs estimated to be operating in India across diverse industries, the sector holds immense potential for driving economic growth, job creation, and innovation.

By addressing fundamental barriers to capital access and simplifying the export process, it remains to be seen whether the Budget 2024’s measures can finally unlock the latent economic power long believed to be held in the MSME sector.

The post Beyond Borders: Budget 2024 Looks To Uplift MSME Exports, Financing appeared first on Inc42 Media.

Packaged food startup Wingreens Farms is looking to raise $4.3 Mn (INR 36.2 Cr) in debt funding from over a dozen investors. 

As per the startup’s regulatory filing, Wingreens Farms is allotting 9.57 Lakh (9,57,216) compulsory convertible debentures (CCDs) to S Gupta Family Investments, Saket Agarwal, Reena Singhal, Sanjeev Agarwal, among others. 

The CCDs will be converted into Series C9 cumulative convertible preference shares (CCPS) in a 1:1 ratio.

A questionnaire sent to Wingreens Farms didn’t elicit any response till the time of publishing this story. 

Founded in 2011 by Anju Srivastava and Arun Srivastava, Wingreens Farms sells packaged foods like healthy snacks, sauces, dips, breakfast cereals, non-dairy milk, and protein shakes. 

The startup also acquired brands like Raw Pressery and dips brand Saucery. It acquired juice brand Raw Pressery in a distress sale for INR 100 Cr in 2021. Later, it also acquired snacks brand Postcard. However, as per an ET report from earlier this year, Wingreens Farms has put Postcard operations on hold temporarily and intends to bring back the business in a different avatar in the future.

Wingreens Farms has raised around $59 Mn in funding till date and counts the likes of Peak XV Partners, Investcorp, and Anicut Capital among its backers. 

The debt round comes nearly two years after the startup raised INR 22 Cr in a mix of debt and equity from Anicut Capital in September 2022. Prior to that, it raised $17 Mn in September 2021 from Swiggy backer Investcorp. 

Wingreens Farms’ net loss almost doubled to INR 180 Cr in the financial year 2022-23 (FY23) from INR 93 Cr in the previous fiscal year. Operating revenue rose 50% to INR 307 Cr from INR 205 Cr in FY22. 

As per reports, Wingreens Farms is in the middle of raising a $10 Mn funding round and has already raised a part of this. 

Wingreens Farms competes with startups like Veeba Foods and established FMCG brands like Nissan, Nestle, and Amul.

The post Exclusive: Wingreens Farms To Raise $4.3 Mn Debt Funding appeared first on Inc42 Media.

Beauty ecommerce major Nykaa is looking to raise INR 125 Cr (about $15 Mn) via non-convertible debentures (NCDs) from an undisclosed foreign portfolio investor.

In an exchange filing on Monday (July 22), the company said that the board of directors of Nykaa E- Retail Limited, a wholly owned subsidiary of FSN ECommerce Ventures Limited, has approved and authorised the issuance of up to 12,500 NCDs at a face value of INR 1 Lakh each to raise INR 125 Cr.

This comes weeks after its step-down subsidiary Nessa International Holdings incorporated a wholly-owned subsidiary in Qatar – Nysaa Cosmetics Trading. 

Back then the company said that Nysaa Cosmetics will be engaged in international exports and sale/ trade/ retail of beauty and personal care (BPC) products, both online and offline, and other related activities.

Founded in 2012 by Falguni Nayar, Nykaa is a wholly owned subsidiary of  FSN ECommerce Ventures. The ecommerce chain offers different beauty and wellness products for men and women.

Shares of FSN E-Commerce Ventures were trading at INR 177.30 apiece at 9:41 AM on the BSE on Tuesday, up 1.3% from the previous close. 

Earlier in May, Nykaa announced a major restructuring of its business verticals, where its board approved the acquisition of western wear and accessories business of Nykaa Fashion Limited in a cash deal of INR 133.7 Cr.

In July, FSN ecommerce projected a strong revenue growth of around 22-23% year-over-year for the first quarter of FY2025. Also, the company said in a statement that it also anticipates its Gross Merchandise Value (GMV) to rise in the mid-twenties percentage range year-over-year.

The post Nykaa To Raise INR 125 Cr Debt Funding From FPI appeared first on Inc42 Media.

IPO-bound foodtech major Swiggy has strengthened its quick commerce business Instamart with four new vice president appointments across various roles.

The Bengaluru-based startup said that these new appointments would further enhance the efficiency of its on demand services across India. This also comes at a time when ecommerce giant Amazon India has reportedly approached Swiggy for a potential deal involving Instamart.

The latest development comes at a time when Swiggy is gearing up for its public listing.

According to the company, Himavant Srikrishna Kurnala  has been roped in as senior vice president and head of product at Swiggy Instamart, whereas Mayank Rajvaidya will be heading as the VP in fruits and vegetables segment.

Manu Sasidharan will head the FMCG category as associate vice president and Kumar Rahul will head the business development of the Lynk vertical by Swiggy.

This appointment comes at a time when Swiggy initiated its fifth employee stock option plan (ESOP) liquidity programme worth $65 Mn (about INR 543.5 Cr). 

This comes close on the heels of Swiggy and its rival Zomato reportedly registering a hike of the platform fee to INR 6 per order in its key markets, including Delhi and Bengaluru.

Swiggy’s loss reportedly stood at $207 Mn (INR 1,730 Cr) during the first nine months of the financial year 2023-24 (FY24). In contrast, the decacorn reported a net loss of INR 4,179.3 Cr in FY23.

The post IPO-Bound Swiggy Strengthens Instamart’s Leadership Team With Four Key VP Heads appeared first on Inc42 Media.