Venture capital firm Eximius Ventures has launched its second fund with a target corpus of $30 Mn. 

With Fund II, the pre-seed focussed VC firm is looking to invest in 25-30 companies across fintech, artificial intelligence (AI)/software-as-a-service (SaaS), frontier tech and consumer tech. 

Eximius Ventures has kept the initial ticker size per investment worth $500K while reserving “half of the corpus for follow-on investments, to further support its high-potential portfolio companies,” the VC firm said in its statement. 

Its Fund II has invested in four companies so far across consumer tech and AI/Saas, the statement added. Eximius Ventures has either led or co-led these investments along with other investors. 

“…Eximius is doubling down on pre-seed startups, with an aim to drive momentum in India’s innovation ecosystem,” said Eximius Ventures founder Pearl Agarwal. 

The Fund II will raise capital from high net worth individuals (HNIs), founder-investors, family offices and global Japanese venture companies, as per the statement. 

With the second fund, Agarwal said, “We will be looking at companies led by seasoned operators and entrepreneurs, solving with a first principle mindset and exceptional execution capacity in a large market.” 

Eximius rolled out its $10 Mn first fund in 2021 and made investments in 23 companies. 

It claims that around 60% of these portfolio companies have secured multiple up-rounds from prominent global investors, delivering an IRR of greater than 40%. Jar, Vegapay and Stan are some of the companies Eximius backed with its Fund I.  

Founded in 2020, Eximius counts startups like skydo, Eka.Care, DevAssure, fleek and Fego.ai among others in its portfolio. 

Recently, venture capital fund SamVed also floated a $50 Mn fund to back tech-focused early-stage startups in India.

Last year, early-stage VC firm Capital A launched its Fund II with a target corpus of INR 400 Cr. 

The post Eximius Ventures Launches $30 Mn Fund For Pre-Seed Investments appeared first on Inc42 Media.

Modern technology is revolutionising industries, driving innovations in smartphones, autonomous vehicles, and advanced AI systems. As India strives for self-reliance in technological advancements, the country has seen a rapid rise in advanced technology startups.

At the core of this transformation lies the semiconductor industry and the government’s intention to give this space a much-needed push.

In 2021, the government launched the Semicon India programme, committing INR 76,000 Cr to incentivise silicon semiconductor fabs, display fabs, compound semiconductors, and more. 

A year later, the India Semiconductor Mission (ISM) was introduced to establish India as a global hub for electronics manufacturing and design. 

The Design Linked Incentive (DLI) scheme, part of the ‘Semicon India Future Design’ programme, is one of the many initiatives that offers financial and infrastructure support to boost semiconductor development. It focusses on areas like integrated circuits (ICs), chipsets, Systems on Chips (SoCs), and related designs.

The ‘Make in India’ initiative further reinforces efforts to reduce dependency on imports and strengthen the domestic tech ecosystem. Not to mention, partnerships with global semiconductor giants, including AMD, Micron, and Qualcomm, have complemented these initiatives.

In February 2022, the Tata Group, in collaboration with Taiwan’s Powerchip Semiconductor Manufacturing Corp (PSMC), secured approval to establish India’s first semiconductor fab. 

However, this is not India’s first stab at doing something notable in this sector. The country’s journey in the semiconductor space dates back to 1976, with the establishment of the Semiconductor Laboratory in Mohali, Punjab, under the leadership of Prime Minister Indira Gandhi. 

Years later, new-age startups have formed a beeline to chase the country’s semiconductor dream that could potentially transform the world for good. 

Amid this and the rising demand for faster and more efficient chips, Indian startups are exploring diverse opportunities in this space. According to an Inc42 report, the Indian semiconductor market is projected to become a $150 Bn opportunity by 2030.

Investor interest in the sector surged in 2024, with funding for semiconductor startups exceeding to$28 Mn from $5 Mn in 2023. Chennai-based Mindgrove Technologies led the way with $8 Mn in funding, followed by FermionIC with $6 Mn.

While much is yet to be achieved, here is the list of startups which are poised to shape India’s semiconductor future.

(Note: The list below is not meant to be a ranking of any kind. We have listed the Indian semiconductor startups in alphabetical order. We will be updating this list periodically. If you would like to refer any startup, write to editor@inc42.com)

AGNIT Semiconductors

Established in 2019, AGNIT Semiconductors specialises in Gallium Nitride (GaN) semiconductor technology. Headquartered in Bengaluru, the company focusses on designing and producing GaN materials (wafers) and electronic components primarily tailored for radio-frequency applications.

AGNIT’s GaN components find extensive applications in the defence and telecommunication sectors.

In 2023, the Ministry of Defence inked a contract with AGNIT for the design and development of advanced GaN semiconductors, slated for integration into the next generation of wireless transmitters for defence applications, including radars and electronic warfare jammers.

The founding team comprises Digbijoy Neelim Nath, Hareesh Chandrasekar, Madhusudan Atre, Mayank Shrivastava, Muralidharan Rangarajan, Shankar Kumar Selvaraja, and Srinivasan Raghavan.

According to the company’s website, AGNIT’s proprietary technology stems from over 15 years of research and development conducted at the Indian Institute of Science, Bengaluru.

In October 2024, the startup secured $3.5 Mn (INR 29.4 Cr) in a seed funding round co-led by 3one4 Capital and Zephyr Peacock. The company counts the likes of Infineon Technologies and Innoscience as its competitors. 

Aura Semiconductor

Founded in 2011 by Srinath Sridharan, Aura Semiconductor or Aurasemi is a fabless semiconductor company that designs and supplies the industry with mixed-signal IC solutions for various applications. 

The startup specialises in high-performance products for markets, including IoT radios, enterprise timing, and portable audio. 

It makes products in categories such as timing, micro-electromechanical systems (MEMS), power, RF, IoT and sensors. Recently, Nasdaq-listed precision timing company SiTime Corporation acquired all time-related products from Aurasemi.

Headquartered in Bengaluru, Aurasemi also has its offices in China, the UK, and the US. Celesta Capital is one of the VC investors in the startup.

Blueberry Semiconductors

Bengaluru-based Blueberry Semiconductors is one of the leading very large-scale integration (VLSI) startups in India. It provides solutions and services in niche areas of ASIC/SoC, embedded product engineering supported by ML, industrial IoT and AI.

The 2017-founded startup delivers to clients on their latest and technically advanced projects in industries like aerospace, automotive, defence, AI, 5G, and RAM, among others. Its partners range from Intel and Mahindra to Microsemi and SanDisk.

CalligoTech

Calligo Technologies is a Bengaluru-based fabless semiconductor and systems startup serving segments like high-performance computing, Big Data and AI/ML segments globally. 

CalligoTech has developed a co-processor capable of doing computations using a new number system called Posit, which was invented in 2017. In June 2024, the startup unveiled an 8-core Posit-enabled RISC-V CPU named TUNGA. It claims to be the world’s first in doing so.

The company claims that TUNGA’s energy-efficient design results in lower power consumption and is scalable across a range of applications for HPC and AI. 

The startup is also a beneficiary of the central government’s DLI scheme.

Chipspirit

Founded in 2018, Chipspirit is a Bengaluru-based services and solutions provider in the semiconductor space.

Its application-specific integrated circuits (ASIC) design services has a special focus on design and turnkey projects. On the other hand, it also claims to provide fully customisable hardware security solutions.

Chipspirit’s Abhed-1 is a dedicated secure hardware-based offline and online encryption device for transacting classified data over public or open Data networks.

The semiconductor company won the iDEX challenge in March 2019. It is now co-developing its hardware security solutions with Indian Defence under the Centre’s Make-In-India initiative.

As per MeitY’s website, Chipspirit is also one of the beneficiaries of its DLI scheme.

Cientra

Founded in 2015 by Uday Joshi and Sandip Kadtane, Cientra is a semiconductor solutions company, specialising in VLSI, ASIC, FPGA, SoCs, catering to telecom (4G, 5G, IoT), automotive (SDV, ADAS, connectivity, EV) and embedded software.

The semiconductor design solutions of the company include register-transfer level (RTL) design, design verification, physical design, and analogue design and layout offering.

Cientra is a multinational company with offices in India, the USA, and Germany. The company launched a vendor-agnostic 5G IoT aggregator solution in partnership with Amantya Technologies, which they claimed to be the ‘world’s first’.

In 2024, IT giant Accenture acquired Cientra to expand its silicon design and engineering capabilities.

FermionIC Design

Founded in 2020, Bengaluru-based FermionIC Design is a fabless semiconductor startup developing ICs for high-speed wireline and RF communication market. Its current product portfolio includes a highly integrated beamformer core chip in the silicon-germanium (SiGe) process that enables the X-band millimetre-wave communications for active electronically scanned array (AESA), sat-comm applications, and others. 

The startup’s mixed signal product family includes ultra-low-noise low dropout (LDO)-ICs, low-phase noise crystal oscillators and Serialiser/Deserialiser (SerDes) products. 

Founded by Gautam Kumar Singh, Prasun Bhattacharyya, Abhra Bagchi, and Shabaaz Syed,  FermionIC Design has remained bootstrapped so far. It claims to have multiple global and Indian OEM customers who are building their SoCs and systems using FermionIC products. 

In 2023, the Minister of State for Electronics & IT Rajeev Chandrasekhar announced FermionIC Design as one of the first set of startups selected under the government’s Semicon India Future Design DLI scheme. 

In 2024, FermionIC raised $6 Mn in a funding round led by Lucky Investment Managers’ Ashish Kacholia and his associates.

Incore Semiconductors

Founded in 2018, InCore Semiconductor is building 5th generation RISC/RISC-V processor cores in India. RISC or reduced instruction set computer is a microprocessor architecture that utilises a reduced number of computer instruction types, hence enabling systems to operate at higher speeds. 

InCore, founded by Arjun Menon, Gautam Doshi, GS Madhusudan, and Neel Gala, is headquartered at the IIT Madras Research Park. In 2023, the startup raised $3 Mn from Peak XV Partners.

The startup aims to make India a powerhouse in the RISC-V solution space. Its processor cores power high-performance application-class processors, area/power-optimised embedded processors, and more.

The startup claims to bring a high degree of automation to the processor and SoC design process.

InCore counts the likes of ARM, Andes Technology, and SiFive among its competitors. 

Mindgrove Technologies

Mindgrove Technologies is a Chennai-based semiconductor startup founded in 2021. It works in the space of design and production of SoCs. 

Incubated at IIT Madras, Mindgrove uses the indigenous RISC-V Shakti cores to power its chips. 

The startup is currently working on its inaugural chip, Secure IoT, which is designed for a range of consumer electronics devices, including TVs, washing machines, air conditioners, and refrigerators. Its multi-processor chip comes with security accelerators, a true random number generator, and one-time programmable memory.

Founded by Shashwath T R and Sharan Srinivas J, the startup secured $2.32 Mn in seed funding in 2023 led by Peak XV Partners. Its other investors include names like Speciale Invest and Whiteboard Capital. 

In December 2024, Mindgrove Technologies raised $8 Mn (INR 68.04 Cr) in its Series A funding round co-led by Rocketship.vc and Speciale Invest. 

Last month, the startup secured approval under the Government of India’s Semiconductor Design Linked Incentive (DLI) scheme, receiving INR 15 Cr to develop its new chip.

Morphing Machines

Morphing Machines is a fabless semiconductor startup building IP products and solutions. Its patented product ‘REDEFINE’ is a many-core SoC platform, in which domain-specific architectures (DSAs) for mixed critical application tasks are instantiated on demand of any event. DSAs are specialised and optimised hardware designs tailored to specific application domains or industries. 

Its technology serves various industries, including avionics, automobile, and telecom. Besides, ‘REDEFINE’ helps accelerate a host of applications for Big Data Analytics, Genome Analytics, Augmented Reality and Virtual Reality, Large Scale Scientific Simulations, and immersive gaming and visualisations.

Morphing Machines has also received projects under the DLI and Chips2Startup (C2S) schemes from the Ministry of Electronics and Information Technology (MeitY).

Launched through the Technology Entrepreneurship initiative of the Indian Institute of Science at Bengaluru in 2005, Morphing Machines is a bootstrapped startup. Its founders are Dr S.K. Nandy, Dr Ranjani Narayan, and Deepak Shapeti. In June 2024, Morphing Machines secured $2.76 Mn in a seed funding round led by Speciale Invest.

Morphing Machine counts Intel, NVIDIA and AMD as its competitors. 

Netrasemi

Founded in 2020, Netrasemi is a Kerala-based Edge AI semiconductor technology company building SOCs to enable the new-age need for optimal computing for smart IoT products. Netrasemi has a power-efficient deep-neural AI acceleration core (NPU) and a rich portfolio of silicon IPs to enable this. 

Its key target segments are surveillance, smart sensors, smart infrastructure, machine vision and industry 4.0, robotics, drones, and autonomous vehicles, among others.

The company’s domain-specific architecture (DSA), IP-rich SOCs, AI development tools,  flexible SDKs, and platform reference designs help IoT product and solution makers to go to market with cost-effective and power-efficient advanced AI chipsets catering to their specific domains.

Its A2000 SOC has smart vision capability with advanced real-time video analytics and vision processing capabilities. On the other hand, NETRA-R1000 is a RISC-V-based SOC for smart sensor applications.

Netrasemi is also a beneficiary of the Central government’s DLI scheme.

In December 2024, Netrasemi raised INR 10 Cr (around $1.2 Mn) in a Pre-Series A funding round from Unicorn India Ventures.

Oakter

Oakter is an Original Device Manufacturer (ODM), which designs and manufactures electronic smart devices, including fintech giant Paytm’s revolutionary soundboxes.

Launched in 2015 by a founding team from IIT Delhi, the Noida-based Oakter soon became a leading name in the smart plugs market. In 2017, the startup became the launch partner for Amazon Alexa in India. 

In 2019, the startup pivoted to contract manufacturing. Over the years, Oakter fulfilled multiple B2B contract manufacturing orders from the likes of Sony (for its BRAVIA TV), Saregama (for Carvaan), and Syska, among others.

In 2020, Oakter collaborated with DRDO to manufacture Covid safety products.

With the emergence of new-age technologies, the startup has also collaborated with EV charging aggregation platform, ElectricPe, to develop its charge points.

Its early backers include IndiaQuotient and Flipkart founder Binny Bansal. As per publicly available data, the company is expected to have raised over $500K in total funding over the years.

RRP Electronics 

Founded in 2024 by Rajendra Chodankar, RRP Electronics assembles and tests semiconductor components to cater to the needs of automobile and telecom players. 

In September 2024, the company announced the launch of Maharashtra’s first semiconductor manufacturing OSAT/ATMP (outsourced semiconductor assembly and test) facility. 

The first phase of the packaging facility setup started generating revenue in August 2024. The second phase, which is a pilot fab facility, began generating revenue in December 2024. Currently, it is developing existing facilities and expanding further. 

RRP Electronics a few days ago entered into a strategic alliance with US-based Deca Technologies to push its semiconductor capabilities, as per multiple reports. 

Saankhya Labs

The 2007-founded Saankhya Labs claims to be the country’s first fabless semiconductor solutions company. Based in Bengaluru, the startup manufactures integrated circuits (ICs) and other components for various satellite and broadcast applications, including 5G New Radio, direct-to-mobile (D2M) broadcast, rural broadband connectivity, and satellite communication modems for IoT applications.

The startup also claims to have developed the world’s first production Software Defined Radios (SDR) chipsets, which enable converting radio signals into electronic signals and vice versa for a wide range of applications, including, but not limited to, smart TVs and set-top boxes.

Founded by Parag Naik, Vishwakumara Kayargadde, and Hemant Mallapur, Saankhya Labs is a subsidiary of listed broadband and wireless networking company Tejas Networks. Its former backers included the likes of Intel and General Motors, who exited the company a few years ago.

Recently, in February 2024, the Ministry of Electronics and Information Technology (MeitY) approved Saankhya Labs’ application to the Centre’s semiconductor Design Linked Incentive (DLI) scheme for the development of a System-on-Chip (SoC) for 5G telecom infrastructure equipment. 

As per publicly available data, the company is expected to have raised around $18 Mn in total funding. However, Inc42 couldn’t independently verify the exact amount of funds raised so far.

Sensesemi

Founded in 2014 by Vijay Muktamath, Sensesemi builds the next-generation secured connected AI Edge chip for varied applications in the field of Industrial IoT such as smart appliances, healthcare, and automotive. Its flagship product is named SenseSoC.

By embedding AI capabilities directly onto the chip, it claims to enable edge inferencing, bringing real-time decision-making to the devices.

Sensesemi also won financial support under the Centre’s DLI Scheme earlier this year. 

On winning the government support, company founder Muktamath said, “As part of the DLI Scheme, Sensesemi will be developing the SoC for IoMT (Internet of Medical Things) and IoT devices, that shall have MCU and wireless IP integrated with ultra-low power analogue front end with AI inferencing IP.”

SignOff Semiconductors

Founded in 2015, Signoff Semiconductors is one of the pioneering Indian startups in semiconductor design services. 

Involved in very-large-scale integration (VLSI) services, the company has developed in-house capabilities to help customers with the designs of ICs — both application-specific integrated circuits (ASICs) and field programmable gate arrays (FPGAs) — that function in the areas of AI, ML, Edge IoT, as well as general-purpose processors.

Signoff claims to serve its clients with a range of services, including physical design, full custom analogue and digital custom layout and verification, register-transfer level (RTL) design, verification, embedded, and firmware.

The semiconductor company has served domains such as automotive, medical, connected edge, and consumer electronics.

Signoff currently has offices in Bengaluru, Hyderabad, Toronto, and the US.

Silectric Semiconductor Manufacturing 

Founded in 2024, Silectric Semiconductor Manufacturing is a Zoho semiconductor venture specialising in manufacturing silicon carbide and compound semiconductors. 

The company is looking to set up a semiconductor manufacturing unit near Mysuru at a cost of INR 3,425.6 Cr. 

Silectric plans to establish a silicon carbide-based fabrication facility and an assembly, testing, marking, and packaging (ATMP) unit. 

Silizium Circuits

Hyderabad-based Silizium Circuits is an analog radio frequency (RF) IP focussed company. It develops indigenous IPs for a range of wireless applications, including 5G, IoT, Global Navigation Satellite Systems (GNSS), smart mobility, AI, and ML.

Founded in 2020, the startup aims to replace analogue RF IP imports in India with indigenous Silizium Circuits’ IPs by 2025 and become the largest analogue, RF, mixed signal IP exporter from India by 2030.

In 2021, Silizium Circuits became one of the eight NXP FabCI 2021 cohort qualifiers, which is a two-year incubation and acceleration programme.

Founded by Rijin John and Dr Arun Ashok, Silizium Circuits also provides a faculty upskilling programme to guide, train, and upskill the electronics/electrical faculty community in the country. 

Terminus Circuits 

Founded in 2010 by Dr Sankar Reddy, Terminus Circuits designs and develops high-speed serial links, which are a type of communication protocol that transmits data in a single differential signal, enabling data and clocking information to be sent simultaneously.

The startup claims to offer a one-stop solution for all Serialiser/De-Serialiser (SerDes) designing. Besides, ethernet SerDes, it is also a leading provider of PCIe (peripheral component interconnect express), USB (Universal Serial Bus), and MIPI (mobile industry processor interface) to OEMs for big data, AI, ML, server chips, and 5G applications.

Terminus Circuits has a partnership with Taiwan Semiconductor Manufacturing Company (TSMC), one of the biggest chip producers in the world. 

VASBEAM

VASBEAM is an advanced electronically steered antenna (ESA) design and semiconductor design company. It offers turnkey solutions to defence, aerospace, civil, and maritime industries.

As a beneficiary of the Centre’s DLI scheme, VASBEAM has successfully completed a tape-out of its core beamforming IC product line, which operates within the 800 MHz to 18 GHz frequency range. This product line supports various applications, including radars, satellite systems, 5G communication systems, and more.

The startup has developed an antenna testing device (VASATD1) to enable accurate measurements of the antenna array, among other products.

Vervesemi

Incorporated in 2017, Vervesemi is a fabless semiconductor company developing application-specific integrated circuits (ASICs) for sensors and wireless devices.

The company has two business verticals – Analog-RF ASIC-Data converters and Analog IPs. It develops products and analogue IP solutions for various semiconductor application markets, including energy, 4G/5G market, medical, consumer, and smart power.

Noida-based Vervesemi currently has two design centres in India. Earlier this year, it announced the launch of India-made semiconductor ASIC.

MeitY in 2023 announced Vervesemi among the first set of startups selected under the Semicon India Future Design DLI scheme.

The startup claims to have over 25 patents in its kitty.

This is a running article, we will keep adding more names to the list. If you would like to refer any startup, write to editor@inc42.com.

Last updated on January 23, 2025

The post Meet 21 Semiconductor Startups Powering India’s Technological Prowess appeared first on Inc42 Media.

The Centre projects India’s digital economy to grow almost twice as fast as the overall economy by the financial year 2029-30 (FY30).

In a report titled “Estimation and Measurement of India’s Digital”, the electronics and information technology ministry (MeitY) said that the country’s digital economy is expected to contribute nearly a fifth of the total national income by FY30.

The report, released on Wednesday (January 22), estimates the value addition and employment generated from the local digital economy.

Interestingly, the report also projected that the share of the digital economy in the overall economy will individually surpass that of agriculture or manufacturing in less than six years. The government sees digital intermediaries and platforms as the biggest enablers of the Indian digital economy in the short run. 

“Based on the projections in the report, India’s digital economy is expected to grow almost twice as fast as the overall economy, contributing to nearly one-fifth of national income by 2030… In the short run, the highest growth is likely to come from the growth of digital intermediaries and platforms, followed by higher digital diffusion and digitalisation of the rest of the economy,” the MeitY report said. 

Shedding light on the current size of India’s digital economy, the report estimated that the homegrown online landscape accounted for 11.74% of the national income in FY23. As per the report, this number is likely to rise to 13.42% by FY25. 

“In absolute numbers, the digital economy in 2022-23 was equivalent to INR 28.94 Lakh Cr ($368 Bn) in GVA (gross value added) and INR 31.64 Lakh Cr ($402 billion) in GDP,” added the report. 

It also noted that sectors such as information and communication services, telecom, manufacturing of electronics, computers and communication equipment led the digital economy charts in FY23 and accounted for 7.83% of the national GVA. The report also underlined that big tech giants, digital platforms and intermediaries contributed nearly 2% to the total national GVA during the fiscal. 

Another key highlight from the report is that the country’s digital economy employed 14.67 Mn workers in FY23, or 2.55% of India’s estimated workforce that fiscal.

It is pertinent to note that the then IT minister of state Rajeev Chandrasekhar last year said that the digital economy will contribute over 20% to India’s total gross domestic product (GDP) by 2026.

The post Digital Economy’s Growth To Be 2X Of National Economy By FY30: MeitY appeared first on Inc42 Media.

The rising penetration of the internet and smartphones has turned India into an online shopping juggernaut, with more than 500 Mn online shoppers at its very heart. This has led to an exponential rise in the Indian ecommerce sector, which today comprises multiple subsectors and unicorns, expected to breach the $400 Bn mark by 2030.

Piggybacking on this, the Indian ecommerce sector became one of the top five most funded sectors in 2024. Besides, it was the frontrunner when it came to the deal count netted during the year. According to a recently-published Inc42 report, ecommerce startups raised a total of $1.5 Bn in 203 deals in 2024.

Under the vast realm of the ecommerce segment, D2C has emerged as a promising sub-sector. Notably, the D2C paradigm clinched more than half ($840 Mn) of the total funding raised by ecommerce startups last year. Besides, the ecommerce subsector accounted for nearly 80% of all the deals seen by Indian ecommerce startups in the just-concluded year.

Moreover, of the total $34 Bn poured into the ecommerce market between 2014 and 2024, Indian D2C has emerged as the second most funded sub-sector under the ecommerce umbrella, attracting 23% of the total capital infusion.

Well, there is little doubt about the fact that D2C is a high-octane space that has made itself lucrative to a large number of Indian entrepreneurs, both budding and established. But this is where the twist lies. Being a highly competitive space, D2C founders are often found groping in the dark to transition to their next growth trajectory.

In addition to challenges related to scaling up, they are under immense pressure to create unique products, build effective marketing strategies, create a sustainable customer base, and the list is far from over.

Identifying the peeves of early-stage D2C founders, we decided to do something about it. Therefore, we introduced D2CX, a 12-week programme aimed at helping 0-1 stage D2C brands chart their path to 10x growth and achieve INR 10 Cr in annual revenue.

Notably, Inc42 has been a key pillar of the D2C ecosystem since 2019, with IPs such as the 30 Startups to Watch and the FAST42 rankings to empower the community.

The inaugural cohort brought together 48 early-stage founders, who dedicated over 150 hours to accelerate their brand growth through intensive learning and development. With its grand success, we paved the way for our second D2CX cohort, which was held between August 13 and October 24, 2024. While D2CX’s third cohort was concluded in the last leg of December 2024, registrations are open for the next set of leaders, who are keen on unlocking the true potential of their brands.

With that said, we invite budding founders to learn the ropes of trade from the crème de la crème of the D2C space. This is your time to get mentorship from the likes of CaratLane’s Avnish Anand, Noise cofounder Gaurav Khatri, Adarsh Sharma of FS Life, and Juicy Chemistry’s Pritesh Ashar — and we have barely scratched the surface here.

The application window for the fourth cohort of D2CX will open on February 27, 2025. But for now, here are the 38 D2C brands that were part of D2CX’s second cohort.

(Note: This is not a ranking. Names of the brands have been listed alphabetically.) 

 1. Adven Naturals

Founded in 2017 by Adesh Sharma, Adven Naturals is a D2C beauty brand that aims to solve personal healthcare issues with homoeopathy. Its products cater to various ailments, including those related to hair, skin, respiratory issues, digestive disorders, and general holistic wellness.

The Delhi-based D2C startup claims to fill the void created by allopathic and other forms of treatment with its personal care products. The D2C startup further aims to give a healthy lifestyle to its customers by combining the power of new-age beauty trends with homoeopathic solutions. It has also introduced a range of veterinary care products to its product portfolio.

According to the startup, it currently operates more than 50 stock keeping units (SKUs), garnering a monthly recurring revenue (MRR) of INR 5 Lakh. A larger portion of its revenue comes from offline sources. 

 2. Akinna Milano

Founded in 2022 by Sanchit Goyal and Annika Saraf, Akinna Milano is a D2C fashion brand which manufactures designer luxury leather handbags for women. Akinna offers a range of collections, including mini bags, shoulder bags, crossbody bags and more. Its portfolio of products also includes a range of business bags for a formal styling look.

Delhi NCR-based Akinna’s designs take inspiration from Italian culture. Based out of Italy, its team of designers take cues from the country’s craftsmanship and production techniques. This helps the startup give a touch of luxury and elegance to their finished products. The brand claims to use the finest leather from Italy’s esteemed tanneries.

Further, it also claims to have an MRR of INR 4 Lakh, all of which comes from sales made on its website.

 3. Bambino West

Founded in 2024 by Kanpur-based businessman Pankaj Mordani, Bambino West is a kidswear apparel D2C brand, which uses organic cotton and plant-based solutions that protect babies from skin infections.

The startup, also known as Bontots, uses Global Organic Textile Standard (GOTS) certified cotton, which ensures that its clothing is free from any harmful chemicals or pesticides. Besides, it also incorporates ‘Heal Touch Technology’, a unique innovation that provides a soothing sensation for your little one.

The Kanpur-based D2C startup has a range of organic clothing for babies aged three months to two years. As part of its portfolio, it provides a wide range of baby apparel from sleepsuits, rompers, bodysuits and joggers to t-shirts and leggings.

Bambino has 20-50 SKUs, generating all its revenue through online sales. 

 4. BlingBagLite

Founded in 2024 by Vipin Agrawal, BlingBagLite is a D2C jewellery brand, which sells jewellery for daily wear. Mumbai-based BlingBagLite aims to target a mass female audience of fashion enthusiasts seeking affordability.

BlingBagLite provides a wide range of budget-friendly jewellery products from earrings, rings, necklaces, hair accessories and more. According to its website, the brand has more than 600 products with the highest-priced product at INR 799.

The startup claims to be selling its products across all pin codes in India. It claims to have an MRR of INR 50K and more than 50 SKUs under its belt. All its revenue from operations are generated through online sales. 

 5. Cannavedic

Founded in 2020 by Jajati Keshari Mohanty, Cannavedic is a cannabis-focussed healthtech startup that is dedicated to enhancing the quality of life by integrating the benefits of cannabis with the holistic principles of Ayurveda.

The Odisha-based startup sells products made with natural cannabis medications for various ailments such as stress, anxiety, pain, digestive care and sleep disorders. Its healthcare products include skin care creams, pain relief oils, gummies, herbal supplements and pet care products.

Cannavedic claims to generate close to INR 1.5 Lakh of MRR with 90% of sales coming from online and ecommerce marketplaces and the remaining coming from offline sources. 

 6. Cerene

Founded in 2022 by Neha Krishnakumar and Sneha Adimurthy, Cerene was founded with the idea of ‘Skinimalism’, which is encouraging minimal and mindful skincare routines and breaking the cycle of excessive skincare consumption by offering a capsule collection of products.

Cerene wants to help its customers minimise their skincare routines to just four steps–cleanse, treat, moisturise and protect. Currently, the Bengaluru-based D2C startup offers a moisturiser kit, which includes oil-free gel moisturising creams.

The D2C brand currently claims to hit an MRR of INR 2 Lakh, with 55% of its sales generating directly from its website and the rest through ecommerce marketplaces. 

 7. Chef De Beauté

Founded in 2024 by Saumya Gupta and Anand Gupta, Chef De Beauté (CDB) is a personal care D2C startup, which provides a range of products from body care, CBD foods and natural oils.

The Indore-based startup claims that its products are 100% vegan, 100% natural and free from over 25 harmful chemicals like sulfates, silicones, and parabens. Its line of products includes body wash, scrubs, ghee, and almond oils, among others.

The startup says that its most popular product is the Chocolate Coffee Body Scrub, made with melted chocolate and coffee, organic avocado oil, walnut and natural plant extracts. It claims to generate an MRR of INR 30 Lakh. 

 8. Cure By Design

Founded in 2020 by Daanish Matheen, Cure By Design is a healthcare and wellness D2C startup that manufactures hemp-based products, including CBD oils, balms and pain aid items.

Its portfolio of products includes hemp-based food and personal care products like shampoos, face wash and serums. The product portfolio also includes pet care items, ayurveda-based products and supplements.

The D2C startup also offers consultation services from cannabinoid (CBD) medicine experts and other alternative medicine therapy practitioners.

As of now, medical research does not say much about the health benefits associated with CBD-based products or the use of the same. But it is pertinent to note that back in 2018, the US Food and Drug Administration (FDA) approved Epidiolex– a CBD oral solution for the treatment of seizures in patients two years and above.

 9. Dharishah Ayurveda

Founded in 2019 by Naman Dhamija, Dharisha Ayurveda is a health and wellness D2C startup that manufactures organic healthcare products. Its product portfolio also includes personal care products like shampoos and supplements.

The D2C startup sells self-produced products with certified production practices and claims to have more than 100 distributors all over the country.

Dharisha claims to hold a legacy of 100 years of operating through offline stores with the name Hakim Dhari Shah Pharmacy before recently moving to online-based selling of their products. The Ambala-based D2C startup claims to have an MRR of INR 40 Lakh.  

 10. Easybiznus

Founded last year (2024) by Vishal Nathani, Shoemato is a D2C shoe retail brand that sells a range of shoes from sandals, sneakers, flip flops, slippers and formals for men, women and kids.

The Mumbai-based D2C startup sells various brands, including Bata, Lancer, Sparx, Van Heusen, and Campus, through its website. Easybiznus claims to garner an MRR of INR 30 Lakh, with all its revenue coming from online sales.

It operates in the Indian footwear market, which is expected to reach $ 25.5 Bn by 2028, growing at a CAGR of about 12%.

11. Foundation Gift

Founded in 2022 by Rakesh Adak and Abhishek Koley, Foundation Gift is a D2C gifting platform for personalised gifting options that blend modern style with a personal touch.

Its portfolio includes the likes of custom car keychains to engraved bracelets. The brand also has a B2B revenue channel through which it provides corporate and bulk gifting options to its clients.

The D2C gifting brand claims to have an MRR of INR 40 Lakh, with all of its revenues coming from online sources.

12. Genetic Nutrition

Sandesh Prasanna Kumar founded Genetic Nutrition in 2019 out of his passion for fitness and a healthy lifestyle. \

Bengaluru-based Genetic Nutrition is a clean-label nutrition supplement brand, which targets athletes and gym enthusiasts. Its line of supplements includes whey protein powders, mass gainers, creatine, L Glutamine, and Probiotics.

The D2C brand has whey protein, supplements and probiotics. It also has vegan-based products and sports essential products for athletes.

Genetic Nutrition attracts an MRR of INR 18 Lakh with most of its revenues coming from offline sources. 

 13. Gobrionuts

Founded in 2023 by Sparsh Goyal and Madhu Goyal, Gobrionuts is a D2C brand, which offers over 50 types of premium dry fruits, nuts, seeds, and mixes.

Gurugram-based Gobrionuts claims to deliver fresh, quality-checked products sourced from trusted suppliers. The dry fruit retailer ensures the quality of its products through its vigorous selection of hand-picked products.

Gobrionuts offers a wide range of nuts, dry fruits, berries, seeds, foxnuts and dates. To further enhance the snacking experience of its customers, the D2C brand sells combo packs, which have a mixed variety of premium nuts, berries and seeds.

Gobrionuts also has a B2B channel for making revenue by offering bulk gifting options to its clients. Currently, 90% of its sales come from offline channels, 8% from marketplaces, and the remaining 2% through its website.

 14. Goenka Jewellers

Founded in 2006 by Arpan and Ashok Goenka, Goenka Jewellers is a D2C jewellery brand that sells a range of lab-grown diamond collections, including earrings, bracelets, rings, bangles and necklaces.

The startup claims to be one of the top lab-grown diamond manufacturers in India and produces its offerings in an eco-friendly and sustainable manner. The brand competes with the likes of Giva, Svaara, and Fiona, among others.

Goenka Jewellers claims to maintain an MRR of INR 50 Lakhs. All their revenues come from offline channels.

Goenka Jewellers operates in the larger Indian lab grown diamond jewellery market, which is projected to soar to a size of $1.2 Bn by 2033 on the back of growing disposable income and demand for such products.

 15. Gramiyum

Founded in 2016 by Srinivasan Janakiraman, Ravi Padmanaban, Prakash Chandran and Shivaraj Purusothaman, Gramiyum makes natural food products. It began by mastering traditional cold-pressed oils.

Today, the D2C brand has expanded its offering to over 200 essential products, including millets, pulses, pure ghee, and spices to promote a holistic lifestyle.

Chennai-based Gramiyum delivers to its customers all over India and claims to serve people in more than 25 countries. It claims to have more than 1 Mn satisfied customers. It procures seeds from trusted farmers and home-based women entrepreneurs. With its cold-pressed extraction techniques, it ensures the preservation of flavours and nutrients of oil.

Gramiyum clocks an average monthly revenue of INR 40 Lakh.

 16. HarGulbano

Founded in 2023 by Harnoor Gauba, HarGulbano is a modern, Kashmiri-inspired retail brand in the fashion sector. inspired by traditional Kashmiri design, it provides a wide collection of Kurtas, dresses and capes for women. It also has a special collection for summer and winter wear.

New Delhi-based HarGulbano aims to give a feeling of “royalty” to its customers with its collection of dresses and designs.

HarGulbano claims to hit an average monthly revenue of INR 2.5 Lakh with all its sales coming from its online channel. It operates in the Indian online fashion market expected to grow to around $35 Bn by 2029.

 17. Heel Your Sole

Founded in 2023 by Raj Bhagat, Vipul Bhagat, and Huda Siddiqui, Heel Your Sole is a D2C footwear startup providing a range of formal shoes, sandals, sneakers and loafers for men and women.

The Mumbai-based D2C startup claims to be offering handcrafted designer footwear of luxury quality at affordable prices.

Heel Your Sole generates revenue through its online channels such as its own website and other marketplaces such as Myntra, Amazon and Nykaa. It also has 12 stores, which are spread across six cities, including New Delhi, Hyderabad, Mumbai, Pune, Chandigarh, Patiala and Pune.

The D2C brand generates more than half of its revenue from its offline stores.

 18. IKIRU

Founded in 2021 by Alisha Chouhan, IKIRU is a D2C brand that offers a curated marketplace for furniture and decor items sourced from artisans and manufacturers across India.

Indore-based IKIRU aims to bring the best-curated home decor and furniture for their customers. It claims to collaborate with more than 120 artisans and manufacturers to offer high-quality products. It offers a plethora of products from furniture, tables, lights and lamps, kitchenware, and soft furnishing items.

It works with a team of interior designers and curators to offer more than nine aesthetic home decor themes for its customers, and it also has a B2B revenue channel for bulk inquiries for design firms, architects, real estate developers, luxury hotels and others.

Operating entirely online, 100% of its sales originates from its website.

 19. Innovitoy

Founded in 2021 by Ayush Jain, Nrup Patel, Pritesh Patel, Hari Krishna, and Parth Patel, Innovitoy is a D2C toy brand that caters to kids between three and eight years.

It initially started its operations during the peak of the pandemic by creating toys for babies such as rattles, dumbbells, and stacking toys. But, eventually, the founders realised that there was a bigger untapped market for toys, beyond babies.

Today, the Ahmedabad-based startup has expanded its offerings to include inferno toy guns, trucks and other construction toy sets for kids.

Innovitoy claims that its USP lies in its in-house R&D lab and manufacturing facility, which enables the company to create customised designs catering to diverse markets and cultures.

The D2C brand competes with the likes of established players like Funskool as well as homegrown companies like PlayShifu, Shumee, and Desi Toys, among others.

Innovitoy operates in the larger Indian toy industry, which is projected to become a $2.73 Bn market opportunity by 2027.

 20. Jivika Organics

Founded in 2016 by Rupesh Patel and Rahul Patel, Jivika Organics specialises in producing wholesome and healthy food products, which it claims to be free from harmful toxins, fertilisers and other chemicals. All its products are procured from local communities and tribes.

Hyderabad-based Jivika provides a range of healthy food products such as ghee, healthy sweeteners, spices, cold-pressed oils and more.

The D2C health and wellness startup also provides a range of A2 ghee products, which is considered a healthier alternative to regular ghee. Apart from online marketplaces and quick commerce platforms, Jivika’s products are available in more than 1,000 retail outlets across Mumbai, Delhi NCR, Bangaluru, Pune and Hyderabad.

 21. Lakdi.com

Founded in 2017 by Nikul Raj Gupta Lakdi.com is a D2C furniture brand specialising in ready-to-use furniture designs for residential, office and hotel and restaurant spaces.

New Delhi-based Lakdi.com has a range of products as part of its portfolio from dining chairs, beds, sofas, wardrobes, conference tables, outdoor furniture and more. It also caters to saloon professionals with its range of products like portable saloon trolleys and facial steamers.

Lakdi.com’s designs are inspired by a range of countries such as Italy, Japan, France, Korea, Malaysia, China, the USA & Sweden, and it claims to manufacture its furniture from recycled raw materials.

It also provides installation, delivery and packaging services to its customers.

 22. Minikin

Founded in 2020 by Adhil Mohammed and Zeba Shamsudheen, Minikin provides a range of baby products such as car seats, strollers, walkers, cradles, newborn clothing, and toys. The retailer of D2C baby care products also offers health and hygiene merchandise like oral and nasal care products and feeding nests.

With an online presence, the Kozhikode-based D2C startup also has physical stores in Calicut and Malappuram. Minikin claims to generate a larger portion of its income from its stores.

Minikin competes with the likes of Firstcry, Herby Angel and SuperBottoms. According to a report, the Indian baby care market will be valued at $38.51 Bn by 2029.

 23. Nauvab

Founded in 2023 by Gautam Bali, Nauvab is a D2C footwear brand, which specialises in blending traditional Indian designs with modern footwear aesthetics. Bali comes from a family that has been involved in manufacturing leather products for decades.

New Delhi-based Nauvab offers a diverse range of design collections, including Peshawari, Jutti, and loafers, crafted for both leisure and festive wear. Nauvab has partnered with Aza and Pernia Pop Up (retailers of apparel brands) to make their products available through their respective retail stores.

Nauvab generates 60% of its revenue from its website and marketplaces whereas the rest comes from its offline store sales.

It functions in the Indian footwear market, which is pegged to reach $25.5 Bn by 2028, growing at a CAGR of about 12%.

 24. Neenu’s Natural

Founded in 2017 by Neenu Agrawal and Ankur Agrawal, Neenu’s Natural is a D2C food and beverages platform, which offers a range of sweets, snacks, energy bars, masalas, pickles and spreads made from natural ingredients.

Bengaluru-based Neenu’s Natural claims to produce food items with zero chemicals or added preservatives. From energy bars and sweets to spices, pickles and spreads, the startup’s food items are prepared in small batches, just like at home.

It is part of the Indian food processing market, which is expected to reach $1.2 Tn by 2027 from $866 Bn in 2022. 

 25. Poco Mico

Founded in 2024 by Karan Sahni and Vikrant Rai, Poco Mico is a kidswear D2C brand, which offers premium-quality and durable clothing for children. It also offers home care products for kids such as crib mattresses, cushion covers and mats.

The D2C brand offers a diverse range of products tailored to different age groups of children, featuring collections that include wedding wear, casual wear, and party wear for kids.

Poco Mico claims to use certified cotton material with soft skin touch technology providing comfort to children. Moreover, the used material retains its size and colour with no shrinkage problems.   

 26. Poppi Clothing

Founded in 2020 by Pooja Baheti and Amulya Baheti, Poppi Clothing is a D2C clothing brand for women. It provides high-street trends and styles inspired by cultures around the globe. It offers a wide range of women’s clothing.

Mumbai-based Poppi Clothing offers fashion under multiple categories such as evening wear, day wear, printed dresses and more. It also has a luxury fashion section.

The D2C fashion brand recently forayed into the jewellery space, offering earrings, rings and bracelets.

Poppi Clothing operates in the Indian online fashion market expected to become a $35 Bn market opportunity by FY28.

 27. Prathaa

Founded in 2016 by Sukanya Bhataacharya, Prathaa is a traditional handloom weaving fashion brand. The Mumbai-based D2C fashion startup collaborates with the weaver and artisan community of Kutch and Bengal, reviving the art of handloom weaving in the Indian fashion industry.

It provides a range of collections in women’s fashion from sarees, dresses, tops, pants, palazzo and more. The D2C fashion brand also has kidswear as part of its offering portfolio.

Prathaa offers various types of traditional fabrics such as Ajrakh, Jamdani, Kotpad,

Khesh that are made using varied weaving techniques. It also offers a reselling marketplace to its customers where they can sell their purchased items. Prathaa claims to clock an MRR of INR 7 Lakh.

 28. Routinely

Founded in 2024 by Kartik Katta and Spriha Baid, Routinely is a dietary supplements D2C brand, which offers multivitamin capsules. The healthcare startup claims that its supplement capsules help boost energy, metabolism, and immunity, enhancing and improving brain and heart health.

The D2C healthcare platform offers capsules for men and women of different ages. It claims to provide certified, 100% vegetarian and allergy-free products to its customers. Routinely manages to clock an MRR of INR 50K.

 29. Spellbound

Founded in 2023 by Ishita Shah and Raghav Gupta, Spellbound is a healthcare D2C brand, which provides supplements tailored for Indian women to help them during pregnancy.

It also offers pills and supplements to support women through Polycystic Ovary Syndrome (PCOS) and claims to reverse its symptoms in 90 days.

It also offers bundled products for pregnancy preparation and pre-pregnancy nourishment. With its offerings, Delhi NCR-based Spellbound aims to fight the issue of PCOS in females, which creates issues during pregnancy. According to a study, PCOS is the most common endocrine disorder in reproductive-age women worldwide, affecting 6%-15% of the population. Spellbound claims to clock an MRR of INR 80K.

 30. Suyu

Founded by Ghrinesh Bhagia and Nimehsa Bhagia, Suyu is a D2C organic skincare, haircare and bodycare startup. It has a range of products under its portfolio. Some of them include hair oils, shampoos, conditioners, creams, serums, face wash, and scrubs.

Hyderabad-based Suyu claims to use organic ingredients for all its products avoiding the use of harmful chemicals and synthetic additives. For instance, for its face wash, Suyu uses natural ingredients like sweet lime, turmeric powder, aloe vera juice, and essential oils of lavender and sandalwood, among others.

Suyu has also introduced Astaxanthin-based products to its offering, an antioxidant which protects cells from damage. Astaxanthin is an antioxidant that is said to have anti-inflammatory properties. It is good for joint health, eye health, and skin health. Suyu claims to generate an MRR of INR 3 Lakh.

 31. Terra Viva

Founded in 2023 by Tusharika Agarwal, Terra Viva is a furniture and home decor brand. The Panchkula-based D2C furniture venture claims to preserve the natural beauty of the wood used in its products. Its artisans select sustainable materials for the making of home decor products.

As part of its portfolio, Terra Viva provides lighting, tables, bookends, serveware and other home decor accessories to its customers.

The D2C startup’s designs reflect the true beauty of outdoor nature. For instance, its bookends are designed in the shape of fish, and animals like elephants. Moreover, its tables can be seen with a touch of vining plants, cactus and herbs to give a natural green look. Terra Viva currently clocks an MRR of INR 30K. 

 32. The Curl Co.

Founded in 2024 by Isha Mahabal and Rutvika Charegaokar, The Curl Co. is a haircare brand, which specialises in providing solutions for women with curly and wavy hair. Mumbai-based The Curl Co. offers a range of products from shampoos and conditioners to hair creams and serums for the nourishment of difficult-to-manage curly hair. Its products also protect from UV rays and pollution.

The company claims that its products are formulated keeping Indian hair and climate in mind. and with all-natural ingredients. The Curl Co. claims to incur a revenue rate of INR 6 Lakh per month.

The Curl Co. competes with the likes of Mamaearth, SUGAR Cosmetics and MyGlamm in a space in the Indian beauty and personal care space expected to breach the $46.6 Bn mark by 2032.

 33. The Zappy Box

Founded in 2018 by Prerna Taneja Mehrotra and Arpit Mehrotra, The Zappy Box is a D2C gifting brand, which specialises in occasional gifting, personalised gifting and custom corporate gifting with its more than 500 products part of the offering.

Apart from its B2C gifting channel, it also offers gifting solutions to corporates. Under its B2B arm, the Bhopal-based gifting platform has served Amazon, Uber, Google, Samsung and many others. Moreover, the gifting platform claims to have catered to more than 50,000 customers.

The Zappy Box claims to clock an MRR of more than INR 20 Lakh. A large chunk of this income comes from corporate gifting. 

 34. UniBlu

Founded in 2023 by Vrinda Girotra, UniBlu is a fashion lifestyle brand that offers streetwear and comfortable loungewear. Delhi NCR-based UniBlu provides a range of apparel, which includes t-shirts, co-ord sets, overshirts, dresses, shorts, hoodies, jackets, and more. UniBlu specialises in crafting fashion for people who are always on the go. Therefore, their styles seamlessly transition from streetwear to athleisure.

The D2C fashion brand also has a B2B revenue channel, offering customised designer t-shirts and hoodies for universities, schools and corporates under the brand name UniStreet. Under this offering, UniBlu has worked with notable companies like ITC, Mahindra Finance, IIM Bangalore and TEDx. It currently generates an MRR of INR 88K. It sells through its website and online marketplaces such as Amazon and Flipkart.

 35. Urban Mills

Founded in 2024 by Shivans Gupta and Bharat Singhal, Urban Mills is a D2C edible oils brand. The unique selling proposition of the brand lies in the fact that it offers natural cold-pressed oils to its customers. Cold-pressed oils are extracted without using heat or chemicals.

The New Delhi-based D2C startup offers a range of cold-pressed oils such as olive oil, groundnut oil, mustard oil, olive oil and virgin coconut oil. Urban Mills’ oils are also free from preservatives. The D2C brand attracts all its sales only through online sources. 

 36. Viah

Founded in February 2024 by Riddham Baahri and David Pritchett, Viah is a D2C skincare brand that offers various skincare products to help its customers deal with all skin problems, including acne, wrinkles, pigmentation, dark circles, sun care, sensitive skin and pollution.

Viah creates skincare formulations with globally sourced ingredients. Its product range includes moisturisers, serums, toners, cleansers, sunscreens, eye care, and more, typically priced between INR 549 and INR 1,699. The brand sells through its D2C platform and Amazon and is actively expanding its online presence across additional channels.

New Delhi-based Viah claims to use natural ingredients like oils, fruits, natural acids, honey and berries in its products.

Viah operates in the Indian cosmetic industry, which was valued at $8.12 Bn in 2023 and is expected to reach around $11 Bn by 2032, growing at a CAGR of roughly 4% between 2024-2032.

 37. WiseLife

Founded in 2020 by Prateek Kedia, WiseLife provides fashion lifestyle and accessories for yoga enthusiasts. WiseLife’s journey began with the founder’s journey to self-realisation and a simple desire to eliminate the stress, anxiety and unease that was affecting his mental and physical well-being.

The Delhi NCR-based D2C brand offers a range of products from yoga apparel for women to yoga mats, yoga props and other travel and lifestyle accessories. According to the company, it is a one-stop solution for all fitness essentials.

Apart from having an online presence, WiseLife has physical stores in Mumbai, Hisar and Bengaluru. The D2C apparel and lifestyle brand also caters to the bulk order requirements for fitness centres and yoga studios.

WiseLife operates in the Indian sports apparel market expected to grow to cross the $1.9 Bn mark by 2030.

 38. WishLuck

Founded in 2024 by Vishal Singh, WishLuck is a D2C toy brand. It offers a range of fun and educational toys to foster learning through play among kids. The startup also collaborates with educators and child development experts to ensure that its toys provide maximum educational value and safety.

The New Delhi-based toy brand includes remote control cars, educational interactive toys, soft toys and puzzles for kids up to five years of age.

WishLuck operates in the Indian toys market and is expected to breach the $4.4 Bn mark by 2032, growing at a CAGR of 10.6% between 2024 and 2032.

[Edited By Shishir Parasher]

The post Meet The 38 D2C Brands From Inc42’s Second Cohort Of D2CX appeared first on Inc42 Media.

VC firm Chiratae Ventures has roped in Orios Venture Partners’ Saharsh Sharma as the vice president of investments.

With this appointment, Sharma will lead investments across the Northern India region, the VC firm said in a LinkedIn post. 

Additionally, he will focus on deal flow across seed to Series B funding rounds, sub-sectors, portfolio management, LP engagement, divestments and other strategic initiatives for the firm.

Prior to this, Sharma served as the assistant vice president at Orios Venture Partners, where his 5-year-tenure ended in 2024.

Sharma announced his departure from the company in December 2024.

He also worked with notable players, including Ola and RIVIGO. It is pertinent to note that Sharma founded the healtech platform Haplo Health in 2017.

This appointment comes at a time when Chiratae Ventures is facing challenges legally. A few days ago NestAway’s cofounder and former CEO Amarendra Sahu filed a criminal case against its investors including Tiger Global, Goldman Sachs, Chiratae Ventures, as well as cofounders Jitendra Jagadev and Smruti Parida for committing fraud during the sale of the company.

It is pertinent to note that the home rental platform was sold in a fire sale back in 2023. 

In August 2024, the VC firm announced the third cohort of its flagship seed investment programme Chiratae Sonic. The programme targets early stage startups operating in sectors like deep tech, generative AI, climate tech and manufacturing tech and looking to raise up to $2 Mn in funding.

Founded by Sudhir Sethi and TC Meenakshisundaram in 2006, Chiratae Ventures claims to have  invested in more than  130 startups, of which 8 have turned unicorn and 4 have gone public via an IPO. Some of its early bets include names such as Myntra, MyGlamm and GlobalBees.

Chiratae Ventures’ portfolio includes notable companies like  Flipkart, Lenskart and Policybazaar. 

The post Chiratae Ropes In Saharsh Sharma As VP Of Investments appeared first on Inc42 Media.

Startup founders who invent innovative tech products face limitations in expanding their horizons. Their groundbreaking products have the potential to disrupt the market, but they need to gain the know-how to navigate the complexities of operations, finances, and marketing. 

This dilemma is common in founders. To become a dark horse in the startup landscape, they need experts who could lead towards a common goal, leveraging their expertise to turn a good product/idea into a successful business. Every company requires a unique approach to sustain growth, success, and employee motivation.

Being relatively small and newly established, startups rely heavily on talented staff members to accomplish essential business tasks. The solution lies in building a high-performing team, where technical experts and agile leaders converge to fuel growth and innovation. 

Traditional leadership models are giving way to unconventional roles, empowering collaboration and problem-solving across the organisation. These roles aren’t mainly restricted to those in or close to the traditional C-suite job profiles.

With effective leadership taking centre stage, startups are increasingly focusing on collaborative problem-solving attitudes. This approach offers opportunities for employees across different positions to participate in decisions that align with the company’s objectives and goals. 

Today, despite a persistent trend towards hiring experienced leaders, there remains a strong demand for young talent to bring fresh perspectives and cultivate innovative thinking. Startups are increasingly introducing new-age leadership roles to encourage a dynamic workforce.

Consequently, these roles effectively combine the wisdom of seasoned professionals with the creativity of youth. These roles incentivise startups to maintain seamless operations across all functions. We will talk about the significant impact these roles have on startups. 

Chief Trust Officer 

With businesses facing a multitude of challenges, it has become critical to focus on trust. The increasing threat of data breaches, cyber crimes, regulatory compliance, and user trust calls for a new executive role- the chief trust officer (CTrO). A CTrO is a custodian of digital trust, data privacy, risk management, compliance efforts, and investor trust. This strategic leader is responsible for building trust across the organisation and its ecosystem. 

A CTrO is responsible for overseeing trust-building initiatives, assessing trust levels within and outside the organisation, and managing a trust framework that covers corporate culture, employee satisfaction, compliance, and customer experience.

The candidate for this role needs to have technological and financial expertise, with legal proficiency being a significant advantage. They must possess strong analytical and problem-solving abilities. By combining the core functioning of a chief information security officer (CISO) and the chief privacy officer, a CTrO becomes an indispensable asset in a startup. 

Chief Growth Officer  

According to LinkedIn’s Jobs on the Rise 2024 report, the chief growth officer (CGO) role is the fastest-growing job title in the US. A CGO is a leader responsible for spearheading long-term growth strategies by breaking down silos, challenging the status quo, and defining innovative marketing approaches. 

The functions of a CGO include working cross-functionally between sales, marketing, product, and IT departments, identifying new opportunities for expansion, exploring ways to reach target audiences, and developing data-driven strategies aligned with the company’s vision. 

The ideal CGO possesses a deep understanding of business strategy, market dynamics, and financial literacy. They should be visionary and understand growth nuances. With data analysis tools and a creative mindset to propose unconventional solutions, the CGO plays a pivotal role in a startup. 

Chief Revenue Officer 

The rise of the Chief Revenue Officer (CRO) in startups is driven by a focus on revenue growth and the need to unify sales processes, especially when expanding into new markets. CROs are responsible for creating a single revenue engine, overseeing everything from digital marketing lead generation to closing sales.

Their role extends beyond traditional sales and marketing; they encompass the entire market landscape, customer journey, and strategic expansion plans.

CROs are known to create a huge impact on an organisation. According to McKinsey, fortune 100 companies with a CRO-like role show 1.8 times higher revenue growth than their peers. This role is beneficial for both established companies and scale-ups, as CROs harmonise people, data, and measurements across sales and marketing teams. 

Bottomline

As startups continue to prepare themselves to face new challenges, these emerging leadership roles are becoming increasingly vital. Besides the CTO, CGO, and CRO roles, the position of chief AI officer (CAIO) is also witnessing an increasing demand in the startup ecosystem. As per Foundry’s AI Priorities Study 2023, 11% of midsize to large organisations have already designated a CAIO, with another 21% actively seeking one. This development reflects the growing importance of AI in innovation and business. 

For startups, these roles address critical business needs and provide ambitious professionals with the opportunity to shape the future of their industries. As the business landscape continues to change, more specialised C-suite roles are poised to emerge, which will further redefine leadership in the startup ecosystem. 

The post New-Age Leadership Roles In Startup Ecosystem appeared first on Inc42 Media.

In today’s competitive job market, attracting and retaining top talent requires more than just competitive pay. Employer branding—the perception of a company as a desirable place to work—plays a critical role in boosting employee engagement and retention.

A LinkedIn survey found that 72% of recruiting leaders globally agree that employer branding significantly impacts hiring, while a Gallup study found that highly engaged workplaces can see up to 41% lower absenteeism.

Adapting branding strategies for different regions is essential, as employee expectations vary widely based on culture, economy, and local values. Here are six key ways employer branding impacts retention and engagement, with a focus on tailoring for a global workforce.

Speak Their Language: Culturally Relevant Communication

Retention Impact – Enhancing Belonging

An employer brand that resonates culturally boosts employees’ sense of belonging. Workers feel more engaged when they sense that the company appreciates their cultural values and norms. For example, US-based tech firms might focus on autonomy and innovation to connect with employees’ drive for independence, while in Asia, branding may centre on teamwork and local empowerment.

By localising communication, companies can make employees feel both unique and valued, increasing loyalty and reducing turnover. In fact, 57% of employees feel more loyal to companies that embrace cultural awareness and diversity initiatives, according to Deloitte.

Flexibility Matters: Work-Life Balance Redefined

Retention Impact – Supporting Well-Being

Support for work-life balance has become a critical component of retention, with 78% of employees saying they would stay with a company that offers flexibility, according to a Global Workplace Analytics report. Yet, perceptions of work-life balance vary worldwide. 

Scandinavian companies often offer flexible schedules and generous parental leave, reflecting their high value on work-life integration.

In Asia, career growth opportunities may take precedence over flexible hours. Adapting work-life policies to match these regional preferences ensures employees feel their needs are recognised, creating a supportive environment that makes them more likely to stay long-term.

Localised Rewards: Aligning Benefits And Compensation

Retention Impact: Meeting Market Expectations

Customising benefits to local standards is key to retention, as it shows the company understands and values employees’ specific needs. In the U.S., where healthcare can be costly, comprehensive health benefits are a significant draw, with 61% of U.S. employees considering health insurance the most critical benefit, according to the Kaiser Family Foundation.

In Asia and Europe, transportation allowances or family support benefits may hold more appeal. By aligning compensation with local priorities, companies demonstrate their commitment to meeting employees’ real needs, creating a sense of care that encourages loyalty.

Pathways For Growth: Career Development Tailored To Region

Retention Impact: Fostering Loyalty Through Growth

Offering clear career development opportunities is a strong driver of engagement and retention. Studies show that 94% of employees would stay at a company longer if it invested in their career development (LinkedIn).

In Asia, structured career paths and defined promotion criteria are highly valued, as employees often seek growth-driven roles. Conversely, in the U.S., where lateral career moves are popular, flexible skill-building options may appeal more. Adapting career development to meet local expectations builds purpose and satisfaction, creating loyalty and reducing turnover.

Purpose Matters: CSR Initiatives That Resonate

Retention Impact: Strengthening Value Alignment

Employees increasingly want to work for companies that reflect their values, with 64% of millennials saying they won’t take a job without a strong CSR commitment (Cone Communications). 

CSR preferences vary globally. European employees may prioritise environmental impact, while in emerging markets, community support initiatives may resonate more. By aligning CSR efforts with local values, companies foster a sense of shared purpose. Employees are more engaged and committed when they see their values reflected in their company’s actions.

Remote And Tech-Ready: Technology That Fits Regional Needs

Retention Impact: Adapting to Modern Work Preferences

Investing in digital tools and remote work options shows a commitment to diverse work styles. In tech-savvy regions, employees expect advanced digital tools, and 73% of employees say they are more likely to stay with a company that offers remote work options (Owl Labs).

In areas with less tech infrastructure, flexibility without heavy tech reliance may be more effective. Tailoring technology and remote work solutions to regional capabilities helps employees feel supported and engaged, reducing turnover by meeting them where they are.

Conclusion

Effective employer branding isn’t one-size-fits-all; it requires an understanding of local customs, values, and market standards. When companies adapt their employer branding to different regions, they create an inclusive, supportive environment where employees feel valued and understood.

This fosters stronger engagement and long-term commitment across a geographically diverse workforce. In a world where talent has more options than ever, companies that can align their brand with regional expectations will succeed in attracting, engaging, and retaining top talent worldwide.

The post How Employer Branding Boosts Retention And Engagement Across Regions appeared first on Inc42 Media.

Tech transformation has disrupted many industries, and the impact is expanding swiftly. The technology transformation in MSMEs has rapidly advanced the industry, resulting in a rise. The country’s MSMEs are anticipated to increase from 6.3 Cr to 7.5 Cr, with a CAGR of 2.5%. 

With the rise of initiatives such as the Open Network for Digital Commerce (ONDC), the integration of MSMEs into India’s digital economy has been particularly revolutionary. As the government attempts to empower its different enterprises, technology has emerged as a bridge, allowing MSMEs to compete with larger corporations by connecting them to digital markets, financial services, and customer networks.

The ONDC ecosystem, which is powered by cutting-edge digital technologies, allows MSMEs to seize new possibilities, broaden their reach, and accelerate their growth.

ONDC presents a revolutionary opportunity for MSMEs to tap into a vast digital marketplace. However, the successful integration of MSMEs into this ecosystem hinges heavily on the adoption and effective use of technology.

Digital Platforms And Mobile Applications

A crucial step in bringing MSMEs into the ONDC fold is the development of user-friendly digital platforms and mobile applications. These platforms should simplify the onboarding process, allowing MSMEs to easily register and list their products or services. Additionally, they should provide intuitive interfaces for managing orders, inventory, and customer interactions.

One of the core challenges MSMEs face in joining a digital commerce network is the complexity of the processes. Many MSMEs, particularly those who are less tech-savvy segments, may not have the resources or expertise to seamlessly enter the digital economy. Here, technology plays a crucial role in simplifying and streamlining the onboarding experience. By offering user-friendly interfaces, multilingual support, and step-by-step guides, these platforms lower the barriers to entry for businesses.

AI-Driven Innovation In ONDC: Enhance Search And Optimise Logistics

AI is revolutionising the way we interact with the digital world, and ONDC is no exception. Here are some of the key use cases of AI in ONDC:

Enhanced Search And Discovery

• Semantic Search: AI can understand the context of user queries, leading to more accurate and relevant search results. For example, instead of searching for “red dress,” a user could simply ask, “What’s a good dress for a party?”  
• Visual Search: AI-powered visual search allows users to upload images of products they like and find similar items across different sellers.  
• Personalised Recommendations: AI algorithms can analyse user behavior and preferences to recommend products and services tailored to their needs.  

Efficient Logistics And Supply Chain Management

• Demand Forecasting: AI can analyse historical data and current trends to predict future demand, helping businesses optimise inventory levels and reduce costs.  
• Optimised Routing: AI-powered algorithms can determine the most efficient delivery routes, saving time and fuel.  
• Fraud Detection: AI can identify and prevent fraudulent activities, protecting both buyers and sellers.

Chatbots And AI-Powered Customer Engagement

Chatbots, powered by AI, can serve as the first point of contact for customers, providing instant responses to queries and resolving common issues. This enhances customer satisfaction and builds trust. AI-powered analytics can help MSMEs gain insights into customer behavior, preferences, and market trends, enabling them to tailor their offerings and marketing strategies accordingly. 

For MSMEs with limited manpower, chatbots serve as a virtual customer service agent, available 24/7. They help reduce response times and ensure that customers receive prompt assistance, which is crucial in today’s fast-paced digital environment. 

Connecting MSMEs With Urban Markets

ONDC, coupled with technology, presents a unique opportunity to connect rural MSMEs with urban markets. Digital platforms can provide a level playing field, allowing rural artisans and producers to showcase their products to a wider audience. This can help boost rural economies and reduce disparities between urban and rural areas.

One of the most significant impacts of the ONDC ecosystem is its ability to connect MSMEs to urban markets. Technology bridges the gap between geography and opportunity, offering rural businesses a platform to reach a broader audience. Digital commerce, powered by ONDC, democratises access, allowing rural MSMEs to showcase their products on a national stage. Integrating rural businesses into the broader ONDC ecosystem, technology ensures that every MSME, regardless of its location, can compete on a level playing field.

Technology is undeniably an enabler for MSMEs, offering them the tools and resources needed to thrive in a digital-first economy. From AI-driven automation to digital payments and fintech innovations, the ONDC ecosystem provides a comprehensive framework for MSMEs to grow and compete. As India continues its digital transformation, the role of technology in empowering MSMEs cannot be overstated—creating a future where businesses of all sizes can succeed.

The post Role Of Technology In Integrating MSMEs Into ONDC Ecosystem appeared first on Inc42 Media.

New-age tech stocks continued to struggle on the Indian bourses and witnessed a mixed week as the broader domestic market registered another week of losses. 

While some of these stocks saw a slight recovery this week, the total market cap of the 31 new-age tech stocks under Inc42’s coverage declined to $87.89 Bn from $88.38 Bn last week.

Of the 31 stocks, 16 fell this week in a range of 0.1% to a little over 14%. MobiKwik, which declined 8.4% last week, emerged as the biggest loser this week. 

The fintech major’s shares plunged almost 14.2% to INR 471.25 on the BSE. On Friday, the company said it has partnered Piramal Finance to offer personal loans of up to INR 2 Lakh to customers.

FirstCry was the second-biggest loser of the week, with its shares nosediving almost 10%. Shares of PB Fintech also fell 7%, followed by Fino Payments Bank’s 6.5% decline.

Among the other big losers were ixigo, Swiggy, CarTrade Technology, TBO Tek, and EaseMyTrip. 

Earlier this week, Swiggy said that it has received the corporate affairs ministry’s nod to incorporate a sports subsidiary, Swiggy Sports Pvt Ltd. 

Meanwhile, shares of TAC Infosec rallied 10.4% this week to emerge as the top gainer this week. Nazara Technologies was the second biggest gainer, with its shares rallying 6.8%. 

The gaming major’s board approved allotment of shares worth over INR 195 Cr this week via a preferential issue pertaining to its acquisition of a 47.7% stake in Moonshine Technology, the parent of Pokerbaazi. The company’s board is also scheduled to consider issuance of equity shares on a preferential basis on Monday (January 20).

Fintech major Paytm was the third-biggest gainer this week, with its shares jumping 6.2%. BlackBuck, Zomato, Go Digit, Mamaearth, Tracxn Technologies, Delhivery, and Ola Electric were among the other stocks which ended in the green this week.

Zomato was in the news for multiple reasons this week. It infused INR 500 Cr in its quick commerce arm Blinkit, and leased an over 2.5 Lakh square feet warehouse near Mumbai for its B2B supply chain arm Hyperpure. Brokerage JM Financial also reiterated its ‘buy’ rating on the foodtech major with a price target of INR 300.

Meanwhile, volatility continued in the broader market this week. Benchmark indices Nifty 50 fell 1% and Sensex declined 0.98%, ending Friday’s trading at 23,203.2 and 76,619.33, respectively. 

Commenting on the broader market trends, Vinod Nair, head of research at Geojit Financial Services, said that the domestic market ended on a weak note, with large cap IT and banking stocks seeing higher underperformance due to a cautious outlook on discretionary spending for the former and subdued deposit and credit growth and tighter liquidity conditions for the latter. 

“Rising uncertainty over potential economic policies from the new US administration impacted overall sentiments… the market is expected to remain cautious in the short term due to moderate Q3 expectations, while persistent FII outflows could add to higher volatility,” said Nair. 

With the Donald Trump administration taking over in the US next week, the forthcoming policies and comments will also be watched, given tariffs remain a major focus, as per market analysts.

Siddhartha Khemka, head of research, wealth management at Motilal Oswal, said that the domestic equities market is expected to remain volatile and stock-specific actions are expected with Q3 FY25 earnings in full swing. 

Two major new-age tech stocks, Zomato and Paytm, are scheduled to post their Q3 earnings next week.

The new-age tech stocks have lost more than $10 Bn in total market cap in January so far. 

Paytm Zooms On Potential Re-Entry In MSCI Index

Reversing its 14% decline last week, shares of Paytm gained 6.2% this week. The stock ended Friday’s trading at INR 899.65 on the BSE.

The stock started gaining momentum on Tuesday after brokerage JM Financial predicted in a research note that there is a high possibility of the inclusion of Paytm in the MSCI India Standard Index.

The brokerage said it foresees a capital inflow of $169 Mn for the Vijay Shekhar Sharma-led company.

Post that, shares of Paytm gained in all three next trading sessions this week. 

Meanwhile, Paytm’s current and former directors and officials settled a case with SEBI by paying a sum of INR 3.32 Cr. 

Paytm also expanded its ESOP pool this week by granting 2.03 Lakh stock options under its ESOP Plan 2019.

PB Fintech Takes A Hit

Shares of PB Fintech hit a two-month low this week amid concerns about its high valuation and a raid by GST officials on one of its subsidiaries.

The stock touched its all-time high, breaching the INR 2,000 level, in the first week of January. However, it has been on a downward trend since then. 

After falling more than 16% last week, PB Fintech’s shares slumped 7% this week. The stock ended Friday’s trading at INR 1,725.55 on the BSE.

It hit the INR 1,600 level earlier this week, the lowest since November 13 last year.

Recently, Morgan Stanley downgraded PB Fintech to an ‘underweight’ rating from ‘equal-weight’ earlier, citing lower-than-expected profit and high stock valuations. The brokerage also cut the price target to INR 1,400, which implies an almost 19% downside to the stock’s last close.

Meanwhile, PB Fintech said in an exchange filing this week that the GST department conducted a raid on one of its wholly-owned subsidiaries. Sources told Inc42 that the raid was in relation to PB Partners, the fintech major’s platform for insurance agents.

The company is being investigated for alleged tax evasion of about INR 80 Cr-INR 90 Cr, as per the sources.

The post New-Age Tech Stocks See Mixed Performance This Week, MobiKwik Biggest Loser appeared first on Inc42 Media.

Tesla chief executive Elon Musk met India’s top founders and business executives at SpaceX’s Starbase facility in Texas. 

The attendees included OYO founder and CEO Ritesh Agarwal, Flipkart CEO Kalyan Raman, Essar Capital’s Prashant Ruia, Kotak811 co-head Jay Kotak, Aryaman Birla of Aditya Birla Management Corporation, author Amish Tripathi, Akshay Chatruvedi, founder and CEO of Leverage.biz. among others. 

Led by India Global Forum (IGF) founder Manoj Ladwa, the delegation engaged with Musk and toured the SpaceX facility. 

In a statement, the IGF said that the meeting saw the entrepreneurs discuss opportunities for collaboration in areas such as technology, space, AI and India’s growing role in the global innovation landscape.

During a moderated discussion, Musk emphasised the potential for deeper collaboration between India and the US and lowering trade barriers to increase commerce between the two countries. 

Speaking about India, Musk said, “India is one of the ancient civilizations and a very great and very complex one”.

Commenting on the event, Ladwa said, “This event underscores the growing importance of collaboration between India and global pioneers in shaping a sustainable and technology-driven future…. This moment underscores the need for collaboration, bold ideas, and shared purpose. I believe India’s rise presents limitless opportunities, and this meeting signifies the potential for powerful partnerships.” 

Attendees like Agarwal and Tripathi took to X to describe the meeting and the discussions that took place. 

“Had the opportunity to be among the Indian founders hosted by  @Elonmusk led by  @IGFupdates . Elon is by far doing the most to evolve human kind or as Peter Thiel says has us closest to getting flying cars,” said OYO’s Ritesh Agarwal. 

This comes nearly a year after Musk was supposed to meet founders of Indian startups during his visit to the country in April last year. The SpaceX founder later shelved the trip. 

The development comes at a time when Musk’s Starlink is looking to launch its services in India. However, the satellite broadband provider has been caught on the wrong foot in the country.

Recently, the Centre launched a high-level probe into how Starlink’s devices found their way into the hands of drug smugglers and insurgents. This came after Indian security forces last year seized Starlink devices from insurgency-torn Manipur. In a separate incident, smugglers brought drugs worth $4.5 Bn into the Indian waters via sea using Starlink devices.

The post Elon Musk Meets OYO’s Ritesh Agarwal, Other Indian Business Executives appeared first on Inc42 Media.

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

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

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

Of the 98 startups that have released their financial statements for FY24 so far, 42 ended the year with profitable numbers. Their cumulative profit stood at INR 5,079.2 Cr. 

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

Meanwhile, the remaining 56 startups posted a cumulative loss of INR 23,083 Cr, with just Paytm and Ola Electric accounting for more than INR 3,000 Cr of this loss figure. However, it needs to be highlighted that many of these startups were also able to cut their losses in FY24.

In terms of top line, the 98 startups posted a cumulative operating revenue of INR 1.98 Lakh Cr (INR 1,98,207.76 Cr to be precise) in the year ended March 2024. 

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

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

Inside The FY24 Financials Of Indian Startups

Note: All amount in INR Cr

ACKO’s Net Loss Narrows 9%

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

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

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

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

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

Amagi’s Loss Declines 24% 

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

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

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

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

Avanse’s Profit Crosses INR 300 Cr Mark

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

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

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

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

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

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

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

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

Awfis’ Loss Narrows 

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

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

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

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

BlackBuck’s Loss Falls Below INR 200 Cr Mark

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

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

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

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

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

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

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

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

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

boAt’s Revenue Slips 

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

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

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

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

Bombay Shaving Company’s Loss Narrows 

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

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

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

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

BookMyShow’s Profit Breaches INR 100 Cr Mark

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

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

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

CaratLane’s Revenue Breaches INR 3,000 Cr Mark

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

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

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

CarTrade’s Profit Halves 

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

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

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

Chaayos Loss Reduces By 51%

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

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

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

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

Cleartrip’s Loss Crosses INR 800 Cr Mark

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

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

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

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

Curefoods Net Loss Reduced To INR 173 Cr

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

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

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

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

Delhivery’s Loss Narrows By 75% 

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

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

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

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

DealShare’s Revenue Plummets 75%

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

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

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

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

DevX Turns Profitable In FY24

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

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

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

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

Dezerv’s Revenue Surges 157%

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

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

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

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

DroneAcharya’s Profit Doubles

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

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

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

EaseMyTrip’s Revenue Inches Closer To INR 600 Cr Mark

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

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

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

Ecom Express Sees Its Loss Decline 67%

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

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

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

ElasticRun’s Revenue Plummets 49%

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

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

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

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

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

Fasal’s Revenue Surges Nearly 90%

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

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

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

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

Fino Payments Bank’s Profit Jumps Over 30%

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

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

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

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

FirstCry’s Loss Declines Over 30% 

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

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

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

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

Freo’s Loss Narrows 65%

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

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

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

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

Furlenco’s Sales Dip

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

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

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

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

Gramophone’s Revenue Plunges

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

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

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

Go Digit’s Profit Zooms 5X

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

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

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

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

HealthKart Becomes Profitable

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

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

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

Infra.Market’s Profit Crosses INR 350 Cr Mark

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

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

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

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

Jar’s Loss Narrows To INR 104 Cr

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

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

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

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

Read More: Jar Cuts FY24 Loss To INR 104 Cr

Juspay’s Loss Declines 8% 

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

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

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

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

Lenskart’s Revenue Crosses INR 5,000 Cr Mark

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

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

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

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

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

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

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

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

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

ideaForge’s Profit Nears INR 50 Cr Mark 

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

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

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

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

iD Fresh Foods Turns Profitable

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

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

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

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

InCred’s Profit Surges 2.6X 

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

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

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

IndiaMART’s Revenue Crosses INR 1,000 Cr Mark

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

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

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

IPO-Bound IndiQube’s Loss Widens By 72%

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

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

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

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

InsuranceDekho Turns Profitable

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

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

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

ixigo’s Profit Triples 

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

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

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

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

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

Josh Talks Trims Loss By 25%

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

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

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

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

LeadSquared’s Revenue Rises 9%

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

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

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

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

Lendingkart’s Profit Declines 97%

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

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

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

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

Mamaearth Turns Profitable In FY24

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

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

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

MapmyIndia’s Profit Jumps 25% 

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

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

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

Milk Mantra Back In The Black

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

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

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

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

Minimalist’s Profit Jumps 2X In FY24

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

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

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

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

Mintifi’s Profit Jumps 273%

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

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

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

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

Mokobara Halves Its Loss

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

Revenue from operations jumped 120% to INR 117.44 Cr from INR 53.27 Cr it reported in FY23. Total expenditure nearly doubled to INR 123.28 Cr from INR 61.85 Cr in FY23. 

Read More: Mokobara’s Revenue Surges 2.2X To INR 117 Cr In FY24

Myntra Turns Profitable 

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

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

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

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

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

Navi Finserv’s Operating Revenue Takes Hit 

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

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

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

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

Nazara’s Profit Increases By Over 20% 

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

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

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

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

Nykaa Nearly Doubles Its Profit 

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

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

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

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

OfBusiness’ Revenue Crosses INR 19,000 Cr Mark

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

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

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

Ola Electric Breaches INR 5,000 Cr Revenue Mark

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

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

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

OneCard’s Revenue Crosses INR 1,400 Cr Mark

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

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

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

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

OPEN’s Revenue Slumps To INR 25 Cr

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

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

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

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

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

Oxyzo’s Profit Rises To Almost INR 300 Cr

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

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

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

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

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

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

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

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

Paytm’s Revenue Nears INR 10K Cr Mark

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

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

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

PB Fintech Operating Revenue Crosses INR 3,000 Cr Mark

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

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

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

Perfios Profit Zooms Past 800%

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

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

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

PharmEasy’ Net Loss Halves

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

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

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

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

PhonePe’s Revenue Breaches INR 5,000 Cr Mark

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

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

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

Porter’s Loss Declines 45% To INR 96 Cr 

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

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

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

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

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

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

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

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

Rare Rabbit’s Profit Doubles 

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

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

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

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

RateGain’s Profit More Than Doubles 

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

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

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

Razorpay’s Profit Quadruples 

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

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

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

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

Rebel Foods’ Loss Narrows By 42%

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

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

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

IPO-Bound Smartworks’ Loss Falls 51% 

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

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

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

Swiggy’s FY24 Revenue Crosses INR 10K Mark

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

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

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

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

Shadowfax Trims Loss To INR 12 Cr

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

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

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

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

TAC Infosec Reports INR 6 Cr Profit

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

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

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

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

Tata 1mg Narrows Its Loss By 75% 

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

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

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

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

TBO Tek Posts INR 200 Cr Profit 

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

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

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

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

Teachmint’s Loss Reduces To INR 110 Cr

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

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

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

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

Tracxn’s Profit Tanks In FY24

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

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

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

Trust Fintech’s Profit Triples 

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

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

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

Ultraviolette’s Loss Jumps 8X

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

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

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

Ustraa’s Loss Widens

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

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

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

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

Vedantu’s FY24 Loss Declines 58%

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

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

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

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

Whatfix’s Revenue Crosses INR 400 Cr Mark

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

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

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

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

WROGN’s Operating Revenue Slumps 29%

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

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

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

Yubi’s Loss Narrows By 22%

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

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

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

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

IPO-Bound Zappfresh’s Profit Rises 70% 

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

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

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

Zepto’s Revenue More Than Doubles

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

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

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

Zypp Electric’s Revenue Jumps Over 2.5X

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

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

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

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

Edited By: Vinaykumar Rai
Last Updated: 18 Jan, 8:30 PM IST

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

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

With the Centre’s flagship programme ‘Startup India’ entering into its tenth year this week, investors continue to remain bullish on the Indian startup ecosystem. Between January 13 and 18, startups cumulatively raised $308.1 Mn across 24 deals. While the deal count went up from last week’s 20 deals, funding dipped 28.7% from last week’s $432.4 Mn. 

Despite a decline in investment activity over the past week, several positive developments unfolded for startups. Notably, Netradyne became the first startup to join the unicorn club in 2025. Additionally, companies such as Zetwerk, InMobi, and Groww provided clearer timelines for their public listing plans, while multiple new fund launches also hogged the headlines.

Funding Galore: Indian Startup Funding Of The Week [ Jan 13 – Jan 18 ]

Key Startup Funding Highlights Of The Week

• After raising $90 Mn in its Series D funding round at a valuation of $1.34 Bn, logistics tech startup Netradyne entered the unicorn club this week. Solely, the funding round propelled the logistics sector to scoop up maximum capital infusion this week.
• With four startups, Bolt.Earth, WeVOIS, Euler Motors and BGauss, cumulatively raising $47.8 Mn this week, cleantech saw the largest number of deals materialising this week.
• Seed stage funding zoomed this week to $8.2 Mn, up 215% from the $2.6 Mn raised by startups at this stage in the previous week.

Funds Launches This Week

• Debt marketplace Recur Club has launched a $17.5 Mn fund to accelerate growth of D2C brands in the quick commerce space. It will provide financing to 80-100 D2C brands with ticket sizes ranging from INR 80 Lakh to INR 10 Cr.
• Equity management platform Hissa has announced the launch of Hissa Fund I, a $35 Mn investment vehicle to enable employees of growth-stage startups to convert their vested stock options into cash.
• Riceberg Ventures has launched a $20 Mn fund to back 25-30 deeptech startups with an average cheque size of $500K.
• Avendus marked the first close of its Future Leaders Fund III (FLF III) with INR 850 Cr commitments from leading domestic family offices and Indian institutions.
• SaaS-focussed VC firm Cornerstone Ventures announced the first close of its $200 Mn fund at about $40 Mn. 

Startup IPO Updates Of The Week

• B2B marketplace unicorn Zetwerk shortlisted Axis Capital, Goldman Sachs, Jefferies, JM Financial, JPMorgan Chase & Co. and Kotak Mahindra Bank as bankers for its upcoming $500 Mn IPO.
• Urban Company is set to file its draft papers for an INR 3,000 Cr initial public offering (IPO) before the end of March. It has reportedly appointed Kotak Mahindra Capital, Goldman Sachs and Morgan Stanley as bankers for the IPO.
• Groww is reportedly looking to file for a public offering within 10-12 months. The startup is seeking a valuation between $6-8 Bn for its IPO.
• EV startup Ather is eyeing $2.4 Bn valuation for its upcoming IPO this year, about 80% premium from its last private valuation.
• IPO-bound Zepto has received National Company Law Tribunal (NCLT) approval to reverse flip to India. The court has approved the merger of Mumbai-based Kiranakart Technologies with its Singapore-based affiliate, Kiranakart Pte Ltd.
• Adtech unicorn InMobi will be filing its IPO of more than $1 Bn in the next 2-3 months. The startup is eyeing a public listing by October this year. InMobi is targeting a valuation of $8 Bn to $10 Bn for the IPO.

Other Developments Of The Week

• Private equity firm Kedaara Capital made an investment of $350 Mn in California based enterprise AI solutions provider Impetus Technologies.
• Ecommerce major Flipkart is in talks to lead a $35-40 Mn funding round of fintech startup Super.money.
• EV fleet startup MoEVing bought Euler Motors’ mobility business to expand its fleet.

The post From Netradyne To Foxtale — Indian Startups Raised $308 Mn This Week appeared first on Inc42 Media.

Homegrown early stage venture capital firm 100X.VC has invested INR 23.3 Cr ($2.7 Mn) in 18 startups as part of its 12th cohort.

For this cohort, 100X.VC picked 18 startups out of 304 shortlisted from a pool of more than 1,900 startups.

The portfolio includes companies such as Cellarim Labs, Clodexa, Currychief, Dualite, Famyo, Gape Labs and Numberlabs among others.

The VC fund claims to have made a total of 180 investments since its launch in July 2019.

Founded by Sanjay Mehta, Ninad Karpe, Shashank Randev, Yagnesh Sanghrajka and Vatsal Kanakiya, 100X.VC is a sector agnostic fund that invests in early stage startups.

Following the investment, 100X.VC provided each startup with over 100 hours of mentorship, which involved close collaboration with the founding teams to enhance their product offerings and go-to-market strategies.

These portfolio companies are based in 8 cities, including  Bengaluru, Chennai, Kolkata, Gandhinagar, and Gurugram among others.

Ninad Karpe, founder and partner at 100X.VC, said, “We are excited to unveil our newest cohort, Class 12, which comprises 18 groundbreaking startups. With these additions, our portfolio now has investments in 180 early-stage startups. In this cohort, our startups span diverse sectors such as B2B SaaS, Gaming, RegTech, Textile, Consumer, and Bio Tech. We are confident that India’s early-stage startup ecosystem is brimming with transformative potential, and the startups in Class 12 exemplify these promising opportunities.”

Over 400 investors such as high net worth individuals (HNIs), family offices, venture capital funds, and corporations, were also present at the VC pitch day held in Mumbai.

Here are the brief profiles of the 18 startups of Class 12:

Cellarim Labs

• Founded In : 2024
• Founder : Nisa Mehreen, Hitesh Rafalia
• Headquarters : Bengaluru
• Sector : B2B

Cellarim Labs is a chemical manufacturing company in Bengaluru that develops biomanufacturing solutions.

Clodexa 

• Founded In : 2024
• Founder : Rachit Sharma, Shravan Chaudhary
• Headquarters : Bengaluru
• Sector : B2B, SaaS

Clodexa is an AI-powered sales automation platform designed to transform the way businesses generate, qualify, and convert leads.

CurryChief

• Founded In : 2022
• Founder : Tamil Kumaran Govindrajan
• Headquarters : Chennai
• Sector : D2C, F&B

CurryChief sells cooking kits and pastes for regional Indian dishes in the D2C and F&B segment.

Dualite

• Founded In : 2021
• Founder : Rohan Singhvi, Prakhar Sharma
• Headquarters : Jodhpur
• Sector : SaaS

Dualite is a designing tool that will convert Figma static and interactive designs animations into quality code, effectively taking companies faster into production.

Famyo

• Founded In : 2023
• Founder : Karishma Seetharaman, Ritvik Raj
• Headquarters : Bengaluru 
• Sector : Technology, Information and Internet

Famyo works in the furniture space looking to expand into a wider range of home furnishing products designed exclusively for children, providing parents with thoughtfully curated options to create cohesive and joyful spaces.

Gape Labs

• Founded In : 2023
• Founder : Naren Budhwani
• Headquarters : Bengaluru 
• Sector : Gaming, Entertainment

Gape Labs is a technology company that aspires to create meaningful and memorable digital experiences that influence and touch millions of hearts. 

Numberlabs

• Founded In : 2023
• Founder : Mohammad Abbas, Harsh Narang 
• Headquarters : Bengaluru 
• Sector : AI and Finance

NumberLabs offers a comprehensive and robust technology stack that helps to extract insights from complex payments data that is typically hard to access.

NuMode

• Founded In : 2017
• Founder : Ayyapan Lakshmanan, Venkatesh Gopalaiah
• Headquarters : Bengaluru 
• Sector : B2B, Industrial Apparel 

NuMode specializes in work uniforms, workwear, and protective apparel. Customized polo for team, customized hoodies for offsite, comprehensive work uniform program for  businesses.

PiePay

• Founded In : 2023
• Founder : Utkarsh Murari, Rishabh Jain, Ajay Kumar
• Headquarters : Gurugram
• Sector : Digital Payment Solutions 

PiePay offers discounts, offers, deals, online shopping, credit cards, and credit card benefits in the digital payments solution space.

PlaySuper

• Founded In : 2024
• Founder : Upmanyu Chatterjee, Shouradeep Chakraborty, Abhir Das 
• Headquarters : Mumbai 
• Sector : Gaming 

PlaySuper, is into  mobile gaming and brand engagement using white-labeled SDK/API empowers Hyper-Casual, Casual, and Mid-Core game studios to enhance user retention, increase ad revenue, and unlock new monetization opportunities.

Propall

• Founded In : 2022
• Founder : Sanjeev Vashist, Aniket S Hegd
• Headquarters : Bengaluru
• Sector : B2B, SaaS

Propall is a B2B SaaS company built for architects and construction companies to generate hyper-realistic 3D walkthroughs of unbuilt real-estate instantly using AI.

Scoutflo

• Founded In : 2023
• Founder :  Kalpesh Bhalekar, Vedant Vyawahare
• Headquarters : Thane
• Sector : SaaS

Scoutflo offers an automated GitOps platform for deploying and managing open-source apps on Kubernetes, reducing DevOps dependencies.

 Selkea

• Founded In : 2024
• Founder : Abhishek Mishra, Varun Menon
• Headquarters : Bengaluru
• Sector : Compliance Automation 

Selkea.ai is a compliance platform that simplifies and automates compliance processes. It leverages advanced AI and machine learning technologies to help our clients stay ahead of ever-changing regulations

Supaboard

• Founded In : 2023
• Founder : Arita Ghosh, Subrajyoti Modak
• Headquarters : Bengaluru
• Sector : AI analytics

Supaboard helps businesses manage their data and generate dashboards and tools using plain English.

Trado 

• Founded In : 2023
• Founder : Shubhendra Gautam,  Adarsh Kumar,  Ashish Bedi, Vivek Yadav
• Headquarters : Gandhinagar
• Sector : B2B

Trado is a B2B trading company offering tools in the trading space for retailers.The current Trading Terminal has MTM Tgt/SL, One-click trades, Close All Position, Manual Tgt/SL, live MTM updates, predefined Auto Tgt/SL, automatic Limit and SL-Limit orders,  Order Slicing & instant market orders on options.

 Loomiz

• Founded In : 2024
• Founder : Manish Reddy Kethireddy, Gagan Sanghvi, Shanmukh Poladii
• Headquarters : Faridabad
• Sector : Fashion Manufacturing

Loomiz integrates technology and expertise to simplify  global fashion brands design and manufacture their products. 

Troak

• Founded In : 2023
• Founder :Ronak Dodiya, Ankita Banerjee 
• Headquarters : Bengaluru
• Sector : Entertainment and Media 

Trado is a platform for creating, discovering and playing interactive stories.

Zenma

• Founded In : 2023
• Founder : Sheena Khurana, Karan Khurana 
• Headquarters : Gurugram 
• Sector : D2C, Beverages 

Zenma is a manufacturer and supplier of frozen espresso shots designed to simulate the flavour of freshly brewed coffee.

The post Meet The 18 Startups Backed By 100X.VC In Its 12th Cohort appeared first on Inc42 Media.

In today’s evolving landscape of B2B sales, artificial intelligence (AI) copilots are emerging new tech for how companies approach sales strategies, customer interactions, and revenue generation.

These intelligent assistants are practical tools that deliver tangible value across sectors and create significant new business opportunities.

The Rise Of AI Copilots In Sales

The traditional B2B sales process has long been using manual work, people-based decision-making, and time-consuming research. AI copilots are systematically changing these old methods to introduce high efficiency, precision, and intelligence levels into sales workflows. 

These digital assistants utilise machine learning (ML), natural language processing (NLP), and predictive analytics for real-time insights, recommendations, and automation for sales people.

Primary Strengths Of AI-Powered Sales Tools

AI copilots bring a multipronged approach to sales enhancement:

1. Intelligent Lead Qualification: Unlike traditional methods that rely heavily on human judgment, AI copilots can rapidly analyse vast amounts of data to identify and prioritise high-potential leads. By examining historical conversion data, customer interactions, and behavioral patterns, these systems can score and rank leads accurately, ensuring sales teams focus their energy on the most promising leads.
2. Personalised Customer Engagement: Modern AI copilots go beyond generic communication. They can analyse customer data like previous interactions, buying patterns, and purchase history and generate personalised outreach plans. This level of customisation increases the likelihood of successful engagement and conversion.
3. Predictive Sales Forecasting: AI copilots can generate precise sales forecasts using market trends, past performance, individual customer behaviors, and external macroeconomic factors.

Streamlining Sales Operations

Integrating AI copilots is truly restructuring sales processes and workflows, introducing automation and intelligence that were previously not possible.

Automation Of Routine Tasks

AI copilots seamlessly handle repetitive tasks that traditionally consumed significant sales team hours. All the activities like scheduling meetings, sending follow-up emails, updating CRMs, and generating sales reports can be completed with minimal human intervention. This allows salespeople to redirect their focus toward high-value activities like relationship building and actual sales.

Enhanced Decision Support

AI copilots are becoming competent advisors who are providing real-time recommendations during sales processes. These systems can pull relevant details, suggest engagement plans, and recommend relevant products or pricing based on personalisation.

Insights And Competitive Advantage

The real power of AI copilots lies in their ability to convert raw data into strategic insights. These tools become smart in their analysis and recommendations by continuously learning from every interaction and sales data.

Competitive Intelligence

AI copilots can track market trends and competitor activities and provide granular insights that help businesses remain future ready. They can analyse pricing data, product positioning info, and customer sentiment data across multiple channels for a comprehensive understanding of the competitive landscape.

Continuous Learning And Adaptation

AI copilots are dynamic in nature and continuously learn and improve. Each prediction, recommendation, and interaction, successful or unsuccessful, becomes a data point that refines their understanding. This means that it will become progressively more intelligent and accurate over time.

Addressing Potential Challenges

While the potential of AI copilots is immense, effective deployment requires a strategic approach. Companies must invest in:

• Robust data infrastructure
• Clean, accurate, and comprehensive datasets
• Ongoing training and education
• Ethical AI rulebooks

The Human-AI Collaboration Model

It is essential to know that AI copilots are not replacements for human salespeople but augmentation tools. The successful deployment creates a symbiotic relationship where AI handles data processing and automation while humans focus on relationship building and creative thinking.

Wrapping Up

We can expect AI copilots to become even more sophisticated, and we are looking at a major shift in B2B sales regarding AI copilots. 

Embracing AI copilots is not just an option in today’s digital marketplace for businesses looking to remain competitive; it’s becoming necessary.

The companies that successfully integrate these technologies will be best positioned to succeed in the evolving landscape of B2B sales.

The post AI Copilots Shaping The Future Of B2B Sales appeared first on Inc42 Media.

Known for its rich religious customs, traditions and heritage, India has witnessed an exponential rise in the number of spiritual tech startups in the last few years. Not to mention, what has fuelled the ambitions of the nation’s new-age entrepreneurs to enter this fray is the country’s lucrative spiritual market, which is expected to grow at a CAGR of 10% until 2032 from $58.56 Bn in 2023.

A prime example of this transition was witnessed last year during the consecration of the Ayodhya Temple — the event that not only gave this industry a boost but also made spiritual tech startups form a beeline with their offerings, raking in double-digit growth.

While the consecration of the Ayodhya Temple gave this sector a renewed push, this year’s Mahakumbh, being held at Prayagraj after 12 years, is all set to give the sector yet another shot in the arm.     

To conclude on February 26, the Mahakumbh is a grand confluence of faith, culture, and tradition and attracts millions of pilgrims from around the world.

The Confederation of All India Traders (CAIT) forecasts the Mahakumbh Mela 2025 to generate over INR 2 Lakh Cr in revenue for Uttar Pradesh over its 45-day duration. Of this, around INR 17,310 Cr is expected from retail spending on essentials like food, lodging, healthcare, and religious items.

Therefore, everyone ranging from spiritual tech platforms like Sri Mandir, VAMA, AppsForBharat and Astrotalk to UPI giants such as PhonePe and Paytm and food delivery startups such as WAAYU and CHUK have come forward to claim their share.

Now, let’s dive deeper into understanding what this year’s Mahakumbh means for many of these brands, all while taking a closer look at how some of these players are capitalising on this unique event.

Mahakumbh: A Startup Gold Rush?

With the rise of digital platforms and the increasing importance of consumer engagement, brands are leveraging this event to connect with their consumers in a number of innovative ways. 

While legacy players like Dabur, HUL, and P&G have partnered with restaurants to promote their products, some of them have even stocked their offerings at women’s changing rooms and baby care spaces.

While PhonePe has launched insurance for pilgrims and special QR codes to simplify financial transactions, Paytm is offering enhanced convenience with payment options, complemented by cashback and reward campaigns.

Meanwhile, smart parking management startup Park+ is leveraging AI to help pilgrims prebook spots for their vehicles. The startup is also helping them with FASTag-enabled payments, EV charging stations, and 24/7 security. 

“Our AI solutions will monitor parking fill rates, identify traffic bottlenecks, and ensure seamless FASTag-enabled entries and exits,” said Amit Lakhotia, the founder & CEO, of Park+.

The Mahakumbh is also providing opportunities to over 50,000 SMEs, boosting local vendors and artisans and positioning the event as a significant economic driver.

However, spiritual tech startups are to steal the show. Take AppsForBharat for instance. Founded by Prashant Sachan, the startup has made spiritual journeys accessible to everyone through its app, Sri Mandir. 

The app allows users to create virtual temples, perform rituals, and even get Gangajal delivered to their doorsteps, making the Mahakumbh experience available to those who cannot attend it. 

Astrotalk is another spiritual tech startup, which is enabling devotees to seek guidance from spiritual experts remotely during the event.  

Meanwhile, newcomers are also leveraging the Mahakumbh. Three-year-old WAAYU is delivering sacred Mahaprasad to homes across India. 

By partnering with ONDC buyer apps like Paytm, Snapdeal, and DigiHaat, WAAYU is ensuring that people everywhere can participate in the spiritual offerings of the event.

“With the scale of economic activities likely to be generated from this 45-day event, marketers are gearing up in full force. This event also provides many startup and service providers the chance to step up and establish themselves,” said Harish Bijoor, a business and brand strategy expert.

The primary reason brands are capitalising on this massive event is the immense growth potential it offers, particularly in terms of increased sales, user acquisition, and overall brand visibility, he added.

Giving heft to Bijoor’s statement, the cofounders of WAAYU said that they are aiming for strong brand visibility during Mahakumbh 2025. 

“While monetary ROI isn’t a focus since the Prasad is offered at cost, branding opportunities and the goal of 1 Cr orders will significantly boost user acquisition for the WAAYU app,” the founders said.

Meanwhile, eco-friendly tableware brand CHUK has already experienced a surge in demand, with orders from the event accounting for 30% of its average monthly sales. “We expect this figure to grow as the event progresses,” said Pranay Pasricha, brand and marketing head at Pakka, CHUK’s parent company.

In line with the government’s initiative to make the Mahakumbh plastic-free, the startup is offering an eco-friendly and reliable solution for food service, helping reduce waste and promoting sustainability throughout the event.

The Mahakumbh Revenue-Making Machine

While the Mahakumbh, which started January 13, has already become a significant stage for spiritual tech startups, the accommodation and tourism sector is in for a bigger blast, followed by the food and beverages (F&B).

According to data shared by CAIT, the accommodation and tourism sector is projected to generate INR 40,000 Cr while the food and beverages industry is set to contribute INR 20,000 Cr. Similarly, religious items and offerings are also expected to yield INR 20,000 Cr.

Other than the aforementioned players expected to thrive during the 45-day event, several other brands and startups are poised to capitalise on Mahakumbh’s vast audience and cultural significance.

For instance, VAMA.app is expecting a 30-50% increase in app downloads and user engagement during the Mahakumbh. It already has over 2.5 Lakh transacting users on its platform. 

Founded in 2020 by Aacharya Dev, Himanshu Semwal, and Manu Jain, VAMA.app provides digital services such as e-pujas, e-darshans, and astrology. It has partnered with over 250 temples and has a network of more than 300 astrologers. 

Sri Mandir’s Sachan mentioned that based on historical trends and current engagement, they anticipate serving an additional 3 Lakh to 4 Lakh devotees via their online devotional services. He also expects a 40-50% increase in app downloads with devotees increasingly turning to digital solutions to connect with the spiritual event.

“Furthermore, we anticipate a 30-35% increase in revenue driven by our Mahakumbh campaign, reflecting the growing trust in our platform and its offerings,” he said.

From spiritual tech platforms connecting devotees digitally to eco-conscious brands championing sustainability, the Mahakumbh is not only the cradle of tradition but also the breeding ground for innovation and inclusivity. 

With enough opportunities for businesses of all sizes, the Mahakumbh proves that age-old traditions can thrive in harmony with modern entrepreneurship, ensuring a win-win for all.

[Edited by: Shishir Parasher]

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Despite showing signs of a funding revival, the Indian startup ecosystem is in a peculiar place now. Most of the capital has been raised by companies in the public markets, which skewed the mergers and acquisitions (M&As) market in 2024. But will this have any ramifications on startup M&As in 2025?

With only 71 such deals recorded in 2024, it was the worst year for M&A deals in the Indian startup ecosystem over the decade. The second-lowest number in terms of M&As in the last 10 years was 82 in 2020. Post this, there was a funding revival which spurred on consolidation in key sectors like edtech, digital media and entertainment, and ecommerce.

In 2022, for instance, the number of M&As in the Indian startup ecosystem shot up to 240, before halving in 2023 and then further falling in 2024 to the nadir.

But looking beyond that, startup M&As are likely to shoot up by 58% in 2025, as more and more listed companies flex their capital. Sectors that are expected to witness the most number of M&As include — AI, edtech, ecommerce and consumer services as well as fintech.

One of the key reasons is the fact that most companies are looking to integrate automation into their operations and become AI-first, even as they experiment with new distribution channels and new products. This includes listed giants like PB Fintech, Nykaa, Paytm, Zomato, Swiggy, Nazara, Zaggle among others.

These listed new-age companies are expected to flex their muscles and dictate the terms of the M&A market in the coming year.

Listed Giants To Pursue Strategic M&As In 2025

While the trend of distress sales or fire sales will likely continue for startups that have hit hard times, one new factor could very well emerge in 2025.

That’s listed new-age companies eyeing growth-stage startups with proven business models, and a measurable revenue boost. Sectors like fintech, enterprise tech, and consumer services are most likely to see this wave of established players acquiring startups either for the tech or to add new verticals. Which is where the QIP wave of 2024 gives us a hint or two.

In 2024, Zomato raised INR 8,500 Cr through a QIP, followed by Nazara’s INR 855 Cr preferential placement, and Zaggle which netted INR 595 Cr from its QIP. In 2025, we expect several such QIPs from the cohort of startups that went public between 2021 and 2023.

Listed companies in competitive sectors such as fintech and consumer tech segments prefer QIPs for fundraising as a means to reduce the regulatory and financial burden compared to options such as debt, secondary or rights issues. For instance, a QIP round would suit companies in competitive sectors such as Paytm or Nykaa, or even those like PB Fintech which are looking to expand into new segments.

Typically, such funds are allocated to new lines of business that came up after the public listing, such as acquisitions of adjacent or new verticals, investments in technology infrastructure (AI, in this day and age) or just for customer acquisition and brand-building for the long-term.

SaaS Startups, Edtech Consolidation On The Cards

The line between traditional SaaS and AI is fast blurring, as evidenced by the transformation seen by large SaaS giants such as Salesforce, Freshworks and Zoho. Other Indian SaaS companies are also busy integrating AI capabilities across their product suites to stay relevant in 2025.

In 2025, investors expect M&As to grow for sectors such as enterprise tech which are going through the AI churn and revolution. SaaS companies are shopping for tech capabilities, focussing on IP-led tech acquisitions. Watch for consolidation in areas like cybersecurity, cloud computing, and AI-enabled enterprise applications.

The edtech sector is also expected to be in for significant consolidation in 2025, with even unicorns likely to be acquired, particularly with continued speculation around Unacademy.

The market is maturing beyond the pandemic boom, and with the focus on sustainable business models, there’s little room for the splurging VC dollars as seen in the past. Watch for interesting combinations of online and offline models, particularly in test preparation and skill development segments.

The public listing of PhysicsWallah is also likely to be preceded by a few acquisitions, especially as the edtech giant continues its multi-product strategy.

Industry watchers expect more M&As to get through in 2025 as smaller startups become streamlined thanks to the adoption of AI models and after cost-cutting in key areas.

Analysts say that the bigger companies may keep an eye out for acquisitions in niche verticals as expansion will play out majorly in 2025. However, valuations may continue to see a big downward correction, relative to 2021-2022 numbers.

“Investors are now looking for real growth metrics in any edtech up for sale instead of vanity metrics like MAUs, DAUs. They also need a track record of financial discipline over the last couple of years rather than a sudden dip in costs,” according to a partner at a Delhi-based early stage VC firm.

Will Quick Commerce Giants Acquire Competition?

Vertical-specific quick commerce models are emerging as force breakers, with companies specialising in categories like fresh meat (Meatigo, Licious), medicines (Plazza, 1MG), fashion (Myntra, Slikk, Blip), food (Swiggy, Swish, Zing). While many of these platforms have the scale to sustain these quick commerce operations, several new startups will likely be at the mercy of VC funding to scale up.

Will investors back these new QC models or will these startups just become more acquisition targets for the giants?

Within QC, the focus for major players is shifting from customer acquisition to operational efficiency and sustainable unit economics either through the right product assortment or new categories.

It won’t be a surprise if some of this consolidation happens on the brand front if and when the delivery apps push for more private labels.

Dhruv Kapoor of Anicut Capital highlighted opportunities for vertical growth in quick commerce, where players could specialise in specific categories with streamlined supply chains for faster deliveries.

He noted that investors are now cautious, prioritising differentiation over more players in an already crowded market. This could lead to increased consolidation and new business models in the ecommerce space.

Plus, we can expect a tooth-and-nail battle in India’s metros for 10-minute cafe deliveries with Blinkit Bistro, Swiggy Snacc and Zepto Cafe. But other startups are also emerging, essentially turning the cloud kitchen model on its head by going logistics first.

Expect to see AI-driven demand mapping and automation in the kitchen being billed as moats for these apps. Some of these city-specific startups could fuel the next wave of M&As for well-capitalised giants in the quick commerce segment.

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Accelerator VC 100Unicorns and leading early stage investor Venture Catalysts together will host  the 6th Global Demo Day, also known as DDay, on February 11 to provide wings to several disruptive startups.

The DDay will feature 20+ startups from the portfolio of 100Unicorns and Venture Catalysts pitch their groundbreaking ideas to more than 1,000+ global investors with an aim to raise a cumulative funding of $100 Mn. The DDay has already garnered significant investor interest. Notably, 40% of the targeted fundraise has been subscribed.

The participating startups boast an impressive lineup of founders, with 55% being serial entrepreneurs or second-time founders bringing extensive experience from top-tier institutions like IITs, IIMs and held senior leadership at global MNCs among others. 

The upcoming edition will have a sharp focus on revenue generation and scalability. The presenting  startups are from nine diverse sectors, including enterprise SaaS, infrastructure, fintech, D2C, circular economy, and healthtech, with a specific focus on those leveraging artificial intelligence (AI). 

The past editions of DDay were big successes seeing participation from over 4200+ global VC firms, family offices, and institutional and corporate investors. 100Unicorns helped startups raise over $500 Mn across the previous editions of DDay. Success stories like Zypp Electric, BluSmart, and Renee Cosmetics showcase the platform’s ability to catapult promising startups into high-growth trajectories. 

Since Demo Days, Zypp Electric has raised a total funding of over $55 Mn to date from investors like ENEOS, Gogoro, among others. Meanwhile, BluSmart has raised an equity funding of about $136 Mn to date from investors like BP Ventures, Asia Climate Partners, responsAbility Investments, MS Dhoni Family office among others. Renee Cosmetics has raised about $48 Mn and counts names like Mensa Brands, Evolvence India, and Edelweiss Group among its investors. Other companies which participated in Demo Days include Presincto which was recently acquired by IBM, OTO Capital which raised over $10 Mn led by GMO Venture Partners and Charge+zone raising $108 Mn till date.

Zypp Electric has raised a total funding of over $55 Mn to date from investors like ENEOS, Gogoro, among others. Meanwhile, BluSmart has raised an equity funding of about $136 Mn to date from investors like responsAbility Investments AG, MS Dhoni Family Office, among others. Renee Cosmetics has raised about $48 Mn and counts names like Mensa Brands, Evolvence India, and Edelweiss Group among its investors.

The upcoming DDay is more than just a fundraising event. It will provide networking opportunities to the founders, allowing them to connect with prominent investors, receive mentorship from industry leaders, and potentially secure long-term strategic partnerships. With a focus on digital solutions and adaptability, these startups are well-positioned to navigate challenging economic landscapes.

Founded by Dr Apoorva Ranjan Sharma, Anil Jain, Anuj Golecha, and Gaurav Jain, 100Unicorns is the flagship fund of Venture Catalysts (VCats) Group, supported by over 10,000 angel investors and family offices. Since 2016, the group has incubated more than 400 startups. Over 90+ of its portfolio startups have provided exits with 3X to 80X returns within five years of inception.

“India is at an inflection point. Technological advancements, a burgeoning digital-first population, and a strong entrepreneurial spirit create a fertile ground for innovation. At 100Unicorns and Venture Catalysts, we are not just capital providers; we are active partners of strategic guidance and operational support to 20+ portfolio companies with the help of Demo Day 6. Our goal is to bridge the gap between India and the world, explore opportunities to co-invest with 1000+ leading global VCs, and provide access to international markets, talent, and expertise,” shares Dr Sharma.

Join the exclusive, invite-only Demo Day by 100Unicorns along with 1000+ global investors  by clicking here

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Ahead of National Startup Day, the Department for Promotion of Industry and Internal Trade (DPIIT) has held discussions to spur foreign direct investments (FDI) into the country. 

As per news agency PTI, the meeting was attended by representatives of various pension funds, private equity (PE) and venture capital (VC) firms. The two sides reportedly deliberated on various ways to increase foreign investment inflow into India. 

It is pertinent to note this is the second such meeting in recent weeks. Earlier this month, DPIIT officials also held discussions with various stakeholders, including law firms and industry chambers, on the matter of increasing foreign investments.

During the meeting last week, law firms urged the government to allow FDI in the inventory-based models of ecommerce platforms for online trade for export purposes only. This, the law firms, said 

Notably, the deliberations around FDI come barely two months after commerce minister Piyush Goyal directed ecommerce platforms to stick to the rule of the law on the matter of foreign direct investments. At the time, he also said that the country’s FDI norms were crystal clear for ecommerce players.

That said, foreign investments are key to India’s growth, especially the country’s burgeoning startup ecosystem. These investments help bring in much-needed capital for expansion, access to cutting-edge technologies, and opportunities to expand globally. 

On the flip side, global VC and PE firms are making a beeline to India to capitalise on the growing entrepreneurial wave in the country and acquire a pie of the growing Indian digital economy. As per reports, FDI accounted for nearly 36% of the total capital raised by Indian startups in the past decade. 

Overall, Indian startups continued to operate in the shadow of extended funding winter in 2024, although the situation was better compared to 2023. Homegrown new-age tech ventures raised $12 Bn across 993 deals last year, a 20% increase compared to the preceding year. 

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India is celebrating the National Startup Day today. An ode to the vibrant homegrown startup ecosystem, January 16 commemorates the day when Prime Minister Narendra Modi, in 2016, launched the Centre’s flagship ‘Startup India’ initiative. 

In nine years since then, the Indian startup landscape has grown to boast more than 1.59 Lakh startups, 118 unicorns, $158 Bn+ funding, and more than 35 publicly listed new-age tech companies. 

“The Indian startup ecosystem has undergone a remarkable transformation in the past decade… Access to funding has significantly improved, with the rise of domestic venture capital, angel investors, and global funds focussing on Indian startups. Additionally, incubation centres, accelerators, and skill development programmes have empowered young entrepreneurs across the country,” said Marut Drones cofounder and CEO Prem Kumar Vislawath.

Speaking with Inc42, Snapdeal cofounder and chairperson Kunal Bahl underscored the government’s role in building a supportive environment for startups through innovative infrastructure, favourable policies and financial support. 

While there is no dearth of statistics related to the meteoric rise of the Indian startups, what is generally left unsaid is how a multi-pronged government approach, from funding to regulatory push, under the Startup India scheme paved the way for the burgeoning startup ecosystem. 

One of the key pillars of the Startup India initiative is the funding and incentives doled out by both central and state governments to support budding ventures. A case in point are the Seed Fund Scheme and Fund of Funds for Startups (FFS) launched by the Centre, which have catapulted many small startups into the big leagues.

As per the Department for Promotion of Industry and Internal Trade (DPIIT), 213 incubators have been selected under the Startup India Seed Fund Scheme with a total corpus of INR 945 Cr. As of October 2024, these incubators had approved a total funding of INR 454.04 Cr for 2,490 startups.

Meanwhile, INR 11,148 Cr has been committed under the FFS scheme, which has translated to a total investment of INR 21,221.36 Cr in 1,165 startups as of 2024. On top of this, the Centre guaranteed loans worth INR 555.24 Cr to 235 startups under the credit guarantee scheme for startups, as of October 2024. 

Not stopping here, the Investor Connect Portal was also launched to bridge the gap between investors and budding entrepreneurs. The portal onboarded more than 7,132 startups and 126 investors as of October 2024. 

Another similar initiative and mentorship platform, MAARG (Mentorship, Advisory, Assistance, Resilience, and Growth), onboarded 1,749 mentors and 3,022 startups on its platform. As per the DPIIT, the platform has paved the way for 1456 “active mentorships”, translating into more than 16,187 hours of mentorship.

On top of this, there are multiple other steps taken by the Centre to streamline ease of doing business and reduce compliance burdens. The DPIIT estimates that 3,606 startups have so far availed tax holidays for three consecutive financial years within the first ten years of their incorporation.

Before the angel tax was scrapped last year, more than 9,187 DPIIT-recognised startups were exempted from paying taxes under Section 56(2) (viib) of the Income Tax Act. 

In total, the Centre claims to have undertaken 62 “reforms” under Startup India initiative to enhance the ease of doing business, raising capital, and reducing compliance burden. This includes enabling insurance agencies, non-government provident funds, and gratuity funds to invest in alternative investment funds (AIFs), thereby mobilising institutional domestic capital for the Indian startup ecosystem.

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Three years after the first National Startup Day in 2022, there’s a totally different mood in the air.

Back in early 2022, we had just emerged from the peak of startup funding in 2021, which created 42 new unicorns in India. Naturally, startups grabbed the attention of everyone after that boom. The first National Startup Day then was a time to celebrate.

This period of optimism led to towering valuations but was followed by two years of correction, and many of those very startups that flourished in the easy money environment have since failed to live up to the investor faith.

So in 2023 and even in 2024, the National Startup Day was more about reflecting than celebrating.

But these difficult years have led to the startup ecosystem shedding many of its bad habits. In fact, today, there’s an acknowledgement that building profitable businesses is the only way to go and backed by positive momentum on the IPO side, startups have truly turned a corner.

Policy has played a significant role in this — measures such as allowing confidential pre-IPO filings, easing rules for promoters and investors for shareholding periods and lock-ins, and more recently discussing the possibility of easing promoter shareholding limits to allow diluted founders to also make the most of the IPO momentum.

Having said that, we must also acknowledge that this momentum has not only come because of policy. Startup founders and investors have had to change their mindset in the past two years to make the most of this opportunity.

So this National Startup Day — the fourth edition of the marquee day on the national calendar — government and policy action must recalibrate and realign with the needs of the startup ecosystem for 2025.

As in the past, Inc42 is once again playing the role of moderator, forming the bridge between startups and policymakers. The Indian startup ecosystem stands at a critical juncture where the right push can be the tailwind needed for India to become a bigger force in the global tech scene.

To do this, six major focus areas need to be addressed this National Startup Day:

Time To Fix Startup Insolvency Woes 

BYJU’S and Dunzo — two of India’s most prominent startups for very different reasons, but both caught in an insolvency crisis that is a sign of how badly India needs to fix the laws around the bankruptcy and insolvency process.

If the Jet Airways case which had dragged on for years is any indication, insolvency and liquidation of assets is not as simple as following the letter of the law, but involves many moving parts and can take several months if not years to be resolved.

Even months after investors have written off assets, startups and their employees continue to be in limbo, with no clarity on any possible solutions. Dunzo and BYJU’S are just two examples of startups where thousands of employees have gone unpaid and where vendors have been left holding dues.

While the government makes it a point to celebrate the job creation by startups, perhaps it needs to address the more severe situation around employees not being paid salaries.

Startups have always had a high rate of failure. This is true even for Silicon Valley, but jobless talent in the West gets absorbed back into the ecosystem at a much faster pace than in India. While government policy cannot hope to accelerate this, re-employment programmes can be put in place to prevent talent drain out of India.

The Idea Of An Index For Listed Tech Stocks 

Zomato made it to the BSE Sensex 30 in 2024, but the wave of new-age tech companies — with over 30 listed in the share markets today — calls for a dedicated index on the BSE or perhaps even the NSE for tech stocks.

After India’s IT services industry boom in the late 90s and early 2000s, the BSE IT Index became an analogue for the tech sector in the country. But now’s the time for the product economy to be represented as an index that spotlights the progress of Indian startups.

Overall, the market cap of listed new-age tech companies touched $84 Bn or roughly INR 7 Lakh Cr at the end of 2024. This groundswell needs a dedicated index which would add a huge measure of maturity to Indian tech and truly signal the dawn of the post-services era.

Adding An IPO Track To Startup India Arsenal

The DPIIT’s Startup India platform has been a real revelation in terms of highlighting the various startup-specific funds, grants, policies and exemptions. This was what the first decade of Startup India needed.

But the times have changed. Now, startups are on the cusp of maturity and need more support on softer but more critical aspects such as diligence and governance, financial responsibility, social responsibility, and other areas that publicly listed companies need to focus on.

This has thus far not been a big concern for Startup India — naturally, given that startups have only now reached this maturity stage. But going forward, DPIIT’s enablement needs to have a strong view on accelerating the maturity of startups to meet the expectations of the industry.

Snapdeal cofounder Kunal Bahl believes that India will have 2,500 listed startups by 2050. That’s a long way away, but it’s not a point India can reach without the right stimuli. The first stimulus needs to come today.

Channel The Reverse Flipping Sentiment

Regulatory hoops and taxes are the bane of startups looking to reverse flip to India, and we know that scores of unicorns would readily redomicile to India if some of these hurdles were cleared.

An increasing number of new-age tech companies domiciled abroad are now queuing up to return home as they look to capitalise on the boom in India’s economy, access to a bigger pool of investors, better initial public offering (IPO) prospects, and favourable government policies.

It is pertinent to mention that Walmart-backed PhonePe became the first major new-age tech company to shift its domicile back to India in 2022. However, the reverse flip cost a fortune as PhonePe’s investors had to pay INR 8,000 Cr to the Indian government.

Similarly, investors of Groww suffered a tax hit of INR 1,340 Cr in the US when the fintech unicorn returned home last year.

Amid the IPO boom, ecommerce giant Flipkart, fintech unicorn Razorpay, quick commerce unicorn Zepto and fintech company Pine Labs are eyeing redomiciling in 2025, ahead of their eventual public listings. Besides this, the list of hopefuls includes Mensa Brands, Udaan, Eruditus, CleverTap, and Freo, but many of these are considering all their options given the high tax implications and other compliance burdens.

To its credit, the Indian government removed some hurdles in the way, which has allowed companies to fast-track reverse flipping processes. But more can be done to ease the journey.

According to Inc42’s annual investor survey for 2024 “The Pulse Of Tech”, 78% of the over 75 surveyed investors said that access to the Indian public markets is the primary reason behind the ‘reverse flipping’ trend in the startup ecosystem.

Up to 33% of surveyed investors believe that lower operational costs are motivating startups to join the reverse flipping parade. While investors credited improvements in ease of doing business as a driving force, many believe that tax exemptions or deferrals could be brought in place to improve this further.

AI & Semiconductor: Focus On Homegrown Tech, Not Big Tech

Nvidia, TSMC, OpenAI, Google, Microsoft — the engines of the AI age are eerily similar to those that drove the age of the internet before that.

In the Indian context, stakeholders have called for a bigger spotlight on homegrown startups and innovation in AI — particularly on the infrastructure side — and semiconductor design and development. Many believe that India cannot let slip the opportunity to shape its own future in these critical areas that form the pillars of deeptech and frontier tech.

EaseMyTrip cofounder and CEO Rikant Pittie believes that while partnerships like Nvidia-Reliance will change the game, additional government push is a must to build India-first, AI-first infrastructure.

He also called for “grants, tax breaks, and procurement incentives” for startups to stay competitive at a global level. Promoting local manufacturing by incentivising design and research within the country, could reduce reliance on foreign tech, Pittie added in a recent interaction with Inc42.

Earlier, union minister for electronics & IT Ashwini Vaishnaw had said that a digital public infrastructure (DPI)-based approach for AI development in India would be the best way forward.  “For AI, we are taking the digital public infrastructure approach and will be investing in creating a public platform. Through this everyone will have access to high quality data sets, protocols, legal frameworks and compute power,” Vaishnaw said in July 2024, revealing plans to invest in AI computing infrastructure with 10,000 or more GPUs through a public-private partnership.

But this still does not answer the question of how India can play a more significant role in the global AI dynamics, where a lot more clarity is needed in terms of the planning and the execution. The IndiaAI Mission has a huge task ahead of it when it comes to answering these questions in the years to come, and no better time to start than now.

Clear The Backlog: Social Security Code, Ecommerce Policy

It’s hard to talk about policy without bringing in what’s been pending for years. Gig workers run some of the most prominent new-age tech giants, but the Social Security Code has been in cold storage ever since it was announced.

A similar fate has befallen the much-delayed ecommerce policy. Both these individual pieces of legislation will have deep implications on platform companies and the aggregator economy. The rise of quick commerce has complicated the situation further and muddled the lines between ecommerce marketplaces and retail businesses.

The first contours of the government’s policies for ecommerce and quick commerce in particular will likely be seen in 2025.

Then we have the much-awaited AI regulations, which will have deep ramifications for all companies in the near future. While the DPDP Act came into effect in 2023, everyone acknowledges that it will be a work in progress. The same can be said for AI regulations, and at the moment, the industry has sought a self-regulation environment to protect AI innovation.

The criticality of data in AI means that we have not even begun to scratch the surface of how AI regulations will intersect with the DPDP Act.

But before we get to these more complicated areas of policymaking, it’s pertinent to create the right framework for digital commerce and platform economy to cover the more fundamental aspects of businesses in this space.

Ecommerce policy has always been a bit of a chaos in India with Press Notes and disparate acts governing how businesses are run. For the past half a decade, stakeholders have asked for a unified policy governing the entire digital commerce value chain. Bringing this into play in 2025 will definitely be a gamechanger for ecommerce, which underpins several other sectors.

The post National Startup Day 2025: A Time To Recalibrate For The IPO Age appeared first on Inc42 Media.

It was 2015 and the word “startup” wasn’t cool. That year on Independence Day (August 15), Prime Minister (PM) Narendra Modi announced the ‘Startup India’ initiative to encourage entrepreneurship among the youth of India. 

Months later on January 16, 2016, the action plan for the scheme was laid down and the roadmap was created to make the country a startup powerhouse and create a conducive ecosystem for entrepreneurs. 

Nine years later, as we celebrate the National Startup Day, India has bloomed into the world’s third-largest startup ecosystem, which, as per Inc42 data, has raised more than $158 Bn+ funding between 2014 and 2024.

As per government estimates, India is home to more than 1.59 Lakh Department for Promotion of Industry and Internal Trade (DPIIT)-recognised startups that have created 17 Lakh+ jobs in the country. 

These startups encompass more than 56 sectors, including IT services, healthcare and life sciences, education, agriculture, construction, among others. 

However, what is fascinating is that the startup fever has not remained within the walls of India’s biggest cities but has percolated to smaller towns as well. As per DPIIT data, more than half (51%) of the DPIIT-registered startups in India are from non-metro cities

“More and more startups coming from non-metro cities is a promising sign of India’s entrepreneurial potential. Cities like Jaipur, Indore, Coimbatore, Vadodara, and Surat offer cost-effective talent and opportunities for startups to grow. Meanwhile, government-led incubator  programs like T-Hub in Telangana provide significant support to startups, unlocking trillions of dollars in value and reshaping India’s entrepreneurial landscape,” said Murali Bukkapatnam, chair of non-profit TiE’s global 2025 board of trustees. 

India is also third in the world in terms of the number of unicorns. As per the DPIIT, the number of billion-dollar valuation companies in India have soared 13X in the past decade to 118 in 2024 from a mere eight in 2015. 

These unicorns are cumulatively valued north of $354 Bn, showing the might of the new-age tech ventures that have emerged from India in the past decade. 

That said, both central and state governments’ push for local startups goes much beyond just numbers and tall speeches. More and more states now view startups as enablers of job creation and shoring up demand. 

For instance, just four states had dedicated startup policies in 2016. This number has grown to 31 states and union territories (UTs) today, offering a window into how startups have found favour with top authorities and regulatory bodies. 

Beyond the policy push, the Centre has also onboarded many startups on platforms like Government e-Marketplace (GeM) to streamline its procurement and offer them a platform to sell their offerings directly without middlemen. As per the DPIIT, 27,208 of the 1.59 Lakh recognised startups have listed themselves on GeM and have delivered 3.53 Lakh orders worth INR 30,825 Cr as of October 2024. 

On top of this, nearly half (48%) of the DPIIT-recognised startups have at least one woman director.

While the past decade has been nothing short of remarkable, India’s top founders see much scope for improvement. 

Moglix cofounder and CEO Rahul Garg told Inc42 that favourable policy and capital enablement, as well as crackdown on misuse of new-age technologies, would be pivotal to the further growth of Indian startups, especially AI-focussed, in the near future. 

Meanwhile, EaseMyTrip cofounder Rikant Pittie said that the Centre should focus on streamlining regulatory frameworks and reducing compliance burdens, which will allow startups to operate more efficiently.

The post National Startup Day: Decoding 9 Years Of ‘Startup India’ In Numbers appeared first on Inc42 Media.

As India celebrates the 9th anniversary of Startup India and the fourth edition of National Startup Day announced by Hon’ble Prime Minister Narendra Modi, we at Inc42 are more than proud to announce — Griffin Retreat — a gathering of 100 unicorn and soonicorn founders for the first time in India.

It feels like just yesterday that India’s startup ecosystem was taking its first tentative steps. The year was 2014 — a time when the landscape was modest yet brimming with promise: 25,000 startups, 7 unicorns, $5 billion in funding, and just 3 publicly listed new-age tech companies. It was the dawn of an era, and we at Inc42 were there, witnessing the ecosystem come alive, documenting its journey, and amplifying its voice.

Fast-forward to 2025, and the transformation is nothing short of extraordinary. India now stands as a global startup powerhouse, with over 70,000 startups, 118 unicorns, $158 billion in funding, and more than 35 publicly listed tech companies.

Over the past decade, India’s startups have redefined industries, created millions of jobs, and reshaped the economy. Yet, building a unicorn is only the first chapter of this story. The greater challenge lies in sustaining growth, navigating public markets, and creating legacies that endure.

Today’s founders stand at a critical juncture, where scaling ventures must be paired with resilience, foresight, and the ability to lead with purpose.

At Inc42, we’ve been privileged to be at the heart of this transformation. From hosting impactful summits to curating tailored content and programmes, we’ve empowered thousands of entrepreneurs to navigate through challenges and contribute to India’s digital revolution. But the next leg of this journey requires a systemic change.

Consider this: The world’s largest economy, the United States, has 773 listed tech companies with a combined market cap of $21 trillion, which accounts for 40% of the total market cap of all listed US companies. In contrast, listed tech companies in India account for just 2% of the total market cap — a clear signal of the untapped potential.

Now, imagine the possibilities by 2030…

An ecosystem with over 200,000 startups, more than 350 unicorns, and 250+ publicly listed companies contributing a remarkable 10% of India’s $10 trillion market cap. This isn’t just a dream — it’s a vision we are all set to realise.

Achieving this vision demands more than just ambition; it requires building a robust pipeline that transforms private ventures into public market leaders.

At Inc42, we believe this is where India’s startup ecosystem is headed, and we are here to accelerate its journey toward a $1 trillion digital economy.

Griffin Retreat is where this journey begins…

Unfolding The Next Chapter Of India’s Tech Story

Taking a company public is one of the most complex transitions a founder can navigate. It’s not just a financial milestone, it’s a fundamental shift in how you lead, scale, and sustain growth.

Griffin Retreat is designed to address this head-on.

Picture this: 100 of India’s most ambitious unicorn and soonicorn founders converging for 3 days at The Oberoi Amarvilas, a stone’s throw from the Taj Mahal. By day, they’ll engage in personalised conversations and closed-door discussions about navigating IPO roadshows, managing analyst expectations, and creating value for retail investors. By night, they’ll forge deeper connections over secret suppers and unparalleled experiences under the stars.

These aren’t theoretical exercises; they’re grounded in real-world experience. Griffin isn’t about broad, generic advice — it’s about tailored, actionable insights that meet founders where they are.

At Griffin Retreat, every breakout is personal and the goal is clear — to equip founders not just to survive the transition but to thrive in public markets.

When we envisioned Griffin Retreat, we weren’t thinking of just another gathering. We wanted to create a sanctuary — a space where founders could shed the burdens of constant decision-making, connect with peers who understand the weight of leadership, and rediscover the joy of building something that matters.

We saw this magic when 60+ D2C & Modern Retail founders came together at The D2C Retreat by Inc42 at Oberoi Wildflower last year.

The griffin, a mythical creature with the body of a lion and the head of an eagle, became our symbol. Strength and courage meet vision and wisdom. It’s the embodiment of what founders need to become as they lead not just companies but entire industries.

Griffin isn’t about unicorns — it’s about what comes after. It’s about building legacies…

Why Founders Need Griffin

Being a founder is a paradox. You’re surrounded by people — your team, your investors, your customers — yet the journey often feels isolating. The pressure to lead, to decide, to deliver never stops. Griffin Retreat offers a rare pause.

Here, founders will find their peers — not as competitors but as collaborators. Imagine a conversation where a founder who’s taken their company public shares their playbook with someone just embarking on the journey. Or a breakout session where leaders discuss the nuances of building a CXO bench that can scale with the company. These aren’t panels; they’re personalised, peer-driven conversations where the stakes are real and the outcomes are actionable.

Griffin Retreat is where this vision takes root. The ideas, partnerships, and collaborations sparked here will ripple across the ecosystem, fuelling growth, creating millions of jobs, and contributing significantly to India’s GDP.

Why Agra? There’s a reason Griffin Retreat is taking place in Agra, with the Taj Mahal as its backdrop. The Taj isn’t just a monument, it’s a testament to vision, craftsmanship, and execution. Its enduring legacy is a reminder that bold ambitions, paired with relentless action, create history.

What Awaits at Griffin Retreat?

Griffin Retreat isn’t about pitches or superficial exchanges. Griffin Retreat is designed for depth, not breadth. It’s about creating a space where trust flourishes and meaningful connections form. Over three days, India’s most visionary founders will:

• Engage in Closed-Door Dialogues: Candid, confidential conversations about the realities of going public, from regulatory compliance to market positioning.
• Collaborate in Tailored Breakouts: Sessions curated to address the specific needs of founders, whether it’s managing boards, building resilient CXO teams, or preparing for the public markets.
• Immerse in Unique Experiences: Beyond the boardroom, founders will connect over wine tastings, secret suppers, and reflective moments inspired by the Taj Mahal.

This isn’t networking; this is building a tribe..

An Invitation to India’s Visionaries

Griffin Retreat is more than an unconference — it’s a moment to reflect, reset, and reimagine. It’s a space where founders can step away from the noise of daily operations and focus on the bigger picture: the impact they want to create and the legacy they want to leave.

This is your invitation to join a community of leaders who are not just building companies but shaping industries. To find your tribe. To embrace the role of architect for India’s digital future.

Because while unicorns inspire, Griffins lead — and the future needs leaders like you…

The post Announcing Griffin Retreat: 100 Unicorn & Soonicorn Founders, A Trillion Dollar Dream appeared first on Inc42 Media.

As India celebrates National Startup Day this year, there is much to be proud of. With over 99,000 registered startups and an ecosystem valued at $500 Bn, India has been recognised as the third-largest startup hub in the world. 

But the true power of our entrepreneurial ecosystem is in its potential to catapult the country into a more equitable era. It lies in the growing number of startups that are harnessing technology to solve India’s most pressing social challenges; founders who are choosing to build innovative solutions to pervasive problem statements within education, healthcare, climate action, and livelihoods.

These mission-driven startups are beginning to reshape our country’s social narrative by prioritizing meaningful impact at scale while building enduring and sustainable organisations. 

Transforming Education & Livelihood Opportunities 

Education is a significant gateway to better employment opportunities and given increased digitisation, skilling the rural populace for enhanced livelihoods needs dedicated focus as well. Startups like Rocket Learning, Vidyakul, and Frontier Markets are addressing the gaps at different levels of the value chain. 

Rocket Learning has created an AI-powered Whatsapp solution that enables low-income parents as well as Anganwadi teachers to support early childhood education. They have integrated this solution into the public education system in 10 states to impact 3 million children as well as 1.5 lakh Anganwadi workers and have been transforming how foundational learning is approached in underserved communities.

On the other hand, through their affordable mobile app, Vidyakul provides vernacular digital learning content for 9th to 12th grade state board students in small towns, thus democratizing access to high-quality education. Now equipped with an AI-led doubt solver, their platform has reached over 2.5 million students and 80% of their learners in 2024 cleared their board examinations with first division, illuminating their path towards better opportunities.

Frontier Markets takes tech for good a step further by empowering rural women to become local entrepreneurs through the My Saheli app, enabling them to sell essential goods and services in their communities while earning additional income. Till date, they have trained over 35,000 women across 5,000 villages in 3 states and helped generate INR 2 billion in cumulative additional income for such micro entrepreneurs. 

Revolutionising Access To Affordable Healthcare 

Healthcare inequity continues to challenge millions of Indians, particularly in low-resourced rural and remote areas. Startups like Khushi Baby, Atom360 and Wysa are blending cutting-edge technology with an impact-led approach to ensure that quality healthcare remains an accessible human right. 

Khushi Baby’s Community Health Integrated Platform (CHIP) streamlines digitised health records across primary healthcare programs, which allows health workers to focus on caring for underserved communities while providing public health officials with hyperlocal insights to make informed decisions. Having onboarded 75,000 community health workers and impacting over 46 million people across 40,000 villages in Rajasthan, they are now building CHIP as an open source Digital Public Good for other states.

Atom360 on the other end is tackling the burden of oral cancer among low-income communities by developing an app-based solution that utilises AI to analyse oral cavity images, to enable early detection in hard-to-reach areas. Easily operable by community health workers, their solution demands minimal training and has helped detect 150 early stage cases within 1 year, at an extremely

low cost of less than Rs. 100 per screening. And in a country where almost 200 million people require mental health assistance but only a fraction receive it, Wysa recently launched a vernacular version of its advanced conversational AI chatbot for mental health in Hindi that leverages cognitive behavioural therapy to address issues like anxiety and depression.

This solution, which will also be available on Whatsapp, aims to ensure access to affordable, stigma-free and privacy-aware mental health services in underserved regions, particularly Tier 2 and Tier 3 cities across India. 

Driving Innovation For Outsized Environmental Impact 

India’s commitment to achieving net-zero emissions by 2070 demands scalable solutions. Startups like Indra Water, Solinas Integrity and Cancrie are tackling environmental challenges with rapid innovation, infusing hope for a greener future for the generations to come. 

Indra Water has treated 2.5 billion litres of industrial wastewater and abated 1800 tons of GHGs till date using its electrocoagulation technology, designed to treat forever chemicals in water in a decentralised manner and at the point of source. Their solution recovers up to 99% of water for reuse while enabling faster treatment time, 25% less energy consumption, and 30% lower overall treatment cost.

As they make climate-friendly operations a cost-efficient reality for industries, Solinas Integrity is addressing India’s burgeoning water crisis at the municipal level with their robotic solutions that have saved over 29 million litres of water through water pipeline inspections across 12 cities. They’re now building a robot that can enable the end-to-end inspection as well as cleaning of sewer pipelines to prevent water contamination at source and improve sanitation infrastructure.

On a different plane, Cancrie is using coconut husk waste to create advanced nano carbons which are used on battery electrode plates and increase the battery efficiency by 125%. As on date, they have processed 1,330 kgs of agri-waste, which would otherwise have been burnt to cause air pollution, and helped abate 4.3 MT of carbon, addressing a major environmental challenge. 

The Road Ahead For India’s First Wave Of Social Unicorns 

These examples are not isolated; they are but a few of the many examples of social startups that are addressing traditional barriers in creative ways, paving the way for a better future. 

India’s burgeoning impact ecosystem reflects a broader trend: the rise of startups that prioritize social outcomes without compromising on scalability or sustainability. While the term ‘unicorn’ has traditionally been associated with startup valuations, India is now on the brink of witnessing its first generation of ‘social unicorns’ – startups that achieve significant social impact at scale – and the potential they hold is enormous.

A NASSCOM report highlights that the social impact startup sector in India has the capacity to attract investments of up to $3 Bn annually by 2030. These funds, in addition to ecosystem support, could not only help accelerate the pace of change but also inspire more founders to build for Bharat at an unprecedented scale. 

As we celebrate National Startup Day, let’s shift some of the spotlight to these impact-driven innovators. Ecosystem stakeholders must collaborate to create enabling policies, provide patient capital, and amplify mentorship opportunities for social startups. By nurturing this new wave of social entrepreneurs, we can ensure that innovation serves the many, not just the few and in doing so, we will not only celebrate our startup ecosystem’s global stature but also its profound potential to uplift millions of lives. 

The post National Startup Day 2025: The Dawn Of India’s Social Unicorns appeared first on Inc42 Media.

With the fourth edition of the National Startup Day this week, there is a lot to unpack, from achievements of the Indian startup ecosystem to the “to-do list” for the next few years. Since the unveiling of Startup India back in 2015, the ecosystem has seen a tremendous jump in the number of startups as well as funding, with the number of recognised startups now nearing the 1.6 Lakh mark.

The centre has evidently been bullish on bolstering the growth of these startups with various initiatives, facilitating startups with funds, simplified compliance and collaboration.

These initiatives include the Fund of Funds for Startups (FFS) with an allocation of $1.4 Bn to boost early-stage fundings, followed by Startup India Seed Fund Scheme and the Credit Guarantee Scheme. 

Discussing the role of policies in transforming the Indian startup landscape, EaseMyTrip founder Rikant Pittie told Inc42, “Together, these policies are not only driving growth but also inspiring entrepreneurs to build a brighter, innovation-driven future.”

He added that the Department for Promotion of Industry and Internal Trade (DPIIT) recognition for startups has also contributed in this growth trajectory by “simplifying compliance, offering tax benefits, and fast-tracking intellectual property rights, allowing startups to prioritise innovation.

Looking Ahead, This National Startup Day

The past decade has seen policy frameworks shaping the journey of Indian startups. In the Union Budget of 2024-25, finance minister Nirmala Sitharaman abolished angel tax, finally clearing a big hurdle for Indian startups. Besides this, the government has looked to encourage investments in spacetech, semiconductors and AI development in 2024.

While all these policies and even the ones from previous years have strengthened the startups in India, there are many challenges which stand unanswered. Pittie told Inc42 that startups in India continue to face compliance burdens which hinders their growth.

Indeed, one of the core objectives of the Startup India mission is to reduce the compliance burden, but startups continue to face such challenges, even as they laud government efforts, including the National Startup Day.

Talking about the necessary policy changes, Pittie added, “A key priority is streamlining regulatory frameworks. Simplifying regulations and reducing compliance burdens will allow startups to operate more efficiently.”

Additionally, the EaseMyTrip CEO put emphasis on sector-specific funding programs. It is pertinent to note that in 2024, the central government focused on empowering sectors like deeptech and spacetech by allocating funds, liberalising FDI policy and planning to launch sector-specific policies.

With initiatives like Open Network for Digital Commerce (ONDC), startups have got an opportunity to expand their customer base and collaborate with a government-backed product. 

“Policymakers should also encourage public-private partnerships to build robust ecosystems for startups. Events like the ONDC Startup Mahotsav highlight how collaboration can unlock opportunities and support growth,” added the EaseMyTrip cofounder.

Safeguarding Indian Tech With Infrastructure 

Majority of the Indian startups capitalise on their tech. As per the Inc42’s ‘Indian Tech Startup Funding Report 2024’, homegrown tech startups bagged more than $12 Bn in funding during the year. These startups are not only promoting competition amongst themselves but are also challenging the tech majors across the world. 

Pittie shares that these startups need more funding and supportive infrastructure to keep them rooted in India. Last year, US-based chip giant Nvidia announced a partnership with Reliance to build AI infrastructure in India.

Additional government push on infrastructure will enable tech companies to stay competitive at a global level by “more grants, tax breaks, and procurement incentives.”

While such ẻnablement can help startups in overcoming many barriers and safeguarding their innovation, India is also putting efforts in establishing itself as a manufacturing player to avoid dependency on other countries. Promoting local manufacturing by incentivising design and research within the country, could reduce reliance on foreign tech, Pittie said.

For instance, a few days earlier, commerce minister Piyush Goyal announced the launch of the ‘Bharat Cleantech Manufacturing Platform’ to unify stakeholders from private and public sectors. 

Apart from core tech, EaseMyTrip founder highlights the importance of maintaining a balance between AI innovation and data protection. 

He recommends a risk-based regulatory framework for AI which promotes transparent and explainable AI systems. On the other hand, Pittie strongly believes that “a solid data governance framework will safeguard user privacy while supporting AI growth.”

The post National Startup Day: EaseMyTrip’s Rikant Pittie Calls For Sharper Focus On AI Infrastructure appeared first on Inc42 Media.