Kotal Alternate Asset Managers (Kotak Alt), has made the first close of its life sciences fund at INR 250 Cr (around $29 Mn).

The fund, with a target corpus of INR 1,600 Cr (around $185 Mn), has seen participation from family offices, UHNIs (ultra high net worth individuals), industry veterans and other institutions.

The fund will invest in early to growth stage startups operating in the life sciences space which includes medical devices, digital health, consumer wellness, diagnostics and delivery, Kotak Alt said in a statement.

In the past two years, the Kotak Mahindra Group’s alternative assets management entity has invested a total of INR 4,000 Cr in the healthcare sector. Along with financial backing, it also aims to lend support to selected startups in differentiating themselves from other players in the market.

“Life sciences is a core sector where the firm deploys capital across the lifecycle of the company i.e. early, growth and late stage,” said Ashish Ranjan, director private equity at Kotak Alt.

Founded in 2005, Kotak Alt claims to have raised and managed a total of over $22 Bn across various asset classes such as private equity, real estate, infrastructure, special situations, private credit and investment advisory.

In September last year, the investment firm backed D2C nutrition startup Nutrabay which raised $5 Mn and also participated in the $5 Mn Series A funding round of Biotech startup Ahammune Biosciences.

Kotak Alt’s healthcare and life sciences fund was incorporated in 2018 and till date it has made a total of 19 investments through that fund, according to its website.

The development comes close on the heels of many venture capital firms marking close of their  funds in the recent past.

Two days back, Bharat Value Fund announced the first close of its third investment fund at INR 1,250 Cr with a target corpus of INR 2,500 Cr to back resilient and asset backed businesses in multiple sectors.

Early this week it was reported that Sify Technologies is aiming to invest $5 Bn in India over a period of five years to build smaller AI inferencing facilities in 20 tier-II cities.

Moreover, last week Cornerstone Ventures also announced the first close of its second fund, which has a target corpus of $200 Mn, at about $40 Mn to back innovative B2B technology startups.

The post Kotak Alt Marks First Close Of Its Life Sciences Fund At INR 250 Cr appeared first on Inc42 Media.

The Centre has proposed draft guidelines for ecommerce platforms, mandating self regulation measures to protect consumers from fraudulent practices in rapidly expanding online shopping space.

The draft guidelines titled ‘E-commerce-Principles and Guidelines for Self Governance’ were prepared by the Bureau of Indian Standards (BIS) under the supervision of the food and consumer affairs ministry, seeking stakeholders comments by February 15.

“…the rise of e-commerce has introduced new challenges, particularly in terms of consumer protection and trust. The importance of clear and effective rules and norms for self-governance in e-commerce cannot be further emphasized in this context,” the draft said.

The framework introduces three-phase principles covering pre-transaction, contract formation, and post-transaction stages for e-commerce operations.

Pre-transaction requirements

Under this, the businesses should conduct thorough  KYC of business partners, especially third-party sellers. The draft also mandates detailed product listings which includes title, seller contact details, identification number, and picture and videos to help consumers assess product utility and features. 

Contract formation

To maintain transparency, all ecommerce startups must record consumer consent, enable transaction review, and maintain transparent policies for cancellation, returns, and refunds, the draft outlined. 

For secure and fair payment practices, it would be compulsory for all ecommerce platforms to have multiple payment options which includes credit/debit cards, mobile payments, e-wallets, and bank transfers. 

For imported goods, platforms must display importer, packer, and seller details prominently. During contract formation, platforms must record consumer consent, enable transaction review, and maintain transparent policies for cancellation, returns, and refunds. The proposed rules also mandates secure payments by having payment systems with encryption and two-factor authentication. Moreover, cash-on-delivery must be processed as per consumer preference.

Post transaction

According to the draft, the platform will need to specify clear timelines for refunds, replacements, and exchanges, and have separate provisions for fake products. The proposal also implies to prohibit the sale of banned products. 

Before a seller is onboarded, the ecommerce company will have to prepare and share a list of banned products along with seller onboarding. 

Apart from the above suggestions, the draft also outlines general rules which includes having fair business practices, providing no favours to any particular seller on the platform. In case the ecommerce entity has a promotional contract with any brand, it should be clearly mentioned for the consumers to know. 

The development comes at a time when marketplace giants Amazon and Flipkart are at loggerheads with the Competition Commission of India (CCI)  where the former has alleged the companies are involved in anti-competitive practices. 

Moreover, the Confederation of All India Traders (CAIT) also said that both companies have been bypassing regulations by using proxy sellers to control inventory and dominate listings on their platforms. 

It also stated that such sellers benefit from reduced fees and exclusive product launches, while independent traders are burdened with significantly higher charges, distorting the competitive landscape.

The post Govt Issues Draft Guidelines To Make Ecommerce More Accountable appeared first on Inc42 Media.

In an effort to tackle the issue of growing urban congestion, the civil aviation ministry is reportedly exploring to set up a regulatory sandbox for fostering advanced electric air mobility solutions in India.

“Our doors are open to promote and support advanced air mobility,” civil aviation secretary Vumlunmang Vualnam was quoted as saying in an ET report.

He was speaking at the International Conference on Air Mobility held in Greater Noida.

The centre expects that the move will help in advancing the efforts in the research and development of advanced mobility solutions and also develop new solutions for the future.

As per the report, officials at the Directorate General of Civil Aviation (DGCA) have already started visiting potential field sites which can be used for trials and other activities related to advanced air mobility testing.

The regulatory body has also set up six working groups related to various aspects of advanced air mobility.

Currently, the country is exploring the work done by other countries such as the US, European Union, Singapore and Dubai in the area of airspace management, infrastructure development and regulatory framework for advanced air mobility.

This month itself, air mobility startup The ePlane Company partnered TCS to develop electric air mobility solutions for passenger and cargo transportation.

Two months ago, the startup secured $14 Mn in its Series B funding round, to obtain global regulatory certifications and advance its commercialisation plans. The startup develops eVTOL (electric Vertical Take-Off and Landing) aircraft and related solutions.

Back in 2023, BluJ Aero also bagged more than $2 Mn for developing a vertical take-off and landing (VTOL) aircraft powered by hydrogen fuel cell technology.

According to a PwC report, there are close to more than five companies in India operating in developing eVTOL aircrafts and more than 20 all over the globe.

eVTOL are powered by electric motors instead of conventional combustion engines and takes off from ground vertically similar to a helicopter.

The post Govt Planning Regulatory Sandbox For Advanced Electric Air Mobility Solutions 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.

Pre-IPO investment opportunity focussed Bharat Value Fund has announced the first close of its third investment fund at INR 1,250 Cr (around $144 Mn).

The fund, with a target corpus of INR 2,500 Cr (around $289 Mn), includes a greenshoe option of INR 1,000 Cr and is expected to be closed by mid this year.

The fund is being managed by The Wealth Company Pvt Ltd (erstwhile Pantomath Capital Management Pvt Ltd).

In a statement, Bharat Value Fund claims to have marked the first close of its third fund within 45 days while building on its fund raising trajectory.

It aims to allocate the raised capital across various sectors and also plans to invest in resilient and asset backed businesses.

Through BVF, the fund will target mid-market, high-growth enterprises with revenues between INR 300 Cr and INR 1,000 Cr, the statement added.

“Such businesses are often rooted in Tier II and III cities and are strategically positioned for scale, profitability and value creation,” it said.

“The Wealth Company is committed to fostering India’s mid-market growth through strategic investments and active ownership,” said Madhu Lunawat, managing director at the company.

BVF has raised a total of INR 3,000 Cr across its Series 2 and Series 3 fund raise and claims to be one of the fastest growing alternative investment funds.

Also the fund will have a structured exit strategy which includes IPOs within 30-36 months, while offering alternative paths such as private equity investment and mergers and acquisitions.

It is pertinent to note that last week, the VC reportedly invested 161 Cr (around $18.6 Mn) in the Mumbai-based electric vehicle startup BGauss.

The development comes at a time when a number of VC firms have announced funds to invest in different sectors of the Indian startup ecosystem.

For instance last week, SaaS-focussed VC firm Cornerstone Ventures announced the first close of its second fund at about $40 Mn (INR 345 Cr) with a target corpus of $200 Mn, to back innovative B2B technology startups.

Yesterday (on January 20), cloud infrastructure provider Sify Technologies is also aiming to invest $5 Bn in India over a period of five years to build smaller AI inferencing facilities in 20 tier-II cities.

Mamaearth backer Stellaris Venture Partners also marked the final close of its third India-focused fund at $300 Mn (around INR 2,534 Cr) in November last year.

The post Bharat Value Fund Marks First Close Of Third Fund At INR 1,250 Cr appeared first on Inc42 Media.

Four cofounders of online pharmacy PharmEasy – Dharmil Sheth, Dhaval Shah, Hardik Dedhia and Harsh Parekh – have stepped down from their executive roles at the startup.

While Sheth, Shah and Dedhia have decided to start a new venture together, Parekh’s future plans are not clear yet. The fifth cofounder, Siddharth Shah, will continue in his role as the MD and CEO.

The development was first reported by Moneycontrol.

Founded in 2015, PharmEasy is an online marketplace for medicines. It also provides diagnostic services.

Siddharth told Inc42 that the four cofounders will not participate in the day-to-day operations but will continue to be a part of the startup’s board.

“The four founders continue to be members and observers on the board but they have expressed their wish to reduce their involvement in active day-to-day executive responsibilities,” he said.

In a statement shared with Inc42 on behalf of Sheth, Dhaval Shah and Dedhia, Sheth said, “This day to day operational handover has always been in the works for more than a year now. Some great leaders have now taken over our day to day responsibilities.”

“Our commitment still remains intact in the business and the vision, and we continue to hold shares for the long run and value creation,” the cofounders added.

They also shared that they will launch a new venture in the consumer space, and “reputed investors”, who have backed PharmEasy, are going to support it.

Talking about the startup’s current financial health, Siddarth said that it has become cash flow positive.

It is pertinent to note that PharmEasy saw a big valuation cut and also lost its unicorn status in April 2024 when it raised INR 1,804 Cr ($209 Mn) in a down round led by the family office of Manipal Group chairman Ranjan Pai. The funds were raised at a 90% valuation cut compared to the startup’s peak valuation of $5.6 Bn in October 2021.

Meanwhile, Inc42 has also learnt that PharmEasy is exploring an IPO in the next 12 months.

The Mumbai-based startup halved its consolidated loss to INR 2,531.1 Cr in the financial year 2023-24 (FY24) from INR 5,202.5 Cr in FY23 on the back of a decline in its expenses and exceptional items.

It managed to cut its total expenditure by 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23.

The post PharmEasy Cofounders Step Away From Executive Roles To Launch New Venture appeared first on Inc42 Media.

Investment tech platform Groww’s parent Billionsbrains Garage Pvt Limited has reportedly picked banks for a potential India initial public offering (IPO).

As per Bloomberg’s report, citing people close to the matter, the company has picked banks, including JPMorgan Chase & Co. and Kotak Mahindra Bank.

The company behind financial services platform Groww Invest Tech Pvt. Ltd. could proceed with an IPO this year, the people said, seizing on the momentum for share sales in India. The IPO could raise $750 Mn or more and Billionbrains Garage may seek a valuation of $7-$8 Bn, the people said.

The report further said that considerations are preliminary and details such as size and timing could change. More banks may also be added to help arrange the deal.

In May last year, the company completed its reverse flip, shifting its domicile to India from the US.

Back then the startup’s CEO and cofounder Lalit Keshre took to X to make the announcement.

“As of March 2024, Groww has completed its domicile transition back to India…,” Keshre had said.

The fintech unicorn completed its reverse flip last year in May shifting its domicile from the US to India. The company merged its US entity the Groww Inc. with its Indian entity Billionbrains Garage headquartered in Bangaluru.

Founded in 2017 by Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww is a wealthtech platform which allows its users to  invest in stocks, exchange-traded funds (ETFs), and IPOs. It competes with the likes of Zerodha, ET Money and StockGro.

It counts Tiger Global, Peak XV, Propel Venture Partners, ICONIQ Growth and Y Combinator among its marquee backers.

Last week it was reported that the Bengaluru-based startup is seeking a valuation of $6-$8 Bn as it is gearing up to file for an IPO in the next 11 to 12 months.

Back in 2021, Groww was last valued at $3 Bn following its last funding of $251 Mn in from ICONIQ Growth, Alkeon, Lone Pine Capital, Steadfast and its existing investors.

But in November last year, it was revealed that the fintech player saw its fair market valuation being plunged to under $2 Bn after shifting its domicile from the US to India.

Groww has been a prominent player in the investment tech sector leading the market in terms of having the highest number of active users.

According to NSE data,  Groww added 2.82 Lakh new users taking its active client base to 1.29 Cr in November last year.

While Zerodha took the second spot with its active user base standing at 81.25 Lakh.

Moreover,  Angel One stood at number three in the race with an active user base of 76.31 Lakh followed by Upstox, Dhan, INDMoney and Paytm Money with 28.72 Lakh, 8.92 Lakh, 7.32 Lakh and 7.15 Lakh active users respectively.

Groww, has reported 119% growth in its revenue, up from INR 1,435 Cr in the financial year 2022-23 (FY23) to INR 3,145 Cr in FY24. It maintained its operational profitability of INR 535 Cr for FY24 compared with INR 458 Cr in the previous fiscal year.

The post Tiger Global-Backed Groww Picks Bankers For Its IPO: Report appeared first on Inc42 Media.

SaaS-based startup TreZix has closed a seed funding round of $2 Mn (around INR 17.3 Cr) co-led by Morphosis Venture Capital and Pentathlon Ventures to strengthen its footprint in India and the US market.

Announcing the fundraise in a LinkedIn post, the Surat-based company said that the fresh capital will be used for market and product expansions. It also aims to scale up its sales and marketing teams across India and also foray into the US market.

Moreover, in the next three to six months, the startup plans to roll out tailored EXIM (Import and Export) solutions to target 15 industries which will help businesses in efficient record management, driving revenue growth and geographic expansion. Also, the company will be unveiling a new plug and play onboarding system for smooth integration enabling businesses to adopt the platform quickly and effortlessly.

“This funding marks a significant milestone in our journey to become the leading solution for EXIM operations globally. We are excited to empower more businesses with efficient and smarter ways to manage their cross-border trade processes,” said Sunil Kharbanda, cofounder and COO of TreZix.

“The traction TreZix has gained demonstrates a clear demand for such solutions, and we are thrilled to partner with them as they scale globally and support more businesses in international trade,” Saurabh Lahoti, managing partner of Pentathlon Ventures said. 

Back in 2023, TreZix secured $1.2 Mn in seed funding from Soha Ventures and angel investors. The funding also included grants from the Gujarat government.

Founded in 2020 by Kharbanda, Haresh Calcuttawala and Shailesh Sapale, TreZix aims to streamline import and export solutions with its SaaS platform and a dashboard that helps businesses make informed decisions. 

The company helps to  connect businesses with suppliers, vendors, banks, and the centre’s Unified Logistics Interface Platform (ULIP) which  enhances efficiency, boosts revenue, and ensures compliance. 

According to Inc42’s research the SaaS opportunity in the country is estimated to surpass the $70 Bn mark by 2030, at a CAGR of 31% over the next five years.

The post SaaS Startup TreZix Bags $2 Mn To Streamline Import And Export Solutions appeared first on Inc42 Media.

Shares of TAC Infosec surged as much as 2% to record its all time high figure of INR 1,544.30 apiece on the NSE today (January 17). This also marks the fresh 52-week high for the stock.

WIth this, the cybersecurity company’s total market capitalisation stood at INR 1,618.36 Cr (around $186 Mn) as of 3:05 PM.

The company has given a return of 8.24% in the last 5 sessions and 38% over the last month.

This marks a 432.5% increase in its stock price from its listing price of INR 290 on April 5 last year. It is pertinent to note that the stock was listed at 173.6% premium from its issue price of INR I06. TAC Infosec’s debut in Dalal Street was one of the biggest from the startup ecosystem this year as its  IPO closed with a whopping 392.5X oversubscription.

Founded in 2016 by Trishneet Arora, TAC Security specialises in vulnerability management and other SaaS cybersecurity solutions to enterprises and small businesses. The company’s flagship product ESOF (Enterprise Security in One Framework) helps in vulnerability assessment and penetration testing.

Last year, the listed firm made two strategic acquisitions to bolster their presence in the US and UAE.

It acquired US-based CyberSandia to strengthen its presence in the region without disclosing the exact details of the deal. Moreover, it also acquired WOS — a wholly owned subsidiary of TAC Cyber Security Consultancy LLC in the UAE — to cater to the growing demand for advanced cybersecurity services in the Gulf Cooperation Council (GCC) region.

The SaaS company’s consolidated net profit surged 240% to INR 6.52 Cr in the first half (H1) of the financial year 2024-25 (FY25) from INR 1.92 Cr in the year-ago period on the back of rise in revenue and improvement in margins.

TAC Infosec had posted a net profit of INR 4.4 Cr in H2 FY24.

The post TAC Infosec Shares Hit Fresh 52-Week High appeared first on Inc42 Media.

Ecommerce major Amazon is set to acquire digital lending startup axio (formerly known as Capital Float). In a blog post, the Bengaluru-based startup said that it has signed an agreement with Amazon for a proposed acquisition.

“In December, after successful completion of due diligence, we signed an agreement with Amazon for a proposed acquisition of axio. The transaction will now await the required regulatory approvals,” axio said in the blog post.

Founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, axio offers pay later, credit and personal finance management solutions to its customers. It leverages technology to serve innovative financial products to its users.

axio said that the acquisition will help it reach more under-served customers, diversify its offerings, and continue to strike the right balance of customer experience, risk management, and affordability.

axio said it has served more than 10 Mn customers till date. It has assets under management of INR 2,200 Cr and 3% gross non-performing assets (GNPA). “Amazon has been an invaluable partner in this journey, and we have more to accomplish together,” the blog post said.

Last year, axio raised $20 Mn (about INR 168 Cr) from Amazon Smbhav Venture Fund. Prior to that, Amazon invested $22 Mn ( around INR 190 Cr) in the startup in a follow-on Series C round in 2018.

Overall, the startup has raised a total funding of over $233 Mn till date and counts the likes of Elevation Capital, Peak XV Partners, Lightrock, among others, as its investors.

In 2018, it acquired personal finance management startup Walnut for $30 Mn in a cash-and-stock deal to strengthen its new consumer-lending business.

The acquisition will help Amazon strengthen its position in the growing Indian fintech market.

Amazon’s fintech arm Amazon Pay currently offers instant credit service called Amazon Pay Later.

Fintech is one of the most funded sectors in India. Despite seeing a 19% year-on-year (YoY) decline in funding to $2.5 Bn in 2024, the fintech sector attracted the highest amount of capital last year. India’s fintech sector is expected to become a $2.1 Tn market by 2030.

The post Amazon To Acquire Digital Lending Startup axio appeared first on Inc42 Media.

SaaS-focussed VC firm Cornerstone Ventures has announced the first close of its second fund, which has a target corpus of $200 Mn, at about $40 Mn (INR 345 Cr) to back innovative B2B technology startups.

In a statement, Cornerstone said that the fund has seen significant participation from domestic investors, including high-net-worth individuals (HNIs), family offices, corporates, and other institutions.

The Mumbai-based VC firm launched the second fund in April last year with a target corpus of $200 Mn, including a green-shoe option. At the time, it said that the fund would invest $5 Mn to $15 Mn in B2B technology marketplaces and software platforms across sectors such as financial services and insurance, retail, consumer goods and ecommerce, distribution and supply chain, healthcare products and services, as well as sector agnostic core technology innovations.

Meanwhile, the firm also announced the appointment of veteran investor and entrepreneur Suresh Pareek as its general partner. As per Cornerstone, Pareek’s collaboration helped it accelerate the first close of the fund.

Pareek is the chairman of Sukvi Ventures Family Office and has invested in about 12 early to growth stage startups across diverse sectors. Besides, he is also the cofounder of Elephant Canvas LLP, a digital fine art NFT marketplace operating under the brand NewartX.

Commenting on the appointment, Cornerstone managing partner Abhishek Prasad said, “We are incredibly excited to welcome Mr. Pareek to the team… We are even more equipped to help our portfolio companies navigate their growth journeys and unlock meaningful impact across industries.”

Founded by former Reliance executives Prasad and Rajiv Vaishnav, Cornerstone invests in early stage B2B tech startups. It launched its first fund of $50 Mn, which was deployed across 21 startups, in 2019. It counts startups like Mystifly, NimbleBox.ai, CreditNirvana, UniAcco, among others, in its portfolio.

According to Inc42’s ‘Indian Tech Startup Funding Report 2024’, enterprise tech emerged as the third-most funded sector in India’s startup ecosystem in 2024, with over 167 startups raising $1.8 Bn.

The post Cornerstone Ventures Marks First Close Of Its Second Fund At $40 Mn appeared first on Inc42 Media.

Electric vehicle manufacturer Euler Motors has raised up to $20 Mn (around INR 173 Cr) in debt from responsAbility Investments AG.

The startup plans to deploy the fresh proceeds to scale up its production capacity and R&D efforts for fostering future EV technology. Apart from this, it will also use the capital to support growth of its flagship four-wheeler Storm EV.

“Over the years, we’ve earned the trust of both new and existing investors, reflecting their confidence in our mission and the growing demand from our customers, evidenced by our strong growth. This new funding will boost us to scale further, expand our reach and continue delivering sustainable, high-performance solutions that meet India’s unique logistics needs,” said Saurav Kumar, founder and CEO of Euler Motors.

Founded in 2018 by Kumar, Euler Motors is an original equipment manufacturer for electric vehicles. It aims to increase the adoption of EV in India and contribute to the country’s mobility efforts. The New Delhi-based startup caters to the logistics, commercial mobility and ecommerce sector with its electric mini trucks for heavy and light loads.

As part of its service offerings, the company provides more than 500 charging hubs across Delhi NCR, Hyderabad and Bengaluru. It also provides home charging for hassle-free plug and play experience. Moreover, the Blume Ventures-backed startup also offers a fleet management application for bookings of charging spots and keep a check on the health of the vehicle.

This development comes at a time when the cleantech sector has been gaining a lot of traction from investors for quite some time now.

For instance, last year EV leasing and lifecycle management startup Alt Mobility raised $10 Mn in a Series A funding round led by existing investor Eurazeo.

Yesterday (January 14), Mumbai-based BGauss secured a funding of INR 161 Cr from Bharat Value Fund (BVF) in a mix of primary and secondary transactions.

According to  an Inc42’s report, the Indian cleantech sector is the fourth most funded industry with  $829 Mn raised across 75 deals in 2024.

The post Euler Motors Raises $20 Mn In Debt From responsAbility Investments appeared first on Inc42 Media.

The Advertising Standards Council of India (ASCI) has issued an advisory urging LinkedIn influencers to abide by the norms requiring disclosure of material connections with brands, services or advertisers they promote.

This move aims to ensure adherence to self-regulatory and legal standards while upholding the integrity of influencer marketing, ASCI said in a statement.

In the past week alone, at least 60 such cases were flagged to ASCI by LinkedIn professionals. Of these, 56 are still under review for violations, mainly due to non-disclosure of material connections.

As per the advertising watchdog, these non-disclosures potentially breach the ASCI code, the guidelines for influencers in digital media and the central consumer protection authority’s (CCPA) guidelines.

It is pertinent to note that unlike other social media platforms, LinkedIn does not provide platform disclosure tools. In such a case, the influencers themselves have to display the permitted disclosure terms like “Ad” or “partnership” among others.

ASCI noted that in recent times, the platform has seen several cases of professionals talking positively about certain products or services and even advertising campaigns without revealing that they are part of a campaign. These practices mislead audiences, who may believe that the views represented by such professionals are unbiased and not influenced by any collaboration.

“LinkedIn influencers are seasoned professionals and trusted voices in their respective fields; this makes it all the more important for them to lead by example when it comes to responsible influencing. We thank the LinkedIn community of professionals who are aiding ASCI by sharing such links and helping keep the advertising ecosystem honest,” said Manisha Kapoor, secretary general and CEO of ASCI.

To support influencers in meeting these regulations, the ASCI has offered ‘The Responsible Influencing Playbook’, an e-learning certification course covering regulatory requirements, disclosure guidelines, and self-protection measures.

LinkedIn has been home to one of the largest job seeking portals. With the space to share knowledge, work updates, job history, take up courses, keep up with daily news and newsletters and make official announcements, where the platform has expanded to more than just seeking jobs, backed by the strong user engagement.

Back in 2023, the consumer affairs ministry released new endorsement guidelines under which social media influencers would have to pay heavy fines for violations.

As per an EY report, India’s influencer marketing sector is projected to reach INR 3,375 Cr by 2026, with a CAGR of 18%.

The post ASCI Asks LinkedIn Influencers To Disclose Brand Partnerships appeared first on Inc42 Media.

In a major impetus for the Centre’s “Make In India” initiative, Chinese consumer electronics major Lenovo is on track to double the production of its devices in India in the ongoing fiscal year. 

Speaking with Economic Times, Lenovo India’s managing director Shailendra Katyal said that the company is well poised to manufacture 12 Mn laptops and smartphones in the country in the financial year 2024-25 (FY25) compared to 6.4 Mn in FY24. 

“This will help us to taper down imports progressively. We are also developing the component ecosystem in India,” Katyal said. 

He added that Lenovo will continue to scale up local production every year and the company wants to further increase local production by 40% year-on-year (YoY) by the end of FY26. 

Katyal also said that the company has commenced preparations for manufacturing “almost all its personal computer models” in India. The China and US-based company also claims to have achieved 100% production of its Motorola smartphones in India. 

“We have grown by 77% in April-September of this fiscal. For Motorola, we had doubled business both by value and volume in FY24 and again this fiscal in the first half. In smartphones, growth is led by products priced above INR 20,000 and as a result, our value growth is higher than volume growth,” added Katyal.

Lenovo has been aggressively expanding its manufacturing operations in India on the back of Centre’s production-linked incentives scheme (PLI) for IT hardware manufacturers and other sops. It claims to have produced 5 Mn units in India in FY23. 

Not just smartphones and PCs, the company also started building artificial intelligence (AI) servers at its Puducherry plant last year. 

It is pertinent to note that as many as 27 companies including Dell, HP India and Lenovo, have applied for the PLI scheme to manufacture hardware components in the country. 

As per an EY research, the homegrown electronics manufacturing services sector is projected to become a $80 Bn market opportunity by 2027. 

The post Lenovo India On Track To Double Production Of Smartphones & Laptops In FY25 appeared first on Inc42 Media.

Fintech startup GrayQuest has raised INR 80 Cr (around $9.3 Mn) in its Series B round, which saw participation from IIFL Fintech Fund, Claypond Capital (family office of Manipal Group’s Ranjan Pai), and existing investor Pravega Ventures. 

The Mumbai-based startup plans to deploy the fresh capital to boost its tech stack, scale up its distribution network, and onboard more educational institutes on its platform. 

Founded in 2017 by Rishab Mehta, GrayQuest operates a fintech SaaS platform catering to both educational institutions and parents of students. 

On the B2C side, it offers flexible fee payment options for parents via offerings such as no cost EMIs and auto-debit subscriptions. On the B2B side, it sells a full-stack SaaS platform that enables educational institutions to digitise fee collection and offer secure online payments. 

The startup claims to have partnered with more than 6,500 institutes, including schools, colleges and universities. The fintech platform is backed by investors such as Pidilite family office, Weizmann, CRED’s Kunal Shah, Shaadi.com’s Anupam Mittal, among others. 

Commenting on the fundraise, GrayQuest founder and CEO Mehta said, “… We are thankful for the trust and conviction shown by some of India’s most respected investors to partner with us in this journey as we continue to focus our efforts on building innovative solutions that will make a significant positive impact to the lives of our customers across the education ecosystem”.

Prior to this, GrayQuest raised $7 Mn in its Series A round led by Pravega Ventures along with  the family offices of Ashok Wadhwa and Yogesh Mahansaria in 2023.

The fundraise comes at a time when the Indian fintech sector continues to be a darling of investors. As per Inc42 data, fintech emerged as the most funded sector in 2024, despite the funding raised by fintech ventures plunging 19% year-on-year (YoY) to $2.5 Bn. 

Meanwhile, the total deal count rose 23% to 162 in 2024 from 132 in 2023, and the sector witnessed six mega deals last year. 

As per Inc42, the Indian fintech sector is projected to be a $2.1 Tn market opportunity by 2030. 

The post GrayQuest Bags INR 80 Cr To Digitise Fee Collection For Schools appeared first on Inc42 Media.

Shares of recently listed fintech major MobiKwik ended their two-day winning streak to close today’s trading session (January 9) 6.84% lower at INR 573 apiece on the BSE amid a decline in the broader market.

Amid a decline in its share price, the market capitalisation of MobiKwik tumbled to INR 4,451.43 Cr, or roughly $518 Mn.

Today, BSE Sensex was down 0.68% at 77,620.21 points from its previous closing. While Nifty 50 stocks tumbled 0.69% at 23,526.50 points from its previous day closing.

This comes after the Delhi NCR-based company posted a net loss of INR 3.59 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) against a net profit of INR 5.22 Cr in the year-ago quarter.

Sequentially, the company was able to trim its loss by about 45% from INR 6.62 Cr.

It must be noted that MobiKwik, in December, became the second fintech company to go public in India after Paytm, which made its Dalal Street debut in 2021.

MobiKwik’s shares listed at INR 442.25 on the BSE, a 58.5% premium against the IPO issue price of INR 279. The stock has given an upward run of over 105% since its public listing.

On a brighter side, the company continued to maintain profitability at an EBITDA level. Its EBITDA level stood at INR 6.80 Cr in Q2 FY25, down 37% from INR 10.8 Cr in the year-ago quarter and the company claimed to have maintained an EBITDA margin of 2.3%.

Interestingly, Mobikwik saw a larger chunk of its revenue coming from its payments business of INR 187.7 Cr, seeing an uptick of 65% from INR 66.7 Cr in the same quarter last year. On the other hand, revenue from its financial services offerings dipped 25% to INR 102.9 Cr from INR 136.7 Cr in the year-ago quarter.

MobiKwik was not the only stock that slipped into red on the bourses today (January 9) among the new-age stocks under Inc42’s coverage. 20 out of 32 new-age stocks bleeded at the bourses on January 9 which includes Paytm, MapMyIndia, Zomato, ixigo and more.

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Cement manufacturing major JK Cement has signed a memorandum of understanding (MoU) with Department for Promotion of Industry and Internal Trade (DPIIT) and Ministry of Commerce & Industry to push for innovation, empower entrepreneurs and boost India’s manufacturing ecosystem.

The partnership aims to support viable solutions and drive sustainable development by helping at least 10 startups and founders over the next one year, DPIIT said in a statement.

JK Cement will help budding startups in India to access better infrastructure, state-of-the-art manufacturing and R&D facilities, mentorship opportunities, pilot projects, and university resources, the statement added.

“Partnering with DPIIT reflects our unwavering commitment to nation-building. Together, we aim to cultivate a dynamic and competitive manufacturing ecosystem, driving India’s ambition of becoming a self-reliant and innovation-led economy,” said Madhav Singhania, joint managing director and CEO of JK Cement.

The development comes at a time when DPIIT has announced collaboration with multiple corporations to boost the manufacturing ecosystem in the country.

Yesterday (January 8) DPIIT inked a pact with US retail giant Walmart to boost India’s manufacturing startup ecosystem aimed to support startups, along with micro, small, and medium enterprises (MSMEs) from Tier II and III cities. The partnership would enable startups to compete at the national as well as international level.

Last week, startup body Startup Policy Forum (SPF) also entered into a partnership with DPIIT to boost manufacturing capabilities in India and facilitate relationships with international companies. It is further designed to connect global investors with India’s vibrant startup ecosystem.

The central government has partnered with multiple other entities to further nurture the homegrown new age tech ecosystem. In recent months, the DPIIT has partnered with companies like HCLSoftware, Flipkart, bOAt, Tally, among others.

Moreover, it is set to host the second edition of the annual Startup Mahakumbh event between April 4 and 6, 2025, at Bharat Mandapam.

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SaaS platform Mintoak has secured INR 71 Cr (around $8.2 Mn) in a secondary funding round.

The round saw early-growth technology investor Z3Partners buying a stake from the Mumbai-based company’s initial backers HDFC Bank and Pravega Ventures.

In 2022, HDFC acquired a 7.75% stake in Mintoak in an all-cash deal valued at $3.7 Mn while Pravega invested in the startup back in 2020.

“This fundraiser is a good validation of the value we have delivered to some of our early backers,” said Raman Khanduja, cofounder and CEO of Mintoak.

“We’re thrilled to support Mintoak’s global ambition and transformative efforts in the merchant-acquirer ecosystem. Z3Partners is proud to contribute to their continued success,” added Gautam Patel, founder and managing partner at Z3Partners.

Founded in 2017 by Khanduja, Rama Tadepalli and  Sanjay Nazareth, Mintoak connects commercial banks with small and medium enterprises by enabling merchants to accept all types of payment forms.

The company acts as a bridge between banks and SMEs via digital engagement and value-added services. It claims to have more than 3 Mn merchants,  3 Bn annual transactions and $50 Bn annual gross merchandise value (GMV).

Back in 2023, Mintoak raised $20 Mn in a Series A funding round led by PayPal Ventures along with its existing investors.

As per Inc42’s Annual Funding Report, 2024, funding in fintech ventures stood at $2.5 Bn in 2024 compared to $3.1 Bn in 2023. Last year turned out to be the third consecutive year of funding decline for the fintech ecosystem.

The India fintech market is expected to reach $550 Bn by 2030 at a CAGR of 30.55% between 2025-2030.

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Mumbai-based fractional ownership startup hBits has bagged INR 40 Cr (around $4.6 Mn) as part of its Series A funding round from Capricon Realty, an entity of Thackersey Group.

The company plans to deploy the fresh proceeds to boost its artificial intelligence (AI)-driven platform, expand its geographical footprint and reach more users. 

The proptech company uses AI technology to analyse market trends, evaluate property performance, and identify investment opportunities for its users. This data-driven approach helps reduce risk, optimise returns, and provide a seamless experience for investors, said the company.

“Combining Thackersey Group’s expertise with our AI-driven platform and passionate team, we aim to create a sustainable, long-term enterprise that transforms real estate investment in India,” said founder and CEO Shiv Parekh. 

Founded in 2018 by Parekh, hBits is a fractional ownership platform which enables customers to invest in commercial properties with an entry ticket as low as INR 10 Lakh. 

In 2022, hBits raised INR 20 Cr in a strategic round that saw participation from IIFL chairman Nirmal Jain, Incred Capital, Jungle Ventures’ former executive Jayesh Parekh and senior Nomura Services executive Awdhesh Krishna.

The latest fundraise comes amid growing investor interest in the larger proptech sector. For instance, in September last year urban renting-focused proptech startup Flent raised INR 6.5 Cr in a pre-seed funding round led by WEH Ventures. 

Another proptech startup JUSTO Realfintech bagged $7 Mn in a mix of equity and debt infusion. Moreover, HouseEazy also raised a funding of $7 Mn in a Series A round led by Chiratae Ventures. 

As per reports, the Indian fractional ownership market was valued at a mere $500 Mn in 2024 and is poised to surpass $5 Bn in assets under management (AUM) by 2030.

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Direct-to-customer (D2C) skincare startup RAS Luxury Skincare has secured $5 Mn (around INR 43 Cr) in a Series A funding round led by Unilever Ventures, along with Amazon Smbhav Venture Fund.

The Delhi-NCR based company plans to use the fresh capital to expand its brand outlets and shop-in-shop retail footprints over the next three years.

Moreover, the D2C startup will also hire new talent, boost its research and development for new product lines, invest in branding and marketing efforts and strengthen its technology stack.

Founded in 2017 by Shubhika Jain, Suramya Jain and Sangeeta Jain, RAS Luxury Skincare is a beauty and personal care brand which uses natural ingredients to make skincare and body care products.

“With this funding, we aim to accelerate our vision of becoming India’s top luxury skincare brand while making strides toward a global presence. We remain committed to building a sustainable, high-quality business rooted in strong fundamentals, profitability, and innovation,” said Shubhika Jain.

“As a vertically integrated brand, RAS is uniquely positioned to deliver on its promise of sustainability, safety and products that deliver. We believe that over the next 5-7 years, the premium beauty market in India will witness significant growth, and RAS, with its distinct value proposition, is well poised to capture this opportunity,”  Pawan Chaturvedi, partner and head of Asia, Unilever Ventures added.

The company claims to have seen 140% CAGR growth last year, with its D2C channel contributing more than 50% to the revenue. It also aims a 25% of revenue contribution from its offline channels over the next four years. The D2C startup also expects to see a boost in its B2B offerings catering to spas, salons and five-star hotels.

According to the Indian Tech Startup Funding Report, 2024 by Inc42, the ecommerce sector emerged as the most funded sector in 2024 attracting 203 total deals. D2C startups bagged the most number of deals among its subsectors.

The Indian luxury beauty market is expected to reach $4 Bn by 2035, growing at a CAGR of 14%.

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B2B medical supply platform Zoplar has secured $3.4 Mn (around INR 29.14 Cr) as part of its Series A funding round led by Blume Ventures. The round also saw participation from BEENEXT, Saison Capital, Atrium Angels, Finfirst and LogX Ventures.

The fresh funds will be utilised to bolster its operational capabilities by focussing on backward integration in the supply chain and developing a robust service engineering team, the startup said in a statement.

“This investment is not just financial backing—it’s a validation of our mission to make quality healthcare accessible through affordable and reliable medical technologies. It motivates us to scale our impact, enhance our offerings, and continue empowering healthcare providers to deliver uninterrupted care,” Zoplar cofounders Amit Sah and Umesh Sharma said in a joint statement.

Commenting on the fundraise, lead investor at Blume Ventures, Sajith Pai, added, “We invested in Zoplar because we believe in their vision and the potential impact they can have on the healthcare landscape in India. Their commitment to improving the procurement and after-sales service in medical equipment is commendable and aligns with our focus on supporting ventures that drive meaningful societal change”.

Founded in 2022 by Sah and Sharma, Zoplar is a medical equipment procurement platform for small and medium-sized hospitals in India. The startup claims to be a one stop platform for hospital requirements and aims to make medical supply procurement more convenient and cost-effective for its clients.

Including the current round, the Delhi NCR-based startup has raised $5.1 Mn in total funding till date. It is also backed by the likes of Titan Capital, Stride Ventures and Panthera Peak.

It competes with the likes of Medikabazaar, PharmEasy-owned Aknamed, Saveo, among others.

Zoplar operates in the larger Indian healthtech space, which saw healthy interest from investors in 2024. As per Inc42 data, healthtech was the sixth most funded sector last year as it raised $716 Mn across 78 deals.

Meanwhile, it is pertinent to note that the reports estimate the Indian hospital supplies market to become a $1.78 Bn opportunity by 2030.

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Hospitality major OYO has made changes to its check-in policy for unmarried couples who will now no longer be allowed at hotels partnered with the company.

The new policy will be rolled out in Uttar Pradesh’s Meerut first based on the ground feedback.

As per the new policy, unmarried couples are not allowed to check-in into OYO managed properties and will be required to show a valid relationship proof at the time of check-in via online or offline bookings, the company said in a statement.

OYO has already instructed its partner hotels in the city to implement the new policy immediately.

“OYO is committed to upholding safe and responsible hospitality practices. While we respect individual freedoms and personal liberty, we also recognise our responsibility to listen to and work with the law enforcement and civil society groups in the micro markets we operate in. We will continue to review this policy and its impact periodically,” said Pawas Sharma, region head of OYO North India.

It has been reported that OYO has received requests from civil society groups, particularly in Meerut in the past, asking for measures to address this issue.

Last week, OYO raised INR 550 Cr (around $65 Mn) from its founder Ritesh Agarwal’s Redsprig Innovation Partners.

The company issued 12.91 Cr equity shares at an issue price of INR 42.6 each for the fundraise, as per its filings with the corporate affairs ministry.

Founded in 2012 by Agarwal, OYO is a hospitality services company which provides affordable accommodation spaces to customers around the world.  It claims to offer more than 40 integrated products and solutions in more than 35 countries including India, Europe, and Southeast Asia.

OYO’s parent reported a net profit of INR 158 Cr in the second quarter of the current fiscal ended September, following a profit of INR 132 Cr in the previous quarter (Q1 FY25). This marks a sequential increase of 19.6%.

The company’s revenue surged to INR 1,578 Cr in Q2 FY25, up 12% from INR 1,413 Cr in Q1 FY25.

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Zairus Master, the chief business officer (CBO) of Mamaearth parent Honasa Consumer, has resigned from his role.

In an exchange filing, the company said that Master, who is also a designated senior management personnel, has tendered his resignation with effect from the closure of business hours on February 28, 2025 due to personal reasons.

In his resignation mail, the outgoing CBO said, “It’s been an incredible journey over the last few years and I am grateful for the opportunity to contribute to building Honasa, However due to personal reasons I would like to resign from my position…”

“It’s been a privilege to be a part of an amazing team. I will always be rooting for Honasa’s success and look forward to staying connected,” he added.

According to Master’s LinkedIn profile, he joined the Delhi NCR-based company in 2021 from Shine.com, where he served as the CEO of the job listing platform. Overall, he has over 20 years of experience. Previously, he worked with companies like Airtel, Nokia and Hindustan Unilever.

Honasa hasn’t named a replacement for Master yet.

This is the second high-level exit from the company in recent months. In October 2024, its chief product and technology officer (CPTO) Jayant Chauhan resigned from his position.

In November, Honasa announced the elevation of Vipul Maheshwari to the role of senior vice president – product and data analytics.

Master’s resignation comes at a time when the company is under pressure as it slipped into the red in Q2 FY25 on account of a change in its business model. It posted a net loss of INR 18.6 Cr during the quarter as against a profit of INR 29.4 Cr in the year-ago quarter. Following this, the company’s shares hit a 52-week low in November.

Meanwhile, retailers and distributors are also at war with the company, which is transitioning to a super-stockist led model. Recently, the All India Consumer Products Distributors Federation (AICPDF) said that a large unsold inventory of the company, nearing expiry date, was lying with distributors and retailers, causing a financial burden of INR 300 Cr. However, Honasa rubbished the allegations.

Shares of Honasa ended Thursday’s session 0.36% higher at INR 250.10 apiece on the BSE.

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Zomato’s quick commerce arm Blinkit has introduced a new feature which allows users to delete order history from their account. 

Blinkit cofounder and CEO Albinder Dhindsa announced the development on networking platform LinkedIn. In a post, Dhindsa said that the feature was launched last week and more than 1 Lakh orders have been deleted since the introduction of the feature.

“You can now delete orders from your Blinkit order history! We rolled out this feature last week, and 1,04,924 orders have already been deleted since then. New year, new order history,” said Dhindsa. 

The latest offering comes weeks after Blinkit beefed up its top leadership with the appointment of former Flipkart and OYO executive Vipin Kapooria as its new chief financial officer (CFO).

The quick commerce giant has introduced a plethora of new offerings this year. Earlier this year, it forayed into the quick food delivery segment with the launch of a new app, Bistro. It also began piloting large order fleets and launched ‘Blinkit Seller Hub’ which allows sellers to list themselves on the platform. It also debuted the return option for categories like clothing and footwear and quick delivery of passport-sized photos. 

The development came on the same day as the quick commerce platform expanded its operations to Jammu, in line with Zomato’s initiative to expand its quick commerce business to Tier II cities. 

The quick commerce segment has been seeing a sharp rise in popularity in the country over the last couple of years. On the back of this, Blinkit clocked a revenue of INR 1,156 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25), more than 2X of INR 505 Cr in the year-ago period. It also managed to narrow its adjusted EBITDA loss to INR 8 Cr in the reported quarter from INR 125 Cr in Q2 FY24. 

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