Ecosystem Ventures Startup Newsletter Archives - Page 6 of 30

How Calendly makes money?

January 7, 2024

Excessive emails, scheduling challenges, and suboptimal meeting timing decrease productivity in the workplace. The back-and-forth emails it takes to schedule a meeting are typically a source of frustration. This universal pain point leads to a global market opportunity because meeting scheduling touches many industries, use cases, and business processes.

Calendly, an online scheduling and appointment-booking tool founded by Tope Awotona in 2013, has emerged as a prominent $3 billion company headquartered in Atlanta. It has gained widespread popularity for its effectiveness in both personal and professional scheduling, streamlining the coordination of meetings, appointments, and events. Calendly successfully eliminates the tedious back-and-forth emails and phone calls, providing users with a user-friendly solution for efficient and seamless scheduling.

The global market for appointment scheduling software, valued at $400.6 million in 2022, is projected to grow at a CAGR of 10.4% from 2023 to 2032, reaching an estimated $1.07 billion by 2032.

Calendly, known for its expertise in efficient meeting scheduling, highlights notable achievements on its website, such as a 45% acceleration in meeting scheduling, a 25% increase in revenue per lead, and a 100% rise in candidate screens. Recognised for its outstanding integration capabilities, mobile support, and user-friendly interface, Calendly effortlessly connects with widely used platforms such as Office 365, Google, Outlook, PayPal, and Stripe.

In 2023, Calendly achieved a revenue of $276.1 million and garnered 10 million customers, demonstrating a remarkable year-over-year growth of 52.15%. Operating under a freemium model as Software as a Service (SaaS) for both B2B and B2C, Calendly generates revenue through subscriptions to its scheduling software. This includes three premium plans alongside a free plan.

Tope Awotona, the founder, adopts an upside-down sales funnel strategy, utilizing the freemium model to attract new customers. The Basic Plan serves as the entry point, drawing users into the funnel. Although it is not a direct revenue stream, it plays a crucial role in the subscription model. Calendly’s revenue streams primarily stem from its Premium, Pro, and Enterprise plans, which are strategically positioned to cater to various customer needs within the CRM framework.

Calendly competes with a diverse range of rivals in the scheduling market, including Google. While both tools provide robust scheduling capabilities and seamless integrations, several factors should be taken into account. For businesses seeking customisable features and seamless integration with other business tools, Calendly might be the preferable option. Offering adaptable booking rules and smooth integration with tools such as Google Workspace and CRM systems, Calendly provides a comprehensive solution for efficiently managing appointments.

In the scheduling industry, Calendly faces competition from key players such as Microsoft, HubSpot, Doodle and OneHash started by our friend Rohit Gadia. As of 2022, Calendly is estimated to hold a 21% market share in this industry.

With the economy struggling, Calendly faces tough competition from big players like Microsoft and Google, who provide scheduling features for almost free. Because it’s not hard for others to enter the market and getting new clients is expensive, Calendly could risk it growing.

In a world where time is of the essence, Calendly stands out as a pioneer, reshaping the way we
approach meetings and appointments. As the global demand for streamlined scheduling solutions continues to rise, Calendly remains at the forefront, ushering in a new era of productivity and efficiency.

Startup Funding Summary

Country Delight, Gurugram-based dairy product manufacturer, has raised $20 Mn in Series E funding from Temasek and Venturi Partners – Read More

Captain Fresh, Bengaluru-based F&B startup, has raised $13 Mn in Series C funding from Nekkanti Sea Foods, Shakti Finvest, Ravi Shankar Pemmasani and Shibu Mathai – Read More

OneCard, Pune-based online payment solutions provider, has raised $11 Mn in a funding from Alteria Capital – Read More

Wiz Freight, Chennai-based supply chain startup, has raised $11 Mn in Series B funding from SBI Investments,Tiger Global, Nippon Express Fund, Axilor Technologies Fund, Arali Investments and Unikon Shipping Ventures – Read More

VRO Hospitality, Bengaluru-based fintech startup, has raised $10 Mn in a funding from Axis Bank, Gruhas, NB Ventures, Cred founder Kunal Shah, and Mouni Roy – Read More

M&A Snippets

Mumbai-based packaging and containers manufacturer Ansapack has acquired Mumbai-based paper packaging material producer Rich Printers for $14 Mn – Read More

Gurugram-based electronic manufacturer The Amber Group will acquire Hosur-based electronics manufacturer Ascent Circuits for an undisclosed amount – Read More

Closing 2023: Spotlight on this year’s India’s First Unicorn – Zepto

December 31, 2023

Aadit Palicha and Kaivalya Vohra, childhood friends aged 19, founded Zepto, which specializes in ultra-fast grocery delivery, collaborating with 86+ dark store owners in 13 areas in 2021, facilitating over a million deliveries. The company utilizes a network of ‘cloud shops’ or micro-warehouses for prompt order fulfillment.

Zepto’s success is attributed to its ability to consistently deliver a wide range of products within ten minutes, fostering rapid growth and strong customer loyalty. Operating in multiple cities with a 1000+ workforce, Zepto offers 5000+ products, including fresh produce and daily essentials. Leveraging advanced technology and optimized delivery centers, Zepto leads the Indian grocery delivery sector, capitalizing on the surging demand for swift delivery services.

The Indian online grocery market attained a value of $6.8 billion in 2022. Looking ahead, the market is anticipated to experience substantial growth and is projected to reach $37.0 billion by 2028. This growth trajectory indicates a remarkable compound annual growth rate (CAGR) of 31.3% during the period from 2023 to 2028.

Despite Zepto’s impressive 200% month-over-month growth rate and a 78% monthly retention rate, the startup faced challenges in its inaugural fiscal year (FY22). While achieving commendable operational success with a total revenue of Rs 142.3 crore, Zepto also grappled with significant losses, totaling Rs 390.3 crore during the same period FY22, starting operations in April 2021, saw overall expenses reach Rs 532.7 crore.

However, in the subsequent fiscal year ending on March 31, 2023, Zepto’s net loss surged 3.35 times to Rs 1,272.4 crore—a substantial 226% increase from the previous fiscal year’s loss of Rs 390.3 crore. Despite these heightened losses, Zepto experienced an extraordinary 14.3-fold expansion in operational revenue, soaring from Rs 142.3 crore in FY22 to an impressive Rs 2,024.3 crore in FY23. This position highlights the dynamic trajectory and early operational challenges faced by Zepto.

Zepto has secured a total of $597.8 million in funding across seven rounds thus far. The most recent funding, a Series E round completed on November 8, 2023, contributed $31.3 million to Zepto’s. With a valuation of $900 million as of June 2023, the company achieved unicorn status in August 2023 by raising $200 million in the Series E round, elevating its valuation to $1.4 billion. Zepto’s initial seed funding in September 2020 was led by Contrary.

Quick-commerce faces challenges due to the high operational complexity and costs associated with maintaining multiple fulfillment centers and a vast inventory. Market acceptance in India is hindered by price sensitivity, with consumers preferring lower prices over super-fast deliveries. Regulatory hurdles, including issues with FDI norms and data privacy, add to operational difficulties for companies like Zepto, while intense competition from well-established e-commerce giants with significant resources poses a notable threat in the quick-commerce space.

Zepto faces competition from Swiggy Instamart, Big Basket, and Blinkit in the fast-paced grocery delivery market. Another contender is Dunzo, utilizing its Xpress Mart dark shop network for 19-minute grocery deliveries in Bengaluru, directly competing with Zepto.

Operating in major Indian cities like Bengaluru, Mumbai, Delhi, Gurugram, Noida, Ghaziabad, Hyderabad, Chennai, Pune, and Kolkata, Zepto aims for profitability by 2024. To achieve this, the company plans an extensive expansion of its dark stores and delivery network. Zepto aspires to go public with an IPO targeted within the next two to three years. Positioned for sustained growth and led by key executives, the company aims to solidify its standing in the quick-commerce industry. Having been named the first unicorn of 2023, Zepto aims to surpass Rs 10,000 crore in total sales in the coming months, as stated by founders and CEO Aadit Palicha during a panel discussion at The Economic Times Startup Awards.

Startup Funding Summary

InCred Finance, Mumbai-based fintech startup, has raised $60 Mn in Series D funding from Ranjan Pai, Ravi Pillai, Ram Nayak, Varanium Capital Advisors and other HNIs – Read More

Revfin, Delhi-based EV fintech platform, has raised $14 Mn in Series B funding from Omidyar Network – Read More

Oxyzen Express, Chennai-based logistics & supply chain startup, has raised $3 Mn in Seed funding from Tamil Nadu Emerging Sector Seed Fund and other HNIs – Read More

LivNSense, Bengaluru-based cleantech startup, has raised $3 Mn in a funding from Pavestone Technology Fund – Read More

Escrowpay, Gurugram-based fintech startup, has raised $600k in Series A funding from Bennett Coleman & Co Ltd, Tano India Opportunities Fund, Zenith Global Group, We Founder Circle, Angel List, JB Ventures, Inflection Point Ventures and Chhattisgarh Investments – Read More

M&A Snippets

Ahmedabad-based premium bottled water company CLEAR Premium Water has acquired Pune-based mineral water brand Kelzai Secrets for an undisclosed amount – Read More

Telecom Bill 2023: Paving the Way for Innovation, Security, and Connectivity in India

December 24, 2023

The Telecom industry in India stands as the second-largest globally, boasting a subscriber base of 1.179 billion, encompassing both wireless and wireline users. Contributing significantly to foreign direct investment (FDI), it holds the position of the fourth-largest sector, constituting 6% of the total FDI inflow. The nation’s tele-density, reflecting the number of telephones per 100 people, is currently at 84.69%, underscoring the widespread penetration of telecom services. Notably, the average monthly data consumption per wireless data subscriber has surged to 17.36 GB in March 2023, showcasing substantial growth from 61.66 MB in March 2014.

In a significant development, the Lok Sabha has approved the Telecommunications Bill, 2023, allowing the government to temporarily assume control of telecom services in the interest of national security. The bill, which passed by a voice vote after a brief debate, grants the government the authority to take possession of a telecom network during public emergencies or for public safety reasons. Notably, a substantial number of opposition members were absent from the House due to their suspension.

Communications Minister Ashwini Vaishnaw led a bill for structural reforms in the telecom sector, granting the government power to interrupt transmissions in public emergencies. The legislation allocates spectrum to satellite communication firms administratively, deviating from the auction method favored by Jio and Vodafone Idea. The bill lists 19 cases for administrative spectrum allocation, covering global mobile communication by satellites, long-distance services, mobile satellite services, VSAT, in-flight and maritime connectivity.

Upon parliamentary approval, telecom companies will require authorization rather than licenses to commence operations. The bill proposes a reduced penalty cap of Rs 5 crore on telecom operators, down from the previous Rs 50 crore per circle, with a maximum penalty of around Rs 1,100 crore on a telecom company.

The regulation of OTT apps has seen a significant change as they are now excluded from the definition of telecommunication services, providing a notable relief to communication service providers like WhatsApp and Telegram. The Ministry of Electronics and IT will oversee the regulation of OTT apps under the prospective Digital India Act, a domain not covered by the Telecom Bill.

The establishment of the Universal Service Obligation Fund, mandated by the 1885 Act to extend telecom services to underserved areas, is upheld by the bill. It not only maintains this provision but also rebrands the fund as Digital Bharat Nidhi, with an added provision allowing its utilization for research and development purposes.

Additional measures include protective provisions for telecom infrastructure, termination of spectrum assignment for unutilized spectrum, and mandatory issuance of SIMs after capturing verifiable biometric data to prevent misuse. The bill introduces a provision for a jail term of up to three years or a fine of up to Rs 50 lakh for obtaining SIM or other telecom resources through fraud. The legislation also strengthens the legal framework for addressing cybersecurity issues and includes a provision for a regulatory sandbox to encourage innovation in the sector.

Telecom service providers will need permission instead of licenses with parliamentary approval. The goal of the proposed penalty cap is to reduce these enterprises’ financial burden. The bill provides strict rules against the unauthorized purchase of SIM cards and increases safeguards for telecom infrastructure.

Government initiatives, such as the Prime Minister Wi-Fi Access Network Interface (PM-WANI), the Bharatnet project, the Production Linked Incentive (PLI) Scheme supporting the manufacturing of telecom and networking products, and the Bharat 6G Alliance, reflect a concerted effort to bolster the telecom sector.

The Telecommunications Bill 2023 signifies a significant step forward for the Indian telecom industry, introducing reforms, enhancing security measures, and aligning with the evolving digital landscape. The government’s initiatives further underscore its commitment to fostering innovation and connectivity across the nation.

Startup Funding Summary

Kitchens@, Bengaluru-based cloud kitchen startup, has raised $65 Mn in Series C funding from Finnest – Read More

U GRO Capital, Mumbai-based fintech platform, has raised $30 Mn in a funding from FMO – Dutch Entrepreneurial Development Bank – Read More

BluSmart, Gurugram-based EV mobility startup, has raised $24 Mn in a funding from BP Ventures, Green Frontier Capital, Survam Partner, 9 Unicorns and other HNIs – Read More

Fasal, Bengaluru-based horticulture startup, has raised $12 Mn in Series A funding from TDK Ventures, British International Investment (BII), ITI Growth Opportunities Fund, Navam Capital, Aureolis Ventures, 3one4 Capital, Omnivore, Wavemaker Partners, Genting Ventures and The Yield Labs Asia Pacific – Read More

Farmley, Noida-based F&B brand, has raised $7 Mn in a funding from BC Jindal Group, DSG Consumer Partners, Omnivore and Alkemi Partners – Read More

M&A Snippets

Gurugram-based F&B brand Varun Beverages will acquire South Africa-based beverage company Bevco for $159 Mn – Read More

Hyderabad-based diagnostic chain Vijaya Diagnostic will acquire Pune-based diagnostic chain PH Diagnostic for $16 Mn – Read More

Gurugram-based energy storage and solutions provider Livguard acquired Noida-based battery swapping & IoT solution provider Emuron Tech for an undisclosed amount – Read More

USA-based consumer electronics firm BOSE acquired Delhi-based smart wearables brand Noise for an undisclosed amount – Read More

Udaan: Empowering B2B Growth Across India

December 17, 2023

Udaan, founded in 2016 by former Flipkart employees Amod Malviya, Sujeet Kumar, and Vaibhav Gupta, serves as a comprehensive B2B platform for business needs. It offers inclusive tech tools for brands, retailers, and manufacturers, promoting a level playing field for scaling and growth. With a focus on transparency and accessibility, Udaan provides national reach to 15 million manufacturers, 25–30 million retailers, and 10-12 million institutional businesses, encompassing over 60 million MSMEs in India. The platform boasts a vast network of 3 million registered users and 25,000–30,000 sellers across 900+ cities, spanning 12,000+ pin codes.

As of March 31, 2023, it had achieved noteworthy financial milestones, disclosing an impressive annual revenue of $699 million while successfully narrowing its losses to under $380 million. Positioned at the Series E stage, the company holds a robust valuation of $3.1 billion, underpinned by a substantial total funding of $1.84 billion garnered against equity across 17 funding rounds since its inception on November 23, 2016, as mentioned here.

Udaan’s strategic acumen is apparent not just in its financial achievements but also in its adept positioning among industry competitors like IndiaMART, Solv, and ProcMart. Udaan has established key partnerships with Danish Sportstyle and Reliance Retail, further enhancing its influence in the market. With a forward-thinking approach, Udaan has set ambitious goals, foreseeing an 80 percent year-over-year expansion in the next 3–5 years. This financial data underscores Udaan’s unwavering dedication to continuous growth, solidifying its strategic dominance in the dynamic B2B sector and affirming its status as a market leader.

Udaan encountered a significant challenge in determining the optimal product and market mix, a crucial factor for success in the B2B marketplace. Despite carving out a distinct niche, sustaining this lead remains a formidable task. Convincing retailers and persuading wholesalers to transition their businesses online posed an initial hurdle for Udaan. Additionally, the establishment of a robust supply chain network emerges as another substantial challenge for B2B e-commerce firms, underscoring the complexity faced by entities like Udaan in this domain.

Udaan has ambitious plans for the future, intending to leverage new capital to enhance its supply chain network across India. The company is also dedicated to fostering the growth of its marketplace in both established and emerging categories. The founders are confident that they are creating an improved platform for small businesses in India. With the recent fund-raise, Udaan’s business is fully funded and shall likely achieve its objective of becoming profitable in the next 12–18 months, as per various reports.

Startup Funding Summary

Udaan, Bengaluru-based e-commerce platform, has raised $340 Mn in Series E funding from M&G Plc, Lightspeed Venture Partners and DST Global – Read More

Vegrow, Bengaluru-based argitech startup, has raised $46 Mn in Series C funding from GIC, Prosus, Matrix Partners India, Elevation Capital and Lightspeed – Read More

PlasmaGen, Bengaluru-based biopharma company, has raised $27 Mn in funding from Artian Investments, Ashish Kacholia, Anurag Bagaria, Dushyant Patel and other HNIs – Read More

Exponent Energy, Bengaluru-based EV startup, has raised $26 Mn in Series B funding from Eight Roads Ventures, TDK Ventures, Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC and Pawan Munjal’s family office – Read More

Snitch‎, Bengaluru-based apparel & fashion brand, has raised $13 Mn in Series A funding from SWC Global and IvyCap Ventures Advisors Private Limited – Read More

M&A Snippets

Chennai-based fintech startup M2P Fintech acquired Delhi-based data analytics and intelligence platform Goals101 for $30 Mn – Read More

New Delhi-based motor vehicle manufacturer Hero MotoCorp acquired additional 3% stake in Bengaluru-based EV manufacturer Ather Energy for $17 Mn – Read More

Ahmedabad-based pharmaceutical manufacturer Zenex Animal Health acquired Ghaziabad-based veterinary service provider Ayurvet for an undisclosed amount – Read More

Nurturing Green Innovation: The Remarkable Growth of Climate Tech in India

December 10, 2023

In recent years, India has witnessed a remarkable surge in the field of climate technology, addressing pressing environmental challenges while contributing to the global fight against climate change. This growth is fueled by a combination of factors, including the country’s commitment to sustainability, abundant natural resources, a burgeoning entrepreneurial ecosystem, and a policy environment conducive to innovation.

The global climate tech market was valued at $20.34 billion in 2023, an increase of 23 percent from 2022. The market is expected to experience considerable growth over the next decade to reach $183 billion in 2033, registering a CAGR of 24.5 percent during the forecast period of 2023 to 2033 as mentioned here. The growth in the climate tech market will be attributable to the increased awareness of the climate crisis and the growing urgency for providing solutions to mitigate climate change.

The market size for climate tech in India and Southeast Asia (SEA) in 2023 is $102 billion and is expected to grow to $350 billion by 2030, at a compound annual growth rate (CAGR) of about 20 percent.

According to “The Essence of Climate Tech for India and Southeast Asia” report conducted by venture capital firms Golden Gate Ventures and Venture East, Over $70 billion was invested in climate tech globally in 2022, with SEA and India accounting for approximately 7 percent of it. The funding, however, is expected to moderate to $36.2 billion globally in 2023, said in the report.

India, the world’s fourth-largest emitter of carbon emissions, faces a multitude of climate-related challenges, from rising temperatures to extreme weather events, mismanaged urban waste, and poor air quality. Recognizing the urgency, there has been a significant shift towards climate tech solutions that go beyond clean energy and encompass diverse sectors such as electric transportation, sustainable agriculture, waste management, and circular economies.

India currently ranks seventh in the Global Climate Risk Index and ninth in global climate tech venture capital funding. At the COP26 conference in 2021, India pledged to achieve net-zero carbon emissions by 2070, showcasing a commitment to transformative change. This ambitious target includes a 50% commitment to renewable power generation by 2030, non-fossil fuel energy capacity of 500 GW, and reductions in CO2 emissions and carbon intensity.

India’s rich endowment of natural resources provides a unique advantage in developing climate tech solutions. With vast arable land and substantial forest cover, nature-based projects focused on protecting and restoring ecosystems can contribute to carbon sequestration. Furthermore, India’s thriving entrepreneurial ecosystem, marked by exponential growth and a pool of talented founders, positions the country as a key player in the $3.1 trillion climate tech market opportunity by 2030.

In 2021, climate tech equity funding in India witnessed a significant 4x growth, reaching $7 billion, with total investments estimated at around $20 billion. The sectoral breakdown of investments highlights key areas of focus, including electric mobility, renewable energy, battery technology, and energy efficiency.

Electric Mobility: India, the fourth-largest automobile market globally, is witnessing a surge in electric vehicle manufacturing, charging infrastructure, and battery technology.

Renewable Energy: Proactive government policies and falling technology costs have led to substantial growth in utility-scale and rooftop solar solutions, supported by innovative startups in data analytics and site security.

Battery Technology: With a growing demand for clean energy storage, startups are innovating in alternative battery chemistries, leveraging machine learning for predictive maintenance.

Energy Efficiency: Startups are addressing inefficiencies in industrial manufacturing and commercial establishments through IoT sensors, promoting energy savings and sustainable practices.

Promising developments in technology, policy, and entrepreneurial innovation mark India’s journey toward becoming a climate leader as mentioned here.

Startup Funding Summary

Sarvam AI, Chennai-based generative AI startup, has raised $41 Mn in Series A funding from Lightspeed Venture, Peak XV Partners and Khosla Ventures – Read More

The Sleep Company, Mumbai-based mattress manufacturer, has raised $22 Mn in Series C funding from Premji Invest and Fireside Ventures – Read More

Biryani By Kilo, Gurgaon-based cloud kitchen startup, has raised $9 Mn in Series C funding from Alpha Wave Ventures, Vevek Ventures, DSP HMK Holdings, IvyCap Ventures, Incred Wealth and Clear Bridge Ventures – Read More

Digi Vriddhi, Bengaluru-based dairy fintech & marketplace platform, has raised $6 Mn in Series A funding from Omidyar Network India, Omnivore and InfoEdge Venture – Read More

Navadhan, Mumbai-based fintech startup, has raised $5 Mn in Pre-Series A funding from Prime Venture Partners, Gemba Capital and Varanium NexGen Fintech Fund – Read More

M&A Snippets

Kota-based edtech firm Allen Career Institute acquired Gurugram-based doubts solving platform Doubtnut for an undisclosed amount – Read More

Soaring Skies: India’s Dynamic Drone Landscape

December 3, 2023

Unmanned Aircraft Systems (UAS), or drones, have emerged as a cornerstone in India’s technological landscape, promising vast potential across defense, surveillance, internal security, disaster management, agriculture, healthcare, geo-spatial mapping, mining, infrastructure, as well as aerial photography and cinematography, among numerous other domains.

The annual sales turnover of the industry may grow from INR 60 Cr in 2020-21 to over INR 900 Cr in FY 2023-24 generating over 10,000 direct jobs. It is expected that the drone services industry (operations, logistics, data processing, traffic management etc.) will grow to over INR 30,000 Cr in the next 3 years, potentially employing over five lakh people as noted here. The proactive initiatives of the Indian government, such as the formation of a drone task force, the launch of a dedicated portal for drone operations, and the implementation of a Rs. 120 crore Production-Linked Incentive (PLI) scheme, emphasize a dedicated commitment to nurturing the growth of indigenous drone manufacturing as mentioned here.

Drones have found diverse applications in various industries. In agriculture, they enable efficient crop monitoring, mapping, and irrigation system analysis, offering farmers substantial cost and time savings. Environmental conservation benefits from drones through wildlife monitoring, habitat management, and flood assessments. In media coverage, drones provide affordable aerial shots for local journalists and small-scale media houses. For search and rescue operations, drones equipped with infrared sensors prove invaluable in locating individuals during disasters. Additionally, the burgeoning use of drones in e-commerce and healthcare delivery has gained prominence, especially underscored by the COVID-19 pandemic, emphasizing the need for drone-friendly policies in India.

In the drone market, fixed-wing drones dominate with a notable 44% market share, prized for their versatility in military and surveillance applications due to flexible flying time, range, and speed. Mapping and surveying applications take the spotlight, meeting varied needs from large-scale mapping to urban modeling and defense monitoring. Microdrones, weighing between 250 g and 2 kg, command a substantial market share, prized for quick navigation, high communication range operations, and their lightweight design.

India’s drone business is confronted with several obstacles. Lack of clear and consistent legislation creates regulatory uncertainty, which hinders the industry and affects privacy, flight clearance, and data protection. Industry growth is hampered by manufacturing obstacles such as a lack of domestic capacity and a reliance on imports for drone parts. Drone technology integration is not as common as it might be due to barriers to business adoption such cost, regulatory complexity, and awareness. Moreover, general technical growth is hampered by a lack of specific knowledge in programming, data analytics, and design. Drone technological advancement is further hindered by infrastructure deficiencies, which include inadequate landing pads, charging stations, and air traffic control systems as mentioned here

India has a vibrant drone startup ecosystem, featuring over 200 startups that significantly contribute to the sector’s dynamism. In 2022, the India Drone Market witnessed the dominance of the Indian startup ideaForge, holding a substantial market share of over 47% and boasting more than 20 registered patents. Other notable contributors to the growth of the drone industry include companies such as Asteria Aerospace, Fly High, among many others.

India’s drone market is navigating a transformative journey characterized by growth, innovation, and a spectrum of opportunities. As the industry evolves, addressing regulatory nuances, bolstering manufacturing capabilities, and fostering business awareness will be pivotal in unleashing the full potential of drones across sectors.

Startup Funding Summary

EMotorad, Pune-based EV manufacturer, has raised $20 Mn in series B funding from Panthera Growth Partners, xto10x, Alteria Capital and Green Frontier Capital – Read More

PhiCommerce, Pune-based fintech startup, has raised $10 Mn in series A1 funding from BEENEXT and Opus Ventures – Read More

Innovist, Gurgaon-based beauty and personal care brand, has raised $7 Mn in series A funding from Amazon Smbhav Venture Fund, 72 Ventures, the family office of Nykaa, Accel India and Sauce.vc – Read More

GrowXCD, Chennai-based fintech startup, has raised $6 Mn in series A funding from Lok Capital – Read More

Zyla Health, Gurgaon-based healthtech startup, has raised $4 Mn in series A funding from Exfinity Venture Partners, Sony Innovation Fund, Venture Catalysts and Aureolis Ventures – Read More

M&A Snippets

Kolkata-based chemical manufacturer PCBLwill acquire Pune-based chemical manufacturer Aquapharm Chemicals for $456 Mn – Read More

Jaipur-based car search venture CarDekho will acquire Gurugram-based automotive service provider Revv for an undisclosed amount – Read More

India Quietly Makes Strides into a Billion-Dollar Shoe Box Industry

November 26, 2023

The footwear market is segmented into athletic and non-athletic categories. The athletic category includes sneakers, running shoes, and other sports shoes. Sneakers are characterized by their rubber soles, which make them suitable for running, jumping, and other physical activities. Sneakers are also popular for their versatility and are often worn as a fashion statement.

According to projections, the Sneakers segment in India is poised to generate a revenue of US$2.63 billion in 2023, displaying an annual growth rate of 6.18% (CAGR 2023-2028). On a global scale, the Sneakers segment is already commanding an impressive revenue of US$75.77 billion, with expectations of a consistent annual growth of 5.31% (CAGR 2023-2028).

The Sneaker market in India is propelled by a confluence of factors, including the surge in disposable income and purchasing power. The dynamic shift in consumer preferences and heightened fashion consciousness aligns with evolving urban lifestyles, driving a growing demand for comfortable and durable footwear. Furthermore, the expanding reach of e-commerce platforms and the prevalence of online shopping contribute significantly to the market’s momentum.

Challenges persist in the Indian sneaker industry, marked by the presence of counterfeit products and unorganized players. Additionally, intense competition from both domestic and international brands, coupled with fluctuating raw material prices and a lack of awareness about sustainable options, poses hurdles affecting profit margins and sustainable growth.

While the manufacturing and retail segment boasts notable players like Vegnon Veg and Supekicks, the reselling sector is experiencing a remarkable surge. Previously considered a niche market, sneaker reselling is now a thriving business both online and offline in India.

Startups like solesearch, mainstreet, and superkicks are achieving seven-figure revenues by actively participating in the reselling business. According to reports, the sneaker resale market was valued at around $6 billion globally in 2019, and projections estimate it to reach $30 billion by 2030.

In India, reselling sneakers is evolving from a hobby into a lucrative business model. The market is expected to jump to USD 5 billion by 2025, signaling a significant opportunity for entrepreneurs and enthusiasts alike.

Startup Funding Summary

Clove Dental, New Delhi-based global dental services, has raised $50 Mn in a funding from Qatar Investment Authority (QIA) – Read More

Scapia, Bengaluru-based travel fintech, has raised $23 Mn in series A funding from Matrix Partners India, Tanglin Venture Partners, Elevation Capital & 3STATE Ventures – Read More

Kiwi, Bangalore-based fintech startup, has raised $13 Mn in series A funding from Omidyar Network India, Nexus Venture Partners and Stellaris Venture Partners – Read More

Purple Style Labs, Mumbai-based apparel and fashion brand, has raised $8 Mn in series D funding from Pidilite Family Office, Singularity Growth Opportunities Fund I and other HNIs – Read More

Baaz Bikes, New Delhi-based EV mobility startup, has raised $8 Mn in series A funding from BIG Capital, Rakuten Capital, Kalaari Capital and 9Unicorns – Read More

Constructing a Sustainable Tomorrow: ESG Trends Shaping the Business Landscape in India

November 19, 2023

In the ever-evolving landscape of global business, Environmental, Social, and Governance (ESG) considerations have transcended from mere compliance to becoming a pivotal element in long-term corporate strategies. Here’s a snapshot of how India is embracing this transformative shift and its impact on businesses.

As per the findings outlined in this report, the global ESG and sustainability advisory market is anticipated to reach US$39.3 billion by 2023, with a projected CAGR of 6.3%, surging to US$72.4 billion by 2033. In India, the ESG and sustainability consulting market, valued at USD 255.21 million in 2021, is poised for growth at a CAGR of 7.42% from 2022 to 2030 as mentioned here

In line with global efforts to combat climate change, India, through its commitment in the Paris Agreement, aims to achieve net-zero emissions by 2070. This commitment has necessitated the integration of ESG principles within corporate entities to safeguard the environment, address stakeholder interests, and ensure business sustainability. The COVID-19 pandemic and increased consumer awareness have further accelerated this paradigm shift.

High-emission sectors, notably industry and energy, undergo thorough government scrutiny in India. The Securities and Exchange Board of India (SEBI) enforces ESG disclosures for the top 1,000 listed companies through the Business Responsibility and Sustainability Reporting (BRSR) initiative.
ESG investment regulations aim to allure investors and set a global precedent. A noteworthy trend involves Indian firms, such as Reliance Industries, Tata Consultancy Services, and Sterlite Tech, embracing BRSR for sustainability reporting.

However in India, 27% of businesses are prepared for ESG requirements, while only 15% of suppliers are ready. A notable 49% are aware of ESG reporting regulations. Encouragingly, 68% have formally integrated ESG strategies, and 80% report their efforts through diverse channels like sustainability reports, ESG reports, and integrated reports mentioned here

ESG delivers enduring value by safeguarding profits, people, and the planet in a globally transformative business landscape. Essential for addressing material issues and enhancing resilience, ESG integration goes beyond corporate responsibilities. Tailored to industry specifics, geography, and core values, it aligns with strategy and investor expectations. Companies are increasingly adopting integrated profit-loss statements to measure the broader impact of their operations on various forms of capital.

However, some of the ESG implementation challenges include finding the appropriate ESG framework, measuring and tracking performance, accessing governance data and insights, tracking stakeholder sentiment and organizational reputation, and visualizing and controlling risk mitigation as indicated in this context.

As India navigates its journey toward a sustainable future, the integration of ESG principles is not only a regulatory imperative but a strategic necessity for businesses to thrive in the evolving global landscape.

Startup Funding Summary

Bakingo, Gurgaon-based bakery brand, has raised $16 Mn in a funding from Faering Capital – Read More

Slice, Bangalore-based fintech startup, has raised $9 Mn in a funding from Stride ventures – Read More

CoverSelf, Bangalore-based fintech startup, has raised $8 Mn in Seed funding from 3one4 Capital, BEENEXT, Z21 ventures and other HNIs – Read More

General Autonomy, Bangalore-based robotics startup, has raised $3 Mn in a funding from Elevation Capital, India Quotient and other HNIs – Read More

CENTA, Bangalore-based ed-tech platform, has raised $1 Mn in a funding from Leo Puri, Pankaj Sahni, Bahram Vakil and Nikhil Mohta – Read More

M&A Snippets

Patna-based agritech startup DeHaat has acquired Ahemdabad-based fruits export company Freshtrop Fruits for an undisclosed amount – Read More

Mensa Brands: Unraveling the Journey to Unicorn Status and Beyond

November 12, 2023

Mensa Brands, based in Bengaluru, swiftly attained unicorn status under the leadership of Ananth Narayanan, disrupting traditional startup norms. Founded as a ‘house of brands,’ Mensa aims to transform digital-first brands across sectors. This article explores Mensa’s journey, its unique model, and its diverse subsidiary brands.

Founded in May 2021, Mensa Brands addresses challenges faced by emerging brands in India’s fashion and beauty sectors. Founder Ananth Narayanan’s vision leverages his Myntra and Medlife experience to guide brands in vital areas like inventory management and technology development. By November 2021, Mensa had secured $135 million at over $1 Bn valuation, becoming the fastest Indian startup to reach unicorn status.

Despite initial skepticism, Mensa was able to gain industry trust. By October 2021, it acquired a controlling stake in 10 new-age brands, with revenues in the range of ₹25-35 crore and annual growth rates of 70-80%. These brands are projected to grow at least 10 times in the next five years. Mensa announced profitability in June 2022, with projected revenues of ₹1,500 crores in its first 12 months as mentioned here.

According to recent reports, in a strategic move, Mensa Brands raised debt funding of $40 Mn in October 2023 from EvolutionX Debt Capital. This infusion, coupled with the company’s equity funding of over $200 million from investors like Accel Partners, Prosus, Tiger Global, Stride Ventures, and others, positions Mensa Brands for continued growth

Mensa’s eclectic portfolio spans various sectors, emphasizing its commitment to become India’s largest D2C tech-led house of brands. Subsidiary brands include Dennis Lingo, Pebble, Karagiri, KatchOn, Trust Basket, PartyPropz, Villain, MyFitness, Majestic Pure, MensXP, iDiva, and Hypp.

Mensa envisions partnerships, investments, and acquisition of over 50 brands in the next 2-3 years. The startup aims to establish its existing brands as household names and expand its influencer and social media networks.

Mensa Brands faced a significant challenge in May 2023, when it initiated layoffs, affecting 30 employees from the recently acquired India Lifestyle Network. This decision, accounting for 5% of Mensa’s total workforce, surprised both employees and industry experts, given the company’s stellar performance in the Indian e-commerce sector and strong investor backing as discussed here.

Mensa Brands, while achieving unicorn status, redefines the startup model, carving a niche in the ecosystem. Its journey and diverse portfolio attest to the team’s vision and execution capabilities. As the Indian e-commerce market intensifies, Mensa Brands is likely to play a pivotal role, offering expertise and funding. With fresh funds and ongoing innovation, Mensa Brands continues shaping the startup landscape’s future.

Startup Funding Summary

Xpressbees, Pune-based logistics tech startup, has raised $80 Mn in funding from Teacher Venture Growth, Blackstone Growth, TPG Growth, ChrysCapital, Khazanah Nasional Berhard, Alibaba Group, Elevation Capital, Investcorp, Norwest Venture Partners & Gaja capital – Read More

Zepto, Mumbai-based quick commerce company, has raised $31 Mn in series E funding from Good water capital & Nexus venture partners – Read More

Euler Motor, Delhi-based electric vehicle startup, has raised $14 Mn in series C funding from British International Investment (BII) and Green Frontier Capital – Read More

Sequretek, Mumbai-based cybersecurity firm, has raised $8 Mn in series A funding from Omidyar Network India, Narottam Sekhsaria Family Office & Alteria Capital – Read More

Hearzap, Hyderabad-based Health-tech startup, has raised $6 Mn in series A funding from 360 One Healthcare Opportunities Fund – Read More

M&A Snippets

Ahmedabad-based pharmaceutical company Eris lifesciences has acquired Banglore-based biopharmaceutical company Biocon biologics Ltd for an $44 Mn – Read More

Mamaearth’s Oversubscribed IPO Sets Stage for a Promising Market Debut

November 5, 2023

Mamaearth, a frontrunner in the realm of natural and sustainable beauty and personal care products, has recently captured the market’s attention with its highly anticipated Initial Public Offering (IPO), signaling a pivotal milestone in the brand’s evolutionary journey. With an IPO valued at a substantial Rs 1,701.00 crores, Mamaearth has underscored its growing influence and prominence within the consumer goods sector, solidifying its position as a trailblazer in the industry.

As the IPO subscription period unfolded, Mamaearth experienced a good response from investors, surpassing expectations with an impressive 7.61 times oversubscription. This robust demand is a testament to the brand’s unwavering commitment to sustainable and eco-friendly practices, resonating deeply with investors seeking ethical and environmentally conscious investment opportunities as discussed here.

Since its inception, Mamaearth has embarked on a mission to redefine traditional beauty standards, catering to the evolving consumer preferences for organic and environmentally friendly alternatives. With a diverse product portfolio encompassing skincare, hair care, and baby care, the brand has fostered a loyal customer base drawn to its ethical and transparent manufacturing processes.

The brand’s strength lies in its transparent communication and unwavering dedication to ingredient safety and efficacy as highlighted in the article of Mantraa Advisory,, a stance that has resonated with a growing community of conscious consumers. Mamaearth’s commitment to sustainability, coupled with its innovative product formulations catering to diverse skincare needs, has solidified its position as a frontrunner in the competitive beauty landscape.

Despite its notable success, Mamaearth has not been immune to the challenges prevalent in the consumer goods industry. Mantraa Advisory has highlighted potential obstacles, including the need to navigate the complexities of supply chain management, maintain competitive pricing in the face of market fluctuations, and sustain consistent product innovation to meet evolving consumer demands. Additionally, the brand faces the ongoing challenge of balancing its sustainability goals with the necessity of scaling operations to meet the burgeoning market demand.

Amidst these challenges as mentioned here,, Mamaearth continues to fortify its presence through strategic collaborations, innovative marketing campaigns, and a continued focus on fostering consumer trust through transparency and product quality. With a strong emphasis on sustainability, wellness, and innovation, Mamaearth remains poised to navigate the dynamic beauty landscape while continuing to champion its commitment to promoting a healthier, greener, and more conscious approach to personal care.

Startup Funding Summary

Mamaearth’s, Gurugram-based beauty & personal care brand, has raised $91 Mn in a funding from Smallcap World Fund, Fidelity Funds, Abu Dhabi Investment Authority, Government Pension Fund Global, Caisee De Depot ET Placement, FSSA India Suncontinent Fund, Carmignac Portfolio, Goldman Sachs, Fundpartner Solutions and Hornbill Orchid India Fund – Read More

Aequs, Karnataka-based aerospace & defense contract manufacturer, has raised $54 Mn in a funding from Amansa Capital, Steadview Capital, Catamaran, Family office of N R Narayana Murthy, Sparta Group LLC, Sparta Group LLC and other HNIs – Read More

Skyroot Aerospace, Hyderabad-based spacetech startup, has raised $27 Mn in Pre-Series C funding from Temasek – Read More

Vridhi Home, Bengaluru-based housing finance company, has raised $18 Mn in a Series A funding from Elevation Capital – Read More

Sugar.fit, Bengaluru-based health-tech startup, has raised $11 Mn in Series A funding from MassMutual Ventures, Cult.fit, Tanglin Venture Partners, Endiya Partners and other HNIs – Read More

M&A Snippets

Gurugram-based eyewear brand Lenskart has acquired Chennai-based AI computer vision startup TangoEye for an undisclosed amount – Read More

Bengaluru-based cloud kitchen company CureFoods has acquired Mumbai-based foodtech startup Yumlane for an undisclosed amount – Read More

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Category: Startup Newsletter