Tag: Newsletter

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

 

Ixigo’s Incredible Rollercoaster Ride to IPO

October 29, 2023

Today, we will be walking you through the story of ixigo and what goes into making of a great company. In 2006, Aloke Bajpai, an IIT Kanpur alumnus, and his colleague Rajnish Kumar decided to return to India and start Ixigo, investing a modest 6 lakh rupees. Despite initial skepticism from investors, the duo’s relentless efforts resulted in a $10,000 monthly revenue within 6 months of launch.

However, the 2008 financial crisis hit Ixigo hard, resulting in withdrawal of an almost-closed $5M funding round which led to a significant workforce reduction. The team took a voluntary pay cut to weather the storm, focusing on customer-centric product development.

By 2010, Ixigo launched its mobile app, rapidly expanding its user base. It strategically partnered with major travel businesses, offering exclusive discounts and deals. Over the years, it diversified its offerings, from intra-city cabs to inter-city travel guides, leveraging its understanding of travelers’ pain points.

The company’s real turning point came when it focused on the railways sector, launching a railway app that attracted 60 million travelers by 2016, capturing 70% of the market share. Ixigo’s revenue model evolved, transforming the platform into a full-fledged online travel agency (OTA).

Despite the challenges posed by the pandemic, Ixigo demonstrated exceptional resilience, providing customer-centric solutions such as proactive refunds and introducing the ‘assured’ feature for flight bookings. It acquired ConfirmTkt and AbhiBus, consolidating its position in the OTA space.

In 2021, Ixigo separated from its investor-partner MakeMyTrip, filing for a Rs. 1,600 crore IPO. The company’s focus on user retention, frugal operations, and innovative offerings resulted in impressive financials, with an estimated revenue of over Rs. 500 crores in FY23.

With plans to double its yearly bookings and a growing user base of 50 million, Ixigo’s journey to becoming one of India’s leading OTAs is a testament to perseverance and consumer-centric business practices.

Ixigo’s journey from being a startup grappling with financial challenges to becoming a market leader and a potential IPO candidate embodies the spirit of perseverance and innovation in the face of adversity. Source – ajuniorvc

Startup Funding Summary

Ola Electric, Bangalore-based EV manufacturer, has raised $384 Mn in a funding from Temasek and State Bank of India – Read More

PMI Electro Mobility, Dharuhera-based electric bus manufacturer, has raised $30 Mn in a funding from Piramal Alternatives – Read More

Inc.5 shoes, Mumbai-based footwear brand, has raised $10 Mn in Series A funding from Carpediem Capital, Param Capital and P3 Venture Fund – Read More

Blubirch, Bangalore-based reverse logistics service provider, has raised $6 Mn in Series A funding from Cornerstone Ventures and Capital2B – Read More

Mokobara, Bangalore-based D2C luggage brand, has raised $4 Mn in a funding from Saama Capital, Sauce VC and Alteria Capital – Read More

M&A Snippets

UAE-based logistics management platform Shipsy has acquired Bangalore-based inventory management platform Stockone for an undisclosed amount – Read More

 

India’s Digital Credit Landscape: Thriving Leaders and Evolving Challengers

October 22, 2023

The Indian financial ecosystem is undergoing a seismic transformation, primarily driven by the rapid proliferation of digital credit platforms. With an estimated surge in digital payment users, surpassing key global economies, India is at the forefront of a digital credit revolution. As the digital consumer lending sector is projected to reach a staggering $720 billion by 2030, the stage is set for a fierce battle among key players to dominate this burgeoning market.

The digital consumer lending landscape has undergone a significant transformation, revolutionizing the way individuals access financial services. Consumer lending space can be segmented into four sub-categories: Personal Loan, BNPL, Gold Loans, Retail Cards.

1. Personal Loans have gained substantial traction, providing consumers with flexible financing for diverse needs such as medical emergencies, home renovations, or education expenses. For instance, platforms like Credible and SoFi have emerged as prominent examples, offering convenient and streamlined personal loan services.

2. Additionally, the ‘Buy Now, Pay Later’ (BNPL) concept has swiftly gained popularity, allowing consumers to make purchases and pay for them in installments. Companies such as Afterpay and Klarna have become frontrunners in the BNPL sector, catering to the growing demand for flexible payment options.

3. Moreover, Gold Loans have continued to serve as a reliable source of quick financing, with institutions like Muthoot Finance and Manappuram Finance leading the way in providing secure and accessible gold-backed lending solutions.

4. Furthermore, Retail Cards have become increasingly prevalent, empowering consumers with convenient credit options for their everyday shopping needs. Notably, the SBI Card and HDFC Bank’s EasyEMI are among the prominent retail card examples, offering users tailored benefits and rewards for their spending.

In this era of dynamic digital transformation, building a customer-centric organization has become a non-negotiable prerequisite for businesses in India. As consumer preferences evolve and technology continues to revolutionize various industries, companies must swiftly adapt to customer-centric strategies to maintain their competitive edge. Embracing customer data, implementing omni-channel strategies, personalizing experiences, prioritizing superior customer service, nurturing a customer-centric culture, and adopting agile methodologies have emerged as key pillars for organizations striving to be customer-centric in the digital age.

The rapidly evolving digital credit landscape in India presents both remarkable opportunities and intense competition. As the nation embarks on a journey of financial digitization, the key to success lies in understanding and catering to the ever-evolving needs of the Indian digital consumer, while simultaneously fostering a customer-centric ethos across all organizational levels.

Startup Funding Summary

Zetwerk, Bangalore-based B2B ecommerce company, has raised $120 Mn in Series F funding from Avenir Growth Capital, Footpath Ventures, Greenoaks Capital, Steadview Capital, D1 Capital and Lightspeed – Read More

Neo, Mumbai-based wealth & asset management startup, has raised $35 Mn in a funding from Peak XV Partners – Read More

Vastu Housing Finance, Mumbai-based fintech company, has raised $30 Mn in a funding from Faering Capital – Read More

Agnikul Cosmos, Chennai-based spacetech startup, has raised $27 Mn in Series B funding from Celesta Capital, Rocketship.vc, Artha Venture Fund, Artha Select Fund, Mayfield India, Pi Ventures and Speciale Invest – Read More

Apex Kidney Care, Mumbai-based healthcare startup, has raised $10 Mn in a funding from Tata Capital Healthcare Fund II – Read More

M&A Snippets

Mumbai-based video editing platform VideoVerse has acquired LosAngeles-based AI-based audience enhancement Optikka for an undisclosed amount – Read More

Emerging Market Innovators Redefining Global Tech Landscape

October 15, 2023

In a world characterized by rapid technological advancements, the landscape of global innovation is experiencing a transformative shift led by pioneering companies from emerging markets. These companies, often operating under the radar, are rewriting the rules of the game, outmaneuvering Silicon Valley’s giants and setting new benchmarks for global dominance. While tech behemoths in the West have long been the face of innovation, a new wave of businesses is challenging this narrative, showcasing unparalleled adaptability and foresight.

In the realm of Money, companies like PhonePe in India, M-Pesa in Kenya, and NPCI are revolutionizing financial services, empowering millions with seamless transactional experiences and driving financial inclusion. These firms have not only leveraged cutting-edge technologies but have also tailored their offerings to cater to the specific needs and preferences of their local communities, setting new standards for user-friendly financial solutions.

When it comes to Mobility, companies such as Grab in Singapore and Careem in the UAE have redefined transportation services by understanding and addressing the unique requirements of their respective regions. By integrating localized features such as cash payment options and tailored navigation solutions, they have transformed the way people move, providing convenient and accessible mobility solutions to millions.

In the realm of Communication, companies like Naver in South Korea, Tencent in China, and Zalo in Vietnam have developed messaging platforms that not only resonate with local users but also foster a sense of community and inclusivity. By offering culturally relevant features and prioritizing user engagement, these platforms have become indispensable tools for seamless global communication, transcending geographical boundaries.

Meanwhile, in the sphere of Modern Lifestyle, companies like DJI in China and Showmax in South Africa are reimagining everyday experiences through their innovative products and services. These companies have embraced a user-centric approach, catering to the evolving needs and preferences of a global audience. By combining cutting-edge technology with a deep understanding of modern lifestyles, they are shaping the future of how people live, work, and engage with the world around them.

As these companies continue to thrive and set new benchmarks for innovation, they not only inspire a new generation of startups and entrepreneurs across emerging markets but also redefine the future of global technology experiences. The success of these trailblazing companies is a testament to the power of innovation and adaptation, demonstrating that the next era of technological evolution is not confined to the West but is being shaped by diverse, forward-thinking companies from every corner of the globe.

To read more about these dynamic companies and their impact on the global market, refer to this interesting article from the ‘rest of world’ publication.

I am sure there will be many more additions from India in times to come.

Startup Funding Summary

InsuranceDekho, Bangalore-based Insurtech startup, has raised $60 Mn in Series B funding from Mitsubishi UFJ Financial Group, BNP Paribas Cardif, Beams Fintech Fund, TVS Capital, Goldman Sachs Asset Management and Avataar Ventures – Read More

Bizongo, Mumbai-based packaging company, has raised $50 Mn in Series E funding from Schroder Adveq, British International Investment, International Finance Corp, Chiratae Ventures and B Capital – Read More

Onsurity, Bangalore-based Insurtech startup, has raised $24 Mn in a funding from International Finance Corporation, Nexus Venture Partners, Quona Capital and other HNIs – Read More

Shiprocket, Delhi-based logistics platform, has raised $11 Mn in Series E funding from McKinsey – Read More

Bagzone Lifestyles, Mumbai-based fashion and lifestyle brand, has raised $9 Mn in a funding from First Bridge India Growth Fund – Read More

M&A Snippets

Mumbai-based carbon black supplier Birla Carbon has acquired Belgium-based carbon nanotubes manufacturer Nanocyl for an undisclosed amount – Read More

Chennai-based healthcare revenue cycle management service provider Access Healthcare has acquired Virginia-based patient engagement service provider Envera Health for $32 Mn – Read More

Mumbai-based technology solution company Aurionpro has acquired kolkata-based loan management system Omnifin for $10 Mn – Read More

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