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Byondnxt Attracts New Investors, Zomato’s Stake Dips to 6%

By
Supriya Biswas
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Byondnxt, the parent company of the kitchen appliance brand Beyond Appliances, has successfully raised fresh funding from a cohort of new investors. This latest funding round did not see participation from Zomato, which had earlier acquired an 8% stake in the Bengaluru-based startup.

In a recent stock exchange filing, Zomato confirmed that the fundraising was finalized on November 30. Following this, Zomato’s stake in Byondnxt has reduced to 6% on a fully diluted basis.

Founded by Eshwar Vikas, who also established Mukunda Foods, Byondnxt operates as a direct-to-consumer (D2C) brand specializing in innovative kitchen appliances. Rakesh Patil, the company’s co-founder and CTO, contributes significantly to the brand’s technological edge. Earlier in October, Zomato had invested Rs 6,000 to acquire an 8% stake in the startup.

Zomato has a history with the founders, having previously invested $5 million in March 2022 to acquire a 16.66% stake in Mukunda Foods, a B2B supplier of smart kitchen solutions.

This funding round marks the second instance of a Zomato-linked company securing capital in recent months. In September, the adtech startup AdOnMo raised $25 million, led by Rigel Capital and Sinar Mas, further highlighting Zomato’s involvement in nurturing emerging ventures.

Zomato CEO Deepinder Goyal has also been exploring new opportunities, recently launching Continue, a venture focusing on health tracking and mental wellness. On the corporate front, Zomato raised approximately $1 billion (Rs 8,500 crore) through a Qualified Institutions Placement (QIP) of equity shares.

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Rohan Verma to Transition from MapmyIndia CEO Role, Embarks on a New B2C Venture

By
Supriya Biswas
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MapmyIndia has announced that CEO and Whole-Time Director Rohan Verma will step down from his executive role by March 31, 2025. He will assume the position of Non-Executive Director on the company’s board while pursuing a new entrepreneurial journey in the B2C space.

The company disclosed its plans in a stock exchange filing, revealing that MapmyIndia’s board has approved a strategic investment of ₹10 lakh for a 10% equity stake in Verma’s new venture, along with ₹35 crore through Compulsorily Convertible Debentures (CCDs). This move enables MapmyIndia to back Verma’s ambitions while staying focused on its core B2B and B2B2C operations.

Chairman and Managing Director Rakesh Kumar Verma will continue steering MapmyIndia as it strengthens its foothold in geospatial technologies. The company also announced additional investments in SimDaaS Autonomy (₹3 crore for a 9.37% stake) and Kaiinos GeoSpatial Technologies (₹2 crore for a 19.84% stake) via Compulsorily Convertible Preference Shares (CCPS).

Despite reporting a 13.82% year-on-year growth in Q2 FY25 revenue from operations, reaching ₹103.67 crore, MapmyIndia faced an 8.2% decline in consolidated net profit, standing at ₹30.33 crore compared to ₹33.04 crore in Q2 FY24.

This strategic reshuffle marks a pivotal moment for MapmyIndia as it continues to support innovation while evolving in the competitive geospatial technology landscape.

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Zomato Secures ₹8,500 Crore Via QIP, Sets Sights on Marketing and Blinkit Expansion

By
Supriya Biswas
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Zomato, a leading player in the food tech industry, has successfully raised ₹8,500 crore through a Qualified Institutional Placement (QIP), marking its first major fundraising initiative since its IPO in July 2021. The QIP, finalized on November 28, 2024, was approved by Zomato’s Fund Raising Committee after receiving submissions from qualified institutional buyers.

A significant portion of this capital, ₹2,137 crore, will be directed toward expanding Blinkit, Zomato’s quick commerce arm. The company plans to invest heavily in setting up dark stores and warehouses to bolster Blinkit’s operational capabilities. Alongside this, Zomato is allocating funds for advertising and marketing to solidify its competitive edge in the food delivery and quick commerce markets.

Adding to the company’s newsworthy streak, founder and CEO Deepinder Goyal has voluntarily extended his salary waiver until March 31, 2026. Goyal had initially opted out of receiving a salary starting April 1, 2021, for three years, and this new decision extends the waiver to a total of five years. Goyal, who currently holds a 4.2% stake in Zomato valued at over ₹10,000 crore, continues to demonstrate his commitment to the company’s growth and vision.

On social media, Goyal made headlines with a job posting for a Chief of Staff, emphasizing traits like empathy and common sense. The listing initially required applicants to contribute ₹20 lakh to Zomato’s Feeding India charity, a condition that Goyal later clarified was intended to gauge serious interest. The post sparked mixed reactions online, with Shaadi.com founder Anupam Mittal humorously offering alternative opportunities to potential candidates, further amplifying the buzz.

Zomato’s recent fundraising efforts and strategic investments underline its ambitions to remain a dominant force in the fast-evolving food tech and quick commerce landscape.

Veteran Partner Anandamoy Roychowdhary Bids Farewell to Peak XV After 11 Years

By
Supriya Biswas
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Anandamoy Roychowdhary, a seasoned partner at Peak XV‘s Surge program, has announced his departure from the firm after an illustrious tenure of over 11 years. His exit marks the second high-profile departure from the venture capital firm within the past year.

Roychowdhary joined Peak XV Partners (formerly known as Sequoia Capital India) in February 2013 as Director of Technology. Over the years, he played a pivotal role, particularly as a technology advisor to prominent portfolio companies, including Byju’s. In June 2023, he was elevated to the role of Partner at Surge, the firm’s accelerator program for early-stage startups.

Reflecting on his journey, Roychowdhary cryptically shared on the platform X, “Petal wafts from the rose, drawn by dreams of mastery. Cedes post Nov 30th.”

This announcement follows the exit of Piyush Gupta, former Managing Director at Peak XV, who left earlier this year after seven years to establish Kenro Capital, a secondary-focused investment fund. As for Roychowdhary’s next steps, no details have been disclosed yet.

The venture capital firm, which underwent a rebranding from Sequoia Capital India to Peak XV Partners last year, remains a dominant player in the market. Managing $9.2 billion across 13 funds, it has $2.5 billion in uninvested capital earmarked for investments in India and Southeast Asia.

Peak XV has not released an official statement regarding Roychowdhary’s exit.

HUL’s Growth Story: Surf Excel Targets ₹10,000 Crore Turnover by FY25, with Digital Media Driving the Wave

By
Supriya Biswas
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Hindustan Unilever Limited (HUL) continues to assert its dominance in India’s FMCG sector, with 19 brands surpassing ₹1,000 crore in revenue. Among these, Surf Excel has emerged as a standout performer, achieving over $1 billion in sales in 2022, making it the only non-food FMCG brand in India to reach this milestone. With ambitious projections, the brand is expected to exceed ₹10,000 crore in turnover by FY25.

HUL’s shift to a digital-first advertising strategy has been pivotal, with digital media now accounting for 40% of its total ad spends, triple the share from four years ago. Customized media plans, proprietary tools leveraging category-specific data, and faster digital deployment cycles have further bolstered its marketing efficiency. The company has identified significant growth opportunities across premium skincare, haircare, homecare, condiments, and wellness products, aiming for 2x to 4x growth in these categories. At the CNBC-TV18 Global Leadership Summit 2024, CEO Rohit Jawa outlined HUL’s vision for long-term growth through innovation, premiumization, and inclusive market strategies.

Jawa emphasized the importance of balancing affordability and value to unlock new opportunities and expand market share. With Surf Excel redefining the narrative in homecare and a clear focus on innovation and premiumization, HUL is well-positioned for sustained leadership in India’s dynamic consumer goods landscape.

NODWIN Gaming Strengthens Portfolio with Trinity Gaming Acquisition for ₹24 Crore

By
Supriya Biswas
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NODWIN Gaming has taken a significant leap in India’s gaming ecosystem by acquiring Trinity Gaming, a leading gaming agency and Creator Service Provider (CSP), in a ₹24 crore deal. This strategic move will make Trinity Gaming a wholly-owned subsidiary of NODWIN Gaming, further expanding its footprint in gaming content and influencer management.

The acquisition involves a combination of a secondary sale and a stock swap, with ₹4.8 crore being paid in cash and ₹19.2 crore in NODWIN Gaming shares. As part of the agreement, Trinity Gaming’s founders, Abhishek Aggarwal and Shivam Rao, will become shareholders of NODWIN Gaming and will continue to spearhead the business.

Founded in 2019, Trinity Gaming has carved a niche in India’s gaming industry, managing over 1,000 creators and collaborating with renowned global brands such as Samsung, Realme, iQOO, and Krafton. The company stands out as a key Multi-Channel Network (MCN) for YouTube Gaming and a CSP for Meta in India.

This acquisition aligns with NODWIN Gaming’s vision to enhance its presence in emerging markets, including Africa, Southeast Asia, Central Asia, and the Middle East. It will also integrate NODWIN’s Unpaused Talent business into Trinity Gaming, enabling a seamless expansion of services under the leadership of Trinity’s founders.

Akshat Rathee, Co-Founder of NODWIN Gaming, expressed his enthusiasm: “Trinity Gaming has been a trusted partner for years, and this acquisition strengthens our ability to deliver comprehensive solutions across the gaming ecosystem. Their expertise in creator management, brand partnerships, and community engagement will significantly bolster our regional and global footprint.”

Abhishek Aggarwal, Co-Founder of Trinity Gaming, highlighted the milestone: “Joining NODWIN Gaming enables us to create unparalleled opportunities for India’s content creators and brands. Together, we can scale the gaming ecosystem and deepen connections with a passionate audience.”

Shivam Rao, Co-Founder of Trinity Gaming, added: “This collaboration is a game-changer, merging NODWIN’s esports dominance with our creator-focused expertise. The opportunities ahead are immense for creators, brands, and the broader gaming community.”

This acquisition comes amidst NODWIN Gaming’s rapid growth and expansion into new territories, complementing its recent acquisitions of Comic Con India, Freaks 4U Gaming, Publishme, Branded, and Ninja Global. By integrating Trinity Gaming, NODWIN strengthens its appeal to the youth demographic, driving innovation and growth in the gaming sector.

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Cleartrip Faces Rs 810 Cr Loss Despite Doubling Revenue in FY24

By
Supriya Biswas
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Flipkart-owned Cleartrip faced a significant financial setback in FY24, reporting a staggering Rs 810 crore loss despite an impressive 98% year-on-year growth in revenue. The company’s operational revenue climbed to Rs 97 crore from Rs 49 crore in FY23, driven by Rs 369 crore in service charges and Rs 240 crore in commissions and incentives. However, aggressive discounting of Rs 525 crore slashed its net revenue, reflecting a challenging strategy to compete in the highly competitive online travel market.

On the cost front, Cleartrip’s expenses surged by 26.7% to Rs 988 crore in FY24 from Rs 780 crore in the previous year. Employee benefits formed the largest share of costs, jumping to Rs 400 crore, including Rs 180 crore in non-cash ESOPs. Excluding ESOPs, salary and wages alone accounted for Rs 220 crore. The company also spent heavily on advertising and marketing (Rs 128 crore), payment gateway charges (Rs 91 crore), and commissions (Rs 70 crore). Additional costs related to outsourcing, IT, and legal expenses further contributed to the financial strain, resulting in an expense-to-earning ratio of Rs 10.1.

In stark contrast, competitors like MakeMyTrip (Rs 6,650 crore revenue and Rs 1,820 crore profit) and EaseMyTrip (Rs 590 crore revenue) showcased robust financial performance. Cleartrip’s negative EBITDA margin of -399% highlights its struggle to achieve financial stability. Despite its substantial revenue growth, Cleartrip’s escalating costs and discount-heavy approach raise questions about its sustainability under Flipkart’s ownership in the fiercely competitive online travel industry.

Gramophone’s GMV Drops by 70% in FY24 Amid Agritech Challenges

By
Supriya Biswas
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0

The agritech sector continues to grapple with challenges, with profitability and scalability remaining elusive for many startups. Gurugram-based Gramophone, backed by Info Edge, saw its gross merchandise value (GMV) shrink dramatically by 70% in FY24, dropping to ₹98 crore from ₹316 crore in FY23, as per its consolidated financial statements filed with the Registrar of Companies (RoC).

Established in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone provides a range of agritech solutions, including crop protection, nutrition, seeds, equipment, and agri hardware. It also connects farmers with buyers through its “Gram Vyapaar” platform. The company claims to serve over 2 million farmers and retailers across 50,000 villages.

Declining Revenue and Controlled Costs

The primary revenue source for Gramophone during FY24 remained the sale of agricultural inputs. However, the cost of procuring these inputs, which constituted 68% of its total expenditure, fell significantly in line with its reduced scale—declining by 70% to ₹90 crore from ₹304 crore in FY23.

Despite the drop in revenue, Gramophone managed to reduce its overall expenses, which included employee benefits, advertising, packaging, and other operational costs. Total costs dropped 64% to ₹133 crore in FY24, compared to ₹374 crore in FY23. This cost optimization helped the company narrow its losses by 41%, reducing them to ₹34 crore from ₹58 crore in the previous fiscal.

Financial Health and Future Prospects

The company’s profitability metrics, however, worsened, with its ROCE and EBITDA margins slipping to -246% and -31%, respectively. On a per-unit basis, Gramophone spent ₹1.36 to earn a rupee in FY24. Its total current assets stood at ₹20 crore, including ₹5.5 crore in cash and bank balances.

To date, Gramophone has raised over $20 million, including a $10 million Series B round led by Z3 Partners. Info Edge holds a significant 32.89% stake in the company, followed by Z3 Partners and Siana Capital.

As agritech startups navigate an uncertain landscape, Gramophone’s performance highlights the sector’s ongoing struggle to balance growth and sustainability.

Sebamed Launches ‘Project Skin Deep’ Campaign to Highlight the Science of Skincare

By
Supriya Biswas
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Sebamed, the renowned German skincare brand distributed by USV, has introduced its latest campaign, Project Skin Deep, in partnership with Leo Burnett. The campaign emphasizes the significance of skincare that penetrates beyond the surface, focusing on the deeper layers of the skin for lasting health and beauty.

The campaign features compelling microscopic visuals comparing healthy skin before and after the use of Sebamed products. These powerful images emphasize the brand’s commitment to a science-driven approach, showcasing the true impact of its products rather than relying on superficial, edited visuals common in many beauty campaigns.

Project Skin Deep is set to run across various digital platforms and billboards, urging consumers to prioritize skincare that supports long-term skin health. The collaboration with Leo Burnett merges creativity with scientific integrity to challenge conventional beauty standards.

Karan Goel, Marketing Head at Sebamed India, explains, “Traditional skincare campaigns often focus only on short-term visible outcomes. At Sebamed, we believe that genuine beauty originates from skin health—internally and externally. This campaign empowers consumers by promoting the idea that long-term skincare is the key to true, lasting beauty. Project Skin Deep reaffirms our dedication to scientifically-backed skincare and educated consumer choices.”

Sachin Kamble, Co-Chief Creative Officer at Leo Burnett South Asia, adds, “For Project Skin Deep, we took an unconventional step by performing an actual biopsy of skin cells before and after using Sebamed products, integrating this scientific data into the campaign’s visuals. The result is an authentic narrative that blends science, creativity, and technology to highlight the remarkable effects of Sebamed products on skin health.”

This innovative campaign sets a new benchmark in skincare marketing by focusing on authentic, science-backed evidence, challenging the industry’s usual standards with a fresh and insightful perspective on skincare.

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Niyo and CleverTap Join Forces to Revolutionize Customer Engagement

By
Supriya Biswas
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0

Niyo, a leading fintech startup founded in 2015, has partnered with CleverTap to transform customer engagement through advanced personalization and real-time interactions. Specializing in financial services like international travel cards and app-based solutions, Niyo identified key challenges faced by Indian travelers abroad. To address these, the company implemented CleverTap’s automation tools, enhancing onboarding processes, ensuring regulatory compliance, and streamlining customer experiences.

This collaboration yielded remarkable results, including a 2x increase in click-through rates by leveraging Clever.AI for emotionally resonant content, a 40% boost in conversion rates through precise targeting and personalized communication, and a 12% re-engagement of dormant users via focused campaigns. By integrating CleverTap’s platform, Niyo successfully reduced drop-offs, automated personalized messaging, and reconnected with inactive users, solidifying its reputation for prioritizing customer satisfaction.

Sushanth Ravikumar, SVP and Head of Marketing at Niyo, highlighted the significance of this partnership, stating, “Delivering a seamless, personalized experience is our top priority. CleverTap’s tools have not only enhanced our operations but also preserved customer trust in a highly regulated sector. Its real-time adaptability ensures we maintain a competitive edge in an evolving market.”

Adding to this, Sidharth Pisharoti, Chief Revenue Officer at CleverTap, expressed his enthusiasm, saying, “Collaborating with Niyo has allowed us to amplify their customer engagement strategies. Our partnership focuses on creating timely, personalized experiences that improve satisfaction, particularly in areas like onboarding and transaction management. We are excited to support Niyo’s growth in this dynamic market.”

Through this strategic partnership, Niyo continues to innovate in the travel fintech space, setting new standards for customer-centric solutions.

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