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Good Glamm Group Solidifies Market Presence with Complete Acquisition of The Moms Co

By
Supriya Biswas
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0

The Good Glamm Group, a leading content-to-commerce platform, has finalized the 100% acquisition of The Moms Co., marking a significant milestone in its expansion strategy.

This follows the Group’s recent milestones, including the completion of its Sirona acquisition and increased stakes in other portfolio brands such as Organic Harvest and Winkl.

Initially, in October 2021, the Good Glamm Group had acquired a majority stake in The Moms Co. through a cash-and-stock deal. This move facilitated partial exits for The Moms Co. founders and complete exits for key investors, including DSG Capital and Saama Capital. Over the subsequent two years, Good Glamm Group acquired the remaining shares from the founders, culminating in complete ownership.

In the past three years, The Moms Co. has seamlessly integrated its operations with the Good Glamm Group. After overseeing business operations for a year post-acquisition, the founders transitioned out of their roles, leaving full operational control with the Group’s central teams.

Under Good Glamm Group’s stewardship, The Moms Co. has experienced substantial growth, leveraging the Group’s unique content-creator-commerce model to enhance its direct-to-consumer sales. The brand has also ventured into international markets, establishing a presence in Carrefour and Lulu outlets in the UAE, with plans to expand further globally.

Achieving unicorn status in 2021 with a $250 million funding round, the Good Glamm Group continues to bolster its market position, with ambitious plans to go public by Diwali 2025.

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Third Wave Coffee’s Revenue Soars to ₹241 Cr in FY24

By
Supriya Biswas
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Third Wave Coffee has achieved remarkable growth, leveraging venture capital to scale rapidly over recent fiscal years. The coffee chain’s revenue from operations skyrocketed to ₹241 crore in FY24, a massive jump from ₹32 crore in FY22, demonstrating a compound growth trend.

In year-on-year terms, Third Wave Coffee saw a 67% surge in operational revenue, growing from ₹144.4 crore in FY23 to ₹241.3 crore in FY24. According to its standalone financial statements, the company specializes in producing, processing, and selling coffee and related products both domestically and internationally. Its product portfolio includes coffee beans, cold brews, and coffee bags, accounting for its entire revenue stream.

With a robust expansion strategy, Third Wave Coffee currently operates 114 cafes across India, aiming to reach 160 outlets by FY25. The chain plans to accelerate its growth further, adding 80-100 outlets annually from 2025. To sustain this expansion, the company claims it roasts between 10,000 to 15,000 kilograms of coffee beans weekly.

Operational Performance and Rising Costs

Apart from its core business, Third Wave Coffee earned ₹6.61 crore in non-operating income, bringing its total revenue to ₹247.9 crore in FY24. However, its expenses rose significantly, with employee benefits forming 27% of total costs and reaching ₹97.26 crore, up 68.8% from the previous year. The cost of materials doubled to ₹87.61 crore, while rent expenses grew to ₹81.25 crore. Notably, marketing and promotional expenses remained modest at ₹11.65 crore.

Overall, the company’s total expenditure rose 78% to ₹358 crore, leading to losses doubling to ₹110 crore in FY24. This was largely due to increased spending on salaries and rent. Operating cash outflows also climbed by 33%, amounting to ₹81.57 crore for the year.

Financial Metrics and Market Standing

Third Wave Coffee’s EBITDA margin and ROCE stood at -35.52% and -35.28%, respectively, reflecting challenges in profitability. On a unit level, the company spent ₹1.48 to earn ₹1 of operational revenue in FY24. Despite this, its current assets surged more than fivefold to ₹223.2 crore, with cash reserves increasing to ₹120.4 crore from ₹8.06 crore in FY23.

The Bengaluru-based chain has raised approximately $65 million to date from investors such as WestBridge Capital, Creaegis, and Redbrook. A $35 million funding round in September 2023 valued the company at $155 million post-money.

Challenges and Future Outlook

While the coffee chain faces stiff competition from brands like Blue Tokai, Sleepy Owl, and Rage Coffee, its ability to maintain low advertising costs without compromising growth highlights a strategic edge. However, challenges such as high rental costs and building customer loyalty persist.

The path to profitability remains a distant goal, but Third Wave Coffee’s significant runway and expansion plans position it well for future growth and potential funding rounds. For loyal patrons, the chain’s sustainability is reassuring, ensuring they can enjoy their favorite brews as it scales new heights.

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The Sleep Company Witnesses 2.5X Revenue Growth to Rs 312 Cr in FY24

By
Supriya Biswas
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0

The direct-to-consumer (D2C) mattress and sleep solutions industry has seen significant expansion over the past half-decade, with The Sleep Company, backed by Premji Invest, emerging as a key player. In FY24, the company’s operational revenue surged 2.5X compared to the previous year, reflecting its continued momentum from FY23.

The Sleep Company’s revenue from operations reached Rs 312.33 crore in FY24, up from Rs 127.14 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies (RoC). The company, known for offering products such as mattresses, pillows, cushions, bedding, and office chairs, distributes its products through its website and major e-commerce platforms, including Amazon and Flipkart.

The growth was primarily fueled by its flagship mattress segment, which accounted for 65% of its revenue and saw an 89% increase, generating Rs 203.69 crore in FY24. While mattresses are the sole finished goods produced by the company, its traded goods segment, including chairs, pillows, and beds, skyrocketed 5.6X to Rs 108.6 crore during the same period. Interest income added another Rs 7.7 crore to its total revenue, bringing it to Rs 320 crore for FY24.

On the cost front, material expenses rose 2.4X to Rs 144.74 crore. Advertising costs also escalated significantly, increasing by 89.7% to Rs 101.43 crore, while employee benefits experienced a threefold jump to Rs 35.94 crore. Additionally, rent, finance, and other expenses collectively drove total costs to Rs 378.68 crore in FY24, compared to Rs 166.7 crore in FY23.

Despite the impressive revenue growth, the company reported a 58% rise in losses, which amounted to Rs 58.69 crore in FY24, compared to Rs 37.06 crore in FY23. Its ROCE and EBITDA margins stood at -26% and -15.92%, respectively. The Sleep Company spent Rs 1.21 to generate a rupee of operating revenue during this fiscal year. The company closed FY24 with cash and bank balances of Rs 4.15 crore and current assets worth Rs 289 crore.

As the market matures, traditional mattress companies have begun adopting innovative strategies, including acquisitions, enhanced online presence, and offline expansions, to maintain their market share. This shift in consumer behavior and pricing scrutiny is likely to pressure margins across the industry. For The Sleep Company and its peers, the road ahead may not be sleepless but will certainly demand strategic agility as investors closely monitor their performance.

Colgate Introduces AI-Powered Dental Health Tool on WhatsApp

By
Supriya Biswas
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As dental jargon such as “enamel,” “calcium hydroxyapatite,” and “orthodontic alignment” becomes part of everyday conversation, it’s clear that people’s understanding of oral health is improving. Colgate’s latest initiative capitalizes on this trend by launching an innovative campaign designed to enhance dental awareness and accessibility in India.

The initiative, developed by WPP@CP, offers a free AI-based dental screening service through WhatsApp, making it available to millions across the country. “We’re unlocking this by placing a free, WhatsApp-based, AI-enabled dental screening tool in the hands of millions of Indians. It generates a personalised dental report and offers a postcode-mapped, free dentist consultation,” explained Gunjit Jain, EVP of Marketing at Colgate-Palmolive India, via LinkedIn.

The process is simple: consumers scan the QR code on Colgate packaging, which connects them to the company’s WhatsApp account. After sending a photo of their teeth, they receive a free dental report within moments.

Currently, Colgate India has launched two ads as part of its Oral Health Movement campaign, marking a shift from the brand’s usual humorous approach to oral health advertising. These new ads focus on dental health experts rather than playful scenarios. In contrast, Colgate’s earlier campaigns, such as one highlighting the rise in snacking and calcium loss, often relied on humor to drive the message home. The campaign for Colgate MaxFresh, for example, featured ACP Pradyuman and his CID team solving a mystery related to a sleep-deprived doctor.

“We wanted to create an engaging experience beyond just a spot-the-error game. When we showed the Doctor Sleep edit to the client, they responded like detectives, leading to the collaboration with CID,” explained Juneston Mathana, Executive Creative Director at WPP@CP, in April 2024.

The brand’s iconic “Sweet Truth” campaign, featuring people brushing their teeth with their fingers after indulging in desserts, is another example of Colgate’s use of humor. This campaign aimed to remind consumers about the importance of brushing after meals to prevent cavities.

Mathana added, “Colgate, as a market leader, has the freedom to communicate its message in various tones. Humor can be provocative, and storytelling is what makes our campaigns memorable and impactful.”

Shilpa Shetty Joins Nutrela as the Face of Health and Wellness

By
Supriya Biswas
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Bollywood actor and wellness icon Shilpa Shetty has been unveiled as the brand ambassador for Nutrela, a trusted name in soya-based products in India for nearly four decades. Known for its nutritious offerings like soya chunks, mini chunks, and granules, Nutrela aims to highlight its role in healthy living through this collaboration, perfectly complementing Shetty’s dedication to fitness and balanced nutrition.

Announcing the partnership, Mr. Sanjeev Asthana, CEO of Patanjali Foods, expressed confidence in the synergy, stating, “Shilpa Shetty’s standing as a health and wellness advocate aligns seamlessly with Nutrela’s mission. Her influence and commitment to promoting a protein-rich lifestyle will inspire millions to incorporate Nutrela Soya Nuggets into their daily meals.”

Echoing the sentiment, Shilpa Shetty shared her enthusiasm, saying, “I am excited to be part of Nutrela’s journey in transforming Indian households. Nutrela Soya Nuggets stand out as a delicious and highly nutritious option, perfectly reflecting my belief in a balanced and healthy lifestyle.”

With Shilpa Shetty as the face of the brand, Nutrela is set to launch comprehensive campaigns featuring recipes and engaging content across TV, print, digital platforms, and outdoor media, reinforcing its position as a staple in Indian kitchens.

INDmoney Records 73% Revenue Surge in FY24, Reports Rs 58 Cr From Other Income

By
Supriya Biswas
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INDmoney has showcased remarkable growth in the fiscal year ending March 2024. The Tiger Global-backed platform recorded a significant 73.2% year-on-year jump in operating revenue, with a relatively modest 12% increase in net losses during the same period.

The company’s revenue from operations climbed to Rs 70 crore in FY24, up from Rs 40.6 crore in FY23, as per its consolidated financial statements filed with the Registrar of Companies (RoC).

INDmoney, which provides users with tools to manage investments in mutual funds and Indian and overseas stocks, claims to have attracted 10 million users to its platform. Revenue from distribution services formed the majority of its earnings, accounting for 76% of operating revenue, which rose by 56% to Rs 53.6 crore. Additionally, income from broking activities saw a meteoric rise to Rs 10.7 crore in FY24 from just Rs 10 lakh in FY23, while allied services contributed Rs 6 crore during the year.

The Gurugram-based company also earned Rs 57.7 crore from interest and gains on current investments, bringing its total revenue to Rs 128 crore for FY24. This substantial other income stemmed from its current financial assets, which were valued at Rs 725 crore as of March 2024.

On the expense front, employee benefits represented the largest cost category, increasing by 11% to Rs 124.53 crore in FY24 from Rs 111.86 crore in FY23. IT-related costs amounted to Rs 57.18 crore, while marketing expenses stood at Rs 33.80 crore. Overall, the company’s total expenditure grew by 17% to Rs 233.6 crore in FY24 from Rs 199 crore in FY23.

As a result, INDmoney’s net losses increased by 12% to Rs 82.55 crore in FY24. The company’s ROCE and EBITDA margin stood at -11.47% and -75.6%, respectively, with an operational cost of Rs 3.32 for every rupee earned during the year.

Founded in 2019 by Ashish Kashyap, INDmoney has raised $133 million to date, with its latest funding round of $75 million in January 2022 pushing its valuation past $600 million.

Despite its steady growth trajectory and robust fundraising capabilities, INDmoney operates in a challenging market. With increasing competition and a need to expand into areas like overseas investing—where consumer awareness remains low—the company faces hurdles in achieving profitability. Navigating this complex landscape will likely require bold strategies to secure its foothold and drive long-term sustainability.

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Matrix Geo Solutions Secures $1 Million in Pre-IPO Funding to Boost Drone Tech Expansion

By
Supriya Biswas
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Matrix Geo Solutions, a Delhi-based geospatial firm specializing in drone and space technology, has successfully raised nearly $1 million in its pre-IPO funding round. Key investors include Chittorgarh Infotech Limited, Viney Equity Markets LLP, and Tryrock Capital Trust AIF . The company is now preparing to file its Draft Red Herring Prospectus (DRHP) for an SME IPO in the near future.

The funds will be utilized to drive growth and expand market share within India’s booming drone services industry and overseas markets.

Established in 2008 by Amit Sharma and Rahul Jain, Matrix Geo Solutions leverages cutting-edge drone and satellite technology to assist clients in planning, monitoring, and managing projects. Their solutions are designed to improve efficiency, reduce costs, and enhance decision-making processes.

Over the years, the company has made significant strides across diverse industries, offering its services to Railways, Roadways, Irrigation, Agriculture, Mining, Urban Planning, Solar Energy, and more.

Additionally, Matrix Geo recently introduced the “Drone Academy of India,” an initiative aimed at nurturing talent and promoting innovation in the drone and space technology sectors. The academy focuses on practical, industry-relevant training for students, major infrastructure firms, and government organizations.

This development follows a broader trend of investment in drone technology, with Airbound, another drone startup, recently securing $1.7 million in a seed round led by Lightspeed.

Park+ Records Rs 131 Cr Revenue in FY24

By
Supriya Biswas
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0

Gurugram-based Park+, a provider of parking, car care, and ancillary automobile services, reported a 36.5% year-on-year increase in revenue, reaching Rs 131 crore in FY24. Despite significant growth, the five-year-old company kept losses relatively stable, increasing only by 4% to Rs 103 crore during the fiscal year, signaling a tight rein on expenses amid expansion.

Founded by Amit Lakhotia, Park+ offers solutions such as parking management for homes and offices, car cleaning, fine payments, insurance services, and more. It has expanded into FASTag issuance and EV charging networks, diversifying its service portfolio. Operational revenue—comprising services like FASTag commissions, access control rentals, and valet services—constituted 80% of its income, rising to Rs 104 crore, while product sales like FASTags and radio frequency tags formed the remainder.

The company’s expenses grew to Rs 245 crore in FY24, driven by a 29.5% rise in employee benefits (including a Rs 27 crore ESOP cost) and a 65.7% surge in material costs for FASTags and related products. These factors contributed to an expenditure-to-revenue ratio of Rs 1.87 per rupee earned, with ROCE and EBITDA margins at -72% and 68%, respectively.

Backed by $54 million in funding, Park+ was valued at $355 million during its Series C round in December 2022. Its investors include Peak XV, Matrix, and Epiq Capital, with Lakhotia holding a 45% stake. Competing with platforms like Get My Parking, Park Smart, and Drive+, Park+ has ventured into on-demand driver services, entering a segment ripe for disruption but still in its nascent stages.

While its innovative approach shows promise, the scalability and retention in ancillary auto services remain a challenge. Over the coming quarters, Park+’s ability to drive market demand and solidify its value proposition will be closely watched.

India Positioned to Lead in Culturally-Inclusive AI Development, Says Amazon CTO

By
Supriya Biswas
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India’s unique blend of technological innovation, rich cultural history, and strong government support places it in an advantageous position to lead the development of large language models (LLMs) that accurately reflect its heritage, according to Werner Vogels, Amazon’s Chief Technology Officer.

In an exclusive interview, Vogels highlighted India’s long-standing cultural legacy, stressing the importance of ensuring that this heritage is preserved as artificial intelligence becomes more integrated into everyday life. “It would be unfortunate if India’s rich cultural history were overlooked in favor of Western AI models,” Vogels explained. “Indian companies, particularly those targeting the local market, must have access to technology that understands and integrates Indian culture.”

Vogels pointed out that language is more than just a collection of words—it carries deep historical and cultural significance. He emphasized the need for AI systems, particularly LLMs, to capture this essence and prevent it from being lost in translation.

The Amazon CTO praised India’s ability to safeguard its cultural identity within the rapidly evolving AI landscape. “India’s technology history, along with significant government involvement in large-scale digital projects, ensures that the nation is poised to protect and promote its heritage within these AI systems,” he said. Vogels also expressed concern about the potential for AI to deepen existing global divides, urging caution in the development of LLMs that could exacerbate inequalities.

Amazon’s position, according to Vogels, is neutral when it comes to the origin of LLMs. However, the company is committed to providing the infrastructure for collaborations between Indian businesses, government entities, and academic institutions to build culturally relevant AI models. Major partners such as Infosys and Tata Consultancy Services are already working on such initiatives, utilizing Amazon Web Services (AWS) to develop AI solutions tailored to the Indian market.

Vogels also highlighted the importance of Indian companies embracing their unique cultural context when building AI models. “Indian businesses should approach AI in the most culturally authentic way possible,” he said. “At the same time, foreign companies looking to enter the Indian market must understand local culture to ensure their AI systems are compatible with the expectations of Indian consumers.”

He concluded by stressing that India’s approach to developing culturally-aware AI systems could serve as a model for other countries, empowering both local and international companies to better serve Indian consumers. With a focus on inclusivity, India is well-positioned to be at the forefront of the global AI revolution, while preserving its cultural richness.

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ByteDance Valuation Climbs to $300 Billion Amid Share Buyback Program

By
Supriya Biswas
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0

ByteDance, the parent company of TikTok, has raised its self-valuation to $300 billion as part of a recent share buyback initiative. Investors were approached with an offer of $180.70 per share, reflecting a 12.9% increase from the previous buyback rate of $160 per share, according to insider sources.

The company has consistently conducted share buybacks since 2022, with this being the third such program. In December 2023, ByteDance initiated a $5 billion share buyback at $160 per share, valuing the company at $268 billion. The latest valuation signifies a strategic move to provide liquidity to investors, as the company reportedly has no immediate plans for an IPO.

The buyback program, sources revealed, was planned independently of the US presidential election outcome. ByteDance, which saw a 30% surge in its global revenue last year to $110 billion, continues to face challenges in the US. Recent legislation signed by President Joe Biden mandates ByteDance to divest TikTok’s US operations by January 19 or face a ban, citing national security concerns.

In response, ByteDance and TikTok filed a lawsuit in US federal court, aiming to block the enforcement of this law. Both companies have refrained from commenting on the ongoing legal proceedings.

The rise in ByteDance’s valuation underscores its resilience amid regulatory pressures, solidifying its position as a tech powerhouse while navigating complex geopolitical landscapes.

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