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L’Oréal Paris Names Alia Bhatt as Global Brand Ambassador, Joining Viola Davis and Kendall Jenner

By
Garima Bansal
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L’Oréal Paris, the leading global beauty brand, has appointed Alia Bhatt as its newest global brand ambassador, joining the ranks of prominent figures like Viola Davis and Kendall Jenner. The celebrated actress and entrepreneur will be featured in campaigns for the French beauty giant starting in September 2024. Known for her versatile roles in cinema, Alia Bhatt was named in Time Magazine’s 2024 list of influential people and embodies L’Oréal Paris’s values of empowerment and inclusivity on a global scale.

Delphine Viguier-Hovasse, Global President of L’Oréal Paris, expressed admiration for Alia Bhatt’s efforts in using her global platform and production roles to advocate for inclusivity in the film industry and spotlight Indian cinema worldwide. Viguier-Hovasse highlighted Bhatt’s commitment to caring for both people and the planet, making her an ideal ambassador for promoting female talent and entrepreneurship, aligning with L’Oréal Paris’s mission to uplift women’s worth.

Alia Bhatt expressed excitement about joining the L’Oréal Paris family and standing alongside a community of strong and powerful women. With a deep interest in skincare, Bhatt appreciates L’Oréal Paris for its pioneering innovations and dedication to excellence in the beauty industry. She emphasized that the brand’s commitment to celebrating women’s empowerment resonates deeply with her, and she looks forward to making a positive impact in the beauty industry and advocating for inclusivity for women.

VentureSoul Partners declares first close of Rs 600 crore maiden fund; raises Rs 146.5 crore

By
Garima Bansal
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VentureSoul Partners, a venture debt firm, has completed the first close of its Rs 600 crore maiden fund, raising Rs 146.5 crore. The firm plans to make debt investments in around 25 startups, with each investment ranging between Rs 20-25 crore. Founded by former banking professionals Kunal Wadhwa, Anurag Tripathi, and Ashish Gala, VentureSoul Partners is a SEBI-registered Category II Alternative Investment Fund (AIF). The fund targets a total corpus of up to Rs 300 crore, with an additional Rs 300 crore available through greenshoe options.

The firm has received commitments from a diverse group of investors, including family offices, corporates, and high-net-worth individuals (HNIs). VentureSoul aims to support startups typically in Series A or later stages, focusing on those with established business models and revenue streams. Pharmaceutical company Micro Labs serves as the anchor investor, alongside other corporate participants such as Kredibee founder E Madhusudan, Omkar Shirhatti of Perfios, Rupa Group, Glen Appliances, PSN Group, SKM Steels, and Zebronics.

The debt investments will have a repayment tenure of 24-36 months with quarterly repayments. VentureSoul’s founders bring extensive experience in credit and lending, leveraging their banking backgrounds to extend their expertise into venture debt. The firm anticipates finalizing its first investment, approximately Rs 20 crore, next week and aims to close three to four deals by year-end. The full fund deployment is expected within the next 15 to 18 months.

In 2023, 190 startups in India raised $1.2 billion through venture debt, marking a 50% increase from the previous year. Globally, venture debt totaled between $60-65 billion during the same period, reflecting a growing trend in this financing model. VentureSoul Partners is positioned to capitalize on this momentum, providing essential debt funding to growth-stage startups with strong business foundations.

60-minute clothes delivery app Slikk raises $300K

By
Garima Bansal
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0

GenZ-focused fashion delivery app Slikk has secured $300K in a pre-seed funding round led by Better Capital, with participation from Untitled Ventures. The funds will be used to scale up operations, including expanding to over 100 brands, setting up a large-format dark store, and increasing delivery coverage to 70% of Bengaluru’s pincodes. Additionally, Slikk plans to extend its services to other major cities in India and diversify its product offerings to include beauty, personal care, and home decor.

Under the leadership of Akshay Gulati, Slikk delivers the latest fashion trends directly to customers’ doorsteps with new styles introduced weekly. Initially launched in Bengaluru, the platform is poised to expand to other metropolitan areas soon.

The growth prospects are promising, as the Indian apparel market is projected to reach $105.50 billion by 2024, with the fast fashion segment expected to grow from $9.90 billion in 2023 to $28.84 billion by 2030.

Recycling startup RecommerceX raises $3.6 million in round led by Accel, Kae Capital

By
Garima Bansal
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RecommerceX, a chemical recycling and sustainability startup, has raised $3.6 million in a seed funding round led by Accel and Kae Capital. The investment will be utilized to expand the team, enhance its technology platform, boost R&D for advanced material recovery, and scale operations in India and other international markets. Co-founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, RecommerceX aims to organize the largely fragmented waste management sector by chemically recovering valuable components from industrial waste, including plastics, metals, and electronic waste.

Founder and CEO Shobhit Goel highlighted that RecommerceX aims to become a leading brand in the waste management industry by efficiently procuring waste, segregating it, and supplying the recycled output as raw materials to customers. The Noida-based startup is currently processing around 1,000 tonnes of waste per month, with plans to scale up to 10,000 metric tonnes per month within a year, targeting medium to large manufacturing companies and EPC firms. Goel also shared expansion plans into international markets such as the UAE and the USA in the near future.

Prayank Swaroop, partner at Accel, emphasized that factors like increased eco-consciousness and the need for supply chain decarbonization are driving innovation in industrial waste recovery. Abhishek Srivastava, general partner at Kae Capital, noted that RecommerceX’s technology and dedication to transparency position it as a key player in promoting responsible resource management globally. The startup aims to transform waste recovery processes, contributing significantly to the circular economy and sustainability efforts across industries.

Rapido raises $200 million in funding led by WestBridge; valuation hits $1.1 billion

By
Garima Bansal
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0

Mobility startup Rapido has raised $200 million in a funding round led by WestBridge Capital, propelling its valuation to $1.1 billion and earning a spot in the unicorn club. The funds will be used to expand Rapido’s four-wheeler taxi service, which competes directly with market leaders like Ola and Uber. Existing investors Nexus Venture Partners and new investors, including Think Investments and Invus Opportunities, participated in the round. Rapido is also venturing into the quick commerce delivery space, utilizing its two-wheeler fleet for hyperlocal deliveries.

Rapido, co-founded by Aravind Sanka, is rapidly expanding across various vehicle categories. The company, originally focused on two-wheelers, has now made significant progress in three-wheelers and four-wheelers, clocking 2.3-2.5 million orders daily, with 7% coming from B2B services. Rapido has partnered with Open Network for Digital Commerce (ONDC) as a logistics provider and plans to deepen its presence in cities while expanding its vehicle categories. The startup aims to grow its four-wheeler cab service using a subscription model rather than charging commissions to driver partners.

Rapido’s strategic moves have driven its gross merchandise value (GMV) past the $1 billion mark, with three-wheeler auto-rickshaws contributing 40% of the GMV, while bike-taxis and cabs contribute 30% each. Despite strong competition from established players like Uber, Ola, and newer entrants like Namma Yatri, Rapido continues to expand its market share, particularly in the auto-rickshaw and four-wheeler segments.

Rapido also plans to enter the quick commerce market, aligning with the growing demand for rapid deliveries. The company is exploring partnerships with e-commerce and quick commerce firms to facilitate faster delivery times, ranging from 10-minute to one-hour windows. With a fleet of over 600,000 active riders, Rapido aims to leverage its scale to compete with established quick commerce platforms like Blinkit, Swiggy Instamart, and Zepto. The quick commerce sector in India, valued at $2.8 billion in 2023, is expected to grow to $22 billion by 2027, offering significant opportunities for Rapido’s expansion plans.

Zomato shares rally 8% as JPMorgan hikes target price to Rs 340

By
Garima Bansal
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Zomato‘s shares surged by 7.6% on the BSE, reaching an intraday high of Rs 261.50, following JPMorgan‘s upgrade of the stock’s target price to Rs 340 from Rs 208, maintaining an overweight rating. The investment bank highlighted Zomato’s leadership in the rapid retail consumer transformation through its Quick Commerce model, which is focused on convenience. After proving successful in the NCR, Zomato is expanding its presence across all major metros, positioning itself to drive monetization through channel margins and advertising revenue. This expansion is expected to lead the disruption in modern trade and e-commerce.

JPMorgan increased its forecasts for Zomato’s financial years 2025-2027 by 15-41%. Zomato has also broadened its “Going Out” business by integrating its core dining services with a new ticketing service. In August, Zomato acquired the events and movie ticketing business from One97 Communications-operated Paytm, which included Orbgen Technologies Private Limited (OTPL) and Wasteland Entertainment Private Limited (WEPL), now fully owned subsidiaries of Zomato. For the quarter ending June 30, 2024, Zomato reported a significant increase in its consolidated net profit, reaching Rs 253 crore year-on-year. Blinkit, Zomato’s quick commerce division, saw its revenues jump 145% year-on-year to Rs 942 crore, with an adjusted EBITDA of Rs -3 crore for the same period. The gross order value (GOV) across Zomato’s B2C segments—including food delivery, quick commerce, and “Going Out” services—rose 53% year-on-year to Rs 15,455 crore. Zomato’s shares have seen a remarkable 160% increase over the past year and a 105% rise year-to-date.

Invest4Edu raises $3 Mn in seed round from family offices

By
Garima Bansal
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Invest4Edu, a platform dedicated to education planning, savings, and investment services, has secured $3 million in seed funding from family offices. The funds will be utilized to accelerate the company’s growth and enhance its impact in the fields of early education planning and financial support.

Invest4Edu is focused on alleviating concerns related to the increasing cost of education, college planning, and long-term financial commitments. Based in Mumbai, the platform has facilitated over 50,000 user education journeys in the past year. Additionally, it has established a network of more than 100 business partners, including those in financial services, skill-building programs, expert collaborations, and institutional offerings.

The company has also made significant strides in promoting financial literacy among the youth, training over 8,000 young individuals and helping them create work opportunities.

Looking forward, Invest4Edu aims to achieve a $250 million mutual fund AUM and build a monthly SIP book of $6 million, driving further growth in the education finance sector.

Valyx Raises $800K in Pre-Seed Round to Expand Teams and Accelerate AI-Powered Financial Management Platform

By
Garima Bansal
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0

Valyx, a B2B financial management platform, has secured $800K in its pre-seed funding round, co-led by Huddle Ventures and Waveform Ventures. The round also included investments from notable backers like Bharat Founders Fund and Propell Fund.

The newly raised funds will be directed towards expanding Valyx’s sales team by attracting and onboarding new talent, as well as growing its engineering team to accelerate the development of its product roadmap.

Founded in late 2023, Valyx automates billing and receivables processes, enabling businesses to accelerate payments, expedite financial closures, and improve cash flow. The platform offers a range of services, including rate card management, usage-based billing, collections, cash application, reconciliation, dispute management, and collaborative receivables tracking.

By automating these essential yet repetitive revenue and receivables tasks, Valyx allows finance and sales teams to focus on building stronger relationships with their buyers. The startup has already processed over Rs 200 crore in accounts receivable.

Looking ahead, Valyx plans to develop a comprehensive AI-powered revenue management platform over the next two years, which will include B2B payments and financing solutions.

Swiggy Reports 36% Revenue Growth and Reduced Losses Ahead of Upcoming IPO

By
Garima Bansal
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0

Swiggy has shown strong financial performance ahead of its planned initial public offering (IPO). The Bengaluru-based food delivery and quick commerce platform reported a 36% increase in operating revenue, reaching Rs 11,247 crore in FY24, according to documents shared with investors.

Swiggy also made significant progress in reducing its losses by 44%, bringing them down to Rs 2,350 crore during the last fiscal year. In the first three quarters of FY24, the company generated Rs 5,476 crore in revenue with a loss of Rs 1,600 crore. These financial figures are preliminary and have not been audited.

The company’s food delivery business grew by 17%, achieving Rs 6,100 crore in revenue, while its quick commerce segment, Instamart, recorded Rs 1,100 crore in gross revenue for FY24. In comparison, competitor Zomato‘s overall revenue in FY24 increased by 71% to Rs 12,114 crore, with Rs 6,161 crore from food delivery and Rs 2,301 crore from its grocery business, Blinkit.

Swiggy was close to Zomato in food delivery but lagged in the grocery sector. Unlike Swiggy, Zomato reported a net profit of Rs 351 crore in FY24, with profitability continuing into the first quarter of FY25.

Blinkit held the largest market share among quick commerce players as of July, followed by Swiggy’s Instamart, Zepto, and BigBasket. Swiggy last raised equity in January 2022, joining the decacorn club. Recently, it received strategic investments from Amitabh Bachchan’s Family Office and Hindustan Composites.

Swiggy reportedly filed confidential IPO papers in May, aiming to raise up to Rs 3,750 crore ($450 million) through a fresh issue of equity shares, along with an offer for sale worth up to Rs 6,664 crore ($800 million). The company is expected to file draft IPO papers with SEBI soon.

Sports-tech startup Spolto raises $1 Mn in seed round

By
Garima Bansal
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0

Sports-tech startup Spolto has raised  $1 million (nearly Rs 8.4 crore) in a seed round led by Andrew Johnston and others.

The proceeds will be deployed towards scaling its services and reaching more urban communities, Spolto said in a press-release.

Co-founded in 2021 by Safa Soltani and Divesh Nathani, Spolto aims to empower sports across urban India. The platform offers access to a wide array of sports, from tennis and swimming to badminton and gymnastics, it is also offering new-age games like pickleball. The startup aspires to foster grassroots sports development and recreational skill-building, making sports an integral part of everyday life for urban Indians.

According to Spolto, it is about to enhance its digital presence, addressing the needs of the new-age Indian consumer. With a focus on accessibility and convenience, it intends to become the go-to platform for sports skill development in India’s urban centers.

The Pune-based company claims that it has established partnerships with over 1,200 coaches and academies across 12 sports in Maharashtra since inception.

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