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Physis Capital Invests ₹5 Crore in Admissions Platform CTPL

By
Supriya Biswas
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0

Creanovation Technologies Pvt. Ltd (CTPL), an admissions-focused platform, has secured ₹5 crore from Physis Capital, a growth-stage venture fund. This marks the second investment by the $50 million fund, which had previously backed Ben & Gaws earlier this year.

Founded by Bikash Sahoo, CTPL offers a robust suite of solutions, including customizable workflows, CRM-integrated lead management, and AI-driven decision-making tools to streamline admissions processes.

CTPL extends its impact beyond admissions through its NextGen Academy, which provides industry-aligned courses to equip students with future-ready skills. The platform aids educational institutions in boosting revenue and operational efficiency.

The Gurugram-based startup has demonstrated exceptional growth, doubling its revenue annually for the past three years while maintaining profitability. With plans to expand into international markets, CTPL has raised a total of $4 million in this funding round, combining dilutive and non-dilutive capital.

Physis Capital, launched by the team behind Inflection Point Ventures (IPV), focuses on startups from pre-Series A to Series B. Its portfolio includes notable names like Bharat Pe, Blusmart, VideoVerse, and Otipy, showcasing its commitment to supporting innovative ventures across sectors.

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Toddle Gears Up for $15-18 Million Funding Round

By
Supriya Biswas
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0

Edtech SaaS startup Toddle is actively engaging with both new and existing investors to secure fresh funding of approximately $15-18 million, as per sources familiar with the matter.

The startup previously raised $17 million in its Series A round in January 2023, led by Peak XV with contributions from Tenacity Ventures, Trifecta Capital, Matrix Partners (now Z47), Beenext, and Better Capital.

According to insider information, GSV Ventures is expected to co-lead this new round with significant backing from existing investors. Additionally, a US-based micro venture capital firm might also participate. GSV Ventures, known for investing in leading edtech players like PhysicsWallah, Coursera, and Classplus, is further strengthening its position in this sector. Notably, Peak XV and Matrix are also investors in Classplus, a competitor to Toddle, alongside other edtech SaaS platforms like Teachmint and Unacademy’s Graphy.

Founded in 2019 by Deepanshu Arora, Gautam Arora, Misbah Jafary, Nikhil Poonawala, and Parita Parekh, Toddle’s flagship product is a teaching and learning platform catering to independent schools offering IB (International Baccalaureate) and progressive curricula. With a presence in over 100 countries, Toddle boasts more than 2,000 schools on its platform, serving both free and paid users in regions like the US, UK, Australia, China, and the UAE.

The company is projected to achieve a post-money valuation of around $100 million after this funding round. To date, Toddle has raised $20 million across three rounds. Despite impressive revenue growth of 72% to ₹32.35 crore in FY23, its losses doubled from ₹19.45 crore to ₹40.7 crore. The company’s FY24 financials are yet to be disclosed.

This funding attempt comes amid signs of recovery in the edtech space, with a gradual resurgence of large deals. Recent highlights include PhysicsWallah’s $210 million round, Eruditus’s $150 million, and upGrad’s $60 million funding. Edtech startups have raised $613 million across 37 deals in 2024, surpassing 2023’s $456 million but still lagging behind the sector’s peak in 2021, when it raised $5.8 billion.

Toddle and Peak XV have declined to comment, while queries sent to GSV Ventures and Z47 remain unanswered.

Groww Extends Lead Over Zerodha, Surpasses 12.59 Million Active Users in October

By
Supriya Biswas
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0

Bengaluru-based brokerage platform Groww has hit a significant milestone, crossing 1.25 crore (12.59 million) active users as of October, spurred by the addition of roughly 3.5 lakh new traders in just one month, as per National Stock Exchange (NSE) data.

Groww continues to outpace Zerodha, its closest competitor, which currently has around 80.6 lakh (8.06 million) active users. Groww first outperformed Zerodha in October last year and has retained its leading position since.

According to NSE reports, Groww nearly doubled its user base over the past year, while Zerodha saw a relatively modest increase of 15 lakh new users.

Angel One, ranking third, holds 75 lakh (7.53 million) active users and is on track to potentially surpass Zerodha soon. Following in fourth place is Upstox, with 28.52 lakh (2.85 million) users, and ICICI Direct rounds out the top five with 19.3 lakh (1.93 million) active users. Dhan, launched by ex-Paytm Money executive Pravin Jadhav, has 8.49 lakh (0.84 million) active users as of October and broke into India’s top 10 stockbroking apps list in August, taking Paytm Money’s spot.

New entrants in the top 20 are INDmoney and PhonePe’s Share.Market, boasting 6.7 lakh (0.67 million) and 2.69 lakh (0.26 million) users, respectively.

Financially, Zerodha led the industry in FY24 with revenues reaching Rs 8,370 crore, followed by Angel One’s Rs 4,272 crore. Zerodha, under Nithin Kamath, reported profits of Rs 2,907 crore, while Angel One saw profits exceeding Rs 1,125 crore in FY24.

Groww recorded Rs 3,145 crore in revenue from operations in FY24. However, due to a one-time tax expense of Rs 1,340 crore related to relocating its domicile to India, the Lalit Keshre-led company reported a net loss of Rs 805 crore, despite operational profitability. Meanwhile, Upstox, with revenue over Rs 1,000 crore in FY23, has yet to release its FY24 report.

Ustraa Sees Strong Cash Reserves Post-Acquisition as VLCC Plans Future Growth

By
Supriya Biswas
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0

Following its acquisition by personal care brand VLCC through a share swap and secondary buyout early in FY24, men’s grooming brand Ustraa has seen a notable dip in performance, facing both a marginal revenue drop and an escalation in losses.

According to Ustraa’s FY24 annual report filed with the Registrar of Companies, revenue decreased by 2.94%, from Rs 96.87 crore in FY23 to Rs 94.02 crore in FY24. This slight revenue contraction highlights the challenges Ustraa encountered in a highly competitive market. Product sales, constituting 95.08% of Ustraa’s total income, declined by 5.1% compared to the previous year. Additional earnings from other sources contributed Rs 4.7 crore, bringing the total income to Rs 94.27 crore.

Ustraa’s primary expenses reveal considerable shifts. Material costs saw a significant rise of 63.16%, reaching Rs 60.4 crore, while employee benefit expenses declined by 17.5% to Rs 20.94 crore. Advertising expenses were cut substantially, dropping 64.46% to Rs 17.09 crore, while commission expenses rose 43.82% to Rs 10.93 crore. Including other miscellaneous expenses, Ustraa’s total expenditure amounted to Rs 144.6 crore—a 5.11% increase from Rs 137.57 crore in FY23. Consequently, the company’s losses surged by 25.27%, reaching Rs 50.32 crore for FY24, up from Rs 40.17 crore in FY23.

Ustraa’s ROCE and EBITDA margin stood at 284.01% and -51.16%, respectively. On a per-unit basis, Ustraa spent Rs 1.54 to earn a single rupee in operating revenue during FY24. The company’s cash and cash equivalents rose to Rs 6.89 crore in FY24 from Rs 1.17 crore in FY23, with no other substantial bank balances reported. Trade receivables for Ustraa amounted to Rs 7.46 crore in FY24.

Founded in 2015, Ustraa offers a variety of men’s grooming products, including fragrances, hair care, and beard care. Post-acquisition, co-founders Rahul Anand and Rajat Tuli remain actively involved, also taking on leadership roles for VLCC’s D2C initiatives.

Before joining VLCC, Ustraa had raised over $10 million from investors like Info Edge, Wipro, and IIFL. Competing directly with brands like Beardo, The Man Company, and Bombay Shaving Company, Ustraa isn’t alone in navigating financial losses, as many players in the sector have been acquired or sold significant stakes to larger corporations. Bombay Shaving Company recorded Rs 182 crore in revenue for FY23 and anticipates achieving a topline of Rs 260-280 crore in FY24, while Beardo and The Man Company also reported notable revenue growth for FY23.

The current trajectory of Ustraa under VLCC aligns with industry trends—staff reductions, advertising cuts, and stagnant topline growth, often indicative of a “clean-up” phase by acquirers to address legacy issues. The question remains whether Ustraa can pivot towards growth in FY25 and whether VLCC has a strategic funding plan to drive future performance amid its own operational demands.

SoftBank Set to Report $1.87 Billion Quarterly Profit, Eyes New AI Investments

By
Supriya Biswas
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0

SoftBank Group, the Japanese tech investment giant, is on track to announce a significant quarterly profit of ¥287 billion ($1.87 billion) on Tuesday, driven by strong IPO performances from its portfolio companies, even though a stronger yen has slightly affected foreign currency gains. Analysts are particularly eager to examine the company’s next steps in investment, following its recent successes and its optimistic outlook on artificial intelligence (AI).

The anticipated net profit for the July-September quarter, based on the average of four analyst predictions, contrasts with a substantial loss of ¥931 billion reported for the same period last year. David Gibson, an analyst with MST, projects a $3.9 billion gain from investments this quarter, largely attributed to the IPOs of Indian companies Brainbees Solutions and Ola Electric, which are expected to contribute $0.9 billion and $1 billion, respectively.

However, the exchange rate dynamics could influence the final profit margin, with a 10% drop in the dollar’s value against the yen forecast to impact SoftBank’s overall earnings.

Investors are closely watching for any indications of SoftBank’s new investment strategy. Founder and CEO Masayoshi Son recently revealed in a Saudi Arabian investment summit that he is holding back tens of billions of dollars for future ventures, signaling the potential for substantial investments ahead. The company’s investment activity has already surged this year, with $1.9 billion invested in the April-June quarter, up from just $0.3 billion in the previous quarter. In October, SoftBank also participated in a new funding round for OpenAI, the operator behind ChatGPT.

One area that has caught analysts’ attention is SoftBank’s push into AI chip development. The company is reportedly exploring collaborations to rival Nvidia’s dominance in the chip market, potentially through its 90% stake in chip designer Arm and its recent acquisition of chip manufacturer Graphcore. SoftBank’s licensing deal with Arm, worth $43.2 million in revenue, is also seen as a sign of progress in this field.

Thanks to a robust financial position, SoftBank is in a strong position to pursue large-scale investments. Morningstar analyst Dan Baker highlighted the company’s “strongest balance sheet in the past five years,” bolstered by recent upgrades in its credit ratings from both S&P Global Ratings and the Japan Credit Rating Agency.

Although SoftBank initiated a $3.4 billion share buyback in the last quarter, analysts believe there is still room for more aggressive investments as the company continues to expand its portfolio.

Gautam Gambhir Joins CoinDCX as First Brand Ambassador to Promote Crypto Education

By
Supriya Biswas
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0

CoinDCX, a leading cryptocurrency exchange platform, has announced former cricketer Gautam Gambhir as its inaugural brand ambassador for the “Learn Karo. Crypto Karo.” campaign. The initiative is designed to equip Indian investors with crucial knowledge before diving into the world of cryptocurrency.

This new campaign features prominent figures as trusted voices, aiming to simplify crypto investments and dispel prevalent myths, while building trust and confidence. CoinDCX sees this as a key part of its broader vision to make cryptocurrency investment more accessible across India.

Sumit Gupta, co-founder of CoinDCX, expressed his excitement, stating, “We’re proud to have Gautam Gambhir as our brand ambassador. His legendary career is a perfect reflection of the values we stand for—trust, resilience, and a dedication to continual learning. Our platform’s success is rooted in the trust of over 15 million users who value transparent, informed investing. As cryptocurrency adoption grows in India, we are committed to empowering investors with the knowledge they need to succeed.”

Gupta further explained, “CoinDCX is positioning itself as the ‘Crypto Coach,’ focusing on consumer confidence and education. Gautam was the natural choice for us, given his exemplary discipline, focus, and success both as a player and a mentor. His approach to hard work and perseverance aligns perfectly with our philosophy of learning first, investing second.”

Gambhir himself shared his thoughts, saying, “To make informed decisions, confidence is key—and confidence stems from knowledge. I’m partnering with CoinDCX to help Indians gain the confidence to explore crypto with responsibility and understanding. Learning should be at the core of every investment journey. My message is simple: learn first, then invest.”

The campaign aims to provide educational resources on crypto basics, analysis methods, and trading strategies for users at varying experience levels. CoinDCX has also enhanced its platform to better integrate learning with trading, helping to foster a more knowledgeable crypto ecosystem. The initiative extends beyond individual users, aiming to engage the wider Web3 community, including developers and enthusiasts.

Prashant Verma, Chief Growth and Marketing Officer, added, “Our research has shown that while many Indians are curious about crypto, the fear of making mistakes often outweighs the fear of missing out. This stems from a lack of understanding. With the ‘Learn Karo. Crypto Karo.’ campaign, we aim to break this barrier, empowering investors to make confident, informed decisions. As CoinDCX, we want to be the ‘Crypto Coach’ that guides them through this journey.”

WPP Unveils New Campus in Chennai as Part of Expansion Strategy

By
Supriya Biswas
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0

WPP has taken a significant step in its expansion across India with the opening of a new campus in Chennai. Located at RMZ One Paramount, the 62,000 square-foot facility is designed to accommodate an initial workforce of 330 employees, with plans to increase to 650 by mid-2025. This marks a crucial addition to WPP’s Indian operations, as the company continues to grow its presence in the country.

The Chennai campus is the third such facility for WPP in India, following Mumbai and Gurgaon, and is part of a broader strategy to create collaborative and adaptable workspaces for its teams. The company is also planning to open additional campuses in Bangalore and Coimbatore in the coming years, further solidifying its commitment to the region.

Designed with employee well-being in mind, the Chennai campus offers a range of amenities, including food and beverage options, EV charging stations, a day-care centre, and artistic installations. Additionally, a wellness terrace featuring a futsal court, running track, and yoga deck adds to the campus’s focus on holistic employee health.

CVL Srinivas, WPP’s country manager for India, emphasized the importance of India as a strategic location for the company’s global functions. He stated, “The scalability of our operations and the expertise of our team in India make it an ideal hub for WPP’s global support functions. Our investment in the Chennai campus, along with future expansions in Bangalore and Coimbatore, reflects the significant role India will continue to play in driving WPP’s growth.”

Mark Read, CEO of WPP, also highlighted India’s growing importance in the company’s global strategy. “India remains one of our fastest-growing markets due to its technological advancements, creative talent, and specialized skills. Our continued investment through new campuses aims to foster collaboration, spark creativity, and support the career growth of our teams. This will not only benefit WPP’s workforce in India but also help our clients achieve their growth objectives both locally and internationally.”

Madison Loop Secures SEO Partnership with Liquify to Boost Digital Growth

By
Supriya Biswas
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0

Madison Loop, a division of Madison World, has successfully secured the SEO mandate for Liquify, a fintech platform revolutionizing the way users access funds by borrowing against their investments. The mandate was awarded following a competitive multi-agency pitch.

Kosal Malladi, Vice President at Madison Loop, expressed excitement about the partnership, saying, “We’re thrilled to work alongside Liquify as they continue to disrupt the fintech space. By applying our SEO expertise, we aim to enhance their digital footprint and support their growth. Our objective is to establish Liquify as a dominant player in the fintech industry.”

Parshad Barot, Founder and CEO of Liquify, shared his enthusiasm about the collaboration, stating, “At Liquify, we believe in making finance a source of joy, not stress. Our Loan Against Mutual Funds service provides a convenient way to unlock funds without disturbing investments. Partnering with Madison Loop will help us spread our mission and reach more people, empowering them to embrace financial freedom with ease and happiness.”

Amazon India Marketplace Sees Robust Revenue Growth in FY24, Posts Rs 588 Crore Adjusted EBITDA

By
Supriya Biswas
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0

Amazon India‘s marketplace business has demonstrated continued growth, surpassing its competitor Flipkart in terms of revenue, with collections from the platform and its associated services crossing the Rs 25,000 crore threshold. The company reported an adjusted EBITDA of Rs 588.6 crore for the fiscal year 2024, reflecting a solid financial performance. However, Flipkart’s top-line growth outpaced Amazon Seller Services during the same period.

In FY24, Amazon India’s operational revenue rose by 14.5%, reaching Rs 25,406 crore compared to Rs 22,198 crore in FY23, according to its filings with the Registrar of Companies. Of this revenue, 82.4% came from marketplace services, while the remaining revenue was derived from platform-related services, including marketing and royalties.

The company also reported a non-operating income of Rs 186.8 crore, bringing the total revenue for the year to Rs 25,592.8 crore.

Amazon Seller Services, which provides marketplace and marketing support, is ultimately controlled by Amazon.com, Inc., the global e-commerce giant. On the expenditure side, delivery charges were the largest cost item, accounting for 25.8% of total expenses. These charges increased by 9.1% to Rs 7,487.9 crore in FY24 from Rs 6,863.1 crore in FY23.

Other major expense categories included sales promotion and legal and professional costs, each accounting for roughly 12% of total expenses. These amounted to Rs 3,586.1 crore and Rs 3,530.2 crore, respectively, in FY24. Additionally, Amazon Seller Services spent Rs 2,771.2 crore on employee benefits, which included share-based payments (ESOP cost) of Rs 682.7 crore.

The company’s total expenses rose by 6.5%, reaching Rs 29,062.3 crore in FY24, up from Rs 27,283.6 crore in FY23.

Despite the increase in costs, Amazon India managed to reduce its losses by 28.5%, reporting a loss of Rs 3,469.5 crore in FY24 compared to Rs 4,854.1 crore in FY23. The company also turned a positive operating cash flow of Rs 724.1 crore in FY24, a significant improvement from the negative cash flow of Rs -1,542.1 crore in FY23.

Excluding non-cash ESOP expenses, Amazon India posted an adjusted EBITDA of Rs 588.6 crore for FY24, marking a turnaround from an EBITDA loss of Rs 94.1 crore. The EBITDA margin showed improvement, strengthening to -0.37%. On a unit basis, Amazon India spent Rs 1.14 to generate every rupee of operating revenue.

Meanwhile, Amazon’s main rival, Flipkart, reported Rs 17,907 crore in revenue for the year, growing by 21% year-over-year. The company also saw its losses reduce by over 40%, down to Rs 2,358 crore in FY24.

Equal Secures $10 Million in Series A Funding, Paving the Way for Expansion

By
Supriya Biswas
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0

Equal, a platform specializing in data-sharing and identity verification, has successfully raised $10 million in its Series A funding round. The investment was led by Prosus Ventures, Tomales Bay Capital, and the company’s founder, Keshav Reddy, with a post-money valuation of $80 million. Other notable investors included Blume Ventures (Founders Fund), DST Global, Quona VC, Gruhas VC (Nikhil Kamath), Binny Bansal (Flipkart co-founder), Harsh Jain (Dream11 founder), Karan Adani (Adani Ports MD), D S Brar (Aragen Chairman), and Kunal Shah (CRED founder).

The fresh capital will be allocated towards scaling operations, forming key partnerships, and enhancing its digital infrastructure to ensure a secure, transparent, and integrated framework for identity verification.

Founded by Keshav Reddy and Rajeev Ranjan, Equal provides businesses with tools to streamline KYC processes, combat fraud, and comply with regulatory requirements. The platform integrates with over 50 ID databases and 4,000 API providers, making it a versatile tool for its clients.

Equal has also made a strategic investment in OneMoney, an account aggregator, further enhancing its suite of services. This collaboration enables the seamless, consent-driven sharing of financial data, bolstering Equal’s identity verification services. Together, they support more than 64 million monthly transactions and serve over 250 clients nationwide.

Equal faces competition from other key players in the industry, such as IDfy, SpringVerify, AuthBridge, Digio, and Perfios’ Karza.

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