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Haldiram Bhujiawala Secures Rs 235 Crore Investment from Bharat Value Fund for Expansion Plans

By
Supriya Biswas
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0

Haldiram Bhujiawala, the renowned Kolkata-based snack brand, has successfully secured Rs 235 crore from Bharat Value Fund (BVF), a private equity fund managed by Pantomath Capital Management. In exchange for the investment, BVF acquired a minority stake in the company. The funds are intended to fuel Haldiram’s manufacturing expansion and facilitate its entry into new markets beyond its current strongholds in Eastern and Northeastern India.

BVF, which recently launched its third fund with a total corpus of Rs 2,500 crore, specializes in backing profitable, growth-stage companies. Haldiram Bhujiawala is the sixth investment made by the fund. The deal was completed through BVF’s second fund, which holds a corpus of Rs 1,650 crore.

Madhu Lunawat, cofounder and Chief Investment Officer at Pantomath Capital Management, highlighted that BVF’s strategy focuses on investing in family-run businesses with a rich history of business acumen. “These businesses, having operated for decades, come with deep industry knowledge, and our role is to help them scale further,” Lunawat explained. BVF’s previous investments include firms like Aniket Metals and Millennium Babycares.

The snack brand, founded by Ganga Bhishen Agarwal, remains under the ownership of one branch of the Agarwal family. The Haldiram brand has been split among family members over time, each operating independently but sharing the same origins. Manish Agarwal serves as the Managing Director of Haldiram Bhujiawala, which primarily focuses on serving the Eastern Indian market, with a particular emphasis on Kolkata.

Haldiram Bhujiawala operates its products under the ‘Prabhuji’ brand, offering over 100 stock-keeping units (SKUs). The company also runs quick-service restaurants in West Bengal and other Northeastern states. The company’s distribution network spans around 2,000 distributors, serving more than 200,000 retailers across India, with retail outlets and franchise stores in West Bengal, Bihar, Jharkhand, and the Northeastern regions.

In 2019, the company expanded its portfolio by acquiring the Indian franchise of the Coffee Bean & Tea Leaf, a US-based coffee chain, from Everstone Capital.

Looking ahead, Haldiram Bhujiawala is on track to exceed Rs 600 crore in revenue by the end of fiscal year 2025, according to Lunawat. The company is already profitable and well-positioned for continued growth.

The investment from BVF is expected to drive long-term growth and create lasting economic value for stakeholders, as stated by Manish Agarwal: “With BVF’s support, we are strategically poised to enhance shareholder value and drive growth, ensuring a prosperous future for all involved.”

Thesys Secures $4 Million in Seed Funding to Revolutionize AI Agent Development

By
Supriya Biswas
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0

AI-driven software company Thesys has successfully raised $4 million in seed funding, led by Together Fund, with additional support from 8vc. The startup, founded in 2024 by Guha and Parikshit Deshmukh, is focused on simplifying the creation and deployment of AI agents for product designers and owners. The company provides innovative tools for visualizing, designing, and prototyping AI applications, streamlining the planning and testing phases before building these agents.

Thesys, which is already working with 12 different companies, aims to use the newly raised capital to enhance its research and development initiatives, strengthen its AI engineering capabilities, and scale its go-to-market strategies. Co-founder Rabi Shanker Guha explained, “We recognize the immense potential in the AI landscape, especially as businesses strive to create AI-driven products. Many companies face challenges in customer retention and engagement, and we are here to help them optimize these AI tools.”

Deshmukh shared his vision for the future of AI interfaces, highlighting the concept of “Generative UI.” He noted, “The evolution from command-line interfaces to graphical ones was a game-changer, but it’s time for the next leap. Companies are now investing heavily in personalizing user experiences, much like Google did with ads, and we believe our approach will be a key driver in this transformation.”

Following a successful closed beta, Thesys plans to make its product publicly available in the coming quarter, aiming to offer adaptive interfaces that enhance both user experience and backend performance.

Manav Garg, cofounder and managing partner of Together Fund, remarked, “Thesys’s forward-thinking approach to Generative UI perfectly aligns with our mission to support founders who are redefining how users interact with technology.”

As the adoption of AI agents accelerates in India, particularly across sectors like customer service, e-commerce, and healthcare, Thesys is poised to be a leader in shaping the future of AI-driven user interfaces.

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Everest Fleet Achieves Milestone of Rs 1,000 Crore in Revenue for FY24, Continues Profit Growth

By
Supriya Biswas
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Uber-backed mobility startup, Everest Fleet, has reported remarkable growth, more than doubling its scale while maintaining profitability for the second consecutive year. The company’s revenue for the fiscal year 2024 surged by 120.7%, reaching Rs 1,029.44 crore, up from Rs 466.53 crore in FY23, according to its consolidated financial statement filed with the Registrar of Companies (RoC).

Everest Fleet operates in fleet management and passenger transportation, generating revenue primarily through customer trip-based services and agreements. In addition to these, the company also offers B2B services such as food logistics and corporate car rentals. The company saw additional earnings of Rs 27.71 crore from interest and financial asset gains, bringing its total revenue to Rs 1,057 crore for FY24.

As a key player in India’s shared mobility sector, Everest Fleet is Uber India’s largest fleet supplier and partners with other ridesharing platforms like Ola. The company operates a fleet of over 18,500 cars across seven major cities, including Mumbai, Delhi, Hyderabad, Chennai, Kolkata, and Bengaluru.

While the company maintained profitability, expenses increased significantly. Employee-related costs rose by 104% to Rs 68.28 crore, finance costs surged by 150%, and depreciation costs also saw a sharp increase. As a result, the company’s total expenditure more than doubled to Rs 1,007 crore for FY24. Despite the higher costs, Everest Fleet managed a profit of Rs 37.94 crore, although it saw an 8% decline compared to the previous fiscal year’s profit of Rs 41.23 crore.

Everest Fleet’s operating cash flow improved by 80.1%, reaching Rs 41.09 crore. The company recorded an EBITDA margin of 13.04% and a return on capital employed (ROCE) of 13.29%, according to financial insights from TheKredible. On a unit basis, the company spent Re 0.98 to generate one rupee of operating revenue during FY24.

In terms of funding, Everest Fleet raised $30 million from Uber, adding to a total of $63 million raised from investors such as Paragon Partners, Rockstud Capital, Incred Capital, and others. The company also received a $20 million commitment from the International Finance Corporation (IFC) in August 2023. With plans for further expansion, Everest Fleet is looking to scale its operations and enhance its fleet with clean-energy vehicles, including CNG and electric cars.

WeWork India Sees Strong Revenue Growth in FY24, Cuts Losses Amid Strategic Shifts

By
Supriya Biswas
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WeWork India has reported impressive growth figures for FY24, with its revenue increasing by nearly 27%, despite challenges faced by its parent company, WeWork Inc. The global coworking giant, which has been considering an exit from the Indian market, saw a failed attempt to sell its 27% stake in the Indian arm. However, the company’s recent financial performance could pave the way for renewed interest in the region.

In the fiscal year ending March 2024, WeWork India achieved a revenue of Rs 1,665 crore, marking a 26.7% rise from the previous year’s Rs 1,315 crore. The firm, which provides flexible office solutions under the WeWork brand, caters to businesses and individuals with a range of services including coworking spaces, office leases, and custom-built solutions. The company generates income primarily through membership subscriptions, which accounted for 84% of the total revenue. Membership sales saw a substantial growth of 48.9%, contributing Rs 1,402.5 crore in FY24.

However, revenue from ancillary services such as conference room rentals, printing, and parking saw a decline of 31.7%, contributing less to the overall income. In addition, the company earned Rs 72 crore in non-operating income from financial assets, pushing the total revenue to Rs 1,737 crore for the year.

The largest expenditure for WeWork India was depreciation and amortization, which rose by 16.9% to Rs 744 crore, making up nearly 40% of the total costs. Finance costs also saw an increase of 22.6%, reaching Rs 507.7 crore. Other significant expenses included housekeeping, maintenance, employee benefits, and IT services.

Despite these rising costs, WeWork India succeeded in reducing its losses by 7.6%, posting a loss of Rs 135.7 crore for FY24 compared to Rs 146.8 crore the previous year. The company’s cash flow remained strong, with operating cash flows of Rs 1,160 crore for FY24, and it reported an EBITDA of Rs 1,119 crore, demonstrating improved operational efficiency.

Key operational metrics also improved: WeWork India’s EBITDA margin rose to 64.42%, and its Return on Capital Employed (ROCE) increased to 11.73%. For every rupee of revenue, WeWork spent Rs 1.12 on operations during FY24, reflecting a more efficient business model.

Although facing a tumultuous period, especially after WeWork’s Chapter 11 bankruptcy filing in late 2023, the company has shown resilience. After emerging from bankruptcy in May 2024, WeWork has been divesting its assets, including its stake in WeWork India. A planned sale to Embassy Group fell through due to disagreements over valuation, but now, WeWork India is eyeing an initial public offering (IPO) with a projected valuation of $2-2.5 billion. This ambition is driven by the success of its competitors like AWFIS, which have garnered positive attention following their market listings.

AI-Powered Travel Startup 30 Sundays Secures $770K to Expand Globally

By
Supriya Biswas
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0

Travel tech innovator 30 Sundays, an AI-driven travel agency, recently raised $770,000 in its pre-seed funding round. The investment, led by Infoedge Ventures with support from First Cheque, Eximius, Misfits, and various angel investors, aims to fuel the startup’s growth and enhance its tech infrastructure.

The new capital will enable 30 Sundays to expand its offerings to new destinations, focusing on the European market and long-haul travel experiences. Additionally, the funds will bolster the company’s AI and data tools to streamline scaling efforts and elevate customer satisfaction.

Founded in 2022 by Kshitij Chaudhary and Anuj, 30 Sundays utilizes generative AI to automate key processes such as collecting customer data and managing itinerary updates. Through this technology, they also analyze calls and reviews to gather valuable customer insights at scale, boosting their operational efficiency.

With generative AI embedded in their sales, operations, and marketing, 30 Sundays claims a fivefold improvement in efficiency, allowing them to serve more clients without compromising on quality—a frequent challenge for traditional travel agencies that rely on large support teams.

In line with the Federation of Indian Chambers of Commerce & Industry (FICCI) projections, India’s outbound tourism is expected to reach $18.8 billion in 2024, with a projected rise to $55.4 billion by 2034, marking a growth rate exceeding 11% annually.

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Juspay’s FY24 Revenue Surges 50% to ₹319 Crore with Controlled Losses

By
Supriya Biswas
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0

SoftBank-backed payment tech firm Juspay reported a robust 50% jump in its operating revenue for the fiscal year ending March 2024, while reducing its losses by nearly 10%. The company’s consolidated financial report reveals that revenue from operations surged to ₹319.32 crore in FY24, up from ₹213.39 crore in FY23.

Known for its comprehensive payment solutions, Juspay powers merchants with key offerings like Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. These solutions contribute to its primary revenue stream from “payment platform integration” services, which saw a significant 46% growth, reaching ₹286.5 crore compared to ₹196.2 crore in FY23. Additionally, Juspay earned ₹32.8 crore from other operating activities during this period.

Interest and financial gains also contributed ₹28.32 crore to Juspay’s total income, which reached ₹347.6 crore for the year. Employee benefits remained the company’s largest expenditure, increasing by 41.7% to ₹303.36 crore from ₹214.04 crore. Other expenses, including technology and legal costs, amounted to ₹123.76 crore, while depreciation and amortization expenses rose slightly to ₹14.11 crore.

Despite its remarkable revenue growth, Juspay successfully reduced its net loss by 7.8% to ₹97.54 crore, down from ₹105.75 crore in FY23. The company’s Return on Capital Employed (ROCE) and EBITDA margin also showed improvement, at -19% and -21.04%, respectively. In terms of operational efficiency, Juspay spent ₹1.39 for every rupee earned.

The Bengaluru-based firm closed FY24 with cash and cash equivalents totaling ₹23.94 crore, along with an additional bank balance of ₹195.46 crore. Receivables stood at ₹107.53 crore by year-end.

According to data from TheKredible, Juspay has raised over ₹656 crore (around $80 million) to date, with SoftBank and Accel holding stakes of 6.78% and 12.39%, respectively. Juspay’s last valuation was approximately ₹3,450 crore following its Series C round led by SoftBank in December 2021.

Nivesh Expands Reach with Strategic Acquisition of Wealthzi

By
Supriya Biswas
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0

Nivesh, a prominent wealthtech platform co-founded in 2016 by Anurag Garg and Sridhar Srinivasan, has successfully acquired Wealthzi, a wealth management service under Lime Internet Private Limited. This acquisition reflects Nivesh’s commitment to enhancing client outcomes with cutting-edge AI technology, solidifying its role as a leader in India’s wealth management space. Backed by IAN Fund, LetsVenture, and respected investors like Basab Pradhan, Rahul Gupta, and Dipak Gupta, Nivesh currently serves 60,000 clients across 6,000 pin codes.

Wealthzi, established in 2020 by PV Sahad and Pradeep Pillai, brings over two decades of expertise in asset management for high-net-worth individuals (HNIs), ultra-high-net-worth individuals (UHNIs), and family offices. Managing assets exceeding Rs. 500 crore in mutual funds, PMS, AIFs, bonds, and other financial products, Wealthzi has recently acquired an RIA license from SEBI, further expanding its advisory capabilities.

This acquisition allows Wealthzi to harness Nivesh’s advanced technology platform, aiming to enhance user experience and accelerate business growth. The merger provides both companies with strategic advantages across products, research, and operations. With this alignment, the combined entity now oversees assets totaling Rs. 2,500 crore, with an ambitious target to achieve Rs. 10,000 crore in assets over the next three years.

Wealthzi anticipates that integrating its direct-to-consumer wealth solutions with Nivesh’s distribution network will establish a robust wealth management alliance, better positioned to meet the needs of India’s expanding investor community.

Furlenco Posts Rs 140 Cr Revenue in FY24 with Strategic Cost Reductions and New Investment

By
Supriya Biswas
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0

Subscription-based furniture rental company Furlenco recorded a 10% year-on-year dip in operating revenue in FY24, with its overall losses holding steady compared to the previous year.

According to its filings with the Registrar of Companies (RoC), Furlenco’s revenue from operations fell from Rs 155.78 crore in FY23 to Rs 139.56 crore in FY24. Established eight years ago, Furlenco offers rental furniture, home decor, and relocation services, with furniture rentals and sales comprising the core of its revenue stream.

Beyond operating income, Furlenco generated an additional Rs 12.34 crore through interest and gains on financial assets, taking its total revenue for FY24 to Rs 151.9 crore.

On the expense side, rental payments emerged as the largest cost at Rs 48.83 crore, followed by employee benefits, which saw an 8.36% increase, totaling Rs 47.78 crore. The company’s investment in furniture and appliances led to a rise in depreciation expenses, which climbed from Rs 29.5 crore in FY23 to Rs 34.89 crore in FY24. Furlenco also managed to cut its finance costs by 52%, bringing them down to Rs 32.12 crore as it streamlined its debt obligations. Other expenses included Rs 27.71 crore for advertising and promotions, Rs 16 crore for repairs and maintenance, and Rs 10.63 crore for transportation.

In total, Furlenco’s expenses saw a slight reduction, totaling Rs 282.12 crore for FY24. Despite the drop in revenue, Furlenco’s net losses only saw a small increase, reaching Rs 130.22 crore. The company’s Return on Capital Employed (ROCE) and EBITDA margins remained in negative territory, at -223.36% and -44.61%, respectively. Operationally, Furlenco spent Rs 2.02 to generate each rupee of revenue in the last fiscal year. The firm’s current assets amounted to Rs 89.58 crore, with Rs 35.37 crore in cash and bank balances.

In a significant development in July 2023, Sheela Foam, the parent company of Sleepwell, acquired a 35% stake in Furlenco for Rs 300 crore ($36 million), valuing the company at around $100 million.

Furlenco faces competition from companies like Rentomojo and Pepperfry. Notably, Rentomojo saw a 60% rise in its operating revenue in FY24, nearly reaching Rs 200 crore and posting a profitable year, while Pepperfry’s FY24 results are yet to be released.

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PhysicsWallah Sees Record Revenue Growth, Reaches Rs 2,015 Crore in FY24

By
Supriya Biswas
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0

PhysicsWallah (PW), an edtech unicorn, reported impressive growth in revenue for the fiscal year ending March 2024, achieving a 2.6X increase. However, the company’s losses also widened significantly, driven by a surge in operational costs.

The company’s revenue from operations soared to Rs 1,940.4 crore in FY24, a substantial rise from Rs 744.3 crore in the previous fiscal year, as per the firm’s financial statements filed with the Registrar of Companies. This growth was largely attributed to PhysicsWallah’s core educational services, which contributed over 90% of the revenue. The remaining income stemmed from product sales. Additionally, the company earned Rs 74.64 crore from interest and gains on financial assets, bringing the total revenue to Rs 2,015 crore.

Founded in 2020 by Alakh Pandey and Prateek Maheshwari, PhysicsWallah offers a mix of online and offline courses, alongside study materials, catering to students preparing for competitive exams like JEE, NEET, and other engineering entrance tests. The firm also provides services in skill development, higher education, and study abroad programs.

The company prides itself on offering free education to over 46 million students via 112 YouTube channels across five languages, alongside serving 5.5 million paid users. On the expenditure front, employee benefits took up 35.3% of the total spending, amounting to Rs 1,159 crore—a sharp rise of 180.9% from Rs 412.6 crore in FY23.

A significant portion of the costs was attributed to miscellaneous expenses, which totaled Rs 1,452.7 crore. Costs related to materials and professional services also spiked, contributing to the company’s higher outgo. Despite a marked reduction in advertisement and promotional spend by 70.8%, which fell to Rs 19.56 crore, the total expenditure climbed 280.4%, reaching Rs 3,279 crore. This figure also included Rs 906 crore in non-cash charges related to the fair value loss of compulsorily convertible preference shares (CCPS).

The steep rise in costs pushed PhysicsWallah’s losses to Rs 1,131 crore in FY24, a significant increase from the Rs 84 crore loss in FY23. Excluding non-cash expenses, such as CCPS losses and ESOP costs, the company’s operational loss stood at Rs 251 crore.

Interestingly, while the company posted a loss, its operating cash flow remained positive at Rs 211.85 crore. The firm also experienced a decline in key financial ratios, with EBITDA margin and return on capital employed (ROCE) dropping to -44.7% and -85.84%, respectively. In essence, for every rupee in operating revenue, PhysicsWallah spent Rs 1.69.

In terms of funding, PhysicsWallah recently raised $210 million in its largest equity round to date, pushing its total funding to $310 million. The company is now valued at $2.8 billion, with its co-founders maintaining control of over 85% of the business.

KL Rahul-Backed Fitness Brand Boldfit Secures $13 Million in Funding Led by Bessemer

By
Supriya Biswas
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0

Boldfit, the direct-to-consumer fitness brand backed by cricketer KL Rahul, has raised ₹110 crore (around $13 million) in its latest funding round, with Bessemer Venture Partners leading the investment.

This Bengaluru-based startup had previously secured $8.37 million from its existing investors, including Rahul. With the new funds, Boldfit plans to accelerate product innovation and expand its brand presence.

Launched in 2018 by Pallav Bihani and Aasshna Guptaa, Boldfit is an online platform offering an extensive array of sports and fitness products. These include apparel, fitness gear, nutritional supplements, and accessories, catering to various sports such as basketball, cricket, football, cycling, volleyball, and badminton. The platform provides over 400 products at affordable prices to fitness enthusiasts.

Boldfit’s vision is to redefine quality and innovation in the fitness sector, aiming to make fitness more accessible to people across India. The company has partnered with IPL teams like Mumbai Indians and Royal Challengers Bangalore and has reached over 10 million customers nationwide.

Looking ahead, Boldfit plans to open offline stores within the next 12 to 18 months, while also targeting expansion into the Middle East. The company intends to continue innovating in its product offerings to further enhance its market position.

The Indian fitness market, valued at $20 billion in 2023, is expected to grow at an annual rate of 27%, reaching $32 billion by 2028, according to market research.

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