Livpure, a prominent brand in India’s water and air purification industry, has secured ₹233 crore in a recent funding round, comprising ₹208 crore from MG Investments and ₹25 crore from Ncubate Capital Partners. This financial boost is set to accelerate Livpure’s expansion, allowing the company to enhance its product offerings, improve technological capabilities, and strengthen its market presence across the country.
Livpure is recognized for its innovative water purifiers, emphasizing health and wellness through its products. With this new capital, the company plans to intensify its research and development efforts, introducing more advanced and efficient solutions to meet the growing demand for sustainable and health-oriented consumer products in India. The investment reflects strong investor confidence in Livpure’s business model and growth potential, further supported by Ncubate Capital Partners’ backing, known for its focus on innovative startups.
The funding will support Livpure in scaling operations, improving supply chain efficiencies, and expanding its distribution network, particularly targeting tier 2 and tier 3 cities where demand for affordable purification systems is rising. Additionally, Livpure aims to explore new product lines and services catering to the evolving needs of health-conscious consumers.
This investment aligns with the broader trend of increased funding in companies offering sustainable and health-focused solutions, especially as environmental concerns grow. Livpure’s focus on sustainable and energy-efficient products positions it to capitalize on this trend, making it an attractive choice for investors seeking opportunities in consumer health and sustainability.
Bharat Heavy Electricals Limited (BHEL) has secured a significant contract with AdPower Limited (APL) and its subsidiary Mahan Energen Limited (MEL) to develop three Supercritical Thermal Power projects worth over Rs 11,000 crore, excluding GST. This agreement highlights BHEL’s pivotal role in advancing India’s power infrastructure.
The contract, signed on August 25, covers the supply of essential equipment and the supervision of erection and commissioning for three major power projects, each with a capacity of 2×800 MW. These projects will employ advanced Supercritical Technology and are to be developed at Kawai Phase-II and Kawai Phase-III in Rajasthan, as well as Mahan Phase-III in Madhya Pradesh.
BHEL will provide a comprehensive range of equipment, including Boilers, Turbines, Generators, and associated auxiliaries, along with control and instrumentation systems. The company will also oversee the installation and commissioning processes to ensure that all operational and performance standards are met.
The timelines for the completion of these projects vary: Kawai Phase-II is expected to be completed within 49 months, Kawai Phase-III within 52 months, and Mahan Phase-III within 55 months. These deadlines reflect the complexity and scale of the projects and underline the commitment to timely delivery.
Awarded by Adani Power Limited and Mahan Energen Limited, these contracts were conducted at arm’s length and do not involve any related party transactions. The projects mark a significant step in strengthening India’s energy sector, reinforcing BHEL’s standing in the industry.
India’s AI landscape is rapidly evolving, with innovative startups like Sarvam AI, Gnani AI, and CoRover AI leading the charge by developing voice-interactive technology that caters to multiple Indian languages. These advancements are set to democratize AI usage, making it more accessible to a broader segment of the population and potentially opening doors to international markets.
Sarvam AI, often referred to as India’s equivalent of OpenAI, recently unveiled groundbreaking software that enables businesses to interact with customers using spoken voice rather than just text. This technology, developed with data from 10 native Indian languages, is priced affordably to capture the market, aiming to reach millions of users. According to Vinod Khosla, a prominent venture capitalist, these voice bots have the potential to impact a billion people, offering a transformative experience for users who might not be fluent in English.
Several Indian startups are already making substantial strides in this domain. Gnani AI, backed by Samsung, handles millions of voice interactions daily for some of India’s largest banks, insurers, and automotive companies. CoRover AI provides voice bots in 14 Indian languages to major clients, including the state-owned railway corporation and regional police forces. Haloocom Technologies has developed a voice bot capable of communicating in five Indian languages to manage customer service tasks and assist in screening job candidates.
Ankush Sabharwal, co-founder and CEO of CoRover, emphasized that voice technology represents the most intuitive way to use AI. For instance, CoRover’s Ask Disha voice bot, recently launched for India’s train booking service, IRCTC, can book train tickets and process payments using voice commands alone. Sabharwal highlighted the need for AI agents in India that can perform tasks, not just provide information.s.
While US-based AI companies like OpenAI have developed advanced voice technology, they have been cautious about its rollout due to concerns about emotional reliance and potential misuse. In contrast, Indian AI startups remain optimistic, with a focus on creating AI solutions tailored to specific languages and cultural contexts, which are more accurate and cost-effective.
As these Indian startups continue to refine their technology, they are also exploring international opportunities, including markets in the Middle East, Japan, and even the United States. Gnani AI, for example, has already deployed its voice bots in Silicon Valley, assisting a California-based Harley-Davidson leasing company in reaching Spanish-speaking customers.
Tata Digital has implemented a new employee stock option plan (Esop) aimed at its senior executives as part of a broader strategy to enforce a performance-driven culture. This move, led by CEO Naveen Tahilyani, comes in the wake of significant turnover in the company’s senior leadership.
The new Esop plan was approved during the recent annual general meeting (AGM) of Tata Digital, which operates the Tata Neu superapp and owns online platforms such as BigBasket and 1mg. The plan includes a minimum vesting period of three years. Senior executives in specific grades will have their stock options converted into company shares, while others at the director level or below will receive cash based on their options.
This initiative aligns with Tata Digital’s strategic objectives, including revenue growth, enhancing consumer experience through a user-centric fintech platform, and achieving profitability to attract external investors. While some employees have welcomed the Esop plan, the response has been mixed.
Tahilyani, who took over as managing director and CEO in February, has been restructuring the senior management team, leading to several departures, including that of Myntra founder Mukesh Bansal. Executives who have left the company in the past two years are unlikely to benefit from the new Esop plan.
The AGM also approved the appointment of Tata Sons’ Chief Financial Officer Sourav Aggarwal to Tata Digital’s board. The new Esop scheme, effective from August 16, is part of a broader effort to align employee interests with company goals, attract and retain talent, and motivate employees to contribute to the company’s growth and profitability.
Tahilyani is known for his strict accountability measures and has been working to integrate Tata Digital’s various businesses, including BigBasket and 1mg, which continue to operate with a startup mentality. He has held meetings with the founders of these companies to address ongoing challenges, and Tata executives are now more involved in the boards of these firms.
In 2022, Tata Digital infused $200 million into BigBasket and helped 1mg achieve unicorn status with a $41 million investment. While both companies are expanding, their existing investors prefer raising debt over equity, avoiding external investors setting prices for valuable assets like BigBasket.
Zomato is set to shake up India’s entertainment ticketing market by acquiring Paytm’s ticketing business for ₹2,048 crore. This acquisition positions Zomato to directly compete with BookMyShow, the current market leader, as it plans to integrate this new venture as a core part of its consumer offerings.
BookMyShow, which reported nearly ₹1,000 crore in revenue for fiscal 2023 and is profitable, holds a 75% market share in the movie ticketing segment. The platform benefits from exclusive contracts with major stakeholders, including multiplex chains, event organizers, and sports bodies. Analysts believe BookMyShow will leverage these relationships to maintain its dominance despite the upcoming competition.
Zomato, headquartered in Gurugram, aims to utilize profits from its established businesses, such as food delivery, to scale its entertainment ticketing and dining out segments. CEO Deepinder Goyal has projected that the gross order value for Zomato’s “going-out” vertical will exceed ₹10,000 crore by FY26. The company views this vertical as a blend of categories that can drive both traffic and profitability.
Industry experts highlight that Zomato’s entry into the ticketing business could create significant competition for BookMyShow. Zomato’s acquisition includes Paytm Insider, a well-regarded but under-scaled product. By integrating this with its upcoming app, District, Zomato plans to attract its existing customer base to its new entertainment platform. To succeed, Zomato will need to secure exclusive contracts and develop unique live event properties, areas where BookMyShow currently excels.
Zomato, which is publicly listed and has a cash reserve of ₹12,539 crore, will continue offering services under the current brands but will eventually transition everything to the District app. Goyal emphasized that the success of this acquisition hinges on smoothly migrating users from apps like Paytm, Insider,TicketNew, and Zomato to District. Although this may require some incentives, the financial risk is expected to be minimal.
With this strategic move, Zomato is set to become a formidable player in the entertainment ticketing market, challenging the long-standing dominance of BookMyShow.
Temasek, the Singaporean sovereign fund, is in advanced discussions to lead a $100-150 million investment in Rebel Foods, the parent company of brands like Faasos and Behrouz Biryani. This funding round will involve a mix of primary and secondary share sales, with the Mumbai-based unicorn maintaining a valuation similar to its previous round nearly three years ago.
The secondary sale, where existing investors partially sell their stakes to Temasek, is expected to occur at a lower valuation of approximately $700 million. This is a significant drop from the $1.4 billion valuation Rebel Foods achieved in October 2021 after a $175 million funding round led by the Qatar Investment Authority (QIA). US-based Coatue and India-based Lightbox, which hold 18.6% and 9.7% stakes in Rebel Foods respectively, are expected to partially divest their shares in this secondary sale. Temasek is expected to join as a new investor, with the potential involvement of other investors.
Rebel Foods, founded in 2011 by Jaydeep Barman and Kallol Banerjee, has grown to operate 450 kitchens across 70 cities, with its brands available in 10 countries, including the UAE, Saudi Arabia, and the UK. The company has been experiencing moderate growth and is expanding its presence offline through its own stores and franchises. Rebel Foods owns popular brands such as Oven Story Pizza, Mandarin Oak, Firangi Bake, and Sweet Truth. Additionally, it operates its own platform, EatSure, under which it also runs offline outlets and plans further expansion. The company has also secured master franchise rights for Wendy’s in India and holds a majority stake in the chocolate and dessert brand Smoor.
The cloud kitchen sector, where Rebel Foods is a key player, has been growing at a rapid pace. According to a recent report from the National Restaurant Association of India (NRAI), the cloud kitchen sector saw a growth rate of 30-40% from 2019-2024, with an expected growth rate of 35.20% over the next four years. This growth outpaces other segments in the food sector, including quick-service restaurants (QSRs), cafes, casual dining, and fine dining.
Temasek’s potential investment in Rebel Foods is part of a resurgence in large-scale, late-stage funding deals in the sector. This trend reflects the predictable growth Rebel Foods has demonstrated, along with the increasing prominence of its brands in the market. Rebel Foods is reportedly planning a public offering within the next couple of years, signaling further expansion and consolidation in the cloud kitchen industry.
Jio Financial Services Ltd has secured approval from the Department of Economic Affairs to raise its foreign investment cap to 49% of the paid-up equity share capital on a fully diluted basis. Currently, foreign investors hold a 17.55% stake in the company, which forms part of the 53% public float of shares.
Jio Financial, a non-banking entity demerged from Reliance Industries Ltd in July 2023, reported a 6% year-on-year decline in its consolidated net profit for the quarter ending June 2024, down to Rs 313 crore from Rs 332 crore. This decrease was primarily driven by a reduction in interest income, which fell 20% to Rs 162 crore, alongside a rise in operating expenses, particularly staff costs that tripled to Rs 39 crore.
In the first quarter of 2024, Jio Financial introduced new financial products, including loans against mutual funds and digital insurance for automobiles and two-wheelers. Additionally, the company entered the ship leasing market, with its first lease through Reliance International Leasing IFSC Ltd, in collaboration with Reliance Strategic Business Ventures Ltd. The firm is also expanding its reach by growing its business correspondents’ network to 16,000 outlets and advancing its asset management joint venture with BlackRock, with infrastructure and technology platforms nearing completion.
Goodveda is a new generation D2C brand that deals with supplements, Ayurvedic cure, healthy snacks, and wellness programs currently in its growth stage with high potential in terms of revenue growth from the constantly increasing customer base especially, to meet the increasing demand for healthy snack options. Started in September, Goodveda has just raised Rs 2 crore in pre-seed capital. This year the company expects to mobilize an additional one million USD to fund its expansion operations.
At present Goodveda is earning a revenue of Rs 1 for 1,00,000 adults in India. million to Rs. 9 crore and is targeting at a turnover of Rs. 12 crore in the current financial year as claimed by the founder and MD, Abhishek Gaggneja. The monthly revenues of this brand is Rs 87 with a user base of over 20 thousand. 8 lakh in July 2024 The allocation of budget it is as follows, The demand for budget is as follows, Even in the June quarter it generated a business of Rs 1. 74 crore in revenue.
It is the vision of Goodveda to proudly be among the top nutritional food brand in India with the intention of diversifying its products and distribution. The D2C brand at the moment provides 12 SKUs, with major focuses on the diabetes, liver issues, obesity, and diseases related to the heart.
After the outbreak of the pandemic, people have started inclining towards being health conscious and there is a growing credibility towards Ayurveda, the traditional system of Indian healthcare. Ayurveda markets have expanded with new urbanization and modified lifestyles, Gaggneja pointed out, adding that investors have shown interest. Also, other programmes like Ayush Mark Certification which is managed by the Quality Council of India (QCI) and under the norms of GMP and WHO have gone on to enhance the consumer and investor confidence in Ayurvedic products.
Brij Bhushan, co-founder of hyperlocal ecommerce startup Magicpin, has taken on a new role as a venture partner at Prime Venture Partners, an early-stage venture capital firm based in Bengaluru. In his new position, Bhushan will be a key member of the investment team, playing a significant role in making investment decisions, managing the firm’s portfolio, and assisting with fundraising efforts.
Bhushan emphasized that early-stage startups require more than just financial backing; they need dedicated team members who can guide them through the complexities of growing a business. Drawing from nearly a decade of experience as a founder, Bhushan expressed excitement about returning to the venture capital space, where he can use his expertise to support other entrepreneurs alongside a team committed to helping startups succeed.
Before co-founding Magicpin in 2015, which later attracted investment from Zomato, Bhushan served as Vice President at Nexus Venture Partners. He announced his departure from Magicpin in April 2023. The company had last secured $60 million in funding in November 2021, led by Lightspeed India and Zomato.
Amit Somani, Managing Partner at Prime Venture Partners, welcomed Bhushan, noting that his blend of strategic insight, operational excellence, and long-term vision is invaluable for building successful companies.
In addition to Bhushan’s appointment, Prime Venture Partners has promoted Gaurav Ranjan from Vice President to Principal-Investments. Ranjan has been instrumental in sourcing and evaluating around 2,000 startups and has worked closely with numerous early-stage portfolio companies, including Gallabox, OTO, Capital, Poshn, and HitWicket.
Founded in 2012, Prime Venture Partners has invested in over 50 startups across various sectors, including fintech, enterprise SaaS, consumer internet, edtech, healthcare, logistics, and electric vehicles. Its diverse portfolio features companies like WheelsEye, MyGate, Quizizz, PlanetSpark, Dozee, Zuper, and Niyo.
Zomato to Acquire Paytm’s Movie Ticketing and Events Business for ₹2,048 Crore
Zomato, a major player in the food delivery industry, is set to acquire Paytm’s movie ticketing and events business in an all-cash deal valued at ₹2,048 crore. This acquisition positions Zomato to challenge the dominant leader in India’s entertainment ticketing market, BookMyShow. By entering the movie and event ticketing segment, which constitutes a significant portion of the going-out market, Zomato aims to diversify its offerings and enhance its presence in the entertainment sector.
Jewelry retailer Bluestone has successfully raised ₹900 crore in a pre-IPO funding round, doubling its valuation to $970 million (approximately ₹8,100 crore). Backed by Accel, Bluestone is now preparing to file the draft red herring prospectus (DRHP) for its initial public offering with the stock market regulator this year, setting a benchmark for its valuation.
Ant Group, the Chinese e-commerce giant Alibaba’s affiliate, has generated significant returns by selling Zomato shares worth over ₹4,772 crore in two recent block deals. This brings the total proceeds from its stake sales in the food and grocery delivery company to ₹12,521 crore, marking a 4X return on investment.
Festive Season Boosts Sales for Quick Commerce Platforms
The onset of the festive season, starting with Rakshabandhan, has led to a surge in sales for quick commerce platforms such as Blinkit, Swiggy Instamart, and Zepto. These platforms are increasingly operating like broader online marketplaces, offering a wider range of products to meet the growing demand during this period.
Swiggy Valued at $11.5 Billion by Investor 360 One WAM
Swiggy, a leading food and grocery delivery company, has been valued at $11.5 billion by investor 360 One WAM (formerly IIFL Wealth Management) as of June, according to a recent investor presentation. The company is gearing up for an IPO, reflecting its strong market position and growth potential.
Micro VCs Gain Ground in Indian Venture Landscape
As the venture capital landscape in India evolves, new domestic funds and micro venture capital (VC) firms are emerging. Aviral Bhatnagar, who previously led enterprise software and AI investments for Venture Highway, has launched a ₹100 crore fund to support early-stage Indian startups, highlighting the growing interest in nurturing innovation at the grassroots level.
P2P Lending Platforms Seek RBI Guidance Amid New Regulations
The peer-to-peer (P2P) lending industry is expressing concerns over new regulations introduced by the Reserve Bank of India (RBI). Industry participants fear that some of the provisions may not be financially viable, potentially disrupting business operations. The Association of P2P Lending Platforms is seeking clarity and guidance from the RBI on implementing these new rules.
UPI Market Share Cap Delay Expected to Maintain Status Quo
A proposed 30% market share cap in the Unified Payments Interface (UPI) segment is likely to be delayed, according to industry executives. With only a few months remaining until the deadline, many UPI newcomers are adjusting their growth and investment strategies, anticipating that the cap may not be enforced as initially planned.
GST Authorities Intensify Scrutiny of Digital Payments
The rapid growth of digital payments has prompted increased scrutiny from tax authorities. The Directorate General of Goods and Service Tax Intelligence (DGGI) is closely monitoring online merchants to ensure compliance with GST regulations. Startups, payment aggregators, and payment gateways are working with the DGGI to track potential tax evasion cases.
