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Healthify Secures $20M in New Funding, Eyes Expansion in the US

Supriya Biswas
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Healthify Secures $20M in New Funding, Eyes Expansion in the US

Healthify, a leading health and fitness platform, has raised $20 million in fresh funding as part of an ongoing $45 million equity round. The funding round was spearheaded by Khosla Ventures and LeapFrog Investments, with additional backing from Claypond Capital, the family office of Indian healthcare magnate Dr. Ranjan Pai.

Earlier, in June 2023, the company secured $30 million through a pre-Series D round, which also included $5 million in venture debt.

The newly secured funds will support Healthify’s plans to enter the US market and further enhance its AI-driven nutrition and fitness coaching capabilities, the company revealed in a statement.

With this latest funding, Healthify’s total equity financing now stands at $125 million. In 2021, the platform raised $75 million in a Series C round from Khosla Ventures, LeapFrog Investments, Sistema Asia Fund, and Chiratae Ventures.

Founded by Tushar Vashisht, Sachin Shenoy, and Mathew Cherian, Healthify combines technology, wearable devices, and fitness experts to help users achieve their health goals. To date, the platform claims to have served over 40 million users and is active in more than 300 cities across India.

The company’s AI solutions are also being adapted to cater to international markets, with an initial focus on the US. These features will consider regional languages, food preferences, and cultural habits.

Alongside its consumer offerings, Healthify operates a B2B arm specializing in corporate wellness programs. It partners with companies in the diagnostics, insurance, and pharmaceutical sectors.

On the financial front, Healthify’s operations in India have achieved operational profitability. The company is also targeting EBITDA-positive results by the end of the fiscal year. In FY23, Healthify reported revenue of Rs 229.71 crore, while posting a Rs 142 crore loss. The company’s financial performance for FY24 is yet to be disclosed.

Delhi-Based App Developer Seeks Cambridge Dream by Offering JioHotstar Domain for Sale

Supriya Biswas
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Delhi-Based App Developer Seeks Cambridge Dream by Offering JioHotstar Domain for Sale

A Delhi-based app developer is taking an unconventional approach to fund his dream of studying at Cambridge University by putting up the domain name jiohotstar.com for sale.

The developer has created a minimalist website at the domain, aiming to catch the attention of decision-makers at Reliance Industries Limited (RIL) and Viacom18, particularly as they undergo a major merger with Disney Star.

This move appears well-timed, following the approvals in August 2024 by both the Competition Commission of India and the National Company Law Tribunal for the £6.7 billion ($8.5 billion) merger between Disney Star and RIL’s Viacom18. This deal is expected to form India’s largest entertainment network.

On the website, the developer explains how he spotted the opportunity: “While scrolling through social media in early 2023, I noticed reports of Disney+ Hotstar’s dropping daily active users due to losing the IPL streaming rights. Speculation about a potential sale or merger with an Indian company followed.”

Domain parking, a practice where individuals buy web addresses in hopes of reselling them later, has been around for a while. In this case, the developer hopes the domain will gain value due to its potential connection to the merger.

In a recent update, the developer shared that Ambujesh Yadav, Associate Vice President of Commercials at Reliance, had reached out. However, their response wasn’t the one he had hoped for—his request for £93,345, equal to his Cambridge EMBA tuition, was declined. The company, instead, suggested they might take legal action.

“I hope they reconsider. A group this large could help,” he expressed on the site, stating he hadn’t infringed any trademarks, as “JioHotstar didn’t exist when I bought the domain in 2023.”

Industry experts are keen to see whether this domain could play a role in the ongoing merger, especially as the future of Disney+ Hotstar and JioCinema unfolds. For now, it remains uncertain whether Reliance will reconsider his offer or if his Cambridge aspirations will be funded through this unique online venture.

Saif Ali Khan Stars in Behrouz Biryani’s Unique Diwali Campaign Using AI

Supriya Biswas
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Saif Ali Khan Stars in Behrouz Biryani’s Unique Diwali Campaign Using AI

Rebel Foods, known for its innovative approach in the restaurant industry, is launching a captivating campaign for its flagship brand, Behrouz Biryani. Titled “The Nawabi Surprise,” this initiative will feature Bollywood superstar Saif Ali Khan and utilize artificial intelligence to provide customers with personalized video greetings from the actor.

Kicking off on October 25, 2024, the week-long campaign offers a special twist for every order of Behrouz Biryani. Customers will receive a beautifully designed palace-shaped card containing a concealed QR code. When scanned, this code unlocks a personalized video message from Saif Ali Khan, adding a festive touch to the dining experience.

Nishant Kedia, the Chief Marketing Officer at Rebel Foods, expressed excitement about the initiative, stating, “This Diwali, our aim is to deliver a truly memorable experience for our customers by merging the royal heritage of Behrouz Biryani with advanced personalization. With the charm of Saif Ali Khan and our Nawabi Surprise, we aim to combine tradition and technology, enhancing the festive spirit. This initiative showcases our commitment to honoring deep-rooted traditions while embracing innovative methods for a remarkable celebration.”

The personalized video greetings can easily be shared on social media platforms and redirected to WhatsApp for straightforward downloading and sharing. Customers will also have the option to generate multiple videos, making this Diwali celebration even more special.

Colgate India Boosts Q2 Advertising Spending by Nearly 18% to ₹242.7 Crore

Supriya Biswas
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Colgate India Boosts Q2 Advertising Spending by Nearly 18% to ₹242.7 Crore

Colgate–Palmolive (India) has reported its financial performance for the second quarter of the fiscal year 2024-25, revealing significant increases in advertising and sales promotion expenses. For the quarter ending September 2024, the company’s spending in this area surged by 21.93% from the previous quarter, reaching ₹242.72 crore, compared to ₹199.07 crore in the prior quarter. Year-over-year, this represents a 17.85% rise from ₹205.99 crore during the same period last year.

The company’s net sales for the quarter ended September 30, 2024, exhibited a year-on-year growth of 10.0%, with domestic revenues increasing by 10.5%. Total net sales climbed to ₹1,609.2 crore, up from ₹1,462.4 crore, as all segments of the product portfolio displayed strong, consistent growth.

Colgate recorded a net profit after tax of ₹395.1 crore in Q2 FY25, compared to ₹340.1 crore in the same quarter of FY24, marking a growth of 16.2%. This figure includes a one-time credit linked to income tax refunds received during the quarter. Advertising expenditures grew by 17.8% in this quarter relative to the same timeframe last year, reflecting increased investment in both brand and category development initiatives. The company also focused on enhancing its product offerings for consumers.

Prabha Narasimhan, Managing Director and CEO of Colgate-Palmolive (India), expressed satisfaction with the company’s strong and steady topline performance despite challenging market conditions. She highlighted that the growth was driven by widespread progress across various product lines, noting that toothpaste sales experienced high single-digit volume growth, fueled by popular brands such as Colgate Maxfresh and Colgate Strong Teeth. Toothbrush sales also showed double-digit growth, benefiting from a trend toward premium products.

Narasimhan acknowledged the ongoing market challenges but reiterated the company’s commitment to leveraging its robust profit and loss (P&L) position to continue investing in superior products and advertising while prioritizing improved oral health for all in India.

“This quarter was marked by significant innovation with the introduction of Colgate Visible White Purple, which leverages color theory and enhances our whitening product line. The initial customer response has been very positive. Additionally, we launched new campaigns for our flagship global product, Colgate Total. Featuring patented Dual Zinc and Arginine Technology, Colgate Total provides exceptional everyday protection and is central to our premiumization strategy. The new advertising for Colgate Strong Teeth addresses the contemporary issue of increased snacking leading to calcium loss, emphasizing the product’s arginine + calcium boost to replenish that lost calcium,” she added.

BlinkIt Introduces EMI Payment Option for Orders Above Rs 2,999

Supriya Biswas
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BlinkIt Introduces EMI Payment Option for Orders Above Rs 2,999

BlinkIt, the rapidly growing quick commerce platform, has rolled out a new feature allowing customers to utilize Equated Monthly Installments (EMI) for purchases exceeding Rs 2,999. This payment flexibility is applicable to nearly all orders, with the exception of those containing gold and silver coins.

This EMI option is a strategic move by BlinkIt to broaden its customer base and encourage larger purchases on its platform. As more consumers turn to quick commerce for groceries and household essentials, this feature could enhance the accessibility of bigger orders.

Experts in the industry suggest that offering the ability to spread payments over time may lead to an increase in high-value transactions, making it a promising addition for both consumers and the platform.

For BlinkIt, the introduction of EMI payments aligns seamlessly with its objectives to grow and foster customer loyalty. The quick commerce sector is intensely competitive, with major players like Swiggy Instamart and Zepto also vying for market dominance. By offering this payment solution, BlinkIt aims to boost its average order value, a crucial metric for its ongoing growth strategy.

In addition to the EMI launch, BlinkIt recently unveiled its Seller Hub, enabling brands to manage their presence on the platform autonomously, eliminating the need for intermediaries. Over 200 brands now have access to this tool, which streamlines their quick commerce operations.

Having established itself as a frontrunner in the quick commerce market, BlinkIt has recently received a valuation of approximately $20.8 billion from HSBC—more than double the valuation of its parent company, Zomato, which stands at $9.2 billion according to the bank.

NG EarSafe Secures ₹1.06 Crore in Seed Funding, Led by Inflection Point Ventures

Supriya Biswas
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NG EarSafe Secures ₹1.06 Crore in Seed Funding, Led by Inflection Point Ventures

NG EarSafe has successfully raised ₹1.06 crore in a seed funding round, with Inflection Point Ventures (IPV) leading the investment. The newly acquired funds will be allocated to increase brand visibility, broaden market reach, and support the development of new product lines.

This strategic investment aims to solidify NG EarSafe’s position in the market by enhancing its product offerings to meet rising consumer demand.

Founded by Meet Shah and Raj Shah, NG EarSafe offers ENT-certified, premium open-ear headphones that prioritize safe listening through advanced Air Conduction and Bone Conduction technology. This innovative approach transmits sound via vibrations, bypassing the eardrum, resulting in a safer, more comfortable listening experience that promotes ear health.

NG EarSafe’s direct-to-consumer (D2C) model has proven successful, with over 43,000 headphones sold on major platforms like Amazon and Flipkart. The brand is also available in more than 100 retail locations across India, including popular chains like Sangeetha and Phonewale. NG EarSafe is currently operating at an annual revenue run rate (ARR) of ₹10 crore.

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Omnia Technologies and Economy Process Solutions Unite for New Manufacturing Hub in Pune

Supriya Biswas
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Omnia Technologies and Economy Process Solutions Unite for New Manufacturing Hub in Pune

Omnia Technologies, a renowned name in automation and bottling technologies, has joined forces with India’s Economy Process Solutions to strengthen its foothold in the Indian market. This joint venture is focused on establishing a state-of-the-art manufacturing facility in Pune, which will cater to the beverage, dairy, and pharmaceutical industries.

The partnership leverages Omnia’s cutting-edge technology and the local market expertise of Economy Process Solutions, aiming to provide cost-effective, locally manufactured equipment. This initiative is expected to enhance domestic production capabilities, reducing dependency on foreign imports.

The Pune facility, branded as a Centre of Excellence, will emphasize innovation and employment growth, delivering advanced solutions tailored for Indian businesses. Rajesh Ahuja, CEO of Economy Process Solutions, emphasized that the collaboration will make advanced technology more affordable and accessible to local industries.

The joint venture will make its first appearance at Drink Technology India 2024 in Mumbai, showcasing Omnia Technologies’ latest innovations. The official launch is slated for December 2024.

Moglix Posts Rs 4,964 Cr Revenue with Modest Growth in FY24

Supriya Biswas
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Moglix Posts Rs 4,964 Cr Revenue with Modest Growth in FY24

Moglix, the B2B e-commerce platform, has reported a modest revenue increase of 5.5% for the fiscal year ending March 2024, following a remarkable 82.6% growth in FY23. This slower growth trajectory comes despite the company successfully reducing its losses by 16% during the same period.

The consolidated financial statements reveal that Moglix’s operational revenue reached Rs 4,964 crore ($591 million) in FY24, compared to Rs 4,704 crore ($560 million) in FY23, as disclosed by its Singapore-based group company.

A significant portion of Moglix’s revenue—98.98%—originated from the sale of traded goods, which grew by 5.4% to Rs 4,914 crore in FY24. The remaining revenue stems from commissions on online sales, IT services, factoring, and related offerings.

Adding interest income and other non-operating earnings, Moglix’s total revenue climbed to Rs 5,309 crore ($632 million) in FY24. The Indian market was the primary contributor, accounting for 97.1% of total revenue, while the USA and Singapore contributed 2.7% and 0.16%, respectively.

Operating on a cash-and-carry model, Moglix incurred procurement costs that made up 84% of its total expenses. These costs rose by 4.4% to Rs 4,620 crore in FY24, up from Rs 4,427 crore in FY23 due to increased scale.

Employee benefits expenditures reached Rs 218 crore, and shipping costs were Rs 92 crore in FY24. The total expenses, which include spending on advertising, legal fees, IT, provisions for doubtful debts, and other operational costs, amounted to Rs 5,493 crore ($654 million) in FY24, compared to Rs 5,208 crore ($620 million) in the previous year.

Despite experiencing stagnant growth, effective cost management and a rise in other income enabled Moglix to cut its losses to Rs 189 crore ($22.5 million) in FY24, down from Rs 225 crore ($26.8 million) in FY23. The company reported a Return on Capital Employed (ROCE) and EBITDA margin of -4.82% and -1.5%, respectively, with a unit-level expenditure of Rs 1.11 to generate a single rupee in FY24.

To date, Moglix has raised a total of $440 million through various funding rounds. According to TheKredible, Tiger Global is the largest external shareholder with a 14.75% stake, followed closely by Accel and Alpha Wave, holding 14.26% and 13.35%, respectively. Co-founder and CEO Rahul Garg maintains a 12.67% ownership in the company.

The slowdown in growth could signal challenges for Moglix, appearing earlier than anticipated in its growth trajectory. However, sharp declines in growth rates are not uncommon for companies that have previously experienced rapid expansion like Moglix. Such fast growth often introduces challenges—whether related to human resources, liquidity, or other operational aspects. Investors will be closely monitoring the situation to understand the underlying factors contributing to this shift.

Infosys Unveils AI Lab in London; Wipro Teams Up with Wealthtime for Digital Platform

Supriya Biswas
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Infosys Unveils AI Lab in London; Wipro Teams Up with Wealthtime for Digital Platform

Infosys has announced the launch of its new London Living Labs and an AI Lab, marking a key milestone for the company in the UK. These facilities are located in the firm’s new 25,000-square-foot office, which can accommodate 200 employees. This new site highlights Infosys’ 25-year journey in the UK, serving as a hub for innovation.

The Living Labs, part of Infosys’ global network of over 12 such centers, are designed to help clients drive innovation and adapt to emerging technologies. Additionally, Infosys revealed a partnership with the University of Cambridge to establish an AI Lab, which aims to explore and harness artificial intelligence for business solutions.

Tarang Puranik, Infosys’ Executive Vice President and Head of Delivery for Europe, shared insights on the significance of the new labs: “Our London Living Labs will support enterprises in adapting to evolving business cycles while accelerating their digital transformation journey. By leveraging Infosys Topaz and Infosys Cobalt, these labs will offer cutting-edge innovations. London stands as a hub of forward-thinking businesses, and this investment underscores our commitment to shaping its technological future.”

Meanwhile, Wipro has joined forces with UK-based Wealthtime and its global partner GBST to launch a digital-first platform offering customer-centric services. The partnership involves a joint co-delivery model between Wipro and GBST, providing comprehensive platform services.

According to Wipro’s statement, the operations and technology functions of Wealthtime will transition to Wipro’s newly established UK Centre of Excellence for business processing in Southwest England. This move will enable Wealthtime to tap into Wipro’s advanced IT and AI expertise, driving continuous improvements in service delivery and enhancing front-end applications.

This collaborative effort highlights both companies’ dedication to advancing digital solutions in the UK market.

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Shiprocket Achieves Revenue Milestone of ₹1,316 Crore in FY24, Reduces Losses

Supriya Biswas
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Shiprocket Achieves Revenue Milestone of ₹1,316 Crore in FY24, Reduces Losses

Shiprocket, a prominent logistics and supply chain facilitator, has demonstrated noteworthy growth for the fiscal year ending in March 2024. Co-founder and CEO Sahil Goel announced that the company’s operational revenue surged by 21% year-on-year, reaching ₹1,316 crore in the last fiscal year.

To provide some context, Shiprocket had generated ₹1,088.7 crore in operational revenue in FY23, alongside losses amounting to ₹333.81 crore. This figure included exceptional items totaling ₹63.16 crore, which accounted for the amortization of intangible assets and investment provisions.

Although the company is not yet profitable, Goel indicated that Shiprocket successfully slashed its cash EBITDA burn by 48%, reducing it from ₹191 crore in FY23 to ₹100 crore in FY24. He stated that this decline in losses was instrumental in achieving cash profitability during the first half of FY25.

Goel also highlighted that the improved EBITDA margin reflects the company’s dedication to enhancing operational efficiency, lowering expenses, and boosting profit margins, as shared in his LinkedIn post.

“Our Emerging Businesses are experiencing remarkable growth at approximately 75% year-on-year, which includes Shiprocket Cross Border, Checkout, Capital, and various innovations that are paving the way for us to rapidly expand new products and services for Indian small and medium businesses,” Goel stated.

The incorporation of Pickrr’s Domestic Shipping has also been vital in fortifying Shiprocket’s foundational platform.

Established by Goel, Gautam Kapoor, and Vishesh Khurana, Shiprocket offers logistics and supply chain solutions tailored for retailers, allowing them to integrate their e-commerce platforms with services like Shopify, Magento, and others. The company claims to support over 150,000 active businesses, facilitating 5% of India’s e-commerce activity through its platform.

In December 2021, Shiprocket secured $185 million in a Series E funding round co-led by Zomato, Temasek, and Lightrock India. The company achieved unicorn status in August 2022 after receiving an additional $33 million tranche. Last October, it raised $11 million from McKinsey at a flat valuation.

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