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CURRYiT Secures ₹4.5 Crore in Seed Round to Expand Operations and Enhance Brand Presence

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Garima Bansal
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CURRYiT Secures ₹4.5 Crore in Seed Round to Expand Operations and Enhance Brand Presence

CURRYiT, a cooking paste brand, has raised ₹4.5 crore in a seed round co-led by RK Family Trust, Tangent Advisors, and Freeflow Ventures, along with participation from Ramesh Damani, Ajaya Jain, and others. The brand had previously secured $139K in 2021, with RPSG Capital Ventures and IIMU among the investors.

The newly acquired funds will be used to scale up operations, enhance brand marketing efforts, and strengthen distribution channels. According to market research, the Indian ready-to-cook and spices market is projected to grow at a compounded annual growth rate (CAGR) of 15.7%.

Founded in 2020 by Richa Sharma and Nischal Kandula, CURRYiT aims to eliminate the challenges associated with chemicals, preservatives, dehydrated vegetables, and palm oil in cooking products. The company offers a variety of cooking pastes, including options like Kashmiri rogan josh, butter masala, biryani pastes, ginger garlic paste, tomato purees, and instant tadka.

The Delhi-based company claims to have reached over 25,000 pincodes daily and has seen more than 50% month-on-month growth on Q-commerce platforms. The brand plans to quadruple its monthly revenue within the next six months.

Country Delight Secures Rs 70 Crore Debt Funding from Alteria Capital in Second Round of 2024

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Garima Bansal
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Country Delight Secures Rs 70 Crore Debt Funding from Alteria Capital in Second Round of 2024

Dairy and daily essentials brand Country Delight has secured Rs 70 crore ($8.45 million) in debt funding from Alteria Capital. This marks the second time in 2024 that the Gurugram-based company has received investment from this lender.

Country Delight’s board has issued 7,000 non-convertible debentures (NCDs) at a price of Rs 1,00,000 each, according to its regulatory filing with the Registrar of Companies (RoC). Earlier this year, the company raised Rs 76 crore ($9 million) through a mix of debt and equity from Alteria Capital. In January, Country Delight also raised $20 million during its Series E funding round, achieving a valuation of approximately $820 million.

In February, a secondary transaction saw Orios Venture Partners partially exit by selling a 3% stake to Temasek for about Rs 225 crore ($27 million). This exit was a notable return for Orios, which also saw significant gains from its investment in BatterySmart.

Country Delight operates as a dairy and grocery startup, providing subscription-based delivery of milk, milk products, fruits, and vegetables. The company bypasses middlemen by working directly with farmers and serves regions including Delhi (NCR), Mumbai, Bengaluru, and Chennai.

The company reported operating revenue of Rs 650 crore ($78 million) in the first half of FY24. It is anticipated to experience substantial growth from the estimated Rs 900 crore ($108 million) revenue in FY23, although official numbers for FY23 and FY24 have yet to be disclosed.

Country Delight faces competition from brands like Akshayakalpa, Milk Mantra, Sid’s Farm, and Otipy. Notably, Akshayakalpa raised $12 million in January, Sid’s Farm secured $10 million in Series A funding in June, and Otipy is closing a $10 million funding round.

Adani Group Chairman Gautam Adani to Retire in 2030s, Transitioning Leadership to Family

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Garima Bansal
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Adani Group Chairman Gautam Adani to Retire in 2030s, Transitioning Leadership to Family

Gautam Adani, the 62-year-old chairman of the Adani Group, has announced plans to retire at the age of 70 and transfer control of the conglomerate to his sons and their cousins in the early 2030s. According to an reports, Adani’s four heirs—sons Karan and Jeet, along with cousins Pranav and Sagar—will each become equal beneficiaries of the family trust.

The succession plan involves a confidential agreement that will oversee the transition of ownership in the conglomerate’s various firms. Bloomberg News reported this information based on sources familiar with the arrangements.

Karan Adani, Gautam’s elder son, is currently the managing director of Adani Ports, while Jeet Adani holds the position of director at Adani Airports. Meanwhile, Pranav Adani serves as the director of Adani Enterprises, and Sagar Adani is the executive director of Adani Green Energy, according to the company’s website.

Reports highlight that Pranav and Karan are viewed as the leading candidates for the chairman role in the future. Gautam Adani has emphasized the importance of a well-planned succession strategy to ensure the long-term sustainability of the business. The transition is intended to be organic, gradual, and systematic, reflecting careful planning for the future leadership of the conglomerate.

Even after his retirement, decision-making within the Adani Group will continue to be a joint effort among the heirs. This approach is designed to maintain stability and ensure that strategic decisions, especially during crises, are made collectively.

This news comes as Adani Enterprises, the flagship company of the Adani Group, reported a significant boost in its first-quarter profits, more than doubling from previous figures. This growth has been attributed to increased investments in renewable energy, underscoring the group’s expanding focus on sustainable business practices.

Postman Faces Valuation Correction Amid Secondary Deals and Market Adjustments

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Garima Bansal
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Postman Faces Valuation Correction Amid Secondary Deals and Market Adjustments

Postman, a prominent Indian-origin SaaS startup valued at $5.6 billion, recently conducted secondary transactions at a 30-40% discount, according to sources. This steep markdown, compared to the typical 10-15% discount in such deals, reflects a broader trend of declining valuations for SaaS companies based on revenue multiples. Early-stage and angel investors have partially sold their stakes in the Bengaluru- and San Francisco-based firm.

Many SaaS companies were considered overvalued during the peak funding cycle of 2021. Postman, after a significant valuation increase from a $225 million funding round, is now facing adjustments due to more realistic revenue projections. The company has seen smaller secondary deals, and more are expected within the same discount range.

Some existing investors, including Nexus Venture Partners, Bond Capital, and Battery Ventures, have reportedly purchased shares that were put up for sale. The overall slowdown in SaaS investments has been notable, with late-stage firms raising significantly less capital in 2023 compared to 2022. Mid-stage investments have also seen a decline.

Founded a decade ago, Postman provides an application programming interface (API) management platform for enterprises, facilitating interactions between apps. The company’s challenges include delays in monetizing its user base, affecting its annualized recurring revenue (ARR) growth.

Similar trends are observed in other SaaS firms like Icertis and Innovaccer, which are experiencing recalibrated valuations and cautious market investment. Icertis has an ARR of approximately $270 million, while Innovaccer stands at $130 million.

Overall, revenue multiples for publicly traded software companies have stabilized at around six times revenue, lower than pre-pandemic levels. Indian enterprise tech companies continue to trade at a premium compared to their US counterparts, though private investors are often cautious about matching these valuations.

Postman and similar companies face a challenging market environment, with their future growth and valuation contingent on successfully monetizing their platforms and achieving sustainable ARR growth.

Sauce VC Closes Third Fund at ₹365 Crore, Exceeding Target Amid Strong Investor Demand

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Garima Bansal
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Sauce VC Closes Third Fund at ₹365 Crore, Exceeding Target Amid Strong Investor Demand

Sauce VC, an investment firm specializing in consumer-focused ventures, has closed its third fund at ₹365 crore, surpassing its initial target of ₹250 crore. This announcement was made by the firm’s founder, Manu Chandra.

The Delhi-based firm has a track record of investing in emerging brands like Mokobara, a luggage maker, The Whole Truth, a company offering healthy snacks, and Supertails, a pet care business. The fund has secured investments from notable entities, including Pratithi Investments, the family office of Infosys co-founder Kris Gopalakrishnan, Sharrp Ventures of Marico promoter Harsh Mariwala, Singularity Ventures, and Saison Capital.

A substantial 95% of the funds were sourced from domestic investors, with nearly 80% being returning supporters from Sauce VC’s previous funds.

Chandra revealed that the firm received subscription interest totaling approximately ₹700 crore. However, they chose to prioritize existing limited partners (LPs) and maintained a disciplined approach to capital deployment, ensuring they did not exceed the planned amount.

Sauce VC’s journey began with its first fund closing at ₹60 crore in 2019, followed by a second fund of ₹158 crore in 2021. Additionally, they established a continuity fund of ₹260 crore to continue supporting successful ventures from their earlier investments.

The third fund will continue to focus on early-stage investments, with an average cheque size of around ₹5 crore. About 75% of the fund is earmarked for follow-on investments. The firm plans to make 12-15 investments in various consumer brands, with specific interests in sectors such as apparel, baby care, personal care, and veterinary care. They have already committed to four transactions under this new fund.

Yash Dholakia, a partner at Sauce VC, highlighted their strategy of backing both established promoters, such as those behind Hocco Ice Creams and Foodkraft, and newer founders, including those of Kreo and Perfora.

This fund’s closing highlights a growing interest in the direct-to-consumer segment from venture capitalists, with a continued focus on supporting innovative consumer brands.

Texmaco Rail & Engineering Secures Rs 243 Crore Order for MRVC Power Supply Projects in Maharashtra

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Garima Bansal
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Texmaco Rail & Engineering Secures Rs 243 Crore Order for MRVC Power Supply Projects in Maharashtra

Kolkata-based Texmaco Rail & Engineering Ltd announced on Saturday that it has secured orders valued at Rs 243 crore from the Mumbai Railway Vikas Corporation (MRVC) for power supply projects in Maharashtra.

The company’s specialized EPC division, Bright Power, will handle the design, construction, installation, testing, and commissioning of the power supply infrastructure on the 3rd and 4th lines from Virar to Dahanu, as well as the new suburban corridor between Panvel and Karjat.

The project will involve constructing two 25 KV traction substations and other related infrastructure.

Indrajit Mookherjee, the Vice Chairman of Texmaco, stated that the order is a significant milestone for the company and reinforces its position as a key player in the railway infrastructure sector. He also expressed optimism about the order, anticipating it to contribute positively to the company’s growth.

ShareChat Parent Mohalla Tech Secures $65M in Debt Funding, Cuts Workforce

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Garima Bansal
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ShareChat Parent Mohalla Tech Secures $65M in Debt Funding, Cuts Workforce

Mohalla Tech, the parent company behind the vernacular social media platform ShareChat and the short video app Moj, has expanded its debt funding round to $65 million with a recent $16 million contribution from Singapore-based EDBI.

In April, ShareChat secured around $49 million in debt from existing investors, including Temasek, Lightspeed, HarbourVest, Moore Strategic, Rimco, and Alkeon. The company’s valuation has dropped significantly, falling from $5 billion during its last funding round in June 2022 to under $2 billion.

The additional funding will be directed towards enhancing the company’s technology infrastructure and expanding consumer transaction services with new monetization features, according to a press release from ShareChat.

A report by also mentioned that ShareChat has reduced its workforce by 5% as part of its mid-year performance review. In 2023, the company implemented several cost-cutting measures and laid off 700 employees in two phases.

According to data, ShareChat has raised approximately $1.8 billion from investors, including Twitter (now X), Alkeon Capital, Moore Strategic Ventures, and Tencent, among others.

ShareChat claims that its platform has been operationally profitable for several months, while the Moj app is nearing operational break-even. Together, the apps serve over 325 million users.

The company, led by Ankush Sachdeva, has not yet filed its financial statements for FY24. However, in FY23, it spent nearly Rs 4,000 crore to generate Rs 533 crore in revenue, resulting in a loss of Rs 3,241 crore. The increase in losses was mainly due to a write-off from acquiring Moj’s competitor MxTakaTak. ShareChat acquired the Times Internet-backed company for nearly $700 million in cash and stock.

Bharti Airtel and Reliance Jio to Invest $2 Billion in Expanding 5G Network Infrastructure

By
Garima Bansal
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0
Bharti Airtel and Reliance Jio to Invest $2 Billion in Expanding 5G Network Infrastructure

Bharti Airtel and Reliance Jio are expected to collectively invest an additional $2 billion in new 5G network equipment to expand and enhance their next-generation mobile broadband services. This decision comes as the user base continues to grow, with a rise in the number of smartphones supporting 5G technology. Sources indicate that Airtel, led by Sunil Mittal, has issued a new request for proposal (RFP) for the second phase of 5G equipment purchases. Meanwhile, Jio, owned by Mukesh Ambani, is in discussions with global vendors for similar purposes.

Ericsson and Nokia are anticipated to be the primary suppliers for both Airtel and Jio’s new 5G base station requirements. Samsung is also expected to handle a smaller portion of these orders. Each telecom company is likely to invest around $1 billion in acquiring 5G network equipment, primarily focusing on radio base stations.

Both companies had initially invested significantly in 5G equipment and deployments in 2022. However, the pace of expansion slowed due to limited monetization opportunities. As of July 31, 2024, the Department of Telecommunications (DoT) reported 452,000 5G base stations, accounting for 15.5% of the total installed base of 2.925 million stations, mostly comprised of 4G.

Despite the slower rollout, the 5G user base in India is steadily increasing. By the end of March, Airtel had 75 million users, while Jio had reached 130 million by the end of June. This growth is driven by unlimited data offerings, improved customer experience, and the increasing availability of 5G-enabled smartphones, which now make up 70% of overall smartphone shipments.

As data traffic shifts from 4G to 5G, both Airtel and Jio are preparing for further expansion. This next phase is supported by recent tariff hikes of 11% to 25%, which have bolstered their financial positions. However, the overall depth of 5G coverage still lags behind that of 4G, necessitating continued investment.

Airtel is also preparing to transition to offering 5G services in standalone (SA) mode in select markets, with plans to expand this capability nationwide. This transition is significant as it marks a shift from the non-standalone (NSA) mode currently used, which leverages existing 4G infrastructure. The move to SA mode is driven by the increasing demand for 5G services and the need to provide comprehensive coverage and full 5G capabilities.

The new investments in 5G equipment are expected to benefit Nokia and Ericsson, who have seen reduced revenues following Jio and Airtel’s decreased network capital expenditures. The fresh contracts from these telecom giants could help revitalize the network equipment market in India.

Ola Electric’s IPO Sees Strong Retail Interest and Raises $4 Billion Valuation

By
Garima Bansal
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0
Ola Electric's IPO Sees Strong Retail Interest and Raises $4 Billion Valuation

Ola Electric’s initial public offering (IPO) garnered a subscription rate of 35% on its opening day, with retail investors leading the charge, subscribing to 1.57 times their allotted shares. The non-institutional investor category saw a subscription rate of 20%, while qualified institutional buyers did not place any bids on the first day. The portion of the offering reserved for employees was notably oversubscribed, reaching 4.88 times.

The IPO consists of a fresh issue amounting to Rs 5,500 crore and an offer for sale (OFS) of 8.4 crore shares. Bhavish Aggarwal, the company’s leader, plans to offload 37.9 million shares. The price range for the IPO is set between Rs 72 and Rs 76 per share, with a face value of Rs 10. This pricing values the company at Rs 33,500 crore (approximately $4 billion) at the upper end of the spectrum.

The IPO opened for anchor investors on Thursday, raising Rs 2,763 crore from 80 domestic and international funds. Notable anchor investors include State Bank of India Mutual Fund, HDFC Mutual Fund, Nomura India Investment Fund, and Goldman Sachs (Singapore) Pte Ltd. According to a report from Reuters, the company received bids worth $2 billion from institutional investors.

Ola Electric, backed by SoftBank, is the first pure-play electric vehicle manufacturer and the second company from Bengaluru to list on Indian stock exchanges, following GoDigit General Insurance. The IPO subscription period will close on Tuesday, August 6. According to the red herring prospectus (RHP), the electric two-wheeler manufacturer reported a loss of Rs 1,584 crore for the fiscal year ending March 31, 2024, compared to a loss of Rs 1,472 crore in the previous year.

Delhivery Reports Strong Financial Performance with Rs 52 Crore Profit for Q1 FY25

By
Garima Bansal
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0
Delhivery Reports Strong Financial Performance with Rs 52 Crore Profit for Q1 FY25

Logistics firm Delhivery has achieved notable profitability for the quarter ending June 2025, marking a strong performance with revenue exceeding Rs 2,100 crore during Q1 FY25.

According to Delhivery’s unaudited consolidated quarterly report filed with the National Stock Exchange, the company’s operating revenue increased by 4.6%, rising to Rs 2,172 crore in Q1 FY25 from Rs 2,076 crore in Q4 FY24.

The primary revenue drivers for Delhivery include warehousing, last-mile logistics, and the design and implementation of logistics management systems. In addition to its logistics services, Delhivery earned Rs 110 crore from financial sources, bringing the total income to Rs 2,282 crore in Q1 FY25, up from Rs 2,195 crore in the previous quarter.

Freight and handling costs accounted for 71% of Delhivery’s total expenses. This expenditure grew by 4% to Rs 1,579 crore in Q1 FY25, compared to Rs 1,519 crore in Q4 FY24.

Overall spending on employee benefits, advertising, finance, legal matters, and other areas totaled Rs 2,223 crore in Q1 FY25, down from Rs 2,257 crore in Q4 FY24.

The company’s growth in revenue and cost management contributed to a profit of Rs 52 crore in Q1 FY25, reversing the Rs 68 crore loss reported in Q4 FY24. On a unit level, Delhivery spent Rs 1.02 to earn one rupee in Q1 FY25.

Additionally, Delhivery has issued 166,122 employee stock options under its ESOP Plan 2012, increasing the total ESOP pool to 1.73 million. This information was disclosed in a separate filing with the NSE.

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