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Prosus Targets $400 Million Ecommerce Profit by 2025

Supriya Biswas
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Prosus Targets $400 Million Ecommerce Profit by 2025

Prosus NV aims to generate $400 million in adjusted earnings before interest and tax (EBIT) from its ecommerce operations for the fiscal year ending in March 2025. This goal follows a strong performance in fiscal year 2024, where the company improved its ecommerce EBIT by more than $400 million. CEO Fabricio Bloisi outlined this ambitious plan in a letter marking his first 100 days in the role. “Our intent is to maintain this pace and deliver $400 million in adjusted EBIT from our ecommerce operations,” he stated. Bloisi added that he anticipates this growth will continue into the following year.

Bloisi emphasized the importance of ecommerce becoming a key profit driver for the group, highlighting its role in generating free cash flow. “It is critical that our core ecommerce business becomes a bigger source of profitability and free cash flow for the group,” he said.

Headquartered in Cape Town, Naspers Ltd., Prosus’ parent company, is a major global tech investor. Prosus, which was listed in Amsterdam five years ago, still operates under a single CEO for both entities. Bloisi faces the challenge of navigating the complex business structure left by his predecessor, Bob van Dijk, including managing the group’s investment in Chinese tech giant Tencent Holdings Ltd. and addressing difficulties in the broader market for many of Prosus’ internet ventures.

Upgrad Attracts $60 Million Investment from Temasek, Valued at $2.25 Billion

Supriya Biswas
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Upgrad Attracts $60 Million Investment from Temasek, Valued at $2.25 Billion

Temasek, the sovereign wealth fund of Singapore, has committed an additional $60 million to Upgrad, maintaining the startup’s valuation at $2.25 billion, the same as in its last funding round, according to sources. In a related development, Ronnie Screwvala, the founder and chairman of the edtech platform, has acquired Bharti Enterprises’ 1% stake in Upgrad for $20 million. This stake was initially held by Bharti after Upgrad’s acquisition of Centum Learning, a skilling and training company, through a stock swap in 2022. Following the exit of co-founder Mayank Kumar, Screwvala is expected to take on a more prominent role within the organization.

Furthermore, there are reports of an upcoming funding round. With this transaction, Screwvala now controls a significant 45% of Upgrad, positioning him as one of the few entrepreneurs with a substantial share in a venture-backed startup. He is also contemplating a public offering for the company within the next seven to eight quarters.

Currently, Upgrad is generating a quarterly revenue of approximately ₹600 crore, projecting an annual revenue of about ₹2,400 crore for the current financial year, as indicated by sources. The latest funding round, totaling $80 million—which includes the secondary transaction between Bharti Enterprises and Screwvala—marks the third-largest investment in the edtech sector despite ongoing challenges in the industry.

So far this year, edtech startups have collectively raised around $650 million, a significant drop from the $4.1 billion secured in 2021, yet surpassing the $315 million raised in the entirety of 2023.

Logistics Startup Shadowfax Targets $50 Million, Valuation Set to Hit $700 Million

Supriya Biswas
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Logistics Startup Shadowfax Targets $50 Million, Valuation Set to Hit $700 Million

Shadowfax, a rapidly growing logistics firm, is close to securing a significant funding round of Rs 350-400 crore, pushing the company’s valuation to an estimated Rs 5,500-6,000 crore. This round is expected to be the final private funding before the company takes the plunge into an initial public offering (IPO), as shared by insider sources.

Initially, Shadowfax aimed to raise around $30-35 million in this round. However, given the upcoming IPO and its increasing focus on quick commerce, the company decided to raise the funding target, a source revealed.

As part of this funding expansion, some investors may opt to sell a portion of their shares in a secondary sale.

Domestic family offices, mutual funds, and high net-worth individuals (HNIs), who often join the capitalization table before a public issue, are expected to participate in this round of funding.

Additionally, wealth management firms like Nuvama and InCred, which coordinate investment opportunities for their private clientele, have been in talks with Shadowfax to partake in this round.

Titan Capital Concludes $40 Mn Winners Fund, Extending Commitment to Portfolio Growth

Supriya Biswas
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Titan Capital Concludes $40 Mn Winners Fund, Extending Commitment to Portfolio Growth

Titan Capital, backed by Snapdeal co-founders Kunal Bahl and Rohit Bansal, has successfully closed its Winners Fund at Rs 333 crore (approximately $40 million). Initially, the fund had achieved its target raise of Rs 200 crore by August 2024 but later opted to increase commitments through the green-shoe option.

The raised capital will be primarily used to support the firm’s existing portfolio companies as they scale through later stages of growth, according to the company’s official statement.

Titan Capital, since its inception in 2011, has invested in over 250 startups, with notable seed investments in companies like Urban Company, MamaEarth, OfBusiness, Razorpay, Unicommerce, and Ola Cabs.

The Winners Fund, which hit its Rs 200 crore target earlier this year, has seen successful exits from companies like Urban Company, MamaEarth, Ola, and Credgenics. One of its standout exits includes an investment of Rs 57 lakh in Urban Company, which resulted in a full exit valued at Rs 111 crore. Similarly, an early $60,000 investment in Ola yielded substantial returns as the company reached a peak valuation of $7.3 billion in 2021.

Additionally, Titan Capital recently introduced the Indicorns Index, which highlights profitable startups with revenue surpassing Rs 100 crore. The list includes companies like Groww, Infra.Market, Indifi, ConfirmTkt, CashE, Fibe, Everest Fleet, Fynd, Indiqube, Karza, Lendingkart, Oxyzo, and Nodwin.

Stellapps Secures $26 Million to Boost mooMark Dairy Business

Supriya Biswas
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Stellapps Secures $26 Million to Boost mooMark Dairy Business

Dairy technology firm Stellapps Technologies has successfully raised $26 million in its Series C funding round, combining both equity and debt investments. The round saw participation from existing backers like Blume Ventures, Omnivore, and the Bill & Melinda Gates Foundation, alongside new investor Miledeep Capital. The U.S. International Development Finance Corporation (DFC) contributed the debt financing portion.

This marks a significant fundraising milestone for the Bengaluru-based company, which last raised $18 million in a pre-Series C round in October 2021. To date, Stellapps has secured over $50 million in total funding.

Ranjith Mukundan, founder and CEO of Stellapps, shared that the fresh capital will enable the company to expand its mooMark value-added dairy products across India while also boosting its export division. The mooMark vertical emphasizes contract manufacturing and private labeling of premium dairy products, with a strong focus on sustainability and quality.

Originally founded as a Dairy IoT solutions provider, Stellapps has transformed into a major player in the contract manufacturing and private-label dairy industry under its mooMark brand. Leveraging a low-capital, tech-driven model, Stellapps ensures its products are accessible to both domestic and international markets.

The company’s advanced technology enhances product traceability and sustainability, helping mooMark products align with net-zero targets by reducing the carbon footprint at the farm level. This approach appeals to businesses in the FMCG, D2C, and HoReCa sectors, offering them high-quality, traceable dairy products.

Stellapps is currently impacting over 3.5 million farmers in 42,000 villages and digitizing over 14 million liters of daily milk flow.

For FY24, the company reported a revenue of approximately Rs 360 crore, with a goal of reaching Rs 400 crore in FY25. According to TheKredible, Stellapps generated Rs 305 crore in revenue in FY23 but faced losses amounting to Rs 32 crore.

In the competitive dairy landscape, Stellapps competes with firms such as Milk Mantra, Country Delight, Akshayakalpa, Sid’s Farm, and Otipy.

India’s Bioeconomy Hits $150 Billion: Innovation Vital for Global Biotech Leadership

Supriya Biswas
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India’s Bioeconomy Hits $150 Billion: Innovation Vital for Global Biotech Leadership

India’s bioeconomy has reached a value of $150 billion, reflecting significant growth in the biotechnology sector. However, there is still a vast, untapped potential for innovation and product development, according to Dr. Jitendra Kumar, Managing Director of Biotechnology Industry Research Assistance Council (BIRAC). While India holds a prominent position in the global healthcare space, producing 40% of the world’s generic medicines, the country ranks 14th globally in the bioeconomy due to its limited focus on patented, innovative products.

BIRAC, a public sector entity established by the Department of Biotechnology (DBT), is working to bridge this gap by nurturing innovation and startups. Since its inception in 2012, BIRAC has been instrumental in creating a robust ecosystem for biotech innovation. One of its key initiatives is the Promoting Academic Conversion to Enterprise (PACE) program, which aims to convert academic research into market-ready products, enabling scientists to transition their work from the lab to the marketplace.

India has seen an impressive rise in biotech startups, with the number increasing from just 300 to over 8,000 in a span of a decade. This growth has been further fueled by the bioeconomy’s expansion from $35 billion to $150 billion. BIRAC has also played a crucial role in establishing bio-incubation centers, which provide essential infrastructure for startups, allowing them to develop proof-of-concept products in fully-equipped laboratory spaces.

Despite these successes, Dr. Kumar emphasized the need for higher research and development (R&D) investment. While India currently spends only 0.8% of its GDP on R&D, developed countries like the U.S. and China invest over 2%. To compete on a global scale, Kumar highlighted the importance of private sector involvement, with BIRAC working to encourage industry players to co-invest in R&D through programs like the Biotech Industry Partnership Program.

Addressing the regulatory challenges faced by startups, Kumar acknowledged that many struggle with navigating complex regulations. BIRAC has responded by creating a Regulatory and Policy Advocacy Cell, offering guidance to startups and working with regulatory bodies to simplify these processes.

Looking ahead, Kumar remains optimistic about India’s biotech future. The government’s focus on increasing R&D investment, along with efforts to align regulatory frameworks with global standards, will be critical drivers of future growth. With continued support for innovation and streamlined regulations, India is poised to not only expand its bioeconomy but also position itself as a global leader in biotech innovation.

Bissell Returns to India After 6 Years, Eyes Future Growth in Homecare Market

Supriya Biswas
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Bissell Returns to India After 6 Years, Eyes Future Growth in Homecare Market

After a six-year hiatus, American homecare brand Bissell has re-entered the Indian market, teaming up with Cavitak Global Commerce to distribute its vacuum cleaners through major e-commerce platforms like Amazon. Bissell aims to leverage India’s potential for future growth, prioritizing product quality and innovation rather than competing on price.

Bissell, based in Michigan, USA, is renowned for its homecare solutions and is optimistic about India’s long-term potential. Max Bissell, President of Global Markets, shared the company’s strategic view, saying, “India may currently be a smaller market for floor care, but its growing population and economic expansion make it a critical investment for the future.”

In this renewed entry, Bissell will initially focus on selling portable wet and dry vacuum systems like the ‘SpotClean Hydrosteam’ and ‘SpotClean Proheat’ on e-commerce platforms. “This is an investment in the next generation, allowing us to grow roots in a market that will blossom over time,” Max Bissell added. He also mentioned that while the company will begin with online sales, offline expansion may follow as volumes increase.

Bissell intends to concentrate on floor care in the initial phase but may later explore adjacent categories. The brand is taking a long-term approach to establish itself, emphasizing quality over aggressive pricing. “We are not aiming to be the cheapest option; our focus is on providing excellent value while maintaining global pricing consistency,” said Bissell.

The company’s earlier venture into India in 2018 was in partnership with Eureka Forbes but was pulled back after the pilot phase. Reflecting on that experience, Bissell acknowledged the feedback they received, which convinced them to re-enter the market with a more thoughtful strategy. “The market required a stronger storytelling approach for our innovative products,” he said.

Bissell is set to launch cordless stick vacuums for daily use and deep-cleaning purposes soon, alongside its existing range. With rapid urbanization in India, the vacuum cleaner market is expected to grow significantly, projected to reach USD 193.30 million by 2024, with a 9.31% annual growth rate over the next five years.

As Bissell strengthens its presence in India, it will join established competitors like Eureka Forbes, Dyson, and LG, in catering to the rising demand for modern homecare solutions in the country. Founded in 1876 by Melville Bissell, the company is now a leading manufacturer of floor care products in North America and is expanding its footprint in Asia, with India as a key focus.

Jindal Group Pursues Acquisition of Vitkovice Steel in Czech Republic for €150 Million

Supriya Biswas
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Jindal Group Pursues Acquisition of Vitkovice Steel in Czech Republic for €150 Million

The Jindal Group, a prominent Indian conglomerate, is currently negotiating to acquire a complete 100% stake in Czech-based Vitkovice Steel through its subsidiary, Jindal Steel International. This potential acquisition, valued at approximately €150 million, would mark Jindal’s inaugural foray into the European market, with completion anticipated by the end of the fiscal year.

In a bid to expand its global footprint, the Naveen Jindal-led group is aiming to finalize this significant deal, which underscores its strategic intentions to enhance its presence in Europe. With a robust operational base in regions such as Australia, Mozambique, and Oman across various sectors including steel, power, and mining, this move represents a pivotal shift in Jindal’s international strategy.

Industry insiders have indicated that negotiations between both parties are progressing actively, with the acquisition set to establish a strong foothold for the Jindal Group in the European steel market. This venture is particularly timely, as the European Union implements measures such as the Carbon Border Adjustment Mechanism (CBAM) to encourage sustainable steel production.

Furthermore, the Jindal Group is advancing its commitment to green technologies by establishing a hydrogen-based steel manufacturing unit in Oman through its subsidiary, Vulcan Green Steel (VGS), highlighting its dedication to environmentally friendly practices.

New Pilot Projects Approved to Pioneer Green Hydrogen Use in Steelmaking

Supriya Biswas
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New Pilot Projects Approved to Pioneer Green Hydrogen Use in Steelmaking

The government has recently sanctioned three pilot projects aimed at incorporating green hydrogen into steel production, marking a significant step under the National Green Hydrogen Mission. These initiatives will explore innovative methods to reduce carbon emissions in the steel industry by replacing traditional coal usage with hydrogen.

The Ministry of New and Renewable Energy has selected Matrix Gas and Renewables Ltd, Simplex Castings Ltd, and the Steel Authority of India Ltd (SAIL) to spearhead the projects. Combined, these ventures are expected to yield a production capacity of approximately 3,290 tonnes per day.

A financial backing of Rs 347 crore has been allocated by the government to support these projects, which aim to demonstrate the safety and cost-effectiveness of using hydrogen in steel production. The projects are slated to be operational within three years, paving the way for the large-scale adoption of green hydrogen technology in the steel industry.

Treize Communications Secures PR Partnership with Ayushakti, an Ayurveda Leader

Supriya Biswas
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Treize Communications Secures PR Partnership with Ayushakti, an Ayurveda Leader

Treize Communications, a renowned communication consultancy and public relations firm established by Sonam Shah, has been appointed by Ayushakti, a global leader in Ayurvedic health, to manage its public relations efforts.

Under this new partnership, Treize Communications will oversee both offline and online PR initiatives for Ayushakti and its co-founder, Smita Naram, an esteemed Ayurvedic physician, herbalist, and nutritionist. The agency’s responsibilities include strategically positioning Naram in modern media platforms, thereby boosting brand recognition and recall.

Founded in 1987 by Dr. Smita Pankaj Naram, Ayushakti has significantly contributed to raising awareness about Ayurveda worldwide, reaching audiences in Asia, the USA, Australia, New Zealand, Europe, and the UK.

Commenting on the collaboration, Smita Naram emphasized the importance of a robust media presence in today’s digital landscape. She stated, “A strong media presence is crucial. The digital realm has expanded significantly, allowing us to share Ayurvedic insights more effectively. Establishing a solid presence in both digital and print media is vital.”

Naram also highlighted the value of public relations for consumer brands, expressing her enthusiasm about working with Treize Communications again: “PR is a fundamental tool for any consumer-facing brand, providing immense value and advantages. Having previously collaborated with Sonam and her team, we are thrilled to continue our journey together towards our long-term goals.”

Sonam Shah, founder and CEO of Treize Communications, expressed gratitude for the opportunity to partner with Ayushakti, saying, “We are thankful to Dr. Smita and her team for their trust in our capabilities. Collaborating with them is always a rewarding experience, and we eagerly anticipate our ongoing partnership.”

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