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Waycool Achieves Rs 1,600 Crore Revenue, Eyes Operational Break-Even in FY24

By
Garima Bansal
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Waycool Achieves Rs 1,600 Crore Revenue, Eyes Operational Break-Even in FY24

B2B food and agritech platform Waycool has reported revenues of Rs 1,600 crore and is targeting operational break-even in FY24. The company recently disclosed its financial results for the fiscal year ending March 2023, revealing significant growth.

Waycool’s revenue from operations increased by 62%, reaching Rs 1,251 crore in FY23 compared to Rs 772 crore in FY22, according to its filings. The adoption of IND AS accounting standards had previously reported FY22 revenue as Rs 927 crore. The company’s revenue primarily came from the sale of goods, which surged 60% to Rs 1,228 crore in FY23.

Waycool operates as a full-stack supply chain provider, working with farmers and clients to source agricultural and dairy products. It boasts seven consumer brands, including Madhuram, KitchenJi, and AllFresh. Despite this growth, the company’s procurement costs and overall expenses increased significantly, leading to an 89% rise in losses, totaling Rs 685 crore in FY23.

While the goal of operational break-even in FY24 is ambitious, it is not unattainable given Waycool’s progress beyond the initial investment stage. However, the company has faced challenges in securing new investments and has implemented cost-cutting measures to extend its financial runway.

The future of Waycool remains uncertain as it navigates these financial hurdles. The company’s ability to rebound will determine its fate in the competitive agritech sector.

Meta Unveils Llama 3.1 405B: The Most Advanced Open-Source AI Model Yet

By
Garima Bansal
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0
Meta Unveils Llama 3.1 405B: The Most Advanced Open-Source AI Model Yet

Meta has recently introduced its most significant open-source AI model to date, known as Llama 3.1 405B. This advanced model, which features a staggering 405 billion parameters, is positioned as one of the most capable open-source AI models available. Meta has announced that Llama 3.1 405B will be accessible free of charge, ensuring that it reaches a broad developer audience. The model was developed using 16,000 NVIDIA H100 GPUs and incorporates cutting-edge training methodologies.

According to Meta, Llama 3.1 405B is designed to surpass the performance of OpenAI’s GPT-4o and Anthropic’s Claude 3.5 Sonnet on various benchmarks. Developers can leverage this model on their own infrastructure at approximately half the cost of other proprietary models like GPT-4o. This cost efficiency applies to both user-facing and offline inference tasks.

Mark Zuckerberg, CEO of Meta, underscored the significance of open-source AI in fostering a positive technological future. In a recent open letter, Zuckerberg compared the advancement of open-source AI to the evolution of Linux, which became a cornerstone for cloud computing and mobile operating systems. He emphasized that open-source models like Llama 3.1 405B are crucial for democratizing access to AI technology, ensuring that its benefits are distributed more equitably and safely across society.

Meta is actively partnering with firms such as Scale.AI, Dell, and Deloitte to support businesses in adopting Llama 3.1 405B and customizing models with their own data. This strategic approach is aimed at enhancing the model’s integration into diverse enterprise environments. The model is already available on major cloud platforms, including AWS, Azure, and Google Cloud.

Zuckerberg also highlighted a shift in Meta’s strategy with the release of Llama 3.1 405B. Unlike previous models, which Meta developed primarily for internal use before releasing them, this launch emphasizes building a broader ecosystem. Meta is focusing on forming partnerships to expand the model’s utility and support a wider range of functionalities for various companies.

Glance InMobi Pte. Seeks $250 Million Funding Round Led by Google to Expand Global Presence

By
Garima Bansal
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0
Glance InMobi Pte. Seeks $250 Million Funding Round Led by Google to Expand Global Presence

Glance InMobi Pte., a mobile content provider, is in advanced negotiations to secure up to $250 million in a funding round led by Google, its existing backer. This investment aims to support the Indian startup’s efforts to expand and enhance its global market presence. According to sources familiar with the situation, the deal could be finalized in the coming weeks, although the ongoing discussions may still not lead to a conclusive agreement.

The prospective funding highlights Google’s increased focus on the Indian market, the most populous in the world, where it faces competition from local and global tech giants such as Microsoft Corp., Meta Platforms Inc., and Amazon.com Inc. Google’s Android operating system maintains a dominant position in India, but competition from Apple Inc. is intensifying as tech companies vie for the growing middle class in the country.

Glance provides a distinctive service by delivering curated content directly to mobile device screensavers, allowing users to access news and updates without unlocking their devices or opening apps. The company boasts over 300 million users across India, the US, Japan, and Indonesia.

This upcoming funding round follows previous notable investments, including an initial investment from Google in late 2020 and a $200 million investment from Mukesh Ambani in 2022, which valued Glance at over $1 billion. Glance’s largest shareholder is InMobi Pte., a mobile advertising firm founded by Naveen Tewari in 2007 with fellow business-school peers. InMobi, supported by SoftBank Group Corp., became the first venture-backed Indian startup to achieve unicorn status in 2011. Tewari later co-founded Glance in 2019.

Wingreens Farms Seeks $4.3 Million in Debt Funding as It Expands and Revamps Portfolio

By
Garima Bansal
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0
Wingreens Farms Seeks $4.3 Million in Debt Funding as It Expands and Revamps Portfolio

Wingreens Farms, a packaged food startup, is aiming to raise $4.3 million (INR 36.2 crore) in debt funding from over a dozen investors. According to the startup’s regulatory filing, Wingreens Farms will be allotting 957,216 compulsory convertible debentures (CCDs) to investors including S Gupta Family Investments, Saket Agarwal, Reena Singhal, and Sanjeev Agarwal. These CCDs will convert into Series C9 cumulative convertible preference shares (CCPS) at a 1:1 ratio.

Founded in 2011 by Anju Srivastava and Arun Srivastava, Wingreens Farms sells a variety of packaged foods, such as healthy snacks, sauces, dips, breakfast cereals, non-dairy milk, and protein shakes. The startup has expanded its portfolio by acquiring brands like Raw Pressery, which it bought in a distress sale for INR 100 crore in 2021, and dips brand Saucery. It also acquired the snacks brand Postcard but has temporarily paused its operations with plans to relaunch it in the future.

To date, Wingreens Farms has raised approximately $59 million in funding and is backed by notable investors such as Peak XV Partners, Investcorp, and Anicut Capital. This debt funding round follows nearly two years after Wingreens raised INR 22 crore in a combination of debt and equity from Anicut Capital in September 2022. Previously, it secured $17 million from Investcorp in September 2021.

The company’s financial performance has seen mixed results. Wingreens Farms’ net loss nearly doubled to INR 180 crore in FY23 from INR 93 crore in the previous fiscal year, while its operating revenue increased by 50% to INR 307 crore from INR 205 crore in FY22. Reports indicate that Wingreens Farms is in the process of raising an additional $10 million funding round, having already secured a portion of this amount. Wingreens Farms competes with other startups like Veeba Foods and established FMCG brands such as Nestle, Amul, and Nissan.

Urban Company Achieves 30% Revenue Growth and Improved Profitability in FY24

By
Garima Bansal
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0
Urban Company Achieves 30% Revenue Growth and Improved Profitability in FY24

Urban Company, an at-home services platform, reported a significant 30% increase in net revenue, reaching Rs 827 crore for the fiscal year ending March 31, 2024. The company’s loss before tax also narrowed considerably to Rs 93 crore from Rs 312 crore in FY23, as detailed in its annual business summary.

In the first quarter of the current fiscal year (April-June), Urban Company recorded a revenue of Rs 281 crore and a profit before tax of Rs 12 crore. The company attributed this growth to strategic investments in service quality, partner training and enablement, technological advancements, and the launch of its ‘Native’ RO water purifier devices. Operational leverage and efficiency improvements also contributed to enhanced profitability.

Despite these gains, Urban Company’s operating earnings before interest, taxes, depreciation, and amortization (EBITDA) on a consolidated level declined to Rs 116 crore from Rs 297 crore in the previous fiscal year.

The launch of the ‘Native’ water purifiers has shown promising results, with the annualized net revenue from this range hitting Rs 96 crore in the first quarter of FY25. Founded in 2014, Urban Company operates primarily in the beauty and wellness sector, offering services such as salon and spa treatments and laser hair reduction, as well as in home repairs and maintenance, which includes plumbing, electrical work, carpentry, cleaning, pest control, appliance repair, and painting.

Urban Company, backed by Prosus Ventures and Accel, is processing an average of 2.2 million monthly orders with an average order value of Rs 1,290. Recently, Kunal Bahl and Rohit Bansal, founders of Snapdeal and Titan Capital, exited Urban Company, selling their stake to Dharana Capital for a substantial return. Dharana Capital, a subsidiary of Vy Capital, made a $50 million secondary transaction, highlighting the continued investor interest in Urban Company’s growth trajectory.

MakeMyTrip Records Highest-Ever Q1 Gross Bookings with Strong Revenue Growth in FY25

By
Garima Bansal
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0
MakeMyTrip Records Highest-Ever Q1 Gross Bookings with Strong Revenue Growth in FY25

MakeMyTrip (MMT), a prominent travel booking website, reported its highest-ever Q1 FY25 gross bookings at $2.38 billion, reflecting a 20.2% increase from $1.98 billion in the previous fiscal year. The NASDAQ-listed company posted a profit of $21 million for the three months ending June 30, 2024, marking a 12.9% rise from $18.6 million in Q1 FY24.

Revenue surged by 29.3% to $254.5 million in Q1 FY25, compared to $196.7 million in the same period last year, according to the consolidated financial statements filed with the United States Securities and Exchange Commission.

The revenue breakdown reveals that $57.5 million came from air ticketing, a 25.3% year-over-year (YoY) growth. Hotel packages, MMT’s largest revenue segment, contributed $146.8 million, a 27.4% YoY increase. Bus ticketing and other services brought in $29.3 million and $20.9 million, respectively.

The growth in air ticketing revenue was driven by a 15.2% YoY increase in gross bookings, largely due to a 14.1% YoY rise in air ticketing flight segments, excluding those booked as part of hotel and package deals. This uptick was fueled by strong travel demand in India for both domestic and international trips.

Similarly, the rise in revenue from hotels and packages was attributed to a 22.8% YoY increase in gross bookings, driven by a 15.6% YoY growth in hotel room nights for the quarter ending June 30, 2024, again due to strong travel demand in India for both domestic and international travel.

Rajesh Magow, Group Chief Executive Officer of MakeMyTrip, expressed optimism about the company’s performance. He highlighted that the long-term growth story of India’s travel and tourism sector is fueled by multiple macroeconomic drivers, such as increasing government investments in travel infrastructure, rising disposable incomes of the middle class, and increasing propensity to travel.

Paytm Partners with Axis Bank to Enhance PoS Solutions and Expand Merchant Network

By
Garima Bansal
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0
Paytm Partners with Axis Bank to Enhance PoS Solutions and Expand Merchant Network

One 97 Communications (OCL), the parent company of fintech firm Paytm, has partnered with Axis Bank to provide point-of-sale (PoS) solutions and Electronic Data Capture (EDC) machines to the bank and its merchant network.

This collaboration follows Paytm’s recent shift of its nodal account to Axis Bank to facilitate merchant payments amidst regulatory scrutiny by the Reserve Bank of India. The partnership aims to expand Paytm’s reach to a broader merchant base through Axis Bank, enhancing the bank’s merchant acquiring portfolio and improving transaction efficiency.

Sanjeev Moghe, President and Head of Cards and Payments at Axis Bank, expressed his enthusiasm for the partnership, stating that it allows Axis Bank to extend its business offerings to a larger base of merchants. Paytm’s EDC devices feature inventory management, invoice generation, promotions and discounts, sales tracking and reporting, and customer relationship management, which will help merchants streamline their business operations.

In addition, ET reported that Paytm is transferring its PoS terminals for card payments at merchant outlets to RBL Bank. Under this arrangement, OCL will manage these terminals at the backend, while RBL Bank will handle transaction processing. The transactions will be settled with merchants through Axis Bank’s nodal accounts.

A Paytm spokesperson highlighted the significance of the collaboration with Axis Bank, emphasizing that it represents a milestone in empowering merchants with innovative technology. The partnership aims to extend Paytm’s reach, strengthen customer engagement, and support merchants in growing their businesses. For Q1 FY25, Paytm reported a revenue of Rs 1,502 crore, down 36% from Rs 2,342 crore in Q1 FY24, with consolidated losses increasing to Rs 838.9 crore from Rs 357 crore in Q1 FY24.

Nykaa to Raise Rs 125 Crore via Non-Convertible Debentures, Plans Investment in UAE Subsidiary

By
Garima Bansal
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0
Nykaa to Raise Rs 125 Crore via Non-Convertible Debentures, Plans Investment in UAE Subsidiary

Online fashion and beauty commerce platform Nykaa is set to raise Rs 125 crore (approximately $15 million) through non-convertible debentures (NCDs).

Nykaa’s board has approved a resolution to issue up to 12,500 NCDs at an issue price of Rs 1,00,000 each, raising Rs 125 crore in dematerialized form via private placement, according to a disclosure filed with the National Stock Exchange. The debentures will be issued to a foreign portfolio investor, although the investor’s name has not been disclosed.

While Nykaa has not specified the purpose of this debt raising, it plans to invest $2.5 million in its UAE-based subsidiary Nysaa Beauty in one or more tranches. Nykaa currently operates 14 subsidiaries and has an associate company named Earth Rhythm.

Nykaa generates the majority of its revenue from the sale of beauty, personal care, fashion, and other products and services through various platforms. The company’s revenue from operations grew by 24.1% to Rs 6,386 crore in FY24 from Rs 5,144 crore in FY23. Additionally, Nykaa’s profit surged by 90.5% to Rs 40 crore in FY24 from Rs 21 crore in the previous fiscal year.

Nykaa has projected a growth rate of 22-23% for the first quarter of FY25. Ahead of its Q4 results, the company also announced new employee stock option (ESOP) plans to promote employee ownership and attract, retain, and motivate talent in line with its corporate growth.

Adda247 Announces $215.6 Million ESOP Buyback as It Prepares for 2027 IPO

By
Garima Bansal
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0
Adda247 Announces $215.6 Million ESOP Buyback as It Prepares for 2027 IPO

Google-backed edtech startup Adda247 announced its first-ever employee stock ownership plan (ESOP) buyback, involving 130 employees across various roles and functions. The company revealed that the buyback price averages 40 times the initial purchase price. Adda247 is preparing for a public offering in 2027.

This ESOP buyback is considered a pivotal moment in Adda247’s growth. According to Anil Nagar, the founder and CEO, the initiative underscores the company’s appreciation for its employees’ dedication and the value they create.

Founded in 2016 by Anil Nagar and Saurabh Bansal, Adda247 specializes in exam preparation for jobs in public sector banks, government departments, and railways. The platform offers live online classes, on-demand video courses, mock tests, e-books, and printed materials designed for specific exams.

In FY24, Adda247 reported a revenue of Rs 243.39 crore, reflecting an 88% increase from Rs 129.65 crore in FY23. The company also managed to cut its net loss by 66% to Rs 101 crore, down from Rs 296 crore the previous year.

Additionally, on July 9, it was reported that Adda247 acquired Ekagrata Eduserv, a chartered accountancy test preparation firm, marking its entry into the CA test preparation market. In recent news, Swiggy announced a $65 million ESOP buyback, and Urban Company revealed its fifth and largest ESOP secondary sale program worth Rs 203 crore (approximately $25 million). Other companies involved in similar buybacks include MyGate, Meesho, and Classplus.

SIDBI Secures $215.6 Million from Green Climate Fund to Support Climate-Resilient Technologies in Indian MSMEs

By
Garima Bansal
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0
SIDBI Secures $215.6 Million from Green Climate Fund to Support Climate-Resilient Technologies in Indian MSMEs

The Small Industries Development Bank of India (SIDBI) announced on Monday that the Green Climate Fund (GCF) has approved a $215.6 million loan facility for one of its projects.

This funding is designated for the implementation of Financing Mitigation and Adaptation Projects (FMAP) within Indian small businesses, according to an official statement.

The initiative aims to support Indian micro, small, and medium enterprises (MSMEs) in adopting low-emission and climate-resilient technologies, thereby contributing to the country’s net-zero targets.

Indian small businesses will receive concessional loans to adopt various mitigation and adaptation technologies under this facility.

The funding includes a $200 million facility for concessional loans and an additional $15.6 million in grant support from GCF. The grant will be used to build the capacity of various stakeholders, including MSMEs and PFIs, to understand and implement low-emission and climate-resilient technologies.

The FMAP program is expected to result in greenhouse gas (GHG) emission reductions of approximately 35.3 million tonnes. Additionally, the adaptation activities will lead to substantial water savings and enhance the resilience of vulnerable communities, benefiting more than 10.8 million individuals.

SIDBI has already approved its first project under this facility by allocating $24.5 million to Avaana Sustainability Fund to foster the startup ecosystem.

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