Chennai-based agritech supply chain startup Waycool has successfully raised ₹100 crore (approximately $12 million) in debt financing from Grand Anicut, according to recent filings with the Registrar of Companies.
The company’s board has authorized a capital infusion via 1,000 Series B6 debentures, priced at ₹10 lakh each, to accumulate the funds. This debt is associated with a competitive interest rate of 18% per annum and has a repayment period of 18 months. Waycool intends to utilize this capital primarily for sustaining its current operations and expanding its core activities within the agricultural supply chain.
Founded by Karthik Jayaraman and Sanjay Dasari, Waycool specializes in sourcing fresh produce, including dairy products, directly from farmers to supply retailers and restaurants. In addition, the startup has developed private label brands and offers supply chain solutions for fast-moving consumer goods (FMCG) companies. To date, Waycool has attracted around $160 million in funding from notable investors, including Lightrock, the International Finance Corporation, FMO, and 57 Stars.
Previously, Waycool was engaged in talks to secure an additional $50 million, which could have elevated its valuation to between $900 million and $1 billion. However, those negotiations did not come to fruition, leaving the company’s valuation at $700 million based on the latest equity round.
In July, Waycool implemented cost-control measures that included laying off 200 employees across various departments and locations, including Chennai, Bengaluru, and Hyderabad, as well as its subsidiaries, CensaNext and BrandNext. The startup is actively pursuing profitability, with a target date set for July 2023. Despite facing these hurdles, Waycool reported a significant 62% increase in operating revenue for FY23, reaching ₹1,251 crore, although its losses also surged by 89%, amounting to ₹685 crore during the same timeframe.
The premium skincare brand, known for integrating ancient global beauty rituals with cutting-edge science, plans to utilize the funds to broaden its product range, enhance branding, marketing initiatives, and strengthen working capital.
ClayCo Cosmetics, a premium skincare brand, has successfully raised $2 million (approximately Rs 16 crore) from Unilever Ventures, the venture capital division of Unilever. The company, which focuses on delivering high-performance skincare solutions to the Indian market, made the announcement in a recent statement.
Founded in March 2024 by Niharika Jhunjhunwala, ClayCo is built on the fusion of traditional beauty practices from around the globe and modern scientific advancements. The company currently offers its products through its website and several e-commerce platforms.
“With this funding, we can amplify brand visibility, introduce new products, and invest further in R&D, all of which will propel our growth. As consumers grow increasingly conscious of global ingredients like fermented rice, ginseng, and CICA, they are willing to invest in premium, effective skincare,” said Jhunjhunwala. ClayCo also plans to launch new products, including a body care range inspired by Moroccan beauty rituals.
Pawan Chaturvedi, Partner for Asia at Unilever Ventures, commented on the investment, saying, “We are excited to partner with ClayCo as they aim to redefine India’s beauty industry by introducing innovative global beauty rituals that highlight individuality.”
Earlier in June, another D2C skincare company, Foxtale, secured $18 million (Rs 150 crore) in funding led by Singapore-based Panthera Growth Partners.
The ePlane Company, an IIT Madras-incubated startup focused on electric vertical take-off and landing (e-VTOL) technology, is gearing up to begin manned trials of its aircraft by April 2025. The company has been developing these e-VTOL vehicles, which are designed to carry passengers, over the last few years.
According to Professor Satya Chakravarthy, the startup’s CEO, the first manned prototype is expected to be completed by April next year. He further revealed that additional prototypes would follow in quick succession, with the second version planned for September 2025 and the third by December of the same year.
Currently, the company is in the process of obtaining the necessary approvals from the Ministry of Civil Aviation to conduct the trials. The Ministry introduced specialized requirements in September 2024 that e-VTOL aircraft must meet to receive type certification (TC), which ensures the airworthiness of the aircraft and its components.
“We applied for the type certification previously, and we are now reapplying under the new vertical take-off and landing aircraft regulations,” Chakravarthy explained. The startup is also pursuing propeller certification under European Air Safety Agency (EASA) regulations, and it is working toward acrobat certification as well.
In 2022, ePlane Company secured $5 million in pre-series A funding, led by investors such as Speciale Invest and Micelio. The startup is currently seeking additional funding to support product development and meet various regulatory requirements, including approvals from the DGCA and EASA.
In addition to leading ePlane, Chakravarthy is a co-founder of several other deep-tech startups incubated at IIT Madras, including Agnikul Cosmos (a space tech company), Aerostrovilos Energy (which focuses on micro gas turbines), TuTr Hyperloop (dedicated to hyperloop technologies), and X2Fuels (working on thermochemical processes).
Drone technology startup IG Drones has secured $1 million in a funding round led by India Accelerator, with contributions from other angel investors. The newly raised capital will be primarily used to bolster research and development efforts, specifically targeting the creation of advanced drone solutions tailored for defense applications. The company is also planning to raise an additional $3 million over the next six months to expand its operations both domestically and internationally.
IG Drones, which is backed by the Ministry of Electronics and Information Technology, aims to direct a significant portion of the funding towards developing cutting-edge drone technology designed for the growing demands of the defense sector. The startup has already made a name for itself in the drone industry by creating innovative solutions and is now focused on scaling up these operations.
Bodhisattwa Sanghapriya, founder and CEO of IG Drones, expressed his enthusiasm for the company’s future, stating that this funding will accelerate their growth trajectory. “Our primary focus is on innovation in drone technology and expanding our global footprint. This investment will support our plans for advanced R&D, talent acquisition, and expanding our market presence. We aim to solidify our position as leaders in drone tech and artificial intelligence,” he said.
Founded by Sanghapriya and Om Prakash, IG Drones specializes in the manufacturing of drones and offers a range of services such as surveying, mapping, and inspection. The company has already established partnerships with key entities, including the Indian Army, several state governments, and over 100 large enterprises. Notably, IG Drones claims to have developed India’s first 5G-enabled drone, a milestone that highlights its leadership in the industry.
In 2023, IG Drones took another step forward by partnering with Korean drone solutions startup Igis, further expanding its reach. The company currently operates in five countries and has ambitious plans to increase its global presence as part of its expansion strategy.
Commenting on IG Drones’ success, Ashish Bhatia, founder and CEO of India Accelerator, praised the startup for its innovative contributions to drone technology. “IG Drones is driving the future of aerial technology, pushing the boundaries of what is possible with its advanced tech solutions. Their innovations are transforming operations across various industries, enhancing efficiency and scalability in remarkable ways,” Bhatia remarked.
India’s drone technology sector has seen a surge in investor interest in recent months. In July, drone-based business intelligence provider Aereo raised $15 million in a Series B round, while in June, drone delivery logistics company Skye Air secured $4 million in a funding round led by multiple investors. According to industry estimates, the Indian drone market, which was valued at Rs 29 billion in 2020, is expected to grow to Rs 2.5 trillion by 2030, indicating substantial opportunities for growth. IG Drones is well-positioned to capitalize on this burgeoning sector.
Mahindra & Mahindra (M&M) achieved a significant 24% rise in SUV sales in September, selling 51,061 units compared to 41,267 in the same month last year. Total vehicle sales also saw an impressive uptick of 16%, reaching 87,839 units during the month.
So far in the fiscal year, the company has sold 2,60,210 SUVs, a notable increase from the 2,14,914 units sold during the same period last year.
In the domestic passenger vehicle segment, Mahindra sold 51,062 vehicles, marking a 24% growth. When factoring in exports, the overall sales reached 52,590 vehicles. On the commercial vehicle front, domestic sales hit 23,706 units, while vehicle exports stood at 3,027 for September.
However, Mahindra’s Light Commercial Vehicles (LCV) category under 3 tonnes experienced a 13% decline in sales, dropping to 3,444 units from 3,941 in the previous fiscal year. The LCV 2T-3.5T segment also saw a slight dip, falling 3% to 16,988 units for September.
In contrast, sales of LCVs above 3.5 tonnes experienced a surge, rising by 25% compared to the 2,618 units sold in September 2023.
Veejay Nakra, President of M&M’s Automotive Division, commented, “We achieved a strong performance this September with 51,062 SUVs sold, reflecting a 24% increase, and total vehicle sales of 87,839, showing 16% growth. This month also marked the launch of the all-new VEERO in the sub-3.5 ton LCV segment, built on India’s first multi-energy modular CV platform. The VEERO has garnered positive market feedback for its class-leading mileage, advanced safety features, and premium cabin experience. Additionally, as we enter the festive season, we are excited to begin bookings for the much-anticipated Thar RoXX on October 3.”
Cleartrip is experiencing a significant uptick in bus ridership, while air travel is fundamental to their business, the segments for hotels and buses are rapidly expanding. Following the pandemic, there’s been a marked increase in Indians opting for weekend getaways, moving beyond the traditional two vacation trips annually. Cleartrip plans to aggressively target this trend, especially with its upcoming third installment of the Big Billion Day (BBD), a seasonal discount event introduced after its acquisition by Flipkart.
Elaborating on the campaign “Life mat jhelo, bas niklo,” Bhatia shares, “Life presents challenges for many—people often juggle multiple responsibilities in both their personal and professional lives. Travel offers a vital escape from this stress. However, many perceive travel as financially out of reach. Our goal during BBD is to encourage people to seize the moment and travel when attractive deals arise.”
Bhatia, who stepped into the CMO role six months ago, is driven by her vision for Cleartrip. She asserts, “I’m stepping into a significant position, and our collective vision is that the OTA sector is currently underserved. In comparison to competitors like MakeMyTrip and Agoda, there exists substantial potential for a challenger brand like ours to enhance customer experiences. Cleartrip has cultivated a loyal following due to our user-friendly interface, and I intend to build on that foundation.”
Over the past year, Cleartrip’s media expenditures have surged by approximately 20%, primarily focusing on digital channels. “We utilize the full range of Google and Meta platforms, as well as connected TV and impactful advertising opportunities. Collaborating with platforms like CRED, which align perfectly with our audience, is a key strategy. Overall, our focus is primarily digital, which enables us to pursue a wide array of objectives, from brand awareness to conversion strategies,” explains Bhatia.
While air travel remains the cornerstone of Cleartrip’s offerings, the newer categories of hotels and buses are demonstrating exceptional growth. “We introduced a unique Bus Pass model based on insights that many customers frequently use the same routes. This subscription service is yielding impressive results, with our bus segment expanding nearly 150% year-on-year,” Bhatia shares.
Additionally, Cleartrip has recently entered the train travel market and anticipates substantial growth in this sector as well. “We’re also making initial forays into travel packages, which is another promising area for expansion,” she notes.
The company’s primary markets include major metropolitan areas, with popular leisure destinations such as Goa, Rajasthan, and Kerala. Internationally, destinations like Thailand, UAE, Malaysia, and Singapore are performing well, alongside emerging locations like Almaty as travelers begin to explore new options.
Cleartrip’s target demographic continues to be urban, affluent millennials, with a growing interest in the Gen Z segment through its partnership with Flipkart. A significant goal is to ramp up the organic user base. “We aim for growth rates that exceed the industry standard by four to five times. Additionally, we seek to decrease our dependence on paid platforms like Skyscanner. Although we will still utilize them tactically, we aspire for most of our customer traffic to come from organic sources, fostering stronger connections with our clients,” she explains.
Bhatia also highlights international travel as a growing market, as more Indians are venturing abroad. “We want to inspire travelers to consider their first significant international trips to destinations beyond Southeast Asia or the Middle East, such as Europe, the US, and Australia,” she states.
While acknowledging some sluggishness in domestic growth, Bhatia identifies substantial potential in international markets. “This is an area where we aspire to take on a more prominent role. We aim to enhance our service offerings and overall travel experiences, especially for long-haul flights, to distinguish ourselves,” she asserts.
When discussing the hotel sector, Bhatia points out the need for personalization in a market that has often prioritized variety. “My preferences for accommodations have evolved significantly since becoming a parent. The type of property I would choose now is vastly different from what I would have selected in my twenties,” she concludes.
On October 1, 2024, the Directorate General of Civil Aviation (DGCA) announced the completion of the merger between Air India Express and AIX Connect. This significant consolidation aims to enhance operational efficiency, expand route networks, and improve customer service within the Indian aviation landscape.
The merger comes at a crucial time as the aviation industry recovers from the pandemic. Air India Express, primarily focused on international routes, and AIX Connect, operating domestic flights, have combined to create a more competitive airline. The DGCA’s approval ensures a seamless transition, with all AIX Connect aircraft now integrated under Air India Express’s Air Operator Certificate (AOC), allowing uninterrupted services.
One of the merger’s key advantages is the increased market share for Air India Express. By incorporating AIX Connect’s domestic routes, the airline positions itself to capitalize on India’s growing aviation market, expected to be the third-largest globally by 2025. Furthermore, merging operational resources is anticipated to achieve cost efficiencies through shared maintenance facilities and streamlined staffing, resulting in competitive pricing for consumers.
Passengers can also look forward to an enhanced travel experience, with improved connectivity and a stronger focus on customer service. This merger aligns with the Indian government’s efforts to promote regional connectivity through initiatives like the UDAN scheme, better serving underserved areas and boosting economic development.
In summary, the merger of Air India Express and AIX Connect marks a significant step toward a more resilient airline capable of competing in both domestic and international markets. As the new entity emerges, it promises enhanced connectivity, improved services, and a commitment to operational excellence, reshaping the competitive landscape of Indian aviation.
NTPC Green Energy Limited (NGEL) has forged a partnership with the Rajasthan government by signing a Memorandum of Understanding (MoU) to develop an impressive 25 gigawatts (GW) of renewable energy projects. This agreement was finalized during the Rising Rajasthan Investor Meet in New Delhi, with NGEL’s Director of Projects, KS Sundaram, and Alok, the Additional Chief Secretary (Energy) of Rajasthan, representing their respective entities.
Rajasthan is currently positioned as India’s second-largest renewable energy producer, aspiring to reach a total capacity of 57.71 GW by the year 2030. The state currently has 24 GW of solar power and 5 GW of wind energy installed. Its unique geography, characterized by vast desert landscapes and an abundance of sunny days—approximately 320 each year—makes it particularly suitable for solar energy development.
This collaboration represents a crucial step forward in Rajasthan’s commitment to expanding its renewable energy capacity, allowing the state to achieve its ambitious energy objectives. Going ahead, both NGEL and the Rajasthan government will focus on the efficient execution of these projects, further bolstering India’s renewable energy sector.
PhonePe has partnered with Jar, a leading micro-savings platform, to introduce a new feature called ‘Daily Savings’ within its app. This feature enables users to invest in 24K digital gold through small, daily contributions, starting from ₹10 and reaching up to ₹5,000 per day. The collaboration is designed to promote consistent saving habits by allowing users to make incremental investments in digital gold.
Jar’s Gold Tech solution powers this feature, making digital gold investments easier and more accessible. While this technology was initially limited to Jar’s user base, the partnership has now extended these benefits to PhonePe customers. Through the PhonePe app, users can now seamlessly contribute towards their digital gold savings and make use of automated daily transfers.
The initiative responds to a growing interest in secure and simple digital gold investment options. The gold accumulated is digitally stored and backed by physical reserves in secure vaults. Users can pause or cancel their daily contributions at any time and even convert their digital savings into jewelry using Jar’s Nek brand.
Niharika Saigal, Head of In-App Categories at PhonePe, emphasized the value of this feature, stating that small, regular investments can help individuals steadily move closer to their financial goals.
Aiming to Amplify LG’s Digital Presence with Strategic, Data-Driven Solutions. Dentsu X India has secured the digital media mandate for LG Electronics, one of India’s leading consumer electronics brands. Following a highly competitive multi-agency pitch, this prestigious account will be serviced from Dentsu X’s New Delhi office.
In this partnership, Dentsu X, known for its tech-powered and data-centric approach, will provide LG Electronics with a range of customized digital media services. These include social media marketing, content creation, influencer outreach, media planning and buying, analytics, and end-to-end management of both B2B and B2C digital platforms.
This collaboration highlights Dentsu X’s commitment to fostering transparency and building strong partnerships. Their role will be pivotal in advancing LG’s digital presence through creative, engaging, and data-led strategies. With its expertise in media, technology, data, and content, Dentsu X aims to deliver impactful digital experiences that propel LG Electronics’ growth and bolster its standing in the competitive consumer electronics market.
Jose Leon, CEO of Dentsu X India, expressed excitement about the collaboration: “We are delighted to partner with LG Electronics. This strategic win aligns with our focus on leveraging data-driven strategies to strengthen LG’s digital footprint and support their continued growth as an industry leader.”
Anita Kotwani, CEO of Media South Asia at Dentsu, also commented on the partnership: “LG Electronics is a pioneer in the consumer electronics space, and we are excited to contribute to their digital journey. By aligning our consumer-centric strategies with LG’s innovative approach, we aim to deliver exceptional value and drive business growth.”
Jae Hyung Jun, Head of Corporate Marketing at LG Electronics India, shared his views on the collaboration: “We are excited to join hands with Dentsu X to elevate our digital strategy. With their innovative vision and deep digital expertise, we look forward to enhancing customer engagement and driving impactful results across digital platforms.”
