SkinInspired, a skincare brand, has successfully raised Rs 12.25 crore (approximately $1.5 million) in its seed funding round, with Unilever Ventures leading the investment. Arjun Vaidya, co-founder of Dr. Vaidya’s, also participated in this round. The capital infusion is earmarked for advancing research and development initiatives, bolstering strategic marketing campaigns, and enhancing the brand’s go-to-market strategy.
Established in 2022 by FMCG veteran Piyush Jain and dermatologist Dr. Prashant Agrawal, SkinInspired specializes in a thoughtfully curated selection of products tailored to various skin types across four key categories: face wash, face serum, sunscreen, and moisturizer. Notably, the brand has introduced an innovative refillable skincare line featuring airless jars and pumps designed to maintain product potency while promoting sustainability.
The skincare sector in India expanded to $3 billion in 2023, with projections indicating a compound annual growth rate (CAGR) of 14.6% in demand over the coming years, according to industry reports.
Puru Gupta, Co-Founder and CEO ofTrue Elements, has been managing the company since 2014. He founded True Elements with the aim of challenging current norms and perceptions about health foods. True Elements represents his dedication to promoting healthier lifestyles through innovative food products. Notably, True Elements is not his first venture. Previously, he co-founded Healthy World, a pioneering initiative that offered healthier food options to its customers. Prior to his entrepreneurial ventures, Puru Gupta gained extensive experience holding key positions at Kartnowa Technologies, where he contributed to technological advancements, and at Procter & Gamble, where he honed his skills as Project Manager, Market Strategy & Planning. His career also includes significant roles at several other notable organizations, shaping his journey towards leadership in the health and wellness industry.
Nikhilesh Goel is the mind behind Validus, ASEAN’s largest SME financing platform focused on unsecured lending to growing businesses. His vision through his company is to empower, educate, and provide individuals and small business owners with a rapid, robust, and seamless lending marketplace. With a background rooted in strategic leadership, Nikhilesh has held key positions at Taipan Partners, where he played a pivotal role in investment strategy, and at MASAN Group, where he contributed to business development and carried out strategic initiatives. His diverse experience equips him with a deep understanding of financial markets and a strategic edge in driving Validus towards becoming a cornerstone of SME financing across Southeast Asia.
Sanidhya Narain, co-founder of Dashtoon, is a well-known name in the industry. Founded in 2022, Dashtoon has quickly established itself as a leading platform for reading and creating comics and manga using generative AI technology, revolutionizing the creative landscape. Sanidhya is also recognized as a founding member of Pocket FM, a widely acclaimed audio story app that has reshaped the digital storytelling experience. Before venturing into entrepreneurship, he accumulated valuable experience in corporate roles at Shell and ITC Limited, where he gained insights into operational excellence and strategic management in large-scale enterprises. His entrepreneurial journey is marked by a commitment to innovation and user-centric platforms that redefine entertainment and storytelling in the digital age.
Sarika Pandey, another star of FMS Delhi, is the founder of Wooqer. Wooqer, founded in 2014, stands as a real-time, mobile-first app and DIY platform designed specifically to empower retailers and restaurants by facilitating the digitization of compliance, audits, workflows, and communications. The platform’s intuitive reports on the dashboard enable faster decision-making and improved visibility into operations. Sarika Pandey brings a wealth of expertise from her distinguished career, having held notable positions at Kotak Wealth Management, where she specialized in financial advisory services, Standard Chartered Bank, where she worked as City Head as well as project manager for new branch opening, and ANZ Grindlays Bank, where she honed her skills in financial management and client relations.
Ritwik Khare, founder at ELIVAAS, is on a mission to enrich the lives of vacation home owners and travelers. Founded in February 2023, his mission with ELIVAAS is to build the world’s most admired vacation rental platform for second home owners and travelers. Ritwik’s entrepreneurial journey is backed by a diverse professional background. Before founding ELIVAAS, he held key positions at LEAD School, where he contributed to educational innovation, MakeMyTrip.com, where he played a pivotal role in shaping online travel experiences, AEGON Religare Life Insurance Co. Ltd., where he gained insights into financial services, and Citibank, where he developed expertise in banking and financial management. His multifaceted experience equips him with a deep understanding of both the travel industry and financial services, driving ELIVAAS towards becoming a global leader in vacation rentals.
Sumit Jasoria is one of the visionary minds behind NEWME. Founded in May 2022, NEWME aims to become the most loved FashionTech platform for GenZ across India and Southeast Asia. Sumit Jasoria’s journey into entrepreneurship is enriched by a wealth of knowledge and expertise gained from his extensive career at various notable organizations. Prior to founding NEWME, he made significant contributions at FairAngels VC, where he honed his skills in venture capital and startup investments, Daraz, where he led initiatives in e-commerce and digital transformation, and Bharti Airtel, where he worked as product marketing manager. His diverse professional background equips him with a strategic edge in driving NEWME’s vision of revolutionizing fashion technology and consumer experiences across the region.
Dr. Sumit Pahwa, an alum of FMS Delhi’s 2005 batch, is the co-founder of Complinity. Established as India’s leading compliance software, Complinity aids numerous companies in managing their compliances, contracts, registrations, and other legal matters efficiently. Dr. Pahwa’s expertise extends beyond entrepreneurship; he is also a prolific author, having authored 10 books on the Companies Act, 2013 titled “Corporate Law Referencer”. His contributions to legal literature reflect his deep knowledge and experience in corporate law. Dr. Pahwa is a sought-after speaker at various events and webinars, where he shares insights drawn from nearly 24 years of legal practice. His career includes pivotal roles at esteemed organizations such as eMinds Legal, Barclays Shared Services, and Genpact, where he accumulated extensive experience in legal operations and compliance management, enriching his leadership at Complinity.
Bhuvan Gupta is the co-founder of not one but two startups, namely OfBusiness and Oxyzo.in. OfBusiness, established as a technology-driven SME financing platform, focuses on adding value to businesses through its innovative raw material fulfillment engine, streamlining operations and enhancing efficiency. With a couple of decades of experience under his belt, Bhuvan Gupta is a seasoned name in the industry, known for his strategic insights and leadership. Prior to his entrepreneurial ventures, he played crucial roles at Snapdeal, contributing to the growth of e-commerce in India, and Bharti SoftBank, where he was instrumental in driving strategic initiatives and partnerships. His diverse expertise across finance, technology, and business strategy enriches both OfBusiness and Oxyzo.in, positioning him as a key figure in India’s startup ecosystem.
Naman Mawandia, co-founder of Magicpin and an alum of FMS Delhi’s 2009 batch, founded the company in 2015. Magicpin has revolutionized marketing for offline retail in the smartphone era, leveraging data to drive significant business growth. The platform facilitates over $2 billion in annual transactions for local and major retailers, partnering with renowned brands such as McDonald’s, Lifestyle, Shoppers Stop, Levi’s, CCD, and others. Prior to founding Magicpin, Naman Mawandia held a pivotal role as VP at Langham Capital, overseeing private equity coverage, managing transactions, and fostering client relationships. His earlier experience at McKinsey & Company equipped him with invaluable insights into strategic consulting and corporate management, providing a strong foundation for his entrepreneurial journey with Magicpin.
Ranjeet Pratap Singh is the co-founder and CEO of Pratilipi, an emerging digital platform offering a wide range of reading options in the English language at affordable subscription rates. Founded with a vision to democratize access to literature, Pratilipi has quickly become a popular choice among readers. Ranjeet Pratap Singh, as one of the co-founders and CEO, plays a pivotal role in shaping business strategy, overseeing customer acquisition efforts, and managing the company’s human resources. Prior to embarking on his entrepreneurial journey with Pratilipi, Ranjeet held significant positions at Vodafone, where he contributed to telecommunications strategies and operations, and Citibank India, where he gained insights into financial services and customer relationship management. His diverse experience in corporate leadership positions him as a driving force behind Pratilipi’s growth in the digital reading landscape.
India is set to introduce the ‘Agri Fund for Startups and Rural Enterprises’ (AgriSURE), aiming to support agripreneurs with equity and debt funding. Announced on Friday, this Rs 750 crore initiative will boost innovation and sustainability in the agriculture sector.
The fund, which is sector-agnostic, will offer investments through debt alternative Investment Funds (AIFs) and direct equity support to startups in agriculture and related fields. This move is part of the government’s broader strategy to enhance the agricultural value chain by targeting high-risk, high-impact activities.
The pre-launch meeting, held at NABARD Headquarters in Mumbai, brought together key stakeholders such as financial institutions, investors, AIF managers, and agri-startups. The event highlighted the collaborative efforts needed to drive growth and development in agriculture through technological innovations.
Officials from the Department of Agriculture and Farmers Welfare and NABARD underscored the importance of creating an ecosystem that supports small and marginal farmers. The AgriSURE fund is expected to play a crucial role in achieving this by providing the necessary financial backing and fostering public and private sector collaboration.
This initiative marks a significant step towards transforming India’s agricultural landscape, promoting innovative approaches that can lead to substantial advancements in the sector.
IndusDC, a venture studio, has committed Rs 100 crore (approximately $12 million) for the fiscal years 2025 and 2026 to support the development of deep tech startups in India’s industrial and energy sectors. The studio operates as a cofounder, working closely with Entrepreneurs in Residence (EIR) to transform lab-stage ideas and intellectual properties (IPs) into market-ready products.
Founded in 2023 by Kushant Uppal, Satyanarayanan Seshadri, and Kaustubh Hanmantgad, IndusDC aims to establish five startups within the next two years and over 50 globally in the next decade. Each startup will receive Rs 20 crore (around $2.4 million) in capital, with funding already secured from Mirik Gogri of Spectrum Impact, the family office of Aarti Industries Ltd’s promoters.
IndusDC is primarily focusing on industrial hardware solutions designed to reduce 40 to 50 million tons of CO2 emissions by 2035, aiming for a cumulative reduction of one billion tons of CO2 from the industrial sector. These solutions must also be economically viable for industries and developed in a capital-efficient manner, utilizing accessible materials and keeping costs low.
In addition to funding, IndusDC will manage product development, pilot production, digital technology integration, customer validation, startup governance, team building, and fundraising support. This comprehensive approach ensures that each startup has the resources and guidance needed to achieve success.
Currently, IndusDC is co-building three deep tech startups in collaboration with the Indian Institute of Technology Madras. The supportive policies and growing consumer base in India’s climate tech sector are attracting risk capital investors, particularly at early stages, further highlighting the potential of this burgeoning field.
Acer is set to make a significant comeback in the Indian smartphone arena through a strategic brand licensing partnership with Bengaluru-based Indkal Technologies. This collaboration will see Indkal take the reins in designing, manufacturing, and distributing Acer-branded smartphones exclusively for the Indian market. The first wave of these devices is slated to launch by mid-2024.
The upcoming Acer smartphones promise to offer a compelling mix of competitive specifications, state-of-the-art hardware, and advanced software features. With price points ranging between Rs. 15,000 and Rs. 50,000, these devices aim to cater to a broad spectrum of Indian consumers. Aligning with the government’s Make in India initiative, all Acer smartphones will be domestically designed and manufactured, reinforcing the commitment to local production.
Indkal Technologies is banking on Acer’s strong brand legacy and the superior quality of its devices to rapidly establish a foothold in the Indian smartphone market. This sector is currently dominated by Chinese brands such as Samsung, Xiaomi, and Vivo, making Acer’s re-entry a bold and strategic move. The company is optimistic that its new offerings will resonate with Indian consumers and disrupt the current market dynamics.
Anand Dubey, CEO of Indkal Technologies, expressed his enthusiasm about the partnership, stating that the introduction of Acer smartphones has been a meticulously planned venture. He believes that Indian consumers are in for an exceptional experience with the new range of Acer smartphones, which have been in development for several years.
The success of Acer’s re-entry into the Indian market hinges on its ability to deliver high-quality products that can compete with the established Chinese giants. Only time will tell if Acer’s innovative approach and Indkal’s local expertise can carve out a significant share of this competitive landscape.
Xiaomi Technology, a prominent Chinese smart device manufacturer, reported a significant decline in profit in India for the fiscal year 2022-23, according to regulatory filings. The company’s profit plummeted by 77%, totaling Rs 238.63 crore, compared to Rs 1,057.7 crore in the previous fiscal year. Revenue from operations also saw a notable decrease of approximately 32%, amounting to Rs 26,697 crore in FY23, down from about Rs 39,100 crore in FY22.
Xiaomi’s income comprised Rs 26,395 crore from product sales and Rs 264 crore from service sales, which include advertisements and other value-added services. Despite a 25% decline in smartphone shipments throughout 2022 and the first three quarters of FY23, Xiaomi maintains its leadership in the Indian smartphone market with a 21% market share, as reported by IDC.
Analysts’ estimates of Xiaomi’s market share varied for the March 2024 quarter: Cybermedia Research placed it just below Samsung at 18.6%, Counterpoint Research projected it at 18.8%, while IDC indicated around 13%. Over the past decade of operations in India, Xiaomi has navigated various challenges with the government, particularly regarding tax and vendor payment issues.
Looking ahead, Xiaomi aims to double its device sales over the next decade, targeting 70 crore units compared to the 35 crore units sold in the previous decade.
Artificial intelligence (AI) startup UptimeAI has secured $14 million (approximately INR 116 crore) in a Series A funding round led by WestBridge Capital, with participation from existing investor Emergent Ventures and new investor Aditya Birla Ventures, the venture capital arm of the Aditya Birla Group. This funding will enable UptimeAI to scale its tech platform, expand its product portfolio, and extend its reach in North America, the Middle East, and Asia.
Founded in 2019 by Jagadish Gattu and Vamsi Yalamachili, UptimeAI provides AI-driven digital solutions that help manufacturing plants minimize efficiency losses and reduce maintenance costs. The startup’s platform predicts equipment failures before they occur, identifies inefficiencies, and suggests optimizations to improve performance. UptimeAI’s clientele spans sectors such as power generation, oil and gas, chemicals, metals, automotive, food and beverages, and aerospace, with notable clients including Bharat Petroleum Corporation Limited (BPCL), OCI Global, and UltraTech Cement.
With 90% of its revenue generated from the US and Middle Eastern markets, UptimeAI’s funding validates its go-to-market and product strategies, enhancing its offerings significantly. CEO Jagadish Gattu emphasized that this investment will further bolster their platform’s capabilities and expand their market presence. The fresh capital will be instrumental in achieving these goals and driving growth.
Aditya Birla Ventures founder Aryaman Vikram Birla noted that UptimeAI demonstrates strong return on investment (RoI) impact across large enterprise clients in the US and India. He stated that their investment aligns with their vision to support outstanding founding teams building businesses of tomorrow. This perspective underscores the potential and effectiveness of UptimeAI’s solutions in the heavy manufacturing industry.
Previously, UptimeAI raised $3.5 million in a seed funding round led by Emergent Ventures in 2022. Competing with global players like Augury and SparkCognition in the US and Indian startup Infinite Uptime domestically, UptimeAI operates in a global AI market for heavy industries projected to be a $47.8 billion opportunity by 2029. The startup was also featured in Inc42’s “30 Startups To Watch” in February 2021, highlighting its innovative contributions to the AI sector amidst a global AI boom.
PC Jeweller Ltd plans to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to its promoters and investors. This initiative is primarily aimed at settling bank loans and supporting working capital needs, with promoters expected to contribute around Rs 850 crore by subscribing to these warrants.
In a recent regulatory filing, PC Jeweller’s board approved the plan to raise the funds through a preferential issue of fully convertible warrants. The board has sanctioned the issuance and allotment of up to 48,13,42,500 fully convertible warrants via preferential allotment on a private placement basis to both the ‘promoter group’ and the ‘non-promoter, public category.’ These warrants will be issued at Rs 56.20 each, with 15 crore warrants designated for the promoter group.
An extraordinary general meeting (EGM) is scheduled for August 8, 2024, to seek approval from company members for this preferential issue. PC Jeweller has opted for a one-time settlement (OTS) for its outstanding dues with a consortium of banks. The terms of the OTS include cash and equity components under the settlement, along with the release of securities and mortgaged properties.
Earlier this month, Punjab National Bank (PNB) approved a one-time settlement for PC Jeweller’s outstanding dues. PNB is the third-largest bank in the consortium after the State Bank of India in terms of exposure. Details of the total outstanding dues and the specifics of the OTS were not disclosed by PC Jeweller.
In a late May investor presentation, PC Jeweller mentioned positive developments, including the withdrawal of a petition from the National Company Law Tribunal (NCLT) by SBI and favorable consideration of its OTS proposal by the banks. The company has resumed focusing on increasing its brand presence and marketing initiatives, which are already showing positive effects this quarter. As of March 31, 2024, PC Jeweller maintains a network of 60 showrooms (including six franchisee showrooms) in 44 cities across 15 states. The company’s core strengths, such as manufacturing and design capabilities, skilled staff, and customer policies, remain robust. The company is also working on various business improvements, including launching new jewelry collections, revamping its franchise business, and optimizing costs.
Godrej Industries Ltd has announced plans to acquire Shree Vallabh Chemicals’ Ethoxylation Unit II located in Kheda, Gujarat. This strategic acquisition, valued at approximately Rs 45 crore, aims to enhance Godrej Industries’ product range by incorporating Ethoxylation technology into its existing portfolio.
The company’s chemicals business unit has signed a business transfer agreement with Shree Vallabh Chemicals to facilitate this acquisition. This move will allow Godrej Industries to expand its offerings in oleochemicals, surfactants, specialty chemicals, and biotech products, adding significant capacity and technological capabilities.
The Shree Vallabh Ethoxylation Unit II boasts a manufacturing capacity of 24,000 metric tonnes per annum (MTPA) of finished products. This acquisition is expected to provide various cost synergies and enable the company to accelerate its investment timeline, thereby enhancing its ability to cater to new applications and markets.
According to Vishal Sharma, Executive Director and Chief Executive Officer of Godrej Industries (Chemicals), the proposed acquisition aligns with the company’s commitment to growth and innovation. This will not only expand their product offerings but also cater to new customer applications, leveraging cost synergies and boosting overall efficiency.
Godrej Industries’ Chemicals Business, established in 1963, is a key player in India’s chemical industry, focusing on sustainable and renewable feedstocks derived from vegetable oils. The company operates with a commitment to green chemistry and has a global presence in over 80 countries. With manufacturing locations in Maharashtra and Gujarat and a state-of-the-art R&D center in India, Godrej Industries specializes in delivering customized solutions across diverse sectors, including home and personal care, oil and gas, agrochemicals, pharmaceuticals, and more.
The acquisition of Shree Vallabh Chemicals’ Ethoxylation Unit II aligns with Godrej Industries’ strategy to drive growth through innovation and sustainability, further solidifying its position as a leading provider of chemical solutions in both domestic and international markets.
TVS Motor Company (TVSM) is set to enhance its growth trajectory by investing in both electric vehicle (EV) and internal combustion engine (ICE) technologies. This strategic move aims to solidify its market position and drive topline growth.
Managing Director Sudarshan Venu outlined the company’s approach to achieving growth through the development of new products and a focus on premiumization. Investments in digital connectivity are expected to enhance TVSM’s EV and ICE capabilities, elevating customer satisfaction with advancements in software, electronics, and connectivity.
Anticipating increased demand in the two- and three-wheeler sectors due to improved infrastructure and rising mobility needs, TVSM plans to capitalize on these opportunities by expanding its international footprint. The company is making strategic moves to strengthen its presence in Africa, Latin America, Europe, Southeast Asia, and West Asia.
TVSM has transitioned into a global brand with operations spanning Asia, Africa, Latin America, and Europe. The company’s international strategy includes fortifying its EV offerings and enhancing its distribution network. Initially, TVSM will introduce its premium EV and ICE range in France and Italy, setting the stage for further expansion into select EU markets.
Despite reporting a slight decline in two-wheeler and three-wheeler exports in FY24, TVSM anticipates a rebound in FY25. The African market is expected to recover from the global slowdown, inflation moderation, currency devaluation, and maritime disruption effects. TVSM has implemented countermeasures to address these challenges and expects a significant recovery in international markets in the coming fiscal year.
The premium and super-premium markets are projected to experience consistent growth. TVSM’s subsidiary, Norton Motorcycle Co. Ltd. in the UK, is preparing its portfolio to become a major player in the market, with several products nearing market readiness.
TVS Motor Company’s dual investment in EV and ICE technologies underscores its commitment to innovation and customer satisfaction, positioning the company for sustained growth and international expansion.
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Sanidhya Narain, co-founder of 
Sarika Pandey, another star of FMS Delhi, is the founder of 
Dr. Sumit Pahwa, an alum of FMS Delhi’s 2005 batch, is the co-founder of 
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