Monday, October 7, 2024
No menu items!
Home Blog Page 49

Goat Brand Labs Secures $21 Million to Fuel Growth of D2C Brands

By
Garima Bansal
-
0

Goat Brand Labs, an e-commerce roll-up company, has raised $21 million in debt and equity from investors including BlackRock, Mayfield, and NB Ventures. This funding comes after a gap of more than two years for the Bengaluru-based company, which plans to close the round at about $30 million. The new capital will be used to boost the growth of its portfolio brands like Chumbak, trueBrowns, The Label Life, Pepe Jeans Inner Fashion, Voylla, Petcrux, and Nutriglow.

The company, which acquires and scales direct-to-consumer (D2C) brands, currently has around 19 subsidiaries in its portfolio. In FY23, Goat Brand Labs saw a 746% increase in revenue from operations, reaching Rs 139.6 crore, up from Rs 16.5 crore in FY22. However, losses also grew by 158% to Rs 80.28 crore in FY23, compared to Rs 31 crore the previous year.

Co-founder Rishi Vasudev stated that Goat Brand Labs is on track to achieve profitable revenue of over Rs 500 crore in annual recurring revenue (ARR) within the next 9-12 months. Prior to this funding round, the company had raised a total of $87 million, with significant stakeholders including Tiger Global, Flipkart, and Mayfield India.

The funding landscape for e-commerce roll-up companies has seen a decline in the past few years compared to the 2021-22 period. While some players have managed to secure debt funding at regular intervals, others have pivoted or faced challenges in scaling.

PhysicsWallah Poised for $150 Million Funding Round Amid Edtech Sector Slump

By
Garima Bansal
-
0

Despite the prolonged “funding winter” in the edtech sector, PhysicsWallah (PW) is on the verge of securing a significant new funding round. This fresh infusion of capital will be led by new investors, with existing backers Westbridge and GSV Ventures also participating, according to sources familiar with the matter. The terms of the deal have been finalized, and the transaction is expected to be announced soon.

This upcoming round will mark the second major fundraising effort for the company, led by Alakh Pandey, within the last two years. PhysicsWallah previously raised $100 million in a Series A round in June 2022, spearheaded by Westbridge and GSV Ventures. The new funding round will value PhysicsWallah at approximately $2.8 billion, representing a more than 2.5-fold increase from its Series A valuation of $1.1 billion.

According to data, Westbridge held a 2.4% stake in PhysicsWallah, while GSV owned 1.44% as of the Series A round. Co-founders Alakh Pandey and Prateek Maheshwari together hold 86.54% of the company. PhysicsWallah, which initially focused on online coaching for IIT/JEE exams, has expanded into a comprehensive education provider, offering offline coaching, schools, colleges, and upskilling programs. Around 30% of its revenue comes from JEE and NEET coaching, with offline coaching (via Vidyapeeth and Pathshala) contributing 35%.

Although the company has yet to release its FY24 figures, PhysicsWallah’s revenue surged 3.3 times to Rs 779 crore in FY23. However, its profit declined by over 90% to Rs 8.87 crore in the same period. In November of last year, the company laid off 120-150 employees as a cost-cutting measure.

The anticipated funding underscores strong investor confidence in PhysicsWallah’s long-term potential. The company’s loyalty and credibility with the student community have set it apart from other edtech competitors. This new funding round will provide PhysicsWallah not only with the necessary time but also the resources to scale up more cost-effectively, given the weakened state of the competition.

Ecofy and Mahindra LMML Partner to Drive Electric Three-Wheeler Adoption in India

By
Garima Bansal
-
0

Ecofy, an Indian green-focused NBFC supported by Eversource Capital, has teamed up with Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd. This collaboration aims to boost the adoption of electric three-wheelers in India by combining Mahindra’s electric vehicle manufacturing expertise with Ecofy’s innovative financing solutions to promote sustainable transportation, the companies announced in a press release.

Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, emphasized the alignment of this partnership with their mission. Nambiar highlighted that the partnership with Mahindra LMML perfectly aligns with Ecofy’s mission to promote sustainable transportation solutions. She noted that Ecofy and Mahindra LMML are contributing directly to India’s goal of achieving 30% EV penetration by 2030. Through this collaboration, Ecofy now addresses 85% of industry demand and offers financing, leasing, and subscription models.

Suman Mishra, MD & CEO of MLMML, highlighted the significance of the partnership. Mishra stated that the partnership marks a significant stride in accelerating the adoption of electric three-wheelers in India. This tie-up will bring tailored finance solutions to their customers and support their micro-entrepreneurial journeys. Together with Ecofy, they are committed to making green mobility accessible and affordable for all.

The electric three-wheeler market, valued at around USD 677 million in 2020, is expected to grow at a CAGR of approximately 10% from 2021 to 2027. With strong government incentives and subsidies supporting electric mobility, this partnership is seen as a crucial step towards a more sustainable transportation future in India.

Mahindra Last Mile Mobility Limited, known as India’s leading electric three-wheeler manufacturer, offers the largest range of electric three-wheelers. This partnership aims to address the evolving demands of the EV sector and significantly contribute to India’s green transition goals. It is a collaborative effort designed to make green mobility more accessible and affordable for a broader audience.

Dvara KGFS Expands into Andhra Pradesh, Strengthens Financial Inclusion with $10M Fundraising

By
Garima Bansal
-
0

Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS), a leading rural NBFC dedicated to fostering financial inclusion in deep rural villages across India, has expanded its footprint by entering Andhra Pradesh. The expansion follows the successful raising of $5 million in subordinated debt and another $5 million in senior secured debt through external commercial borrowings (ECBs) facilitated by Triple Jump, acting as portfolio manager of the global gender-smart fund (GGSF).

The GGSF focuses on bridging the gender gap by providing responsible and accessible financial services to traditionally underserved women, women-owned enterprises, and women-led businesses in developing markets.

LVLN Murty, MD-CEO of Dvara KGFS, noted that the funding strengthens their financial foundation, enabling them to reach more under-resourced communities with tailored financing solutions. The proceeds will be used primarily for micro enterprise loans to women beneficiaries. Dvara KGFS views its enterprise loans product as a key growth driver and has expanded its presence to 11 states across India with the entry into Andhra Pradesh.

Shilpa Bhatter, CFO of Dvara KGFS, added that the subordinated debt facility enhances their capital adequacy and provides a solid foundation for the company’s growth initiatives.

Atul Gupta Launches Trident Growth Partners: A New Venture Capital Firm Targeting Diverse Sectors

By
Garima Bansal
-
0

Former Premji Invest partner Atul Gupta has launched a new venture capital firm named Trident Growth Partners (India). This firm is set to invest in startups across various sectors, including consumer, financial services, enterprise software and technology, industrial and manufacturing, and healthcare.

Gupta co-founded Trident Growth Partners with Rajesh Ramaiah, another former executive of Premji Invest, and Pravan Malhotra from Malacca Ventures. Gupta announced his new venture in a LinkedIn post, marking the end of his 15-year tenure at Premji Invest. His journey with Premji Invest began with a chance meeting with Prakash Parthasarathy in mid-2008, where they discussed the Indian economy and the ambitious vision of Premji Invest, which was still in its early stages at the time.

Gupta was intrigued by the opportunity to build a platform dedicated to growing an endowment that supported the Azim Premji Foundation’s impactful work in education and healthcare across India. A pivotal meeting with Azim Premji himself solidified Gupta’s decision to join Premji Invest and relocate from the US to India within a few months. During his tenure at Premji Invest, he worked with startups such as Policybazaar, Lenskart, Amagi, Myntra, Flipkart, FirstCry, GlobalBees, Purplle, MedPlus, KreditBee, and Mintifi.

Gupta’s move to start his own firm is part of a broader trend where fund managers and partners leave established VC firms to launch their own ventures. In recent months, notable departures include Piyush Gupta from Peak XV, who launched a secondary-focused fund, and venture partners Vaibhav Agrawal and Abhishek Nag from Lightspeed. Additionally, Sameer Brij Verma stepped down as managing director of Nexus Venture Partners to start a multi-stage fund. In 2023, the launch of 64 new funds, including venture capital, micro-funds, and corporate VC funds, amounted to over $5.6 billion, compared to 126 funds raising over $18 billion in 2022.

IBM Launches GenAI Innovation Center in Kochi to Drive AI Advancements

By
Garima Bansal
-
0

Tech giant IBM announced on Monday the inauguration of its GenAI Innovation Center in Kochi, aimed at facilitating enterprises, startups, and partners in exploring and developing generative AI technology. This center is poised to accelerate AI innovation, enhance productivity, and bolster GenAI expertise in India, IBM stated in a press release.

The company emphasized that as organizations shift from experimenting with AI to deploying it for enhancing business value, they often encounter challenges in integration due to limited skills or expertise. The GenAI Innovation Center aims to address these challenges by providing organizations access to IBM’s experts and technologies tailored to assist in building, scaling, and expediting the adoption of enterprise-grade AI solutions.

Built upon InstructLab, a cutting-edge technology co-developed by IBM and Red Hat for advancing Large Language Models (LLMs) using client data, the center will leverage IBM’s ‘watsonx’ AI and data platform alongside AI assistant technologies. Situated within the IBM India Software Lab in Kochi, the GenAI Innovation Center will be overseen by IBM’s technical specialists.

With access to the latest generative AI technology, LLMs, real-world case studies, and guidance from IBM experts, the center aims to cultivate a community focused on harnessing generative AI’s potential to tackle societal and business challenges such as sustainability, public infrastructure, healthcare, education, and inclusion, IBM explained.

Care.fi Raises $2.6 Million to Enhance Healthcare Financing Solutions

By
Garima Bansal
-
0

Care.fi, a fintech startup dedicated to the healthcare sector, has successfully raised $2 million (Rs 16 crore) in debt capital from Trifecta Capital and an additional $0.6 million (Rs 5 crore) from UC Inclusive Credit.

According to a press release from Care.fi, the funds will be utilized to expand its loan book, grow the business, enhance operations, and increase the team size.

Founded in 2021 by Sidak Singh and Vikrant Agarwal, Care.fi offers innovative financing solutions to hospitals, doctors, and allied suppliers. The company aims to bridge the financial gaps in the healthcare industry, supporting the financial needs of healthcare professionals and institutions for smoother operations and faster growth.

Based in Gurugram, Care.fi collaborates with over 50 hospitals and has assisted more than 2,000 patients. The company reports a fourfold increase in total disbursals, reaching cumulative disbursals of $48 million (Rs 400 crore).

Additionally, Care.fi has obtained an NBFC license within two years of its inception. Other notable players in the healthcare fintech space include CarePay, SaveIn, and Bajaj Finserv Health.

Maruti Suzuki Expands Rail Transport for Vehicle Dispatches, Aims for 35% Usage by 2030

By
Garima Bansal
-
0

Maruti Suzuki India plans to utilize Indian Railways to transport 35% of its vehicles produced across its factories over the next 7-8 years, according to MD and CEO Hisashi Takeuchi. The share of vehicle dispatches through railways scaled to 21.5% in the 2023-24 fiscal from 5% in 2014-15.

The country’s largest carmaker’s vehicle dispatches through railways increased from 65,700 units in 2014-15 to 447,750 units in 2023-24. With production capacity nearly doubling from about 2 million units to 4 million units by FY 2030-31, Maruti Suzuki plans to augment the use of railways in vehicle dispatches to close to 35% over the next 7-8 years.

Maruti Suzuki has so far dispatched over 2 million units through Indian Railways. The automaker ferries vehicles to 20 destinations, serving over 450 cities using Indian railways. The company pioneered the use of railways for vehicle dispatches over a decade ago by becoming the first company in India to obtain the Automobile-Freight-Train-Operator license. Through sustained efforts in green logistics, Maruti Suzuki has achieved outstanding results including a cumulative reduction of 10,000 metric tonnes of CO2 emissions and 270 million litres of cumulative fuel savings.

The company stands committed to the country’s net zero emissions target by 2070. Earlier this year, under the PM Gati Shakti programme, Prime Minister Narendra Modi inaugurated the country’s first automobile in-plant railway siding at Maruti Suzuki’s Gujarat facility. This facility has a capacity to dispatch 300,000 vehicles per annum. The next in-plant railway siding is in progress at the company’s Manesar facility and will be operational soon, the automaker stated.

Welspun One Secures Rs 2,275 Crore for Warehousing Expansion, Targets Modern Logistics Solutions

By
Garima Bansal
-
0

Welspun One has successfully raised Rs 2,275 crore for its second fund focused on developing warehousing properties. The integrated fund and development management platform announced this achievement, marking it as the largest domestic fundraise in the sector. The funding, which includes co-investment commitments, comes from a diverse group of approximately 800 investors, including high-net-worth individuals, family offices, corporates, and domestic institutions.

Currently, Welspun One’s second fund has allocated nearly 40% of its capital across four investments. Over the next 3-4 quarters, it plans to deploy the remaining capital, which will expand its portfolio by adding 8 million square feet to the existing 10 million square feet. This growth will bring the total portfolio to around 18 million square feet, with a projected investment of approximately $1 billion.

The focus of Welspun One’s second fund is on modern warehousing assets such as urban distribution centres, cold chain facilities, agro logistics, and logistics hubs near ports and airports. Balkrishan Goenka, Chairman of Welspun World, emphasized the fund’s role in enhancing India’s logistics infrastructure, aligning with the country’s goal of reducing logistics costs from 14% to 8% to boost global competitiveness.

Anshul Singhal, Managing Director of Welspun One, highlighted the platform’s progress towards managing over $1 billion in assets and its commitment to exploring new-age warehousing solutions. Previously, Welspun One raised Rs 500 crore in its first fund, fully deploying it across six investments totaling 7.2 million square feet in five cities. Fifty percent of these developments have been completed, with the rest scheduled for delivery in the next 4-6 quarters. Clients include Tata Croma, Delhivery, FM Logistics, Asian Paints, and Ecom Express.

Welspun One operates as the warehousing arm of Welspun World, a $5 billion global conglomerate with interests in line pipes, home textiles, infrastructure, advanced textiles, and flooring solutions.

Nykaa’s Parent Company Forecasts 22-23% Revenue Growth, Highlights Beauty Segment’s Strong GMV Growth

By
Garima Bansal
-
0

SN E-Commerce Ventures Limited, the parent company of Nykaa, a prominent ecommerce platform, has projected a year-on-year revenue growth of approximately 22-23% for the first quarter of FY2025. The company operates in two main segments: Beauty and Fashion. It anticipates that the gross merchandise value (GMV) for the quarter will show mid-twenties growth compared to the previous year. GMV is a crucial metric for ecommerce platforms, representing the total sales value over a specific period.

Starting this quarter, the company will begin reporting segment-wise results, separately highlighting its Beauty and Fashion segments. The Beauty segment, which includes the Nykaa beauty platform, owned beauty brands, physical stores, eB2B distribution business ‘Superstore by Nykaa’, and Nykaa Man BPC business, expects a revenue growth of around 22-23%. The Beauty vertical’s GMV growth is forecasted to be higher, in the high 20s year-on-year, reflecting the sector’s robust long-term growth.

Despite challenges like slower growth in physical retail due to factors such as elections and heatwaves in North India, the company remains optimistic about its Beauty segment’s performance. Conversely, Nykaa noted that the Fashion industry in India continues to face hurdles, with limited demand this seasonally weak quarter due to fewer weddings and festivities. Nevertheless, the Fashion vertical is expected to achieve healthy revenue growth of approximately 20% year-on-year, although GMV growth is anticipated to be in the mid-teens year-on-year.

The Fashion segment comprises the Nykaa Fashion platform and owned fashion brands.

1...484950...89Page 49 of 89