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HUL Plans Demerger of Ice Cream Division into Separate Listed Entity

By
Supriya Biswas
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0

Hindustan Unilever Limited (HUL) is set to spin off its Ice Cream division into an independent listed company. The decision, which has received in-principle approval from HUL’s Board of Directors, aims to enhance shareholder value and awaits regulatory and legal clearances.

HUL shareholders will be allocated shares in the new entity proportionate to their existing holdings. The final demerger plan will require Board and shareholder consent, with the detailed scheme expected to be submitted early next year.

The move follows Unilever’s global decision to separate its Ice Cream business. In September 2024, HUL’s Board formed an Independent Directors Committee to assess the prospects of this division. Their recommendations led to the announcement of the demerger in October 2024.

This high-potential business, which includes popular brands like Kwality Wall’s, Cornetto, and Magnum, boasts steady growth and profitability. Establishing it as a standalone company will allow for a dedicated management team, greater operational focus, and enhanced flexibility in implementing tailored strategies. The entity will also benefit from Unilever’s global expertise in branding, innovation, and portfolio management.

The demerger is expected to unlock value for HUL shareholders, offering them an opportunity to participate directly in the Ice Cream business’s growth trajectory. It will also ensure a seamless transition for employees and the business itself.

HUL’s management has been tasked with preparing for the demerger, including drafting a scheme of arrangement. Further updates will be disclosed in compliance with SEBI regulations and other legal requirements after receiving necessary approvals.

Pyramid Analytics Raises $50 Million to Propel AI-Driven Business Analytics

By
Supriya Biswas
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0

Pyramid Analytics, a leading AI-powered business analytics platform, has secured $50 million in funding from BlackRock, the world’s largest asset manager. This investment reflects the rising global demand for AI-driven solutions in a rapidly expanding big data and analytics market, which is projected to grow from $225.3 billion in 2023 to an estimated $665.7 billion by 2033.

Pyramid Analytics offers a robust platform that leverages AI and machine learning to streamline complex data processes for renowned clients such as the FDA, Hallmark, Deloitte, and Volkswagen. Headquartered in Amsterdam, the company operates offices in London, New York City, and Tel Aviv. Despite the significant investment, Pyramid chose not to disclose its current valuation.

The firm’s previous funding round in May 2022, led by H.I.G. Growth Partners, raised $120 million, bringing its total funding at the time to over $200 million. Industry estimates had valued the company close to $1 billion following that round.

According to John Doyle, Managing Director at BlackRock, Pyramid Analytics is uniquely positioned at the convergence of AI and data analytics, two domains experiencing sustained growth due to strong market trends. This new capital infusion is set to bolster Pyramid’s innovation efforts as it continues to redefine data-driven decision-making for enterprises worldwide.

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Bounce Electric Scooters Poised for Rs 150 Crore Revenue by FY25

By
Supriya Biswas
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0

Bounce, the electric scooter manufacturer, is set to achieve a remarkable revenue of Rs 150 crore by FY25, marking a significant recovery and growth for the company. This will represent more than a four-fold increase over its FY23 revenue figures.

The company’s promising financial trajectory comes as a result of several long-term contracts secured across various industries, positioning it to reach this target by FY25. Sources close to the development have confirmed these projections.

In September 2024, Bounce Electric turned a corner with a positive EBITDA, and by October, its average revenue run-rate surged to Rs 200 crore, according to internal financial data.

This strong growth is a major turnaround for the Bengaluru-based company, which reported a modest operating revenue of Rs 36 crore in FY24. Despite this, Bounce faced significant challenges during the previous year, closing FY24 with just Rs 35.88 crore in revenue and a loss of Rs 44 crore. The company’s revenue dipped by 60.6% in FY24 compared to the Rs 91 crore recorded in FY23, largely due to delays caused by compliance with the phase 2 battery regulation. This setback halted production for six months, affecting its output in the first half of FY24.

To provide context, Bounce had posted a revenue of Rs 91 crore in FY23 alongside a substantial loss of Rs 197 crore. In FY24, while the bulk of revenue—Rs 35.88 crore—came from electric scooter sales, another Rs 51 crore was earned through custom manufacturing for Belrise, which serves the automotive and white goods industries.

In FY22, Bounce made a strategic pivot, acquiring 22Motors to focus exclusively on electric scooter production, a move that has now yielded substantial growth. This transition has proven effective, with the company seeing a significant increase in scale compared to its earlier business model.

Bounce’s expansion is attributed to its focus on offering electric solutions for B2B sectors like logistics, e-commerce, and quick commerce. Its “plug-and-play” EV model helps businesses transition to electric vehicles by managing all operational costs and maintenance, simplifying the process for its clients.

The company also stands out in the industry for its unique offering of an uptime guarantee, along with customizable battery sizes and types, as well as battery-swapping services from various providers.

Before its pivot, Bounce raised around $200 million through several rounds of funding. According to data from the startup intelligence platform, Accel holds the largest stake in the company with a 26.62% share, followed by Peak XV and B Capital.

Lendingkart’s Revenue Rises to ₹1,090 Cr in FY24 Amid Profit Decline

By
Supriya Biswas
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0

Lendingkart, a prominent fintech firm specializing in SME loans, reported a 36% increase in revenue, reaching ₹1,090 crore in FY24, up from ₹798 crore in FY23, as per its RoC filings. Despite this growth, its profit after tax (PAT) declined by 6% to ₹174.92 crore, down from ₹185.93 crore in FY23, driven by surging expenses.

Co-lending operations were the largest revenue contributor, accounting for 54% of its operating revenue at ₹591 crore, growing 88% year-on-year, while commission income surged 34 times to ₹22.58 crore. However, interest income on term loans dipped by 2.86% to ₹407.81 crore. Rising costs, including a 75.7% increase in employee benefits to ₹199 crore and a 58.25% rise in legal charges to ₹125.62 crore, contributed to total expenses climbing 49.4% to ₹1,022.7 crore. While impairment losses of ₹171.67 crore were recorded, these were excluded from expense or profit calculations.

Lendingkart, which offers working capital loans averaging ₹5-6 lakh and has disbursed ₹18,700 crore to over 300,000 businesses, ended FY24 with ₹768.5 crore in cash and bank balances and ₹2,110 crore in current assets. Recently acquired by Temasek’s Fullerton in a distress sale, the company’s valuation plunged to $100 million, a significant drop from its peak of $690 million. Despite profitability challenges, Lendingkart’s ROCE stood at 23.33%, and its EBITDA margin was 44.39%. To date, it has raised ₹3,217 crore (~$452 million) from investors, including Temasek, Bertelsmann, Mayfield, and Saama Capital, highlighting its potential for a financial turnaround under new ownership.

Ukhi Secures $1.2M in Pre-Seed Round to Advance Sustainable Biomaterials

By
Supriya Biswas
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0

Delhi-based biomaterials startup Ukhi has raised $1.2 million in a pre-seed funding round. This round included equity investments led by 100Unicorns, with participation from Venture Catalysts and angel investor Avtar Monga. Debt funding was provided by SIDBI (Small Industries Development Bank of India).

The company had previously secured $69.6K through an angel funding round.

The newly raised capital will be used to enhance Ukhi’s production capabilities, accelerate its research on biomaterials, and scale its eco-friendly packaging solutions globally.

Founded in 2019 by Priyanka Chauhan, Vishal Vivek, and Sundeep Kumar Tyagi, Ukhi specializes in creating biodegradable biomaterials from agricultural residues. The startup aims to drive a bioeconomy by providing the packaging industry with patented sustainable materials, promoting a transition to environmentally friendly practices and supporting a circular economy.

Ukhi’s compostable biomaterial, created from lignocellulosic agricultural residues, forms the basis for its sustainable packaging products. The startup’s patent-pending technology offers scalable alternatives to traditional plastics, addressing critical issues like plastic pollution and crop burning while fostering sustainability.

With operations in Haryana and Uttarakhand, Ukhi aspires to make a significant environmental impact by helping industries reduce their carbon footprints through biodegradable and compostable packaging solutions. The company aims to catalyze a shift toward sustainable practices across industries.

Ukhi faces potential competition from other players in the biomaterials sector, such as Traceless and Advanced Biomaterial Company (formerly CIHC), as it pushes forward in its mission to transform the packaging industry.

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OneCard Secures $28.5 Million in New Investment Round

By
Supriya Biswas
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0

OneCard, the mobile-first credit card startup, is set to raise $28.5 million (Rs 239.4 crore) in a new funding round, with investment coming from Better Tomorrow Ventures, Peak XV (formerly Sequoia Capital), and Z47 (formerly Matrix Partners).

This marks the Pune-based company’s first equity investment in 2024, following its debt funding earlier this year in January. According to regulatory filings with the Registrar of Companies (RoC), OneCard’s board has approved the issuance of 72,048 cumulative preference shares, priced at Rs 33,228.3 each, to meet the targeted Rs 239.4 crore funding.

So far, the company has raised Rs 71.4 crore from the three investors, with contributions of Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Z47. The remaining Rs 168 crore will be raised in one or more future tranches.

As of the latest evaluation, OneCard is valued at Rs 11,747 crore ($1.4 billion) post-funding, according to data from TheKredible. The company had previously sought $100 million in funding at a flat valuation in September 2023.

OneCard, officially known as FPL Technologies, partners with several banks, including IDFC First Bank, Federal Bank, and SBM Bank, to offer co-branded credit cards, especially targeting first-time users. In addition, it provides a credit score tracking and management app called OneScore. In September 2023, OneCard further expanded its services through a partnership with Indian Bank, offering users full digital control over their credit card activity, such as real-time transaction tracking, spending management, and EMI conversions.

On the financial front, OneCard showed impressive growth, reporting a six-fold increase in operating revenue for FY23, which soared to Rs 593 crore from Rs 97.8 crore in FY22. However, losses also increased by 2.2 times, reaching Rs 405.6 crore in FY23. The company has not yet filed its results for FY24.

Having attained unicorn status following a $100 million funding round in July 2022, OneCard has raised over $350 million in total to date. According to TheKredible, Peak XV and Z47 together hold a 40% stake in the company.

Elchemy Secures $5.6 Million in Funding to Enhance Global Specialty Chemical Distribution

By
Supriya Biswas
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0

Elchemy, a cross-border platform for specialty chemical distribution, has successfully raised $5.6 million (approximately Rs 47 crore) in a funding round led by Prime Venture Partners. The round also saw participation from its existing investor, InfoEdge Ventures.

Founded in 2021 by Hardik Seth and Shobhit Jain, the Mumbai-based startup had previously raised $1.96 million during its seed round in 2022. The fresh funds will be utilized to expand its U.S. team, boost tech leadership, and invest in advanced supply chain visibility solutions, the company announced.

Elchemy simplifies the process of sourcing specialty chemicals from India and Southeast Asia for international buyers. Its services include supplier discovery, product quality assurance, and end-to-end fulfillment. The company aims to expand its proprietary technology stack by adding features such as quality management systems, real-time tracking, and automated documentation to enhance the buyer experience.

Currently, Elchemy caters to over 80 clients globally, enabling exports to 50 ports worldwide. The company plans to focus heavily on the North American market, targeting 100 new customers from the region within the next year. It also boasts a presence in the Middle East, Europe, and Latin America.

With its distribution-first approach and advanced technology platform, Elchemy addresses critical challenges in the fragmented specialty chemicals market, driving operational efficiency and supporting small to mid-sized manufacturers in India to scale internationally.

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Beyond Appliances Secures $2 Million in Seed Funding to Revolutionize Kitchen Tech

By
Supriya Biswas
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0

Smart kitchen appliance brand Beyond Appliances has raised $2 million in a seed funding round led by Fireside Venture Investment Fund III. Additional support came from Dharana Capital and prominent angel investors such as Shezan Bhojani (Founder, Design Cafe), Saurabh Jain and Ramakant Sharma (Co-Founders, Livspace), and Chandru Kalro (Former CEO, TTK Prestige).

The funds will be utilized to enhance the company’s technology development and manufacturing capabilities, laying the foundation for future growth.

Founded in 2024 by Eshwar K Vikas and Rakesh Patil, Beyond Appliances is known for its cutting-edge products, including an Android-powered chimney with a 7-inch display that functions as a complete kitchen management system. This smart device allows users to stream OTT apps, listen to music, set reminders, and even create grocery lists through apps like Zepto and Blinkit.

The company also offers advanced smart hobs featuring digital timers, whistle counters, and safety features like Flame Failure Detection (FFD). Their products are accessible through major e-commerce platforms such as Amazon and Flipkart, as well as select retail outlets in Bangalore.

Beyond Appliances, which holds multiple patents, aims to release eight new innovations in its existing categories before exploring new segments. This strategic approach highlights the brand’s commitment to redefining kitchen experiences with technology.

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HealthKart Achieves Rs 1,021 Cr Revenue and Rs 37 Cr Profit in FY24, Surpassing Milestones

By
Supriya Biswas
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0

HealthKart, a prominent health and nutrition brand, has reported a stellar performance in FY24 with a revenue of Rs 1,021 crore and a profit after tax (PAT) of Rs 37 crore, marking a remarkable recovery from its Rs 164 crore loss in FY23. Supported by an impressive $153 million funding round led by ChrysCapital and Motilal Oswal Alternates, the Gurugram-based company saw its revenue from operations grow by 22.6%, with consolidated revenue reaching Rs 1,068.9 crore.

HealthKart’s eight popular nutritional brands, including MuscleBlaze, HKVitals, and TrueBasics, drove product sales to Rs 990.3 crore, comprising 92.6% of total revenue, while service revenue grew by 23.9% to Rs 30.6 crore. The company managed expenses efficiently, with overall costs rising only 1.5% to Rs 1,032.2 crore, leading to an EBITDA margin of 6.51% and an ROCE of 5.6%.

Its strong financial position is highlighted by Rs 210 crore in cash reserves and Rs 916 crore in current assets, backed by investors like Peak XV Partners, Temasek, and Sofina. HealthKart’s strategic focus on building a trusted brand and avoiding multi-level marketing has helped it secure higher margins and customer loyalty, even as it faces potential regulatory challenges and evolving market trends. As the company leverages its streamlined operations and increasing demand for protein supplements, it is poised for sustained growth and long-term success in the health and nutrition space.

India’s EV Sector Needs $30 Billion to Bolster Charging Infrastructure: IESA

By
Supriya Biswas
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0

India’s electric vehicle (EV) industry requires investments ranging from $20-30 billion to scale its charging infrastructure, as per insights from the India Energy Storage Alliance (IESA).

Debi Prasad Dash, President of IESA, pointed out the sector’s robust annual growth rate of 25-30% at the ‘IESA India EV Fast Charging Summit’ in New Delhi. However, he stressed that accelerating this growth further would demand substantial financial support to keep up with the surging EV adoption and infrastructure requirements.

Dash also referenced the awaited PM E-Drive Scheme, a crucial policy expected to influence state-level demand for EVs and related infrastructure. “The industry is eagerly anticipating the scheme. The government is working on analyzing vehicle density across states to ensure equitable resource allocation,” he said.

The Union Cabinet approved the PM Electric Drive Revolution In Innovative Vehicle Enhancement (PM E-DRIVE) Scheme in September, allocating ₹10,900 crore for two years. This initiative seeks to expedite EV adoption and serve as a successor to the FAME program, which concluded earlier this year after a nine-year run.

IESA emphasized the need for cohesive public-private partnerships to establish a resilient EV ecosystem in India. While the PM E-DRIVE Scheme is a significant milestone, the projected investment highlights the scale of effort required to achieve a nationwide EV revolution.

Developing a robust charging network is seen as essential not only to meet the growing demand for EVs but also to position India as a leader in the global shift towards sustainable energy solutions.

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