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Pepperfry Delays IPO Plans to Focus on Growth and Profitability

By
Garima Bansal
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Pepperfry, a direct-to-consumer furniture brand, has postponed its initial public offering (IPO) plans, according to founder and CEO Ashish Shah. Despite preparations since early 2022, the company, which converted to a public entity in May 2022, is now prioritizing growth and profitability for the current fiscal year.

Founded in 2012 by Ambareesh Murty and Ashish Shah, Pepperfry sells furniture and home products online, through e-commerce platforms, and offline stores. Shah stated, “We have postponed our IPO plans to focus on strategic business areas. Our financial position is strong, allowing us to concentrate on sustainable growth and profitability.”

Pepperfry reported a 3% decrease in net loss to INR 187.6 Cr for FY23, down from INR 194 Cr the previous year. The company aims for a 10-15% revenue increase this fiscal year, driven by property sales and rising consumer spending on home decor. Shah highlighted a significant reduction in cash burn compared to 2023, emphasizing their commitment to profitability.

The online home decor market is projected to reach $5.4 Bn by 2025, reflecting industry growth. Pepperfry remains active in this evolving market, having raised $23 Mn last September from existing investors, totaling $300 Mn across multiple rounds from backers like Pidilite, Goldman Sachs, Bertelsmann India, and Innoven.

JetSynthesys Considers Exit from Jet Skyesports Amidst Controversies

By
Garima Bansal
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The esports and gaming industry is abuzz with speculation that JetSynthesys, backed by Sachin Tendulkar and Adar Poonawalla, might be planning a swift exit from Jet Skyesports. JetSynthesys holds a 65 percent stake in Skyesports Gaming but has faced backlash due to alleged payment defaults to esports players and teams.

In August 2021, JetSynthesys acquired Skyesports, rebranding it as Jet Skyesports to promote grassroots esports in India. Despite their initial goals, Skyesports has struggled with financial and organizational issues, leading to criticism from the esports community.

In 2023, Skyesports organized India’s first-ever franchise-based Esports League, Skyesports Masters, but faced criticism for not having the required permissions from the Counter-Strike 2 publisher, Valve. Another industry leader suggested that JetSynthesys might want to distance itself from these controversies.

Shiva Nandy, Founder and CEO of Skyesports, denied allegations of payment defaults, stating that any issues were resolved and payments were made on time. He also clarified that Skyesports had the necessary licenses from Valve for their tournaments, and they are adjusting their formats to comply with upcoming guidelines.

Zepto Aims to Surpass $30 Billion DMart in Sales Within 24 Months

By
Garima Bansal
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Zepto, a quick commerce unicorn, is poised to surpass offline retail giant DMart in sales within the next 18-24 months, according to co-founder and CEO Aadit Palicha. Speaking in Delhi on July 6, Palicha highlighted that DMart, valued at $30 billion, is only 4.5 times larger than Zepto in terms of sales. He expressed confidence in Zepto’s ability to grow 2-3 times annually and potentially outpace DMart within two years, showcasing their strong execution and growth potential.

Focusing on the top 50-75 million households in the 40 largest Indian cities, Zepto aims to dominate the grocery and daily essentials market. Palicha projected that by FY29, the Indian grocery market would be worth $850 billion, with these top households accounting for $400 billion. He emphasized the significance of the grocery sector, noting its larger size compared to all categories served by Amazon and Flipkart.

Zepto recently secured $665 million in funding, bringing its valuation to $3.6 billion, as investors continue to bet on India’s growing quick commerce sector. Additionally, Zepto has attracted interest for another $250 million in a new funding round, which could increase to $400 million, valuing the company at approximately $4.6 billion. Major private equity firms like General Catalyst and KKR are expected to participate in this round.

The funds will be used to expand into new markets such as Jaipur, Chandigarh, and Ahmedabad, and to increase penetration in existing cities like Mumbai, Delhi, and Bengaluru. Zepto plans to double its number of dark stores from 350 to over 700 by March 2025. These expansion plans align with strategies of other leading companies in the sector, including Blinkit, which plans to open 1,000 stores by March 2025.

Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto processes 550,000 orders daily through its network of 350 dark stores across seven Indian cities. In comparison, Blinkit, the leading quick commerce player, handles over 700,000 orders daily and operates 526 dark stores. Zepto’s rapid growth and ambitious expansion plans position it as a major contender in the quick commerce market.

BlackBuck Files for Rs 550 Crore IPO with SEBI, Plans Major Stake Sales by Promoters and Investors

By
Garima Bansal
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Accel and Flipkart-backed truck aggregator BlackBuck has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise Rs 550 crore through a fresh issue of shares. The public issue also includes an offer for sale (OFS) of 21.6 million shares by existing shareholders, including co-founders Rajesh Yabaji, Chanakya Hridaya, and Rama Subramaniam, as well as investors such as Accel, Tiger Global, and Peak XV Partners.

Accel, the largest shareholder with a 14% stake, plans to sell 4.3 million shares and 923,282 shares through its two units in the OFS. Other significant shareholders participating in the OFS include Singapore-based Quickroutes International, World Bank-backed International Finance Corporation, and US-based Sands Capital. Venture funds Tiger Global Management, Peak XV Partners, and B Capital will also sell part of their stakes.

The proceeds from the IPO will be allocated towards sales and marketing (Rs 200 crore) and an investment of Rs 140 crore into Blackbuck Finserve, the company’s non-bank financial company (NBFC) subsidiary. This investment aims to augment the capital base of Blackbuck Finserve to meet future capital requirements. Additionally, Rs 75 crore will be spent on product development.

As of March 31, BlackBuck had 963,345 truck operators, with 597,638 monthly transacting truck operators using its app in the 2023-24 financial year, compared to 458,025 in the previous year. The firm reported an operating revenue of Rs 296 crore for 2023-24, up from Rs 175 crore in the previous fiscal year. However, it also reported a loss of Rs 166 crore from continuing operations, an improvement from a loss of Rs 236 crore the previous year.

Axis Capital, Morgan Stanley, JM Financial, and IIFL Securities are the book-running lead managers for the issue.

CollegeDekho Raises $9 Million in Funding from Existing Investors

By
Garima Bansal
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CollegeDekho founders

CollegeDekho, a prominent platform offering higher education services, has secured $9 million in its extended Series B funding round from its existing investors. Although the specific investors were not disclosed, sources indicate they participated through a special purpose vehicle (SPV).

Among the known existing investors are Winter Capital Partners, ETS Strategic Capital, Calega, QIC, and Man Capital. The funding round has valued CollegeDekho at $138 million, maintaining its valuation from the previous round.

Founded in 2015 by Ruchir Arora, Saurabh Jain, Rohit Saha, and Rajiv Singh, CollegeDekho provides comprehensive services in higher education, including test preparation, college selection, and application assistance. The platform has expanded its footprint through strategic acquisitions, including Getmyuni, IELTSMaterial, and PrepBytes in 2022, amounting to approximately INR 50 crore.

CollegeDekho claims to have counseled over 70 lakh students and collaborated with nearly 1,500 colleges, attracting more than 16 crore visitors across its platforms. The startup has raised a total of over $90 million in funding to date.

In the fiscal year 2023-24, CollegeDekho reported revenues of INR 239 crore. However, the startup incurred a standalone loss of INR 120 crore in the previous fiscal year, FY23. The financial statements for FY24 are pending filing with the Ministry of Corporate Affairs.

CollegeDekho competes with industry players such as LeverageEdu, CollegeDunia, Embibe, and GetMyUni in the dynamic higher education services market.

Uttar Pradesh Attracts Rs 40,000 Crore Investment Proposals in Semiconductor Sector

By
Garima Bansal
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Uttar Pradesh has attracted significant attention in the semiconductor sector with investment proposals totaling Rs 40,038 crore under its new semiconductor policy. This initiative, aimed at stimulating semiconductor manufacturing and drawing global investments, is championed by Invest UP, the state’s investment promotion agency.

Several prominent companies have committed substantial investments:
Tarq Semiconductor, a part of the Hiranandani Group, plans to invest Rs 28,440 crore, anticipating the creation of 11,000 jobs. Kaynes Semicon, a subsidiary of Kaynes Technologies, proposes a Rs 4,248 crore investment aimed at generating employment for 12,000 individuals. Aditech Semiconductor has proposed an investment of Rs 3,751 crore, expected to result in 5,500 jobs, while Vamasundari Investment Delhi plans to invest Rs 3,599 crore, potentially creating 3,780 jobs.

The semiconductor policy offers attractive incentives including a 50% additional capital subsidy, interest subsidies, and other benefits to enhance competitiveness. It encompasses a wide range of semiconductor activities such as compound semiconductors, silicon photonics devices, integrated circuits, as well as manufacturing processes like ATMP and MEMS.

Chief Minister Yogi Adityanath highlighted the policy’s role in fostering technological innovation and industrial growth, emphasizing efforts to develop IT hubs and semiconductor manufacturing ecosystems. Minister for Information Technology and Electronics, Sunil Kumar Sharma, underscored the state’s commitment to facilitating investment processes. Chief Secretary Manoj Kumar Singh emphasized the policy’s impact on job creation and economic growth in Uttar Pradesh.

The semiconductor policy underscores Uttar Pradesh’s commitment to creating a conducive environment for industrial development and technological advancement, aligning with national objectives and enhancing global competitiveness in the semiconductor market.

Zaggle Prepaid Ocean Services Partners with Hero MotoCorp for Employee Expense Management

By
Garima Bansal
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Raj Narayanam

Zaggle Prepaid Ocean Services, a Hyderabad-based B2B SaaS fintech firm, has inked a significant deal with Hero MotoCorp to provide its employees with the advanced expenses management and benefits platform, Zaggle Save.

Raj Narayanam, Founder and Executive Chairman of Zaggle, expressed confidence in the company’s growth trajectory, emphasizing plans for further revenue expansion through organic growth and strategic technology investments. Zaggle aims to bolster its market presence and augment AI capabilities to meet growing demand for sophisticated spend management solutions.

The agreement underscores Zaggle’s commitment to enhancing efficiency and transparency in managing employee expenses within Hero MotoCorp. Zaggle Save is tailored to streamline expense management processes, offering robust solutions designed to optimize operational efficiencies.

Financially, Zaggle Prepaid Ocean Services has demonstrated strong performance, reporting a 46.3% year-on-year increase in revenue from operations to Rs 273.37 crore for the quarter ending March 31, 2024. The company’s profit after tax (PAT) more than doubled to Rs 19.16 crore in Q4FY24, with annual revenue growth reaching 40% for FY24 and PAT surging by 92%.

The partnership with Hero MotoCorp marks a pivotal step for Zaggle Prepaid Ocean Services in its mission to innovate and serve corporate clients with cutting-edge financial technologies.

Banjara Kasuti Partners with Amazon India to Empower Lambani Women Artisans

By
Garima Bansal
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0
banjara kasuti

Banjara Kasuti, a non-profit dedicated to preserving traditional Lambani art, has joined forces with Amazon India’s Karigar program. This collaboration aims to empower Lambani women artisans by enabling them to sell their handcrafted products online, thereby reaching a global audience.

Founded in 2017 by Asha Patil and headquartered in Vijayapura, Karnataka, Banjara Kasuti focuses on promoting self-sufficiency and entrepreneurship within the Lambani community. Specializing in handcrafted traditional embroideries, the organization strives to preserve and promote the intricate artistry of Lambani craftsmanship.

Amazon India’s Karigar initiative provides a marketplace for local artisans across India, supporting them in gaining economic independence and showcasing India’s rich handicraft heritage. Gaurav Bhatnagar, Director – Sales at Amazon India, emphasized the impact of the collaboration, saying, “This partnership is a significant step towards empowering Lambani women by bringing their exquisite, handcrafted products to a global audience. Together, we aim to create meaningful employment opportunities and celebrate the craftsmanship of the Lambani community in North Karnataka.”

Through this initiative, Banjara Kasuti and Amazon India aspire to foster community development, preserve cultural heritage, and promote the entrepreneurial spirit among Lambani artisans in North Karnataka.

Glean Technologies Expands Operations to India, Unveils Bengaluru Office

By
Garima Bansal
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Glean technologies

California-based artificial intelligence firm, Glean Technologies, has initiated its foray into the Indian market with the opening of its inaugural office in Bengaluru. Spanning across 26,000 square feet, the office serves as the pivotal center for the company’s operations in India, encompassing finance, sales, research and development, and business operations.

Founded in 2019 by Arvind Jain, Vishwanath T R, Tony Gentilcore, and Piyush Prahladka, Glean Technologies specializes in enterprise search and knowledge management solutions. The firm integrates company applications and databases, facilitating seamless data access and management across diverse platforms.

Arvind Jain, Founder and CEO of Glean Technologies, highlighted the company’s mission during a recent press briefing, stating, “Glean is an enterprise AI platform designed to harness the entirety of a company’s data. Similar to Google or ChatGPT, but tailored for internal company use, it empowers employees with instant access to proprietary knowledge.

With substantial backing from investors such as General Catalyst, Kleiner Perkins, Sequoia Capital, and Lightspeed Venture Partners, Glean Technologies has secured $350 million in funding, currently valuing the firm at over $2.2 billion. The company plans to bolster its workforce from 150 to 450 employees by next year, targeting recruitment from India’s premier technology institutions including the top five IITs.

Glean Technologies’ entry into India marks a significant milestone in its global expansion strategy, aiming to redefine enterprise AI solutions and reinforce its position as a leader in the industry.

ShemarooVerse Launches Innovative AI-Powered Gaming Experience with GMetri

By
Garima Bansal
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0
ShemarooVerse-GMetri

Shemaroo Entertainment has announced a pioneering partnership with GMetri, a leader in AI-powered immersive learning and game development, to expand ShemarooVerse into immersive AI gaming on the Web3 platform.

This collaboration introduces IP-based games that leverage Artificial Intelligence, allowing fans to immerse themselves in interactive experiences within the metaverse. These games are based on popular Bollywood films owned by Shemaroo Entertainment, including Jab We Met, Golmaal, Disco Dancer, Amar Akbar Anthony, and more, offering a novel way for fans to engage with their favorite movies and characters.

Arghya Chakravarty, COO of Shemaroo Entertainment, emphasized the importance of this collaboration, highlighting Shemaroo’s commitment to innovative entertainment. He stated that integrating AI-based gaming aims to provide a captivating experience for consumers. The partnership with GMetri marks a significant advancement in transforming how audiences interact with beloved movies, driving groundbreaking innovations in India’s immersive entertainment and gaming space.

Utsav Mathur, CEO of GMetri, expressed enthusiasm about the partnership, noting that bringing FruitSalad.ai technology to ShemarooVerse demonstrates how their AI-driven solution converts entertainment IP into engaging experiences. Leveraging their expertise in creating immersive 3D worlds enhances fan engagement while showcasing the versatility of their technology across sectors, from corporate learning to entertainment. This partnership underscores the adaptability and effectiveness of their platform in delivering compelling, personalized experiences at scale.

This collaboration underscores ShemarooVerse’s leadership in digital entertainment and highlights GMetri’s capability to deploy immersive, AI-generated content across diverse industries. As ShemarooVerse continues to evolve, this partnership promises to redefine fan engagement by deepening their connection with beloved characters and stories through innovative gaming experiences.

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