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Adda247 Cofounder Chandan Singh Departs, Plans New Stealth Venture

Garima Bansal
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Adda247 Cofounder Chandan Singh Departs, Plans New Stealth Venture

Chandan Singh, the co-founder of Google-backed edtech startup Adda247, has exited the company. Singh, who was serving as the Chief Product Officer, was elevated to the position of co-founder in January 2022. Reflecting on his five-year journey with Adda247, Singh expressed gratitude for the experience and his colleagues, mentioning it was a privilege to work with such talented individuals. Singh announced his departure via a LinkedIn post and shared that he is currently developing a new venture in stealth mode.

Singh joined Adda247 in 2019 as Vice President of Product and was promoted to Chief Product Officer in 2020. Prior to his tenure at Adda247, Singh held positions at Coverfox, Infoedge, and Oracle.

Adda247, founded by Anil Nagar and Saurabh Bansal in 2016, offers educational courses targeting job seekers for positions in public sector banks, government departments, and railways. The platform provides a range of learning resources, including live online classes, on-demand video courses, mock tests, e-books, and books tailored to specific examinations. Currently, Adda247 offers courses in 12 regional languages and is planning to expand its services to two or three more states and languages within the year.

In 2022, Adda247 raised $35 million in a funding round led by WestBridge Capital, with participation from Google and existing investors Info Edge Ventures and Asha Impact, bringing its total funding to $63 million. The company saw significant growth in FY24, with its revenue reaching Rs 243.39 crore, an 88% increase from Rs 129.65 crore in FY23. The net loss narrowed substantially to Rs 101 crore from Rs 296 crore the previous year.

Adda247 currently has around one million paid users and aims to increase this number to 1.7 million by the end of the year.

Indian Startups Raise $220M in a Week, Led by Rapido’s $200M Round

Garima Bansal
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Indian Startups Raise $220M in a Week, Led by Rapido’s $200M Round

Indian startups raised approximately $220.3 million between August 31 and September 6, marking a 52% increase compared to the same period last year. However, this figure reflects a 50.2% drop from the previous week’s $442.8 million. The latest data reveals that 12 funding rounds were completed this week, compared to 29 rounds in the corresponding period last year, which saw $145 million raised.

The majority of this week’s funding was driven by a $200 million round from mobility startup Rapido, backed by WestBridge Capital, contributing over 90% of the total amount raised.

Top Funding Rounds:

  1. Rapido: Bengaluru-based mobility startup Rapido raised $200 million, propelling its valuation to $1.1 billion and securing its place in the unicorn club. The round was led by WestBridge Capital.
  2. Nutrabay: Direct-to-consumer sports nutrition brand Nutrabay secured $5 million in its Series A funding, led by RPSG Capital Ventures, with Kotak Alternate Asset Managers Limited also participating.
  3. The Hosteller: Backpacker hostel chain The Hosteller raised $3.8 million at a $25 million valuation in a round led by V3 Ventures, with support from existing investors like LV Angel Fund, FAO Ventures, and Synergy Capital Partners.
  4. RecommerceX: Sustainability startup RecommerceX raised $3.6 million in seed funding led by Accel and Kae Capital. The company focuses on chemical recycling and sustainability.
  5. BigEndian Semiconductors: Fabless semiconductor design startup BigEndian Semiconductors raised $3 million, led by Vertex Ventures SEA & India.

PhysicsWallah Nears $150M Funding Round Led by Hornbill Orchid, Valuing Edtech Unicorn at $2.8B

Garima Bansal
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PhysicsWallah Nears $150M Funding Round Led by Hornbill Orchid, Valuing Edtech Unicorn at $2.8B

PhysicsWallah is nearing the completion of a $150 million funding round, led by Asian hedge fund Hornbill Orchid, which will value the edtech unicorn at $2.8 billion—more than a 150% increase from its previous valuation. Hornbill Orchid is expected to invest around $70-80 million, while the remaining capital is likely to come from venture capital firm Lightspeed, known for backing edtech rival Byju’s.

This marks the second major funding round for PhysicsWallah, which was launched in 2016 by Alakh Pandey as a YouTube channel offering coaching for engineering and medical entrance exams. The profitable edtech firm previously raised $102 million at a $1.1 billion valuation in 2022 from WestBridge Capital and GSV Ventures.

The new funding round is expected to be one of the largest in the edtech sector after a prolonged slowdown in capital raises. Hornbill Orchid, an India-focused hedge fund, has also invested in listed companies like Angel One and NIIT Ltd.

PhysicsWallah’s latest funding push comes at a time of consolidation in the edtech space, with several smaller companies being acquired by larger players. Recent acquisitions in the sector include Adda247 acquiring Ekagrata Eduserv, Schoolnet buying Genius Teacher, and Allen Career Institute acquiring Doubtnut.

In FY23, PhysicsWallah’s operating revenue tripled to Rs 772 crore, driven by its expansion into offline education, which now accounts for one-third of its total revenue. Despite this growth, the company’s net profit fell to Rs 16 crore from Rs 98 crore in FY22 due to rising employee costs and non-cash expenses.

PhysicsWallah’s inorganic growth, through the acquisition of companies like Xylem Learning, PrepOnline, and Altis Vortex, contributed an additional Rs 500 crore to its consolidated revenue.

Thailand’s Whiteline Group Introduces ‘Tinder Leave’ to Support Employees’ Romantic Lives with Paid Time Off and Premium Dating App Access

Garima Bansal
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Thailand’s Whiteline Group Introduces ‘Tinder Leave’ to Support Employees’ Romantic Lives with Paid Time Off and Premium Dating App Access

Whiteline Group, a marketing firm based in Thailand, has introduced an innovative employee benefit called “Tinder Leave,” offering paid time off for staff to pursue romantic connections. Announced in August, this initiative aims to enhance work-life balance by supporting employees’ personal lives. From July 2024, employees who have completed their probation period can take advantage of this benefit, which includes six months of free access to Tinder Platinum or Tinder Gold. These premium subscriptions offer features designed to improve the likelihood of finding a match on the dating app.

Employees interested in “Tinder Leave” are required to notify the HR department one week in advance. The benefit is available to those who joined Whiteline Group between July 9 and December 31, 2024. The company, which employs around 200 people at its Bangkok office, introduced this perk during a vibrant company event, reflecting its commitment to creating an engaging and supportive workplace environment.

This new initiative highlights the company’s recognition of the importance of personal wellbeing as part of overall employee satisfaction. The introduction of “Tinder Leave” coincides with growing criticism of dating apps like Tinder and Hinge, both owned by Match Group, which face allegations of promoting endless swiping rather than genuine connections. Match Group, however, defends its model, claiming it facilitates successful romantic connections daily.

Ultra Media & Entertainment Group Commits Rs 500 Crore Investment to Launch OTT Platforms Ultra Play & Ultra Gaane, Boost Content Portfolio

Garima Bansal
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Ultra Media & Entertainment Group Commits Rs 500 Crore Investment to Launch OTT Platforms Ultra Play & Ultra Gaane, Boost Content Portfolio

Ultra Media & Entertainment Group has unveiled plans to invest Rs 500 crore to drive its growth and expand its content offerings. This strategic investment will facilitate the launch of two new over-the-top (OTT) platforms, Ultra Play and Ultra Gaane, while enhancing its current Marathi platform, Ultra Jhakaas. The investment is strategically divided, with Rs 250 crore dedicated to content acquisition, Rs 200 crore allocated for the production of new content, and Rs 50 crore set aside for marketing and technological upgrades.

The introduction of Ultra Play and Ultra Gaane aims to deliver a unique digital experience by preserving the legacy of Hindi cinema and music while also introducing fresh and original content. Ultra Play will be India’s first OTT platform focused solely on Hindi film classics, featuring a vast collection of over 2,000 films from legendary directors such as Guru Dutt, Raj Kapoor, and Shakti Samanta.

Ultra Media & Entertainment Group has shown remarkable growth, with revenue increasing by 25% in both 2021-22 and 2022-23, and a 35% growth rate in 2023-24. Currently experiencing a 40% growth rate, the company anticipates reaching a 50% growth rate by the end of FY 2024-25, targeting revenue exceeding Rs 200 crore in the upcoming fiscal year. This strategic expansion positions Ultra as a key player in the OTT market, with a strong focus on enhancing its digital content portfolio and audience reach.

Swiggy Introduces Incognito Mode Ahead of IPO, Allowing Private Orders Without Deleting History

Garima Bansal
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Swiggy Introduces Incognito Mode Ahead of IPO, Allowing Private Orders Without Deleting History

Swiggy, a leading food tech startup preparing for its IPO, has introduced a new incognito mode feature for users, allowing them to place orders privately without needing to manually delete order history. Initially rolled out to 10% of its users, Swiggy plans to make this feature available to all users soon. According to Rohit Kapoor, CEO of Swiggy’s Food Marketplace, this feature addresses the need for privacy in an increasingly social world. The incognito mode can be activated via a toggle in the app, and order tracking will remain available for three hours post-delivery to handle any concerns.

Swiggy has a history of rolling out innovative features, including ‘eatlists,’ ‘explore mode,’ ‘reordering,’ and ‘group ordering.’ Recently, Swiggy reported its fiscal year 2024 results, revealing a 44% reduction in losses to Rs 2,350 crore and a revenue of Rs 5,476 crore between April and December 2023. The company’s operating revenue increased by 36% to Rs 11,247 crore in the last fiscal year. Swiggy’s business grew by 17% to Rs 6,100 crore, while its quick commerce arm, Instamart, reported Rs 1,100 crore in gross revenue for FY24.

In May 2024, Swiggy filed for an IPO through a confidential route, aiming to raise up to Rs 3,750 crore (approximately $450 million) through a fresh issue of equity shares and an offer for sale of up to Rs 6,664 crore. As part of its fiscal strategy, Swiggy spent Rs 1,581 crore on marketing during the year and addressed an embezzlement issue involving a junior employee who misappropriated Rs 33 crore.

Kingfisher Set to Return to Delhi by Year-End, Says United Breweries; Expands Presence with New Products and GenZ Focus

Garima Bansal
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Kingfisher Set to Return to Delhi by Year-End, Says United Breweries; Expands Presence with New Products and GenZ Focus

United Breweries Ltd (UBL), known for its flagship Kingfisher beer, is set to re-enter the Delhi market by the end of 2024. According to United Breweries’ Chief Marketing Officer Vikram Bahl, Kingfisher will soon be available in Delhi after being absent since the withdrawal of the New Excise Policy 2021-22. Over the past year, United Breweries, which is controlled by Heineken NV, has launched various products and expanded its market presence in several states, excluding Delhi. Recent launches include Heineken Silver in Karnataka and Goa, London Pilsner, Kingfisher Ultra Max draught, Mango Rush in Karnataka, and Queenfisher in Goa. The company is also planning a new product launch in Tamil Nadu, where it will sponsor the Indian Racing League (IRL).

Bahl highlighted that Tamil Nadu holds strategic importance for UBL due to its strong market presence and local manufacturing facility, making the partnership with IRL a natural fit as motorsports gain popularity in the region. Kingfisher has a long history of sponsoring major sporting events, including the Indian Premier League (IPL), India Premiership 2023, and FC Goa. The brand achieved its highest-ever volume and revenue in FY24, aided by an active promotional calendar and strategic associations, such as an advertising campaign during the IPL and a partnership with Lucknow Super Giants.

UBL is not only focusing on expanding its geographical reach but also targeting Generation Z (GenZ), who are expected to drive beer consumption in India due to the country’s youthful demographic profile. United Breweries is aligning with GenZ’s interests by partnering with motorsports, music festivals, and launching inclusive products like Queenfisher. The brand strengthened its connection with young consumers through gaming, as seen with its year-long association with Kingfisher India Premiership in 2023.

The beer market is evolving, with a growing demand for diverse products, including flavored and non-alcoholic beers. Bahl noted the positive response to UB’s offerings like Mango Rush and Queenfisher. Financially, United Breweries posted a 27.47 percent increase in consolidated net profit to Rs 173.80 crore for the first quarter of FY25, up from Rs 136.34 crore a year earlier. The company’s revenue from operations rose by 10.83 percent to Rs 5,811.28 crore, compared to Rs 5,243.01 crore in the same quarter of the previous year. During this period, UBL invested Rs 47 crore in capital expenditures, mainly for supply chain enhancements to support future growth.

Xolopak India Secures Pre-IPO Backing from Aamir Khan, Ranbir Kapoor, Karan Johar, and Other High-Profile Investors

Garima Bansal
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Xolopak India Secures Pre-IPO Backing from Aamir Khan, Ranbir Kapoor, Karan Johar, and Other High-Profile Investors

https://starsunfolded.com/akash-ambani/Xolopak India Limited, a prominent player in sustainable disposable packaging, has secured pre-IPO investments from high-profile investors, including Bollywood celebrities Aamir Khan, Ranbir Kapoor, Karan Johar, and Russell Mehta, owner of Rosy Blue India and Akash Ambani’s father-in-law. The Pune-based company is India’s first manufacturer of organic disposable cutlery, ice cream sticks, and spoon products, catering primarily to the B2B segment.

The pre-IPO round also saw participation from investors like Devanathan Govindarajan of Riverstone Capital, Ravi Nathan Iyer, Jyoti Ketan Vakharia, Jayaraman Vishwanathan, Minerva Ventures Fund, Nexta Enterprises LLP, NVS Corporate Consultancy Services, Opus Software Solutions, Sarod Reality, Feroz Farms and Holdings, and Viney Equity Market LLP. Xolopak India recently filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge, featuring a fresh issue of up to 52,86,000 equity shares with a face value of Rs 10 each. Beeline Capital Advisors Private Limited is the lead manager, and Bigshare Services Private Limited is the registrar for the offer.

Xolopak India, promoted by Shashank Mishra and Banani Chatterjee, who bring over 17 years of experience in sustainable packaging, operates a production facility in Bhopal, Madhya Pradesh. The company produces and supplies a range of wooden cutlery, including spoons, forks, knives, sporks, coffee stirrers, chopsticks, and kulfi sticks. Under the leadership of Mishra and Chatterjee, who manage day-to-day operations including sales, purchasing, and finance, Xolopak India has reported significant growth, with revenues nearly tripling to Rs 31.47 crore in FY 2023-24, compared to Rs 11.87 crore in the previous fiscal year, and profit rising to Rs 6.36 crore from Rs 3.48 crore.

Clean-Tech Startup ReCircle Secures Bridge Funding to Drive Expansion in Recycled Plastics and Circular Waste Solutions

Garima Bansal
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Clean-Tech Startup ReCircle Secures Bridge Funding to Drive Expansion in Recycled Plastics and Circular Waste Solutions

Clean-tech startup ReCircle has secured an undisclosed amount of funding in a bridge round led by Venture Catalysts and Mumbai Angels. The funding will help ReCircle provide high-quality recycled and traceable plastics for packaging, opening a new revenue channel aimed at reaching a target of Rs 100 crore in FY 2025-26.

ReCircle is focused on advancing its mission to create a circular system for plastic waste. CEO and Co-Founder, Rahul Nainani, emphasized that forward integration into the supply chain will allow the company to maintain full control, offering traceability and passing benefits to downstream partners. The funds will support expansion efforts, including the launch of ReCircle’s own recycling unit in the coming months.

Founded in 2016, ReCircle tackles India’s waste management challenges through its material recovery facility in Mumbai, handling various types of waste, including plastic, paper, metal, and e-waste. To date, the company claims to have diverted over 169,000 metric tons of waste from landfills and water bodies across 270 cities and towns in India, supported by a network of 45 processing and 400 collection partners.

The upcoming Extended Producer Responsibility (EPR) regulation, which mandates 10-30% recycled content in packaging by April 2025, presents a significant market opportunity for ReCircle. With its own PET bottle processing capacity and a strong pan-India collection network, the company is positioned to capitalize on the growing demand for sustainable packaging solutions.

Despite challenges in raising equity capital from venture funds, ReCircle successfully onboarded investors like Flipkart Ventures, Acumen, and 3iPartners in 2023. Tracxn recently valued the startup at $7.79 million as of October 2023.

Allied Blenders and Distillers Teams Up with Ranveer Singh for New Luxury Spirits Venture

Garima Bansal
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Allied Blenders and Distillers Teams Up with Ranveer Singh for New Luxury Spirits Venture

Allied Blenders and Distillers Limited (ABDL) has partnered with Bollywood actor Ranveer Singh in a new luxury spirits venture, where Singh has become an equity partner. This collaboration is aimed at leveraging Singh’s market influence and creative expertise to enhance ABDL’s luxury segment while distinguishing it from its mass-market products.

The company emphasized that the partnership would allow quicker decision-making, adaptability to market trends, and specialized marketing strategies tailored to luxury spirits. Alok Gupta, ABDL’s Managing Director, expressed confidence in the venture, highlighting the synergy between innovation and Singh’s dynamic personality, ensuring the luxury offerings resonate with consumers.

As Indian consumers increasingly shift toward luxury products, ABDL aims to make a substantial impact in the premium spirits sector. Ranveer Singh noted that this initiative is about more than just high-end products; it’s about meeting the aspirations of Indian consumers by blending world-class quality with India’s rich flavors.

ABDL plans to launch its own brands, collaborate with Indian startups, partner with international brands, and capitalize on its extensive sales and manufacturing networks with focused go-to-market strategies.

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