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Honasa Consumer Reports Strong Q1 FY25 Performance with 33% Profit Surge and Record Revenue Growth

Garima Bansal
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Honasa Consumer Reports Strong Q1 FY25 Performance with 33% Profit Surge and Record Revenue Growth

Honasa Consumer Limited, the parent company of the D2C brand MamaEarth, announced its financial results for the first quarter of the fiscal year 2025 (Q1 FY25) on Friday. The company experienced a 17.6% increase in revenue quarter-on-quarter (QoQ), along with a 33.3% rise in profit during the quarter ending June 2024.

According to its unaudited consolidated quarterly report filed with the National Stock Exchange, MamaEarth’s revenue from operations grew to Rs 554 crore in Q1 FY25, up from Rs 471 crore in Q4 FY24.

The sole revenue source for Honasa Consumer was the sale of personal and beauty care products. The company also generated Rs 19 crore from financial activities, bringing its total income to Rs 573 crore for Q1 FY25.

For the fiscal year ending March 2024, the company reported a revenue of Rs 1,920 crore, reflecting a 28.7% year-on-year growth, with a net profit of Rs 147 crore.

In Q1 FY25, the cost of material procurement for the D2C brand accounted for 30% of total expenses, rising by 11.3% to Rs 157 crore. Employee benefits, advertising, freight, legal, and other overhead costs pushed the overall expenditure to Rs 520 crore during the same quarter.

Ultimately, the profits of the Peak XV-backed company grew by 33.3% to Rs 40 crore in Q1 FY25, up from Rs 30 crore in Q4 FY24. This marks the most profitable quarter for MamaEarth since its public listing. Notably, the company achieved a significant gross margin of 71% during this period.

Zoomcar Launches First Fulfillment Center in Chennai, Plans to Expand Nationwide with 1,000 New Cars

Garima Bansal
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Zoomcar Launches First Fulfillment Center in Chennai, Plans to Expand Nationwide with 1,000 New Cars

Zoomcar, a self-drive car-sharing platform, announced on Friday the launch of its first fulfillment center in Chennai, with plans to establish over 100 similar centers within the year. As part of this expansion, the company is also aiming to introduce 1,000 new cars on its platform by December.

These centers, operated by third-party entities, manage the entire process of car listings for hosts who wish to share their vehicles but find it challenging to handle the logistics themselves. Zoomcar, drawing on its extensive experience in the car-sharing industry, supports these fulfillment centers by providing various services to guests.

Hosts pay a nominal fee to access a range of services from these centers, including vehicle management, regular cleaning, secure parking at prime locations, and the delivery and pick-up of cars for customers and service centers.

Vehicles managed through these centers are labeled as “Assured by Zoomcar” on the Zoomcar app, offering guests reliable booking options with 24/7 pick-up and drop-off services.

NuvoRetail Secures $350K to Propel Global Expansion and AI-Driven E-Commerce Innovation

Garima Bansal
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NuvoRetail Secures $350K to Propel Global Expansion and AI-Driven E-Commerce Innovation

NuvoRetail, a prominent eCommerce marketing and analytics company, has successfully raised $350,000 in funding. This investment is set to accelerate the development of Enlytical.ai, an advanced AI-ML powered platform designed for e-commerce bid automation, insights, and reporting, while also fueling the company’s global expansion efforts.

Vishal Sharma, the Founder and CEO of NuvoRetail, emphasized the significance of this funding as a crucial milestone for the company. He highlighted NuvoRetail’s ongoing mission to provide e-commerce businesses with state-of-the-art tools and strategies. With this investment, the company is positioned to expand its global presence, enhance its AI capabilities, and continue leading innovation in e-commerce marketing.

Enlytical.ai is a sophisticated AI-ML based reporting and ad automation platform that offers a unified dashboard to manage multiple e-commerce platforms across various key performance indicators (KPIs) such as sales, marketing, portfolio, content, supply chain management, pricing, and customer loyalty. The platform enables brands to gain a comprehensive understanding of their business and product performance at a glance.

The platform also features an AI-driven media spend optimization engine that uses advanced AI algorithms to analyze campaign performance and optimize media budget allocation. This helps businesses achieve a higher return on investment (ROI) by reducing unnecessary spending and enhancing audience engagement based on retail readiness indicators.

In addition to digital shelf measurement, Enlytical.ai includes advanced on-shelf analysis and competition benchmarking tools. These features allow businesses to monitor and analyze competitors’ strategies, pricing, and product offerings in real time. The insights gained from these tools enable informed decision-making, helping companies boost their market share and ROI.

With this infusion of capital, NuvoRetail is well-positioned to advance its AI-driven capabilities, drive technological innovation, and solidify its leadership in the e-commerce analytics market.

HCLSoftware to Acquire French Firm Zeenea in €24 Million Deal to Enhance Data Intelligence Capabilities

Garima Bansal
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HCLSoftware to Acquire French Firm Zeenea in €24 Million Deal to Enhance Data Intelligence Capabilities

HCLTech’s subsidiary, HCLSoftware, is set to acquire a 100% stake in the French software company Zeenea for a valuation of 24 million euros. This move is aimed at expanding its data and analytics business offerings.

The acquisition, structured as an all-cash deal, is anticipated to be finalized by September 2024, as stated in a regulatory filing by HCLTech.

Kalyan Kumar, the Chief Product Officer of HCLSoftware, highlighted that this acquisition will allow the company to provide a unified data intelligence solution. This solution is designed to assist enterprises in discovering, governing, connecting, managing, and making better use of data in their data engineering and GenAI processes.

The filing also mentioned that HCLSoftware’s Actian Data Platform has experienced significant growth in Hybrid Data Management and Integration in recent years. With the addition of metadata management, data catalog, and governance capabilities, customers will be able to enhance their use of the data platform.

Zeenea, founded in 2017 and headquartered in Paris, is known for its intelligent data discovery platform that supports metadata management applications. The company reported a revenue of 2.6 million euros in CY2023.

Marc Potter, CEO of Actian and Portfolio General Manager of HCLSoftware’s Data and Analytics division, emphasized that Zeenea’s data catalog and governance features will expand their portfolio, enabling them to offer a comprehensive, single-vendor solution tailored to the needs of today’s data-driven enterprises.

Google Cloud to Establish Startup Hub in Madhya Pradesh Following Rs 3,200 Crore Investment Proposals

Garima Bansal
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Google Cloud to Establish Startup Hub in Madhya Pradesh Following Rs 3,200 Crore Investment Proposals

Madhya Pradesh Chief Minister Mohan Yadav announced that Google Cloud has proposed establishing a startup hub and center of excellence in the state. During a two-day visit to Bengaluru, proposals with an investment potential of approximately Rs 3,200 crore were received.

Yadav explained that Google Cloud’s initiative aims to boost the skilled workforce in Madhya Pradesh by setting up these new facilities. His visit also included a meeting with Hindustan Aeronautics Limited (HAL), where discussions took place about establishing a HAL center in Madhya Pradesh, which are expected to produce favorable outcomes.

Additionally, Nvidia has recommended creating a blueprint to position Madhya Pradesh as the ‘Intelligence Capital of India.’ Under the ‘Invest Madhya Pradesh’ initiative in Bengaluru, investment proposals totaling around Rs 3,200 crore were submitted, promising to create about 7,000 job opportunities.

Yadav noted that the visit was a positive step for investment, highlighting the close relationship between Madhya Pradesh and Karnataka, and the goal of the ‘Invest Madhya Pradesh’ program was to provide more space for business and industry growth in Karnataka.

During the visit, Yadav participated in a roundtable discussion with representatives from the space technology sector, NASSCOM, and major companies such as Infosys Ltd, Cognizant, and TCS. These discussions focused on IT development in Madhya Pradesh and future plans, with expectations that many IT companies will establish campuses in the state.

The interactive session saw over 500 participants, including investors from Karnataka and neighboring states. Yadav also held one-on-one meetings with more than 30 leading industrialists. Representatives from various industry bodies and countries including Britain, Poland, Italy, France, Australia, and Switzerland were also present.

MoUs were signed with the India Electronics and Semiconductor Association, the Electronic Industries Association of India, and the Association of Geospatial Industries.

Unicommerce IPO Breaks Records with 168.32x Subscription Rate

Garima Bansal
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Unicommerce IPO Breaks Records with 168.32x Subscription Rate

The public offering of Unicommerce has generated remarkable interest among investors, becoming the most subscribed startup IPO in India this year. On the final day of bidding, the offer was subscribed 168.32 times, surpassing the previous record set by Awfis IPO with 108X subscriptions. This surge in interest was largely driven by non-institutional and retail investors.

The non-institutional investor category recorded significant interest with 96.9 crore bids, oversubscribing the 38 lakh shares available by 252.44 times. Overall, investors submitted bids totaling more than 237 crore, well beyond the 1.40 crore equity shares offered. The retail segment of the IPO was oversubscribed by 130.86 times, with 33.5 crore bids received against the 25 lakh shares on offer.

The IPO, priced between Rs 102 and Rs 108 per share, saw heightened interest from qualified institutional buyers on the third day of bidding, with this portion subscribed 138.75 times. Additionally, Unicommerce is currently trading at a grey market premium of Rs 50-52.

On its initial day of bidding, the issue was subscribed 2.43 times the number of shares offered. The Delhi-based SaaS company has raised Rs 124.5 crore from anchor investors. Of the 1.15 crore equity shares available at Rs 108 each, 75.75% (87.29 lakh shares) have been allocated to eight domestic mutual funds across 10 different schemes. Key investors include SBI Mutual Fund, Morgan Stanley, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, and Kotak Mahindra Trustee.

Unicommerce’s IPO is an offer-for-sale (OFS) of 2.56 crore equity shares, with no new shares being issued. In this OFS, AceVector Ltd (formerly Snapdeal Ltd) will sell up to 94.38 lakh equity shares, while SoftBank will offer up to 1.61 crore equity shares.

Yulu Bikes Targets $100 Million in Series C Funding for Fleet Expansion and New Product Launches

Garima Bansal
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Yulu Bikes Targets $100 Million in Series C Funding for Fleet Expansion and New Product Launches

Shared mobility services provider Yulu Bikes is seeking to raise over $100 million in its Series C funding round to support expansion plans over the next few years.

Yulu, which has a strategic partnership with Bajaj Auto to develop electric vehicles, aims to more than double its fleet of electric two-wheelers—used for both passenger and cargo transport—to 80,000 by the end of this fiscal year. The funds will also support the launch of new products, expansion of its reach, and further technology development, according to Amit Gupta, co-founder and CEO of Bengaluru-based Yulu Bikes.

The company has raised more than $123 million in equity capital, including $52 million for Yuma, a joint venture with Magna International. Investors include Bajaj Auto, Magna International, Blume Ventures, 3one4 Capital, Wavemaker, Incubate Fund, Rocketship.vc, and various other institutional and angel investors. Additionally, Yulu has secured $12 million in debt financing from the US International Development Finance Corporation and Northern Arc. As of February 2024, Bajaj Auto holds an 18.8% stake in Yulu Bikes.

Currently, Yulu operates a fleet of 35,000 electric two-wheelers across five cities in India. Initially launched as a passenger mobility service, Yulu has adapted to shifting consumer behavior post-COVID, with an increased focus on delivery services driven by the rise in online shopping for food, groceries, and medicines. Now, 85% of Yulu’s revenue comes from goods deliveries.

To capitalize on this potential, Yulu plans to introduce a new mid-speed scooter with a higher payload, designed specifically for quick-commerce deliveries, by the end of 2024. Gupta noted that Yulu will continue to strengthen its leadership in the mobility-as-a-service (MaaS) sector by expanding its existing business and exploring new use cases and markets.

The company aims to finalize its Series C funding round this fiscal year. While Gupta did not specify the exact amount sought, he indicated that the goal is to surpass the $100 million raised in the previous round, citing strong interest from institutional investors both in India and abroad.

Yulu anticipates achieving operational profitability within the next two quarters. Despite having negligible burn rates and adequate capital, additional resources are needed to expand the fleet and continue growth. Yulu plans to offer its services in 15 cities by year-end and explore export opportunities for its co-developed products through Bajaj Auto’s global distributor network, with potential exports starting next year.

Oneiric11 Gaming Raises $1 Million to Elevate India’s Fantasy Sports Experience

Garima Bansal
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Oneiric11 Gaming Raises $1 Million to Elevate India’s Fantasy Sports Experience

Oneiric11 Gaming, an esports and gaming platform backed by actor Rannvijay Singha, has successfully raised $1 million in a pre-Series A funding round. The round was co-led by NG Family Trust and TAC Holdings, with additional contributions from other investors.

The capital will be used to expand the company’s game development team, improve its technological infrastructure, and boost marketing efforts to reach a wider audience. These plans were detailed in a press release by Oneiric11 Gaming.

Founded in 2020 by AVneet Singh, Oneiric11 Gaming is dedicated to creating immersive and engaging gaming content tailored specifically for Indian gamers.

The Chandigarh-based company emphasizes its zero transaction fee feature as a consumer-centric initiative that demonstrates its commitment to responsible gaming. Players on the platform can explore a variety of fantasy sports while enjoying rewards and prizes, positioning Oneiric11 Gaming as a top destination for fantasy gaming enthusiasts.

Other notable startups in this sector include GRID Esports, Gameskraft, EVOS Esports, and JetSynthesys.

Airtel Payments Bank Reports Strong Q1 FY25 Performance with 52% Revenue Surge

Garima Bansal
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Airtel Payments Bank Reports Strong Q1 FY25 Performance with 52% Revenue Surge

Airtel Payments Bank reported that its quarterly revenue for Q1 FY25 has increased to Rs 610 crore, reflecting a 52% year-over-year (YoY) growth.

The bank’s net profit experienced a 41% YoY rise, reaching Rs 7.2 crore. This growth was significantly driven by an increase in Monthly Transacting Users (MTUs), which surpassed 88 million, leading to a 53% YoY surge in customer deposits, amounting to Rs 2,943 crore, as stated in the bank’s press release.

The gross merchandise value (GMV) of the bank exceeded Rs 3.4 lakh crore on an annualized basis. This achievement was largely fueled by the growing adoption of the bank’s digital savings account and other digital services.

Airtel Payments Bank attributed its industry-leading growth to the strong uptake of its flagship safe daily transaction account designed for India, along with a surge in digital payments across all its business segments. The bank is now well-positioned to leverage India’s expanding digital opportunities and enhance its margins.

This development occurs at a time when one of Airtel Payments Bank’s major competitors, Paytm Payments Bank, is striving for a comeback after its auditor raised concerns about its viability, according to reports.

Established in 2016 as a subsidiary of the telecom giant Bharti Airtel, Airtel Payments Bank was the first entity to receive a payments bank license from the Reserve Bank of India (RBI). This banking model, conceptualized by the RBI, enables banks to accept deposits but restricts them from issuing credit, with the aim of enhancing financial inclusion and providing essential banking services to underserved populations.

GenWorks Secures ₹41 Crore Funding Round Led by Evolvence Fund, Valued at $65 Million

Garima Bansal
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GenWorks Secures ₹41 Crore Funding Round Led by Evolvence Fund, Valued at $65 Million

Healthcare firm GenWorks has secured ₹41 crore (approximately $5 million) in a funding round led by Evolvence Fund. Somerset Indus Healthcare Fund and key individuals from the Zawawi Group also participated in the round.

The board of GenWorks Health has approved a special resolution to issue 5,12,500 Compulsorily Convertible Preference Shares (CCPS) at ₹800 each to raise this amount, as indicated in its regulatory filing with the Registrar of Companies.

Evolvence Fund and Somerset Indus Healthcare Fund contributed ₹26 crore and ₹8.2 crore, respectively, while Kasiraman Swaminathan and Ramesh Kumar Sivaraman, key individuals from the Zawawi Group, invested a combined ₹8.2 crore. With this new investment, Evolvence Fund now holds a 1.51% stake in GenWorks, Somerset Indus Healthcare holds 4.54%, and the key personnel from the Zawawi Group hold 1.52%.

Originally funded by Wipro GE, GenWorks has raised over $33 million to date, including a $17 million investment round led by Wipro GE and Morgan Stanley in May 2022. Wipro GE is a joint venture between Indian IT major Wipro and American multinational GE Healthcare. The company also secured $4 million from BlackSoil in May 2023.

Founded by S. Ganesh Prasad, GenWorks provides medical devices for cardiology, ENT, IVD, newborn care, radiology, and respiratory diagnosis, among others. The company claims to have reached over 200 million people in India since its inception and impacts 6 million lives annually.

The decade-old company has experienced significant growth in recent fiscal years. For FY23, it reported an operating collection of ₹447 crore, marking a 20% year-on-year growth compared to FY22. However, its losses also increased by 46% to ₹44 crore during the same period. GenWorks has yet to release its financial results for the last fiscal year (FY24).

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