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OneCell Diagnostics Secures $16 Million in Series A Funding to Expand Global Reach

By
Supriya Biswas
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0

Cancer diagnostics innovator OneCell Diagnostics has successfully raised $16 million in its Series A funding round. The round was led by Celesta Capital, with participation from Tenacity Ventures, Cedars Sinai, Eragon, and Singularity Ventures.

The funding will be directed toward scaling operations in the US market for its flagship product, OncoIndx Alfa. This advanced liquid biopsy test identifies circulating tumor cells, offering a cutting-edge solution in cancer diagnostics, as shared by the company.

Launched in 2021, OneCell Diagnostics leverages next-generation sequencing, artificial intelligence, machine learning, and robust data analytics to create multi-omics biomarkers. The innovative approach positions the company as a leader in precision cancer diagnostics.

“Our vision is to make life-saving cancer testing accessible to everyone, and this funding validates our commitment,” shared Mohan Uttarwar, CEO and co-founder of OneCell Diagnostics.

OncoIndx Alfa provides advanced biomarkers to enhance precision diagnosis and treatment of cancer. Its capabilities include monitoring treatment response, tracking disease progression, identifying recurrence, and more.

OneCell Diagnostics has also formed strategic collaborations with esteemed institutions such as All India Institute of Medical Science (AIIMS), New Delhi, and Tata Memorial Centre. It partners with academic giants like Harvard Medical School and Stanford University to further its mission.

The company has tested its cell biopsy technology on nearly 10,000 patients in India and continues to develop new products to transform cancer care globally.

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PharmEasy Reduces Losses by Over 50% in FY24, Revenue Sees a 15% Dip

By
Supriya Biswas
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0

API Holdings, the parent entity of e-pharmacy and diagnostics brand PharmEasy, has achieved a significant reduction in losses, cutting them by 51% to ₹2,533.5 crore in FY24. However, this was accompanied by a 14.8% decline in revenue, which dropped to ₹5,664 crore from ₹6,644 crore in FY23.

PharmEasy generates the majority (88%) of its operational revenue from selling pharmaceutical and cosmetic products. The remaining revenue comes from services like diagnostics, teleconsultations, deliveries, warehousing, and commissions on pathology tests. Additionally, the company recorded ₹94.6 crore in non-operating income from interest and asset gains, bringing its total income to ₹5,758 crore for the fiscal year.

On the expenditure front, material costs formed the bulk, accounting for 67.3% of total expenses, amounting to ₹4,880.3 crore—a 14.8% reduction. Finance costs increased by 9.4% to ₹727.9 crore, while employee benefits, including ESOP costs of ₹221.8 crore, totaled ₹699.3 crore. Other notable expenses included ₹78.7 crore for delivery associates and additional legal, sales promotion, and marketing costs. Overall, total expenses fell by 19.2% to ₹7,254.8 crore from ₹8,974 crore in FY23.

Thanks to its cost-cutting measures, PharmEasy improved its cash outflows by 91.8%, reducing them to ₹61.13 crore. However, the company’s accumulated losses rose to ₹13,352 crore by the end of FY24.

PharmEasy’s EBITDA loss stood at ₹552 crore, with an EBITDA margin of -9.59% and a ROCE of -15.71%. The company spent ₹1.28 to earn a rupee in FY24. On the brighter side, its current assets grew by 37.1% to ₹3,476.2 crore, and its cash reserves surged by 69.4% to ₹328 crore.

The Mumbai-based company has raised $1.1 billion in funding to date from investors like MEMG, Prosus, and Temasek. Earlier this year, it secured $216 million at a post-money valuation of $710 million. However, global asset manager Janus Henderson significantly reduced its valuation to $458 million in September 2024.

Although PharmEasy filed for an IPO in November 2021, it withdrew its application due to adverse market conditions. Nearly three years later, its public listing plans remain uncertain.

Apple India Records $8 Billion Revenue and $330 Million Profit in FY24

By
Supriya Biswas
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0

Apple India has achieved another milestone in FY24, reporting a 36% growth in operating revenue, reaching an impressive Rs 66,727 crore (approximately $8 billion). This continues its steady upward trajectory in both revenue and profit over the last six fiscal years.

The company’s profit after tax surged to Rs 2,746 crore ($330 million) during the fiscal year ending March 2024, as per financial statements filed with the Registrar of Companies (RoC). This growth reflects Apple’s increasing foothold in the Indian market.

Revenue Highlights

Apple India’s revenue from operations grew significantly from Rs 49,188 crore ($6 billion) in FY23 to Rs 66,727 crore in FY24. Product sales formed the bulk of this revenue, contributing 94.86% with Rs 63,297 crore ($7.6 billion), while service sales accounted for Rs 3,430 crore ($413 million), representing a 21.4% growth.

An IDC report revealed Apple achieved record-breaking quarterly shipments of 4 million units in India during Q3 2024, securing an 8.6% market share in the smartphone segment. The company also generated Rs 393 crore from non-operating income, pushing its total revenue to Rs 67,121 crore.

Cost and Profit Analysis

Material costs remained the largest expenditure, comprising 84.6% of the total, and rose by 34.87% to Rs 53,659 crore ($6.4 billion). Employee benefits also saw an 18.2% increase, reaching Rs 2,599 crore ($313 million).

Advertising expenses climbed sharply by 61.2% to Rs 729 crore ($87 million), while royalty payments to Apple Global doubled to Rs 4,490 crore ($540 million). Warranty claims stood at Rs 374 crore ($45 million). Overall, Apple India’s total expenses rose by 36.5% to Rs 63,397 crore ($7.6 billion).

Despite the increased expenses, Apple India achieved a 23% growth in profit after tax, amounting to Rs 2,746 crore ($330 million). The company’s ROCE and EBITDA margin stood at 71.96% and 6.43%, respectively.

Expansion and Strategic Moves

Apple continues to reinforce its commitment to India, recently establishing Apple Operations India, a wholly owned subsidiary, to support its growth. Meanwhile, Tata has emerged as a significant player in Apple’s supply chain by acquiring a majority stake in Pegatron’s iPhone manufacturing facility in Tamil Nadu, following its 100% acquisition of Wistron India last year.

With Rs 2,912 crore ($350 million) in cash reserves and Rs 13,551 crore ($1.6 billion) in current assets, Apple India is well-positioned to expand its presence further in one of its fastest-growing markets.

Blitz Secures Rs 51 Crore in Series A Funding Led by IvyCap Ventures

By
Supriya Biswas
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0

Blitz, formerly known as Grow Simplee, has successfully raised Rs 51 crore in its Series A funding round, with IvyCap Ventures taking the lead. This round also saw participation from returning investors, India Quotient and Alteria Capital, along with a group of influential angel investors. Notable backers include Ramesh Bafna of Zepto, Siddharth from Snitch, Bestseller CEO Vinit Gautam, and Arvind Fashion CEO Amitabh Suri, among others.

Previously, in July of the previous year, Blitz secured $3 million in seed funding from India Quotient, Better Capital, First Cheque, and Titan Capital.

The funds raised will be utilized to bolster its 60-minute delivery infrastructure and further expand its network of dark stores in 20 major cities across India.

Founded in 2020 by Gaurav Piyush, Mayank Varshney, and Yash Sharma, Blitz is a platform offering rapid deliveries within 60 minutes from local stores and same-day shipments from urban warehouses. Their dark store model is set to revolutionize logistics for e-commerce businesses seeking fast, dependable deliveries.

Blitz enables sellers to store inventory in its strategically located dark stores, facilitating 4-hour delivery windows to customers and ensuring same-day order fulfillment.

The company has helped its clients achieve a 29% growth in business while reducing Return-to-Origin (RTO) rates by 40%. Blitz operates in 10 cities, including Bengaluru, Delhi NCR, Mumbai, Hyderabad, Jaipur, Chandigarh, and Pune.

Taqtics Secures $1.2 Million in Seed Funding to Drive Innovation

By
Supriya Biswas
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0

SaaS platform Taqtics has successfully raised $1.2 million in a seed funding round led by Sprout Venture Partners and Capital-A, with additional support from Java Capital.

The funds are set to enhance Taqtics’ product capabilities, expand its presence in critical markets, and integrate AI-powered analytics into its offerings.

Founded by Yuyutsu Sharma, Taqtics provides a robust suite of tools designed to simplify and optimize store operations. Its standout features include real-time store audits for compliance, employee training and SOP management for seamless onboarding, and visual merchandising tools to maintain brand consistency. The platform also offers advanced asset management and issue-tracking solutions, enabling businesses to address operational challenges swiftly and effectively.

Capital-A, known for its commitment to environmental sustainability and economic growth, has backed over 20 innovative startups, including Jiraaf, Rooter, Bambrew, Riskcovry, and Tan90. With a second fund targeting a corpus of ₹400 crore, the firm continues to support ventures that drive transformative change.

This funding marks a significant milestone for Taqtics as it accelerates its mission to empower businesses with innovative SaaS solutions.

Doodhvale Farms Secures $3M in Series A to Boost Growth

By
Supriya Biswas
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0

Doodhvale Farms, a tech-driven dairy startup, has successfully raised $3 million in its Series A funding round. The round was co-led by Atomic Capital and Singularity Early Opportunities Fund, with participation from Bharat Founders Fund, Indigram Labs Foundation, and angel investors such as Ramakant Sharma, Ankit Tandon, Saurabh Jain (Livspace CEO), and Arjun Vaidya.

Founded in 2019 by Aman J. Jain, Ishu Jain, Sanjay Jain, and Sudhir Jain, the Delhi-based startup focuses on delivering premium, farm-fresh dairy products and daily essentials directly to consumers. Doodhvale leverages a vertically integrated, Direct-to-Consumer (D2C) model to ensure fresh, nutrient-rich products are delivered within 36 hours.

The startup plans to utilize the new funds to accelerate its expansion, enhance distribution networks, diversify its product offerings, and upgrade its technological infrastructure. This follows an earlier funding of $1.12 million secured in 2020.

Doodhvale Farms has maintained a strong growth trajectory, reporting 100% year-over-year growth and consistent profitability on an EBITDA basis for three consecutive years. Competing with established players like Mother Dairy and Amul, as well as emerging brands such as Country Delight and Akshayakalpa, Doodhvale aims to redefine the farm-to-doorstep experience for its customers.

Dezerv Reports Revenue Growth of Rs 26 Cr but Faces Heavier Losses in FY24

By
Supriya Biswas
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0

Wealth management startup Dezerv, backed by Premji Invest, reported a significant revenue growth of 160% in the fiscal year ending March 2024, reaching Rs 26.25 crore, up from Rs 10.20 crore in FY23. However, the firm also saw a considerable rise in its losses, which surged by 95% to Rs 74.53 crore in the same period, marking a continued financial challenge despite its positive revenue growth.

The company, which raised Rs 265 crore in a Series B funding round in July 2024, derives income from its portfolio management services (PMS), targeting high-net-worth individuals (HNIs) with offerings that include expert financial advice, direct bonds, and angel investment opportunities in startups. Dezerv’s total income, including Rs 8 lakh in non-operating revenue, amounted to Rs 26.33 crore for FY24.

One of the largest contributors to Dezerv’s expenses was its employee benefits, which saw a significant rise of 113.6% to Rs 63.34 crore, making up 63% of its total expenses for the year. Marketing costs also increased substantially, rising more than three times to Rs 18.48 crore. Legal and miscellaneous expenses stood at Rs 4.13 crore and Rs 14.89 crore, respectively. As a result, total expenses for the year climbed 108.3% to Rs 100.84 crore from Rs 48.42 crore in FY23.

Despite a strong push in advertising and marketing, Dezerv’s losses deepened, reflecting a 95.1% increase from the previous year. The company’s return on capital employed (ROCE) and EBITDA margin were reported at -64.9% and -267.45%, respectively, indicating financial strain.

On a per-unit basis, Dezerv spent Rs 3.84 to generate each rupee of operating revenue, though it reported a healthy cash balance of Rs 100 crore and current assets worth Rs 122 crore. Interestingly, the company reported Rs 1,009 crore in revenue for FY23, but this was later adjusted to Rs 10.22 crore following a change in accounting policies, leading to some discrepancies in financial reports. Dezerv has not yet clarified these adjustments.

To date, Dezerv has raised about $60 million in total funding. Premji Invest holds 9.84% of the company’s shares, with Elevation Capital, Matrix, and Accel owning 15.28%, 15.28%, and 11.46%, respectively.

Despite the growing economy and low financial literacy even among the affluent, Dezerv’s approach of focusing exclusively on the professional segment has led to a high cost structure, primarily driven by its heavy marketing expenditure. The company faces the challenge of standing out in a competitive market, risking being overshadowed by other players unless it can expand beyond its current market focus.

Shemaroo Joins Forces with PWR Chain to Revolutionize Digital Content with Blockchain

By
Supriya Biswas
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0

Shemaroo Entertainment has teamed up with PWR Chain, an innovative Layer 0 blockchain infrastructure, to enhance the ShemarooVerse platform, which aims to deliver an immersive, secure, and scalable digital content experience. This strategic partnership will integrate blockchain technology into ShemarooVerse, marking a significant leap in the digital entertainment space.

By incorporating PWR Chain’s cutting-edge blockchain capabilities, Shemaroo Entertainment is positioning its extensive IP portfolio on the blockchain. The move is designed to offer content creators new opportunities for monetization through tokenization and the creation of digital collectibles. Additionally, PWR Chain’s predictable fixed-fee model allows for consistent revenue streams, offering creators the ability to launch exclusive content and explore new formats.

The integration of PWR Chain’s highly scalable and interoperable platform enhances ShemarooVerse’s ability to provide dynamic, personalized experiences across devices. The blockchain’s developer-friendly design, which supports traditional coding languages for building both smart contracts and applications, makes it easier for developers to create seamless applications. With PWR Chain’s quantum-resistant security and instant finality features, ShemarooVerse ensures a secure, engaging environment for users to connect with Shemaroo Entertainment’s celebrated content.

Arghya Chakravarty, COO of Shemaroo Entertainment, expressed his excitement about the partnership: “This collaboration with PWR Chain is a major step forward for Shemaroo Entertainment. By harnessing the speed and sustainability of PWR Chain’s blockchain technology, ShemarooVerse can offer a more engaging, secure digital experience, while also providing creators with innovative ways to monetize their work.”

Melanie Mohr, CEO of PWR Labs, highlighted the significance of the alliance: “With Shemaroo Entertainment’s leadership in Indian entertainment, this partnership presents an excellent opportunity to showcase PWR Chain’s eco-friendly, high-performance blockchain technology. We are excited to contribute to the growth of India’s entertainment sector and enhance digital experiences through blockchain innovation.”

Havas Creative India Secures Creative Partnership with Eastman Auto & Power

By
Supriya Biswas
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0

Havas Creative India has been selected as the creative agency of record (AOR) for Eastman Auto & Power following a competitive multi-agency pitch. This collaboration aims to enhance Eastman’s brand presence and visibility within the Indian market, with Havas positioned as a strategic partner driving the company’s growth and influence.

As part of the mandate, Havas Creative India will oversee Eastman’s brand communication strategy from its Gurugram office. The agency will focus on creating impactful narratives that underscore Eastman’s dedication to sustainability, its leadership in technology, and its contributions to last-mile e-mobility solutions, including innovative e-rickshaw batteries.

In addition to creative responsibilities, Havas Media India will handle Eastman’s media strategy. The team plans to deploy a data-driven approach to amplify brand engagement and reach across critical markets. By harnessing data insights, the agency will optimize media planning and execution to deliver measurable outcomes and strengthen the brand’s market footprint.

Sudham Ravinutala, Chief Marketing Officer at Eastman Auto & Power, expressed confidence in the partnership, stating, “Havas stood out with their bold and value-oriented approach, connecting deeply with our brand’s vision. Their ability to think beyond conventional strategies aligns perfectly with our goals. With Havas, we have found a partner capable of translating our journey into impactful stories that resonate with our audience.”

Kundan Joshee, Managing Director of Havas Creative India, shared his enthusiasm: “The last-mile e-mobility and solar rooftop solutions sectors are brimming with potential. We are excited to collaborate with Eastman to craft platform-agnostic, relevant stories that drive engagement and impact. Together, we aim to build a forward-thinking future that accelerates both brand growth and business objectives.”

This partnership marks a significant step for Eastman Auto & Power in its mission to lead the evolving e-mobility and renewable energy sectors in India.

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Billion Hearts Secures $4 Million to Drive Consumer Tech Innovation

By
Supriya Biswas
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0

Mayank Bidawatka, the co-founder of the former vernacular microblogging platform Koo, has successfully raised $4 million for his latest venture, Billion Hearts. The funding round was spearheaded by early-stage venture capital firm Blume Ventures, with additional support from General Catalyst and Athera Venture Partners.

Prior to this, the startup had secured approximately $250,000 in a pre-seed round from notable founders of redBus, Ola, InMobi, and Myntra in September.

The newly raised funds will be allocated towards building a robust global team and advancing the technology behind the product. Despite its expansion, the startup aims to maintain a lean team, planning to scale its workforce to 15 members by early next year.

Currently in its initial stages, Billion Hearts is accepting sign-ups for its upcoming product, which is expected to launch in beta early next year for select users. The app will be available on both Android and iPhone platforms.

Koo, Bidawatka’s previous venture, ceased operations in July due to limited traction and a lack of follow-up investments. Efforts to secure a merger or acquisition deal were unsuccessful.

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