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Raymond Lifestyle Appoints Top Executives and Prepares for Listing Amid Major Corporate Restructuring

Raymond Lifestyle (RLL), a newly demerged entity from the ₹9,286-crore Raymond conglomerate, has recently appointed several prominent executives from India Inc as independent directors. These appointments come ahead of a potential listing scheduled for next month. Notable figures such as Vineet Nayar, former CEO of HCL Technologies, GC Chaturvedi, former chairman of ICICI, Anisha Motwani, board member of Abbott, and Dinesh Lal, a director at Raymond, have joined the board.

Gautam Singhania, chairman of Raymond, is expected to assume the role of managing director of Raymond Lifestyle. Additionally, Sunil Kataria, the current CEO of Raymond Lifestyle, will also join the newly formed board. Singhania emphasized the group’s commitment to enhancing shareholder value and highlighted the importance of having a board with high-caliber members. The diverse expertise of the new board members is anticipated to drive the company’s strategic vision and operational excellence, playing a crucial role in its long-term success.

The restructuring plan, which includes the demerger of the lifestyle business and the amalgamation of its consumer trading arm, was approved by the National Company Law Tribunal (NCLT) in June 2024. As part of the restructuring, Raymond shareholders will receive five shares of Raymond Lifestyle for every four shares of Raymond. This move aims to streamline the company’s operations and provide focused attention to each business vertical.

In addition to the lifestyle business demerger, Raymond’s board also approved the separation of its real estate business, which will be rebranded as Raymond Realty and listed automatically on stock exchanges. Consequently, shareholders will receive one share of the new entity for every one share held in Raymond. Post-demergers, the Raymond Group will comprise three distinct listed entities: Raymond Lifestyle, Raymond Realty, and Raymond, with each focusing on specific sectors such as lifestyle, real estate, and engineering, respectively.

Raymond Realty is currently monetizing its legacy land in Thane and exploring development projects in Bandra. The demerger will allow each business segment to receive focused leadership and scale appropriately. Singhania believes that the real estate arm will leverage its competitive advantage in timely project delivery and customer satisfaction to seize market opportunities in the Mumbai Metropolitan Region (MMR). The company’s strategic focus will be on superior execution and quality to maintain market leadership amid competitive pressures.

Yali Capital Launches Rs 810 Crore Fund to Drive Deep-Tech Innovation in India

Yali Capital, a new venture fund specializing in deep technology, has launched its maiden fund aiming to raise Rs 810 crore, with an additional greenshoe option of Rs 310 crore. The fund is spearheaded by Ganapathy Subramaniam, previously with Celesta Capital, and Mathew Cyriac, former co-head of private equity at Blackstone India and executive chairman of Florintree Capital Partners. Lip-Bu Tan, chairman of Walden International, joins as a fund advisor, while Karthik Madathil, with extensive experience at Texas Instruments, joins as a partner.

During the fund’s launch, discussions highlighted the burgeoning interest in deep tech and semiconductors, driven by advancements in AI and notable successes like Nvidia. This growth trajectory positions India favorably for substantial advancements in these fields.

The fund founders, together with Tan, plan to collectively invest $15 million (Rs 125 crore) into the fund. Yali Capital aims to initially invest in four firms by September and intends to support a total of eight to ten firms, including subsequent investments.

Key sectors of focus for Yali Capital include genomics, smart manufacturing, chip design, robotics, aerospace, and AI. Approved by SEBI as a Category 2 Alternate Investment Fund (AIF), the fund aims to actively engage with portfolio startups to enhance product development and strategic initiatives.

The strategy involves leveraging investors’ expertise to foster growth and potential acquisitions by Western strategic players, emphasizing the fund’s proactive approach to driving long-term value for its portfolio companies.

Dhoni Invests in BluSmart’s ₹200 Crore Funding Round, Bolstering Sustainable Mobility

Mahendra Singh Dhoni, the former captain of the Indian cricket team, has recently invested in BluSmart during a ₹200 crore funding round. This is at least his third venture into the automobile startup sector, demonstrating his keen interest in innovative mobility solutions. Dhoni’s other investments include electric cycle manufacturer EMotorad, used car retailer Cars24, and digital lending platform Khatabook.

Dhoni expressed that investing in BluSmart’s sustainable business model goes beyond supporting a company; it is about contributing to a movement that shapes the future of mobility. He believes in the importance of innovation driving sustainable choices and is enthusiastic about BluSmart’s efforts in reshaping urban transportation.

The five-year-old startup is now valued at $250 million, according to its co-founder Punit Goyal. For perspective, Ola, founded in 2010, is targeting a valuation of over $7 billion for its upcoming IPO. However, as of February 2024, one of Ola’s investors had reduced its valuation to $1.9 billion.

Other prominent new investors in BluSmart include Sumant Sinha, founder, chairman, and CEO of ReNew, and responsAbility Investments AG, a leading impact asset manager. Existing investors, along with company founders Anmol Singh Jaggi, Punit K. Goyal, and Puneet Singh Jaggi, also increased their stakes in this funding round.

BluSmart currently operates in New Delhi, Gurugram, Noida, and Bengaluru. In June 2024, the company expanded internationally by launching a premium all-electric limousine service in Dubai. BluSmart recently surpassed an annual revenue run rate of ₹550 crore ($65 million), having raised over $200 million in equity investments and secured an additional $200 million in long-term EV asset financing from leading development financial institutions (DFIs). The company also plans to launch in Mumbai by the end of 2024.

Perpetuity Capital Secures Rs 7 Crore to Boost Clean-Tech Mobility Lending in East India

Perpetuity Capital, a fintech platform focusing on clean-tech mobility, has successfully raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital.

The funds will be used to bolster Perpetuity Capital’s lending capabilities and expand its loan portfolio, with a particular focus on East India. This initiative aims to foster the adoption of eco-friendly mobility solutions in the region.

Under the leadership of Karamveer Dhillon, Perpetuity Capital provides financing options for delivery and autorickshaw drivers to purchase electric vehicles for commercial purposes. In October 2023, the company secured Rs 5 crore in debt from Clime Finance.

In the electric vehicle financing sector, Perpetuity Capital faces competition from companies like Vidyut, Revfin, Finayo, Mufin Green Finance, OTO, evfin, and Hero FinCorp. Notably, Revfin raised $14 million in a Series B round led by Omidyar Network in December, while Vidyut secured $10 million in February this year.

SkinInspired Raises $1.5M Led by Unilever Ventures for Sustainable Skincare Innovation

SkinInspired, a skincare brand, has successfully raised Rs 12.25 crore (approximately $1.5 million) in its seed funding round, with Unilever Ventures leading the investment. Arjun Vaidya, co-founder of Dr. Vaidya’s, also participated in this round. The capital infusion is earmarked for advancing research and development initiatives, bolstering strategic marketing campaigns, and enhancing the brand’s go-to-market strategy.

Established in 2022 by FMCG veteran Piyush Jain and dermatologist Dr. Prashant Agrawal, SkinInspired specializes in a thoughtfully curated selection of products tailored to various skin types across four key categories: face wash, face serum, sunscreen, and moisturizer. Notably, the brand has introduced an innovative refillable skincare line featuring airless jars and pumps designed to maintain product potency while promoting sustainability.

The skincare sector in India expanded to $3 billion in 2023, with projections indicating a compound annual growth rate (CAGR) of 14.6% in demand over the coming years, according to industry reports.

From FMS Classrooms to Boardrooms: Startups Making Waves

Puru Gupta- True ElementsPuru Gupta, Co-Founder and CEO of True Elements, has been managing the company since 2014. He founded True Elements with the aim of challenging current norms and perceptions about health foods. True Elements represents his dedication to promoting healthier lifestyles through innovative food products. Notably, True Elements is not his first venture. Previously, he co-founded Healthy World, a pioneering initiative that offered healthier food options to its customers. Prior to his entrepreneurial ventures, Puru Gupta gained extensive experience holding key positions at Kartnowa Technologies, where he contributed to technological advancements, and at Procter & Gamble, where he honed his skills as Project Manager, Market Strategy & Planning. His career also includes significant roles at several other notable organizations, shaping his journey towards leadership in the health and wellness industry.

 

Nikhilesh Goel- ValidusNikhilesh Goel is the mind behind Validus, ASEAN’s largest SME financing platform focused on unsecured lending to growing businesses. His vision through his company is to empower, educate, and provide individuals and small business owners with a rapid, robust, and seamless lending marketplace. With a background rooted in strategic leadership, Nikhilesh has held key positions at Taipan Partners, where he played a pivotal role in investment strategy, and at MASAN Group, where he contributed to business development and carried out strategic initiatives. His diverse experience equips him with a deep understanding of financial markets and a strategic edge in driving Validus towards becoming a cornerstone of SME financing across Southeast Asia.

Sanidhya Narain- DashtoonSanidhya Narain, co-founder of Dashtoon, is a well-known name in the industry. Founded in 2022, Dashtoon has quickly established itself as a leading platform for reading and creating comics and manga using generative AI technology, revolutionizing the creative landscape. Sanidhya is also recognized as a founding member of Pocket FM, a widely acclaimed audio story app that has reshaped the digital storytelling experience. Before venturing into entrepreneurship, he accumulated valuable experience in corporate roles at Shell and ITC Limited, where he gained insights into operational excellence and strategic management in large-scale enterprises. His entrepreneurial journey is marked by a commitment to innovation and user-centric platforms that redefine entertainment and storytelling in the digital age.

Sarika Pandey- WooqerSarika Pandey, another star of FMS Delhi, is the founder of Wooqer. Wooqer, founded in 2014, stands as a real-time, mobile-first app and DIY platform designed specifically to empower retailers and restaurants by facilitating the digitization of compliance, audits, workflows, and communications. The platform’s intuitive reports on the dashboard enable faster decision-making and improved visibility into operations. Sarika Pandey brings a wealth of expertise from her distinguished career, having held notable positions at Kotak Wealth Management, where she specialized in financial advisory services, Standard Chartered Bank, where she worked as City Head as well as project manager for new branch opening, and ANZ Grindlays Bank, where she honed her skills in financial management and client relations. 

Ritwik Kare- Elivaas

Ritwik Khare, founder at ELIVAAS, is on a mission to enrich the lives of vacation home owners and travelers. Founded in February 2023, his mission with ELIVAAS is to build the world’s most admired vacation rental platform for second home owners and travelers. Ritwik’s entrepreneurial journey is backed by a diverse professional background. Before founding ELIVAAS, he held key positions at LEAD School, where he contributed to educational innovation, MakeMyTrip.com, where he played a pivotal role in shaping online travel experiences, AEGON Religare Life Insurance Co. Ltd., where he gained insights into financial services, and Citibank, where he developed expertise in banking and financial management. His multifaceted experience equips him with a deep understanding of both the travel industry and financial services, driving ELIVAAS towards becoming a global leader in vacation rentals.

Sumit Jasoria- NEWME

Sumit Jasoria is one of the visionary minds behind NEWME. Founded in May 2022, NEWME aims to become the most loved FashionTech platform for GenZ across India and Southeast Asia. Sumit Jasoria’s journey into entrepreneurship is enriched by a wealth of knowledge and expertise gained from his extensive career at various notable organizations. Prior to founding NEWME, he made significant contributions at FairAngels VC, where he honed his skills in venture capital and startup investments, Daraz, where he led initiatives in e-commerce and digital transformation, and Bharti Airtel, where he worked as product marketing manager. His diverse professional background equips him with a strategic edge in driving NEWME’s vision of revolutionizing fashion technology and consumer experiences across the region.

Sumit Pahwa- ComplinityDr. Sumit Pahwa, an alum of FMS Delhi’s 2005 batch, is the co-founder of Complinity. Established as India’s leading compliance software, Complinity aids numerous companies in managing their compliances, contracts, registrations, and other legal matters efficiently. Dr. Pahwa’s expertise extends beyond entrepreneurship; he is also a prolific author, having authored 10 books on the Companies Act, 2013 titled “Corporate Law Referencer”. His contributions to legal literature reflect his deep knowledge and experience in corporate law. Dr. Pahwa is a sought-after speaker at various events and webinars, where he shares insights drawn from nearly 24 years of legal practice. His career includes pivotal roles at esteemed organizations such as eMinds Legal, Barclays Shared Services, and Genpact, where he accumulated extensive experience in legal operations and compliance management, enriching his leadership at Complinity.

Bhuvan Gupta- OfBusinessBhuvan Gupta is the co-founder of not one but two startups, namely OfBusiness and Oxyzo.in. OfBusiness, established as a technology-driven SME financing platform, focuses on adding value to businesses through its innovative raw material fulfillment engine, streamlining operations and enhancing efficiency. With a couple of decades of experience under his belt, Bhuvan Gupta is a seasoned name in the industry, known for his strategic insights and leadership. Prior to his entrepreneurial ventures, he played crucial roles at Snapdeal, contributing to the growth of e-commerce in India, and Bharti SoftBank, where he was instrumental in driving strategic initiatives and partnerships. His diverse expertise across finance, technology, and business strategy enriches both OfBusiness and Oxyzo.in, positioning him as a key figure in India’s startup ecosystem.

Naman Mawandia- magicpin

Naman Mawandia, co-founder of Magicpin and an alum of FMS Delhi’s 2009 batch, founded the company in 2015. Magicpin has revolutionized marketing for offline retail in the smartphone era, leveraging data to drive significant business growth. The platform facilitates over $2 billion in annual transactions for local and major retailers, partnering with renowned brands such as McDonald’s, Lifestyle, Shoppers Stop, Levi’s, CCD, and others. Prior to founding Magicpin, Naman Mawandia held a pivotal role as VP at Langham Capital, overseeing private equity coverage, managing transactions, and fostering client relationships. His earlier experience at McKinsey & Company equipped him with invaluable insights into strategic consulting and corporate management, providing a strong foundation for his entrepreneurial journey with Magicpin.

Ranjeet Pratap- Pratilipi

Ranjeet Pratap Singh is the co-founder and CEO of Pratilipi, an emerging digital platform offering a wide range of reading options in the English language at affordable subscription rates. Founded with a vision to democratize access to literature, Pratilipi has quickly become a popular choice among readers. Ranjeet Pratap Singh, as one of the co-founders and CEO, plays a pivotal role in shaping business strategy, overseeing customer acquisition efforts, and managing the company’s human resources. Prior to embarking on his entrepreneurial journey with Pratilipi, Ranjeet held significant positions at Vodafone, where he contributed to telecommunications strategies and operations, and Citibank India, where he gained insights into financial services and customer relationship management. His diverse experience in corporate leadership positions him as a driving force behind Pratilipi’s growth in the digital reading landscape.

 

New AgriSURE Fund to Drive Innovation in Agricultural Startups and Rural Enterprises

India is set to introduce the ‘Agri Fund for Startups and Rural Enterprises’ (AgriSURE), aiming to support agripreneurs with equity and debt funding. Announced on Friday, this Rs 750 crore initiative will boost innovation and sustainability in the agriculture sector.

The fund, which is sector-agnostic, will offer investments through debt alternative Investment Funds (AIFs) and direct equity support to startups in agriculture and related fields. This move is part of the government’s broader strategy to enhance the agricultural value chain by targeting high-risk, high-impact activities.

The pre-launch meeting, held at NABARD Headquarters in Mumbai, brought together key stakeholders such as financial institutions, investors, AIF managers, and agri-startups. The event highlighted the collaborative efforts needed to drive growth and development in agriculture through technological innovations.

Officials from the Department of Agriculture and Farmers Welfare and NABARD underscored the importance of creating an ecosystem that supports small and marginal farmers. The AgriSURE fund is expected to play a crucial role in achieving this by providing the necessary financial backing and fostering public and private sector collaboration.

This initiative marks a significant step towards transforming India’s agricultural landscape, promoting innovative approaches that can lead to substantial advancements in the sector.

IndusDC Commits Rs 100 Crore to Drive Innovation in Deep Tech Startups for Industrial and Energy Sectors

IndusDC, a venture studio, has committed Rs 100 crore (approximately $12 million) for the fiscal years 2025 and 2026 to support the development of deep tech startups in India’s industrial and energy sectors. The studio operates as a cofounder, working closely with Entrepreneurs in Residence (EIR) to transform lab-stage ideas and intellectual properties (IPs) into market-ready products.

Founded in 2023 by Kushant Uppal, Satyanarayanan Seshadri, and Kaustubh Hanmantgad, IndusDC aims to establish five startups within the next two years and over 50 globally in the next decade. Each startup will receive Rs 20 crore (around $2.4 million) in capital, with funding already secured from Mirik Gogri of Spectrum Impact, the family office of Aarti Industries Ltd’s promoters.

IndusDC is primarily focusing on industrial hardware solutions designed to reduce 40 to 50 million tons of CO2 emissions by 2035, aiming for a cumulative reduction of one billion tons of CO2 from the industrial sector. These solutions must also be economically viable for industries and developed in a capital-efficient manner, utilizing accessible materials and keeping costs low.

In addition to funding, IndusDC will manage product development, pilot production, digital technology integration, customer validation, startup governance, team building, and fundraising support. This comprehensive approach ensures that each startup has the resources and guidance needed to achieve success.

Currently, IndusDC is co-building three deep tech startups in collaboration with the Indian Institute of Technology Madras. The supportive policies and growing consumer base in India’s climate tech sector are attracting risk capital investors, particularly at early stages, further highlighting the potential of this burgeoning field.

Acer Set to Shake Up Indian Smartphone Market with Indkal Partnership

Acer is set to make a significant comeback in the Indian smartphone arena through a strategic brand licensing partnership with Bengaluru-based Indkal Technologies. This collaboration will see Indkal take the reins in designing, manufacturing, and distributing Acer-branded smartphones exclusively for the Indian market. The first wave of these devices is slated to launch by mid-2024.

The upcoming Acer smartphones promise to offer a compelling mix of competitive specifications, state-of-the-art hardware, and advanced software features. With price points ranging between Rs. 15,000 and Rs. 50,000, these devices aim to cater to a broad spectrum of Indian consumers. Aligning with the government’s Make in India initiative, all Acer smartphones will be domestically designed and manufactured, reinforcing the commitment to local production.

Indkal Technologies is banking on Acer’s strong brand legacy and the superior quality of its devices to rapidly establish a foothold in the Indian smartphone market. This sector is currently dominated by Chinese brands such as Samsung, Xiaomi, and Vivo, making Acer’s re-entry a bold and strategic move. The company is optimistic that its new offerings will resonate with Indian consumers and disrupt the current market dynamics.

Anand Dubey, CEO of Indkal Technologies, expressed his enthusiasm about the partnership, stating that the introduction of Acer smartphones has been a meticulously planned venture. He believes that Indian consumers are in for an exceptional experience with the new range of Acer smartphones, which have been in development for several years.

The success of Acer’s re-entry into the Indian market hinges on its ability to deliver high-quality products that can compete with the established Chinese giants. Only time will tell if Acer’s innovative approach and Indkal’s local expertise can carve out a significant share of this competitive landscape.

Xiaomi India Reports Sharp Profit Decline Amidst Market Challenges and Growth Ambitions

Xiaomi Technology, a prominent Chinese smart device manufacturer, reported a significant decline in profit in India for the fiscal year 2022-23, according to regulatory filings. The company’s profit plummeted by 77%, totaling Rs 238.63 crore, compared to Rs 1,057.7 crore in the previous fiscal year. Revenue from operations also saw a notable decrease of approximately 32%, amounting to Rs 26,697 crore in FY23, down from about Rs 39,100 crore in FY22.

Xiaomi’s income comprised Rs 26,395 crore from product sales and Rs 264 crore from service sales, which include advertisements and other value-added services. Despite a 25% decline in smartphone shipments throughout 2022 and the first three quarters of FY23, Xiaomi maintains its leadership in the Indian smartphone market with a 21% market share, as reported by IDC.

Analysts’ estimates of Xiaomi’s market share varied for the March 2024 quarter: Cybermedia Research placed it just below Samsung at 18.6%, Counterpoint Research projected it at 18.8%, while IDC indicated around 13%. Over the past decade of operations in India, Xiaomi has navigated various challenges with the government, particularly regarding tax and vendor payment issues.

Looking ahead, Xiaomi aims to double its device sales over the next decade, targeting 70 crore units compared to the 35 crore units sold in the previous decade.