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Mumbai’s Malaki Bags Rs 5.7 Crore to Sparkle Across India—Backed by Venture Catalysts, Maarc Ventures & Dadachanji Family

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Mumbai’s Malaki Bags Rs 5.7 Crore to Sparkle Across India—Backed by Venture Catalysts, Maarc Ventures & Dadachanji Family

Mumbai-based Malaki, a premium beverage company known for its stylish and health-forward drinks, has secured Rs 5.7 crore in a seed funding round. The investment was spearheaded by Venture Catalysts, with backing from Maarc Ventures and the Dadachanji Family Office.

After gaining widespread recognition through its appearance on Shark Tank India, the brand is gearing up for its next phase of growth. The fresh funds will help Malaki scale up its presence in key Indian cities like Delhi NCR, Bengaluru, Hyderabad, and Jaipur. The brand also plans to deepen its reach on quick-commerce platforms and expand its footprint in high-end hotels and restaurants.

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Founded in 2020 by brothers Mohit and Ashish Bhatia, Malaki has carved out a space for itself in India’s evolving beverage scene. Its range—which includes tonic waters, sparkling waters, alkaline waters, and ginger ales—is packaged in distinctive glass bottles that reflect the brand’s clean design and eco-friendly values. A standout element is its patented Crystal Bottle, which has become something of a signature for the brand.

“Malaki was created because we felt Indian consumers were ready for something more elevated—something thoughtful, world-class, and proudly Indian,” said Mohit Bhatia. “We’re not trying to copy global trends—we want to lead with our own vision and create products worth celebrating.”

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The brand is already stocked in over 500 premium hospitality locations and boasts partnerships with names like Singapore Airlines, Ritz Carlton, and Hyatt across cities like Mumbai, Pune, and Goa. Its expansion plan is aimed at connecting with the new wave of Indian consumers who value both health and good design.

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Gurugram-Based Storytelling Startup Mugafi Raises $3 Million to Fuel AI Innovation and Creative Growth

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Gurugram-Based Storytelling Startup Mugafi Raises $3 Million to Fuel AI Innovation and Creative Growth

Mugafi, a fast-emerging creative tech company headquartered in Gurugram, has secured $3 million in seed funding to supercharge its AI-driven storytelling platform. The investment round drew participation from a dynamic mix of backers, including StartupXseed, Auxano, MarsshotVC (founded by the Razorpay team), BeyondVP, and WeFounderCircle.

This fresh capital injection will help Mugafi sharpen its proprietary AI tools, grow its footprint into untapped markets, and bring aboard high-calibre talent to accelerate its next phase of growth.

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At the heart of Mugafi’s offering is a mission to transform how stories are created and shared. Geared towards creators in the media and entertainment space, the platform equips users with a suite of AI tools designed to streamline and elevate the storytelling process. Its flagship product, VED, functions like a creative partner for screenwriters, lyricists, filmmakers, and content creators—offering support with everything from building story arcs to sculpting characters and fine-tuning dialogue.

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But Mugafi goes beyond tools. It also acts as a bridge between emerging talent and industry veterans, creating a collaborative ecosystem where writers, musicians, and other creatives can connect, co-create, and get discovered.

With artificial intelligence fast becoming a force in creative industries, Mugafi aims to stay ahead of the curve by building tech that empowers rather than replaces human imagination. The company’s next chapter will focus on enhancing its core technology, expanding its user base, and unlocking new monetization avenues for creators—while positioning itself as a go-to destination for storytelling in the age of AI.

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Meesho Drops ‘Fashnear’ Tag, Moves to Reinvent Its Corporate Identity as It Eyes E-Commerce Dominance

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Meesho Drops ‘Fashnear’ Tag, Moves to Reinvent Its Corporate Identity as It Eyes E-Commerce Dominance

Meesho is making a major branding move. The company’s board has greenlit a plan to shed its old legal name — Fashnear Technologies — in favor of Meesho Pvt Ltd, according to regulatory records sourced via Toflr. The paperwork has been filed with the Ministry of Corporate Affairs, and the change is now awaiting formal approval.

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As part of the broader reshuffle, Meesho has also approached the National Company Law Tribunal (NCLT), marking the next step in its shift to re-domicile. Once that’s wrapped up, Meesho Pvt Ltd will officially become the holding entity for all marketplace operations.

The company says this is more than just a cosmetic tweak. “This realignment reflects our brand more accurately, helps clear up confusion around our corporate identity, and boosts both internal clarity and external trust,” Meesho noted in its filing with the Registrar of Companies.

This move follows a similar strategy recently adopted by Zepto, which transitioned from Kiranakart Technologies to Zepto Private Ltd after securing the green light from regulators.

Behind the scenes, Meesho is riding strong business momentum. In its March annual report, the platform revealed it clocked 1.3 billion orders between April and December 2024 — a 34% jump year-over-year and equal to its total for the entire previous fiscal year.

As of December 31, Meesho had 187 million unique transacting users over the past year, up 26% from the previous year. The company is currently operating at a GMV run rate of $6.2 billion and is expected to grow at a 26% CAGR over the next six years, according to brokerage firm CLSA.

While Meesho trails Amazon and Flipkart in total GMV due to its lower average order value (between ₹315–₹350), it has taken the lead in volume. The platform now processes 4.9 million orders a day and boasts 180 million monthly active users — numbers that reflect deep penetration, especially in smaller towns.

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CLSA estimates Meesho will boost its share in India’s e-commerce pie from 8.5% to 10% by 2030. That growth is expected to be fuelled by its lean cost structure, aggressive pricing, and solid traction across Tier-2 and Tier-3 markets.

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Delhi Police’s Economic Offences Wing Slaps FIR on Medikabazaar Co-founder Vivek Tiwari Over Alleged Rs 100 Crore Fraud

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Delhi Police’s Economic Offences Wing Slaps FIR on Medikabazaar Co-founder Vivek Tiwari Over Alleged Rs 100 Crore Fraud

Vivek Tiwari, co-founder of healthcare supply platform Medikabazaar, finds himself in serious legal trouble. Delhi Police’s Economic Offences Wing (EOW) has filed an FIR against him, leveling charges of cheating, criminal breach of trust, forgery, and cooking up company records.

This development comes shortly after Tiwari’s ouster from the company’s board, a move triggered by accusations of financial misconduct. According to Boston Ivy Healthcare Solutions, the parent firm behind Medikabazaar, Tiwari — along with 13 others — engaged in what it described in regulatory filings as “fraudulent and malicious activities,” causing severe damage to the company’s reputation and finances.

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Sources close to the investigation said Tiwari failed to appear despite being summoned twice by the EOW. Adding to the intrigue, he is reportedly outside the country. His legal team has sought anticipatory bail, promising his return by April 16 — a promise that remains unfulfilled. So far, the courts have not granted any protection from arrest.

The FIR paints a grim picture, alleging that Tiwari orchestrated a sophisticated scheme to siphon off over Rs 100 crore, manipulating accounts and breaching contractual obligations in the process. Investigators have described him as the mastermind behind what they call a “systematic and calculated fraud.”

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Responding via email, Tiwari has dismissed the accusations, calling them a “smear campaign” driven by “selfish interests.” He insists the allegations are baseless, fabricated to tarnish his image and sideline him.

The case has stirred considerable attention in startup circles, raising fresh concerns around governance and accountability in high-growth ventures.

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Adinath Agro to Raise Rs 80 Crore Led by Carpediem Capital; Eyes 1.2 Lakh Retail Outlets and Expansion into 9 States

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Adinath Agro to Raise Rs 80 Crore Led by Carpediem Capital; Eyes 1.2 Lakh Retail Outlets and Expansion into 9 States

Adinath Agro, the company behind the Surabhi and Winn brands, is set to raise Rs 80 crore in fresh funding, combining 70% equity and 30% debt. The equity portion will be primarily driven by Carpediem Capital, according to CEO Chandan Polekar, who spoke to ETRetail.

The fresh capital will be channelled into expanding its production capacity, ramping up manufacturing infrastructure, and pushing marketing efforts into high gear.

“We’ve already locked in commitments for about half the amount and are confident of closing the full round before this quarter wraps up,” Polekar said. Carpediem Capital had also backed the company during its earlier fundraise in 2015-16.

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Right now, Adinath Agro has a footprint in Maharashtra, Goa, and Karnataka. But that’s set to change—with expansion plans underway to cover six additional states: Tamil Nadu, Andhra Pradesh, Telangana, Kerala, Gujarat, Madhya Pradesh, and Chhattisgarh, all within this financial year.

“We’ve already brought on board distributors for these new markets and expect to begin operations there shortly,” he added.

In terms of retail presence, Adinath currently reaches about 45,000 general trade outlets and has set an ambitious target of nearly tripling that number to 1.2 lakh within two years.

On the modern trade front, their products are already on the shelves at big chains like DMart and Reliance Retail. The next push will be into regional players, including Ratnadeep, Vijetha, and Namdhari’s in southern India.

“Our e-commerce efforts are also gaining momentum. We’re available across India on platforms like Zepto and Amazon Fresh, and are in active discussions with Flipkart Minutes. Swiggy has gone live for us in Gujarat,” Polekar shared.

Adinath currently operates in five main product segments—ketchup, Chinese sauces, mayonnaise, Indian condiments, and canned foods. By the end of the year, it plans to expand this to eight.

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Across both brands, Surabhi and Winn, the company offers 40 SKUs today. It’s prepping to roll out a new line of Chinese masalas and soups priced at Rs 10, which will introduce 15 more SKUs within the next six months.

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Cars24’s Bold Restructuring: 200 Employee Layoffs Amidst Fierce Competition from Spinny, While Revenue Hits Rs 6,917 Crore

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Cars24’s Bold Restructuring: 200 Employee Layoffs Amidst Fierce Competition from Spinny, While Revenue Hits Rs 6,917 Crore

Cars24, the prominent online platform for pre-owned vehicles, has recently let go of approximately 200 employees from its product and technology teams. This move is part of a larger reshuffling effort aimed at refining operations and ensuring smoother efficiency.

The layoffs come at a time when the used-car market is becoming increasingly competitive, with rivals such as Spinny attracting fresh investments — including a significant $131 million from Accel’s Leadership Fund.

In a statement addressing the cuts, Cars24’s co-founder and CEO Vikram Chopra described the decision as “difficult,” emphasizing that the layoffs were not performance-related, but rather part of a strategic restructuring. “We are incredibly grateful for the contributions of those affected,” Chopra said. “We’ve learned that moving quickly without a clear direction can be costly, and in some cases, roles and projects were introduced too soon. Going forward, we plan to be more methodical with how we expand and build our team.”

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The company, which is backed by SoftBank, has provided the laid-off employees with standard severance packages.

While navigating this internal change, Cars24 continues to offer a broad spectrum of services, including vehicle buying and selling, financing, insurance, FASTags, challan management, driver-on-demand, and vehicle scrapping. In late 2021, it secured $450 million in funding from key investors such as SoftBank, Tencent, and DST Global.

Although the company has yet to release its figures for FY25, its revenue grew by 25% in FY24, reaching Rs 6,917 crore, up from Rs 5,530 crore the previous year. Despite this growth, it reported a net loss of Rs 498 crore and an adjusted EBITDA loss of Rs 318 crore.

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In addition to the layoffs, Cars24 recently made headlines with its acquisition of auto forum Team-BHP, which will maintain its independence. The company has also rolled out several new initiatives, including Fourdoor, a multi-brand car servicing platform, and a new ‘New Cars’ business that promises AI-powered experiences and home test drives.

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Deepinder Goyal Slams Viral Reddit Claims of Zomato (Now Eternal) Falling Apart Amidst Allegations of Market Share Loss to Zepto Cafe and Swiggy

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Deepinder Goyal Slams Viral Reddit Claims of Zomato (Now Eternal) Falling Apart Amidst Allegations of Market Share Loss to Zepto Cafe and Swiggy

Deepinder Goyal, Founder and CEO of Zomato — now rebranded as Eternal — has shot down a viral Reddit post that painted a grim picture of the company’s current state.

The anonymous post accused Eternal of losing ground to competitors like Zepto Cafe and Swiggy, claiming that internal chaos, questionable new rules, and a toxic work culture were taking a toll on the company. One of the more explosive allegations was that Eternal employees were being forced to order food exclusively from Zomato, with a quota of seven orders a month — and that management was tracking who complied.

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Responding on X (formerly Twitter) over the weekend, Goyal called the claims “utter nonsense” and firmly denied that Eternal was bleeding market share or forcing its employees to use the platform. “Freedom of choice is something we stand for vehemently,” he wrote, adding, “It’s embarrassing to even have to respond to this, but I’m doing it because so many people reached out with concerns. Thanks to everyone who checked in — appreciate it.”

The Reddit post, which quickly gained attention online, alleged that during a recent internal meeting, Eternal’s leadership admitted they were losing significant market share and reacted with panic-driven decisions. It also claimed that Rakesh Ranjan, CEO of Eternal’s food delivery business, tried to rally the team in a Slack town hall on Monday — but was apparently removed from his position by Wednesday.

The post painted a picture of leadership musical chairs, mounting internal confusion, and a company focused only on short-term numbers rather than long-term stability. It also claimed that overworked and underpaid delivery partners were leaving Eternal in droves for better pay at competing platforms.

In a statement issued last Thursday, Eternal clarified that Rakesh Ranjan had not resigned and any leadership changes were part of normal organizational realignment aimed at boosting efficiency.

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Despite the social media uproar, Goyal insisted that the core business remains strong and Eternal continues to be on solid footing — no matter what anonymous insiders may be saying online.

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Reliance Retail Posts 29.1% Jump in Q4 Profit to ₹3,545 Crore, Mukesh Ambani Credits Store Recalibration and Hyperlocal Delivery Push

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Reliance Retail Posts 29.1% Jump in Q4 Profit to ₹3,545 Crore, Mukesh Ambani Credits Store Recalibration and Hyperlocal Delivery Push

Reliance Retail Ventures Ltd (RRVL), the retail arm of Mukesh Ambani’s Reliance Industries, wrapped up the March quarter of FY25 with a strong 29.1% jump in net profit, clocking ₹3,545 crore. Gross revenue during the same period climbed 15.65% to ₹88,620 crore, according to a regulatory filing by Reliance Industries Ltd (RIL).

For the full financial year ending March 2025, Reliance Retail posted a gross revenue of ₹3,30,870 crore — a growth of 7.85% over the previous year — while net profit rose 11.33% to ₹12,388 crore. In comparison, during the January–March stretch of last year, the company had earned ₹76,627 crore in gross income and posted a profit of ₹2,746 crore.

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The latest March quarter also saw operating revenue climb 16.3% to ₹78,622 crore, up from ₹67,610 crore a year ago. Digital commerce and new commerce — areas where Reliance has been aggressively expanding — made up 18% of total revenue this quarter, showing solid momentum in the company’s online and tech-driven efforts.

Reliance Retail’s EBITDA (earnings before interest, taxes, depreciation, and amortization) also rose by 14.3% year-on-year to ₹6,711 crore for the quarter.

Expansion on the ground continued as well. The retailer opened 2,659 new stores across the country during FY25, though after some store rationalisation moves, the total network stood at 19,340 outlets, covering a massive 77.4 million square feet by the end of March.

Commenting on the performance, Reliance Industries Chairman and Managing Director Mukesh Ambani said the retail business maintained steady growth throughout the year.

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“In FY25, we took a strategic look at our store network to drive better efficiency and sustainability in operations,” Ambani said. He added that a broader product lineup, better customer experience across formats, and faster hyperlocal deliveries helped the company strengthen its connect with users and tap deeper into consumer demand.

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From Noida to Korba, Families Struggle as Gold Prices Soar 29 Percent Since December, Touching ₹1,01,600 Per 10 Grams

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From Noida to Korba, Families Struggle as Gold Prices Soar 29 Percent Since December, Touching ₹1,01,600 Per 10 Grams

Gold prices in India have shot through the roof, crossing the once-unthinkable mark of ₹1 lakh per 10 grams earlier this week. The sudden surge has left not just the markets reeling, but has also caused serious worry among everyday people — especially women who had been saving up to buy gold for weddings and festivals.

Traditionally, the months around Akshaya Tritiya and the wedding season see a spike in gold purchases, as families consider it both auspicious and essential. But with prices climbing so sharply, many middle-class households are now scrambling to adjust their plans.

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According to the All India Sarafa Association, the price of 99.9% pure gold in Delhi jumped by ₹1,800 on Tuesday, touching a record ₹1,01,600 per 10 grams. Some relief came later when prices dipped slightly following hints from the US Federal Reserve about a possible rate cut and a cooling off of trade tensions with China. By Thursday, gold had eased to ₹99,400 per 10 grams.

For many, though, the damage is already done.

“My daughter’s wedding is in November, and we had set aside money to buy gold months ago. Now, with prices like this, I don’t know how we’ll manage,” said Rupa, a resident of Noida, speaking to PTI.

Buying gold jewelry has always been an emotional tradition in India — one that women, in particular, treasure. Even now, despite the steep rise, the sentiment remains strong.

“We can’t imagine celebrating a festival or a wedding without gold,” said Sushila Devi from Mayur Vihar in East Delhi. “Earlier we would buy 10 grams; now, maybe we’ll settle for five. But not buying at all is not an option.”

Since December last year, gold prices have jumped by around ₹22,650 per 10 grams — a rise of nearly 29%. In terms of returns, gold has outshined both the stock market and bonds during this period, giving investors plenty to cheer about, even as buyers feel the pinch.

For jewelry lovers like Sita Sahu from Korba district in Chhattisgarh, the price spike has been nothing short of heartbreaking.

“I buy a piece of gold jewelry every year — it’s something I look forward to. Seeing gold cross ₹1 lakh just crushed me,” she said.

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In India, gold is much more than just an ornament. It’s a form of security, a savings tool, and often the first thing families turn to in times of need. This deep-rooted relationship with gold explains why, even with sky-high prices, the love for the yellow metal shows no sign of fading.

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Phab Raises $2 Million from OTP Ventures, Capri Global, and Sim&San to Power New Product Launches and Nationwide Expansion

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Phab Raises $2 Million from OTP Ventures, Capri Global, and Sim&San to Power New Product Launches and Nationwide Expansion

Mumbai-based snack brand Phab has just raised $2 million in seed funding, with OTP Ventures leading the round. The investment also saw backing from Capri Global, law firm Sim&San, and a handful of angel investors.

Phab plans to channel the new funds into building a stronger team, boosting its manufacturing setup, and widening its footprint across online marketplaces and brick-and-mortar stores.

Launched in 2018 by husband-and-wife duo Ankit and Gayatri Chona, Phab has steadily made a name for itself in India’s booming healthy snacks market. Ankit brings deep experience from the food and beverage world, while Gayatri, a certified nutritionist, crafts products that don’t just promise high protein content but also pack serious flavour.

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“We’ve always wanted people to enjoy healthier snacks without feeling like they’re giving something up,” said Gayatri. “This investment will help us stay true to that mission—growing in a way that’s thoughtful, inventive, and focused on what people actually crave.”

Phab’s lineup includes protein bars, milkshakes, and other protein-rich treats, available on platforms like Amazon, Flipkart, Zepto, and Blinkit. So far, the brand says it has sold over two million units. While its operating revenue dropped by 12% to ₹5 crore in FY24, the company trimmed its net loss slightly to ₹6.8 crore, according to filings sourced via Tofler.

But Phab isn’t just chasing sales numbers. Tackling India’s widespread protein deficiency is also on its agenda. The startup has partnered with schools and NGOs to make affordable, protein-packed nutrition available to underserved communities.

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Looking ahead, Phab plans to roll out new product lines, expand its reach across India through multiple channels, and continue investing in its team and production capabilities to keep pace with shifting consumer habits.

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