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Indian Startup Funding in 2024: A Mixed Bag of Growth and Challenges

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Indian Startup Funding in 2024: A Mixed Bag of Growth and Challenges

Optimism around startup funding has been fueled by the rise of ventures built on strong fundamentals rather than cash-burning models. However, the year wasn’t without its hiccups. Mid-year data revealed a dramatic dip in weekly funding, dropping from $200 million in mid-July to just $42 million by the end of the month—a figure among the lowest recorded since January 2023.

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But how does 2024 stack up overall?

According to Inc42’s Annual Funding Report 2024, Indian startups raised over $12 billion in fresh capital this year, a 20% increase compared to $10 billion in 2023. The total number of deals also rose by 11%, with 993 deals closed by December 21, 2024. This brings funding levels in line with 2020—the year the funding boom began—when startups raised $12 billion through 953 deals.

However, the numbers remain far from the record-breaking $42 billion raised across 1,584 deals in 2021 or even the $25 billion raised in 2022 through 1,517 deals. While private funding showed year-on-year growth, public market activity took center stage in 2024, with startup IPOs hitting a new high

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The IPO Surge

This year saw 13 new-age tech companies, including Swiggy, MobiKwik, and Awfis, raise capital through initial public offerings. Additionally, already-listed players like Zomato, Nazara, Zaggle, and Veefin tapped public markets for further funding.

The trend reflects a growing appetite for startup IPOs, with public listings emerging as a crucial funding avenue. This shift has helped startups diversify their funding sources beyond traditional private equity and venture capital.

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Founder Reminds Zepto’s Aditya Palicha: The Planet Shouldn’t Pay for Fast Marketing

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Founder Reminds Zepto’s Aditya Palicha: The Planet Shouldn’t Pay for Fast Marketing

In the race to capture customer attention, many D2C (Direct-to-Consumer) platforms and brands rely heavily on sampling. The idea is simple: offer customers a taste of your product, and hopefully, they’ll convert into loyal buyers. While this strategy may appear effective on paper, it comes with a hidden and devastating cost—the environment.

A recent post by Soumya Parmar sheds light on this issue. Sharing her experience with Zepto, she wrote: “This is my third box of Fantastic 2025 full of single-use plastic that you have sent with our order.”

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The concern stems not just from the frequency of receiving these sample boxes but from the sheer amount of waste they generate. Soumya suggests potential solutions, such as limiting one sample box per customer ID or providing clearer opt-out options. Despite opting out herself, she still received the samples, highlighting a gap in execution.

Single-Use Plastic Overload

Beyond excessive packaging, there’s the issue of the type of materials used. Most of these samples come in sachets or multi-layered plastic packaging, which, as Soumya points out, are “a nightmare for recyclers to recycle.” She rightly questions:

“How are you thinking about recycling this? Or offsetting this?”

The scale of operations for companies like Zepto amplifies the problem. Imagine millions of these sample boxes being distributed across the country, most of them ending up in landfills. Without a plan for sustainable packaging or recycling, the environmental cost is staggering.

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The Hidden Dangers of 10-Minute Meal Deliveries

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The Hidden Dangers of 10-Minute Meal Deliveries

The race among quick-commerce platforms like Zepto Café, Zomato’s Bistro, and Swiggy Bolt to deliver meals in under 10 minutes has captured the attention of convenience-loving customers. But beneath the allure of speed lies a growing concern about the nutritional quality of these meals. 

Orthopaedic surgeon and NutriByte Wellness co-founder, Dr. Manan Vora, has joined the chorus of voices cautioning against this trend, emphasizing the health risks associated with such ultra-fast food services.

Dr. Vohra Pens a Viral Post

In a LinkedIn post, Dr. Vora broke down the logistics of these rapid deliveries, stating, “For the food to be delivered in 10, it needs to be cooked in 3 minutes or less. And they can only achieve this with ultra-processed, ready-to-eat meals—pre-cooked, frozen, microwaved, and delivered.”

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Convenience vs. Health

Dr. Vora urged consumers to weigh the cost of convenience against their long-term health. “If you don’t have home-cooked food, ordering in is fine—but be patient and wait for fresh meals. Don’t compromise your health for the sake of speed.”

This fast-paced delivery model not only prioritizes time over quality but also normalizes a dependence on processed foods that could have lasting consequences for public health.

A Message to the Industry

Dr. Vora didn’t mince words in addressing the quick-commerce giants directly. He concluded his post with a blunt appeal: “Dear Zomato, Swiggy, and Zepto: We don’t want ultra-processed garbage delivered in 10 minutes!”

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As the demand for faster services grows, it’s crucial for both consumers and companies to consider the hidden costs of such convenience. Are we willing to trade our health for speed? Or is it time to rethink the balance between fast food and good food?

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Zypp Electric Partners with e-Sprinto to Expand EV Fleet for Sustainable Delivery Solutions

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Zypp Electric Partners with e-Sprinto to Expand EV Fleet for Sustainable Delivery Solutions

Zypp Electric, a leading electric vehicle (EV)-based last-mile delivery service, has forged a strategic alliance with e-Sprinto, an electric two-wheeler manufacturer. 

This partnership is aimed at integrating 30,000 high-speed e-Sprinto electric vehicles into Zypp Electric’s fleet over the next three years.

Zypp Electric Collabs with e-Sprinto

This collaboration underscores both companies’ commitment to promoting sustainable transportation while improving the livelihoods of delivery pilots. A key aspect of the partnership is a focus on providing exceptional after-sales support, ensuring the longevity and reliability of the fleet.

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The new fleet of e-Sprinto electric vehicles will enhance the efficiency of Zypp Electric’s last-mile delivery operations, empowering 30,000 delivery pilots with reliable, advanced vehicles. This, in turn, will lead to better productivity and earnings for the pilots, while simultaneously contributing to reducing carbon emissions and fostering eco-friendly urban logistics.

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Top Executive Opines on this Partnership 

Rashi Agarwal, Co-Founder and CBO of Zypp Electric, commented on the collaboration, saying, “With the growing demand for EVs in the last-mile delivery sector, Zypp needed strong partnerships to control the supply. Partnering with e-Sprinto is a pivotal move for us as we aim to deploy 200,000 electric vehicles in the next three years, significantly advancing zero-emission last-mile delivery solutions.”

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Suba Group of Hotels Debuts in Ludhiana with Click Hotel Kohinoor

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Suba Group of Hotels Debuts in Ludhiana with Click Hotel Kohinoor

The Suba Group of Hotels has expanded its footprint with the launch of Click Hotel Kohinoor in Ludhiana, marking its first property in the bustling city. Located on the prominent Pakhowal Road, the hotel enjoys excellent connectivity to the city’s air, road, and rail networks, offering convenience to both business and leisure travelers.

Chairman Expresses Enthusiasm for New Project

“This opening is a landmark moment for us as we continue to grow our presence across India,” said Mansur Mehta, chairman and managing director of Suba Group of Hotels. “With 92 properties already operational and 35 more in development, our commitment to bringing top-tier hospitality to key destinations remains stronger than ever. 

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Ludhiana, with its rich cultural heritage and status as an industrial powerhouse, is a natural fit for our portfolio. Click Hotel Kohinoor reflects our dedication to offering exceptional service and experiences tailored to meet the evolving needs of our guests.”

The Property Has World Class Attributes 

The property features 25 elegantly designed rooms, a multi-cuisine restaurant, spacious banquet halls, and a swimming pool. With modern facilities including 24/7 front desk services, fully-equipped conference rooms, and banquet spaces, the hotel is well-suited for corporate events, weddings, and other social gatherings. Its prime location ensures easy access to Ludhiana’s major attractions and business hubs, making it an ideal choice for visitors.

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“Ludhiana plays a critical role in India’s industrial landscape, renowned for its leadership in the cycle, hosiery, and auto parts sectors,” said Mubeen Mehta, CEO of Suba Group of Hotels. “Our expansion into this city aligns with our vision to grow strategically while contributing to regional economic development and creating local job opportunities. Click Hotel Kohinoor is a testament to our commitment to fostering connections and becoming part of Ludhiana’s dynamic growth story.”

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NIKO Redefines Gurugram Dining with Bold Asian Flavors and a Modern Vibe

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NIKO Redefines Gurugram Dining with Bold Asian Flavors and a Modern Vibe

NIKO, a vibrant new dining destination in Gurugram, Delhi NCR, brings modern Asian flavors to life through the art of fire. 

Founded by Alisha Mehra, Pratinav Meera Pratap Singh, Sid Mathur, and Kula Naidu, the restaurant aims to redefine the local culinary scene.

Director Explains the Project 

“We wanted to create something that didn’t already exist in Delhi—a place where bold flavors meet a laid-back, welcoming vibe,” shared Alisha Mehra, a Cordon Bleu graduate and NIKO’s director. “NIKO isn’t just about special occasions; it’s a space where regulars can come, relax, and feel at home with incredible food and drinks. From our nostalgic 90’s R&B and hip-hop playlists to a menu that offers its own perspective on Asian dining, we’re focused on staying authentic to who we are. Our guests seem to really connect with that.”

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The restaurant’s menu pushes the boundaries of Asian cuisine and mixology, creating a curated experience of innovative dishes and cocktails. Pratinav Pratap Singh, co-founder of NIKO, explained, “We believe every space has a story, and NIKO’s is one of quality, creativity, and unmatched hospitality. Our guests are the heart of what makes NIKO special. Seeing them return week after week is the ultimate reward. Since opening, we’ve been fully booked every weekend, and that’s a testament to the love and support we’ve received.”

NIKO Boasts Awesome Amenities

Spanning 2,000 square feet, NIKO offers seating for 92 guests in a sleek, thoughtfully designed space. The interiors balance soft beige tones, clean stone surfaces, and warm leather accents to create an understated yet luxurious atmosphere. A contemporary bar invites guests to unwind, while the open kitchen brings a sense of theater to the dining experience, allowing diners to watch the artistry behind their meals unfold.

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With its unique blend of flavors, style, and hospitality, NIKO promises to be more than just a restaurant—it’s a space to savor, unwind, and connect.

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Rare Rabbit Soars: Hits Rs 600 Crore Milestone in FY24

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Rare Rabbit Soars: Hits Rs 600 Crore Milestone in FY24

Rare Rabbit, a homegrown premium fashion label, achieved a significant milestone in FY24 by surpassing Rs 600 crore in revenue, marking a standout year for the brand. 

This was also the year it secured its first-ever external funding.

Rare Rabbit Makes Phenomenal Revenue 

Radhamani Textiles, the Bengaluru-based parent company behind Rare Rabbit and women’s fashion label Rareism, reported an impressive Rs 637 crore in revenue for FY24. This represents a 69% increase compared to the previous year. Net profit for the period also saw a dramatic rise, soaring to Rs 75 crore from Rs 32 crore in FY23, according to financial data obtained from Tofler.

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These results highlight Rare Rabbit’s remarkable performance during a challenging economic climate, where many other established fashion players faced slower consumer spending.

The Condition of Competitors 

In comparison, Aditya Birla Fashion & Retail’s lifestyle brands, which include names like Louis Philippe and Allen Solly, posted revenues of Rs 6,560 crore in FY24—a slight dip of 1% year-on-year.

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Earlier this year, Radhamani Textiles raised Rs 500 crore in its first institutional funding round. Investors included A91 Partners, Zerodha cofounder Nikhil Kamath, and Ravi Modi’s family office (the founder of ethnic wear giant Manyavar). The deal valued the company at Rs 2,600 crore.

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Limelight Diamonds Expands with New Chennai Store, Eyes Growth in Lab-Grown Diamond Market

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Limelight Diamonds Expands with New Chennai Store, Eyes Growth in Lab-Grown Diamond Market

Limelight Diamonds, a prominent brand in the lab-grown diamond jewelry sector, has officially opened its first store in Chennai, marking the 23rd outlet in India. The Mumbai-based company plans to launch seven more stores by the end of the year to meet the growing demand for lab-grown diamonds.

Top Executive Expresses her Excitement 

Founder and Managing Director Pooja Sheth Madhavan expressed her excitement about the new store’s opening, noting the positive response the brand has received. “Chennai is a city that beautifully blends rich tradition with contemporary style, making it an ideal location for Limelight. 

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We are thrilled to bring our unique blend of traditional craftsmanship and modern luxury to this vibrant city,” she said. Madhavan hopes the new store will be just as well-received as their other locations, offering high-quality, expertly crafted jewelry with distinctive designs.

The Growing Lab-Grown Diamond Industry 

The lab-grown diamond industry, according to Madhavan, is seeing significant growth, with a year-on-year increase of 15-20%, driven by broader consumer acceptance. She pointed out that awareness of lab-grown diamonds has surged, with most customers now recognizing that they are chemically identical to mined diamonds, being composed of carbon.

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The affordability of lab-grown diamonds—thanks to the savings on mining costs—has made them an attractive alternative for consumers looking to enhance their jewelry collection, Madhavan added.

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Handpickd to Expand Its Fresh Produce Delivery Service Across Gurgaon and Delhi NCR

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Handpickd to Expand Its Fresh Produce Delivery Service Across Gurgaon and Delhi NCR

Handpickd, India’s pioneering direct-to-consumer (D2C) platform for fresh produce, is planning to roll out more than 30 new micro-markets across Gurgaon and Delhi NCR over the next year. The platform, co-founded by Anant Goel, Nitin Gupta, and Sahil Madan, aims to revolutionize how fresh fruits and vegetables are delivered to consumers.

The story of Handpickd

Goel, who previously launched Milkbasket, India’s first overnight and contactless grocery delivery service, introduced Handpickd in April 2024 through the Apple and Google Play stores. Since its launch, Handpickd has fulfilled over 100,000 orders and delivered more than 400,000 kilograms of fresh produce across two micro-markets in Gurgaon. Currently, the brand operates at an annual revenue run rate of Rs 10 crore.

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“We don’t just sell fruits and vegetables—we facilitate a kind of matchmaking,” Goel explains. “When a customer walks into a store and picks out their fresh produce, they’re matching themselves to the items they need. That’s what we’re doing online at scale—helping customers select exactly what they want.”

Handpickd’s USP

What sets Handpickd apart from other apps is its flexibility. Unlike traditional platforms that force consumers to order set quantities or pre-packaged sizes, Handpickd allows users to select exactly how much produce they want. Customers can also specify the ripeness and size of their items, with the app’s algorithm ensuring that the order meets these exact preferences.

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To address inefficiencies in the fresh supply chain, Handpickd has implemented a zero-inventory model that minimizes waste. Additionally, any produce that doesn’t meet initial sorting standards is reintroduced into the supply chain at the right moment, eliminating the need to discard unsold items. This approach ensures that customers receive fresh, high-quality produce while also reducing waste.

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Pasta Street Makes Its Debut in Delhi NCR with New Punjabi Bagh Outlet

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Pasta Street Makes Its Debut in Delhi NCR with New Punjabi Bagh Outlet

Pasta Street, the popular dining chain known for its Italian flavors, has expanded its presence into the National Capital Region with a new outlet in Punjabi Bagh, Delhi, located on Club Road. 

Pasta Street’s Main Attractions

The restaurant offers a diverse Italian menu, featuring everything from pizzas and ravioli to gnocchi, mocktails, cocktails, and delicious desserts. Guests can enjoy the unique experience of watching chefs craft their meals in an open kitchen.

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Manish Kumar, Executive Director of Pasta Street, shared his excitement about the expansion, saying, “Delhi is a prime market for the hospitality industry, and we’re eager to make our mark here. Following our success in Bengaluru, we plan to open five more outlets across Delhi-NCR, including in Gurugram and Noida, by the end of 2025, bringing an authentic taste of Italy to the region.”

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About Pasta Street – the Italian Restaurant 

Founded in 2011 by Italian entrepreneur Massimiliano Gini, Pasta Street was born out of a passion for sharing genuine Italian cuisine with India. Since its launch in Bengaluru, where it now operates eight outlets, the brand is focused on growing its footprint, with new locations planned for Noida, Gurugram, Mumbai, Pune, and Hyderabad in the near future.

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