Meesho Secures $550M Total in Latest Funding Round, Valuation Slips to $3.9-4B as It Preps for IPO

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February 1, 2025

Image of meesho — Meesho Secures $550M Total in Latest Funding Round, Valuation Slips to $3.9-4B as It Preps for IPO

Meesho Secures $250-270M Funding as New Investors Join, Valuation Drops to $3.9-4B

Ecommerce platform Meesho has reportedly closed a funding round of $250-270 million, bringing new investors like Tiger Global, Think Investments, and Mars Growth Capital onto its cap table. A significant portion of this round consists of secondary share sales, according to sources cited in an ET report.

With this latest development, Meesho’s total fundraising in the ongoing round has reached approximately $550 million (₹4,750.9 crore). This comes as the company works towards solidifying its financial and operational position, ahead of a much-anticipated public offering.

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Reverse Flip and Merger Plans

After discussions over the past year about shifting its legal domicile back to India, Meesho has filed an application with the National Company Law Tribunal (NCLT) in Bengaluru to re-register under its Indian entity, Fashnear Technologies. This reverse flip is seen as a critical step in preparing for its IPO plans.

Sources familiar with the matter also revealed that part of the newly raised primary capital will go towards covering tax liabilities associated with the reverse merger.

Investors and Valuation Update

Existing backers such as Peak XV and WestBridge Capital participated in the round alongside the new investors. A source quoted in the report mentioned, “The primary raise is primarily to cover the costs of the merger. The company has no plans to dip into its current cash reserves for this purpose.”

The funding deal values Meesho at approximately $3.9-4 billion, reflecting a 20% decline from its previous valuation of $4.9 billion. This dip in valuation follows a similar pattern seen across many growth-stage startups amid challenging market conditions.

Funding History and Business Growth

This isn’t Meesho’s first major funding milestone this year. In May 2024, the company raised $275 million through a combination of primary and secondary share sales. Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho has grown rapidly, boasting a network of over 15 lakh sellers and more than 140 million annual transacting users.

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Meesho’s leadership believes these strategic moves will strengthen its position in India’s competitive ecommerce landscape, as it continues to focus on empowering small businesses and driving digital commerce adoption across the country.

Medtech Startup SVASTEK Bags ₹2 Crore Seed Funding Led by IAN Angel Fund, Targets India’s Booming Respiratory Sector

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February 1, 2025

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Image of SVASTEK — Medtech Startup SVASTEK Bags ₹2 Crore Seed Funding Led by IAN Angel Fund, Targets India’s Booming Respiratory Sector

SVASTEK Secures ₹2 Crore Seed Funding to Revolutionize Respiratory and Critical Care

Boost for India’s MedTech Sector

Delhi-based medtech startup SVASTEK has raised ₹2 crore in seed funding, led by the IAN Angel Fund. This funding is set to accelerate the rollout of its flagship product, the ALLTIP-enabled NIV mask, while strengthening its distributor network, clinical application team, and outreach efforts across India.

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Innovative Respiratory Solutions with ALLTIP Technology

Founded in 2022 by Arita Abrol, SVASTEK focuses on addressing critical gaps in respiratory and critical care. Its ALLTIP-enabled NIV mask combines noninvasive ventilation with simultaneous nutrition delivery, offering a unique solution for patients requiring long-term respiratory support. This innovation not only enhances patient care but also aims to reduce malnutrition risks commonly associated with respiratory illnesses.

Tapping into India’s ₹48,500 Crore Respiratory Market

With India’s respiratory and critical care market valued at ₹48,500 crore (approximately $5.8 billion) and growing at a CAGR of 8.3%, SVASTEK is strategically positioned to capitalize on this expanding sector. The startup plans to expand its reach across the country, introduce new products, and eventually enter global markets to make respiratory care more accessible and affordable.

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Founder’s Vision and Industry Impact

“We’re thrilled to have secured this funding—it’s more than just financial support; it validates our mission to create impactful and transformative solutions for the medtech industry,” said Arita Abrol, founder of SVASTEK. “This investment will help us expand our team, enhance innovation, and strengthen our position in a rapidly evolving sector. India’s medtech ecosystem is flourishing, with initiatives like MedTech Mitra, BIRAC grants, and Make in India paving the way for groundbreaking advancements.”

Future Outlook

SVASTEK’s innovative approach and focus on patient-centric solutions position it as a key player in India’s medtech sector. With ambitious plans to expand its product line and global footprint, the startup aims to redefine respiratory and critical care, ultimately contributing to a healthier, more sustainable future.

Advent International in Talks to Acquire Majority Stake in Orra Fine Jewellery for ₹1,750 Crore: What This Means for India’s Jewellery Market

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February 1, 2025

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Image of orra — Advent International in Talks to Acquire Majority Stake in Orra Fine Jewellery for ₹1,750 Crore: What This Means for India’s Jewellery Market

Advent International, a prominent US-based private equity firm, is reportedly on the verge of acquiring a majority stake in Orra Fine Jewellery, which is currently owned by Rosy Blue Group, one of India’s leading diamond manufacturers and retailers. The deal, which could value Orra at between Rs 1,500-1,750 crore (roughly $174-203 million), comes as investor interest in the jewellery retail sector heats up.

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Sources close to the matter reveal that Advent has been in exclusive talks with Orra for several months, with the buyout firm poised to secure a controlling stake of 51-75%. Under the terms of the deal, Orra’s Managing Director, Dipu Mehta, will retain a minority stake, while the private equity fund will take over the company’s management and voting rights, marking a significant shift in control. There are also plans for Orra to go public in the near future.

The negotiations have now entered the final stages, with the deal’s documentation nearly complete, and an official announcement expected soon, according to industry insiders.

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Founded in 1888 and known for its design hubs in Antwerp, Tokyo, New York, Hong Kong, and India, Orra Fine Jewellery was established in 2004 to offer a range of diamond, gold, and platinum jewellery through both physical and online stores. The company has been looking for investment partners to help expand its presence both within India and internationally, especially in light of growing competition from new-age brands and the rising popularity of lab-grown diamonds.

From Viral Sensation to Retail Conquest: Gloss Ventures Locks Down a Fiery $15M Series A with Peterson Partners in the Driver’s Seat

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February 1, 2025

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Image of Gloss Ventures — From Viral Sensation to Retail Conquest: Gloss Ventures Locks Down a Fiery $15M Series A with Peterson Partners in the Driver’s Seat

Gloss Ventures, the beauty incubator responsible for TikTok-famous brands like Sacheu Beauty (a favorite of Billie Eilish) and the Gen Alpha-focused skincare line Glossmetics, has secured $15 million in Series A funding. This investment sets the stage for the company’s ambitious goal of reaching $100 million in sales within two years.

The sole backer in this round was Peterson Partners, a Salt Lake City-based private equity firm with a $2.5 billion portfolio that includes names like Allbirds, Glowbar, Bonobos, Rails Clothing, and Madison Reed. This is Peterson’s first institutional investment in Gloss Ventures, which launched Sacheu in 2020 in partnership with influencer Sarah Cheung and introduced Glossmetics in 2023. Peterson Partners is known for being the first institutional investor in many of its portfolio companies.

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Gloss Ventures CEO Quinn Roukema reflected on the partnership, saying, “Our growth trajectory kept outpacing expectations, and the relationship with Peterson Partners developed naturally during the due diligence process. We’re excited to collaborate—it’s a seamless fit.”

Brett Stohlton, a partner at Peterson Partners, shared his enthusiasm, stating, “Sacheu is at an exciting point, using innovative technology and marketing to carve out its place in the beauty industry. We’re thrilled to partner with Quinn, Sarah, and the Gloss Ventures team as they build the next breakout beauty brand.”

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In addition to the $15 million Series A funding, Gloss Ventures has secured a $5 million asset-based loan from an undisclosed lender. These funds will fuel the company’s expansion across products, retail partnerships, marketing, and international markets. This follows a $9.5 million senior debt raise in 2021 from a Canadian financial institution.

Glossmetics is preparing for a significant retail push, with plans to hit 400 U.K. stores this spring and 5,000 U.S. locations by summer. Known for delivering high-quality skincare products at under $10, the brand is already available at Urban Outfitters, Amazon, and 210 Walmart stores in Canada. Standout products include the $7.99 Lip Glaze, $8.99 Check Mate Spot Patches, and $9.99 Peptide Glazed Face Serum.

Innov8 Raises Rs 110 Crore from Mankind Pharma, Gauri Khan & Others—Here’s How It Plans to Double Its Footprint

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February 1, 2025

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Image of Innov8 — Innov8 Raises Rs 110 Crore from Mankind Pharma, Gauri Khan & Others—Here’s How It Plans to Double Its Footprint

OYO-backed coworking brand Innov8 has secured Rs 110 crore (approximately $13 million) in fresh funding from a group of high-profile family offices, including Mankind Pharma, Gauri Khan, Rupa Group, and Jagruti Dalmia. The investment round, managed by InCred, saw strong demand, with subscriptions exceeding the available stake by 2.7 times.

With this latest infusion of capital, Innov8’s valuation now stands at Rs 1,000 crore (around $120 million), after the company diluted 10% of its equity. The funds will be used to fuel expansion, acquire new properties, enhance technology, and explore strategic partnerships.

“This investment allows us to scale at a faster pace while reinforcing investor confidence in our vision and business model,” said Rakesh Kumar, Group CFO of OYO.

Originally founded by Ritesh Malik in 2015, Innov8 was acquired by OYO in 2019 but continues to operate as an independent entity. The company has set ambitious goals, aiming to double its coworking locations to 100 by 2025 and add 4 million square feet of managed office space across India in the next three years.

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Currently, Innov8 runs over 45 centers in key cities like Delhi, Mumbai, Bengaluru, Pune, Chennai, Hyderabad, and Ahmedabad, catering to more than 17,000 professionals from brands like Swiggy, IndusInd Bank, PhonePe, JioSaavn, and Tata Digital.

Riding the Wave of Flexible Workspaces

With hybrid work models becoming the norm, demand for coworking spaces has surged. Innov8 reports that its occupancy rates have exceeded 90% across its centers. To capitalize on this trend, the company recently opened two massive facilities in Mumbai—one in Navi Mumbai and another in Andheri—each spanning over 1 lakh square feet and housing up to 3,000 seats.

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Surging Profits

Innov8’s financials have seen remarkable growth. In FY24, its net profit skyrocketed to Rs 62 crore, a massive leap from Rs 2.5 crore in FY23, partly due to one-time exceptional gains. This strong performance reinforces its position as a leader in India’s booming coworking sector.

India’s UPI Revolution: From 34% in 2019 to 83% in 2024—How UPI Became the King of Digital Transactions

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February 1, 2025

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Image of UPI — India’s UPI Revolution: From 34% in 2019 to 83% in 2024—How UPI Became the King of Digital Transactions

India’s Unified Payments Interface (UPI) has emerged as a dominant force in the country’s digital payments landscape, rapidly growing from a 34% share in 2019 to a staggering 83% by 2024. This shift, highlighted in the Reserve Bank of India’s most recent payment system report, underscores UPI’s role in transforming the way the nation transacts.

Launched in April 2016 by the National Payments Corporation of India (NPCI), UPI offers a simplified and secure payment experience by consolidating multiple bank accounts into one mobile platform. It leverages virtual payment addresses (VPAs) to facilitate quick and safe transfers, making digital payments accessible to millions across the country.

The growth trajectory of UPI has been nothing short of remarkable. Over the past five years, the platform has seen an impressive compound annual growth rate (CAGR) of 74%, cementing its position as the largest retail payment system by transaction volume in India. In 2018, UPI handled 375 crore transactions worth Rs 5.86 lakh crore. By 2024, those numbers surged to 17,221 crore transactions, amounting to Rs 246.83 lakh crore—a CAGR of 89.3% in volume and 86.5% in value.

The rapid rise of UPI has come at the expense of other digital payment methods. While systems like RTGS, NEFT, IMPS, and credit cards once accounted for 66% of digital transactions, that share has dropped to just 17%, reflecting UPI’s dominance in the space.

One of the standout aspects of UPI’s growth is its ability to “democratize” digital finance, making it accessible to a wide range of users, including those from lower-income or previously unbanked segments. This has helped push cashless payments to new heights, with fewer barriers for users to embrace the digital economy.

Breaking down the types of transactions, UPI facilitates both person-to-person (P2P) and person-to-merchant (P2M) payments. P2P payments were once the dominant transaction type in terms of volume. However, since 2023, P2M transactions have overtaken P2P in frequency, signaling a shift toward greater adoption of UPI in commercial and retail settings.

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In terms of transaction values, P2P payments remain higher than P2M, though the latter is seeing rapid growth, particularly for smaller, everyday purchases. The number of low-value transactions (under Rs 500) has surged, with P2P payments rising from 394.26 crore in 2019 to 3,649.91 crore in 2024, reflecting a 56% CAGR. However, P2M payments have outpaced this growth, skyrocketing from 291.54 crore to 9,112.72 crore, a remarkable 99% CAGR.

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Similarly, medium-value (Rs 500–Rs 2,000) transactions saw P2P volumes reach 1,420.57 crore, while P2M grew to 1,106.24 crore. In high-value payments (above Rs 2,000), P2P climbed from 151.75 crore to 1,452.81 crore, while P2M jumped from 12.02 crore to 478.55 crore—an eye-catching 109% CAGR over five years.

With UPI’s continued expansion and its increasing role in everyday transactions, it’s clear that India’s digital payment ecosystem is in the midst of a massive shift.

Singapore to India: Why Zepto’s Reverse Flip Is a Power Move Ahead of Its $500 Million IPO

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February 1, 2025

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Image of zepto — Singapore to India: Why Zepto’s Reverse Flip Is a Power Move Ahead of Its $500 Million IPO

Zepto, the quick-commerce powerhouse led by Aadit Palicha, has officially shifted its domicile from Singapore to India, a crucial step ahead of its much-anticipated IPO, which is expected to raise between $400 million and $500 million. This strategic move, known as a reverse flip, received approvals from both Singaporean courts and India’s National Company Law Tribunal (NCLT), clearing the path for the company’s public listing.

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Zepto’s CFO Weighs In

Ramesh Bafna, Zepto’s Chief Financial Officer, reflected on the complexity of the process in a LinkedIn post, emphasizing the meticulous planning involved. “This was about mastering technical intricacies, working with the right partners, removing roadblocks, and making real-time tactical decisions,” he wrote.

Joining the League of Homegrown Giants

With this transition, Zepto now joins a growing list of high-profile Indian startups—including Groww and PhonePe—that have brought their headquarters back to India. Co-founder and CEO Aadit Palicha framed the move as a defining moment for the country’s startup ecosystem.

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“This marks a historic milestone, not just for Zepto but for the Indian startup landscape as a whole,” Palicha wrote on LinkedIn. “It reflects growing confidence in Indian capital markets and a future where top-tier startups build and scale in India for the benefit of Indian shareholders.”

Having secured over $1.5 billion in funding so far, Zepto’s next big milestone will be its IPO—one of the most anticipated public listings in India’s startup ecosystem.

CRED’s Bold Move: Kunal Shah Unveils Beta Version of e₹ Wallet in Partnership with RBI and YES BANK

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February 1, 2025

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Image of cred — CRED’s Bold Move: Kunal Shah Unveils Beta Version of e₹ Wallet in Partnership with RBI and YES BANK

Kunal Shah, the founder of CRED, has officially launched the beta version of its e₹ wallet, in partnership with the Reserve Bank of India (RBI), marking a significant milestone for the country’s digital currency landscape.

This new development introduces India’s Central Bank Digital Currency (CBDC) to the fintech sector, positioning it as a game-changer for digital transactions. In an announcement on X, Shah described the CRED e₹ wallet as a “fundamental shift” in how money moves within India, highlighting its features such as instant and programmable transactions backed by the RBI.

The launch follows a 2024 proposal by the RBI to expand the accessibility of the CBDC, opening the door for non-bank payment operators, like CRED, to facilitate these transactions—something that was previously limited to banks. Currently, 15 banks, including major players like SBI, ICICI Bank, HDFC Bank, and Axis Bank, are offering CBDC wallets.

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India’s Digital Rupee, or e₹, operates similarly to physical currency but in a digital format. It offers the same benefits as physical cash—ease of use, RBI backing, and guaranteed settlement. The digital rupee can be used for receiving, sending money, and making payments, just like a traditional ₹ note.

CRED has partnered with YES BANK to launch the e₹ wallet, with YES BANK acting as the sponsor bank. The partnership will enable the seamless issuance of CBDC tokens from the RBI to CRED, a non-banking payment service operator. YES BANK’s MD and CEO, Prashant Kumar, expressed pride in the collaboration, stating that it would set new standards for digital payments in India.

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Currently, users who are whitelisted for the beta version can make payments to UPI-linked bank accounts and send or receive funds to other CBDC wallets. To get started, users must complete a video KYC process before they can load their e₹ wallets via UPI.

The wallet comes with a transaction cap of INR 10,000 per transfer (with a daily limit of INR 50,000), and the storage capacity is capped at INR 1 lakh. Additionally, merchant transactions made through the wallet will incur no fees.

Zomato’s Bold Moves: Shalin Bhatt’s Comeback, $2.5 Billion Ticketing Acquisition, and Quick Commerce Expansion

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February 1, 2025

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Image of zomato — Zomato’s Bold Moves: Shalin Bhatt’s Comeback, $2.5 Billion Ticketing Acquisition, and Quick Commerce Expansion

Zomato has rehired its former executive, Shalin Bhatt, to lead the dining out division, replacing Sankalp Kathuria, who stepped down as the senior vice-president and business head of Zomato Dining in December 2024. This move was first reported by Economic Times.

Bhatt initially left Zomato in 2021 to launch a bootstrapped SaaS and e-commerce venture after the company went public, but the startup was shut down two years later. His return signals Zomato’s renewed focus on its dining out vertical, which has undergone several changes recently.

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In a notable shift, Zomato brought back former senior executives Rahul Ganjoo and Pradyot Ghate in July 2024 to scale the dining out segment. That was followed by a major acquisition in August 2024, when Zomato bought Paytm’s entertainment ticketing business for INR 2,048 crore.

Zomato then merged the dining out business with the ticketing segment, launching the ‘District’ app in November 2024 to combine restaurant reservations with bookings for movies, sports, and live events. The app has already crossed 6.5 million downloads and is led by Ganjoo.

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The company is also working on expanding its quick commerce platform, Blinkit, which faces rising competition. Zomato is experimenting with faster food delivery services through Blinkit’s Bistro and a new 15-minute food delivery offering under the Zomato brand.

On the financial side, Zomato raised INR 8,500 crore (about $1 billion) through a qualified institutional placement (QIP) in November 2024. However, its net profit for Q3 FY25 dropped 57.2% to INR 59 crore, down from INR 138 crore in the same period the previous year. This was attributed to a slowdown in the food delivery segment and increased competition in the quick commerce space. Operating revenue, however, saw a 64% increase, rising to INR 5,405 crore from INR 3,288 crore year-over-year.

Zomato’s stock ended the trading session on January 28, 2025, at INR 208.35, up 1.07% on the BSE.

How ShopMy’s $77.5 Million Boost Is Powering Its Ambitious Expansion into Wellness, Food, and International Markets

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January 31, 2025

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Image of shopmy — How ShopMy’s $77.5 Million Boost Is Powering Its Ambitious Expansion into Wellness, Food, and International Markets

ShopMy, a tech startup focused on influencer marketing, has raised $77.5 million in a Series B funding round, co-led by Bessemer Venture Partners and Bain Capital Ventures. The latest investment pushes the company’s valuation to $410 million, up from $80 million just a few months ago in March 2024. Along with the primary investors, the round also saw participation from Menlo Ventures, Inspired Capital, AlleyCorp, and well-known personalities such as YouTube influencer Camila Coelho and social media stars Jett and Campbell “Pookie” Puckett.

The funding round comes amid a surge of investment into influencer marketing platforms, with industry projections from eMarketer forecasting a 14.2% year-on-year increase in influencer marketing spending in 2025, outpacing growth in both digital and social media advertising.

ShopMy provides a range of tools for advertisers, including solutions to streamline gifting programs, identify niche micro-influencers, and create commerce links that influencers can share with their followers. Influencers earn commissions based on purchases made through their shared links, while brands use these links to track sales and monitor the effectiveness of their campaigns. ShopMy earns revenue through subscription fees charged to advertisers and a percentage of the sales generated via its platform.

Chris Erwin, founder of RockWater, a creator economy consultancy, noted that platforms like ShopMy are gaining momentum because they offer advertisers a way to measure the return on investment more precisely, converting awareness-driven campaigns into tangible sales. “Affiliate commerce, where influencers drive actual sales through shoppable links, has become a compelling proposition for brands,” Erwin explained.

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Founded just four years ago, ShopMy now counts over 550 brands and 100,000 creators as part of its growing network. The platform has taken active steps to attract influencers, including a high-profile marketing campaign that featured a poster drive and a party at New York Fashion Week’s exclusive Zero Bond venue last September.

As competition in the social commerce industry intensifies, ShopMy faces challenges from rival platforms like Mavely, which was acquired by Later for $250 million, and LTK, which has had its own legal skirmishes with ShopMy. LTK previously sued ShopMy over allegations of false advertising and trademark infringement, though the lawsuit was dropped after ShopMy ceased the contentious ads.

Currently focused on sectors such as beauty, fashion, and skincare, ShopMy plans to use its new funding to branch out into other advertising categories, including wellness, maternity, food, and family products. The company is also eyeing international expansion.

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With AI technologies starting to infiltrate traditional advertising, ShopMy’s founders, including Harry Rein, Tiffany Lopinsky, and Chris Tinsley, believe that influencer marketing’s human-centered approach will become even more valuable. “As AI starts to shape advertising in new ways, the power of human recommendations and connections will only grow stronger,” said Rein. “We believe this shift will position us to become a major player in the industry.”

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