Reliance Retail’s beauty retail platform, Tira, announced on Wednesday the launch of its new skincare brand, ‘Akind’, co-founded by Mira Kapoor. The brand was unveiled at Tira’s flagship store at Jio World Drive in Mumbai.
Accessibility: Online and Offline Channels
The brand will be accessible at Tira through both online and offline channels.
The brand features three categories of formulations designed to “fulfill specific roles in enhancing skin barrier health.”
Isha Ambani, Executive Director of Reliance Retail Ventures Limited, expressed, “We are thrilled to debut Akind, Tira’s inaugural skincare brand in our portfolio of proprietary brands. This launch marks a noteworthy milestone in Tira’s trajectory. As we advance and grow, our dedication to innovation and excellence remains steadfast.”
Mira Kapoor, Co-Founder of Akind, shared, “My skincare journey truly commenced when I began tuning into my skin’s needs. The Akind range was crafted with meticulous attention, incorporating care, experimentation, and thorough research into potent ingredients tailored to address specific concerns. Partnering with Tira, the premier hub for curated beauty brands, perfectly embodies our vision and brings it to fruition.”
“Through Akind, my aim is to spread the delight of skincare that transcends skin types, prioritizes barrier health, delivers high performance, and remains budget-friendly, empowering everyone to achieve their skin’s optimal state, as I have,” she added.
In a statement, the company emphasized, “The introduction of Akind as its first skincare brand reaffirms Tira’s dedication to offering customers a wide array of top-notch, innovative products spanning beauty and personal care segments.”
GD Prasad, Yashas Alur and Rahul Bajaj (Co-Founders of VS Mani & Co) with singer Anirudh Ravichander
VS Mani & Co, renowned for its South Indian filter coffee and delectable snacks, has enlisted the renowned singer of “Why This Kolaveri Di,” Anirudh Ravichander, as its co-founder and brand ambassador. This strategic move is geared towards enhancing its footprint and capturing a larger market share in Tamil Nadu and Karnataka. As part of this collaboration, Ravichander will also be a stakeholder in the company, further solidifying his commitment to its success.
Celebrity Endorsements and Investments
For VS Mani & Co, known for its appearance on Shark Tank, this marks another significant celebrity endorsement. Previously, it has received investments from Sobhita Dhulipala, Rana Daggubati, Ranbir Kapoor, Disha Patani, and more. The brand believes that collaborating with celebrities aids in solidifying its status as a household name.
Although it operates in several cities, the company’s focus is on penetrating the South Indian market before pursuing extensive expansion in other regions. This rationale elucidates the decision to bring Ravichander on board as a co-founder. However, the company has not disclosed the specifics of the arrangement with Ravichander.
Anirudh Ravichander, music composer and co-founder of VS Mani & Co, expressed, “VS Mani & Co is revolutionizing the world of filter coffee for my generation. I felt compelled to play a more active role in their journey, beyond being just a consumer. Additionally, I aspire to promote our rich South Indian cuisine and exquisite filter coffee to a global audience.”
The company focuses on consumers aged 27 to 40, as this demographic is inclined towards paying for convenience. Chennai, Bengaluru, Hyderabad, and Mumbai rank as the top cities for the company in terms of revenue contribution.
“We are excited to collaborate with Anirudh as we embark on establishing a premier brand for South Indian filter coffee and snacks. As a prominent figure in the South Indian music industry, he embodies the essence of our food and culture impeccably,” stated the company’s founders.
Established in 2020 by GD Prasad, Yashas Alur, and Rahul Bajaj, VS Mani & Co has secured a cumulative funding of $1.5 million from investors such as Kettleborough VC, Lets Venture, Hyderabad Angels, Supermorpheus, among others.
Founder and CEO Romita Mazumdar revealed that the Mumbai-based startup intends to utilize the new funds to broaden its digital presence and introduce additional categories into its product portfolio.
Foxtale’s Skincare Offerings
Established in 2021, Foxtale specializes in tailored skincare solutions designed to combat a range of skin issues, including acne, aging, and hyperpigmentation, among others.
Foxtale offers an extensive array of skincare items, including serums, masks, moisturizers, face washes, and sunscreens. These products are available for purchase on Foxtale’s website, various online marketplaces, and select offline stores.
Foxtale boasts accessibility to users in over 100 cities throughout India, targeting women aged 23-35 in tier I, tier II, and tier III cities with its products.
Financial Performance and Growth Targets
In FY24, the startup reported a gross merchandise value of INR 172 crore, primarily driven by sales from its official website.
Moreover, it claims a retention rate of over 50% and aims to achieve profitability by FY25.
Foxtale competes with Nykaa, Mamaearth, Purplle, MyGlamm, Plum, and other similar brands.
Foxtale’s Funding History
In March, the startup secured INR 119 crore (approximately $14.4 million) in funding, led by Panthera Growth Partners. Existing investors, including Matrix Partners India and Kae Capital through various entities, also participated in the round.
Before that, in 2022, it secured $4 million in its pre-Series A funding round, spearheaded by Matrix Partners India.
In the thriving D2C segment, beauty and personal care (BPC) products have experienced rapid expansion in recent years. This growth is fueled by robust consumer demand for personalized products designed specifically for their unique skin and body needs.
The changing landscape of the beauty and personal care (BPC) industry has given rise to numerous innovative brands, garnering substantial funding from investors.
Last week, skincare solution startup CHOSEN by Dermatology secured a seed funding of $1.2 million (approximately INR 10 crore) from friends and family.
Earlier reports indicated that Bengaluru-based WOW Skin Science was in discussions with investors to raise between $65 million and $75 million at a valuation of $400 million.
According to a report by IMARC Group, the BPC market in India reached $26.3 billion in 2022 and is expected to reach $38 billion by 2028, with a compound annual growth rate (CAGR) of 6.45% between 2023 and 2028.
CYK Hospitalities, a leading end-to-end F&B consultancy, has facilitated the launch of Casa Dona, a Mexican quick-service restaurant, in DLF Cyber Park, Gurugram. This marks the second outlet of Casa Dona, the first being at Hudson Lane, Delhi. CYK has been instrumental in meticulously curating every detail to complement the essence of the Mexican QSR experience.
From crafting the logo to developing brand identity and packaging, to curating and executing the menu and pinpointing the optimal location for the QSR, CYK has devoted itself to guaranteeing that every facet of Casa Dona’s presentation mirrors a dedication to excellence and ingenuity.
A Culinary Journey Through Mexico: Casa Dona’s Menu Highlights
CYK has meticulously crafted a distinctive menu that honors the heart of Mexican cuisine. From flavorful tacos to tangy enchiladas, each dish embodies a culinary odyssey through Mexico’s vibrant gastronomic legacy. Adding a unique twist, the consultancy has introduced homemade nachos in beetroot and spinach flavors. To ensure seamless operations at the new outlet, CYK has diligently trained and selected staff members who embody a collective passion for delivering outstanding service with each guest interaction.
The interiors and ambiance are tastefully designed, bringing the lively flavors of Mexico closer to Gurugram residents. Casa Doña’s dedication to authenticity shines in every detail, from the precisely crafted menu to the welcoming hospitality.
Sandeep Bansal, the Founder of Casa Dona, said, “CYK Hospitalities, renowned for their culinary mastery, has been instrumental in shaping Casa Dona’s offerings. Their expertise ensures that every dish caters to the diverse palate of D.L.F Cyber Park’s corporate offices, promising an unforgettable dining experience for all patrons.”
Pulkit Arora, Director of CYK Hospitalities, commented on the successful launch of Casa Dona, stating, “From inception, we aligned Casa Dona’s vision with prevailing market trends and consumer preferences. We meticulously selected the ideal location, recognizing its paramount significance for brand expansion. Additionally, we meticulously crafted the menu and conceptualized interior designs to establish a unique and inviting ambiance that embodies the values of the Mexican cuisine while resonating with our target demographic. Our culinary experts collaborated closely with Casa Dona to curate a diverse and enticing menu, showcasing the finest of Mexican culinary heritage to delight our guests.”
CYK Hospitalities also played a pivotal role in establishing Casa Dona’s base kitchen in North Campus, Delhi, optimizing operations to ensure a smooth culinary experience.
A drop of 4.5% in gold prices over three weeks, from a peak of INR 74,222 per 10 gm, has invigorated consumer confidence. Mumbai’s Zaveri Bazaar, Asia’s largest gold market, is bustling with activity. Jewellers like Joyalukkas, Senco Gold & Diamonds, PNG Jewellers, Kama Jewelry, and more are witnessing a surge in foot traffic and demand, up by 10-15% compared to two months prior.
Election Model Code Lift Boosts Market
The decline in prices has encouraged some consumers to purchase gold bars and coins. Additionally, the lifting of the election model code of conduct, which was in place since the start of April, has enticed consumers back to the market, as they are now able to carry more cash beyond INR 50,000 and make jewellery purchases.
The Model Code of Conduct (MCC) prohibits carrying cash exceeding INR 50,000, as well as new items worth more than INR 50,000, without supporting documents.
Kumar Jain, proprietor of Umedmal Tilokchand Zaveri based in Zaveri Bazaar, remarked, “The atmosphere is optimistic not only here but across the country. Jewellers are replenishing their stocks with new items, and customers are actively purchasing gold. In the weeks ahead, we anticipate a further increase in sales.”
Current Gold Price Status
As of Tuesday, the price of gold was approximately INR 70,900 per 10 gm.
Saurabh Gadgil, managing director of Pune-based PNG Jewellers, expressed, “We’ve experienced increased foot traffic thanks to the price decrease and the establishment of a stable central government. Additionally, the relaxation on cash limits for purchasing jewellery has contributed positively. The previous constraints on cash movement, which dampened demand since April, have been alleviated. We’ve observed a 15% rise in demand.”
The decline in the price of gold was attributed to profit-taking, especially following the release of the Federal Reserve meeting minutes. These minutes suggested a lack of confidence among policymakers regarding the likelihood of immediate interest rate cuts.
The decrease in prices has also spurred families planning weddings later in the year to purchase jewellery. Suvankar Sen, managing director of Senco Gold & Diamonds, remarked, “The decline in gold prices has motivated customers to revisit our stores and commence their wedding shopping. Concerned about potential price increases, they’re opting to buy gold ahead of time. Demand has surged by 15% in the past week alone.”
Baby George, CEO of the jewellery retail chain Joyalukkas, reported a 10-15% rise in sales across their stores in India. He attributed this increase primarily to the softening of gold prices.
H&M India, a globally recognized retailer known for delivering sustainable fashion and quality at unbeatable prices, has unveiled its H&M Home concept at Inorbit Mall, Madhapur. Covering an area of 2,012 square meters, this inauguration marks a significant achievement for H&M in Hyderabad, providing customers with an enriched shopping venture featuring the highly anticipated H&M Home collection.
The store presents the newest Summer Collection alongside the H&M Home assortment, addressing a wide array of customer preferences. Fashion enthusiasts have the opportunity to delve into a versatile array of collections for Ladies, Kids, and Men, with prices commencing at an attractive INR 399. For the younger fashion aficionados, the Kids’ collection starts at INR 299, providing trendy options. H&M’s Summer Collection showcases an eclectic blend of flowing silhouettes, daring prints, and vivid hues. Standout pieces include inventive knitted kaftans, crochet items, billowy maxi sun dresses, and coordinated skirts or shorts sets paired with bikini tops, ideal for summer getaways.
The Home concept presents a selection of high-quality bed linens, dinnerware, and home décor items tailored to complement diverse interior aesthetics. Whether customers seek contemporary showpieces or enduring favorites, the Home collection encompasses all the necessities for crafting a chic living environment. With prices kicking off at a mere INR 149, the collection endeavors to democratize luxurious living, ensuring accessibility for all.
Yanira Ramirez, Country Sales Manager at H&M India, expressed her excitement, stating, “We’re thrilled to introduce our much-anticipated Home concept to our Hyderabad store, aiming to bring a touch of chic and contemporary home décor to this dynamic city. Our objective is to inspire and present the latest trends in home décor, complementing our fashion offerings. We are steadfast in delivering top-notch quality at competitive prices, all while staying true to our commitment to sustainability.”
Aligned with H&M’s commitment to sustainability, the newly opened store in Hyderabad is actively participating in the Garment Collect initiative, urging customers to recycle clothing and textiles, irrespective of brand or condition.
Nykaa, the leading beauty and fashion destination in India, has introduced its second Luxe Store on JLN Marg in Jaipur. Situated within the Horizon Tower at Jewel of India, one of Jaipur’s esteemed residential locales, this expansive store spans over 2000 square feet. It presents a wide array of makeup, skincare necessities, and fragrances sourced from renowned Indian and international labels.
Product Offerings: Makeup, Skincare, and Fragrances
Customers visiting the new Nykaa Luxe store can browse through a diverse range of brands, including MAC, Kayali, Kay Beauty, Nykaa Cosmetics, L’oreal Paris, and Clinique. Exclusive labels such as Charlotte Tilbury, Murad, Sol De Janeiro, and e.l.f cosmetics are also showcased, with Urban Decay marking its debut in Jaipur at this location. Catering to opulent gifting needs, the store offers fragrances from Yves Saint Laurent, Kama Ayurveda, Tom Ford, Carolina Herrera, and Versace. Enthusiasts of Korean Beauty will discover their beloved brands like Laneige, Innisfree, Etude House, The Face Shop, and Cosrx, enriching their skincare regimens.
Nykaa’s dedication to its clientele shines through its comprehensive beauty services provided at the store, guaranteeing a personalized experience for each visitor. The skilled beauty advisors are proficient in the latest trends and offer customized guidance to enhance beauty regimens.
Nykaa’s transition from a digital beauty hub to a frontrunner in harmonizing virtual and in-store shopping experiences has reshaped India’s beauty retail scene. The first Nykaa store debuted in 2014 at Terminal 3 of Delhi’s Indira Gandhi International Airport. In Jaipur, this marks the third outlet, following Nykaa Luxe in Vaishali Nagar and a Nykaa On Trend Store on MI Road. The latest addition at Horizon Tower underscores Nykaa’s commitment to physical retail, characterized by ongoing innovation and an unwavering focus on customer satisfaction.
This development comes after the merchandising company concluded a successful campaign for the Indian Premiere League (IPL) where it built and managed official Mega Stores for 7 IPL teams, including Rajasthan Royals, Punjab Kings, Kolkata Knight Riders, Gujarat Titans, Lucknow Super Giants and Sunrisers Hyderabad.
Expansion Strategy: Airport Outlets and Retail Chains
FanCode Shop will collaborate with specific outlets to extend the availability of its merchandise at airports across Mumbai, Ahmedabad, Delhi, Hyderabad, Kolkata, and Bangalore, enhancing its distribution network.
The merchandise company also stated that its products will be accessible at chosen retail store chains nationwide.
Product Range: Fashionable Fan Apparel and Accessories
Fans can select from an array of fashionable casual apparel options, including vests, caps, t-shirts, polos, shorts, joggers, sweatshirts, and accessories like backpacks, tote bags, bottles, and keychains. Prices begin at INR 299, and there is a kid-focused collection as well.
“We’re delighted to continue working with the ICC to make affordable and high-quality merchandise available to Indian fans,” stated Prasana Krishnan, Co-Founder of FanCode. “Our collection has shown to be quite popular, and we’ll keep giving the fans the chicest accessories to show off their passion.”
Founded in 2020, FanCode Shop has collaborated with various sports and fitness brands. It provides official sports fan gear and merchandise from notable names including the NBA, IPL Teams, NFL, PSG, Barcelona, Juventus, FC Barcelona, WWE, SG, Nivia, and Elevar football teams.
Beauty retailers and brands with omnichannel strategies are garnering significant investments from venture capital and private equity firms, fueled by increasing demand following the Covid-19 pandemic.
Abu Dhabi’s sovereign fund ADIA recently spearheaded a $100 million investment in Mumbai’s Purplle, a beauty retailer, comprising both primary and secondary funding. The investment values Purplle at $1.2-1.3 billion, marking a 15% increase from its last funding round, according to sources familiar with the matter.
Creaegis, a private equity fund led by former Premji Invest partner Prakash Parthasarathy, known for its investments in Third Wave Coffee, is poised to participate in Purplle’s upcoming funding round as a new investor. Discussions are reportedly in the final stages of completion. Additionally, Premji Invest, an existing investor in Purplle, has reaffirmed its commitment to the company, according to sources familiar with the situation.
During a secondary share sale, current shareholders sell their shares to new investors, and the proceeds do not directly benefit the company’s finances.
MCaffeine, known for its caffeine-infused skincare and haircare products, is currently in the midst of raising funds. Sources familiar with the situation reveal that the company is considering engaging strategic investors in addition to ongoing discussions with financial investors for its upcoming funding round.
“ADIA has spearheaded this funding round. Additionally, a few smaller family offices are also participating through a fund dedicated to managing investments for high net worth individuals,” disclosed one individual familiar with the matter.
The company is anticipated to officially announce the round within the upcoming days.
A representative from ADIA declined to provide a comment, and emails sent to Purplle founder Manish Taneja and a spokesperson for Creaegis did not yield any response.
MCaffeine founder Tarun Sharma refuted any involvement with “strategic investors” for funding purposes.
The funding would be directed towards MCaffeine’s parent company, PepTechnologies, which also encompasses the newly introduced skincare brand, Hyphen.
Emergence of New Beauty Brands
Experts anticipate the emergence of several INR 400-500 crore beauty brands in India, despite the increased presence and competition from major players like Nykaa, Myntra, Reliance’s Ajio, and Tira in the beauty sector.
Over the past few months, skincare brand Foxtail secured funding from Panthera Growth Partners, while haircare brand Traya received capital from Xponential Capital.
“Both Traya and Foxtail received offers from several investors to lead their funding rounds,” stated an individual familiar with the details. “Following the recent funding, these companies have doubled their monthly sales to approximately INR 15 crore. Moreover, their high gross margin business models have garnered investor interest in achieving profitability at scale.”
In March, Honasa Consumer, the parent company of Mamaearth, introduced a budget-friendly beauty brand called Staze 9to9. Meanwhile, its skincare brand, The Derma Co, which is backed by active ingredients, achieved an annual revenue run rate (ARR) of INR 500 crore in April.
“Companies are introducing new brands to stimulate growth,” remarked an individual monitoring deals within the beauty sector. “Newer brands are growing faster and reaching significant milestones than older brands, despite often relying on premium pricing strategies. Hyphen has been launched with a similar strategic approach,” the individual added.
Although the increase in brands intensifies competition, “new-age brands are distinguishing themselves across various aspects beyond just pricing,” noted one of the aforementioned sources. “Despite the heightened demand, certain companies haven’t experienced substantial growth, underscoring the significance of product quality,” the source emphasized.
Platform Expansion into Beauty
In May, Myntra CEO Nandita Sinha emphasized that beauty is one of the primary focus areas for the company moving forward.
A recent report from BofA Securities indicated that beauty products are experiencing accelerated growth on quick-commerce platforms. There have been reports of platforms such as Blinkit, Zepto, Swiggy Instamart, and BigBasket’s BB Now expanding their offerings to include more beauty products.
This, along with other new entrants, may reshape the fundraising landscape for the quick commerce unicorn, which was on track to raise $300-350 million and achieve a valuation of $2.5-3 billion.
A group of private equity funds and Zepto’s existing investors, including Nexus Venture Partners, are also participating in what has become one of the most sought-after deals in the consumer internet sector this year, despite ongoing challenges in late-stage fundraising.
“The round began in April and has since drew significant interest from a number of top-tier investors, according to a person familiar with the situation. “The financing is nearly complete, and an official announcement could come at any time.”
Another individual familiar with the situation stated, “There has been heightened activity in the round over the past week, with the potential for additional external investors to participate… If that happens, it will be closed in stages.”
Queries directed towards Zepto, DST Global, and Lightspeed went unanswered.
This current fundraising effort will mark one of Zepto’s fastest scale-ups.
Despite the high cash burn typically associated with consumer-centric businesses like ultra-fast-delivery platforms, investors are enticed by their growing popularity.
Zepto’s Rapid Growth Trajectory
According to financial analysts monitoring Zepto, the Mumbai-based startup, originally launched as the grocery delivery app KiranaKart during the pandemic, has surpassed $1.4 billion in annualized gross sales run rate as of May. A run rate is an estimate projected from the current financial performance.
Zepto is positioning the fundraising as a pre-initial public offering (IPO) round, while simultaneously preparing to transition back from Singapore. “The company aims to commence preparations for its public debut within a year,” stated a source familiar with the matter.
DST Global’s interest goes against the current trend, as the investment fund, led by Russian-Israeli tech billionaire Milner, has been decreasing its presence in India. Its portfolio now mainly consists of the B2B commerce startup Udaan, ecommerce giant Meesho, and the used car trading platform Cars24.
Once regarded as one of the most dynamic late-stage investors in the domestic consumer internet sector, DST had supported early industry giants like Flipkart and Ola. However, globally, DST has been adopting a more cautious approach since 2021.
According to insiders, Lightspeed’s investment in Zepto will be made through its growth-stage investment vehicle. In recent months, Lightspeed has finalized significant deals, such as with Razorpay, using its global fund. Additionally, it has been assessing other late-stage investment opportunities.
Competition Intensifies in India’s Quick Commerce Sector
The quick commerce sector stands out as one of the most fiercely competitive segments in India’s consumer internet industry, boasting several well-funded players including Zomato-owned Blinkit, Instamart by Swiggy, and BB Now by Tata Digital’s BigBasket.
On Tuesday, Zomato announced an investment of INR 300 crore into Blinkit, which aims to expand its network to 1,000 ‘dark stores,’ up from the 526 it had as of March 31. To provide context, Zepto currently operates 350 such warehouses, while Instamart has over 500.
Walmart-owned Flipkart, which recently concluded a nearly $1-billion funding round, is set to launch its quick delivery service next month. Amazon is also closely monitoring this rapidly growing segment, indicating that major marketplaces view quick commerce as a significant contender.
JM Financial recently projected that quick commerce would reach $6 billion in gross merchandise value (GMV) by the end of 2025.
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