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Cashify Surpasses INR 900 Crore in Revenue, Reduces Losses by 63% in FY24

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Cashify, the re-commerce platform for used electronics, posted a modest 14.4% increase in revenue year-on-year, surpassing INR 900 crore for the fiscal year ending March 2024. 

Cashify Successfully Reduces its Losses

At the same time, the company, backed by NewQuest Capital, significantly reduced its losses by 63%. According to its annual financial report, Cashify’s revenue from operations grew to INR 935 crore, up from INR 817 crore in FY23, as per data filed with the Registrar of Companies (RoC). 

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The platform, which primarily deals in the buying and selling of used phones and laptops, also collaborates with leading OEMs like Xiaomi, OnePlus, and Samsung for trade-in programs. Additionally, Cashify partners with major e-commerce platforms such as Amazon and Flipkart to streamline the trade of refurbished devices.

Cashify’s Sophisticated Revenue Model 

In FY24, the sale of pre-owned electronics, including mobile phones, speakers, laptops, tablets, gaming consoles, and smartwatches, accounted for 91.5% of Cashify’s total operating revenue. This segment saw a 12.3% increase, reaching INR 856 crore. The remaining revenue was generated through commissions and mobile repair services.

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The Gurugram-based company also earned INR 19.8 crore from non-operational services, bringing its total income to INR 955 crore for FY24, up from INR 832 crore in the previous fiscal year.

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Cashfree Payments Signs Rajkummar Rao as Brand Ambassador for New Campaign

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Cashfree Payments Signs Rajkummar Rao as Brand Ambassador for New Campaign

Cashfree Payments, an Indian payments and API banking platform, has appointed Bollywood actor Rajkummar Rao as its brand ambassador. 

This announcement comes alongside the launch of their new campaign, “Move Fast,” which focuses on promoting the platform’s fast and dependable payment solutions.

Rajkummar Rao Joins as Brand Ambassador 

The campaign was introduced through a digital film that highlights Cashfree Payments as a trusted partner for businesses seeking quick onboarding, seamless transactions, and strong support. 

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By bringing Rajkummar Rao on board, the fintech company aims to reflect its bold and dynamic approach, with the digital film capturing the brand’s vision for a sharper, more innovative future.

The CEO Gives his Take on this Deal

Cofounder & CEO Akash Sinha made a statement on this big step by the company, he wrote: “We are excited to welcome the talented Rajkummar Rao as the brand ambassador. Our refreshed brand centres around one core idea: ‘Move Fast’. With us, businesses can adapt and grow confidently, knowing we support their evolving needs. ‘Move Fast’ isn’t just about the present; it’s about partnering with businesses for the future and empowering them to stay ahead of the curve. 

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Talking about their partnership with Rao as their brand ambassador, he said: “With Rajkummar Rao onboard, this campaign reinforces our commitment to providing businesses with the speed, flexibility, agility and support they need to grow and thrive in an ever-evolving digital world.” 

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STRCH Taps Bollywood Star Vaani Kapoor to Represent Premium Activewear Brand

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STRCH Taps Bollywood Star Vaani Kapoor to Represent Premium Activewear Brand

STRCH an Indian premium activewear brand has roped in popular Bollywood actress and fitness influencer Vaani Kapoor as brand ambassador. 

Bollywood Actress Vaani Kapoor Becomes STRCH’s Brand Ambassador 

STRCH aims to revolutionizing activewear by prioritizing comfort, practicality, and fashion, designed specifically for today’s health-conscious consumer. Vaani Kapoor, renowned for her grace and commitment to fitness, perfectly embodies the brand’s ethos. 

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Her active lifestyle and natural sense of style align perfectly with STRCH’s mission to inspire individuals to live confident, healthy lives, the company stated in a press release. 

Founder of STRCH Opines on this Partnership 

Commenting on this partnership, the founder of the company gave the following statement: “Vaani Kapoor’s partnership with STRCH as the brand ambassador speaks volumes about our shared belief in an active lifestyle with premium, high-quality activewear that is functionally modern in design. Vaani, as the fitness and fashion icon in India, makes the perfect celebrity to help us revolutionize the activewear segment in India.”

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Speaking on her new association with the fast growing brand, Kapoor said: “I am excited to partner with STRCH, a brand that truly understands the needs of today’s fitness and fashion enthusiasts. I prioritize both comfort and style in my activewear, and STRCH’s innovative designs and premium fabric blend align perfectly with my style. I hope this collaboration empowers like-minded individuals to stay active and feel confident. I look forward to joining STRCH on this journey to revolutionize the active lifestyle.”

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Enoki’s New Mexican Brand “Taquitos” Brings Authentic Flavours to Gurugram

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Enoki’s New Mexican Brand “Taquitos” Brings Authentic Flavours to Gurugram

Enoki Hospitality has come up with a fascinating new food service brand named “Taquitos – Mexican Taqueria”. 

The same was announced by the founder & CEO of Enoki Hospitality on social media via a post. 

CEO of Enoki Hospitality Announces a New Brand

Porus Arora, CEO & founder of Enoki Hospitality wrote: “Delighted to introduce Taquitos – Mexican Taqueria, a gourmet Mexican delivery by Enoki Hospitality Pvt Ltd.” The said brand would start its operations in the city of Gurugram. The service aims to offer authentic Mexican food, complete with the exciting and exotic flavours of the cuisine. 

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The statement continued: “At Taquitos, we bring the vibrant spirit of Authentic Mexican street food culture to Gurgaon, offering an authentic culinary experience that celebrates bold flavors and fresh ingredients. From tender Birria Tacos to Jumbo Burritos and hearty Bowls, every dish is crafted to take your taste buds on a flavorful journey.” 

Enoki’s New Initiative Takes on a Competitive Market 

Mexican food is quite popular & is an increasingly growing market in India. This new offering by Enoki promises to spice up the Mexican food scene with established veterans like Taco Bell already in the market. 

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Arora concluded his statement by announcing that the service would start its operations in Gurugram: “Now delivering across Gurgaon—experience the magic of Mexico from the comfort of your home.”

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Record-Breaking Growth: Indian Tourists Flood the US, Boosting Hotels and Airlines

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Record-Breaking Growth: Indian Tourists Flood the US, Boosting Hotels and Airlines

There is a huge surge in Indian tourists visiting the United States & hotels travel companies are cashing on this boom. 

In the first 10 months of 2024 nearly 1.9 million Indian tourists visited the US, representing a 48% rise from the figures from 2019. 

US Sees a Record Breaking Surge of Tourists from India

These figures stemmed from data from the US National Trade and Tourism Office (NTTO). This boom in tourism from India to the US is a result of 50 per cent jump in visas issued for business visits and 43.5 per cent increase for leisure.   

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The surge in international travel from India can be attributed to the growing middle class, increased travel spending, and expanded flight options. In contrast, visitor numbers from China, Japan, and South Korea have declined significantly, with decreases of 44.5%, 50.8%, and 23.9%, respectively, compared to pre-pandemic levels in 2019, according to NTTO data.

The Underlying Reasons Behind this Boom

India’s boom in international travel is driven by a growing middle class, larger travel budgets, and expanded flight availability.

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Commenting on this sharp surge of tourism from India to the US, Laura Lee Blake, CEO of the Asian American Hotel Owners Association said: “Indian travelers are stepping up to fill part of the gap left by lower visitation from China, Japan, and South Korea”.  

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KKR Gains CCI Approval for Investment in Rebel Foods Through Secondary Share Purchase

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The Competition Commission of India (CCI) has approved KKR’s subsidiary, Royce Asia Holdings, to acquire a stake in Rebel Foods, the cloud kitchen unicorn, through a secondary transaction. 

This deal will involve the purchase of both regular shares and compulsorily convertible preference shares (CCPS), though the exact amount of the stake being acquired remains undisclosed.

Details of this Investment 

Earlier reports had indicated that KKR was poised to buy between $50 million and $75 million worth of shares from existing investors, Peak XV Partners and Coatue, in a deal that would value Rebel Foods between $800 million and $860 million.

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This approval comes on the heels of Rebel Foods’ impressive $210 million funding round, led by Temasek, which was completed just last week. The Series G funding round further strengthens Rebel Foods’ position as a leader in the cloud kitchen space, and KKR’s investment is seen as a sign of growing confidence in the company’s future growth prospects.

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The CCI’s Reasoning Behind the Order

The CCI noted that the deal is being filed under the “green channel route,” a process that allows transactions to be deemed approved if they do not pose any risk of significantly affecting competition. In this case, the CCI concluded that the transaction would not lead to any adverse impact on market competition in India, particularly as the companies involved do not have horizontally overlapping or vertically complementary business operations.

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Google Names Preeti Lobana as VP and Country Manager to Lead India’s Digital Push

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Google Names Preeti Lobana as VP and Country Manager to Lead India’s Digital Push

Google recently appointed Preeti Lobana as the new country manager and vice president for Its India operations. 

The position was previously held by Sanjay Gupta, who has now moved on to serve as the tech giant’s president of the Asia Pacific region. 

Preeti Lobana, Google’s New VP for India is a seasoned professional 

A statement released by Google introduced Lobana as a seasoned professional, it reads: “A seasoned Googler with eight years of experience as Vice President of customer-centric solutions, Preeti will now spearhead Google India’s sales and operations, driving the company’s commitment to India’s burgeoning digital economy”.  

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Lobana will work closely with Roma Datta Chobey, who served as the interim country manager and will now continue in her role as Managing Director for Google India’s Digital Native Industries.

Google’s Head of Asia Pacific Region Comments on the Appointment 

On the other hand, Sanjay Gupta also released a statement on this new appointment to the top executive position. It reads: “With AI poised to redefine the boundaries of what’s possible, I am incredibly excited to welcome my colleague, Preeti, as our new Country Manager…”

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Praising his successor to his erstwhile office, Gupta wrote: “Preeti’s leadership will be instrumental as we deepen our engagement with India’s unique ecosystem, leveraging AI advancements like Gemini 2.0 to accelerate digital inclusion and unlock unprecedented economic opportunities for every Indian.”

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Zomato’s Global Finance Head Hemal Jain Resigns 

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Zomato’s Global Finance Head Hemal Jain Resigns 

The global head of finance and chief financial officer of Zomato’s business-to-business grocery supply vertical Hyperpure, Hemal Jain has resigned from the company. 

Zomato’s Global Head of Finance Hemal Jain Quits

Jain’s exit follows closely after Zomato received an Rs 803 crore demand notice from the Goods and Services Tax (GST) authorities. In response, Zomato stated that it plans to challenge the GST demand.

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Hemal Jain had been with Zomato for more than six years, having joined the company in 2018. Her final day at the Gurgaon-based firm will be January 31. Jain reported directly to Zomato’s CFO, Akshant Goyal. As part of the senior management team, she played a key role in Zomato’s initial public offering in July 2021. Before joining Zomato, Jain spent over ten years at Hindustan Unilever.

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Hemal Jain’s Resignation Letter 

The resignation letter by the top executive was shared online, & it reads: “I hereby tender my resignation as Head – Business Finance of the Company. Please accept my last working day as 31st Jan, 2025. I have had the privilege of being part of the Zomato journey and its dynamic team over the past 6 years. However, after much reflection, I have taken this tough decision to move on and explore a different path. I take this opportunity to thank everyone in Zomato for the support extended to me during my tenure. I wish Zomato the very best for continued success.” 

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Hollister Arrives in India: Myntra to Bring Popular Brand to Local Shoppers

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Hollister Arrives in India: Myntra to Bring Popular Brand to Local Shoppers

Popular American apparel brand Hollister is entering the Indian market via a partnership with Myntra Jabong, the business-to-business (B2B) wholesale arm of Myntra. 

Hollister Collabs with Myntra to Debut in the Indian Market

This exciting collaboration was announced by Myntra via a statement which reads: “This marks a significant milestone in the country’s evolving fashion journey. Abercrombie & Fitch and Hollister, known for their timeless style and exceptional quality, are sure to woo Gen Z, millennials, and beyond with their unmatched quality and style” 

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Hollister has a great reputation worldwide for its trendy casual clothing and has a sizeable international presence. It is headquarters in Libertyville, Illinois, and manages manufacturing and distribution centers across three continents. 

Myntra’s Grand Plans 

As part of Myntra’s ongoing efforts to bring top global brands to Indian consumers, the company is set to introduce Abercrombie & Fitch, along with its sibling brand Hollister, to the Indian market. This move is aligned with Myntra’s strategy to offer Indian shoppers a wide range of international fashion and lifestyle choices. Abercrombie & Fitch is expected to debut in India with both standalone stores and an online presence in late 2025, marking a significant addition to the country’s retail offerings.

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Founded in 1892, Abercrombie & Fitch has established itself as a leader in premium casual wear, known for its blend of classic styles and modern designs. The brand caters to a broad audience, including men, women, and children, and operates through a strong omnichannel model across the globe. In addition to its flagship offerings, the company also owns Abercrombie Kids, a children’s clothing line, and Gilly Hicks, a brand focused on athleisure and loungewear.

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CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

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CarDekho SEA Secures $60M to Fuel Expansion Across Southeast Asia

CarDekho SEA, a Singapore-based auto financing platform and a subsidiary of India’s CarDekho Group, has raised $60 million in its first round of external funding. 

CarDekho Gets Massive Investment 

The investment, led by Navis Capital Partners and Dragon Fund, brings the company’s valuation to over $300 million. This latest funding pushes CarDekho SEA’s total investment to more than $100 million, including $40 million from its parent company.

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The company plans to use the funds to expand its presence across Southeast Asia, with a particular focus on Indonesia and the Philippines, where it sees strong growth potential in the used car and bike financing markets.

CarDekho Expands its Global Footprint 

Founded in 2020, CarDekho SEA quickly established a strong foothold in key markets like Indonesia (through OTO Indonesia) and the Philippines (via Carmudi and Zigwheels). The company expanded further in 2021 by acquiring Carmudi, which helped it tap into markets in Indonesia, the Philippines, and Thailand.

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CarDekho SEA operates as an aggregator for auto financing, setting itself apart with tech-driven solutions. Its asset-light business model relies on partnerships with over 50 financial institutions and 20,000 dealers and retail agents. The platform also uses AI and machine learning to improve credit assessments and reduce fraud, addressing a major challenge faced by small used car dealers who often struggle to access financing directly.

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