Gold Jewellery Sales to Shrink in FY26 as Prices Soar, But Investment Demand Stays Strong

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May 30, 2025

Image of gold jewellery — Gold Jewellery Sales to Shrink in FY26 as Prices Soar, But Investment Demand Stays Strong

India’s love affair with gold isn’t ending anytime soon—but rising prices are definitely changing how people buy it. A new report by ICRA predicts that gold jewellery consumption by volume could drop 9-10% in FY26, thanks largely to a massive 33% spike in gold prices over the past year.

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While people may cut back on buying jewellery, they’re turning to gold as a financial safety net. Demand for gold bars and coins—often seen as safer investment options—jumped 17% and 25% in FY24 and FY25, as global uncertainties and geopolitical tensions made investors nervous. That trend isn’t going away, either. ICRA expects bars and coins to make up around 35% of total gold demand in FY26, with demand rising another 10%.

Interestingly, even though people are expected to buy less jewellery by weight, the total value of jewellery sales is still projected to grow—by 12-14% in FY26. That’s on top of the 28% value jump in FY25, which was driven almost entirely by the surge in gold prices.

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Jitin Makkar, Senior VP and Group Head at ICRA, explained that larger, organised jewellery retailers are still expected to do well. Their revenues could climb 14-16% year-on-year, helped by expanding store networks, climbing gold prices, and a continued shift of market share away from smaller, unorganised players. A favorable calendar with more auspicious days for weddings and festivals will also help prop up demand.

KhiladiPro Raises $1M to Revolutionize Grassroots Sports Scouting in India

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May 30, 2025

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Image-of-khiladiPro — KhiladiPro Raises $1M to Revolutionize Grassroots Sports Scouting in India

Bengaluru-based sportstech startup KhiladiPro has secured $1 million in pre-seed funding, marking a major step forward in its mission to overhaul how young talent is identified and nurtured in Indian sports.

The investment round saw participation from Shastra VC and MGA Ventures, who co-led the funding, along with a mix of notable family offices and individual investors. Among them were M Pallonji, Jeena & Co., Ayaz Billawala, Nimesh Kampani, and Jaimin Bhat—lending a strong vote of confidence in the startup’s vision.

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Founded in August 2023 by Utkarsh Yadav, KhiladiPro is attempting something few others in India are doing: blending cutting-edge video-based AI analysis with globally recognized training models to assess young athletes through nothing more than a smartphone.

The fresh capital will go toward scaling the company’s reach across India and fine-tuning its in-house AI technology. The startup’s flagship tools, like the KPro Sports Ability Test (SAT) and the Khiladi Ability Index (KAI), are designed to give clear, structured insights into a child’s athletic capabilities—something that’s often missing in India’s chaotic grassroots sports scene.

The assessments are rooted in international methodologies like Fundamental Motor Skills (FMS) and the Long-Term Athlete Development (LTAD) model, which are used by sports academies and Olympic training programs worldwide. KhiladiPro brings that level of rigor to schools, academies, and families across India, with nothing more than a mobile phone and a video recording.

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For a country where sporting potential often gets lost in the noise, KhiladiPro is trying to turn raw talent into measurable progress—and investors are clearly paying attention.

Razorpay Co-Founder Shashank Kumar Brings Parent Firm Back to India Ahead of IPO Dreams: $7.5 Billion Fintech Completes Reverse Flip

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May 30, 2025

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Image of razorpay — Razorpay Co-Founder Shashank Kumar Brings Parent Firm Back to India Ahead of IPO Dreams: $7.5 Billion Fintech Completes Reverse Flip

After months of planning, the fintech giant has successfully shifted its parent entity’s base from the U.S. to India—an important milestone as the company gears up for a potential IPO.

The announcement came after Razorpay’s board was informed that the Regional Director (Southeast) of the Ministry of Corporate Affairs had signed off on the merger between Razorpay Inc. (the U.S. entity) and Razorpay Software Pvt. Ltd., which is headquartered in Bengaluru. With that, the long-discussed “reverse flip” is now complete.

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This move was made possible thanks to updated regulations that simplify the process for companies wanting to relocate back to India, bypassing the National Company Law Tribunal (NCLT) and instead working directly through the Reserve Bank of India and the MCA. With all approvals now in place, Razorpay’s global headquarters officially sits in India.

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“We’ve crossed a big milestone,” said Shashank Kumar, co-founder of Razorpay. “This isn’t just a legal or logistical change—it’s deeply personal. Razorpay was always about building for India, and now, by planting our global HQ here, we’re making a clear statement: India is where our heart is, and it’s where we’re building our future.”

Poonawallas Bet Big on Ayurveda: Yohan and Michelle Back TOVA’s Herb-Infused Water Brand in Strategic Undisclosed Deal

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May 30, 2025

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Image of tova. — Poonawallas Bet Big on Ayurveda: Yohan and Michelle Back TOVA’s Herb-Infused Water Brand in Strategic Undisclosed Deal

Yohan and Michelle Poonawalla—well-known names in both business and philanthropy—have made a strategic investment in TOVA, a young beverage startup that’s putting a modern spin on India’s ancient wellness traditions. While the exact size of the deal hasn’t been disclosed, the backing itself is a strong signal of confidence in the brand’s potential.

TOVA, launched in 2022 by Lakshmi and PS Srinivasan under the Ayushkalki Wellness banner, focuses on functional hydration. Its line of herb-infused waters draws directly from Ayurveda, offering blends designed to support immunity and overall health—without compromising on taste or convenience.

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Working closely with Indian food tech researchers, the team behind TOVA has developed a set of clean, thoughtfully formulated drinks that are equal parts therapeutic and refreshing. The idea? Take centuries-old herbal knowledge and repackage it into something that fits neatly into a busy, modern lifestyle.

For the Poonawallas, the investment is more than just financial. “We’re strong believers in encouraging healthier living, and TOVA stands out for the way it connects ancient wisdom with today’s wellness needs,” said Yohan Poonawalla, Chairman of the Poonawalla Group. “We’re excited to be part of their journey and help scale their impact.”

Michelle Poonawalla, Director at the Group, echoed the sentiment: “TOVA’s commitment to quality, innovation, and sustainability mirrors our own values. This partnership is about backing a vision that’s both forward-thinking and rooted in something timeless.”

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TOVA is now setting its sights on expanding distribution, growing its product lineup, and becoming a familiar name in health-conscious homes across India—and beyond.

Cleevo Bags $1 Million to Supercharge Manufacturing, R&D, and Global Ambitions

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May 30, 2025

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Image of cleevo — Cleevo Bags $1 Million to Supercharge Manufacturing, R&D, and Global Ambitions

Cleevo, the emerging home hygiene startup, has just pocketed $1 million in seed funding as it gears up for its next phase of growth. The round was led by Eternal Capital and saw backing from a strong lineup of investors including Zeca Capital, DeVC, Utsav Somani’s iSeed, Suhail Sameer of OTP Ventures, Sumit Jalan, Ajay Kumar (Action Tesa Group), Alok Mittal (Indifi), and select members of the Venture Garage investor network.

Started with a goal of modernising everyday hygiene products, Cleevo has quietly built a loyal customer base—serving over 1.5 lakh households via online marketplaces like Amazon, Flipkart, and Zepto, alongside its own direct-to-consumer store.

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With fresh capital in the bank, the company is now looking to scale its operations aggressively. The plan? Multiply manufacturing output tenfold, invest heavily in R&D to develop more advanced formulations, and widen its digital footprint. It’s also exploring B2B distribution and testing the waters in a few international markets, signaling a much bigger play on the horizon.

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Cleevo’s team says this round marks a key milestone in its mission to take on legacy hygiene brands with cleaner, smarter alternatives—and to do it with speed.

Ola Electric’s Losses Deepen to ₹870 Crore in Q4 FY25 Amid Demand Slump and Piling Inventory

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May 30, 2025

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Image of ola — Ola Electric’s Losses Deepen to ₹870 Crore in Q4 FY25 Amid Demand Slump and Piling Inventory

Ola Electric, helmed by Bhavish Aggarwal, ended the March 2025 quarter with a bruising net loss of ₹870 crore—more than double the ₹416 crore it reported in the same quarter last year. The steep drop comes as India’s largest electric two-wheeler manufacturer finds itself navigating a tough patch marked by falling demand, delayed deliveries, and operational hiccups.

Revenue from operations nosedived 62% year-on-year to ₹611 crore, a stark fall from ₹1,598 crore in Q4 FY24. Scooter registrations mirrored the slide, dropping 52% to 56,760 units. But Ola’s own internal delivery tally came in even lower, at just 51,375 scooters—pointing to swelling unsold stock sitting idle in warehouses or showrooms.

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On the profitability front, the numbers were grim. The auto division’s EBITDA margin took a nosedive, crashing from -9.3% to a staggering -78.6% in just one year. Ola’s overall consolidated EBITDA for the quarter plummeted further into the red at -101.4%, reflecting intense margin pressure and ballooning provisioning costs.

Despite the dismal results, there was one silver lining. The company’s gross margin nudged up slightly to 19.2%, thanks largely to its next-generation Gen-3 scooters. These new models promise 20% more performance and range, while shaving off 11% in production cost compared to their Gen-2 predecessors—making them a small but significant bright spot in an otherwise rocky quarter.

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As Ola Electric gears up for the coming months, the question now is whether its Gen-3 platform can drive a turnaround—or whether the company’s ambitious scale-up has run ahead of real-world demand.

Inside Phab’s ₹50 Crore Protein-Powered Play: How Gayatri and Ankit Chona Are Shaking Up India’s Healthy Snacking Scene

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May 30, 2025

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Image of phab — Inside Phab’s ₹50 Crore Protein-Powered Play: How Gayatri and Ankit Chona Are Shaking Up India’s Healthy Snacking Scene

Snacking habits are getting a serious makeover. The greasy, grab-and-go fast food of the past is being replaced by smarter choices that come with a side of health benefits. This quiet revolution picked up steam during the pandemic, when people started paying more attention to what they put into their bodies.

Before “clean eating” became a buzzword, Gayatri Chona—a nutritionist and wellness coach—was already thinking ahead. In 2018, she teamed up with her husband, Ankit Chona (the man behind the popular Ahmedabad-based ice cream and QSR chain HOCCO), to launch Phab. The name gives a nod to the brand’s core focus: protein.

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Phab started with a simple mission—make nutritious snacks that don’t taste like cardboard. Its first offering? A line of protein bars that quickly found a fanbase. Since then, the brand has expanded its portfolio to nearly 40 products, available in thousands of retail stores and across major online platforms.

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Entirely bootstrapped, Phab isn’t slowing down. The team is gearing up to drop fresh product lines, roll out innovative store formats, and explore new sales channels—all with an eye on making healthy snacking more accessible and a lot more fun.

Mumbai Startup Snabbit Bags $19M from Lightspeed, Elevation & Nexus to Disrupt India’s $5B Home Services Market

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May 30, 2025

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Image of snabbit — Mumbai Startup Snabbit Bags $19M from Lightspeed, Elevation & Nexus to Disrupt India’s $5B Home Services Market

Mumbai-based Snabbit, a young but fast-growing startup known for zippy home help at the press of a button, has landed $19 million in fresh funding. The round was led by Lightspeed, with continued support from Elevation Capital and Nexus Venture Partners, both of whom backed Snabbit earlier.

This new injection of capital comes on the heels of a $5.5 million Series A just a few months ago. With barely a year under its belt, Snabbit is clearly picking up steam. The company now plans to leap from operating in a few Mumbai and Bengaluru neighborhoods to over 200 hyperlocal zones in the next nine months — an ambitious sprint that reflects the scale of its ambition.

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The brain behind Snabbit is Aayush Agarwal, who once served as chief of staff at Zepto. He started Snabbit in 2024 after noticing a gaping hole in how everyday home chores are handled in urban India. Whether it’s a messy kitchen, laundry pile, or unexpected cleanup, Snabbit lets users summon trained help — fast. Most bookings are fulfilled within 10 to 15 minutes, thanks to the startup’s densely packed service zones and a tightly controlled operations model.

Unlike traditional platforms that simply connect users to freelancers, Snabbit runs a full-stack setup. It hires and trains workers directly, verifies their identities in partnership with Idfy, and handles all backend logistics. Instead of charging per task, the company bills by the hour — a move intended to bring fairness and transparency for both customers and staff.

Currently active in areas like Powai, Thane, Marol, Bellandur, and Sarjapura, Snabbit’s footprint is still small — but not for long, if Agarwal has his way. “There’s been massive innovation in ride-sharing and online shopping,” he said in a conversation with The Economic Times. “But home services have stayed stuck in the past. We’re trying to change that — with trust, quality, and reliability baked in from the ground up.”

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With fresh funding and growing momentum, Snabbit is aiming to make calling for home help as normal — and as fast — as ordering a cab.

Ziniosa Raises Undisclosed Funding from IPV to Scale India’s Preloved Luxury Market; Targets Rs 15 Cr Inventory, 40% YoY Growth

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May 29, 2025

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Image-of-ziniosa — Ziniosa Raises Undisclosed Funding from IPV to Scale India’s Preloved Luxury Market; Targets Rs 15 Cr Inventory, 40% YoY Growth

Ziniosa, a Bengaluru-based startup making waves in the luxury resale space, has just pulled in fresh investment from Inflection Point Ventures (IPV), one of Gurugram’s leading angel networks. While the size of the deal hasn’t been disclosed, the plans that follow are anything but small.

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Co-founded by Ashri Jaiswal and Varun Ramani, both engineers who swapped code for couture, Ziniosa has been building momentum since its launch in 2020. The platform offers pre-owned high-end fashion — think Chanel jackets, Louis Vuitton totes, and Gucci accessories — all authenticated and curated for discerning Indian shoppers looking for both style and sustainability.

The newly secured funds will go towards assembling a stronger core team, upping brand visibility, rolling out tech upgrades, and launching their first physical store — a move that signals confidence in the tactile side of luxury retail.

“The idea of ‘preloved’ fashion isn’t just about bargains — it’s about a smarter, more conscious way to shop,” says co-founder Ashri Jaiswal. “At Ziniosa, we’re not just enabling resale, we’re trying to rewrite how Indian consumers approach luxury.”

Ziniosa’s inventory currently includes over 10,000 pieces across seven categories, with everything from statement bags to shoes and apparel. Impressively, the entire Rs 15 crore stockpile was acquired without upfront inventory costs — a deliberate business model that reduces financial risk while preserving margin.

Their growth numbers are just as striking: a 40% year-on-year jump, driven by a loyal user base and growing interest in sustainable fashion choices. Behind the scenes, the company leans on data-led pricing tools and rigorous authentication processes to keep things fair, transparent, and — most importantly — genuine.

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Co-founder Varun Ramani hints at what’s coming next: “We’re expanding our team, scaling tech, launching a brick-and-mortar presence, and putting serious focus on the men’s category, which we see as massively underserved. With IPV behind us, we’re ready to take Ziniosa to a whole new level.”

From a niche online store to a rapidly scaling fashion tech player, Ziniosa is betting big on the future of luxury — and betting that future looks circular.

Virat Kohli Invests in Adi K. Mishra’s World Bowling League, Joins Forces with MLB Star Mookie Betts to Reimagine Bowling as a Global Sport

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May 29, 2025

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Image of WBL league. — Virat Kohli Invests in Adi K. Mishra’s World Bowling League, Joins Forces with MLB Star Mookie Betts to Reimagine Bowling as a Global Sport

In a move that’s turning heads across both the cricket and sports business worlds, Virat Kohli has come on board as a strategic investor in the World Bowling League (WBL)—a new global initiative aiming to reimagine bowling as a serious, spectator-friendly sport.

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This announcement follows the league’s earlier reveal of its first franchise: Team OMG, led by none other than MLB legend and three-time World Series champion Mookie Betts. The WBL, founded by sports entrepreneur Adi K. Mishra, is attempting what few have dared—to take the largely recreational image of bowling and spin it into a competitive, high-energy league experience with international flair.

Kohli, no stranger to revolutionizing sports culture himself, said his interest in bowling goes back to childhood. “I was just 11 when I first picked up a bowling ball—and I was trying to spin it by the time I turned 12,” he recalled. “It’s a sport with massive appeal but one that’s flown under the radar in terms of business potential. What Adi is building with WBL is visionary. After working together on Team Blue Rising in the E1 electric powerboat series, I’m excited to partner with him again—this time in a whole new arena.”

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The league plans to combine dramatic venues, tech-powered gameplay, and international talent to reframe bowling as a modern global sport. With marquee names like Betts and now Kohli on board, the WBL is signaling serious intent—and aiming to make bowling cool again.

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