Honasa Consumer acquires assets of CosmoGenesis Labs
Honasa Consumer, the parent company of brands like Mamaearth, The Derma Co, Aqualogica, Dr Sheth's — has acquired the assets of CosmoGenesis Labs, a premium skincare startup.
"With this acquisition, Honasa takes a significant leap in research-driven innovation and underscores the capabilities to stay ahead of the curve in terms of crafting for Indian consumers," the company said in a statement.
Founded in 2011, CosmoGenesis claims to have supported over 5,000 cosmetic and personal care formulations for businesses in India.
Zypp Electric raises $15 million in the on-going Series C funding round
Tech-enabled EV-as-a-service platform Zypp Electric has raised $15 as part of its ongoing $50 million Series C funding round which is split into $40 million equity and $10 million in debt. The Series C1 funding round was led by Japanese major ENEOS, along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.
The fresh capital will be used to expand the company's fleet from 21,000 to 200,000 electric scooters and domestic operations to 15 cities across the country by 2026. In FY24, Zypp Electric registered a revenue of ₹325 crore and achieved operational profitability.
It also launched operations in Mumbai and Hyderabad and claims to have done more than 50 million shipment deliveries via electric vehicles from January 2023 to March 2024.
Indya raises ₹50 crore to open 10 new wedding stores this financial year
High Street Essentials, the parent company of women’s fashion brands Indya and Faballey, has raised ₹50 crore in equity and debt round led by Sangita Jindal, chairperson of JSW Foundation.
This fund infusion enables Indya to undertake strategic business expansion of its premium occasion wear range "Weddings By Indya" and chart a growth roadmap for a significant play in the occasion and wedding wear market, the firm said in a statement.
Indya has plans to expand its business presence across the country with 10 new wedding stores in this financial year. Indya is currently retailed through 12 exclusive brand outlets in 8 cities, and 150 large format retail outlets. Its global retail footprint continues to expand with a second store in Malaysia with plans to also open outlets in US and South Africa within the next 18 months, the firm added.
CoverSure secures $4 million in a Pre-Series A round led by Enam Holdings
CoverSure, a consumer-focussed InsurTech startup has raised $4 million in Pre-Series A funding round led by Enam Holdings. The company said it plans to use the funds to build a consumer-centric insurance engagement platform using data-intelligence and machine learning capabilities.
This investment will also support CoverSure’s growth and expansion across India, it added.
“Through our platform, we aim to simplify the user's lifetime experience towards insurance, not just the sales. Insurance problems of a family needs an unbiased approach to solve and to that extent we have built digital-solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalized risk management dynamically, streamlined policy management, family care etc while bridging protection gaps,” said Saurabh Vijayvergia, Founder and CEO of CoverSure.
CirclePe raises $1 million in Pre-Seed funding round
Fintech player CirclePe, has raised close to $1 million in its pre-seed funding round led by OTP Ventures.
The round also saw participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, & founders and Chief Experience Officers (CXOs) from OfBusiness, BharatPe, Uni Cards, OYO, and others.
Adda247’s revenue soars 88% in FY24, losses decline by 66%
Google-backed edtech startup Adda247 has registered a revenue of ₹243.39 crore in FY24, clocking a year-on-year growth of 88% from ₹129.65 crore in the previous fiscal year.
The firm has attributed this growth to the already existing verticals across government job exams, UPSC and the newly introduced K13 verticals (CUET, NEET & JEE) that contributed around 15% to the total revenue.
The company has also narrowed its net loss by 66% to ₹101 crore, down from ₹296 crore in FY23. The edtech company said its active user base has reached 40 million, driven by targeted vernacular strategies.
BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix
Digital payments companies BharatPe and PhonePe have announced that they have amicably settled their long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe'.
The settlement will put an end to all open judicial proceedings, ongoing for the last five years. Both companies had been involved in long-drawn legal disputes across multiple courts.
As the next step, BharatPe and PhonePe have already taken steps to withdraw all oppositions against each other in the trademark registry, which will help them to proceed with the registration of their respective marks.
BluSmart launches 'charge' app; opens its 50th EV charging hub
Homegrown electric vehicle (EV) company BluSmart has launched a new app 'BluSmart Charge' to meet diverse EV customer needs. Along with the new app, the company also expanded its charging infrastructure network and opened its 50th EV charging hub.
According to the firm, the BluSmart Charge app represents the 'ARC' promise Accessible, Reliable, and Convenient charging for all and the key features include enhanced charger discovery, unified app experience, digitised entry and exit, and centralised fleet management system.
The all-electric cab fleet operator is in the process of raising $25 million, at $225 million pre-money and $250 million post money valuation, Punit Goyal, Co-founder of BluSmart confirmed to CNBC-TV18 on May 24. Last month, the company said that it crossed ₹500 crore in annual run rate in FY24, achieving 102% growth over the previous fiscal year.
Nazara Tech promoter sells 6.3% equity to Plutus Wealth Management
Gaming and sports media platform Nazara Technologies, has said that its promoter Mitter Infotech has sold 48.84 lakh equity shares, or 6.36% of its stake in the company, to Plutus Wealth Management.
The block stock deal will provide liquidity for the promoters who will retain control of the company, with Nitish Mittersain continuing in his current role as CEO and Joint Director, the company said in a regulatory filing.
Nazara Technologies clocked a net profit of ₹17.1 crore in the January-March quarter of FY24, up 43.6% compared to ₹11.9 crore in the same period in the last fiscal year.
Elon Musk's xAI raises $6 billion; valued at $24 billion
Elon Musk's AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.
The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post.
The company's pre-money valuation was $18 billion, Musk said in a post on X. The money will be used to take xAI's first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.
Honasa Consumer, the parent company of brands like Mamaearth, The Derma Co, Aqualogica, Dr Sheth's — has acquired the assets of CosmoGenesis Labs, a premium skincare startup.
"With this acquisition, Honasa takes a significant leap in research-driven innovation and underscores the capabilities to stay ahead of the curve in terms of crafting for Indian consumers," the company said in a statement.
Founded in 2011, CosmoGenesis claims to have supported over 5,000 cosmetic and personal care formulations for businesses in India.
Zypp Electric raises $15 million in the on-going Series C funding round
Tech-enabled EV-as-a-service platform Zypp Electric has raised $15 as part of its ongoing $50 million Series C funding round which is split into $40 million equity and $10 million in debt. The Series C1 funding round was led by Japanese major ENEOS, along with participation from existing investors 9unicorns, IAN fund, venture catalysts, WFC & others.
The fresh capital will be used to expand the company's fleet from 21,000 to 200,000 electric scooters and domestic operations to 15 cities across the country by 2026. In FY24, Zypp Electric registered a revenue of ₹325 crore and achieved operational profitability.
It also launched operations in Mumbai and Hyderabad and claims to have done more than 50 million shipment deliveries via electric vehicles from January 2023 to March 2024.
Indya raises ₹50 crore to open 10 new wedding stores this financial year
High Street Essentials, the parent company of women’s fashion brands Indya and Faballey, has raised ₹50 crore in equity and debt round led by Sangita Jindal, chairperson of JSW Foundation.
This fund infusion enables Indya to undertake strategic business expansion of its premium occasion wear range "Weddings By Indya" and chart a growth roadmap for a significant play in the occasion and wedding wear market, the firm said in a statement.
Indya has plans to expand its business presence across the country with 10 new wedding stores in this financial year. Indya is currently retailed through 12 exclusive brand outlets in 8 cities, and 150 large format retail outlets. Its global retail footprint continues to expand with a second store in Malaysia with plans to also open outlets in US and South Africa within the next 18 months, the firm added.
CoverSure secures $4 million in a Pre-Series A round led by Enam Holdings
CoverSure, a consumer-focussed InsurTech startup has raised $4 million in Pre-Series A funding round led by Enam Holdings. The company said it plans to use the funds to build a consumer-centric insurance engagement platform using data-intelligence and machine learning capabilities.
This investment will also support CoverSure’s growth and expansion across India, it added.
“Through our platform, we aim to simplify the user's lifetime experience towards insurance, not just the sales. Insurance problems of a family needs an unbiased approach to solve and to that extent we have built digital-solutions with an intuitive app-first approach. At CoverSure, we are navigating people through personalized risk management dynamically, streamlined policy management, family care etc while bridging protection gaps,” said Saurabh Vijayvergia, Founder and CEO of CoverSure.
CirclePe raises $1 million in Pre-Seed funding round
Fintech player CirclePe, has raised close to $1 million in its pre-seed funding round led by OTP Ventures.
The round also saw participation from 1947 Rise, iSeed, IIT Delhi, Venture Catalyst, & founders and Chief Experience Officers (CXOs) from OfBusiness, BharatPe, Uni Cards, OYO, and others.
CirclePe offers a ‘Smart Renting’ solution that allows credit-worthy tenants to move in with zero security deposit. This approach enables tenants to pay only their monthly rent without any additional charges, providing a seamless and cost-effective rental experience.
Adda247’s revenue soars 88% in FY24, losses decline by 66%
Google-backed edtech startup Adda247 has registered a revenue of ₹243.39 crore in FY24, clocking a year-on-year growth of 88% from ₹129.65 crore in the previous fiscal year.
The firm has attributed this growth to the already existing verticals across government job exams, UPSC and the newly introduced K13 verticals (CUET, NEET & JEE) that contributed around 15% to the total revenue.
The company has also narrowed its net loss by 66% to ₹101 crore, down from ₹296 crore in FY23. The edtech company said its active user base has reached 40 million, driven by targeted vernacular strategies.
BharatPe and PhonePe amicably settle all trademark disputes over 'Pe' suffix
Digital payments companies BharatPe and PhonePe have announced that they have amicably settled their long-standing legal disputes pertaining to the use of the trademark with the suffix 'Pe'.
The settlement will put an end to all open judicial proceedings, ongoing for the last five years. Both companies had been involved in long-drawn legal disputes across multiple courts.
As the next step, BharatPe and PhonePe have already taken steps to withdraw all oppositions against each other in the trademark registry, which will help them to proceed with the registration of their respective marks.
BluSmart launches 'charge' app; opens its 50th EV charging hub
Homegrown electric vehicle (EV) company BluSmart has launched a new app 'BluSmart Charge' to meet diverse EV customer needs. Along with the new app, the company also expanded its charging infrastructure network and opened its 50th EV charging hub.
According to the firm, the BluSmart Charge app represents the 'ARC' promise Accessible, Reliable, and Convenient charging for all and the key features include enhanced charger discovery, unified app experience, digitised entry and exit, and centralised fleet management system.
The all-electric cab fleet operator is in the process of raising $25 million, at $225 million pre-money and $250 million post money valuation, Punit Goyal, Co-founder of BluSmart confirmed to CNBC-TV18 on May 24. Last month, the company said that it crossed ₹500 crore in annual run rate in FY24, achieving 102% growth over the previous fiscal year.
Nazara Tech promoter sells 6.3% equity to Plutus Wealth Management
Gaming and sports media platform Nazara Technologies, has said that its promoter Mitter Infotech has sold 48.84 lakh equity shares, or 6.36% of its stake in the company, to Plutus Wealth Management.
The block stock deal will provide liquidity for the promoters who will retain control of the company, with Nitish Mittersain continuing in his current role as CEO and Joint Director, the company said in a regulatory filing.
Nazara Technologies clocked a net profit of ₹17.1 crore in the January-March quarter of FY24, up 43.6% compared to ₹11.9 crore in the same period in the last fiscal year.
Elon Musk's xAI raises $6 billion; valued at $24 billion
Elon Musk's AI startup xAI raised $6 billion in series B funding, reaching a post-money valuation of $24 billion as investors bet big on challengers to companies like OpenAI in the intensifying AI race.
The funding round was backed by investors including Andreessen Horowitz and Sequoia Capital, the company said in a blog post.
The company's pre-money valuation was $18 billion, Musk said in a post on X. The money will be used to take xAI's first products to market, build advanced infrastructure and accelerate research and development of future technologies, xAI said.
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