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Daily Voice: AMCs could offer solid investment opportunities but be cautiously optimistic on OMCs, says Kunal Jain of Alpha Capital

Money ControlMoney Control · 10m ago
Daily Voice: AMCs could offer solid investment opportunities but be cautiously optimistic on OMCs, says Kunal Jain of Alpha Capital
Medial

Kunal Jain, Senior Consultant and Partner at Alpha Capital, believes that Indian asset management companies (AMCs) like HDFC AMC, Nippon, and UTI offer good investment opportunities due to the long-term growth prospects of the Indian economy and increasing adoption of financial products. He also sees a cautiously optimistic outlook for Indian oil marketing companies (OMCs) in the short to medium term, supported by strong domestic demand for petroleum products. Key drivers for the Indian equity market going forward include US Federal Reserve meetings, RBI monetary policy meetings, US Presidential Election results, assembly election results in India, and corporate earnings data.

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Dairy startup Doodhvale Farms raises $3 Mn in Series A round

EntrackrEntrackr · 7m ago
Dairy startup Doodhvale Farms raises $3 Mn in Series A round
Medial

Dairy startup Doodhvale Farms has raised $3 million in a Series A funding round co-led by Atomic Capital and Singularity Early Opportunities Fund. The round also saw participation from Bharat Founders Fund, Indigram Labs Foundation, and angel investors including Ramakant Sharma, Ankit Tandon, Livspace CEO Saurabh Jain, and Arjun Vaidya. The Delhi-based company had previously raised $1.12 million in 2020. The proceeds from the latest funding will be utilized to accelerate the company’s expansion, strengthen its distribution networks, diversify its product portfolio, and upgrade its technology infrastructure, Doodhvale said in a press release. Co-founded in 2019 by Aman J. Jain, Ishu Jain, Sanjay Jain, and Sudhir Jain, Doodhvale Farms is a fully vertically integrated, technology-driven Direct-to-Consumer (D2C) dairy and daily essentials company. It produces and delivers premium, farm-fresh products directly to consumers’ doorsteps, aiming to provide the nutrient-rich, farm-fresh experience milk was always meant to offer. The company ensures delivery within 36 hours. The company claims to have maintained a strong growth trajectory, achieving 100% year-over-year growth, consistent profitability on an EBITDA basis for three consecutive years. Doodhvale Farms aims to compete with traditional brands like Mother Dairy and Amul, as well as new-age brands like Country Delight, Akshayakalpa, Sid’s Farm, and Milky Mist.

Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round

EntrackrEntrackr · 1y ago
Alpha Wave-backed 1K Kirana’s valuation nosedives 60% in internal round
Medial

Kiranatech platform 1K (formerly 1K Kirana Bazaar) secured Rs 32 crore or $4 million in its extended Series B round (bridge round) from existing investors in July last year at a 60% haircut in valuation. The sharp fall in valuation appears to be driven by the company’s sluggish growth, inability to raise any large follow-on investment and absence of a solid business model. It’s worth noting that 1K laid off 40% of its workforce (over 400 employees) in April 2023. The board at 1K Kirana Bazaar passed a special resolution to issue 3,676 Series B1 CCPS at an issue price of Rs 87,141 each to raise to Rs 32 crore, its regulatory filing accessed from the Registrar of Companies shows. Alpha Wave Ventures led the bridge round with Rs 16 crore while Info Edge and Kae Capital put in Rs 8 crore each. According to the filings, the company will use these funds for capital expenditure, marketing, and general corporate purposes. As per sources, 1K Kirana was talking to several investors for a Series C round until the first half of 2023 but the talks didn’t go through. Media reports also outlined that Alpha Wave wasn’t willing to put any further money in the company and 1K explored M&A opportunities with DealShare. Queries sent to 1K Kirana did not elicit an immediate response. As per TheKredible’s estimates, 1K Kirana Bazaar was valued at $42 million (post-money) reflecting a significant 61.8% decrease in valuation compared to the previous round where it was valued at $110 million. Significantly, 1K’s valuation soared 5.4X to $110 million as compared to $20 million during its Series A round in April 2021. Following the fresh proceeds, Info Edge remains the largest external stakeholder followed by Kae Capital and Alpha Wave Ventures. See TheKredible for the detailed cap table and financials. Six-year-old 1K Kirana Bazaar is a consumer-focused retail brand that partners with neighborhood kirana stores in smaller towns enabling them to compete with both online and offline (organized) retail. As per its website, the company has a network of over 100 stores across India. The Gurugram-based company has raised around $37 million to date, including a $25 million series B round led by Alpha Wave. It’s yet to file its financial statements for FY24, the firm’s gross revenue surged 2.6X to Rs 224 crore during the fiscal year ended March 2023. Its losses shot up 2.95x to Rs 182.5 crore in the same period.

Z47-backed GenWise lays off 20% of workforce

EntrackrEntrackr · 2m ago
Z47-backed GenWise lays off 20% of workforce
Medial

GenWise, an app-based online club for elders and senior citizens, has undergone layoffs across various departments, according to sources familiar with the matter who spoke to Entrackr. “The layoffs have impacted 20% (15-20 employees) of GenWise’s workforce across functions — including tech, marketing, product, design, business, and operations,” said one of the sources on condition of anonymity. “The decision came after several months in the market where they had actively engaged with potential partners (existing investors) to raise fresh funds. Unfortunately, they struggled to deliver on the traction and outcomes promised a year ago.” In June 2023, the Delhi-based startup secured $3.5 million in a seed funding round led by Z47 (formerly Matrix Partners India), with additional participation from DBR Ventures, Climber Capital, and angel investors such as Kunal Shah, Suhail Sameer, and Achal Mittal. GenWise, founded by former BharatPe executives Geetanshu Singla, Nehul Malhotra, and Rajat Jain, offers a platform where seniors can connect with new friends, join engaging daily activities, and receive emotional and mental support from trained counselors. The startup claims to have built a community of more than 2 million older adults. “GenWise’s costs increased sharply following the UPI rollout, creating an imbalance between user growth and operational spending. As a result, the company was forced to take swift cost-cutting measures, which led to the recent layoffs,” said another source. In November last year, GenWise introduced UPI payments on its app through a collaboration with Axis Bank. As per sources, GenWise ventured into the UPI space, hoping to boost MAUs through broader utility. "Their primary user base shows limited adoption of digital payments, and even after introducing UPI, the growth in monthly active users remained modest." The firm has plans to expand its offerings beyond payments and add relevant fintech solutions for the elderly. Queries sent to GenWise did not elicit response until publication of the story. In addition to GenWise, several other elder care startups, including SeniorWorld, GetSetUp, 60Plus India, ElderAid Wellness, and Goodfellows, are also operating in this space.

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