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Hunger Inc raises Rs 215 Cr from Lighthouse and DSG Consumer Partners

EntrackrEntrackr · 2d ago
Hunger Inc raises Rs 215 Cr from Lighthouse and DSG Consumer Partners
Medial

Hunger Inc raises Rs 215 Cr from Lighthouse and DSG Consumer Partners Hunger Inc, the parent company of Bombay Sweet Shop and restaurant brands Bombay Canteen, Veronica’s, O Pedro and Papa’s, has raised Rs 215 crore (nearly $25 million) in a new funding round from Lighthouse and DSG Consumer Partners. The round also saw some of its early investors, including CP Gurnani and a few angels, exit via secondary deals. The Mumbai-based company had previously raised $1.69 million in a seed funding round. The Godrej family office is an existing backer of Hunger Inc. The proceeds will be used to expand its production and supply chain capabilities as it looks to increase its footprint outside Mumbai, Hunger Inc said in a media statement. Founded in 2014 by Sameer Seth, Floyd Cardoz, and Yash Bhanage, Hunger Inc operates restaurants, a food magazine, and promotes a team-oriented work culture. Bombay Sweet Shop, its retail brand for Indian sweets, chocolates, and confectionery, now contributes over half of the group’s total revenue. In fiscal 2025, the company clocked Rs 115 crore in revenue with a 9% Ebitda margin and it is expecting to post a topline of Rs 150 crore in FY26. Bombay Sweet Shop is tracking Rs 8-9 crore in monthly revenue. Currently present only in Mumbai, Hunger Inc is planning to expand to Delhi and set up a flagship Bombay Sweet Shop there over the next 12-18 months. At present, the brand has five retail outlets and 18 dark stores, through which it makes direct deliveries from its own website and also through aggregators Swiggy and Zomato. Hunger Inc aims to scale its business-to-business (B2B) and institutional sales. The company supplies to cafe chain Starbucks as well as Oberoi Hotels. Bombay Sweet Shop also recently onboarded IndiGo for in-flight items in the international business class.

Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday

Money ControlMoney Control · 1y ago
Stock Radar: Titan, Jio Financial, Bandhan Bank, Lupin, CG Power, Diffusion Engineers, GAIL in focus on Monday
Medial

- Quarterly earnings (YoY) of companies such as Titan Company, Induslnd Bank, Bandhan Bank, Poonawalla Fincorp, Jammu & Kashmir Bank, AU Small Finance Bank, IDBI Bank, RBL Bank, Godrej Properties, L&T Finance, Macrotech Developers, Federal Bank, Metropolis Healthcare, Indian Bank, Union Bank of India, Utkarsh Small Finance Bank, Equitas Small Finance Bank, Dhanlaxmi Bank, Ujjivan Small Finance Bank, Adani Wilmar expected to be released. - SEBI grants in-principle approval for Jio Financial Services and BlackRock Financial Management Inc to set up a proposed mutual fund. - GAIL (India) signs MoU with AM Green to jointly develop renewable energy and green chemical projects. - Lupin receives five observations from the US FDA for its biotech facility in Pune. - Antony Waste Handling Cell's subsidiary wins a contract worth Rs 908 crore from Navi Mumbai Municipal Corporation for waste collection and transportation. - CFO resignations at Univa Foods (Sandhya Rani Koochana) and Mahanagar Telephone Nigam (Vinay Srivastav). - BLS International Services completes the acquisition of Citizenship Invest for $31 million. - Paytm's Chief Technology Officer - Payments, Manmeet Singh Dhody, steps down and transitions to a new role as an AI Fellow, while Deependra Singh Rathore is appointed as the new CTO - Payments. - Gravita India plans to raise up to Rs 1,000 crore through the issuance of equity shares and makes management changes. - Akzo Nobel India's parent company, Akzo Nobel NV, conducts a strategic review of its portfolio, focusing on its decorative paints positions in South Asia. - Apollo Tyres' stake increases as LIC buys 3 lakh additional shares. - R Systems International witnesses a significant stake sale by Non-Resident Indian Bhavook Tripathi. - HDFC Bank witnesses a block deal as BNP Paribas Financial Markets sells equity shares to Morgan Stanley Asia (Singapore) Pte and Citigroup Global Markets Mauritius. - SME listings on October 7: HVAX Technologies, Saj Hotels. - Stocks will trade ex-dividend: Jupiter Wagons, KP Energy. - Rights offered by Geojit Financial Services trade ex-date. - F&O ban on GNFC, Bandhan Bank, Birlasoft, Granules India, Hindustan Copper, Manappuram Finance, RBL Bank. Note: This content is for informative purposes only and not a recommendation to invest or trade.

Indian startups raise nearly $1.6 Bn in August

EntrackrEntrackr · 1y ago
Indian startups raise nearly $1.6 Bn in August
Medial

The Indian startup ecosystem seems to be bouncing back from the funding winter as venture capital investment has been steadily rising each month. August 2024 has been a standout, with several big funding rounds, important investments in growth-stage startups, many deals from tier II cities, IPOs, and major mergers and acquisitions. These factors make it unique compared to other months this year. Based on data compiled by TheKredible, homegrown startups raised nearly $1.6 billion across 112 deals in August. This total included 27 growth-stage deals worth $1.32 billion and 71 early-stage deals amounting to $267 million. Meanwhile, there were 14 undisclosed transactions mainly in early-stage deals. When compared, startups raised close to $1 billion in July. [Y-o-Y and M-o-M trend] The $1.6 billion raised in August is the second-highest funding amount of 2024, following June, and the third-highest in the past 12 months. On a year-over-year basis, August 2024 also ranked at the top for total funds raised. Also, Indian startups have raked in approximately $9.6 billion in the first eight months of 2024. If this trend persists, overall funding is likely to comfortably surpass the $11 billion achieved in 2023. For context, Indian startups received $38 billion in funding in 2021 and $25 billion in 2022. [Top 10 growth-stage deals] Among growth-stage deals, Zepto’s $340 million, DMI Finance’s $334 million, and OYO’s $175 million rounds together accounted for over 50% of the total funds raised last month. With the fresh funding, Zepto and DMI Finance attained $5 billion and $3 billion valuation milestones respectively. However, OYO saw more than 75% fall in its valuation to $2.4 billion from a peak of $10 billion. Just like in July, August saw the emergence of a new unicorn, as the Hero Moto-backed Ather Energy surpassed the $1 billion valuation mark with its latest funding round. Other notable growth-stage deals included Neo, Blue Tokai, Visit Health, Yubi, Livpure, and Syfe. Swiggy, which raised funds from Amitabh Bachchan’s Family Office, did not disclose the deal size. [Top 10 early-stage deals] EV startup Kinetic Green led the early-stage funding chart with a $25 million Series A round, followed by Even Healthcare with $20 million, FreshBus with $10.5 million, and both Beco and Investors AI, each raising $10 million. Agrizy’s $9.8 million funding was the fourth-largest in agritech for 2024, a sector that has been declining recently. Other major early-stage deals included Scimplify, a specialty chemicals firm; Kindlife, a new venture from ShopClues co-founder Radhika Ghai; automotive startup Kazam; and fintech startup Punch, all of which ranked among the top 10 early-stage investments. [Mergers and Acquisitions] In August, the number of merger and acquisition deals surged to 19, up from just 17 in July. Notably, the acquisition of Paytm’s movies and ticketing business by Zomato Limited for $244 million emerged as one of the largest M&A deals of 2024. Additionally, hospitality firm OYO acquired Checkmyguest for $27.4 million, and Fusebox Games Limited was purchased by Nazara in a $27.2 million deal. Some notable M&A deals in August included BrowserStack’s acquisition of Bird Eats Bug, Radio Mirchi’s parent ENIL’s purchase of Gaana, and VerSe’s acquisition of Valueleaf. Additionally, Emami Limited raised its stake in The Man Company from 50.4% to 100%, a development first reported by Entrackr in July. [City and segment-wise deals] In terms of city-wise funding, Bengaluru-based startups led with 38 deals totaling $265 million in August. However, startups in Delhi-NCR raised $724 million across 29 deals, more than double the amount raised by Bengaluru startups. Additionally, Mumbai-based startups surpassed Bengaluru in total funding, securing $453 million across 20 deals. Segment-wise, fintech startups led the show with 27 deals followed by e-commerce (including D2C brands), healthtech, SaaS, and proptech with 16, 8, 7, and 4 deals, respectively. Visit TheKredible for more details. Edtech was one of the least funded segments with 3 deals amounting to $5 million. It contributed only 0.3% to the total amount raised in August. [Stage-wise deals] Regarding funding stages, 35 startups raised capital in the seed round, 28 in Series A, 13 in pre-Series A, and 9 in Series B. Debt-only funding made up 2.56% of the total funding for the month. For the complete breakdown of stage-wise deals, visit TheKredible. [Layoffs, shutdowns, departures, and key hirings] Layoffs experienced a significant drop from 650 employees in July to 290 employees in August. Notably, Google and Reliance-backed Dunzo reportedly fired 150 employees, Beepkart let go of 100 staff, and ShareChat reduced its workforce by 30-40 employees. Additionally, Kenko Health, My Tirth India, and Airtel’s streaming app Wynk Music shut down their operations. Wynk’s closure is attributed to increasing competition, while Kenko Health and My Tirth India ceased operations due to funding difficulties. In August, there was an increase in both hiring and the departure of key executives. Notable exits included Manish Tiwary from Amazon India, Prashant Sinha from Metadome.ai, and Srinivasagopalan Ramamurthy from Freshworks. On the hiring front, Meesho, Swiggy Instamart, EvenFlow, Zetwerks, Perfios, and OYO brought new talent into roles such as chief executive, co-founder, and independent director, among others. [Trends] More IPOs in pipeline: In the first eight months of 2024, ten startups have gone public. In August alone, Ola Electric, Unicommerce, and FirstCry completed their IPOs. Swiggy is targeting a listing in the first week of September, while companies like Infra.Market, Bluestone, Ecom Express, OfBusiness, and OYO are also progressing on their IPO plans. Additionally, Zappfresh has filed draft IPO papers with SEBI to list on the BSE SME platform. Quick commerce in action: The quick commerce sector is intensifying in competition, highlighted by Zepto’s mega-round, Flipkart’s recent entry, and BigBasket’s complete shift to rapid delivery. Amazon is expected to enter the market early next year. The e-commerce giant was also in talks to acquire Swiggy’s quick commerce business. At present, Zomato-owned Blinkit stands as the leading player in quick commerce followed by Swiggy Instamart, Zepto, and Tata Digital-owned BigBasket. Startups from tier II cities: In addition to major metro areas and startup hubs such as Bengaluru, Delhi NCR, Mumbai, and Hyderabad, there has been a notable influx of deals from cities like Mangalore, Raipur, Dehradun, Udaipur, Surat, Jodhpur, Nashik, and Lucknow. This indicates a significant, albeit minor, shift in traditional startup funding patterns. Founders fueling growth: OYO’s $175 million funding round included a significant $100 million investment from the company’s founder, Ritesh Agarwal, showcasing another instance of a founder investing in their own startup. Similarly, Yubi secured $30 million from its founder and CEO, Gaurav Kumar, while Cambrian Bioworks received an undisclosed amount from its founder during its seed round. This practice of founder investment has previously been seen with Ather Energy, Byju’s, and BluSmart. [Conclusion] While the decline of debt funding is something to be welcomed, as it doesn’t seem to sit well with the idea of backing startups, we would add a note of caution here on the sustainability of the current recovery. While, as indicated earlier, an expected interest rate cut by the US Fed will ensure the momentum stays well into 2025, the fact remains that significant parts of public markets are well into ‘exuberance’ territory in terms of valuations. Unlike the public markets, however, the private VC markets remain much more dependent on foreign fund flows, and that could yet be a disruptor in the ecosystem, despite the rise of domestic capital. Although with the US-China issues, and now, even Brazil moving arbitrarily against Twitter, India could find itself in a sweet spot yet again for global investors. It would perhaps be fair to say that the bottom has been reached, and a bounce is well on its way for Indian startups when it comes to their funding environment.

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