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Android laptop brand Primebook raises $2 Mn in pre-Series A

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Android laptop brand Primebook raises $2 Mn in pre-Series A
Medial

Android laptop brand Primebook raises $2 Mn in pre-Series A In December 2022, the company had raised $1 million in its seed round co-led by Kundan Group, Brindavan Group, and Infotel Business Solution. The brand has also appeared on Shark Tank India Season 2, where they secured Rs 75 lacs from Aman Gupta and Peyush Bansal. The fresh funds will be used for R&D and product innovation, brand development & awareness, and business growth, Primebook said in a press release. Co-founded in 2018 by Aman Verma and Chitranshu Mahant, Primebook aims to democratize computing for students and digital-first learners. The brand combines hardware innovation with software intelligence to deliver smart, affordable, and student-centric laptops powered by its proprietary Android-based operating system, PrimeOS. The Delhi-based company says that its PrimeOS has been specifically created for learners and students for blended online education programs, making it simpler for students to use and comprehend. The laptop features Android app compatibility, enables simultaneous switching between apps, and is highly simple and effective to use for someone familiar with Android. According to Primebook, it primarily focuses on students, particularly in tier II, III, and IV cities, who may not have access to traditional laptops. Over two years, the brand claims that it has carved out a 5% market share in the under Rs 20,000 laptop segment, showing a YoY growth of 2x.

Funding and acquisitions in Indian startups this week [22-27 Apr]

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Funding and acquisitions in Indian startups this week [22-27 Apr]
Medial

During the week, as many as 27 Indian startups raised nearly $222.7 million in funding. These deals include 7 growth-stage deals and 17 early-stage deals. Meanwhile, three early-stage startups did not disclose the amount raised. Last week, about 37 early and growth-stage startups collectively raised around $310 million in capital. [Growth-stage deals] Among the growth-stage deals, 7 startups raised $150.6 million in funding this week. Financial services firm Northern Arc led the list with $80 million in funding. The list was followed by network-as-a-service provider CloudExtel, trucking aggregator for enterprises LetsTransport, online marketplace for financial products BankBazaar, provider of business, property, and school financing Clix Capital, agri-fintech platform Samunnati, and co-working space provider Smartworks which raised $24 million, $22 million, $9.6 million, $6 million, $5 million, and $4 million, respectively. [Early-stage deals] Subsequently, 17 early-stage startups scooped funding worth $72.08 million during the week. Omni-channel fashion brand Lyskraft spearheaded the list followed by space-tech startup Dhruva Space, real estate and infra decarbonization platform Accacia, B2C credit management firm CheQ, and an open-source project management platform Plane. The list further includes a provider of Solar EPC solutions Soleos Solar Energy, healthcare and insurtech firm FlashAid, elder care startup bubble tea and other food items platform Boba Bhai, sustainable container logistics and supply chain optimization startup MatchLog, and SIM-based outbound call management company Runo among others. The list of early-stage startups also includes three startups that kept the funding amount undisclosed: FlexiCloud, Nikitek (GoDigiTag), and Rentomojo. [City and segment-wise deals] In terms of the city-wise number of funding deals, Bengaluru-based startups led with 10 deals followed by Delhi-NCR, Mumbai, Chennai, Hyderabad, Ahmedabad, and others. Segment-wise, fintech startups grabbed the top spot with five deals followed by SaaS startups. The list further counts e-commerce, logistics, proptech, healthtech, and AI startups among others. The complete breakdown of deals across cities and segments can be seen below: [Series-wise deals] During the week, Seed funding deals led the list with 11 deals while Pre-Series A deals are at the second position with 6 deals, both collectively forming around 30% of the total funding. Further, Debt, Series C, Series D, and Series E are next on the list among others. [Week-on-week funding trend] On a weekly basis, startup funding declined 28% to $222.7 million as compared to around $310 million raised during the previous week. The average funding in the last eight weeks stands at around $247 million with 26 deals per week. [Departure] Piyush Gupta, the managing director of Peak XV Partners, is set to depart from the firm by the end of this month. Reports suggest that Gupta is planning to establish a secondary-focused fund after his tenure at Peak XV. [Fund launches] Three startup-focused funds were launched this week. Norwest Venture Partners has raised $3 billion for its new fund, NVP 17, which will be deployed in the US, India, and Israel. Lighthouse Canton has launched the LC GenInnov Global Innovation Fund, focusing on companies in generative artificial intelligence (GenAI). Kedaara Capital has closed its fourth investment vehicle, Kedaara IV, at $1.73 billion, making it their fourth fund in 12 years, raised in just four months. [Layoffs] SaaS startup HealthPlix laid off 100 employees, constituting 25% of its workforce, as part of a restructuring and annual performance review. According to a report, approximately 60 employees were terminated due to poor performance, while the rest were affected by role redundancies. [Mergers & Acquisitions] Awign, a work-as-a-service platform, announced the acquisition of a majority stake in Mynavi Corporation. As part of this partnership, some of Awignโ€™s early backers, such as Capria, Lumis, MSDF, Amicus Capital, and Pankaj Bansal, will also depart. [New launches] โ–ช๏ธ Former BharatPe CPO Ankur Jain to launch new startup Jivi.ai โ–ช๏ธ BharatPe launches all-in-one payment device BharatPe One [Financial results this week] โ–ช๏ธ Lenskart is EBITDA profitable with Rs 3,788 Cr revenue in FY23 โ–ช๏ธ Third Wave Coffeeโ€™s scale grows 4.5X to Rs 144 Cr in FY23 โ–ช๏ธ Groyyoโ€™s gross revenue nears Rs 500 Cr in FY23 โ–ช๏ธ FarEye spent Rs 361 Cr to earn Rs 139 Cr in FY23 โ–ช๏ธ Seven-year-old unicorn Open struggles to match deeds to reputation โ–ช๏ธ Apna Mart, the D Mart for Indiaโ€™s smaller cities, grows 770% in FY23 [News flash this week] โ–ช๏ธ FirstCry to withdraw IPO papers, may refile with latest financials: Report โ–ช๏ธ Swiggy gets shareholdersโ€™ nod to float $1.25 Bn IPO โ–ช๏ธ PayU to onboard new merchants as it gets a PA license from RBI โ–ช๏ธ Awfis, TBO receive a final nod from SEBI for the IPO โ–ช๏ธ Flipkart Ventures to focus on Gen AI startups in third accelerator program โ–ช๏ธ Former BharatPe CEO Suhail Sameer floats VC fund โ–ช๏ธ RBI directs TalkCharge to cease operation โ–ช๏ธ Zomato piloting priority deliveries in Bengaluru, Mumbai [Conclusion] After a significant rise in funding, the weekly funding again slipped nearly 28% this week. The week saw three new fund launches by VC firms namely Lighthouse Canton, Norwest Venture Partners, and Kedaara Capital. The week also witnessed a layoff as SaaS startup HealthPlix fired a part of its workforce. Brainbees Solutions, the parent company of FirstCry, is reportedly withdrawing its $500 million IPO due to questions raised by SEBI over key disclosed metrics. Swiggy has received shareholdersโ€™ approval for its $1.25 billion IPO, moving closer to its public listing. Awfis and TBO have also received SEBIโ€™s approval for their respective IPOs. PayU has received provisional approval from the Reserve Bank of India (RBI) to function as a payment aggregator, enabling the fintech company to onboard new merchants. In January 2023, the RBI instructed PayU, controlled by Prosus, to reapply for the license, leading to a temporary halt in onboarding new customers. Foodtech company Zomato is testing a new feature in select areas of Bengaluru and Mumbai, offering priority deliveries to customers for an extra fee. In Bengaluru, users were given the choice of receiving their orders within 16-21 minutes by paying an additional Rs 29, compared to the standard delivery time of 21 minutes displayed on the app.

The D2C revolution: How Indian brands are redefining retail

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The D2C revolution: How Indian brands are redefining retail
Medial

Indiaโ€™s retail landscape is witnessing a seismic shift, especially post-pandemic, with direct-to-consumer (D2C) brands spearheading the transformation that challenges the traditional business models. By cutting out intermediaries, these brands have established direct connections with consumers, paving the way for a new era of personalized and efficient commerce. The D2C model enables brands to control the entire customer experience, from manufacturing to sales and customer service, which has proven to be a significant advantage in todayโ€™s competitive market. According to a recent report by 1Lattice and Sorin Investments, the D2C market in India is projected to reach a size of $61.3 billion by the financial year 2027, growing at a compound annual growth rate (CAGR) of approximately 38%. This report provides an in-depth exploration of the dynamic D2C landscape in India, analyzing unicorns, soonicorns, and notable D2C brands while evaluating the key growth drivers, challenges, and future outlook. [Indian D2C startups raked in $5 Bn in funding since 2021] As per startup intelligence platform TheKredible, Indian D2C startups have attracted over $5 billion in funding across 520 deals since 2021. The number of deals was 132 in 2021, 166 in 2022, 137 in 2023, and 87 in H1 (first half) of 2024. Leading the charge in fundraising, eyewear platform Lenskart, which also operates as a marketplace, accumulated $1.12 billion over the past four years. Meat delivery startup Licious tagged along with $587.1 million. E-commerce roll-up brand The Good Glamm Group followed with $221 million, consumer electronic company boAt with $166.7 million, and health supplements platform HealthKart with $135 million. Manufacturer of makeup products SUGAR Cosmetics, meat delivery firm FreshToHome, beauty brand MamaEarth, beverages company Bira 91, and producer of dosa-batter ID Fresh Food also managed to grab larger cheques during the years. [Top revenue generating D2C brands in FY23] In the fiscal year 2023, as many as 177 D2C brands collectively generated Rs 34,360 crore (approximately $4 billion) in revenue. Lenskart emerged as the leader, with a revenue of Rs 3,788 crore. Aman Gupta-led boAt, jewelry brand Caratlane, IPO-bound Kushalโ€™s, and consumer electronic firm Noise followed with operating revenue of Rs 3,376 crore, Rs 2,168 crore, Rs 1,909 crore, and Rs 1,423.13 crore respectively. For the complete report, visit here. [Top profit/loss-making D2C brands in FY23] Despite the overall positive financial performance, profitability remains a challenge for many D2C brands. Only 24 of the 170+ companies considered in this report were profitable as of FY23, with Kushalโ€™s leading the pack with Rs 157.28 crore in profits. Kushalโ€™s is followed by Caratlane, Oziva, Rare Rabbit, Technosport, Urban Ladder, Zappfresh, Lahori, Minimalist, and Boult. On the other hand, The Good Glamm Group reported the highest losses, amounting to Rs 916.8 crore. Licious, Bira91, FreshToHome, Curefoods, Purplle, Wow Skin Science, Pepperfry, Wingreens Farms, and Bluestone are next on the list. [D2C brands with best and worst burn rate] As per the data sourced from TheKredible, beauty brand WishCare had the most healthy burn rate (Rs 0.77) in FY23 followed by sports apparel maker TechnoSport and apparel brand Rare Rabbit with Rs 0.86 and Rs 0.90 while Urban Ladder, The Divine Foods, and Kushalโ€™s are next in the list, each having a burn rate of Rs 0.91. Pet-care startup Wagr, meat delivery firm FreshToHome, fashion startup Newme, Deepika Padukoneโ€™s 82ยฐE, and luggage brand Uppercase are among the D2C brands having the worst burn rates at Rs 5.83, Rs 4.88, Rs 4.20, Rs 3.18, and Rs 3.08. Download the complete report at TheKredible. Itโ€™s worth highlighting that TheKredible has calculated these burn rates by dividing the total expenses of brands by their respective operating revenue. [Fashion, F&B, and Personal Care Brands Lead among D2C Categories] D2C brands span a diverse range of categories, including Food & Beverages, Personal Care, Apparel, Health & Wellness, Pet Care, Consumer electronics, Home & Kitchen, Jewellery, Furniture, Footwear, Eyewear, Travel Accessories, Decor, and Accessories. Among the 177 companies considered in the report, 48 belong to the Food & Beverages, contributing 18% to the total revenue generated by all the companies collectively. Personal Care brands (38) are next, forming 20% followed by 25 Apparel (27.72%), 21 Health & Wellness (6.7%), and 7 Pet Care (4.37%) brands. Among the D2C brands fashion (Apparel, Jewellery, Footwear, Eyewear, and Accessories), Food & Beverages, and Personal Care are the three largest categories attracting a large set of consumers. In contrast to more established D2C players like Mamaearth, Sugar Cosmetics, and boAt, newer entrants in fashion, footwear, and food delivery are aggressively adopting a hybrid business model. Unlike their predecessors, these new D2C brands are rapidly expanding into physical stores. Companies like Snitch, Mokobara, and Pilgrim are prioritizing an omnichannel approach, opening brick-and-mortar outlets soon after securing initial funding. [Conslusion] The D2C landscape in India is rapidly evolving, driven by factors such as increased internet penetration, rising disposable incomes, and a growing demand for personalized products. Since the onset of the COVID-19 pandemic, D2C brands have gained significant traction, challenging traditional retail models and reshaping consumer behavior. These brands are capitalizing on a data-driven approach to expand their physical presence, contributing to a significant shift in the retail ecosystem. The sectorโ€™s growth has been fueled by substantial investments underlining the growing investor confidence in the D2C model. As the market expands, D2C brands are also playing a crucial role in job creation, technology adoption, and supply chain innovation. However, they face challenges from intense competition and shifting consumer preferences, making innovation and customer retention essential for long-term success. Government initiatives, such as the Digital India push, the expansion of internet connectivity, and support for local businesses, are creating a conducive environment for D2C brands to thrive. As the e-commerce ecosystem matures, these brands are well-positioned to capture a significant market share.

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