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John Abraham-backed NOTO Ice Cream raises Rs 15 Cr

EntrackrEntrackr · 4m ago
John Abraham-backed NOTO Ice Cream raises Rs 15 Cr
Medial

John Abraham-backed NOTO Ice Cream has raised Rs 15 crore ($1.75 million) in a growth funding round led by Inflection Point Ventures (IPV), with participation from JITO Incubation and Innovation Foundation and LetsVenture. Prior to this, the Mumbai-based brand had raised Rs 4 crore in a pre-Series A round, which saw investments from Titan Capital, Rockstud Capital, Bollywood actor John Abraham, WEH Ventures, and other angel investors. The proceeds from this round will be used to accelerate expansion into Tier 1 and Tier 2 cities, drive product innovation, strengthen marketing efforts, and enhance offline presence to increase brand awareness, NOTO stated in a press release. Co-founded in 2019 by Varun and Ashni Sheth, NOTO Ice Cream aims to revolutionize the ice cream industry by offering indulgent yet healthy options that do not compromise on taste. The brand focuses on providing healthier alternatives without sacrificing flavor. It offers ice creams that are low-calorie, high-protein, and contain little to no sugar, allowing health-conscious consumers to indulge guilt-free. NOTO’s product range includes ice cream tubs and popsicles, Greek yogurt cheesecakes, and vitamin C-fortified fruit popsicles. The brand claims that its ice creams contain prebiotic fiber and protein and have no preservatives, artificial sweeteners, flavors, or colors, with 75% less sugar than regular ice cream. NOTO’s products are available on delivery platforms such as Swiggy, Zomato, Zepto, BigBasket, Instamart, and Blinkit. The company is also planning to expand its offline presence to reduce dependency on a single sales channel. According to market research, the Indian ice cream market was valued at Rs 228.6 billion in 2023 and is projected to reach Rs 956 billion by 2032. NOTO has already expanded across Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune, with plans to scale into Ahmedabad, Kolkata, and Lucknow. The brand competes with other players in the healthy ice cream space, including Habit Health, Get-A-Whey, Good Fettle, Papacream, and Nomou, among others.

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third

EntrackrEntrackr · 3m ago
StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third
Medial

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third Luxury vacation home rental platform StayVista continued its steady growth in the last fiscal year, with revenue increasing by 23%. At the same time, the company managed to reduce its losses by over one-third in FY24. StayVista’s revenue from operations increased to Rs 140 crore in FY24 from Rs 114 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). StayVista connects property owners with travelers seeking vacation rental accommodations. The platform enables property owners to list their rentals, while facilitating bookings and online payments. Revenue from these services was the company’s sole source of income. With minor contribution from other income, the company posted total revenue of Rs 143.48 crore in the last fiscal year. On the expense side, the cost of materials—the company’s largest expense category—increased by 17.7% to Rs 109.5 crore in FY24. Employee benefit expenses also rose sharply, up 33% to Rs 28 crore, while legal and other operational expenses remained relatively stable at Rs 3.5 crore and Rs 11 crore, respectively. Overall, the company’s total expenses stood at Rs 152 crore for the year, marking an 18.8% increase from Rs 128 crore in FY23. StayVista reduced its losses by 33.3% to Rs 8 crore in FY24 from Rs 12 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -28.81% and -5.31%, respectively. On a unit level, StayVista spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the Mumbai-based firm reported current assets worth Rs 50 crore which includes Rs 39 crore in cash and bank balances. According to startup data intelligence platform TheKredible, StayVista has raised a total of $7.5 million of funding till date, having DSG Consumer Partners as its lead investor who owns 17% of the company. Its co-founders Amit Damani, Ankita Sheth and Pranav Maheshwari together own 32.4% of the company. According to media reports, StayVista is planning to go public through an IPO by 2028, with a goal of raising Rs 600 crore (around $72 million) to further expand its network across India.

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