🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

BT Exclusive: At least 90% of India’s foreign domiciled unicorns will flip back to India, says Siddarth Pai

Business TodayBusiness Today · 9m ago
BT Exclusive: At least 90% of India’s foreign domiciled unicorns will flip back to India, says Siddarth Pai
Medial

- Reverse flipping is a growing trend in the Indian start-up landscape, with companies like PhonePe and Groww successfully completing the transition. - Reverse flipping involves relocating assets, operations, and intellectual property rights from foreign bases back to India. - The dislocation between headquarters and operations has been a concern for Indian start-ups, and a simplified structure in India can result in less friction with authorities and ease of management. - Investor sentiment, both local and global, towards Indian start-ups is improving, and the shift back to India is driven by the higher value creation in the Indian market and the inability of the Indian public to participate in IPOs of overseas entities. - The Indian government's policies and infrastructure need improvements, such as a tax-free redomicile process, greater flexibility in issuing instruments, easier M&A norms, and a stronger corporate law system with dedicated courts. - It is expected that a significant number of foreign-domiciled unicorns and funded start-ups will flip back to India, with non-funded start-ups also likely to join the trend.

Related News

'Barbaric': From France, Italy To China- World Leaders Condemn J&K Attack

InternetInternet · 2m ago
'Barbaric': From France, Italy To China- World Leaders Condemn J&K Attack
Medial

At least 26 people were killed and several injured in a brutal terrorist attack in Pahalgam, Jammu and Kashmir, claimed by The Resistance Front, a proxy of Lashkar-e-Taiba. The attack has drawn widespread international condemnation and condolences from world leaders. Israeli Prime Minister Benjamin Netanyahu, Italian Prime Minister Giorgia Meloni, French President Emmanuel Macron, US President Donald Trump, Russian President Vladimir Putin, Chinese Foreign Ministry, and leaders from countries including Australia, the UK, Germany, Mauritius, Sri Lanka, UAE, Saudi Arabia, Iran, Pakistan, Denmark, Nepal, and the European Union expressed solidarity with India and condemned the violence. Many leaders extended sympathies to the victims’ families and reaffirmed support for India’s fight against terrorism. Prime Minister Narendra Modi cut short his Saudi Arabia visit to return to India following the attack. The incident is one of the deadliest civilian attacks in Kashmir in recent years and has triggered calls for justice and increased cooperation against terrorism globally.

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman

EntrackrEntrackr · 2m ago
Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman
Medial

Exclusive: Pine Labs elevates CEO Amrish Rau to MD and Chairman Pine Labs, a merchant commerce and payments platform, has promoted its Chief Executive Officer (CEO), Amrish Rau, from the role of Additional Director to Managing Director and Chairman. His elevation comes as the company prepares for its Initial Public Offering. Importantly, Rau continues to be the CEO of the Peak XV-backed firm. The board of Pine Labs has passed a resolution appointing Amrish Rau as the Managing Director and Chairman of the company for a five-year term, effective March 24, 2025, according to its filing with the Registrar of Companies (RoC). Rau joined Pine Labs as its CEO in March 2020. Prior to this, he was chief executive of Prosus-backed PayU India. Pine Labs recently received final approval from the National Company Law Tribunal (NCLT) to reverse flip its Singapore-based entity back to India. With this move, the fintech unicorn joined other Indian unicorn companies such as PhonePe, Groww, Zepto, and Dream11, which also relocated their headquarters back to India recently. The payments firm is eyeing to launch an IPO in the second half of 2025. As per media reports, the company is eyeing a $1 billion public issue and would comprise of issue of fresh equity shares and an offer for sale (OFS). Pine Labs is a merchant commerce platform that offers POS (point of sale) services which let merchants accept plastic cards and QR-based payments in their stores. It also offers Buy Now Pay Later (BNPL), invoice management, and gifting solutions. According to data intelligence startup TheKredible, Pine Labs has raised nearly $1.3 billion in funding to date from investors including Peak XV Partners, Temasek, PayPal, Mastercard, and others. The company currently holds a valuation of $5 billion. While Pine Labs is in the final stages of relocating its domicile from overseas back to India, a number of other startups—including Razorpay, Meesho, KreditBee, Udaan, Livspace, and several others—are also actively working on shifting their domiciles to India.

ShopClues co-founder Radhika Ghai’s startup kindlife.in raises $8 Mn in Series A

EntrackrEntrackr · 10m ago
ShopClues co-founder Radhika Ghai’s startup kindlife.in raises $8 Mn in Series A
Medial

Kindlife.in, a platform for beauty, wellness and health, has raised $8 million in its Series A round led by JB-Dooeun TK Fund and MIXI Global Investments, with participation from Kalaari Capital and some angel investors. Previously, Kindlife had raised $2.5 million in seed funding from Kalaari Capital, Titan Capital, Java Capital, and others in November 2021. This capital will enable Kindlife to build a strong connection between Korea, Japan, and India, the company said in a press release. Its community includes thousands of beauty creators who share recommendations and take a content-first approach, educating consumers on the latest K-beauty trends. Entrackr had exclusively reported about Kindlife’s launch back in September 2021. Founded by ShopClues co-founder Radhika Ghai, Vidit Jain, and Manasa Garemella, kindlife uses proprietary AI technology to help Gen Z consumers discover personalised skincare and wellness routines and products. The platform also provides exclusive and priority access to popular and trending global beauty brands, including Korean and Japanese brands. Capitalising on the surging popularity of K-beauty, fueled by the Hallyu wave, Kindlife aims to cater to India’s rapidly growing K-beauty market. In the ongoing calendar year, the firm plans to launch over 20 Korean and Japanese beauty brands on its platform.

Dream11 shifts domicile from US to India

EntrackrEntrackr · 3m ago
Dream11 shifts domicile from US to India
Medial

Dream11 parent, Dream Sports Inc., has shifted its domicile from the US (United States) to India. The development comes months after introducing the fast track of a reverse merger. The board at Dream11 India, in January, passed a special resolution to approve the merger of Dream Sports Inc. with Sporta Technologies Private Limited under Section 233 of the Companies Act, 2013, its regulatory filing accessed from the Registrar of Companies shows. All the shares of Dream Sports Inc. will be transferred to Sporta Technologies Private Limited (Dream11 India) under the amalgamation procedure. “Dream Sports is leveraging tech to unlock the massive potential of India’s sports ecosystem. We have completed a ‘ghar waapsi’ and are now an Indian domiciled business,” the company said in a statement. Last year, the amendment was introduced for a fast-track route under Section 233 of the Companies Act, 2013, which bypasses NCLT approval for certain cross-border mergers between a foreign holding company and its Indian subsidiary, subject to RBI approval. For context, the DGGI (The Director General of Goods and Services Tax) has issued Rs 1.12 lakh crore demand notices to Dream11 and other gaming companies by imposing a 28% tax on the full face value of player collections on a real gaming platform instead of an 18% tax on its revenue. After a certain number of pleas by the gaming companies, the Supreme Court of India granted a stay or temporary relief on the GST (Goods and Services Tax) show-cause notices issued to several online gaming companies. Dream11 has not filed its annual statements for FY24. During the fiscal year ended March 2023, the company recorded 66% year-on-year growth to Rs 6,384 crore, with profits standing at Rs 188 crore. With this, Dream11 has joined the likes of Zepto, Groww, and PhonePe, which have relocated their domicile to India. A bunch of companies, such as Flipkart, KreditBee, Pine Labs, Razorpay, and Meesho, have also been working on reverse flips.

WROGN raises $9 Mn from Aditya Birla Digital Fashion

EntrackrEntrackr · 8m ago
WROGN raises $9 Mn from Aditya Birla Digital Fashion
Medial

Men’s apparel brand WROGN has raised approximately Rs 75 crore (approximately $9 million) in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVL’s stake in the D2C fashion brand from 17.10% to 32.84% on a fully diluted basis, as per a stock exchange filing. Earlier, in June this year, WROGN secured Rs 125 crore ($15 million) from TMRW House of Brands, an Aditya Birla Group company. This investment saw TMRW acquiring a 16% stake in WROGN, valuing the Bengaluru-based brand at around $105 million. Aditya Birla Group’s TMRW has now backed eight Indian fashion brands, including men’s casualwear brand The Indian Garage Co, casualwear Bewakoof, athleisure brand Nobero, children’s brand Nauti Nati, denim label Urbano, and casualwear brands JuneBerry and Veirdo. Founded in 2014 by siblings Anjana and Vikram Reddy, WROGN is a leading name in casual wear, offering a wide range of apparel, footwear, and accessories. Leveraging cricketer Virat Kohli’s influence, the brand has expanded its reach through exclusive brand outlets and partnerships with major e-commerce platforms. Since its inception, WROGN has raised approximately $90 million from investors like Accel, Flipkart, Virat Kohli, and Sachin Tendulkar. In November 2020, Flipkart invested an undisclosed amount in WROGN’s Series F round. Flipkart is also an investor in Hrithik Roshan’s HRX, which competes with WROGN. WROGN’s revenue from operations dropped by 29.2% to Rs 243.75 crore in FY24, down from Rs 344.3 crore in FY23. Despite implementing cost-cutting measures, the Virat Kohli-backed brand saw its losses up by 28.2%, reaching Rs 56.76 crore compared to Rs 44.26 crore in FY23, primarily due to a sharp decline in sales. According to a recent report by TMRW X Bain & Company, the fashion and lifestyle sector is India’s second-largest consumer category, valued at $110 billion, with online sales accounting for around $11 billion, or 10% of the market.

Download the medial app to read full posts, comements and news.