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AstroTalk raises $20 Mn from Left Lane Capital

EntrackrEntrackr · 1y ago
AstroTalk raises $20 Mn from Left Lane Capital
Medial

Spiritual tech startup AstroTalk on Monday announced that it has raised $20 million in a Series A round from Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies. This is one of the largest funding rounds in the spiritual-tech industry in India, so far. AstroTalk will use the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, the company said in a press release. Last week, Entrackr exclusively reported about the upcoming funding round in AstroTalk. Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The platform boasts over 15,000 active astrologers and has served more than 4 crore users to date. “Astrotalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations stand to be approximately 95% of our revenue with about 20% of the revenues coming from outside of India,” said Puneet Gupta, founder and CEO of Astrotalk in the release. Currently, the company is building a strong leadership team to head new business verticals and is actively hiring. Additionally, it is planning an ESOP buyback to create wealth for its employees. AstroTalk claims to clock an ARR of approximately Rs 800 crore in FY24 and a 100% year-on-year revenue growth in the last three years. As per the company’s annual financial statement, it posted 146% growth in its revenue to Rs 283 crore in FY23 whereas its profits spiked 41.7% to Rs 8.5 crore. The firm also projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. It competes with GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi.

Infibeam Avenues restructures UAE unit ahead of ADX listing

EntrackrEntrackr · 3m ago
Infibeam Avenues restructures UAE unit ahead of ADX listing
Medial

Fintech firm Infibeam Avenues Ltd's UAE subsidiary has reorganized its shareholding structure ahead of its listing to amplify its digital payment strategy, as stated in a stock exchange filing. The reorganization involves transferring the mirror shareholding in Avenues World FZ-LLC to its newly incorporated Abu Dhabi entity, Infibeam Avenues ME SPV Ltd. According to the stock exchange filing on Thursday, Infibeam Avenues' wholly-owned UAE subsidiary, Vavian International Ltd, will hold an 80 percent stake in the newly formed Infibeam Avenues ME SPV Ltd. This entity will, in turn, own Avenues World FZ-LLC, the operator behind the widely recognized CCAvenue.ae payment gateway in the UAE. The strategic reshuffling aligns with Infibeam Avenues' bullish outlook on the rapidly expanding digital payments sector in the Middle East and North Africa (MENA) region. The move also aligns with the company's plans to optimize its upcoming ADX IPO fundraising (Abu Dhabi Stock Exchange), which requires the company to have its headquarters in Abu Dhabi. Prior to this, Infibeam Avenues stated that its UAE-based step-down subsidiary, Avenues World FZ-LLC, had raised up to $20 million in a pre-IPO equity placement. The 20% dilution gave the firm a post-money valuation of $100 million. In August 2023, Infibeam Avenues was reported to have processed over AED 1 billion in transactions in a single month. By October 2023, its CCAvenue.ae payment gateway had processed more than AED 24.5 billion in transactions, serving over 5,000 merchants across various industries, including high-profile clients such as Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai. Earlier, Infibeam Avenues had introduced mobile-based QR code solutions in the UAE, targeting the growing offline payments sector. This launch marked a pivotal step for the company, as it expanded its portfolio of offerings into the international market, beginning with the UAE. Additionally, Infibeam’s subsidiary in Saudi Arabia recently secured the Payment Tokenization Service Provider (PTSP) certification from the Saudi Arabian Monetary Authority (SAMA), becoming one of the first Indian fintech firms to do so in the Kingdom. The company had also reported impressive year-on-year growth in the region, driven by the launch of initiatives such as express settlement for merchants, CCAvenue TapPay, and an aggressive expansion strategy targeting the digital payments boom in the Middle East.

Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X

EntrackrEntrackr · 9m ago
Starbucks India posts Rs 1,218 Cr revenue in FY24; losses surge 3.2X
Medial

Starbucks India has emerged as the largest coffee chain in the country as the company left Coffee Cafe Day behind in terms of revenue during the fiscal year ending March 2024. However, the firm barely managed double digit growth in the said fiscal year and at the same time, its losses widened over three-fold. Tata Starbucks’ revenue from operations increased 12.05% to Rs 1,218 crore in FY24 from Rs 1,087 crore in FY23, its standalone annual financial statements filed with the Registrar of Companies (RoC) show. Starbucks For background, Starbucks India is a joint venture between Starbucks Coffee Company and Tata Consumer Products Limited. Launched in 2012, Tata Starbucks now operates in over 390 stores across 54 Indian cities, with approximately 4,300 partners. Its nearest competitor Coffee Cafe Day’s revenue stood at Rs 1,013 crore in FY24. As of March 2024, it had 450 stores. Starbucks also competes with several new-age coffee startups including Blue Tokai, Rage Coffee, Third Wave Coffee Roasters, Slay Coffee, Sleepy Owl, and Seven Beans Co among several others. Coming to Tata Starbucks revenue, the sale of coffee and related products formed most of its revenue. The rest of the income came from the loyalty program called My Starbucks Rewards where the customers earn loyalty points (Stars). For a coffee-selling company, the procurement of coffee beans, and other related products accounted for 26% of the total expenditure. To the tune of scale, this cost increased 8.5% to Rs 343 crore in FY23. Its employee benefits, rent, electricity, advertisement cum promotion, royalty, transportation, and other overheads took the firm’s overall expenditure to Rs 1,320 crore in FY24 from Rs 1,140 crore in FY23. See TheKredible for the complete expense breakup. Along with flat scale, Starbucks India’s losses surged 3.2x to Rs 80 crore in FY24 from Rs 25 crore in FY23. Its ROCE and EBITDA margin stood at 0.4% and 18%, respectively. On a unit level, the firm spent Rs 1.08 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 19% 18% Expense/₹ of Op Revenue ₹1.05 ₹1.08 ROCE 3% 0.4% Coffee chains, by their very nature seek upscale locations, which means rental costs can be very high. Starbucks India, which is still in expansion mode with a possible target of 1000 stores by 2028, faces that challenge, besides the more obvious one of finding customers for its pricey offerings. Multiple startups encroaching in the same segment has not helped, as unlike the humble tea, coffee snobs are a very real thing, and many of the new upstarts have built a following accordingly. More than losses, Starbucks India will possibly be more focused on metrics like same store sales growth and footfalls for now, as its menu offerings have enough margins to deliver handsomely if footfalls increase significantly. The question is, will premium coffee find a deep enough market, or will it run up against the by now famously shallow middle class market?

Datatribe builds data driven tech products for organizations across sectors

EntrackrEntrackr · 1y ago
Datatribe builds data driven tech products for organizations across sectors
Medial

Bengaluru-based Datatribe builds affordable and SaaS products for organizations that help them harness their own data. Its first two products are myLearn (an organizational learning platform) and Parcel (a product cycle management platform), and the company plans to release a performance management product later this fiscal year. Each of these products are Tier – iI ERP products, which founder and CEO Nikhil Chandra says are easy to deploy and provide real time tracking and analytics. We spoke to Chandra to learn more about Datatribe, what its business model is, and the roadmap ahead. Here are the edited excerpts: How did you come up with the idea of Datatribe? Datatribe came about based on our experience with taking our first two products (myLearn and Parsel) to market – for product details please see www.datatribe.co.in. While working with clients, we realized that a core problem for organizations across sectors and sizes was the inability to harness and utilize their down data that was being generated on a daily basis. This could be people-based data (like learning) or product data (like production, storage, delivery) or performance-based data (like productivity) and creates a strong need for data focused technology products. We also believe strongly that this wave of data focused technology has begun the world over and will fundamentally change the manner in which business is done. Please help understand how you generate revenues. (Explain business model). Since we are a B2B focused organisation, our revenue model is based on subscription charges from organisations. This could be a one time subscription or a recurring subscription amount depending on the product. For e.g. in myLearn we charge clients on a per enrollment/subscription basis for roll out of existing content on the platform and provide clear proving options on the platform itself. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address this? The key challenge with respect to data is the lack of an easy system to access data and make it available to the right people within an organisation. This challenge can largely be addressed only by technology and current systems to do so are expensive and cumbersome to deploy (essentially large-scale ERPs). We are addressing this by providing the SME and enterprise market with affordable, SAAS based data driven products for multiple parts of their business. How are you using technology to solve challenges in the industry? Aside from being SaaS-based and easy-to-deploy, one of the key items for our products will be the enhancement provided by AI/ML tools. For e.g. in the Parsel product we have integrated an AI/ML fulfillment tool that ensures not only putaway and pick list generation but also efficient use of manpower in warehouses. Also, in myLearn we have a unique Dashboard that allows the organization to directly deploy and manage all their learning requirements while providing real time data. The Dashboard also allows an organization to track learning across SBUs, designations and teams to ensure that actionable data intelligence is available with them. How has your startup performed since inception? We have just taken both our products out of proof of concept, and this is the first year for Datatribe. During proof of concept, myLearn created learning outcomes for over 20,000 employees at multiple organizations including Hindalco Limited and the Tata group. Similarly, Parsel has between 400-500k monthly SKUs on the platform. What are your short-term and long-term goals in terms of product and business expansion and diversification? Our short-term goal is to build a pipeline of recurring revenue across our product portfolio. This has started well in this FY and we aim to be at a profitable MRR and over 4 million monthly SKUs on Parsel by H2, FY25. Our longer-term goal is to help SMEs and Enterprises become more productive and competitive using their own data along with scaling a profitable global business. Who are your nearest direct and indirect competitors? Which are the larger global players in the industry? Each of our products have specific competitors locally as well as globally. For e g. The primary competitors for myLearn are Coursera and udemy which provide organizational learning alternatives in a slightly different fashion.

XOBOX aims to tackle residential last-mile delivery hurdles

EntrackrEntrackr · 1y ago
XOBOX aims to tackle residential last-mile delivery hurdles
Medial

Last-mile delivery hasn’t been perfect. Not that the likes of Dunzos of this world haven’t tried to address this. Recently, we saw Zomato experimenting with last-mile delivery through a unique concept of ‘walkers’ for corporate parks. Bengaluru-based XOBOX is one of the few startups that is trying to fix the last-mile delivery challenges especially for people living in urban areas. The company handles packages for residents in apartment complexes. Some of the features are securing the packages in smart lockers and dropping them to customers’ doorstep when they are back to their homes, and home delivery of essential items. We spoke to XOBOX founder and CEO Kiran Shivappa about his startup, what distinguishes it from the competition and the roadmap ahead. Here are the edited excerpts: How did you come up with this idea? I live in an apartment complex and even before the Covid deliveries were left scattered in front of the door and stray cats use to destroy especially milk packet which cause everyone to talk about it hours in community Whatsapp group, this made me think to find/adopt a solution to secure the deliveries when residents not able to receive it or may be they are not around. How does the platform work? Please help simplify the process. When we started the service, we started taking the request from residents to handle their packages and we coordinated with delivery guys to take the package, pay them if it is a COD [Cash on Delivery], and secure them in the locker until they come back, then we deliver it to their doorstep. We went one step ahead and made a contract with 3PL [Third-party logistics] and ecommerce companies to take every delivery coming to the society and our dedicated resources would hand them over to the residents, if the resident is not available then secure the package in the locker and hand it over once they come back. What are the key challenges in the industry that have not been addressed yet? And how do you plan to address them? Ecommerce companies have tried many solutions to optimize the last leg of the delivery process and achieved the Kirana model also, but they never got a chance to be inside the society exclusively and take care of the deliveries and achieve the customer delight to bring the most convenience to them in their package receiving time. We have dedicated resources inside each society to carefully handle the package and interact with residents and elderly people and become familiar to them so they feel comfortable to receive us at the doorstep at any time and feel secured as well. Industry major players tried to introduce the lockers but these lockers operate as a complete unmanned and fully automated, for this reason the adaptation was a big challenge and education was also a challenge. We adopted a 70/30 model where, way the lockers were built, operated and how people would feel easy to adopt this because the “30” percentage is the resources we introduced along with “70” percentage technology, our dedicated resource will work with all stake holders in the gated community to educate and make every one understand how to use the service. What are your short-term and long term goals in terms of product and business expansion and diversification? In the short term, we are looking to expand the service to 35 more gated communities in Bengaluru in 2nd and 3rd quarters of 2024 and then go to other cities. As far as long-term plans go, we are going to sign contracts with major ecommerce and 3PL companies to increase the volume in each society and serve the needs of elderly population in the community. We would want to reach 700-1000 gated communities and generate 150-180 cr annually.

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