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Homelane, backed by Accel, says it has hit cash profitability

The Arc Web

The Arc Web · 1y ago

Homelane, backed by Accel, says it has hit cash profitability

Indian interior design company Homelane is expected to achieve a 20% increase in revenue this fiscal year, reaching Rs 700 crore. The company has reported modest cash profits for the past two months and operates on a negative working capital cycle. In addition, Homelane launched a new brand called Doowup in April, targeting price-sensitive shoppers. However, competition in the space is fierce, with Livspace, another home and interior platform in India, raising $180 million at a $1.2 billion valuation in 2022.

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Design Cafe on the block; will HomeLane, Livspace bite?

Livemint

Livemint · 1y ago

Design Cafe on the block; will HomeLane, Livspace bite?

DesignCafe, an interior solutions provider backed by WestBridge Capital, is reportedly up for sale due to its inability to scale up and lack of funding from existing investors. The company has engaged in talks with potential strategic and financial investors, including HomeLane and Livspace, for a possible merger. The home interiors segment, largely led by unorganized local players, has limited companies achieving significant scale. With the real estate market rebounding, the sector has gained momentum, with Livspace aiming to list in India and HomeLane reaching profitability with over ₹1,000 crore in revenue.

HomeLane buys DesignCafe, raises Rs 225 crore from Hero Enterprise, Ranjan Pai

Economic Times

Economic Times · 10m ago

HomeLane buys DesignCafe, raises Rs 225 crore from Hero Enterprise, Ranjan Pai

Home interior services startup HomeLane has acquired DesignCafe in a share-swap deal worth Rs 3,000 crore. HomeLane also raised Rs 225 crore in funding from new and existing investors, including Hero Enterprise and Claypond Capital. The combined entity aims to achieve Rs 1,000 crore revenue by fiscal 2025 and is targeting profitability at the Ebitda level. HomeLane and DesignCafe will operate as independent brands, and an IPO is being considered within the next 9-15 months. The consolidation comes amid a slowdown in the home services sector and funding challenges.

Bottomline: PE-backed Indifi’s AUM rises but asset quality worries weigh

VCCircle

VCCircle · 1y ago

Bottomline: PE-backed Indifi’s AUM rises but asset quality worries weigh

Fintech lender Indifi Technologies, backed by ICICI Venture and Accel, has reported an increase in its loan book. However, concerns over rising costs and asset quality impacted its profitability. Indifi Technologies is a tech platform that provides financial solutions to small businesses. The company's financial performance in the year through March 2024 was affected by these challenges despite its growing loan portfolio.

Quick grocery has caught on, and BigBasket is smiling

Livemint

Livemint · 1y ago

Quick grocery has caught on, and BigBasket is smiling

Bigbasket's quick-commerce arm, BB Now, backed by Tata Digital, expects to become profitable within six months. Although the overall profitability target for the grocery startup has been moved to early 2025, the quick-commerce sector has provided significant growth due to its convenience. Bigbasket aims to maintain profitability by tightly controlling costs and leveraging its existing infrastructure. Competition is fierce in the quick-commerce market, with high cash-burn rates and significant losses to sustain growth. Bigbasket views its quick-commerce arm as a marketing channel to drive more customers to its main grocery business.

ReshaMandi's uncertain future after $40 million loss

Inshorts · 1y ago

ReshaMandi's uncertain future after $40 million loss

Hit by a cash crunch and revenue challenges, ReshaMandi started laying off employees in June 2023. It offered employees a ‘chance’ to work without salaries for three months. The employees who did so found out that there was no cash for any of the pending salary payments. These employees are still awaiting their dues.

Accel Atoms 4.0 to invest up to $1 million in startups focused on 'Bharat' opportunity, AI

Economic Times

Economic Times · 11m ago

Accel Atoms 4.0 to invest up to $1 million in startups focused on 'Bharat' opportunity, AI

Accel, a global venture capital firm, has launched Accel Atoms 4.0, a pre-seed scaling program for startups. Chosen startups will receive up to $1 million in funding and over $5 million worth of perks from Accel network partners. The program is open for pre-seed startups operating in the fields of AI and Bharat. Accel Atoms 4.0 aims to support visionary founders and entrepreneurs by providing funding, mentorship, and a network of support. Since its establishment in 2021, Accel Atoms has backed 32 startups that have collectively raised over $200 million.

Accel-backed Onsitego to acquire Qdigi from Fairfax-controlled Quess Corp

VCCircle

VCCircle · 1y ago

Accel-backed Onsitego to acquire Qdigi from Fairfax-controlled Quess Corp

Onsitego, an Accel-backed device-care provider, is set to acquire Qdigi Services from Quess Corp Ltd in a cash and equity swap deal. Onsitego will pay Rs 80 crore in cash and Quess Corp will receive a 2.4% stake in Onsitego. Qdigi provides installation, repair, and maintenance services for smartphone manufacturers and online retailers. The acquisition will enhance Onsitego's service capabilities and market offerings, while also targeting new partnerships for growth. The entire Qdigi team and business will be transferred to Onsitego.

Indian fintech Jar turns cash-flow positive

TechCrunch · 6m ago

Indian fintech Jar turns cash-flow positive

Indian fintech startup Jar has become cash-flow positive, confirmed by a company executive. The three-year-old firm, backed by Tiger Global, achieved this milestone while expanding significantly last year. This shift towards profitability aligns with a trend among Indian startups preparing for IPOs by improving financials and reducing expenses. Jar has diversified its services by adding lending and online jewelry sales, the latter generating annualized sales of $13 million. The startup is also reportedly seeking $50 million in new funding.

DeHaat acquires farm advisory platform AgriCentral

Economic Times

Economic Times · 6m ago

DeHaat acquires farm advisory platform AgriCentral

DeHaat, an agritech startup, has acquired farm advisory platform AgriCentral from Olam Agri in an all-cash deal. AgriCentral, serving over 10 million farmers, enhances DeHaat's digital services and farmer reach. The acquisition marks DeHaat's seventh, following purchases like Vezamart and Helicrofter. DeHaat, backed by Temasek, operates in 12 Indian states, serving around 3 million farmers. The company anticipates continued growth and aims for profitability in Q4, driven by its expanding business scale and value-added services.

Consumer lending apps on track on profitability front

Economic Times

Economic Times · 1y ago

Consumer lending apps on track on profitability front

Consumer lending fintech firms, such as Freo, Fibe, Kreditbee, and Navi, have shown signs of stability and profitability amid the pandemic. These startups have diversified their services and expanded into ancillary businesses, which has positively impacted their balance sheets. For example, Freo, backed by Peak XV, reported cash profitability since December 2023 and posted a gross revenue of Rs 350 crore in the fiscal year 2023. Fibe and Kreditbee also reported net profits, while Navi grew its digital personal loan portfolio. These firms are now exploring new product lines and partnerships to cater to a wider customer base.

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