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LC Nueva Investment Partners launches new fund with target corpus of Rs 150 Cr

EntrackrEntrackr · 8m ago
LC Nueva Investment Partners launches new fund with target corpus of Rs 150 Cr
Medial

LC Nueva Investment Partners has launched the LC Nueva Momentum Fund, aiming for a target corpus of Rs 150 crore (approximately $18 million) with an additional greenshoe option of Rs 100 crore (around $12 million). This follows the successful closure of its maiden fund at Rs 350 crore, which has reported that half of its portfolio companies secured further rounds of funding, achieving an impressive nearly 57% compounded annual growth rate (CAGR) in average revenues. The new fund will support 10-15 high-growth startups in Series A and B rounds, focusing on “winners” from its previous fund and secondary market opportunities. LC Nueva Investment Partners, a collaboration between Singapore’s Lighthouse Canton and Delhi NCR-based Nueva Capital, aims to invest in companies that have shown improved operating performance and are considered high-conviction investments. The Momentum Fund’s strategy emphasizes identifying high-potential investments to deliver exceptional returns by leveraging strong relationships from its previous fund and actively pursuing secondary opportunities. In the broader venture capital landscape, early-stage firm Capital A has launched its Fund II with a target of Rs 400 crore, while z21 Ventures recently achieved the first close of its $40 million Fund II at $20 million.

Neo Asset Management announces fund II at Rs 2,000 Cr

EntrackrEntrackr · 2m ago
Neo Asset Management announces fund II at Rs 2,000 Cr
Medial

Neo Asset Management, a seasoned Alternative Asset Management firm in India, has announced the first close of its second flagship private credit fund - the Neo Special Credit Opportunities Fund-II (NSCOF II), at Rs 2,000 crore as on date including the first closing as filed with SEBI. Launched 3 months ago, the fund is targeting a total corpus of Rs 5,000 crore. The fund witnessed interest from Family Offices, Ultra High Net Worth Individuals (UHNIs) and Institutional Investors alike to make Neo’s journey an alternative investment platform focused on Private Credit and Real Assets. NSCOF-II is a SEBI-registered Category II AIF designed to provide bespoke credit solutions to EBITDA positive companies. As a strategy, all investments are fully covered with at least 2-3 times hard asset collateral and bear regular coupons. Neo Asset Management aims to adhere to its fund strategy and deliver returns. It looks forward to deploying capital efficiently in Fund-II. Its objective is to create a well-diversified portfolio with 25-30 investments, each ranging between Rs 150-300 crore. Neo’s first private credit, Neo Special Credit Opportunities Fund-I, closed in June 2024, raising Rs 2,575 crore. This fund has gross deployed 100% of its capital across 23 carefully curated diversified investments and have exited from 7 of these investments, over the past 18 months. The team has evaluated more than 450 investments in the last two years. Neo Group is a new-age wealth and asset management company, backed by Peak XV Partners, MUFG Bank, and Euclidean Capital and committed to building India’s leading Alternatives Asset Management platform. Neo Asset Management, the India-focused Alternative Asset Management arm of the Neo Group, manages more than Rs 10,000 crore of AUM, investing across various asset classes and delivering returns with stable cashflows.

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

EntrackrEntrackr · 10m 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?

Funding and acquisitions in Indian startup this week [25 - 30 Nov]

EntrackrEntrackr · 6m ago
Funding and acquisitions in Indian startup this week [25 - 30 Nov]
Medial

During the week, 18 Indian startups raised around $54.43 million in funding. These deals include 2 growth-stage deals and 13 early-stage deals while 3 startups kept their transaction details undisclosed. Last week, 23 early and growth-stage startups cumulatively raised around $596 million in funding. Among the growth-stage deals, 2 startups raised $13 million in funding this week. Direct-to-customer (D2C) e-commerce solutions provider ShopDeck is on top with $8 million in funding. MSME-focused digital lender NeoGrowth raised $5 million. Further, 13 early-stage startups secured funding worth $41.43 million during the week. Global manufacturer of plastic promotional toys SM Toys (Candytoy Corporate) led the list followed by commercial EV leasing and asset management ALT Mobility, cross-border specialty chemical distribution platform Elchemy, D2C platform for baby and mothercare products All Things Baby, and smart kitchen appliance brand Beyond Appliances. Meanwhile, DevX, BitSave, and ElecTrade also raked in funding but did not disclose the transaction details. For more information, visit TheKredible. In terms of the city-wise number of funding deals, Delhi-NCR-based startups led with 5 deals followed by Mumbai, Bengaluru, Ahmedabad, Indore, Kochi, Hyderabad, and Surat. Segment-wise, E-commerce startups are on the top spot with 6 deals. Manufacturing, EV, Chemicals, and Fintech startups followed the list among others. During the week, Series A and pre-Series A funding deals are at the top with 5 deals each followed by Seed, pre-seed, Series B, and Debt deals. On a weekly basis, startup funding dwindled 90.9% to $54.43 million as compared to around $596 million raised during the previous week. The average funding in the last eight weeks stands at around $263 million with 24 deals per week. As many as two startup-focused funds launched this week namely Stellaris Venture Partners and Kenro Capital. The startup ecosystem witnessed 2 notable hires this week. Battery Smart onboarded Amit Bhardwaj as CFO and Allianz Partners welcomed Michael Buttstedt as finance chief and board member. Additionally, Sriram Krishnan resigned from Andreessen Horowitz (a16z), Peak XV’s partner Anandamoy Roychowdhary left the firm, and Unacademy’s SVP of Design Hardik Pandya exited. E-commerce firm Nykaa announced acquired majority stakes in Earth Rhythm, Nodwin Gaming purchased Trinity Gaming, and ISMG took a majority stake in Nullcon. StockGro, a platform for learning about trading and investments, announced that it has conducted two Employee Stock Option Plan (ESOP) buyouts between 2023 and 2024. StockGro offered these buyouts purely to provide employees with the chance to cash in on their vested shares. Visit TheKredible to see series-wise deals along with amount breakup, complete details of fund launches, and more insights. Uber rolls out 'Uber One' loyalty programme in India. Meesho unveils Gen AI-powered multilingual voice bot. Miko set to raise Rs 28 Cr in Series C round. OneCard to secure $28.5 Mn in new funding round. Innov8 eyes fresh funds worth Rs 100 Cr. Sugar Cosmetics to raise funding from Anicut, Malabar. Univest plans to raise $16 Mn funding. Incupaze seeks $25 Md funding. Bloom Hotels posts Rs 250 Cr revenue in FY24; profit spikes 2.3X. CitiusTech’s profit balloons 6X to Rs 350 Cr in FY24. DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24. Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%. Cars24 sells 2 lakh cars in FY24, revenue nears Rs 7,000 Cr. ApnaKlub reports Rs 537 Cr gross revenue in FY24 with sound economics. Beardo crosses Rs 170 Cr revenue in FY24; regains profitability. Lendingkart posts Rs 1,090 Cr revenue in FY24, profit slips. With 500% growth, Pocket FM joins Rs 1,000 Cr revenue club in FY24. ShareChat’s revenue grows 33% in FY24 to Rs 718 Cr. EV firm Bounce on track to report over Rs 150 Cr revenue by FY25. Flipkart-owned Cleartrip spent Rs 988 Cr to earn Rs 97 Cr in FY24. Info Edge-backed Gramophone GMV shrinks 70% in FY24. HealthKart reports Rs 1,021 Cr revenue and Rs 37 Cr PAT in FY24. Zomato secures Rs 8,500 Cr via QIP. CCI probes Google after Winzo alleges anti-competitive practices. Awfis reports insider trading violation by a senior executive. Nazara Technologies raises over $100 Mn via preferential issue. CCI nods to Google's investment in Flipkart and Temasek's in Rebel Foods. IIMA Ventures and Google partner to boost 22 AI startups. Amazon India to debut in quick commerce with 'Tez' launch. Tata Neu expands into quick commerce with Neu Flash. Flipkart penalized for unfair trade practice over defective product. Zomato CEO Deepinder Goyal waives salary until FY26. Ola Electric launches affordable e-scooters for gig workers. Angel One receives SEBI approval to enter the mutual fund business. Honda enters the EV market with Activa E and QC1 e-scooters. IT department issues notices to Paisabazaar over vendor payments. Zomato’s hyperpure introduces a 4-hour express delivery service. On a weekly basis, startup funding dwindled 90.91% to $54.19 million as compared to around $596 million raised during the previous week. The week saw two startup-focused fund launches namely Stellaris Venture Partners and Kenro Capital. Amazon India is set to enter the quick commerce segment with a new delivery service, code-named ‘Tez,’ which is expected to launch by late December or early next year. Tata Group's e-commerce platform, Neu, has also introduced a quick commerce service, Neu Flash, offering 15-minute deliveries in over 20 cities across India. The District Consumer Disputes Redressal Commission (Mumbai Suburban) found Flipkart guilty of unfair trade practices over a defective product. The Commission directed Flipkart and the seller to refund the product’s cost with interest and pay INR 10,000 as compensation to the customer. It also criticized Flipkart’s ‘no return policy’ for the product, deeming it an unfair trade practice. Ola Electric has launched two electric scooter models, S1 Z and Gig, aimed at gig economy workers and budget-conscious consumers. Priced at INR 39,999, the Ola Gig directly competes with players like Yulu, catering to short-distance commutes and delivery services, while the Gig+ variant is priced at Rs 49,999. The S1 Z starts at Rs 59,999, with the premium S1 Z+ priced at Rs 64,999, offering a range of affordable options for diverse user needs. Paisabazaar, owned by PB Fintech, has received notices from the Income Tax Department regarding payments made to certain vendors and their associated entities. Issued under the Prohibition of Benami Property Transactions Act, 1988, and Section 142(1) of the Income Tax Act, 1961, the notices seek documents and explanations about these transactions. The company, in its regulatory filing, stated that it is complying with prescribed timelines and will take all necessary steps to present and defend its case before the authorities.

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