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June turns quieter as animal spirits fade

Livemint

Livemint · 1m ago

June turns quieter as animal spirits fade

Investment sentiment has weakened as new project announcements reached a five-year low in the June quarter of FY26, amounting to ₹4.1 trillion. This period is traditionally quieter, but government capital expenditure announcements also hit a decade-low. Indian companies began the fiscal year 2025-26 with reduced investment appetite, reflecting a subdued onset for the year.

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10-minute delivery is boosting Indian economy's ‘brightening spot’, highlights RBI

Economic Times

Economic Times · 6m ago

10-minute delivery is boosting Indian economy's ‘brightening spot’, highlights RBI

The Reserve Bank of India's recent bulletin highlights private consumption as a significant driver of economic recovery in India, largely fueled by e-commerce and quick commerce. The RBI emphasizes the importance of fostering competition in these sectors without restrictive measures. Quick commerce, expanding beyond groceries to various domains, showcases potential dominance in retail. The RBI also stresses boosting consumption to revive economic "animal spirits." Rising demand in urban and rural segments and the housing market further support this optimistic outlook.

Uday Kotak warns about ‘fading animal spirits’ in kids of business families: ‘Be hungry for success and…’ | Company Business News

Livemint

Livemint · 5m ago

Uday Kotak warns about ‘fading animal spirits’ in kids of business families: ‘Be hungry for success and…’ | Company Business News

Uday Kotak expressed concerns about young business heirs preferring to manage family investments over creating new businesses, warning of fading "economic animal spirits" in India. He urged this generation to embrace entrepreneurship and start from scratch. Kotak noted an increased focus on investment management post-COVID-19, with young tycoons opting for trading and mutual funds. He also highlighted the impact of foreign institutional investors capitalizing on high domestic flows by reallocating funds globally.

Exclusive: US lawmaker seeks answers on FDA inspection of Musk's Neuralink

Reuters · 1y ago

Exclusive: US lawmaker seeks answers on FDA inspection of Musk's Neuralink

A U.S. lawmaker, Representative Earl Blumenauer, has questioned the Food and Drug Administration (FDA) regarding its decision to allow Elon Musk's Neuralink to test its brain implant device in humans without conducting an inspection. Last June, FDA inspectors found issues with record keeping and quality controls for animal experiments at Neuralink. Blumenauer expressed concerns about alleged animal testing violations and requested an explanation from the FDA. Neuralink has not responded to these inquiries. Other brain implant companies, such as Synchron and Blackrock Neurotech, have also conducted human testing with their devices.

Greater Than gin maker Nao Spirits crosses Rs 80 Cr revenue in FY24

Entrackr

Entrackr · 6m ago

Greater Than gin maker Nao Spirits crosses Rs 80 Cr revenue in FY24

Nao Spirits, the parent company of the gin brand Greater Than, reported more than double its growth in the fiscal year ending March 2024. Despite this substantial growth, the Goa-based company effectively managed to keep its losses in check during the same period. Nao Spirits' revenue from operations grew by 145% to Rs 81 crore in FY24 from Rs 33 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2015 by Anand Virmani, Abhinav Rajput, Aparajita Ninan, and Vaibhav Singh, Nao Spirits is a craft distillery based in India, known for producing premium craft gins like Greater Than and Hapusa. Income from the sale of these gins was the sole source of revenue for Nao Spirits. While the majority of Nao Spirits' revenue is generated within India, export earnings contributed Rs 2 crore in the previous fiscal year (FY24). For the liquor maker, the cost of excise duty was the largest cost center which accounted for 48% of its overall cost or nearly half of its revenue. This cost surged 7X to Rs 43 crore in FY24 from Rs 6 crore in FY23. Nao Spirits’ cost of procurement and employee benefits grew 42% and 33% to Rs 17 crore and Rs 8 crore respectively. The company also spent Rs 17 crore on advertising and business promotion. Its legal, traveling, rent, and other overheads tallied its total cost to Rs 96 crore in FY24 from Rs 50 crore in FY23. The over two-fold scale and controlled expenditure helped Nao Spirits to reduce its losses by 11% to Rs 14.6 crore in FY24, compared to Rs 16.4 crore in FY23. Its ROCE and EBITDA margin improved to -55% and -13.64% respectively with a better expense-to-revenue ratio which stood at Rs 1.19. During FY24, the company had a total current assets of Rs 48.7 crore. Nao Spirits has secured a total of Rs 54 crore ($6.5 million) in funding over five rounds. Their most recent funding was a Series B round on March 12, 2022. Nao Spirits' gin, Greater Than, has firmly established itself as a prominent brand in the Indian market, with widespread availability across the country. The next 2–3 years are expected to be dynamic for Nao Spirits and it may introduce new products and innovations to further engage gin enthusiasts. For instance, in April 2024, the firm released 'Punk Gin,' a limited-edition pink gin made with fresh strawberries and hibiscus.

Bottomline: Varthana's FY24 AUM grows as pandemic tremors begin to recede

VCCircle

VCCircle · 11m ago

Bottomline: Varthana's FY24 AUM grows as pandemic tremors begin to recede

Varthana Finance, supported by private equity firms including ChrysCapital and Kaizen Private Equity, is witnessing growth in its assets under management (AUM) as the effects of the COVID-19 pandemic begin to fade. The company, led by CEO Steve Hardgrave, is recovering from the disruptions caused by the pandemic and has shown positive signs in its financial performance. With investors such as Bahram Vakil and Pramod Bhasin, Varthana Finance is on a path to recovery and success.

Zero-alcohol companies look to capture millennial and 'sober curious' drinkers

Livemint

Livemint · 1y ago

Zero-alcohol companies look to capture millennial and 'sober curious' drinkers

Indian companies are targeting a growing market for non-alcoholic and low-alcohol spirits due to a demand for healthier alternatives and a desire to reduce alcohol consumption. Brands such as Catwalk Botanics, Sober, and Sobriety Sips are producing non-alcoholic versions of popular spirits like vodka and gin, while big beer companies are also creating non-alcoholic beers. The market for these products is still relatively small in India, but globally the non-alcoholic beer market makes up 2% of the overall beer market. Quick commerce platforms have helped these products gain visibility and availability.

Zomato, its first full-year profit in pocket, turns focus on Blinkit

Livemint

Livemint · 1y ago

Zomato, its first full-year profit in pocket, turns focus on Blinkit

Food delivery giant Zomato is ramping up its quick-commerce business, Blinkit, with plans to add 100 dark stores by June. Zomato aims to have 1,000 warehouses for Blinkit by the end of the fiscal year, as it sees the potential for the quick delivery business to outperform its core food delivery operations. Blinkit, which Zomato acquired in 2022, turned operationally profitable in March and experienced a doubling of both revenue and gross order value in Q4. The company is focusing its expansion efforts on the top eight cities in India.

Vivodyne Raises $40 Million to Develop Vascularized Organoids and Organs-on-Chip with FDA and NIH Support | DeepNewz VC

deepnewz

deepnewz · 2m ago

Vivodyne Raises $40 Million to Develop Vascularized Organoids and Organs-on-Chip with FDA and NIH Support | DeepNewz VC

Vivodyne, a biotech startup, has raised $40 million to develop vascularized organoids and organs-on-chip, which are lab-grown systems that mimic human organ functions. This technology is gaining traction as the FDA and NIH shift away from traditional animal testing methods. By creating human-like organ models, Vivodyne aims to transform drug testing and research, offering a more ethical and potentially more accurate alternative to animal testing in the pharmaceutical industry.

Edtech is here to stay: Unacademy CEO as cash flow turns positive

Twitter · 1y ago

Edtech is here to stay: Unacademy CEO as cash flow turns positive

Unacademy has turned cash flow positive in the April-June quarter, CEO Gaurav Munjal said, adding, "Edtech is f**king awesome and here to stay". Munjal said that the startup has reduced cash burn by 60% and has a runway of four years with the current cash reserves. "Online Business degrew by 30% but EBITDA improved by 87%," Munjal added.

US FDA cited animal lab at Musk's Neuralink for 'objectionable conditions'

Economic Times

Economic Times · 8m ago

US FDA cited animal lab at Musk's Neuralink for 'objectionable conditions'

The Food and Drug Administration (FDA) has cited Elon Musk's Neuralink for objectionable conditions and practices in its animal testing laboratory. This comes after FDA inspectors identified the issues in June 2023. While the FDA stated that the concerns did not undermine the safety of Neuralink's brain implant device, it urged the company to take voluntary remediation measures to address the problems. Neuralink has previously faced internal staff complaints about rushing experiments, causing suffering and deaths of animals. The company aims to assist individuals with paralysis and other disorders using brain-chip technology.

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