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ICON raises $1.2 Mn in seed round from DSG Consumer Partners, others

EntrackrEntrackr · 1y ago
ICON raises $1.2 Mn in seed round from DSG Consumer Partners, others
Medial

ICON, an internet-first direct-to-consumer luggage and travel accessories (LTA) startup, has raised $1.2 million in its seed round led by DSG Consumer Partners with participation by a clutch of angel investors. The proceeds will be used to ramp up ICON’s existing product line, expand its team, strengthen its distribution network, and boost its innovative portfolio. Founded by Mohammad Patel, Poojan Shah, Fazal Lakhani, and Aakash Mehta, ICON’s product portfolio consists of hard luggage, backpacks, and handbags. The tiro’s previous venture MyFitness was acquired by Mensa Brands in 2022. Through innovative products, ICON aims to capitalise on the post-pandemic travel renaissance, which is driving a luggage revolution. As per an industry report, the Indian tours and travel industry is poised for a growth of 12–15% in fiscal 2025, and the Indian luggage market is estimated to be Rs 20,000 crore where branded players are expected to make up about 54% of the market.

VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26

EntrackrEntrackr · 21d ago
VerSe Innovation revenue jumps 88% in FY25; eyes profitability in H2 FY26
Medial

VerSe Innovation, the parent company of Dailyhunt and short-video app Josh, reported improved financial performance for the fiscal year ending March 2025. According to the firm’s press release, operating revenue grew 88% during the fiscal year, while EBITDA burn reduced by 20%. VerSe Innovation’s operating revenue jumped to Rs 1,930 crore in FY25 from Rs 1,029 crore in FY24. Total revenue, including other income, stood at Rs 2,071 crore during the year, representing a 64% year-on-year growth. On a standalone basis, excluding acquisitions, the main firm’s revenue grew 33% to Rs 1,373 crore in FY25. VerSe reduced its EBITDA burn (excluding non-cash expenses) by 20% to Rs 738 crore in FY25 against Rs 920 crore in FY24. Its EBITDA margin improved to –38% in FY25 compared to -89% in FY24. Operating expenses also fell to 61% in FY25 from 77% in FY24. VerSe aims for EBITDA positivity and profitability at the group-level in the second half of FY26 through AI-led monetization, subscription growth, community engagement, and strategic acquisitions. The company plans to integrate acquisitions like Magzter and ValueLeaf to enhance monetization. VerSe serves over 350 million users and is backed by investors such as CPP Investments, OTPP, QIA, Carlyle, Google, and Microsoft. As India’s first unicorn in the local language content space, VerSe’s path to profitability by H2 FY26 is closely watched, with potential IPO plans in future years.

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