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Saahil Nayar moves Delhi High Court as Mila Beauté dispute heads to arbitration

EntrackrEntrackr · 6d ago
Saahil Nayar moves Delhi High Court as Mila Beauté dispute heads to arbitration
Medial

Saahil Nayar moves Delhi High Court as Mila Beauté dispute heads to arbitration A leadership dispute at fast-growing colour cosmetics brand Mila Beauté was heard by the Delhi High Court, following which the Court appointed a sole arbitrator to adjudicate the matter between the parties. The Court’s order shifts the dispute out of court and into arbitration, a private process that is expected to take time before a final resolution is reached. This development follows the exit of Saahil Nayar, who was closely associated as a co-founder during the brand’s early growth and scale-up phase. The issues between the parties will now be examined in arbitration in accordance with the governing contractual framework. Founded in 2024 by Saahil Nayar and others, Mila Beauté quickly gained traction in India’s colour cosmetics market, positioning itself as an affordable, high-performance brand with a growing offline and online footprint. The company raised institutional capital during its growth phase and announced plans to invest in manufacturing and operational expansion. It has been tracked closely in startup and retail circles for its rapid scale-up. Mila Beauté reported revenues of approximately Rs 60 crore in FY25 and has publicly articulated aggressive growth ambitions going forward. However, sources following the developments say that the leadership separation and the arbitration proceedings introduce a phase of uncertainty, particularly at a time when consumer brands face heightened scrutiny from investors on execution capability, leadership continuity and governance alignment. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here.

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Mila Beauté raises $2.16 Mn in pre-series A round led by Rukam Capital

EntrackrEntrackr · 10m ago
Mila Beauté raises $2.16 Mn in pre-series A round led by Rukam Capital
Medial

Mila Beauté, a homegrown cosmetics brand, has raised $2.16 million (approximately Rs 18 crore) in its pre-Series A round led by Rukam Capital at a valuation of Rs 303 crore or $35.3 million. The proceeds will be used for expansion and research & development. It will also invest in new product development, scaling operations, and deepening its market presence. Founded by Saahil Nayar, Sachin Chadha, and Keshav Chadha, Mila Beauté offers a range of beauty products including lipsticks, foundation, eyeliners, and more. With products spanning all categories, Mila offers high-quality, innovative, skin-care-infused makeup that is free from all harmful chemicals. Currently, the startup claims that it is clocking annual revenues of $7.23 million and is targeting a 2x growth in the next 12–18 months. With a presence at over 10,000 retail counters across India, Mila Beauté plans to double the number by the end of the year. Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever.

OYO wins relief as Delhi HC rejects Zostel stake award

EntrackrEntrackr · 9m ago
OYO wins relief as Delhi HC rejects Zostel stake award
Medial

After years of legal back-and-forth, the Delhi High Court has ruled in favour of travel-tech firm OYO, setting aside an arbitral award in its long-standing dispute with Zostel Hospitality, the parent company of ZO Rooms. The court held that OYO did not breach any agreement during the failed acquisition talks with Zostel. The judgment backs OYO’s claim that it never took over any part of Zostel’s business. It also said that the kind of agreement they had — one that could be called off — cannot be legally enforced. The High Court also rejected Zostel’s request to carry out the earlier arbitration order. The dispute started back in November 2015, when OYO signed a non-binding, exploratory term sheet with Zostel to potentially acquire its business. The deal, however, fell through after due diligence failed, and both sides couldn't agree on final terms. Zostel initiated arbitration in September 2018 — nearly three years after the talks — which resulted in a March 2021 arbitral award that OYO promptly challenged. In February 2022, the Delhi High Court had already denied Zostel’s plea for an injunction. The latest ruling firmly closes the chapter, stating that no definitive agreements were signed and no consensus was reached on essential commercial terms. “This vindicates our long-held position,” an OYO spokesperson said in a statement, reaffirming that there was no binding agreement between the parties. However, earlier this month, the Hospitality firm reportedly postponed its planned October IPO following objections from its major investor SoftBank, which consists of a fresh issue worth Rs 7,000 crore and an Offer for Sale (OFS) of Rs 1,430 crore.

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