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Star Localmart acquires DusMinute, expands to 170 stores

EntrackrEntrackr · 11h ago
Star Localmart acquires DusMinute, expands to 170 stores
Medial

Star Localmart acquires DusMinute, expands to 170 stores Star Localmart, the retail arm of the Sanjay Ghodawat Group (SGG), has acquired DusMinute, a Bengaluru-based retail chain operating in gated communities, for an undisclosed amount. With this acquisition, Star Localmart’s network grows to 170 stores. The firm focuses on tier-II to tier-VI towns, offering modern supermarket formats to rural consumers. It has announced expansion across Maharashtra, Karnataka, Goa, Andhra Pradesh, and Telangana. The long-term goal is to scale up to 3,000 stores by 2030 and achieve revenues of Rs 5,000 crore in the next five years. DusMinute operates 40 stores inside residential complexes and delivers daily essentials such as groceries, fruits, vegetables, and household items. The chain also provides app-based doorstep delivery for added convenience. This aligns with Star Localmart’s mission to bring modern, affordable retail to every community. In July 2023, DusMinute raised Rs 11.5 crore in a bridge round led by Inflection Point Ventures with participation from banker Bandana Kankani. Its investors also include Indian Angel Network and a few angel investors. Star Localmart currently operates over 130 stores across 50 towns in Western Maharashtra and Northern Karnataka. Each store carries over 3,000 SKUs, blending national, regional, and local brands. The company also emphasizes job creation and training in the communities it serves. Founded in 2020, Star Localmart is building a retail network in smaller towns through compact, multi-brand stores. By combining DusMinute’s hyperlocal model with its expanding reach, Star Localmart is positioned to deepen consumer connections and strengthen leadership in India’s regional retail ecosystem.

India's SaaS giant Zoho launches Zakya to offer a modern retail POS solution; Know the offerings

IndianStartupNewsIndianStartupNews · 1y ago
India's SaaS giant Zoho launches Zakya to offer a modern retail POS solution; Know the offerings
Medial

Chennai-based software-as-a-service (SaaS) giant Zoho Corporation has launched Zakya, a retail point of sale (POS) solution aimed at simplifying operations for retail stores. Zakya's features include inventory management, sales tracking, offline billing, and support for multiple Indian languages. The platform also offers integration with third-party services and ensures compliance with GST regulations. The move comes as retailers in India increasingly seek digital solutions to remain competitive in a rapidly growing market expected to reach $2 trillion by 2032. Zakya currently serves 170 active stores and offers various pricing plans, including a free version.

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant

EntrackrEntrackr · 2m ago
Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant
Medial

Exclusive: Bluestone expands ESOP pool, COO Sudeep Nagar receives $11 Mn worth grant Omnichannel jewellery retailer Bluestone has expanded its existing ESOP plan to $80 million by adding additional employee stock options for its employees. The board at Bluestone has passed a resolution for approval to add 42,43,312 employee stock options to its existing plan, bringing the total ESOP pool to 1,17,27,642 options, its regulatory filing accessed through the Registrar of Companies (RoC) shows. According to Entrackr’s estimates, the newly added ESOPs are worth around Rs 245 crore or around $29 million. Out of the newly added stock options, Rs 92.6 crore ($11 million) will be granted to the company’s Chief Operating Officer (COO), Sudeep Nagar. This addition brings the total value of Bluestone’s ESOP pool to Rs 678 crore or around $80 million. Notably, these valuations are based on the company's last funding round, where it raised around Rs 900 crore pre-IPO round led by Prosus, out of which Rs 300 crore is secondary. Ahead of Bluestone’s IPO, Global consumer internet group Prosus values the company at $950 million, just shy of unicorn status ahead of its IPO. Prosus has valued its stake in BlueStone at $42 million, as per its latest annual report. The stake, held through its fund MIH Investments One B.V., represents a 4.43% ownership in the jewellery brand. As per ET report, Bluestone is all set to join the unicorn status with secondary transactions worth Rs 300-350 crore by private wealth management arms of 360 One and Centrum Wealth. This will value the company at $1.2 billion. In December 2024, Bluestone filed its draft red herring prospectus (DRHP) with SEBI for an IPO, comprising a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale (OFS) of up to 2.398 crore shares, allowing a full exit for Samma Capital, IvyCap Ventures, and Kalaari Capital. Founded in 2011, omnichannel jewellery brand BlueStone offers high-value gold and diamond jewellery, including rings, pendants, chains, and earrings, through its retail stores and online platform. As per its DRHP, the company operates over 203 stores across 86 cities. BlueStone has raised around $262 million across multiple funding rounds from investors such as Accel, Prosus, Peak XV Partners, 360 One, Kalaari Capital, and others, according to startup data intelligence platform TheKredible. In FY24, BlueStone’s revenue grew 64% year-on-year to Rs 1,266 crore, up from Rs 771 crore in FY23. The company also trimmed its losses by 15% during the same period, bringing them down to Rs 142 crore.

Ola Electric sells 25,000 units in Feb, expands market lead with 28% share

EntrackrEntrackr · 6m ago
Ola Electric sells 25,000 units in Feb, expands market lead with 28% share
Medial

Ola Electric sells 25,000 units in Feb, expands market lead with 28% share EV manufacturer Ola Electric on Friday said that it has sold over 25,000 units in February 2025, maintaining its 28% market share in the electric two-wheeler (2W) segment. In January, Ola Electric reclaimed its top spot in the electric two-wheeler segment with a 24.91% market share. The Bhavish Aggarwal-led company made a comeback after Bajaj and TVS Motor overtook it in December. “With our strong scooter portfolio and 4,000-store network, we are seeing growing demand from Tier 3 and 4 towns. With Roadster X deliveries set to begin next month, we aim to accelerate EV adoption further,” said a company spokesperson in a stock exchange filing. As per the latest VAHAN data (12 PM, Friday), Bajaj has sold 20,006 units, followed by TVS with 17,603, Ather Energy with 11,129, and Greaves Electric Mobility with 3,492 units. The data currently shows 8,390 units for Ola Electric, which is expected to be updated by the end of the day. In a strategic decision, Ola Electric recently renegotiated its contracts with vehicle registration agencies. The company stated that this may temporarily affect VAHAN portal numbers, but the move is aimed at reducing costs and optimizing the registration process. Ola’s Futurefactory and EV hub in Tamil Nadu played a key role in its growth, along with its Battery Innovation Centre (BIC) in Bengaluru. With over 750 company-owned stores, Ola Electric claims that it has the largest EV retail network in India.

Former Skechers executive Sumit Maloo joins Neeman's as CFO

EntrackrEntrackr · 9m ago
Former Skechers executive Sumit Maloo joins Neeman's as CFO
Medial

Sustainable footwear startup Neeman's has announced the appointment of Sumit Maloo as its Chief Financial Officer. Sumit will lead Neeman’s ambitious plan to establish 100 stores across India over the next two years. In his previous role at Skechers South Asia, Sumit led financial strategy, operations, controls, planning & analysis, reporting, and treasury. Beyond Skechers, Sumit has held key positions in Finance at renowned organizations like Staples, ICICI Bank, and Reliance Brands. On the lines of the US-famed All Birds, Neeman’s manufactures comfortable shoes with merino wool, organic cotton, recycled PET bottles and tyres, tree wood, fruit pulp and bamboo. Apart from its own website, the company leverages marketplaces like Amazon and Flipkart for distribution. It also began offline focus with a presence in Shoppers Stop and Lifestyle. Neeman’s has been growing gradually as its scale jumped nearly 50% in FY23. At the same time, the company’s losses crosses Rs 100 crore mark. The Hyderabad-based company is now focused on expanding its reach through a retail network. Currently operating 14 offline exclusive stores, Neeman's plans to expand its retail footprint, aiming to open 100 stores across major cities in India over the next two years.

Exclusive: BeepKart Fires 130 Employees In 5 Months To Cut Costs, Halves Store Count

Inc42Inc42 · 10m ago
Exclusive: BeepKart Fires 130 Employees In 5 Months To Cut Costs, Halves Store Count
Medial

1. BeepKart recently conducted three rounds of layoffs, resulting in the termination of approximately 60-70 employees last month. 2. The startup has been actively cutting costs and closed down six stores out of its total of 11 located in Bengaluru and Chennai within the past five months. 3. BeepKart offers a comprehensive platform for users to purchase and sell pre-owned motorcycles online, and counts Vertex Ventures and Stellaris Venture Partners among its backers. 4. The recent layoffs were part of the company's ongoing efforts to control expenses and streamline operations. 5. BeepKart's full-stack model enables a seamless experience for customers looking to buy or sell used two-wheelers. 6. The closure of six stores suggests a strategic shift towards focusing more on online sales rather than maintaining physical storefronts.

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