Market commentator Sanjiv Bhasin and eleven other individuals and firms have been banned by the Securities and Exchange Board (SEBI), which oversees capital markets, for engaging in front-running and manipulating the market.
Additionally, the regulator has ordered that these parties forfeit more than INR 11.4 crore in illegal earnings that were purportedly obtained from these crimes.
These persons have participated in market manipulation through stock recommendations made on television channels and various social media platforms, according to SEBI’s 149-page interim ex-parte order issued on 17 June.
Bhasin, his cousin Lalit Bhasin, Lalit’s brother-in-law Ashish Kapur, and other family members, dealers, and associated businesses, including Bhasin’s RRB Master Securities, Delhi, are among the 12 noticees who have been prohibited from using the securities market.
Additionally, they are not allowed to purchase, sell, or deal in securities in any way, either directly or indirectly. Additionally, SEBI stated in the ruling that their bank and demat accounts had been frozen as a result of the purportedly illegal gains.
What SEBI’s Order States?
In the 149-page order passed by whole-time member Kamlesh C Varshney, SEBI stated that the total amount of unlawful gains earned from the alleged violations, which is INR 11,37,19,170, will be impounded jointly and severally.
The noticees are directed to open fixed deposit accounts in a scheduled commercial bank to credit/deposit the aforementioned amount of unlawful gains jointly and severally with a lien marked in favour of SEBI.
The amount kept in the accounts will not be released without SEBI’s permission. Bhasin, noticee 1, has been told by Sebi to save the records of his several social media accounts until further instructions are given.
Additionally, it stated that the noticees must not sell or alienate any of their assets or properties until the amount of their illegal earnings has been credited to fixed deposit accounts, unless SEBI has granted them prior authorisation.
Accused Ordered to Provide Details of Movable and Immovable Assets
Additionally, the accused have been ordered to submit a comprehensive list of all of their assets, both immovable and movable. They can ask for a personal hearing and have 21 days from the date of order receipt to submit responses to SEBI. Bhasin, a director at IIFL Securities, reportedly traded through the broker RRB Master Securities, Delhi, according to SEBI’s probe.
He would first purchase assets for himself before recommending them to the general public via the IIFL Telegram channel and/or news outlets like Zed Business and ET Now. Bhasin would sell these securities and turn a profit after their prices increased as a result of his advice. SEBI came to the conclusion that he made “ill-gotten gains” by manipulating security prices.
In contrast to his own suggestions made on media outlets throughout the investigation period, the SEBI probe discovered that he traded through RRB Master Securities in the accounts of its clients Venus Portfolios, Gemini Portfolios, and HB Stock Holdings.
In the accounts of Venus, Gemini, and HB, Bhasin would square off his positions (mostly sell), frequently in a matter of minutes, through dealers of RRB Master, even though he was mostly giving “buy” recommendations to viewers/followers on media channels and other platforms.
According to the evidence, he would stay in constant communication with dealers and instruct them to follow buy/sell orders right away, as stated in the order.
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In the 90’s kids could have never imagined the appeal of online shopping. Nor did anyone fathom that e-commerce would transform the concept of purchasing. Taking the online shopping spree one step further, Supam Maheshwari and Amitava Saha started FirstCry in 2010 to provide baby care products to the masses.
Read more about FirstCry, how it was started, owners and teams, growth, history, business model, challenges faced, funding, and more.
FirstCry is an online-cum-offline brand providing a wide range of products for babies, kids, and moms. The startup was born out of a desire to solve the problem of millions of parents in India not having access to the best brands and baby care products for their offspring. The product categories at firstcry.com comprise diapering, feeding and nursing, skin and health care, toys, clothes, footwear, fashion accessories, and much more.
Firstcry.com has a product inventory of more than 90,000 items from around 1,200 international and Indian brands as of 2016. Mattel, Ben10, Pigeon, Funskool, Hotwheels, Nuby, Farlin, Medela, Pampers, Disney, Barbie, Gerber, and Fisher-Price are some of them.
The company provides the best products and brands at reasonable prices, complemented by a quality online shopping experience, fast and reliable delivery service, and prompt customer care.
FirstCry was founded by Supam Maheshwari and Amitava Saha.
Supam Maheshwari
Supam Maheshwari, CEO and owner of FirstCry
The CEO and co-founderof FirstCry, Supam Maheshwariis an IIM Ahmedabad graduate and an engineer from Delhi College of Engineering. He is a first-generation entrepreneur and has also co-founded XpressBees, one of the largest logistics companies in India. Before launching FirstCry, Supam was the co-founder and CEO of Brainvisa Technologies, one of the largest e-learning ventures in India.
Amitava Saha
Amitava Saha, COO & Founder of FirstCry
Amitava Saha, the COO and co-founderof FirstCry, has a master’s degree from IIM Lucknow and a BTech from IIT Varanasi. Saha also worked with Supam for the launch of XpressBees. Post XpressBees, they collaborated again for another exciting venture—FirstCry. It is India’s finest online platform for baby care products.
FirstCry – Startup Story/History
The seeds were sown in 2010 when the options for buying baby care and kids’ products online were extremely limited in India. Supam, the co-founder and owner of FirstCry, would buy things for his son from the countries he visited for business trips. The situation made him realize the huge opportunity for an online platform in the Indian marketthat would give Indian parents access to the best baby care brands from across the globe. This is how Supam Maheshwari and Amitava Saha started FirstCry.
Startup Launch
FirstCry initially followed an inventory-based model wherein the venture was just shipping products across the country from its warehouses in Pune, Delhi, Bangalore, and Kolkata. After a few years, FirstCry started adding retailers to its platform and presented an opportunity for local retailers to sell their products on its website.
The company also has two private labels called BabyHug, which is into apparel for babies and kids, and CuteWalk, a footwear brand. FirstCry is now one of the largest online shopping platforms for kids and has over 350 franchised brick-and-mortar shops in more than 125 Indian cities, as per a news report from July 2023.
The name “FirstCry” was cleverly chosen and greatly added to its marketing strategies. The name signifies the first cry of a baby and the company significantly provides all of the baby essentials and other accessories for kids and babies.
FirstCry Logo
“Asia’s favourite baby and kid’s shopping platform”, says the FirstCry tagline.
FirstCry – Business Model and Revenue Model
FirstCry works on an integrated hybrid business modelthat includes online platforms and offline stores. Apart from its massive online presence, the company also has over 1000 stores including over 350 franchise stores across India as of November 2024. FirstCry runs a unique program through which it reaches over 70,000 parents each month by giving out a ‘FirstCry Box’ as per the news report of the year 2022.
This program gives free gift boxes to new parents across 6,000 hospitals in the country as a token of congratulations on the birth of their child. The box contains necessities like diapers, baby lotion, baby oil, etc. from leading brands such as Mamy Poko and Libero. FirstCry has reached out to millions of parents across India through this initiative to date.
FirstCry claims to be Asia’s largest online store for baby and kids’ products.
Let’s look at some of the growth highlights of FirstCry:
FirstCry has 2,00,000+ unique products and hosts 5,800+ brands as of 2024.
It has around 1000+ offline stores across India as of January 2024.
‘FirstCry parenting’ is India’s largest community of parents. It sees around 15 million active users every month and the overall engagement on the platform stands at 450 Million+ as of 2024.
The FirstCry app has more than 10 million downloads on Google Play Store and App Store.
Mr.Amitabh Bachchan is the brand ambassador of FirstCry.
FirstCry is serving 533 cities as of 2024.
Firstcry – Financials
FirstCry has experienced significant revenue growth over the years, especially from FY22 to FY24. However, it continues to operate at a loss, with notable investments in scaling operations and infrastructure.
Firstcry Financials (FY24 – FY20)
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 6,575.1 crore
INR 5,731.3 crore
INR 2,516.9 crore
INR 1,740.1 crore
INR 896.7 crore
Expenses
INR 6,896.6 crore
INR 6,315.7 crore
INR 2,568.1 crore
INR 1,645.3 crore
INR 1,088.2 crore
Profit/Loss for the year
INR -321.5 crore
INR -486.1 crore
INR -78.7 crore
INR -212.4 crore
INR -190.9 crore
FirstCry Financials
FY24, the company’s operating revenue significantly increased to INR 6481 crore as opposed to the lower INR 5632.5 crore in FY23. However, total expenses also rose to INR 6897 crore in FY24, which is higher than the previous INR 6315 crore in FY23. Thanks to steady growth and managed expenses FirstCry reduced its losses by 34% in FY24, bringing them down to INR 321 crore from INR 486 crore in FY23.
BrainBees Solutions, the parent company of FirstCry, reported a 47.4% reduction in quarterly losses to INR 62.8 crore in Q2 FY25, driven by 26.4% growth in revenue, which reached INR 1,936 crore. Since its stock market debut at INR 446, the company’s share price has climbed to INR 519.8, with a market capitalization of INR 26,987 crore.
FirstCry Revenue:
FirstCry saw a 15% increase in total revenue in FY24 over FY23, driven by stronger operating revenue. Other income saw a slight decline.
Revenue Type
FY24
FY23
Revenue from operations
INR 6,480.9 crore
INR 5,632.5 crore
Other income
INR 94.2 crore
INR 98.7 crore
Total Revenue
INR 6,575.1 crore
INR 5,731.3 crore
Operating revenue increased by around INR 848 crore, while other income dropped marginally by INR 4.5 crore.
FirstCry Expenses:
Expenses continued to rise in FY24, up by over INR 580 crore compared to FY23, primarily due to increased purchases and other operating expenses.
Expense Type
FY24
FY23
Cost of materials consumed
INR 557.5 crore
INR 479.5 crore
Purchases of stock-in-trade
INR 3,889.9 crore
INR 3,117.2 crore
Employee benefit expense
INR 686.5 crore
INR 769.8 crore
Other expenses
INR 1,560.7 crore
INR 1,244.7 crore
Total Expenses
INR 6,896.6 crore
INR 6,315.7 crore
Total expenses increased by INR 580.9 crore YoY, led by higher stock purchases and other operational expenses, despite a dip in employee costs.
FirstCry Profit/Loss:
Losses narrowed in FY24 compared to FY23, but the company still reported a significant net loss.
Metric
FY24
FY23
Gross Profit
INR 2,313.5 crore
INR 2,035.3 crore
Operating Profit
INR -321.5 crore
INR -486.1 crore
Net Profit/Loss
INR -321.5 crore
INR -486.1 crore
Net loss decreased by INR 164.6 crore YoY, indicating some improvements in operational efficiency.
Expense Growth: +9% rise in total expenses (INR 6,896.6 crore vs INR 6,315.7 crore).
Loss Reduction: Loss narrowed by INR 164.6 crore YoY.
FirstCry – Product and Service
ARIAS Kids
Lara Dutta and FirstCry collaborated to introduce ARIAS, launched on August 13, 2023, an eco-fashion clothing and accessory brand whose mission is to create fashionable, comfortable, and high-end products by translating current trends into fashion.
FirstCry – IPO
Brainbees Solutions Ltd, which operates FirstCry, had a strong stock market debut on August 13 2024, with shares listing at a 40% premium. The stock started trading at INR 651 on the NSE, compared to the IPO price of INR 465, and closed at INR 675.70, up 3.8%.
The Rs 4,193.7 crore IPO included a fresh issue of 3.6 crore shares worth INR 1,666 crore and an offer for sale of 5.4 crore shares worth INR 2,527.7 crore. The price range was set between INR 440 and INR 465 per share.
The IPO was open from August 6 to August 8 and was oversubscribed 12.2 times. Retail investors subscribed 2.3 times, Qualified Institutional Buyers (QIBs) subscribed 19.3 times, and Non-Institutional Investors (NIIs) subscribed 4.7 times.
The company also approved the reclassification and sub-division of equity and preference shares. Besides, it has also amended its ESOP plans.
Mahindra Retail, owned 10.48% of FirstCry, while Mahindra Engineering and Chemical Products, another Mahindra subsidiary, held 3.11% preference shares in the startup in 2021. Being motivated to sell its stakes in FirstCry parent, BrainBees, Mahindra Retail has got the board approval to sell up to 2% of its stakes in BrainBees, via an Offer For Sale (OFS), which will be a part of the sale of its shares during the IPO of the company. Mahindra initially acquired BabyOye and merged it with FirstCry, and it was then that the company picked up a minority stake in BrainBees.
FirstCry has acquired twoorganizations. The recent acquisition was Oi Playschool on November 28, 2019. FirstCry Oi Playschool is a chain of premium playschools focusing on safety, security, and hygiene.
In 2016, BrainBees Solution-owned FirstCry acquired Mumbai-based BabyOye for $54 million. BabyOye is an e-commerce portal dealing in pregnancy, infant care, and mother care products in India.
Acquired
Date
Amount
Babyoye
October 2016
$54 million
Oi Playschool
November 2019
–
FirstCry – Startup Challenges
The baby care segment in India is huge and promising. But the challenge lies in the fact that the market is really unorganized.
Like any other business, staying relevant for consumers is imperative. Hence, the FirstCry team has to work on its toes to launch innovative and exciting strategies for its consumers.
FirstCry – Competitors
The company has a huge market presence. FirstCry and baby care have become synonymous to some extent. Thus, FirstCry does not have direct competition but online portals like Myntra andAmazonmay pose some resistance to the company’s online base. FirstCry’s offline stores may face competition from local vendors and shopkeepers.
Firstcry – Future Plans
FirstCry plans to grow by opening 350 new stores in India over the next three years, focusing on both FirstCry and BabyHug outlets. Internationally, the company is expanding into Saudi Arabia with plans for 12 stores and a large warehouse. They also aim to invest in improving their online platform and spend more on marketing to boost sales. These steps are part of their goal to become a global leader in baby and kids’ products.
FAQs
Who is the Brand Ambassador of FirstCry?
Amitabh Bachchan is the brand ambassador of FirstCry.
How much is the operating revenue of FirstCry?
The total operating revenue of FirstCry has been recorded at INR 6481 crore in FY24.
Who is FirstCry owner or who started FirstCry?
Supam Maheshwari and Amitava Saha are Firstcry founders.
Who are the Top Competitors of FirstCry?
Kraftly, Snapdeal, BeiBei, Myntra, and Amazon are some prominent competitors of FirstCry.
Is FirstCry an Indian company?
FirstCry is an Indian online store for baby products. It was launched in the year 2010.
Which is FirstCry parent company?
Brainbees Solutions is the parent company of FirstCry.
Who owns Firstcry?
FirstCry is owned by BrainBees Solutions and was founded in 2010 by Supam Maheshwari, Amitava Saha, Sanket Hattimattur, and Prashant Jadhav. Supam Maheshwari is also the CEO. Major investors include SoftBank Vision Fund (largest stakeholder), Mahindra & Mahindra, and Premji Invest.
The demand for beauty goods, especially from teens and young people, is driving the cosmetics industry’s extraordinary rise. The industry’s fast digitalization has accelerated its growth even more.
Nykaa has become a major force in this thriving market, providing physical and virtual customers with a wide selection of beauty, fashion, and wellness products. In addition to its current standing, Nykaa’s deliberate foray into the women’s and men’s innerwear markets with Nykd and GLOOT signifies its goal to leave a lasting impression in the personal care industry.
Nykaa is positioned for even greater success in the rapidly changing cosmetics industry because of the intersection of consumer trends and digital innovation. Nykaa’s journey has been impressive, growing from an online beauty store into a big brand with strong sales and higher profits.
Read the success story of Nykaa, Founders and Team, Nykaa history, Funding and Investors, Marketing Strategy, Business Model, Revenue Model, Growth, Acquisitions, Future Plans, and more.
Nykaa is a beauty retail company that sells cosmetic commodities and fashion products, including men’s innerwear, both online and offline. The company also offers comprehensive content that includes product reviews, beauty how-to videos, expert-written articles, and even an e-beauty magazine.
The Nykaa helpline is designed to help its customers choose products and services that are tailored to their needs. The products that beauty and wellness brands boast of are sourced directly from the manufacturing brands and are therefore authentic, and are also available for delivery!
Nykaa – Industry
Based on an estimate by Statista, the Beauty & Personal Care market in India is expected to generate US $31.51 billion in revenue by 2024, indicating significant growth ahead. With a projected compound annual growth rate (CAGR) of 3.00% from 2024 to 2028, the market exhibits a positive trend.
The Personal Care area is the largest in this dynamic landscape, with an expected market volume of US $14.31 billion in 2024. This data highlights the strong potential and changing dynamics of the Beauty & Personal Care market in India and comes from Statista’s extensive study analysis.
Nykaa Growth Story
Nykaa – Founder and Team
Nykaa was founded by Falguni Nayar (Co-Founder and CEO).
Falguni Nayar
Falguni Nayar, Co-Founder and CEO of Nykaa
Falguni Nayar, the Co-Founder and CEO of Nykaa, is a very successful woman with an excellent background in both education and work. At Sydenham College, she pursued a Bachelor of Commerce (B.Com.) degree with an emphasis on accounting and business/management. After that, she continued her education at the esteemed Indian Institute of Management Ahmedabad, where she graduated with a Master of Business Administration (M.B.A.) and a General Finance concentration.
As a Manager at A F Ferguson & Co., Falguni began her professional career by sharing her knowledge. She held important positions at Kotak Securities as the Head of International Business and, subsequently, as the Director and Head of Institutional Equities Business. Her wealth of skills combined with her spirit of entrepreneurship resulted in the establishment of Nykaa in 2012.
Falguni Nayar is a notable example of someone who has achieved amazing success. She is regarded as the richest self-made woman in India, in 2022 her wealth grew by 345% and ranked fifth among the Top 10 Biggest Gainers List. Her remarkable rise in fortune is a testament to her outstanding business sense and market leadership in the cosmetic and beauty sectors.
Nykaa was established in 2012 by Falguni Nayar in reaction to the disparities she saw in the Indian market for cosmetics. Falguni Nayar found the gaps in product availability across the country, motivated by the huge demand for beauty and cosmetic products in India and inspired by the flourishing marketplaces in nations like France and Japan. These differences served as the impetus for the creation of Nykaa, which aims to fulfill unmet customer needs.
With just three workers, Falguni Nayar started Nykaa with little experience in the retail, beauty, or IT sectors. The business completed about 60 orders in its first few days of operation because it was steadfast in its belief that quality should come before quantity. Falguni Nayar said something that summed up her thinking perfectly: “We’d rather sell the proper shade of lipstick at full price than the wrong shade at half price.”
Nykaa was first created as an online platform and then switched to an omnichannel approach. With its headquarters located in Mumbai, Nykaa has gained recognition for offering a wide variety of fashion, intimate apparel, and beauty and cosmetic products. Enhancing women’s extraordinary in all facets of their lives is Nykaa’s objective, which it pursues through its physical stores, app, and online platform.
Nykaa – Mission And Vision
The mission on the company’s website states, “To create a world where our consumers have access to a finely curated, authentic assortment of products and services that delight and elevate the human spirit.”
The vision on the company’s website states, “Bring inspiration and joy to people, everywhere, every day.”
Nykaa – Name, Tagline and Logo
Nykaa Logo
The brand name ‘Nykaa’ is derived from the word ‘nayaka’, which means ‘one in the spotlight‘ in Sanskrit. The Nykaa parent company name is Fsn E-Commerce Ventures Ltd. Nykaa’s tagline is Your Beauty, Our Passion.
Nykaa – Business Model
Nykaa is a D2C consumer products eCommerce brand, that relies on an inventory-based business model. The company purchases its products directly from the manufacturers and keeps them in its designated warehouses located in New Delhi, Mumbai, and Bangalore. These products are sold either on the website of Nykaa or through its 3 offline store formats: Nykaa Luxe, Nykaa On Trend, and Nykaa Kiosks.
The business model of Nykaa is the inventory-led model that helps the company witness high profit margins and has resulted in a profitable business. Besides, the company also ensures the authenticity of products and follows competitive pricing.
Nykaa experienced major growth in 2015, moving from an online-only business model to an omnichannel strategy. This change allowed the business to sell things through physical stores as well as its website and apps. Enhancing consumer reach and engagement has been made possible by the implementation of the omnichannel approach.
Nykaa earns its revenues through the below-mentioned means.
Sale of products
The brand sells its products and the products of its partnered brands, which is the primary source of revenue for the brand.
Banner advertisements
The banner advertisements of the company also help it bring in a lot of traffic, many of which turn into sales.
Discount income, income from commissions, and miscellaneous income are some other sources of revenue for the brand.
Nykaa – Challenges Faced
Being a relatively young player in the cosmetics industry, Nykaa has faced several difficulties in this fiercely competitive field. Prominent entities like Ajio and Myntra pose intense competition, contributing to the intricacy of Nykaa’s market dynamics. It becomes essential to create a unique USP in the fashion industry to successfully navigate this fiercely competitive climate.
Nykaa experienced technical difficulties in its early stages, with its website routinely crashing as order volume increased. Overcoming these difficulties, particularly the early system outages at 100 orders showcased Nykaa’s tenacity and dedication to improving its platform for a flawless client experience.
Nykaa has become a dominant force in the Indian beauty e-commerce market, but it is important to recognize that competition is always changing. Rivals like Ajio and Myntra are constantly launching new products, offering tempting promotions, and improving the general consumer experience. Nykaa faces a variety of obstacles as a result of its competitors’ constant evolution, necessitating constant innovation and tactical adjustment.
Every rival, including Nykaa, has established a distinct market niche for itself in the cosmetics industry by catering to a range of client demands and preferences. Although this diversity makes Nykaa’s problems more complex, it also fosters healthy competition that benefits customers. The competition creates a market with lots of options, affordable prices, and better services, which eventually improves the Indian consumer’s entire experience shopping for beauty products.
Nykaa – Funding and Investors
Nykaa has raised a total of $215.4 million in 15 rounds of funding.
Here are the funding details:
Date
Funding Round
Amount
Investors
Nov 22, 2022
Post-IPO Secondary
Rs 336 crore
Aditya Birla Sunlife Mutual Fund
Nov 10, 2022
Post-IPO Equity
–
Aberdeen Standard Investments
Nov 26, 2020
Secondary Market
—
Fidelity
Oct 16, 2020
Secondary Market
—
—
Jun 2, 2020
Series H
Rs 196 million
Sunil Kant Munjal
May 8, 2020
Series F
Rs 67 crore
Steadview Capital
Mar 31, 2020
Series F
Rs 100 crore
Steadview Capital
Dec 1, 2019
Secondary Market
$30 million
Steadview Capital
Apr 1, 2019
Series E
$14 million
TPG Growth
Sep 5, 2018
Secondary Market
Rs 113 crore
Lighthouse Funds
Nykaa – Shareholding
Nykaa’s shareholding pattern as of January 2025, sourced from Tracxn:
Nykaa Shareholding
Percentage
Other Investors
49.5%
Sanjay Nayar
22.2%
Falguni Nayar
21.9%
Indra Singh Banga and Harindarpal Singh Banga
6.4%
Total
100.0%
Nykaa – Investments
On April 22, 2022, Nykaa made a minority investment in Earth Rhythm, acquiring an 18.51% stake in the clean beauty and personal care brand for INR 41.65 crore. This investment evolved into a majority stake acquisition in November 2024, through a combination of primary and secondary transactions.
Nykaa – Acquisitions
Nykaa has acquired the following companies to date. Here are the details for the same:
Date
Company Name
Amount
Nov 27, 2024
Earth Rhythm
–
Aug 4, 2022
Little Black Book
–
Apr 22, 2022
Nudge Wellness
$471.71K
Apr 22, 2022
Kica
$590.94K
Oct 22, 2021
Dot & Key Wellness
–
Apr 12, 2021
Pipa Bella
–
Mar 22, 2019
20Dresses
–
On November 27, 2024, Nykaa acquired a majority stake in Earth Rhythm, following its earlier purchase of an 18.6% stake in 2022, bringing its total acquisitions to 7 companies.
Nykaa – IPO
Nykaa opened its IPO on October 28, 2021, and it was not just an IPO but a real test for an Indian eCommerce player. It attracted 82X subscriptions in 3 days. The bids that Nykaa shares attracted were worth around $32.53 billion.
Nykaa shares are listed at a premium of nearly 80%. On the BSE, the shares of Nykaa were listed at Rs 2,001, at a premium of 77.87% over its issue price of Rs 1,125. On the other hand, the scrip was listed at Rs 2,018 on the NSE at a premium of 79.38%. The Nykaa shares were open for subscription from October 28 to November 1, 2021.
Nykaa – Growth
Some of the growth milestones of Nykaa are:
It has 1900+ brands with 1.2 lakh+ products as of 2024.
Nykaa has occupied over 5 million square feet of warehouse space as of January 2024.
Nykaa had 9.87 million website visits in January 2024.
Nykaa claims to have $21 million users as of November 2023.
It has 187 physical stores across 68 cities as of 2024.
It has 37 fulfillment centers in 15 cities as of 2023.
It has 44 warehouses across India as of 2024.
Nykaa Financials
According to unaudited financial statements from the Bombay Stock Exchange (BSE), Nykaa’s revenue increased to INR 1,874.74 crore in Q2 FY25, compared to INR 1,507 crore in Q2 FY24. Its revenue from operations grew by 24.4% in the quarter ending September. Its profit also jumped by 66.3%, reaching double digits.
Nykaa has demonstrated consistent growth in revenue over the past five years, with expenses also rising in tandem. The company turned profitable in FY21 and remained so until FY24, though margins have varied.
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 6,415.6 crore
INR 5,174 crore
INR 3,800.9 crore
INR 2,452.7 crore
INR 1,778.1 crore
Expenses
INR 6,346.5 crore
INR 5,135.6 crore
INR 3,753.6 crore
INR 2,386.5 crore
INR 1,792.6 crore
Profit/Loss for the year
INR 43.7 crore
INR 24.8 crore
INR 41.3 crore
INR 61.6 crore
INR -23.0 crore
Nykaa Financial
In FY23, Nykaa had an operating revenue of INR 5,144 crore with expenses of INR 5,136 crore, leading to a small profit of INR 21 crore. In FY24, the company grew, with operating revenue reaching INR 6,386 crore and expenses at INR 6,346 crore, resulting in a profit of INR 40 crore.
Nykaa’s revenue grew by 24% from INR 5,174 crore in FY23 to INR 6,415.6 crore in FY24. Profit also increased from INR 24.8 crore to INR 43.7 crore.
Nykaa Revenue:
Nykaa’s core operating revenue increased significantly in FY24, maintaining growth momentum from FY23. Other income remained stable.
Revenue Type
FY24
FY23
Revenue from operations
INR 6,385.6 crore
INR 5,143.8 crore
Other income
INR 29.9 crore
INR 30.2 crore
Total Revenue
INR 6,415.6 crore
INR 5,174 crore
Revenue from operations grew from INR 5,143.8 Cr in FY23 to INR 6,385.6 Cr in FY24, showing a healthy rise of around 24%. Other income remained flat.
Nykaa Profit/Loss:
Despite rising costs, Nykaa managed to maintain profitability with improved net profit in FY24 compared to FY23.
Metric
FY24
FY23
Profit before tax
INR 69 crore
INR 38.4 crore
Tax expense
INR 25.3 crore
INR 13.6 crore
Net Profit/Loss
INR 43.7 crore
INR 24.8 crore
Net profit increased by 76% from INR 24.8 Cr in FY23 to INR 43.7 Cr in FY24.
Expenses
Expenses saw a proportional increase alongside revenue, with operational and employee-related costs contributing significantly. Nykaa’s total expenses rise from INR 5136 crore in FY23 to INR 6346 crore in FY24.
Expense Type
FY24
FY23
Cost of materials consumed
INR 65.1 crore
INR 159.4 crore
Purchases of stock-in-trade
INR 3,781.7 crore
INR 2,848 crore
Employee benefit expense
INR 564.9 crore
INR 491.7 crore
Other expenses
INR 1,828.2 crore
INR 1,530.4 crore
Total Expenses
INR 6,346.5 crore
INR 5,135.6 crore
Nykaa Expenses Breakdown FY24
Total expenses rose by nearly INR 1,211 Cr from FY23 to FY24, driven largely by increases in stock purchases and other operational costs.
Profit Growth: Net profit up 76% YoY, indicating improved margin management.
Expense Surge: Expenses also rose 23%, highlighting cost pressures despite efficiency gains.
Nykaa – Marketing Strategy
Nykaa has stood as one of the most competent players in the beauty and fashion space due to its robust marketing strategy, which is carved with digital marketing at its core. The brand not only focuses on marketing in Tier 1 cities but also pitches all the potential customers from Tier 2, 3, and 4 cities.
Social Media Marketing
Nykaa has 4 social media accounts for the marketing of its in-house brand My Nykaa, Nykaa Beauty for the promotion of its e-commerce platform, Nykaa Fashion to promote its e-commerce apparel store, and Nykaa beauty book, which helps the audience with numerous beauty and makeup tips.
The company has its accounts on diverse social media platforms to extensively promote the brand on social media. The brand is also engaged in posting content created by its influencers via its social media handles. Therefore, influencer marketing plays an important part in the promotion of Nykaa.
YouTube Marketing
Nykaa has a full-fledged YouTube marketing strategy. The brand refrains from focusing on selling its products via its YouTube channel but concentrates more on offering consumable content, including beauty, personal care tips, makeup hacks, and much more, to its target audiences.
Furthermore, the brand also runs YouTube ads from time to time to target its customers. Thus, the YouTube marketing of Nykaa is fueled with quality content that keeps the audience engaged and relevant ads.
Content Marketing
Nykaa relies majorly on its content marketing. The D2C beauty and fashion marketplace offers a variety of consumable content to the audience, which helps them convert into its customers.
Nykaa has its blog, “Nykaa Beauty Book,” which the brand uses to publish blogs on beauty, makeup, and personal care. Furthermore, the brand is also engaged in creating video content like makeup tutorials, DIYs, and more.
Event Marketing
Event marketing is another important marketing strategy that Nykaa leverages to pitch the target customers at the right time and place.
Nykaa has successfully sponsored the popular Femina Miss India event, one of the largest beauty events in India on several occasions, and is still tied to the same event.
Besides, Nykaa also sponsors numerous college fests and events like the Red Brick Summit, 2019 IIM Ahmedabad, and the Mumbai college fest, Mood Indigo.
Nykaa’s campaign, which consists of four powerful films, skillfully evokes strong feelings in viewers. Scripted by creative powerhouse The Script Room and directed by acclaimed ad filmmaker Prasoon Pandey, the campaign opens with “Kya Khoob Lagte Ho.”
This ad skillfully weaves a tapestry of sincere emotions to depict the essence of relationships and daily living. The movies have a deep message: genuine praises have a special ability to soften hearts and for feelings to bloom. The campaign, which has its roots in authenticity, embraces the notion that, especially in the eyes of those closest to oneself, one’s true, unguarded self is frequently the most beautiful one.
Nykaa – Awards and Achievements
Nykaa won several awards and achievements. Some of the prominent ones are listed below:
Isidoro Alvarez Lifetime Achievement Medal (Spain, 2023): Falguni Nayar, the creator of Nykaa, was honored with the esteemed Isidoro Alvarez Lifetime Achievement Medal in Spain for her noteworthy contributions to the field.
Falguni Nayar was honored in the FMCG category of the 2023 DNA Women Achievers Awards, which is a testament to her extraordinary accomplishments as the creator of Nykaa Cosmetics.
Asia’s Best Integrated Report Category (Bronze Award) at the 2023 Asia Integrated Reporting Awards (AIRA): At the 8th Asia Integrated Reporting Awards (AIRA), Nykaa was recognized for its proficiency in integrated reporting with a bronze award in Asia’s Best Integrated Report category.
Nykaa, a prominent participant in the eCommerce industry, is proactively molding its future through the expansion of its multichannel reach, to flawlessly merge customers’ online and offline purchasing experiences. As part of its plan for the future, Nykaa is dedicated to improving its physical footprint even with the expenses that come with opening new locations. Nykaa plans to double its store count from 187 to 400 by 2027. The company expects its fashion vertical to grow by 2.5-3X over the next three years.
Nykaa’s commitment to fostering stronger client relationships and offering a variety of channels for customers to access its vast array of health, fashion, and beauty items is exemplified by this progressive approach. Setting lofty objectives, a substantial advancement in its brick-and-mortar expansion strategy the company hopes to build a strong future.
FAQs
Who is the founder of Nykaa?
Falguni Nayar is the founder of Nykaa.
When was Nykaa founded?
Nykaa was founded in 2012.
What is Nykaa?
Nykaa is India’s biggest lifestyle and fashion portal with a collection of cosmetics, skincare, haircare, fragrances, bath and body, personal care, and wellness products for both women and men.
How Nykaa started?
Nykaa was started in 2012 by Falguni Nayar, a former investment banker, with the aim of creating a beauty and wellness e-commerce platform in India. It began as an online store and later expanded into offline retail and private label products, becoming a leading beauty destination.
Who are the competitors of Nykaa?
Some of the prominent competitors of Nykaa are:
Purplle
Myntra
Tata Cliq
Is Nykaa Indian brand?
Yes, Nykaa is an Indian lifestyle retail brand of beauty, wellness, and fashion products with headquarters in Mumbai, Maharashtra, India.
How to sell on Nykaa?
Selling on Nykaa is easy. You just have to go to www.nykaa.com/sellonnykaa and then you need to go to fill up a form where you need to enter the Name of your company, Company Website, Pincode, Address, Product Categories, Brand Name, and other details, and then you would be ready to sell on Nykaa.
Who is Nykaa CEO?
Falguni Nayar is the Founder and CEO of Nykaa.
Where is the Nykaa headquarters?
Nykaa headquarters is in Mumbai, Maharashtra.
What is Nykaa tagline?
Nykaa tagline is Your Beauty, Our Passion.
What is Nykaa meaning?
The word Nykaa is derived from the Sanskrit word ‘Nayaka’, which means actress or someone in the spotlight. The name reflects the brand’s vision to empower individuals to feel confident and shine in their own unique way.
Here’s your daily roundup of funding activity and key business developments from India on 17 June 2025. From fresh capital raises to leadership changes, here’s everything you need to know today.
🚀 Indian Funding Digest – 17 June 2025
Company Name
Amount Raised
Funding Type
Sector
Key Investors
Darwix AI
$1.5 million
Seed Round
AI/Enterprise SaaS
iSeed Ventures, 100X.VC, Gaingels
Xportel
Undisclosed
Seed Round
B2B Tech/SaaS
Rukam Capital, Flipkart Ventures, Sitara
Dugar Finance
$3 million
Debt Funding
Cleantech/NBFC
UC Inclusive Credit Pvt. Ltd.
Saswat Finance
$2.6 million
Series A
Financial Services
Ankur Capital, SIDBI, Incofin, others
Pop (via Razorpay)
$30 million*
Acquisition
Creator Economy
Razorpay (majority stake acquired)
*Razorpay’s acquisition of Pop involved an investment of $30 million for a majority stake, not a typical funding round.
Darwix AI Raises $1.5 Million
Generative AI startup Darwix AI has secured $1.5 million in a seed funding round led by Rebalance, Inflection Point Ventures (IPV), and JITO Incubation and Innovation Foundation (JIIF). Participating investors include Growth Sense, Growth91, and angels—Ankit Nagori, Sanjay Suri, Amit Lakhotia, and Mekin Maheshwari.
Xportel Bags Seed Funding from Flipkart Ventures, Others
New Delhi-based rural digital network platform Xportel has raised an undisclosed seed round from Rukam Capital, Sitara VC, and Flipkart Ventures. With a strong network of 12,000+ last-mile centres across India, the startup focuses on delivering services like online exam registration, train and flight bookings, and essential digital access to Tier-3 and Tier-4 towns.
The funding will be used to scale its footprint and technology platform to deepen rural digital enablement.
Dugar Finance Raises $3 Million via Symbiotics’ Green Bond
Dugar Finance, a non-banking financial company (NBFC) specialising in clean energy and inclusive credit solutions, has raised $3 million in debt through Symbiotics Investments’ Green Basket Bond, a $75 million issuance focused on renewable energy adoption across Asia and Africa.
Razorpay Acquires Majority Stake in POP for $30 Million
Indian fintech giant Razorpay has acquired a majority stake in POP, a fast-growing point-of-sale (POS) technology startup, for $30 million. The acquisition is expected to strengthen Razorpay’s omnichannel merchant services by combining online and offline payment solutions under one roof.
POP currently serves over 1.2 million small merchants, offering contactless checkout and intelligent inventory tools. The move is part of Razorpay’s larger strategy to diversify its merchant services beyond digital payments.
Saswat Finance Raises $2.6 Million Pre-Series A Led by Ankur Capital
Saswat Finance, a fintech platform focused on delivering credit to underserved communities and gig economy workers, has raised $26 million in a Pre-Series A round led by Ankur Capital. The round also saw participation from Flowstate VC, Venture Catalysts, and angels from the financial services industry.
Key News Highlights – 17 June 2025
Zoomcar Data Breach Exposes Personal Data of 8.4 Million Users
Zoomcar disclosed that an unauthorised breach had exposed personal data of approximately 8.4 million users. Compromised information includes names, phone numbers, email IDs, vehicle registration numbers, and residential addresses. Crucially, no financial or payment information was accessed. The platform serves over 10 million users across 99 cities. The company has engaged cybersecurity experts and launched a forensic investigation.
Pocket Entertainment Elevates Umesh Bude to CTO
Pocket Entertainment, the media arm behind Pocket FM, Pocket Toons, and Pocket Novel, has promoted Umesh Bude from Senior VP of Engineering to Chief Technology Officer (CTO). In his new role, Bude will steer the company’s tech strategy, with a focus on AI-powered storytelling and scaling content infrastructure to meet growing demand.
Honasa (Mamaearth) Appoints Yatish Bhargava as CBO
Consumer brands house Honasa Consumer Ltd., parent to Mamaearth, The Derma Co, Aqualogica, Bblunt, Dr Sheth’s, and Staze Beauty, has appointed Yatish Bhargava, formerly of Flipkart, as its Chief Business Officer (CBO), designating him Senior Management Personnel. Bhargava will lead the company’s omnichannel growth, driving new partnerships and distribution channel expansions.
MakeMyTrip to Raise $2.5B to Reduce Trip.com Stake
MakeMyTrip plans to raise $2.5 billion to reduce the Chinese travel firm Trip.com’s stake from 49% to 25%. The move is part of its strategy to diversify ownership, ease geopolitical concerns, and increase Indian institutional investment.
CCI Approves Delhivery’s Acquisition of Ecom Express
India’s Competition Commission has officially approved Delhivery’s acquisition of rival logistics firm Ecom Express. Announced in April for INR 1,407 crore, this deal is expected to consolidate last-mile delivery operations, enhance scale, and optimise efficiency.
Darwix AI has raised $1.5 million in a funding round. Key investors and early believers who participated in this round were Rebalance, IPV, JITO Incubation and Innovation Foundation, alongside Growth Sense, Growth91 and notable angels. Key angel backers include prominent startup leaders Ankit Nagori, Sanjay Suri, Amit Lakhotia, and Mekin Maheshwari.
The fresh capital will fuel Darwix AI’s product development and market expansion efforts. Darwix AI is building an industry-first, deeply integrated omni-channel generative AI stack that provides conversational intelligence, assistance, and automation for sales conversations and is building for large enterprises. This comprehensive approach differentiates it in the burgeoning conversational AI space, which has typically seen point solutions; Darwix’s all-in-one stack is designed to give organisations end-to-end visibility for the first time on customer interactions and enable them to level up each touchpoint for customers.
Darwix AI has deeply integrated its GenAI conversational stack to power omnichannel interactions for large enterprises in BFSI and Retail with presence cutting across top ten players in key sectors across the US, India and the Middle East. With a proprietary multi-tenant LLM stack built on cutting edge integrations across key software stacks and an industry-first hardware stack, Darwix AI’s GenAI solution is positioned well to ride this wave of AI adoption in BFSI and Retail. Darwix AI is founded by seasoned startup operators and IIM alumni Ajay Sethi and Hanit Awal, strengthening their product and GTM prowess.
“We’re building Darwix AI to solve a very real gap in how enterprises enhance sales conversations, across voice, chat, email, and in-person interactions. Enterprises today are overwhelmed by fragmented point solutions or just hit with plain blackbox scenarios across interactions. Our goal is to offer a unified, generative AI stack that not only understands but also elevates every customer interaction with actionable intelligence and automation. This fundraise gives us the fuel to double down on product innovation and expand our US footprint,”said Mr. Ajay Sethi, Co-founder, Darwix AI.
Commenting on the funding round, Aishwarya Malhi & Vikas Kumar, Co-founders at Rebalance said, “Sales conversations are the heartbeat of any business, and we believe it’s time they became smarter, faster, and more contextual. Darwix AI is focused on creating an ‘agent+AI’ future. Their traction across BFSI and retail validates this direction, and we’re excited to back them as they scale their impact across industries and geographies.”
With its new funding, Darwix AI is poised to accelerate product development, hire aggressively, and deepen its presence across global markets. The startup will be scaling its omnichannel generative AI conversational platform into more enterprise use cases. As generative AI becomes an integral part of enterprise strategy worldwide, Darwix AI’s ambitious bet on a unified conversational intelligence and automation stack could well position it as a leader emerging out of India in this space.
About Darwix AI
Darwix AI is building the industry’s first omnichannel generative AI platform for enterprise sales and service conversations. Founded by IIM alumni Ajay Sethi and Hanit Awal, the company is headquartered in Gurugram and operates globally, across India, the Middle East, Southeast Asia, and the US. Together, the founders have assembled a robust core team and added IIT-BITS alumni and top technology and business leaders like Kushal Das as co-founders to further bolster Darwix AI’s capabilities. Darwix AI’s Transform+ platform delivers real-time conversational intelligence, agent assistance, and automation across voice, chat, email, and in‑person channels, all backed by a secure, multi-tenant LLM infrastructure.
Following a significant block transaction by its promoter company, Samayat Services LLP, Vishal Mega Mart shares dropped 4% on June 17. Through a block sale of INR 10,000–10,500 crore, Samayat Services LLP, supported by Partners Group and Kedaara Capital, sold off about 20% of its equity, lowering the promoter ownership from 74.5% to roughly 55–60%.
The transaction, which took place soon after the pre-IPO lock-in period ended, suggests a calculated withdrawal by private equity investors, according to SEBI-registered analyst A&Y Market Research.
In India, Vishal Mega Mart is a multifaceted retailer that mostly functions as a chain of hypermarkets. Their main focus is on offering middle-class and lower-middle-class consumers a large selection of goods at reasonable costs.
They sell goods under the headings of clothing, general merchandise, and fast-moving consumer goods (FMCG), which includes household necessities, consumables, and personal care products.
Significant Shift in Company’s Ownership Structure
The ownership structure of the business has undergone a significant change, even though promoters still possess a majority share.
After successfully retesting the INR 114 support level, Vishal Mega Mart has surged higher on good volumes, indicating bullish momentum, according to A&Y Market Research.
Buyer strength above INR 115 was confirmed by the stock’s extended upward trend. A&Y Market Research has recommended setting a stop-loss at INR 113 and has set mid- to-long-term goals for the stock at INR 133, INR 140, and INR 146.
Thumping Performance in FY25
Driven by aggressive expansion and robust consumer demand, Vishal Mega Mart produced a strong operational performance in FY25. With revenues up 23% year over year and net profit up 88%, the company’s financial performance in Q4 FY25 was strong.
With the addition of 85 more stores throughout the year, including 28 in Q4 alone, the company now has 696 locations in 458 cities. The gain in same-store sales was equally significant, averaging 11.8% for the entire year and 13.4% for the fourth quarter.
According to A&Y Market Research, return measures are still strong, with return on equity (ROE) hovering around 8% and return on capital employed (ROCE) above 11%. But the research firm highlighted that the bloated valuations are still a problem.
There is little margin for mistake because the company trades at a high 92x price-to-earnings (P/E) and 9x price-to-book (P/B) ratio. Furthermore, historical margin volatility—particularly in FY24—may raise concerns for investors who are risk averse.
The A&Y Market Research has advised traders to keep an eye on the company’s FII/DII activities, clues about promoter reinvestment, and general emotions. Retail sentiment turned “extremely bullish” amid “extremely high” message volumes, according to data from Stocktwits.
Software Developer Ujjwal Dimri took to X to reveal a startling vulnerability in Zing, a newly launched 10-minute food delivery app backed by Azhar Iqubal, co-founder of Inshorts. The app, which promises ultra-fast food delivery and operates in select Gurugram sectors, has hit a significant roadblock after Dimri gained unauthorized full access to its backend, exposing sensitive user data and operational details.
Dimri’s investigation began as a casual exploration of the app but quickly escalated when he uncovered a critical security flaw. His findings, shared via a thread on X, included access to every order placed since the app’s inception in November 2024, totaling 25,422 orders. The breach revealed a staggering ₹37,10,889.5 in revenue (after discounts), an average order value (AOV) of ₹145.97, and detailed sales data, with popular items like Aloo Pyaz Parantha (2,827 units sold) and Royal Paneer Thali (2,280 units) topping the list.
More alarmingly, Dimri reported having write access to the database, enabling him to potentially manipulate prices, issue fake orders, or delete user accounts—though he refrained from doing so. This incident underscores a growing concern in the rapid-delivery sector, where speed often outpaces security.
In Sep, 2024, Deedy Das, a VC at Melno Venture pulled off a similar this for Dotpe.
Indian startup Dotpe, that raised ~$100M to build point of sale systems for restaurants left their entire API fully public.
A clever hacker found out the most ordered thing at every Social in India.
And did a prank to order what he wanted for a person next to him!
Zing, founded by Tarun Arora (former COO of Inshorts) and Rachit Sahi, leverages AI-driven demand forecasting and hyper-local cloud kitchens to meet its ambitious 10-minute delivery promise. However, the lack of robust cybersecurity measures has left it vulnerable.
Experts suggest that adherence to frameworks like the OWASP Top 10—guidelines for mitigating common web application vulnerabilities—could have prevented such an exposure. Dimri attempted to notify Zing’s team before going public but received no response, prompting his decision to share the findings. The revelation has sparked a debate on X, advocating for better developer education in cybersecurity, while others, question the business viability of Zing’s low AOV model, comparing it to the struggles of Milkbasket, which faltered with an AOV of ₹200-250.
Zing’s leadership has yet to issue an official statement, but the incident serves as a wake-up call for the quick-commerce industry. As competition intensifies, with players racing to dominate the 10-minute delivery space, the balance between innovation and security remains precarious.
For now, Zing’s promise of fresh meals delivered at lightning speed is overshadowed by a critical lesson: in the digital age, speed without safety can lead to costly consequences.
Xportel, a tech-first platform enabling Indian businesses to go global through cross-border logistics and export solutions, has raised capital in its ongoing seed funding round. The round saw co-investment from Rukam Sitara and Flipkart Ventures, with additional backing from venture catalysts and a group of notable angel investors from the trade-tech and logistics space. The presence of notable early backers sets a strong foundation for Xportel, positioning it well to accelerate growth and drive India’s export ambitions forward.
Founded by Anshul Mahindru, Darpan Lamba and Sanchit Narang with a vision to make global selling as seamless as domestic commerce, Xportel is helping Indian SMEs and emerging digital-first brands expand beyond borders by offering a full-stack platform to manage everything from export opportunity discovery and documentation to logistics and compliance.
The capital infusion will be deployed toward expanding Xportel’s tech capabilities and strengthening the operations and sales teams, onboarding a wider network of exporters over the next year, and investing in marketing and product innovation. The company also aims to deepen its tech stack to further automate compliance workflows, customs documentation, and post-shipment tracking, making the entire export journey seamless and efficient for Indian businesses.
Speaking on the investment, Archana Jahagirdar, Founder & Managing Partner, Rukam Sitara, said: “At Rukam Sitara, we are constantly looking for value-driven ventures that solve real friction points for underserved but high-potential markets. The export readiness gap in India, especially for MSMEs and digitally native brands, is an opportunity waiting to be unlocked. Xportel’s vision of simplifying and digitizing exports directly aligns with India’s ambition to become a global export powerhouse. We are excited to partner with them in building a cross-border trade ecosystem that is inclusive, intelligent, and truly scalable.”
Commenting on the fundraise, Sanchit Narang, Co- Founder of Xportel said, “We’re building Xportel to make exports as easy as domestic selling for Indian businesses. The eventual goal is to create a cross-border ecosystem for anything and everything ranging from pre-order processes to post order logistics. This partnership is a huge boost to our mission of putting Indian products on every global shelf.”
India’s export landscape is at a critical inflection point. With the government setting an ambitious target of $2 trillion in total exports by 2030, the focus has sharply shifted to strengthening infrastructure that can enable micro, small and medium businesses to compete globally. Despite contributing nearly 45–50% of India’s export volume, Indian MSMEs often face major hurdles from fragmented documentation processes to opaque logistics and limited access to international buyers.
Xportel is building for this very gap. By digitising the entire export workflow from compliance and paperwork to seamless booking and real-time shipment tracking, the platform aims to be a one-stop solution for India’s next generation of global sellers. Its offering becomes even more critical in the context of a global sourcing reset, where buyers across the world are increasingly diversifying away from traditional hubs and turning to India as a credible alternative.
The rise of platforms like Xportel also coincides with a broader policy and infrastructure shift in the country. Government programs like RoDTEP, PLI schemes, and initiatives to integrate international trade into ONDC reflect India’s seriousness in nurturing export-ready businesses. Alongside, new courier-focused measures like CSB-IV and CSB-V have streamlined customs clearance for international courier shipments, particularly benefiting low- to mid-value goods. This has made cross-border trade more accessible to individuals, small businesses, and D2C brands. With the rise of cross-border e-commerce, increasing digital infrastructure, and growing interest from institutional investors, the export-tech sector is rapidly becoming a key pillar supporting India’s goal of establishing itself as a global trade leader.
Rukam Sitara, through its Fund I, continues to focus on early-stage investments in high-impact consumer and technology companies that are aligned with the evolving aspirations of New India. Its investment in Xportel is not only a bet on a fast-scaling startup but also a commitment to the long-term potential of India’s role in the global trading system.
About Rukam Sitara
Rukam Sitara is a venture capital (VC) fund located in New Delhi, committed to fostering the growth and development of early-stage technology startups. It focuses on investment activities of enterprises founded by innovative and ambitious Indian entrepreneurs. Rukam Sitara’s mission is to identify, invest in, and accelerate the progress of the most promising tech ventures in India. Its purpose extends beyond financial investment; we are committed to supporting and nurturing the spirit of entrepreneurship and innovation in India. We believe in the power of ideas, the strength of determination, and the potential of technology to create a better future.
About Xportel
Xportel is an export enablement platform helping Indian businesses identify global opportunities, access compliance guidance, manage logistics needs, and digitize the entire export process. We intend to support Indian SMEs and E-commerce brands for global growth through seamless export and cross-border logistics with a vision to empower every Indian product to find a global market.
The Cedar Rapids and Decorah branches of Collins Aerospace have announced the layoff of 131 workers.
Collins is now optimising its organisational structure, which includes reducing a limited number of positions and realigning its resources to better meet the needs of its customers, according to a representative who spoke with the media on 12 June.
Collins Aerospace is assisting impacted employees throughout the transition since it understands the impact this has on them. The 160 employees were let go from their positions in Cedar Rapids three months ago, and now this news arrives.
Workers were Notified on 12 June
The website for Worker Adjustment and Retraining Notification states that 102 employees in Cedar Rapids and 29 employees in Decorah would be laid off. The layoffs will take effect on July 18, and workers were informed of the decision on June 12.
When a plant closes or there is a mass layoff, businesses with 100 or more employees are required by the WARN Act to provide 60 calendar days’ written notice. The notice gives workers time to get ready for the possibility of losing their jobs, look for other work, and, if needed, get training, according to WARN’s website.
Cedar Rapids is home to Collins Aerospace’s Mission Systems and Avionics businesses, which employ the majority of the almost 9,000 workers employed in Iowa. With the elimination of 68 jobs in Cedar Rapids in October 2023, the total number of layoffs in the state since September 2020 reached 248.
Collins Aerospace Undergoing Structural Changes
The current round of layoffs is reflective of larger industry constraints in the defence and aerospace sector worldwide. A number of companies are going through organisational shifts to simplify processes and reduce expenses, even while the industry is still reaping the benefits of more defence spending and innovative commercial aviation technology.
It would appear that Collins Aerospace’s comment regarding “organisational optimisation” is part of this trend observed across the sector. Supplying cutting-edge avionics, communications, and mission systems to clients in the military and private sector across the globe, the company is an integral part of RTX Corporation (formerly Raytheon Technologies).
Because of its massive presence in the state of Iowa, every change in its personnel has far-reaching consequences for the local economy, touching not only families but also businesses, schools, and government agencies. No diminution in overall operations at the impacted plants has been indicated by the corporation, notwithstanding the layoffs.
Some observers of the aerospace industry, however, see these changes as either a reaction to fluctuating contract numbers or a more permanent shift in Collins Aerospace’s business strategy.
On 16 June, the Trump Organisation revealed a $499 smartphone that will go on sale in September along with a mobile phone plan.
According to its website, Trump Mobile, the new service, will include a $47.45 monthly package that includes unlimited call, text, and data, as well as roadside assistance and a “Telehealth and Pharmacy Benefit”.
The Trump-owned business also declared that it will market a smartphone known as the “T1”, which seems to have a gold metal casing with an American flag engraved on it.
The new endeavour is the most recent instance of Trump’s commercial empire leveraging its affiliation with the current president to its advantage.
Both Services Highlighting Trump Administration Period
Trump, who is currently the 47th president of the United States and was the 45th during his first term, is referenced in both the wireless service’s name, “The 47 Plan”, and its monthly cost.
Trump’s campaign slogan, “Make America Great Again”, is displayed on the homepage of the forthcoming phone’s website. The company’s new venture into telecoms primarily consists of a licensing arrangement, much like the range of other products that Trump and his companies have introduced throughout his political career, such as watches, trainers and Bibles.
The website’s bottom states that neither The Trump Organisation nor any of its affiliates or principals are responsible for the design, development, production, distribution, or sale of Trump Mobile or its goods and services.
The rush of licence agreements and other branded-merchandise partnerships surrounding Trump has sparked ethical questions from critics.
However, with comparatively little risk to their finances or political standing, the president and his family are nonetheless pursuing profitable opportunities to diversify their holdings.
Trump Minting Millions in 2024 Through Various Licence Agreements
The president revealed on June 13 that he earned over $8 million in 2024 from a variety of licensing deals. Compared to competing plans offered by well-known carriers, the 47 Plan seems to be more costly.
For example, Mint Mobile’s 12-month unlimited plan costs $30 per month, while Verizon’s more affordable option, Visible, offers an unlimited speak, text, data, and hotspot plan for $25 per month.
The Trump Mobile website advertises that it has a customer service call centre located in the United States and that its plan provides “same coverage as the 3 nationwide phone service carriers”.
According to the Trump Mobile website, the T1 phone has a 16.8-inch AMOLED screen, a 16-megapixel selfie camera, and Android 15. In addition, it has a 50-megapixel primary camera, 256 gigabytes of internal storage, and 12 gigabytes of RAM.
