The Karnataka government has funded 1,084 businesses with INR 249 crore in seed money through 21 rounds of the ELEVATE programme. Priyank Kharge, the state’s Minister of Biotechnology and Information Technology, disclosed these numbers during a just-concluded event. A grant-in-aid seed-funding programme called ELEVATE was created to assist Karnataka’s early-stage businesses. A total of INR 25 crore in subsidies have been given to 101 businesses under ELEVATE 2024. Of these, 36 are from outside Bengaluru, while 42 are led by women. The awards are worth between INR 21 lakh and INR 50 lakh. These businesses operate in a variety of industries, such as biotechnology, aerospace, sustainability, and rural innovation. At a fund-disbursement event on March 26, Kharge stated that many people had previously questioned the ELEVATE programme. Nonetheless, it has now provided funding to over 1,000 firms, of whom 25% are led by women and 30% are from rural regions. He went on to say that the government was dedicated to lowering regulatory barriers, increasing financing options, and guaranteeing access to international markets.
90 Days of Evaluation
According to department officials, the ELEVATE 2024 application and evaluation procedure was finished in 90 days. K-Tech Hubs and Centres of Excellence have been assigned to coach and incubate winning startups. The winners include Baeru, an ocean waste recovery startup that empowers rural women; Okulu Aerospace, which provides UAV surveillance solutions; Iniya Bioprobes, a biotech company based in Mysuru that develops microbial pigments; and Microleer Biopolymers, which makes vegan leather. According to Kharge, Bengaluru is leading the world’s startup revolution. There are already 45 unicorns in India’s Garden City, valued at a total of $161 billion. Through programmes like ELEVATE, the government hopes to place Karnataka in the top three worldwide startup ecosystems. The event was attended by about 300 people, including industry stakeholders and company founders. With Pocket Coach Technologies and Zebu Films among the top-funded businesses, the AVGC (Animation, Visual Effects, Gaming, and Comics) industry was a major focus this year. Kharge reaffirmed the government’s dedication to creating a startup ecosystem that is inclusive.
Karnataka’s Deep Tech Park
The state has been taking a number of steps to become the country’s startup leader. In the same line, Karnataka intends to construct a “Deep Tech” park to aid in the production of electronics, drones, electric vehicles, semiconductors, space technology, and the aerospace and defence sectors. The industrial hub would be built in the Chikballapur district of Karnataka, in Jangamakote. The area, which is expected to be called MV Deep Tech area, is roughly 60 km from Bengaluru. In addition, the state has launched the Karnataka Clean Mobility Policy 2025-30. This policy intends to draw INR 50,000 Cr in investment from the clean mobility value chain. Parallelly it will also construct a testing track and a state-of-the-art EV cluster with shared infrastructure to increase EV manufacturing. The state also plans to establish a Centre for Applied AI for Tech Solutions (CATS) with an investment of INR 50 Cr.
According to media reports, Indira IVF Hospital Ltd., which is funded by EQT, has temporarily cancelled its preparations for its IPO. The decision was taken due to a Bollywood movie about the life of its founder, Ajay Murdia. According to reports, the business, which had initially sought an IPO of INR 3,500 crore, reportedly encountered issues with the nation’s market regulator. SEBI was unhappy because of the release date of the film Tumko Meri Kasam. A little more than a month after the company revealed that it had secretly filed for an IPO. The film, which is a fictionalised account of Murdia’s life and his chain of clinics, was released on March 21. The main actors in the Vikram Bhatt-directed movie are Ishwak Singh, Esha Deol, Adah Sharma, and Anupam Kher. Nitiz and Kshitiz, the sons of Ajay Murdia, are acknowledged as producers, and Indira Entertainment is the production company.
IVF Indirectly Promoting Itself: SEBI
After noticing this, the Securities and Exchange Board of India (SEBI) expressed concerns about Indira IVF’s indirect self-promotion. According to various reports, the company reportedly withdrew the offer due to the regulator’s assessment of the biopic and the proximity of its release to the IPO filing. In response to a question from the media, the company said that after weighing a number of variables and business concerns, it had chosen to withdraw the previously submitted DRHP. Additionally, it stated that SEBI did not order them to revoke the offer. When the business might try to make the offer again is unknown. In 2023, Boston-based TA Associates and the company’s founders sold a majority share in Indira IVF to Stockholm-based investment firm EQT. Through the transaction, TA Associates left the company, but the Murdias kept a minority ownership and continued to run it.
Indira IVF’s Confidential Route of Filing
Indira IVF was one of the numerous businesses that recently chose to file confidentially. Credila Financial Services Ltd., Swiggy Ltd., Vishal Mega Mart Ltd., and edtech unicorn Physicswallah Ltd. are among the other businesses that chose the same path. Companies who choose to use the optional confidential initial public offering (IPO) process register their IPO in a confidential manner. In December 2022, SEBI made this available, and Tata Play Ltd. was the first business to utilise it. A business files their DRHP using this method, but the paperwork is not immediately made public. It is only made public when the business chooses to launch its initial public offering. A business might shield what it considers to be sensitive information from its rivals by utilising a confidential filing.
Thousands of inferior products were seized during a series of raids on Amazon and Flipkart warehouses on 27 March by the Bureau of Indian Standards’ (BIS) Delhi division. The operation, which lasted more than 15 hours, was conducted at a Flipkart subsidiary warehouse in Trinagar and Amazon’s warehouse in Delhi’s Mohan Cooperative Industrial Area. The Press Information Bureau (PIB) said that more than 3,500 products, including geysers, food mixers, and other electrical appliances, were seized during the operation at Amazon’s warehouse. Many of these products, officials discovered, either carried fake ISI labels or lacked the required ISI certification. It is anticipated that the seized commodities are worth around INR 70 lakh in total.
Raid at Instakart
BIS officers conducted a separate raid on Instakart Services Pvt Ltd, a Flipkart subsidiary located in Trinagar, Delhi. The crew discovered a cache of athletic shoes that lacked accurate production date information and did not adhere to ISI standards. About 590 pairs of athletic shoes valued at INR 6 lakh were seized by the authorities. These raids are a component of BIS’s broader national effort to enforce quality standards. Similar operations have been carried out in other places over the past month, including Delhi, Gurgaon, Faridabad, Lucknow, and Sriperumbudur, and several uncertified products have been seized as a result.
According to notifications from numerous regulatory bodies and various ministries of the government, the Bureau of Indian Standards requires compulsory certification for 769 products. Without a current licence or Certificate of Compliance (CoC) from BIS, it is completely forbidden to manufacture, import, distribute, sell, hire, lease, store, or exhibit for sale of these products.
Raids in Other Parts of the Country
Large amounts of goods being sold without the required certification were seized by the BIS during a search on the warehouses of e-commerce giants Amazon and Flipkart in the Tiruvallur district last week. 3,376 products, including insulated flasks, food containers, metallic potable water bottles, ceiling fans, and toys without BIS standard markings, were seized by authorities at Amazon’s Puduvoyal warehouse. The items that were confiscated are worth INR 36 lakh. In a separate investigation, BIS officers searched Flipkart’s Koduvalli warehouse and found 36 casserole boxes, 26 stainless steel water bottles, 10 insulated steel bottles that were not BIS certified, and 286 packs of baby nappies.
The BIS searched an Amazon warehouse in Hyderabad on March 25 and found 2,783 “uncertified” consumer goods valued at over INR 50 lakh. Products like smartwatches, electric water heaters, CCTV cameras, electric food mixers for the home, and both electric and non-electric toys were discovered to be lacking the required BIS certification, according to a report by a news agency. Additionally, Meesho, Myntra, and BigBasket received notifications from the bureau instructing them to sell only BIS-certified goods. Companies are subject to a fine of at least INR 2 lakh under Section 17 of the BIS Act, 2016. Up to ten times the value of the products sold or offered for sale may be included in this.
Offenders may also be imprisoned for up to two years, depending on the seriousness of the infraction. Pralhad Joshi, the minister of consumer affairs, stated in December of last year that winning over customers’ trust and confidence is essential for India’s e-commerce industry. He pointed out that in order to preserve product quality, online platforms must declare the nation of origin, guarantee transparent pricing, offer correct product specifications, and have clear return and refund procedures in place.
Vibrant Screen Pvt Ltd, offering background verification services worldwide, becomes a part of the CIEL HR Group.
National, 28th March 2025: CIEL HR Group is pleased to announce the acquisition of Vibrant Screen Pvt Ltd (VSPL), one of India’s largest providers of background verification solutions.
With over 24 years of expertise, VSPL offers a comprehensive suite of verification services, including employment, education, address, criminal records, database listing, credit history, drug test, and identity checks, designed to help organisations mitigate risks and ensure safe hiring practices. The company serves a diverse client base of over 240 organisations across the BFSI and IT sectors, including Fortune 500 companies. It has a strong reputation for its operational efficiency, technological innovation, and compliance with international standards.
CIEL HR has expanded its portfolio through strategic acquisitions, including Jombay, Aargee Staffing, Courseplay, Thomas Assessments / People Metrics. By virtue of these additions, CIEL HR has strengthened its offerings by adding HR tech solutions to its portfolio. By integrating these platforms, it has positioned itself in the industry as a tech-led HR solutions company. As India’s only provider of comprehensive, tech-driven HR solutions, CIEL HR supports every stage of the employee lifecycle.
VSPL’s proven track record, scalable business model, and robust growth strategy position it as a key player in the rapidly expanding background verification industry. This strategic acquisition aligns with CIEL’s vision of being a comprehensive HR solutions provider, enabling them to deliver enhanced value to the clients.
Implementing advanced technology for background verification is critical in mitigating fraudulent activities. Early intervention through comprehensive employee background checks, coupled with ongoing monitoring throughout an employee’s tenure, can help minimise operational oversight costs. This proactive approach prevents frauds and maintains vigilance against future fraudulent activities. CIEL aims to deliver the best of the holistic hiring solution to its clients by acquiring VSPL.
Strategic Expansion to Meet Growing Market Demands
The acquisition of Vibrant Screen represents a natural progression in CIEL HR Group’s growth strategy, adding a critical service component that modern businesses increasingly rely on. VSPL has built a stellar reputation in India and global markets with their unique tool that ensures swift and precise results, reducing turnaround times significantly in background checks. Their extensive verification services have helped countless organisations implement safe hiring practices through comprehensive candidate screening.
“The addition of VSPL’s capabilities represents a strategic milestone in our growth trajectory, enhancing our HR solutions,” said Mr. K Pandiarajan, Executive Chairperson of CIEL HR Group. “In today’s technology-driven business environment, thorough background verification is a must-have for building trustworthy teams and maintaining a company’s credibility. By bringing VSPL’s expertise under our umbrella, we’re offering our clients another layer of confidence in their hiring decisions while moving closer to our vision of being a truly comprehensive HR solutions provider.”
Adding to this Mr. Aditya Narayan Mishra, MD & CEO of CIEL HR, said “Our clients increasingly seek integrated HR solutions that streamline their processes while maintaining the highest standards of quality and compliance. The addition of Vibrant Screen’s verification expertise allows us to meet this demand head-on. The acquisition of Vibrant Screen represents a natural progression in CIEL HR Group’s growth strategy, adding a critical service component that modern businesses increasingly rely on. The combined technological capabilities of both organisations will further enhance our service offerings to our stakeholders.”
Major Vibhav Kapoor, Founder & CEO of Vibrant Screen, said, “Our partnership with CIEL HR marks a significant step forward, paving the way to new opportunities for innovation and service expansion for our valued clients. With a shared commitment to excellence and customer satisfaction, this collaboration is both a strategic and exciting move. Together, we will extend our verification solutions to a broader network of organisations while leveraging CIEL’s extensive industry presence and technological strengths.”
About CIEL HR
CIEL HR is India’s only company offering a complete suite of tech-driven HR solutions, covering the entire employee lifecycle. With 70 offices across 31 locations and more than 1350 employees, CIEL has served 4,967 companies as of Dec 31, 2024. Over the last three financial years and Q3 FY24-25, CIEL assessed 253,128 managers, payrolled 175,138 employees in Dec 2024, partnered with 50+ colleges through ProSculpt to engage 7900+ students and conducted offline training using LMS course content for 120K+ students across 500+ colleges in Tamil Nadu and Karnataka.
A former Zomato employee claims in a widely shared Reddit post that the firm unexpectedly and without warning fired over 300 employees, sparking uproar. According to the former worker, who says he was one of those affected, the decision was made based on an “average lateness” of only 28 minutes over three months—and this after he had demonstrated good performance and a solid track record. The post claims that Zomato failed to notify the staff of this significant change or provide them with an opportunity to address or resolve their attendance problems. They were astonished when they were unceremoniously terminated instead. The user blasted the corporation for treating employees like “disposable” and called this “a cold termination.”
A Post on Reddit Quickly Gained Popularity
Outrage over job security and business ethics in India’s startup sector was sparked by the post, which soon gained popularity. Similar tales were recounted by numerous Reddit users, who questioned the justice of such sudden dismissals. One poster, who claimed to be a current Zomato employee, detailed how quickly the terminations occurred, including how Slack accounts were disabled, access was refused, and staff members were let go without being given a chance to explain themselves. A lawyer encouraged impacted employees to take action and not take this lying down while offering legal support. Employees are being encouraged by users to “fight for the compensation” they are entitled to. Another ex-Zomato employee claimed they were let go for an unclear cause and that they were not informed that differences in login times would be considered non-compliance.
Lack of Job Security in Indian Startup Sector
Despite early indications of a market rebound, the 2024 Indian startup scene was characterised by large personnel cutbacks due to a number of causes. Notably, in order to adapt to the new business reality, some well-known companies were forced to announce significant layoffs, including Ola Electric, Paytm, Byju’s, Swiggy, and Flipkart. 11,250 positions were cut in the first half of the year alone, which had a significant effect on the labour dynamics of the industry while being less than in the past. Each company saw a different number of layoffs; for example, Byju’s reduced about 500 employees, Flipkart reduced 1,100 to 1,500, Ola Electric reduced 300 to 500, and Ola Cabs reduced 200 roles. Additionally, Paytm Payments Bank reported a notable layoff of about 555 workers, or 20% of its total staff.
The need for profitability, restructuring initiatives, previous overhiring during expansion times, changes in market dynamics, strategic business changes, and regulatory obstacles affecting particular industries were some of the factors that led to this wave of layoffs. Beyond the immediate loss of jobs, these layoffs have an impact on the Indian startup ecosystem’s short- and long-term prospects. Innovation may be slowed down in the near future as a result of talent loss and low staff morale. On the other hand, these changes might eventually make Indian startups more competitive and sustainable. How businesses adjust and how the larger ecosystem reacts to these changes will determine the overall impact.
BENGALURU, March 28, 2025: Elev8 Venture Partners, a $200 million growth-stage fund focused on high-potential Indian startups, has led a $50 million Series D funding round in smallcase, India’s leading model portfolios platform. The round also saw participation from State Street Global Advisors, Niveshaay AIF, Faering Capital, and Arkam Ventures. The capital raised will be used to expand smallcase’s investment product offerings across asset classes and strengthen its relationships with retail investors and ecosystem partners.
This investment reflects Elev8’s confidence in India’s rapidly evolving wealthtech landscape, as millions of retail investors seek simplified, transparent, and diversified investment solutions. With over INR 1.2 lakh crores in transactions and a user base of 10 million+ investors, smallcase has redefined how individuals manage their wealth. The fresh capital will accelerate smallcase’s product expansion across mutual funds, fixed income, and other asset classes while deepening its market reach.
Elev8 Venture Partners, anchored by South Korea’s KB Investment, focuses on B2B SaaS, Enterprise Tech, Consumer Tech, and FinTech. This is Elev8’s third investment, following its backing of IDfy, a leading identity verification platform, and Astrotalk, India’s largest astrotech platform. Elev8 remains committed to investing in high-growth, category-defining startups and sees smallcase as a key player in the rapidly evolving wealthtech space.
Speaking on the investment, Navin Honagudi, Managing Director and Founding General Partner at Elev8 Venture Partners, said: “India’s retail investing landscape is undergoing a seismic shift, and smallcase has been at the forefront of this transformation. Their ability to innovate, build trust, and scale in a highly competitive market makes them a standout player. At Elev8, we believe in backing companies that are not just growing fast but are also shaping industries. smallcase fits that vision perfectly, and we are excited to support them as they expand their offerings and reach millions more investors.”
Vasanth Kamath, co-founder & CEO of smallcase, said, “smallcase’s vision has always been to build simple and transparent products that are relevant for every investor’s portfolio. The opportunity to help millions of Indians design better financial futures is one of huge responsibility, and we will continue to deliver on it with honesty & integrity along with our partners. I am delighted to welcome our new shareholders who believe in our mission and are grateful to our existing investors for their trust & conviction”
Since its launch in 2016, smallcase has played a pivotal role in transforming how Indian retail investors access equity markets. Recognizing the growing demand for diversified investment options, smallcase recently expanded its offerings through a joint venture with Zerodha to launch an asset management company focused on index funds and ETFs.
With this fresh round of funding, smallcase is set to broaden its product suite, integrating asset classes like mutual funds and fixed income. The company will also enhance its technology and data analytics capabilities, equipping investors with smarter tools to optimise their wealth. Additionally, smallcase plans to strengthen its partnerships with leading financial institutions, enabling deeper industry-wide integration and adoption.
With India witnessing a surge in retail investor participation, Elev8 sees fintech and wealthtech as critical sectors poised for long-term growth. By investing in smallcase, Elev8 is reinforcing its commitment to backing high-growth companies that are building scalable, technology-driven financial solutions for the next generation of investors.
About Elev8 Venture Partners
Elev8 Venture Partners is a $200 million growth-stage fund anchored by South Korea’s KB Investment. The fund focuses on investing in high-growth Indian startups with the potential to scale globally. Elev8 primarily targets sectors such as B2B SaaS, Enterprise Tech, Consumer Tech, and FinTech.
About smallcase
smallcase is a leading provider of investment products and platforms for the capital markets industry. Launched in 2016, it operates India’s largest model portfolios platform and has served over 10 million individual investors across all its offerings till date. smallcase also provides technology solutions to 250+ leading financial institutions and brands across research firms, advisors, wealth managers and brokerages.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
Who doesn’t love to buy good products at affordable rates? Undoubtedly, we all love discounts! What if there was only a single store in the city or town providing discounts? It would be very difficult for people to reach their destination and do their shopping before it gets overcrowded. Fortunately, with Big Bazaar’s shopping experience, you don’t have to feel the same way. This is because its online and offline stores are available in different parts of India.
Big Bazaar is an Indian retail chain of hypermarkets, discount departmental stores, and grocery stores. The company provides the best offers on groceries, food items, kitchen appliances, personal care products, and more. Big Bazaar provides a platform to do your shopping with big discounts. In other words, Big Bazaar is another name for big discounts.
The Future Group subsidiary has been in the news regularly for the dire conditions that it was in, which prompted Reliance to acquire the same, almost suddenly, undermining the Amazon 2019 deal, when the Bezos-led company infused around $200 mn in a unit of Future Group. This court fight triangle involving Amazon-Future Group and Reliance has ultimately marked a victory for Amazon.
Read the Big Bazaar success story below to know more about Big Bazaar, Big Bazaar’s history, Big Bazaar’s branches in India, the owner of Big Bazaar, and more.
Big Bazaar is a company that operates a chain of departmental and grocery stores offering vegetables, fruits, dairy, personal products, garments, etc. Big Bazaar is also the parent company of Fashion at Big Bazaar, eZone, and Food Bazaar. It is one of the largest and oldest chains of departmental stores in India, which is owned by Future Group.
In 2020, Big Bazaar was acquired by Reliance Retail, the retail arm of Reliance Industries, as part of a ₹24,713 crore ($3.36 billion) deal for the Future Group. However, the acquisition was canceled on 23 April 2022 after creditors of Future Retail (FRL) voted against proceeding. Following this, Reliance Retail introduced its new retail format, Reliance Smart Bazaar, to cater to consumer needs.
Big Bazaar – Startup Story
Kishore Biyani, the owner of Big Bazaar, had big dreams for his business as he was from a business family. Biyani’s grandfather owned a clothing business, which is why Kishore was into the business from a very early age, as was his family, all involved in their clothing business. However, what separated Biyani from the other members of his family was his big dream of doing something unique for himself and others. This is what led him to design a retail store that would have everything under one roof. Big Bazaar resulted from his brainstorming, dedication, and hard work. Biyani had already made Pantaloons a big hit as a fashion and retail store since he founded it in 1997. Now, after Big Bazaar was founded in 2001, he took the retail industry by storm.
He opened his first departmental store in Kolkata after renting and converting the place into a 10,000-square-foot store, which was twice the size of any store in Kolkata back then. Within the next 22 days, he opened more than 2 more stores in the city, and within a year, Biyani successfully opened over 50 stores all across the country. Big Bazaar started spreading across the country, and with the warm reception that the brand has seen, Biyani’s Big Bazaar stores surpassed the 100-mark by 2009.
The idea for Big Bazaar came from ‘Saravana Stores’, which is the largest family-owned retail store in India. Biyani mentioned Saravana stores’ shopping as an “experience”. Thus, this store inspired Kishore Biyani highly, as mentioned by Biyani in his autobiography. Biyani has also been quoted saying that Saravana Stores is “India’s No.1 retail store in one locality.”
Kishore Biyani is an Indian businessman, an organizer, a trader, and also a failed filmmaker. He is better known as the Founder and the CEO of the Future Group, which is one of India’s biggest retail chains. Kishore Biyani is also the founder of companies like Big Bazaar and Pantaloons. He was born on 9th August 1961, in Mumbai, to a family that has been involved in the business since the period of his grandfather. His grandfather had a clothes shop when it used to be known as Bombay.
Biyani graduated from HR College, from where he obtained a B.Com degree. Though he finished his college education, Biyani was not interested in studying and took delight in wandering and devoting his time and efforts to business. He started making trousers when he was 22. Biyani then started his work at Bansi Silk Mills. Biyani started his own business in 1983, in which he used to commission the manufacture of fashionable fabric for sale to garment manufacturers. Kishore Biyani eventually launched his new business called Manz Wear Private Limited, with which he also launched his brand that he called “WBB”, which implied “white, brown, and blue”, the basic colours of fabric for men’s trousers. This led to his launch of “Pantaloons”, which was named from “patloon”, the trousers as they are called in Hindi. Pantaloons went to be a big hit, after which Big Bazaar was launched, under Future Group, which made Kishore Biyani the retail king!
Big Bazaar is currently operating with the tagline “Naye India Ka Bazaar”, which was decided on November 17, 2011, replacing the earlier one that said “isse sasta aur accha kahin nahi!”.
Big Bazaar – Business Model
Big Bazaar operates on a B2C business model. It offers numerous products on a single platform to its consumers. It is considered to be one of the largest departmental stores in India. The company provides awesome discounts and offers to the customers. This is the only factor that attracts all sorts of people to Big Bazaar.
Products like home and furniture, electronics, jewelry, toys, sporting and fitness, grocery, clothing, movie and music, footwear, craft and party supplies, stationery, kitchen appliances, etc., can all be found under one roof. This is the specialty. The principle of the company is low margin and high turnover. This is the only reason behind finding offers every time in the stores.
Big Bazaar – Revenue Model
Founded in 2001 with a single store, it had more than 400 stores in over 200+ tier 1, 2, & 3 cities in India as of 2024. The revenue model of Big Bazaar is very clear – just selling more products at their price by using the following tactics:
Bulk Purchase: Big Bazaar purchases all the items in bulk from the manufacturer at a low price, then sells them to the consumer after adding its margin price.
Product Bundling: Big Bazaar bundles the slow-moving products with high-moving products to clear its stock and provide them to customers at a discounted rate. This helps them in stock clearance. Also, product bundling can be witnessed from the manufacturer’s side as well. Sometimes, the manufacturers anticipate the wrong demand and produce the product in large quantities. To maintain the inventory, the manufacturer sells them at a discount. Eventually, companies like Big Bazaar purchase those products at discount rates and sell them at a profit.
Leveraging the products: The Companies like Big Bazaar leverage a particular brand’s product in order to increase its visibility in the store. The customer may find the product of any brand in a particular section of the store.
Being one of the oldest and largest chains of retail stores, Big Bazaar has been ailed for its wide variety of quality products at affordable prices. Founded in 2001, when Big Bazaar’s popularity started to skyrocket, the retail stores have also claimed to have served over 2 million customers each week. It has also been said that more than 300 million customers visited and revisited Big Bazaar in a year. However, since 2017, Big Bazaar’s struggle against debts became prominent, and by 2019, many of its stores were closed down. The pandemic outbreak happened in 2020, which wiped away even the sales that Big Bazaar was seeing. This led Future Group to sell Big Bazaar to Reliance Industries. It has previously missed lease payments to Reliance also, which was apparent as its website was also down.
All of these led Reliance Retail, the retail division of Reliance Industries, to buy out Big Bazaar as a part of the Rs 24713 crore ($3.36 bn) sale transaction of Future Group. However, this sudden acquisition was disputed by Amazon, and Future Retail Group’s (FRL) secured creditors, and eventually received a “no” from the Singapore Court. However, Reliance fraudulently started acquiring the Big Bazaar stores and has already acquired around 900 of its stores, when the Mukesh Ambani-led company said that they were paying rent for 9 months and couldn’t do anything more. These ended with the Supreme Court’s final verdict on August 6, 2021, when the apex court called off the Reliance-Future Group deal. The Future Group deal sprouted many controversies and facts about Future Group, the Jeff Bezos-led Amazon, which is now led by Andy Jassy, and Reliance.
Big Bazaar – Financials
Big Bazaar saw significant financial distress in FY21, with a sharp decline in revenue and a huge loss of INR 3,189.5 crore compared to previous years. The Future Group generated a total revenue of INR 5,116.76 Crores in FY 2024.
Particulars
FY21
FY20
FY19
FY18
FY17
Revenue
INR 6,560.9 crore
INR 20,418.4 crore
INR 20,355.7 crore
INR 18,489.6 crore
INR 17,098.9 crore
Expenses
INR 9,729.4 crore
INR 20,400.6 crore
INR 19,628.3 crore
INR 17,874.5 crore
INR 16,730.6 crore
Profit/Loss
INR -3,189.5 crore
INR 11.3 crore
INR 727.2 crore
INR 11.3 crore
INR 368.3 crore
Revenue in FY21 dropped sharply to INR 6,560.9 crore from INR 20,418.4 crore in FY20, while losses widened to INR 3,189.5 crore.
Big Bazaar Revenue Breakdown:
Particulars
FY21
FY20
Revenue from operations
INR 6,303.9 crore
INR 20,331.7 crore
Other income
INR 256.9 crore
INR 86.7 crore
Total Revenue
INR 6,560.9 crore
INR 20,418.4 crore
Revenue from operations fell by over 69% from FY20 to FY21, reflecting a major downturn in business performance.
Big Bazaar Expenses Breakdown:
Particulars
FY21
FY20
Purchases of stock-in-trade
INR 3,777.8 crore
INR 15,173.3 crore
Employee benefit expense
INR 575.6 crore
INR 977.5 crore
Finance costs
INR 1,471 crore
INR 1,025.8 crore
Depreciation & Amortization
INR 1,382.8 crore
INR 1,098.7 crore
Other expenses
INR 1,278.4 crore
INR 2,287.2 crore
Total Expenses
INR 9,729.4 crore
INR 20,400.6 crore
Major cost reductions were seen in inventory and employee expenses, but finance costs increased, reflecting rising debt burdens.
Big Bazaar Profit/Loss:
Particulars
FY21
FY20
Gross Profit
(INR 3,168.5 crore)
INR 17.8 crore
Operating Profit
(INR 3,168.5 crore)
INR 14.1 crore
Net Profit/(Loss)
(INR 3,189.5 crore)
INR 11.3 crore
Big Bazaar shifted from a profit of INR 11.3 crore in FY20 to a massive loss of INR 3,189.5 crore in FY21, indicating severe financial distress.
Quick Summary:
Revenue declined by 69%, showing a sharp downturn in business performance.
Expenses were reduced, but finance costs increased, indicating higher debt burdens.
A net profit of INR 11.3 crore in FY20 turned into a massive loss of INR 3,189.5 crore in FY21, reflecting financial instability.
Though Kishore Biyani’s Big Bazaar almost seems to have smooth sailing, it has witnessed its own fair share of challenges. Rising debts and the onslaught of the coronavirus pandemic were 2 main factors that marred the popularity of the retail chain. Big Bazaar’s rents were paid by Reliance, claimed a Reliance spokesperson when Reliance fraudulently acquired 900 Big Bazaar stores. Though Future Group wanted to sell Big Bazaar to Reliance, thereby getting rid of its debts, that didn’t happen because the Supreme Court decided to call off the Reliance-Future Group deal. The Big Bazaar and FBB stores are closing rapidly. Where more than 260 stores were earlier closed due to non-payment of debts, 300 Big Bazaar stores have been known as operational, as per the latest updates dated May 9, 2022.
Big Bazaar customers are left amused with their vouchers as they see the Big Bazaar stores closed day after day, while in some cases, the Big Bazaar employees also complained about not receiving their salaries.
The top competitors of Big Bazaar are DMart, Bigbasket, Grofers now Blinkit, and Reliance Fresh.
DMart is the top competitor of Big Bazaar. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 2000. DMart is the counterpart of Big Bazaar.
Bigbasket is one of the top rivals of Big Bazaar. The company is headquartered in Bangalore, Karnataka, India, and was founded in 2011. The Tata-owned grocery company brings a wide variety of products, including grocery and essentials, poultry, meat, fish, and more.
Reliance Fresh is a subsidiary of Reliance Retail, which has been designed in a convenience store format that offers a wide selection of products to the customers.
Big Bazaar – Future Plans
Big Bazaar has earlier mentioned its potential expansion in the tier-II cities of India, especially those that are less impacted by the Covid-19 pandemic and have greater aspirations. However, we are here now with most of the Big Bazaar stores closed, overlooking none less than a miracle after the calling off of the Reliance and Future Group deal. Whether Big Bazaar will be concentrating more on the expansion strategy or merging with any other companies is still undisclosed, but the Kishore Biyani-founded company cannot simply sustain the losses they have witnessed.
FAQs
What is Big Bazaar?
Big Bazaar is a departmental store that provides a shopping platform for groceries, food items, kitchen appliances, personal care products, and more at discounted rates. It caters to every need of your family.
Who is Big Bazaar owner?
Kishore Biyani is the founder of Big Bazaar.
When was Big Bazaar founded?
Big Bazaar was founded in 2001.
Who is Big Bazaar CEO?
Sadashiv Nayak was the CEO of Big Bazaar before he resigned, effective from March 31, 2022.
Where is the Big Bazaar head office?
Big Bazaar’s head office is in Mumbai.
What is Big Bazaar tagline?
Naye India ka Bazaar is the latest tagline of Big Bazaar.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.
The concerns related to waste management are very crucial in India. We need to understand that waste has a strong negative impact on nature and can cause any form of pollution, whether we’re talking about recycling or dumping accumulated junk from our home, workplace, or industry.
The commitment of people to maintaining a clean and healthy environment falls on households as well, who must ensure that their trash is managed properly. Industries everywhere are becoming more concerned about the effects of their manufacturing processes on the environment and are continually investing in more environmentally friendly production processes. Waste management is not only healthy for the environment but also for us to have a healthy life.
When talking about the dumping of waste, the most common place to dump is water. India is a land of many temples and religious beliefs. Most of these temples are usually constructed near the holy river Ganges, the Mother Goddess.
For instance, take the example of the river Ganges in Varanasi, the spiritual capital of India. Millions of people come to this place and bathe to cleanse themselves of sin. In the act, a lot of flowers are being dumped into the river, thus polluting it with the flowers’ harmful insecticides.
If someone is bringing a change in the system and doing something about the flower waste problem in India’s rivers, it is this biomaterial startup company called Phool.co.
Phool.co was founded in 2017 and is owned by Kanpur Flowercycling Pvt. Ltd. The company is engaged in collecting temple flower waste dumped in rivers across India. Once collected, they use these flowers to make incense sticks and other such biodegradable products.
Read on to uncover more about Phool’s story, founders and team, business model, challenges faced, competition, investors, and future plans.
Kanpur Flowercyling Pvt. Ltd., which was created in 2017, is the owner of the Phool brand. Since that time, 11,060 metric tonnes of temple garbage have been recycled. Eventually, the business was divided into HelpUsGreen and Phool.
It is reported, that in South Asia itself, about eight million tonnes of flowers are thrown into rivers each year for religious purposes. Therefore, this is causing the River Ganges, which provides drinking water to over 400 million people, to become more polluted. To help reduce the pollution, Phool came up with the idea, ‘flowercycling’ to become the solution to the massive temple waste problem in India.
Phool is an Indian biomaterials startup that is doing its part in cleaning up the River Ganges by collecting the flowers from temples and mosques dumped into the river and recycling them to produce more eco-friendly products. It is a for-profit company that works with Dalit women to upcycle floral waste into high-margin products, including incense sticks, organic compost, and a biodegradable substitute for Styrofoam.
Phool endeavors to divert this harmful waste from the Ganges, thereby enhancing the health of the river, by collecting more than 4 tonnes of floral waste daily from temples in Uttar Pradesh.
Phool.co – Industry
Phool startup belongs to the recycling industry. It is quite clear that due to the high population density and growing industrial activity, which are producing large volumes of debris, both perilous and non-hazardous, India’s waste management market is expanding at a healthy rate.
On the development note, these recycling industries are yet to get the right set of exposure in technology. As per sources, only 30% of the country’s 75% recyclable garbage is being recycled. This poor way of waste management in the nation is caused by a variety of factors, such as a lack of effective infrastructure and inadequate regulations for garbage collection, disposal, and recycling.
The waste management sector in India has enormous potential. If only they are given innovative solutions, then India could become the primary reason for reducing waste in the rivers and oceans.
Phool.co – Founder
Phool.co was founded by Ankit Agarwal in 2017.
Ankit Agarwal
Ankit Agarwal- Phool Founder and CEO
Ankit Agarwal is the founder and CEO of Phool.co. He graduated with a Bachelor of Science in Computer Engineering from PICT in Pune before going on to complete a Master’s degree in Innovation Management at Symbiosis International University in Pune.
Ankit started his career as a project intern at Symantec and later on became an Automation Engineer at the same company. He has published around 17 research papers and a Patent. He is a member of Asia Society and Asia 21 Young Leader 2016.
Ankit Agarwal has been featured in Forbes 30 under 30. Recently, he also has received many accolades, such as the prestigious United Nations Young Leader for Sustainable Development Goals Award, the Takeda Young Global Entrepreneur Award, the Unilever Young Entrepreneur Awards, and the GSG Millennial Honor.
Phool.co – Startup Story
The idea of Phool came into existence when Kanpur-based Ankit Agarwal visited the ghats in his hometown with a childhood friend. Upon seeing the river, when many devotees came and performed rituals, they were shocked to see the amount of trash bottling up the river.
An idea struck Ankit that if he had to improve marine life, then he had to collect the wasted flowers and recycle them. At first, it was challenging as none of the temple management was ready to give up their flowery wastes.
But this didn’t stop Ankit, as he would still go about and pitch his idea of recycling to various stakeholders and deliver the notion of taking care of temple waste management in the country. After much research and waiting for the right opportunity, the company finally manufactured its first flower-cycled incense.
Phool’s mission is loud and clear by the way they do their work. Their mission reads, “Our mission is to repurpose the waste coming from places of worship; it was the birth of Phool.”
The company envisions itself to empower vulnerable people and preserve the river Ganges from pollution.
Phool.co – Name, Logo, and Tagline
The name of the company is derived from the Hindi word ‘Phool’, which means flower.
As we can see, the logo appears to be the word Phool itself with its tagline underneath, “Made from the Temple Flowers”
Phool Logo
Phool.co – Business Model
The business model of Phool is a circular economy model. It encompasses both B2B and B2C business models. The company’s business is to collect flowers and convert them into diverse products, such as organic vermicompost, incense sticks, soap, vegan leather goods, and other biodegradable packaging materials.
The R&D department of Phool is their greatest asset. Technical entrepreneurs find fulfillment in developing new goods and finding solutions to issues. Their main focus is to worry about how to create a product rather than commercialising their products.
The products at Phool are handcrafted by women from vulnerable backgrounds who go to collect flowers from the temples, giving them a source of livelihood themselves while managing the waste issue.
Some of the products by Phool are also made using Tulsi, or holy basil, seeds, which are impregnated in seed paper and ink simulated from vegetable dyes to develop compostable packages.
The user only needs to unfold the paper, bury it in a pot with dirt, water it frequently, and watch the seeds grow into a Tulsi plant after using the incense or flowers.
Customers who buy these compostable packages can post pictures of their plants and receive product discounts by scanning a QR code on the pack, which directs them to a microsite.
One of the other major product ranges by Phool includes vermicompost made from ‘mitti’, which means mud. This mitti is an enzyme and nutrient-rich mineral shot that energises the soil. The entire production of mitti is produced using biological methods, has no carbon imprint, and is devoid of all chemicals and carcinogens.
A source of income for the local women
Phool has employed women from the local villages who used to be manual scavengers. Before joining Phool, these women used to earn their bread and butter by removing human waste from dry latrines and sewers, loading it into cane baskets, and bringing it outside the village to be disposed of. Today, these women are proud of joining Phool, where they have secure bank accounts and access to safe and healthy drinking water and toilets and earn over Rs 7,000 per month.
Key Products of Phool with its business model
Incense Sticks (B2C) – These include DIY Incense sticks, incense cones, and flower grow kits.
Fashion Industry & Packaging Materials for Products (B2B) – Vegan leather goods made from flowers, packaging material called ‘Florafoam’.
Phool has its incubation center at the Startup Incubation and Innovation Centre, IIT Kanpur.
Phool.co – Revenue Model
Phool generates its revenue by selling incense sticks through its online e-commerce website, Phool.co. They have a wide variety of products displayed on their website from which customers can choose depending upon the product they like.
The company is also involved with business-to-business markets such as the fashion industry and offers packaging materials, from which they yield their revenue.
It is estimated that the company’s revenue is approximately $15 million as of now. The previous two years have seen 130 percent YoY growth for Phool, which has increased its operations.
Phool.co – Financials
Phool has shown significant revenue growth over the past few years, increasing from INR 3 crore in FY20 to INR 50 crore in FY24. However, the company continues to operate at a loss, with expenses consistently exceeding revenue.
Particulars
FY24
FY23
FY22
FY21
FY20
Revenue
INR 50 crore
INR 28.6 crore
INR 15.4 crore
INR 7.1 crore
INR 3 crore
Expenses
INR 55.2 crore
INR 32.1 crore
INR 17.2 crore
INR 8.9 crore
INR 3.7 crore
Profit/Loss
INR -5.2 crore
INR -3.6 crore
INR -1.8 crore
INR -2.4 crore
INR -0.2 crore
Revenue has increased significantly from INR 28.6 crore in FY23 to INR 50 crore in FY24. However, losses have also widened to INR 5.2 crore in FY24 from INR 3.6 crore in FY23 due to rising expenses.
Phool Financials
Phool.co Revenue Breakdown:
Particulars
FY24
FY23
Revenue from operations
INR 48.7 crore
INR 26.4 crore
Other income
INR 1.3 crore
INR 2.2 crore
Total Revenue
INR 50 crore
INR 28.6 crore
Phool’s revenue from operations surged from INR 26.4 crore in FY23 to INR 48.7 crore in FY24. However, other income dropped from INR 2.2 crore to INR 1.3 crore.
Phool Profit/Loss Breakdown:
Particulars
FY24
FY23
Gross Profit
INR 26.2 crore
INR 15.3 crore
Operating Profit
(INR 3.7 crore)
(INR 2.7 crore)
Net Profit/(Loss)
(INR 5.2 crore)
(INR 3.6 crore)
Despite an increase in gross profit, Phool startup remains in loss, with net losses widening from INR 3.6 crore in FY23 to INR 5.2 crore in FY24.
Phool Expense Breakdown:
Particulars
FY24
FY23
Cost of Materials
INR 22.5 crore
INR 11.1 crore
Employee Expenses
INR 9 crore
INR 5.6 crore
Other Expenses
INR 21.5 crore
INR 14.1 crore
Total Expenses
INR 55.2 crore
INR 32.1 crore
Phool’s total expenses surged from INR 32.1 crore in FY23 to INR 55.2 crore in FY24, mainly due to increased costs in materials and employee expenses.
Quick Summary (FY24 vs. FY23):
Revenue Growth: Increased by INR 21.4 crore, driven by higher operational income.
Expenses Surge: Increased by INR 23.1 crore, mainly due to higher material and employee costs.
Profitability: Loss widened from INR 3.6 crore to INR 5.2 crore.
Business Implications: While Phool is scaling, rising expenses are impacting profitability. Cost optimization is crucial for future growth.
Phool.co – Challenges Faced
The biggest challenge faced by Phool is collecting the thousands of flower waste from the rivers. It is calculated that more than 800 million metric tonnes per year of flowers are thrown into the River Ganges. These flowers rot and fill the water with their chemical insecticides.
The company is largely involved in manufacturing incense sticks for which they need these flowers fresh. If the flowers are left for a longer period in the water bodies, then they lose their importance.
Phool.co – Funding and Investors
In total, Phool has raised $9.4M in investment across 4 rounds. The company had announced that the Bollywood actress, Alia Bhatt is one of the investors of the company.
Here’s what Alia Bhatt said about her investment: “Phool incense stands out for its fine natural fragrances and amazing packaging. I admire the founder’s vision of making incense and bio-leather from recycled flowers that contribute to keeping our rivers clean, creating a humane alternative to leather, and providing employment to women in India’s heartland.”
Phool is also backed by the Indian Institute of Technology, Kanpur. The institute has helped the company grow since its early days.
Date
Funding Round
Amount
Investors
April 4, 2022
Series A
₹605M
Sixth Sense Ventures
October 7, 2021
Seed Round
Undisclosed
Alia Bhatt
Aug 27, 2020
Seed Round
$1.4M
Indian Angel Network, The Draper Richards Kaplan Foundation, and IIT, Kanpur
Apr 3, 2019
Non-equity Assistance
–
–
Phool also claims it has other companies as its funding partners, such as TATA TRUSTS and Balmer Lawrie & Co. Ltd.
Phool’s shareholding pattern as of January 2025, sourced from Tracxn:
Phool Shareholders
Percentage
Ankit Agarwal
28.4%
Prateek Kumar
3.1%
Sixth Sense Ventures
29.9%
Indian Angel Network
18.3%
Social Alpha
3.2%
iYa Ventures
1.6%
Indian Institute of Technology Kanpur
0.8%
Draper Richards Kaplan Foundation
0.6%
Eternal Sunshine Productions
3.0%
The Knowledge Company
0.1%
Balmer Lawrie & Co.
–
Angel
6.9%
Other People
0.7%
ESOP Pool
3.5%
Total
100.0%
Phool Shareholding
Phool.co – Advertisements and Social Media Campaigns
In 2022, at the time of Holi, Phool came up with the campaign #PhoolWaliHoli to encourage people to use organic colors that are actually made from flowers. During that time, the company unveiled ‘Phool Natural Gulaal’ made with 100% pure plant materials, in its social media campaign.
Phool.co – Competitors
Here are some of the competitors of Phool:
Holywaste
Founded in 2018 and based in Hyderabad, Holywaste recycles flower waste from temples. It has cooperated with many temples, organisers of special events, decorators, and anybody else who produces floral waste. Today, it operates 40 temples, two flower stands, and a market area that diverts over 200 kg of floral waste every day from dumps and lakes.
Yuvan
With assistance from the Dr. Y.S. Parmar University of Horticulture and Forestry in Nauni, businessman Ravinder Prashar of Una created incense sticks utilising floral gifts from temples. It offers fragrances like rose, sandal, and lavender.
Essent by Apran
Children from the SRCC Chapter of the Connecting Dreams Foundation started the social innovation company Esscent by Arpan to quickly turn dried flower waste into high-quality floral incense products like twigs, cones, and candles.
Aaruhi Enterprise
Gurugram-based entrepreneurs Poonam and Pinky started Aaruhi Enterprises in 2019. So far, the company has been using garland strands to create dhoop-baati, idols, ornaments, and even air fresheners. Five women are currently employed by Aaruhi, and 500 more have received floral product manufacturing training.
Phool.co – Awards and Achievements
Phool has received several international recognitions as follows
United Nations Young Leaders Award for Sustainable Development Goals
United Nations Momentum of Change Award at COP 2018
Asia Sustainability Award 2020, Hong Kong
Alquity Transforming Lives Awards, London
Breaking the Wall of Science, Berlin
Wharton India Economic Forum
BIRAC Innovator Award 2021 for FLEATHER by The Hon’ble Vice President of IndiaShri Venkaiah Naidu Ji
Key Milestones:
There have been 11,060 metric tonnes of temple garbage flowercycled to date.
73 households who used to work as manual scavengers now make at least six times as much money after being employed by Phool.
Phool has impacted 365 families by raising living standards and ensuring steady earnings.
After joining Phool, mothers of 19 children who previously worked as manual scavengers have begun enrolling them in school.
Phool.co – Future Plans
As the flower recycling industry is growing slowly in India, Phool company is planning to expand its operations. The fact is that what Phool is doing in terms of recycling can be easily duplicated by other competitors.
The company currently operates in four cities in Uttar Pradesh and is in talks to expand to other countries like Bangladesh and Nepal. Phool is already in the discussion phase with the Government of India to scale up its growth across India.
The company is also planning to hire more women to increase its production process.
FAQs
Who is Phool founder?
Ankit Agarwal is the founder and CEO of Phool.co.
How was Phool.co started?
When the founder of Phool.co visited his village Kanpur where he saw the waste and then planned to use wasted flowers and recycle them.
When was the Phool.co founded?
Phool.co was started in 2015.
What is Phool company turnover?
Phool startup reported a revenue of 50 crores in 2024.
Who is Phool company owner?
Phool is an Indian biomaterials startup, founded in 2017 by Ankit Agarwal and Prateek Kumar, that repurposes temple flower waste from Kanpur’s rivers into sustainable products.
What is Phool company net worth?
Phool has a valuation of $23.2 million as of 2022, as sourced from Tracxn.
What is Phool business model?
Phool collects temple flower waste, processes it into eco-friendly products like incense and vegan leather, and sells them through D2C and B2B channels.
Launched in 2016 Mamaearth has made more than 5 million customers in just a few years. It is Asia’s first company that has been certified by Made Safe.
It is competing against big companies like Himalaya and Johnson & Johnson. But, how did Mamaearth capture a big share of the market in such a short time? To answer this question we need to understand the business model of Mamaearth.
Mamaearth is an Indian brand registered under Honasa Consumer Pvt Ltd that aims to provide toxin-free baby care, skincare, and hair care products.
The founders of Mamaearth are Ghazal Alagh and Varun Alagh. The headquarters of Mamaearth is in Gurugram, Haryana. The tagline of the company is Goodness Inside.
Mamaearth Target Audience
Initially, Mamaearth’s target audience was mothers and their babies, offering baby care, pregnancy care, and skin and hair care products. The company also sold accessories, toys, and apparel.
Then the target audience of Mamaearth expanded by targeting the millennial generation by selling more chemical-free skin care products like serums and creams, face wash, lotions, and hair oils.
The company also targeted men by offering products like aftershave lotions, and beard and hair oils.
Mamaearth Baby Products
Mamaearth Business Model
Unique Aspects of Mamaearth’s Business Model
Formulation and Manufacturing
Mamaearth formulates products for manufacturing by contract producers under their brand.
Sales Channels
Primarily online through D2C platforms like Amazon, Flipkart, supplemented by offline stores, ensuring an omnichannel presence.
Global Reach
Products are sold globally through both offline and online channels.
The business model of Mamaearth is straightforward. The company formulates products that contract manufacturers later produce under the permit of the Mamaearth brand.
Mamaearth mainly sells online through D2C Channels like Amazon, Flipkart, etc., and other offline stores. They have an omnichannel presence. The entire product range is manufactured by contract producers under the Mamaearth brand and is sold globally through both offline and online channels.
What is Unique about the Business Model of Mamaearth?
Connecting with their Target Audience
The most important thing for any brand is to connect with its target audience and gain their trust. This is what Mamaearth did brilliantly. From the start, they targeted mothers and made advertisements that resonated with them.
As the founders themselves got the idea of Mamaearth when they were looking for toxin-free and natural baby products online, they knew what parents wanted for their babies.
We are a ‘mum-powered’ company and work with a large number of mothers who are involved in the process, right from ideation, conceptualization to the actual product launch. We believe this connection with mothers will continue to be the biggest driver of success. We have more than 200 young moms on board who help us in conceptualizing and formulating the products. The moms then test these products, and only those with great feedback are approved for mass production,” says Ghazal Alagh.
The founders of Mamaearth believe in providing quality products to their customers.
As they have a superior quality product, people themselves recommend their products to other people. Word-of-mouth marketing has done miracles for their brand.
In 2019 Mamaearth got the “One of the Best Brands” in India Award at the 2nd edition of the ET Brand Festival.
The company has come up with unique products that have attracted many people.
Some of their unique products include India’s first bamboo-based baby wipes, 100% natural plant-based toothpaste for children, and skin and hair care products with natural ingredients like onion, CoCo, charcoal, and ubtan.
Lean Innovation Cycle
Lean innovation follows a principle where you focus on increasing efficiency by continuously listening to your customer’s feedback. Your main priority is experimentation and continuously improving your product quality.
Lean innovation helped Mamaearth to understand its customer needs and fulfill those needs immediately.
Experimentation helped them to increase the quality of their products and also to generate new product ideas. In a very short time, they satisfied their customers using this method.
How Does Mamaearth Earn Money?
The customer acquisition strategy of Mamaearth is completely focused on digital content.
Almost 70% of the sales of Mamaearth products come from online platforms.
Their main aim is to sell as many products as possible online, with their revenue model focused on earning money through sales on Flipkart, Amazon, and other similar eCommerce websites.
Interestingly, only 20% of Mamaearth’s revenue comes from baby products.
On the other hand, 80% of the revenue comes from skincare and haircare products.
As Mamaearth comes in the personal care category they enjoy a healthy gross margin profile of about 65%. So, they can invest 40-50% of revenue in marketing.
Honasa Consumer Sales Channel Split
Particulars
FY24
FY23
FY22
FY21
Revenue
INR 1,969.6 crore
INR 1,515.3 crore
INR 964.3 crore
INR 472.1 crore
Expenses
INR 1,822.5 crore
INR 1,501.6 crore
INR 941.9 crore
INR 1,796.7 crore
Profit/Loss
INR 110.5 crore
INR -151 crore
INR 14.4 crore
INR -1,332.2 crore
Over the past three fiscal years, online sales revenue of Honasa (parent company of Mamaearth) decreased from 81.37% in FY21 to 59.36% in FY23, while offline sales increased from 18.63% to 36.14%. Revenue from services, starting at 1.22% in FY22, grew to 4.5% by FY23.
Mamaearth Financials FY24
Mamaearth has successfully raised $139.2 million across 10 funding rounds, with the latest funding done in December 2023.
Mamaearth Marketing Strategy
Influencer Marketing
Mamaearth has worked with a lot of influencers on the internet. Influencers have helped the company to reach a wider audience.
Influencers tell the benefits of these products on various social media platforms. Mamaearth also works with five hundred mother bloggers to spread awareness about the brand.
Brand Endorsement
Collaborating with Bollywood actress Shilpa Shetty Kundra as a brand ambassador has to be their best marketing strategy. Shilpa Shetty has a lot of popularity, so her becoming a brand ambassador of baby products and also an investor hugely benefited Mamaearth.
Additionally, the company introduced an integrated marketing campaign for their onion shampoo, showcasing Sharmila Tagore and brand ambassador Sara Ali Khan. Furthermore, Samantha Ruth Prabhu lends her endorsement to Mamaearth’s skincare products.
Mamaearth majorly promotes itself through digital ads. They have smartly utilized digital ads and increased their customer base. Their ads are very catchy and symbolize their brands in an effective manner.
At its core, Mamaearth’s amazing products helped them to reach great heights. Mamaearth’s business strategy focuses on a digital-first approach, focusing on D2C channels, expanding offline retail, and driving product innovation with a strong emphasis on sustainability and brand trust. They have understood their customer’s needs properly and served those needs in an excellent way. Mamaearth is an inspiration for many startups. Their business and revenue model is simple yet effective.
FAQs
What is Mamaearth?
Mamaearth is an Indian brand registered under Honasa Consumer Pvt Ltd that aims to provide toxin-free baby care, skincare, and hair care products.
What are Mamaearth products?
Mamaearth mainly deals with baby-care products including accessories, toys, apparel, pregnancy care products, and skin and hair care products.
Is Mamaearth an Indian company?
Yes, Mamaearth is an Indian company founded by Ghazal Alagh and Varun Alagh. It was launched in 2006 and the headquarters is in Gurugram, Haryana.
How are Mamaearth products sold in the market?
Mamaearth products are sold through eCommerce websites like Flipkart, and Amazon, and also via offline stores.
What is the tagline of Mamaearth?
The tagline of Mamaearth is Goodness Inside.
What is Mamaearth USP?
USP of Mamaearth lies in its commitment to providing natural, toxin-free products specifically designed for mothers and their babies. The brand emphasizes safety, environmental sustainability, and cruelty-free practices, ensuring that all products are made from natural ingredients and are safe for both children and the environment.
Does Mamaearth manufacture its own products?
The entire product range of Mamaearth is manufactured by contract producers under the Mamaearth brand and is sold globally through both offline and online channels.
What is Mamaearth tagline?
The tagline of Mamaearth is Goodness Inside.
What is Mamaearth customer care number?
You can reach Mamaearth’s customer care at +91 8901 555 444, available Monday to Saturday from 9:00 AM to 6:00 PM. For email support, contact care@mamaearth.in. Additionally, you can submit queries through their support portal at support.mamaearth.in.
Binny Bansal’s career from college graduate to co-founder of Flipkart demonstrates his business acumen. Binny Bansal co-founded Flipkart, one of India’s most successful eCommerce platforms, in 2007 with Sachin Bansal. The Flipkart Group held a 48% market share in the whole online retail industry during the 2023 fiscal year. Despite hurdles, his effect on the Indian eCommerce sector is evident. Binny Bansal continues to be an important player in the development of India’s digital economy as he looks for new possibilities and contributes to the startup ecosystem.
In this StartupTalky story, we’ll explore Binny Bansal’s success story, including his early life, net worth, childhood, personal life, education, and path to success, along with any controversies and more.
Best known as the co-founder of Flipkart, Binny Bansal is a well-known eCommerce personality. Bansal, who was born in 1983 in Chandigarh, India, has gone from a computer science degree to a successful entrepreneur.
Binny Bansal’s early career pattern is indicative of a calculated and deliberate approach to his work. Binny’s path from working for well-known organizations to starting one of the most prosperous eCommerce platforms in India demonstrates his forward-thinking perspective on the rapidly changing landscape of online retail and technology.
Bansal earned his Bachelor’s degree in Computer Science and Engineering from the Indian Institute of Technology (IIT) Delhi in 2005. His academic achievements lay the groundwork for his future endeavors in the tech-driven world of eCommerce.
His professional career started in 2005 when he joined Sarnoff Corporation, a technology consulting business headquartered in the United States. Bansal engaged himself in the realm of technology during his term of 1 year 7 months, gaining extensive knowledge in the process.
He made a key professional move in 2007 when he joined Amazon, one of the world’s largest and most prominent eCommerce enterprises. This step was significant because it provided the groundwork for his deep dive into the eCommerce market. Working in several jobs at Amazon, for 9 months, Bansal refined his talents and obtained a thorough insight into the inner workings of a global eCommerce giant.
Binny Bansal – Career
Binny Bansal along with Sachin Bansal established Flipkart in 2007, originally focused on online book sales. The company immediately extended its product line and established itself as a pioneer in the Indian eCommerce business. Binny’s technological expertise and knowledge of the eCommerce environment, obtained from his time at Sarnoff Corporation and Amazon, were vital in establishing Flipkart’s direction.
2018 saw a dramatic turn of events as Binny Bansal resigned from his position as CEO of Flipkart after accusations of personal misbehavior, the subject of an internal inquiry. But he stayed on as Flipkart’s Group CEO until November 2018, when Walmart bought the majority of the company’s shares.
After exiting from Flipkart, Bansal has been involved in a variety of enterprises and investments, demonstrating his ongoing dedication to the start-up environment. His involvements include investments in technology firms and mentorship positions, both of which contribute to the expansion of the Indian entrepreneurial ecosystem.
Binny Bansal has also stepped down from PhonePe‘s Board of Directors in November 2024. He joined the board in 2016 when Flipkart bought PhonePe. In December 2022, PhonePe became a separate company from Flipkart.
Binny still owns shares in PhonePe and is its biggest individual minority shareholder. Earlier in January, he fully exited Flipkart, the company he started with Sachin Bansal whose net worth is $1.2 billion as of 2024.
He became the board advisor to companies GreyOrange, and Acko in 2017 and Udhyam Learning Foundation, N/Core in 2018.
Binny Bansal has announced the launch of his new startup, Opptra on March 13, 2025. The tech-driven company focuses on franchising businesses to help brands expand in the Asian markets, spanning categories like fashion and lifestyle, home and kitchen products, and electronics.
Binny’s hometown is Chandigarh. He received his education at Chandigarh’s St. Anne’s Convent School. His mother works in the government sector while his father is a bank chief manager. Bansal lives with his wife Trisha Bansal a homemaker. He is the father of twin sons.
Binny Bansal – Flipkart
Binny Bansal was crucial in developing the company’s strategies and assuring its success. His emphasis on customer satisfaction, along with technology breakthroughs, aided Flipkart’s climb to market leadership. Under his leadership, the firm pioneered several innovations, including Cash on Delivery, a 30-day replacement policy, and Flipkart First, a subscription-based program that provides users with unique perks. Flipkart brought back Big Billion Days in October 2014 as a multi-day event that was only available on the Flipkart app.
Before his promotion to chief executive officer (CEO) on January 11, 2016, he was the chief operational officer. After becoming Flipkart’s CEO in 2016, Binny Bansal focused on business management, strategic development, and direction. He became the CEO of the Flipkart Group in 2017.
In May 2014, Flipkart paid US$280 million to acquire Myntra, an online apparel store. Myntra is still a stand-alone entity with its target market segments, operating alongside Flipkart. For US$70 million, Flipkart purchased the online clothing store Jabong.com in 2016.
Walmart purchased a 77% share in the Flipkart group in 2018. Following the acquisition, Binny Bansal remained the Group CEO in addition to taking on the position of chairman. Following the business deal, his 5.5% share in Flipkart was valued at $1 billion.
In November 2018, he announced his resignation from Flipkart. Currently, he is an anchor investor in the venture capital firm 021 Capital, which concentrates on making investments in the internet, agrotech, and biotechnology sectors. In addition, he invests angel funds in several firms, like Hire Quotient, Glints, Virgio, Flash, and BrightCHAMPS, among others.
Binny Bansal – Investments
He contributed 125 cores to the Indian Institute of Technology (IIT) Delhi endowment fund in 2019.
He contributed $12.5 million to the software firm Mobikon, which focuses on the food and beverage sector, in October 2019.
Here are the prominent investments made by Binny:
Announced Date
Organization Name
Funding Round
May 30, 2023
Alltius Inc.
Pre Seed Round
December 21, 2022
Leela Life
Pre Seed Round
December 6, 2022
Virgio
Series A
November 30, 2022
Flash.co
Seed Round
November 24, 2022
HireQuotient
Pre Seed Round
November 16, 2022
Goodera
Series A
August 20, 2022
Glints
Series D
Additionally, he has supported around 47 businesses thus far throughout 64 investment rounds, including 28 transactions in the seed, 14 in the early, and 4 in the late stages.
Binny Bansal – Controversies
In November 2018, he resigned from Flipkart due to charges of personal misconduct. A Walmart investigation found no evidence to support sexual assault charges against him. Still, it did uncover “other poor judgment calls” in how he handled what he said was a consensual romance with a former Flipkart employee in 2016.
The Enforcement Directorate said in August 2014 that it had discovered Flipkart to be in breach of the Foreign Exchange Management Act. Health Minister J P Nadda declared in February 2016 that Flipkart was one among the companies against which action was taken by the Maharashtra FDA for selling medicines without a permit.
Binny Bansal – Awards and Recognitions
His leadership abilities and entrepreneurial successes gained him recognition from a variety of sources.
Binny Bansal, together with Sachin Bansal, was rated the 86th richest person in India by the Forbes India Rich List in September 2015, with a net worth of $1.3 billion.
India Today named him 26th position, with Sachin Bansal, in India’s 50 Most Powerful People of 2017.
Both Flipkart co-founders Sachin and Binny Bansal were selected to Time magazine’s annual list of the 100 Most Influential People in the World in April 2016.
Flipkart was ranked first in the annual Fair Work India Ratings 2021, a 10-point methodology that generates a score based on fair pay, conditions, contracts, management, and representation.
Binny Bansal is actively investing in startups across India and Southeast Asia through his venture capital firm, 3STATE Ventures. He also co-founded xto10x Technologies, a company dedicated to helping startups scale.
Binny Bansal is establishing an AI-as-a-service firm aimed at worldwide clients, after making a fortune in Indian eCommerce.
He has engaged 15 professionals for the endeavor, largely artificial intelligence scientists, and wants to soon add more. He intends to supply AI talent, products, and services to corporate clients, following in the footsteps of outsourcing companies such as Tata Consultancy Services Ltd. and Infosys Ltd. The emphasis would be on “training talent and offering services” from smaller Indian cities. He intends to start with the eCommerce and legal areas. The subsequent steps will most likely be in analytics, data science, and financial services. It intends to launch products and services, as well as commence marketing, in the second half of 2024.
Expansion goals include entering the US market as technologies like Microsoft’s ChatGPT and OpenAI offer new opportunities for corporations to leverage AI technology.
FAQs
Who is Binny Bansal?
Binny Bansal is the co-founder of Flipkart along with Sachin Bansal.
Why did Binny Bansal resign from Flipkart?
In November 2018, he resigned from Flipkart due to charges of personal misconduct.
What is Binny Bansal education?
Bansal earned his Bachelor’s degree in Computer Science and Engineering from the Indian Institute of Technology (IIT) Delhi in 2005.
What is Binny Bansal net worth?
Binny Bansal’s net worth is $1.4 billion as of March 2025.
Who is Binny Bansal wife?
Trisha Bansal is the wife of Binny Bansal.
What are the future plans of Binny Bansal?
Binny Bansal is establishing an AI-as-a-service firm aimed at worldwide clients. He intends to supply AI talent, products, and services to corporate clients. The subsequent steps will most likely be in analytics, data science, and financial services.
What is Binny Bansal date of birth?
Binny Bansal was born in 1982/83.
Who is Binny Bansal father?
Binny Bansal father is a bank chief manager.
What is Sachin Bansal net worth?
Sachin Bansal net worth is $1.3 billion as of March 2025.
