According to industry sources, the eyewear company Lenskart has reached out to bankers to make a pitch for its impending IPO, which aims to raise roughly $1 billion. The company intends to go public by the beginning of next year and hopes to be valued at around $7 billion.
The pitch is scheduled for next month. Last year, a fund run by the prominent US financial services company Fidelity raised Lenskart’s worth to $5.6 billion. Based on the company’s valuation as of September 30, this indicated a 12% increase in the firm’s fair worth in Fidelity’s books.
Ongoing Financial Developments at Lenskart
Lenskart‘s operating revenue increased by 43% to about INR 5,427.7 crore in FY24 from around INR 3,788 crore in FY23. The company makes money by selling goggles, lenses, and frames for eyewear as well as by providing extra services like eye checkups. According to a media report, Lenskart’s losses were reduced by 84% to around INR 10 crore in FY24 from about INR 63 crore in FY23 as a result of cost-effective management.
Temasek, Singapore’s state-owned investment firm, and Fidelity contributed $200 million to Lenskart’s secondary investment in June of last year. Secondary sales provide a means of paying back early investors when new companies’ value increases. In this financing, the company managed by Peyush Bansal was valued at roughly $5 billion. When the company raised $100 million in June 2023, its most recent valuation was $4.5 billion. With about $1 billion in money raised over the last two years, Lenskart is among the biggest growth-stage financings in the world.
Lenskart Continues to Expand its Footprints
While expanding its global presence in Asia at a rapid pace, Lenskart is still expanding its market share in India. Its distinctive click-and-mortar business strategy is upending the eyewear market by providing a multichannel consumer experience through mobile apps, online platforms, and physical stores. 2,000 of the company’s more than 2,500 outlets are located in India.
Delhi-based Lenskart faces competition from companies like Warby Parker, Specsmakers, Vision Express, Titan Eyeplus, and the Italian eyewear giant Luxottica Group, both domestically and internationally.
In order to expand its business and obtain access to new technology, the corporation has also been making acquisitions. These include businesses like Tango Eye, a firm focused on computer vision and artificial intelligence. In 2022, Owndays, a Japanese brand, joined the Lenskart group in an estimated $400 million purchase. According to recent reports, if negotiations for a secondary share sale of $200–300 million proceed, Lenskart’s worth might increase by 20% to $6 billion.
Exploring Southern India for its Mega Projects
According to a LinkedIn post made by Bansal in April 2024, the company was looking for 25 acres of property to build a “megafactory.” The planned location was within sixty kilometres of Kempegowda International Airport in Bengaluru.
With an estimated investment of around INR 1,500 crore, Lenskart intends to establish its largest eyewear manufacturing factory in Telangana. A memorandum of understanding (MoU) has been inked by the Telangana government and the Gurugram-based eyeglasses company to develop the facility at Fab City.
What if you could walk into a sales meeting armed with the knowledge of your prospect’s every need, preference, and pain point. Sounds like a salesperson’s dream, doesn’t it? Well, in 2025, this dream is becoming a reality thanks to AI sales tools. We’re witnessing a revolution in how businesses approach sales, with artificial intelligence leading the charge. These tools are game-changers that are reshaping the sales arena, helping teams to work smarter, not harder. But, how exactly are these tools changing the game? Let’s find out!
Time is money. All of us know it. That’s why AI writing assistants have become indispensable tools for sales teams looking to boost their productivity and effectiveness. These AI-powered solutions are transforming the way salespeople craft their messages, helping them to create compelling content quickly and efficiently.
Close CRM’s Cold Email Generator
Website
www.close.com
Rating
4.7
Free Trial
Yes
Platforms supported
Web, IOS/Android
Close CRM – Best AI Sales Tools
One of the most time-consuming tasks for salespeople is crafting personalised cold emails. AI cold email generators are changing the game by producing high-quality, tailored messages in a fraction of the time it would take to write them manually. These tools use advanced algorithms to analyse your input and generate emails that resonate with your target audience.
For instance, Close’s AI-powered cold email generator creates customised templates based on your company’s details and desired call-to-action. It’s important to note, however, that while these tools provide an excellent starting point, adding a human touch is crucial for maximum impact.
Pricing
Below are the pricing plans offered by Close CRM:
Plan
Pricing
Startup
$49/Month per user
Professional
$99/Month per user
Enterprise
$139/Month per user
ChatGPT Plus
Website
www.openai.com
Rating
4.7
Free Trial
No
Platforms supported
Web, IOS/Android
Chat GPT Plus – Best AI Sales Tools
ChatGPT Plus, the subscription-based version of OpenAI’s popular language model, is making waves in the sales industry. This AI chatbot can help salespeople streamline various aspects of their work, from lead generation to responding to FAQs and introducing products.
ChatGPT Plus is crazy because of its ability to handle complex queries and provide detailed, context-aware responses. This makes it an invaluable tool for sales teams looking to enhance their customer engagement and make data-driven decisions.
Pricing
Below are the pricing plans offered by ChatGPT Plus:
Plan
Pricing
GPT 4
$20/Month
Copy.ai
Website
www.copy.ai
Rating
4.7
Free Trial
Yes
Platforms supported
Web
Copy.ai – Best AI Sales Tools
Copy.ai is another powerful AI writing assistant that’s gaining traction in the sales world. This tool is specifically designed for enterprise-level use cases, including marketing, sales, and content creation. What makes this one stand out is its flexibility and scalability, making it an ideal choice for growing businesses.
One of Copy.ai’s key features is its ability to generate a wide range of content, from blog posts to sales emails and marketing campaigns. Its model-agnostic design means it can work with various language models, ensuring that your sales team always has access to cutting-edge AI technology.
Pricing
Below are the pricing plans offered by Copy.ai:
Plan
Pricing
Base
Free
Starter
$36/Month
Advanced
$186/Month
Tapping Into Customer Insights
In the sales domain, understanding your customers is key to success. AI-driven customer insights are transforming the way businesses interact with their clients, offering a level of understanding that was once thought impossible. These tools are helping sales teams to make data-driven decisions, improve customer engagement, and boost sales performance.
Crystal
Website
www.crystalknows.com
Rating
4.6
Free Trial
Yes
Platforms supported
Web
Crystal – Best AI Sales Tools
Crystal is the x-factor, even among AI sales tools. It’s like having a crystal ball that reveals the deepest thoughts and desires of your customers. This personality data platform uses machine learning and AI to help you understand your prospects’ characters and communication styles. Crystal’s DISC assessment and LinkedIn extension provide valuable insights into how to effectively communicate with potential clients. It’s particularly useful for small and midsize businesses dealing with a variety of leads. It offerstailored salesstrategies for each personality type, and thus – eliminates guesswork and helps sales teams approach leads with confidence.
What sets it apart is its ability to provide just the right amount of information – nothing more, nothing less. This allows sales professionals to feel prepared before calls, understanding their lead’s communication style, personality, and preferences. It’s a powerful tool for building chemistry with prospects and improving engagement rates.
Pricing
Below are the pricing plans offered by Crystal:
Plan
Pricing
Base
Free
Premium
$49/Month
Business
Custom
Drift
Website
www.drift.com
Rating
4.4
Free Trial
No
Platforms supported
Web, IOS/Android
Drift – Best AI Sales Tools
Drift is another powerful AI sales tool that’s making a mark for itself in the industry. It’s a conversational marketing and sales software that turns website visitors into leads. Using AI-powered chatbots and live chat functionality, Drift helps sales teams stay connected with website visitors in real-time. Drift’s a winner because of its ability to improve lead generation, qualification, and sales engagement. Itsyncs with CRM software, acting as a lead generator and streamlining the sales process. This real-time engagement with website visitors is particularly valuable for businesses selling enterprise-class software.
Drift’s AI-powered chatbots enable personalised and real-time interactions with potential customers. This level of personalisation has been proven to drive company revenues significantly. Through a thorough analysis of customer behaviour and interactions, Drift helps businesses craft personalised product recommendations, send targeted marketing messages, and adjust website content and product listings.
Both Crystal and Drift showcase how AI sales tools are revolutionising customer insights. They’re helping businesses understand not just what customers say, but what they truly need. This deep understanding leads to more effective sales strategies, improved customer engagement, and ultimately, better sales performance.
Pricing
Below are the pricing plans offered by Drift:
Plan
Pricing
Premium
$2,500/Month
Advanced
No set price
Enterprise
Custom
AI for Meeting Enhancement and Analysis
When we talk about sales, we kinda know that every interaction counts. AI tools are now stepping up to enhance meeting experiences and provide valuable insights. So, let’s have a look at two game-changing AI sales tools that are revolutionising how we conduct and analyse meetings.
Fathom
Website
www.fathom.video
Rating
5
Free Trial
Yes
Platforms supported
Web
Fathom – Best AI Sales Tools
Fathom is an AI meeting assistant that has become a postcard product in the sales industry. It’s designed to record, transcribe, highlight, and summarise your meetings, allowing you to focus entirely on the conversation at hand. Fathom hits it out of the park with its lightning-fast AI summaries, which are ready in less than 30 seconds after your meeting ends.
Moreover, Fathom can automatically sync meeting summaries and tasks to your CRM. This saves users about 20 minutes per meeting, which adds up to a staggering 1.5 weeks a year! It’s no wonder Fathom has been awarded the #1 Highest Satisfaction product of 2024 by G2 out of over 100,000 products.
Fathom also allows you to share specific clips from your meetings, which is great for dropping context into Slack or other communication platforms. This feature is particularly useful for sales teams who need to quickly share key moments with colleagues or managers.
Pricing
Below are the pricing plans offered by Fathom:
Plan
Pricing
Base
Free
Premium
$15/Month per user
Team Edition
$19/Month per user
Team Edition Pro
$29/Month per user
Loom
Website
www.loom.com
Rating
4.7
Free Trial
Yes
Platforms supported
Web, IOS/Android
Loom – Best AI Sales Tools
Loom is another powerful AI tool that’s transforming the way sales teams communicate and analyse meetings. It’s an asynchronous video messaging platform that allows you to record, share, and analyse video messages with ease.
Loom stands out for its AI Suite, which includes features like Auto Titles, Auto Summaries, and Auto Chapters. These AI-powered tools automatically generate titles, summaries, and chapter breaks based on the content of your video, making it easier for viewers to navigate and understand your message. The tool’s AI capabilities extend to enhancing the quality of your videos too. It can automatically remove filler words like “ums” and “ahs”, and trim out extended moments of silence, helping you sound more polished and professional.
For sales teams, Loom’s AI-powered features are particularly valuable. The platform can record once and personalise for many, it also helps draft personalised messages to send with your videos, allowing you to reach out to more potential clients faster.
Pricing
Below are the pricing plans offered by Loom:
Plan
Pricing
Starter
Free
Business
$12.50/Month per user
Enterprise
No set price
End Note
As we wrap up our journey through the AI sales tools that are making it big in 2025, it’s clear that these technologies are not mere fancy add-ons but showstoppers in the sales world. The future of sales is undoubtedly intertwined with AI, but it’s crucial to remember that these tools are meant to enhance human skills, not replace them. As you explore these AI-powered solutions, keep in mind that the human touch remains invaluable in building relationships and closing deals. And speaking of exploration, why not check out StartupTalky’s Instagram channel for some fun content, news, and memes about the startup world? There’s a treasure trove of articles on StartupTalky too, covering everything from AI to business strategies – give them a read to stay ahead of the curve!
FAQ
What is sales assistant software?
AI sales assistant software is a type of technology that uses artificial intelligence to enhance the sales process by automating tasks, analyzing customer data, providing insights, and improving customer interactions to boost efficiency and effectiveness in closing deals.
What is an example of a consumer insight?
A consumer insight is a deep understanding of consumer behavior that helps businesses tailor their products or marketing strategies.
How can AI be used for meetings?
It can be used for:
Automated Note-Taking
Smart Scheduling
Task Assignment
Engagement Monitoring
Meeting Management Assistant
What is the future of Ai in sales?
The future of AI in sales will focus on enhancing personalization, improving predictive analytics, automating customer engagement, refining lead scoring, enabling data-driven decision-making, streamlining processes, and continuously learning from interactions to drive sales effectiveness and innovation.
Magicpin is a vibrant local discovery and rewards platform that links customers with nearby businesses in a variety of industries, including grocery, fashion, food, and beauty. Magicpin enables users to discover new locations in their area and share their experiences with friends and the community at large by utilizing a combination of tech-driven and social components. Users are rewarded for their actions, such as visiting and making purchases at partner stores and discussing their purchases, through the platform’s point-based system. The program allows users to exchange these points for discounts, cashback, and alluring offers, which increases user engagement and loyalty.
In this StartupTalky article, we will discover how Magicpin’s business model works, from driving footfall to local businesses with hyperlocal deals to generating revenue through targeted ads and partnerships.
About Magicpin
Anshoo Sharma and Brij Bhushan co-founded Magicpin in 2015, and it is a significant player in hyperlocal retail. Magicpin adds value for everyone in the hyperlocal retail ecosystem by bringing together customers and retailers of all sizes, enabling them to take advantage of the rapidly expanding digital market. Customers who simply choose to shop locally receive savings, discounts, coupons, and rewards for both local staples and the biggest brands. Magicpin’s mission is to build a more local, relevant marketplace that celebrates everyone’s love of shopping and savings.
By establishing a digital link between consumers and physical merchants, Magicpin’s business model aids in the recruitment and retention of local companies. Magicpin gives retailers the ability to strengthen their marketing campaigns by offering a full range of tools and statistics. The site showcases tailored promotions, offers, and incentive programs that businesses may use to connect with potential clients. By leveraging social validation and network effects, the app’s design encourages users to promote the business, which boosts user engagement and organic growth.
The main sources of income for Magicpin are commissions and alliances with nearby retailers.
By Charging Fee to Merchant: The business charges retailers a fee for using its platform to increase foot traffic and sales.
By Advertising: For merchants who are prepared to spend more for increased exposure and promotion within the app, Magicpin provides premium visibility and advertising alternatives in addition to these transaction-based profits.
By Sharing Market Insights: Additionally, the platform makes use of data analytics to give companies profitable market insights. This multifaceted revenue model offers consumers and merchants significant value while guaranteeing a consistent flow of income.
Magicpin Revenue
Magicpin Financials FY23
Magicpin’s operating revenue grew from INR 205 crore in FY20 to INR 297 crore in FY23, with a notable rise of 83% from INR 162 crore in FY22. However, expenses also increased, reaching INR 429 crore in FY23, up from INR 319 crore in FY22. The company continued to report losses, with the loss widening from INR 149 crore in FY22 to INR 132 crore in FY23.
USP of Magicpin
Retailers do not want to pay large commissions for the online demand they are creating on their own, especially as the internet market continues to grow in importance. With the help of MagicStore’s top-notch order management, payment, and third-party logistics integration technology, retailers can serve clients directly and earn no fee. It takes just five minutes, according to Magicpin, to onboard a store in any category and prepare them for online sales.
SWOT Analysis of Magicpin
Magicpin SWOT Analysis
Magicpin Strengths
Robust brand recognition within the local purchasing community.
Provides an easy-to-use platform that improves client interaction.
Offers tailored suggestions according to the user’s choices.
Incorporates social features that let people interact and exchange stories.
Magicpin Weaknesses
Reliance on regional companies for promotions, which could change over time.
Minimal presence outside of urban cities.
Due to competition from well-established platforms, initial user adoption could be sluggish.
Without regular interaction tactics, user retention can be difficult.
Magicpin Opportunities
Entering new geographical markets to reach a larger audience.
Using data analytics to improve targeted advertising campaigns.
Working together with additional companies and brands to expand offerings.
Magicpin Threats
Fierce rivalry from well-known social media and e-commerce sites.
Consumer buying patterns may be impacted by economic downturns.
Rapid advancements in technology demand ongoing updating and adaptability.
Consumer preferences are changing in favor of various shopping experiences.
Conclusion
Magicpin is in a unique position to completely reshape its course in the local retail market because of its strong points and emerging prospects. It must, however, continue to be on the lookout for the various dangers and vulnerabilities that impede its expansion. Magicpin can maintain a vibrant community that not only links users with nearby companies but also adjusts to the always-changing digital marketplace by carefully utilizing its well-known brand and improving user engagement. In the end, there is a lot of promise for the future, provided that difficulties can be handled with dexterity and vision.
FAQs
What is Magicpin?
Magicpin is an online location intelligence platformthat allows users to discover restaurants, fashion stores, spas, and fitness centers in nearby areas.
Who are Magicpin founders?
Anshoo Sharma and Brij Bhushan co-founded Magicpin in 2015.
What is Magicpin Business Model?
Magicpin operates as a location-based discovery platform, connecting users with local businesses through deals, offers, and reviews.
How does Magicpin earn money?
Magicpin earns revenue by driving footfall to partner stores, offering hyperlocal deals, and promoting brands through targeted advertising and data analytics.
Shark Tank India is a Hindi-language reality television series on Sony Entertainment Television. The program is an Indian adaptation of the famous American show Shark Tank. The first season of Shark Tank India debuted in December 2021. It gained popularity quite rapidly and is currently among the most-watched television programs.
The show involves a panel of potential investors known as “Sharks,” who listen to entrepreneurs pitch, their ideas for a business or product they want to create. These self-made multimillionaires evaluate the company ideas and products put forward before deciding whether to invest their money in bringing them to market and providing guidance to each contestant.
Shark Tank India is now a leading source of entrepreneurial insights, providing experienced and aspiring business enthusiasts with knowledge. In this article, we’ll look at the most important lessons any business can learn from the tank, providing a road map for success in today’s fast-paced corporate atmosphere.
More Lessons Can Be Learned From Failure Than From Success
In the fast-paced and competitive world of entrepreneurship, fear of failure can hinder success. Failure is not a dead end but a stepping stone towards your ambitions. Only when you are rejected you take another look at your proposals and find any gaps or deficiencies.
Rather than discouraging people, Shark Tank India depicts failure as a motivation. Entrepreneurs who have faced rejection often come back with new determination, armed with lessons learned from previous experiences. This resilience and willingness to learn from failure is the drive that pushes you toward tremendous success in the future.
Success Is Driven by Passion
A recurring ideology on Shark Tank India is the passion that entrepreneurs bring to their pitches. A passionate pitch attracts investors’ attention, establishing a relationship beyond the product or service delivered. Investors only invest when they trust in the individual over the concept itself. Being passionate means you are eager to go to any length to impress, encouraging you to think outside the box and create an exceptional product.
Passion connects people outside of the context of Shark Tank. Entrepreneurs who sincerely believe in their products or services are more inclined to form genuine relationships with their target audience. This enhances word-of-mouth marketing strategies and builds up customer loyalty towards the business.
Presentation Is Key
Presentation is an essential factor that should never be disregarded. Presenting a product in isolation may not be as effective as integrating it into a relatable and captivating story since products and services frequently exist within the framework of a bigger narrative. Entrepreneurs who succeed in the storytelling element create a stronger impression on investors.
A well-crafted presentation demonstrates that the entrepreneurs spent hours preparing and refining their content. When you only have a limited amount of time to make your pitch, being equipped with fundamental principles and concepts will help your project get traction and show investors that you value both their time and your own.
Entrepreneurs often feel a strong emotional attachment to their businesses, making it challenging to detect flaws or blind spots objectively. In any entrepreneurial journey, feedback is crucial. It helps you understand how others will perceive your product or service and what improvements you can make to better it. Identifying blind spots is vital for making informed decisions and addressing potential difficulties.
On Shark Tank, these entrepreneurs benefit from the extensive knowledge of the “sharks.” If you hear similar feedback from multiple individuals, that is an essential topic for improvement. Whether it’s about pricing, marketing, or operations, the Sharks’ insights help businesses reassess the strategies they have in mind. Recurring feedback identifies opportunities.
Safeguard Intellectual Property Rights
Intellectual property refers to a wide range of intangible assets, including patents, trademarks, copyrights, and trade secrets. Depending on the type of business, every kind of protection has specific purposes and needs to be considered. These assets represent the different ideas, innovations, and creative works that set a company apart. Intellectual property rights protect you from possible legal issues, such as the possibility of rivals suing you for infringement, and they also create a framework for handling future disputes.
If your product is distinctive, the first question investors will ask is if it is patented. Sharks will be hesitant to invest in your firm if your product is not patented, as unpatented products are more inclined to be copied.
Stay Informed of Technological Developments
In a world where innovation is king, businesses that adopt new technologies and welcome technological developments stay relevant and prosper. Customer expectations constantly change; every business plan must adapt to meet these needs. The key to making this work is to keep an innovation-learning mentality.
Set up Google Alerts for essential technologies, developments, and leading firms in your industry vertical. Automated alerts make it simple for you to stay updated on news events. Analyze and experiment with the potential applications of these developing technologies in your business. Instead of innovating only for the sake of innovating, correlate your innovations to actual business problems that correspond with the company’s goals. Shark Tank knowledge helps entrepreneurs understand how to pitch their business ideas effectively to secure funding and mentorship from sharks.
Watch the Numbers
Shark Tank India understands that financial literacy is essential for business success. Entrepreneurs should be familiar with their financial accounts, which include sales, expenses, profit margins, and cash flow.
Businesses that embrace data-driven decision-making can better evaluate risks, spot opportunities, and manage their companies. Regular analysis allows problems to be identified early while they are still minor and more accessible to fix.
Financial literacy goes hand in hand with risk management. Entrepreneurs are better equipped to apply risk-mitigation techniques if they can identify and measure financial threats. This proactive strategy safeguards the company and indicates a commitment to its continued success. They are also more capable of growing their business without endangering their steady income.
Analyze Your Business
Analyzing your business is essential for gaining comprehensive insight. By assessing internal aspects, entrepreneurs can discover their company’s strengths and weaknesses, resulting in a more resilient business. Conducting an analysis also enables you to capitalize on numerous business prospects. This could involve expanding your product range, entering a niche market, or altering your pricing strategy. Entrepreneurs who give a well-thought-out SWOT (strengths, weaknesses, opportunities, and threats) analysis display readiness and a thorough awareness of their business landscape. This can effortlessly increase investor confidence in the firm.
Differentiate Yourself From the Competition
A company’s ability to retain customers is crucial to its success.
In retention marketing, repeat rate is a key performance indicator that needs to be consistently upheld. Differentiation is a survival strategy in markets flooded with comparable products or services. Since USPs significantly impact a company’s performance in a crowded market, knowing and emphasizing them becomes strategically important. This brand distinctiveness contributes to brand recall.
Successful enterprises frequently address unmet market needs or complaints. Shark Tank India entrepreneurs are urged to find market gaps and position their products or services as answers to these issues. Differentiation encompasses more than just the product; it includes the customer experience.
Be Creative but Sensible
Entrepreneurs dip their paintbrush in the palette of invention, proposing cutting-edge concepts that fascinate the investors. However, each innovation must be built on market relevance and a deep understanding of consumer demands. This lesson is about having big ambitions but ensuring that your ideas are grounded in reality and address issues people face. Build small-scale prototypes of innovative ideas quickly, test critical assumptions, solicit customer input, and improve based on findings before deploying complete resources. Take risks, but be careful not to be reckless.
Be Honest
Honesty isn’t just the right thing to do; it’s also smart for business. Entrepreneurs who are open and truthful earn trust and build good reputations. In a world where trust is rare, being honest is a strong way to create and keep good relationships.
In conclusion, Shark Tank India imparts priceless knowledge that opens doors for successful business ventures. These lessons, which range from the creative spark of invention to the strategic dance of financial literacy, serve as an in-depth blueprint for firms desiring survival and sustained growth in today’s dynamic corporate landscape. The combination of creativity, resilience, strategic thinking, and a dedication to continuous learning defines the core characteristics that any entrepreneur needs to have to overcome challenges and achieve success.
FAQs
What is Shark Tank India?
Shark Tank India is a Hindi-language reality television series on Sony Entertainment Television. The show involves a panel of potential investors who listen to entrepreneurs pitch, their ideas for a business or product they want to create. These self-made multimillionaires evaluate the company ideas and products put forward before deciding whether to invest their money in bringing them to market and providing guidance to each contestant.
Who is the richest Shark in Shark Tank India season 4?
Ritesh Agarwal, founder and CEO of OYO is one of the richest sharks in Shark Tank India.
Who will be the sharks in Shark Tank India?
Vineeta Singh, Peeyush Bansal, Namita Thapar, Anupam Mittal, Amit Jain, and Aman Gupta are the sharks in Shark Tank India. Season three of the show will feature six new sharks including Ritesh Agarwal (OYO), Deepinder Goyal (Zomato), Azhar Iqubal (Inshots), Radhika Gupta (Edelweiss Asset Management Limited), Varun Dua (Acko) and Ronnie Screwvala (upGrad), Kunal Bahl (Snapdeal), and Viraj Bahl (Veeba).
Prabhkiran Singh is the Director and Co-founder at Bewakoof, one of India’s largest casualwear and lifestyle brands. The company keeps a regular check on trendy fashion products and offers their customers an affordable price for the products. Its net worth has increased by 7.39%. The estimated annual revenue of Bewakoof in 2020 was INR 200 Crores.The net worth of Bewakoof is estimated at INR 100 Crores.
In this StartupTalky article, we will explore Prabhkiran Singh’s success story, including his early life, history, net worth, childhood, personal life, education, investments, achievements, and more.
Prabhkiran wanted to become a cricketer and play for India. He did not think he could do a 9-5 job which is why he started working or planning on his entrepreneurial journey from his college days. Prabhkiran started his first business venture in his college days with a lassi cafe, known as khadke gLASSI, before co-founding Bewakoof.com in the year 2012. He currently resides in Mumbai, Maharashtra, India.
Prabhkiran Singh – Education
Prabhkiran Singh’s educational resume shows that he studied Bachelor of Technology degree in Civil Engineering from the Indian Institute of Technology (IIT), Bombay from 2007-2011.
Prabhkiran Singh – Professional Life
Prabhkiran was an internship trainee for two months at Delhi Metro Rail Corporation Ltd. He kept a check on the maintenance and Quality Audits of newly built Metro Civil Structures.
He founded “khadke gLASSI” which ran for eight months from February 2010 to September 2010. The company produced a chain of lassi outlets selling fresh and flavored lassi, via take-away joints, opened with the vision to tap the “latent” lassi market of India. The Times of India and the National News Channel News 24 featured the venture and appreciated the innovative business model.
At the age of 23, he founded his online fashion and lifestyle venture, Bewakoof in 2012. Under his supervision, Bewakoof has grown by leaps and bounds. He has been actively growing the business since its formation.
Prabhkiran Singh – Founder of Bewakoof
Prabhkiran Singh is the Director and Co-founder at Bewakoof. He founded Bewakoof Brands Private Limited in April 2012, headquartered in Mumbai, Maharashtra, India with his friend and Co-founder, Siddharth Munot.
The business model of Bewakoof is backed by strong innovation in Technology and Supply Chain with an aim to make fashion affordable and accessible to the youngsters of India. The site receives half a million visitors per month, mostly transmitted from their own social media channels.
Bewakoof is the biggest D2C online brand in India and the company aims to be the most loved and respected brand among youngsters. The four days of Mind to Market in Printed Products made Bewakoof the fastest supply chain in the segment. Now it literally sells 1 lakh products per month and ships to more than 19000 pin codes.
Prabhkiran has been working on it since his IIT Mumbai days and discussed the do’s and don’ts with his hostel friends. He aimed to balance high-quality products with the price of a product, to make it affordable for all. He strongly believed in team spirit and ethics and worked with his employees as brand partners.
Bewakoof is one of the fastest-growing online-only fashion and lifestyle brands in India. It captivates with its casual, impactful, and stylish approach. The brand is a symbol of quirky and cool fashion available to the customers at affordable prices which acquires a significant fondness among people and has a cool and funky approach across all social media platforms.
Bewakoof is specially made for youngsters and has a strong base of audiences across its social media platform. About ten Bollywood movies advertised and merchandised the e-commerce venture with over 3000+ style trends. It caters to the younger audience mostly of the 15-35 age group and has a widespread collection in men’s and women’s categories.
Bewakoof initially started with an investment of INR 30,000. The company started receiving seed funding after six months of operations. Prabhkiran also raised angel funding via Snapdeal founders, Kunal Bahl and Rohit Bansal, and Former IDFC Securities MD, Nikhil Vora.
Aditya Birla’s TMRW acquired a majority stake of 70-80% in Bewakoof by investing INR 200 crore in the company in December 2022. As of February 15, 2023, Bewakoof Brands is now a step-down subsidiary of Aditya Birla’s TMRW.
Prabhkiran Singh – Idea behind the name Bewakoof
The name Bewakoof is a Hindi word that means one who does not understand anything. Prabhkiran revealed that Bewakoof is all about adding cheerfulness, making it less boring, more fun, less serious, less worrying, and more hopeful. It signifies the light-heartedness of life, by enabling Self Expression via Products that make the shopping experience fun and affordable at the same time.
Thus we can say that a Bewakoof is someone who follows his heart. He does not act in accordance with societal constraints. The Indian young population is undoubtedly a cool generation that believes in following their hearts, thus Bewakoof eventually becomes a relatable brand.
Bewakoof Financials 2023
In FY23, Bewakoof’s revenue decreased from INR 160.2 crore to INR 147.1 crore in FY22. They reported a net loss of INR 30.1 crore in 2022 and INR 12.7 crore, due to total expenses remaining high at INR 241.8 crore in 2023. Key costs included materials, employee benefits, and advertising.
Prabhkiran Singh – Bewakoof Movie Merchandising
Movie merchandising is an area of importance for the company. Prabhkiran Singh, Bewakoof owner, efficiently worked with merchandise partners forBollywood movies like, ‘Gunday’, ‘Bewakoofiyan’, ‘Gangs of Wasseypur’, ‘Boss’ and ‘Sholay’.
He asserted that Bewakoof is Bollywood’s favorite brand and the first point of contact for merchandising all major production houses. It has already partnered with Yash Raj Films (YRF), Red Chillies, Eros, T-Series, Viacom18, Excel Entertainment, and Zee TV for their movies as their exclusive merchandising partners.
He further got the license to merchandise globally popular entities like Disney, Marvel, DC, Archie, Garfield, SpongeBob, and more.
Prabhkiran Singh also founded a website, Utter Bewakoof which displayed a stream of viral-worthy articles. The articles are based on providing funky, engaging youth-oriented contemporary content. The website has become a reading hub with the latest slice and spice of trending stories happening around the world.
FAQs
Who is Bewakoof founder?
The 2 Bewakoof founders are Prabhkiran Singh and Siddharth Munot.
Who is Bewakoof CEO?
Prabhkiran Singh is the founder and CEO of Bewakoof.com.
Is Bewakoof an Indian brand?
Yes. Bewakoof is headquartered in Mumbai, India.
What is Prabhkiran Singh, owner of Bewakoof net worth?
The net worth of Prabhkiran Singh is unknown but the Net Worth of Bewakoof is well beyond INR 100 Crores.
What is Prabhkiran Singh age?
Prabhkiran Singh was born in 1990. He is 34 years old.
Who is Prabhkiran Singh’s wife?
Jaya Singh is the wife of Prabhkiran Singh.
What is Prabhkiran Singh education?
Prabhkiran Singh studied Bachelor of Technology degree in Civil Engineering fromthe Indian Institute of Technology (IIT), Bombay.
Who is Bewakoof brand owner?
Bewakoof was acquired by Aditya Birla’s TMRW for INR 200 crore.
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Bewakoof is a fashion destination that proudly celebrates the art of being fashionably silly, leaving a rebel in the mix amidst a sea of fashion portals preaching the gospel of elegance and classy. Upon perusing the typical options, Bewakoof sticks out as it provides not just clothing but also an energetic way of life that appeals to your inner free-spirited millennial.
Bewakoof, which was founded in 2012 by the dynamic pair Prabhkiran Singh and Siddharth Munot, doesn’t just follow trends—it creates them. Get ready to explore a world where your unabashed sense of style meets vibrant, eye-catching designs. Welcome to the revolution, where the standard of fashion is highly variable.
This post provides you with information about How Bewakoof started, Bewakoof’s Startup Story, History, Tagline, Logo, Business Model, Funding, Revenue, Competitors, Growth, and more.
Founded in 2012, Bewakoof is a lifestyle fashion brand that makes creative and top-notch apparel for trendy, contemporary Indians. Bewakoof was launched on the principle of creating impact through innovation, honesty, and thoughtfulness. It has become one of the most sought-after fashion brands of millennials and Gen Z. The lifestyle brand has created a new niche in the fashion and apparel market with its innovative and interesting ideas and captivating catalog.
Bewakoof is hands-down amazing when it comes to creating light-hearted, fun, and quirky everyday outfits and other products (like mobile covers). Bewakoof quotes are some of the most intriguing things that the company offers along with its merchandise. Furthermore, the Bewakoof shirts, t-shirts, and other Bewakoof.com products are available at pocket-friendly prices. Moreover, its unique name is enough to turn heads.
Bewakoof.com, which sells apparel and mobile phone covers, is better known for creating head-turning catalogs like its ‘Ghanta’ collection of t-shirts for college students with messages like ‘Ghanta Engineering/Ghanta MBA’; the collection was a big hit and was tagged as ‘best-seller’ by the company. Bewakoof primarily caters to the age group of 16–34 years.
Fashion and lifestyle is the second-largest consumer category in India, with a huge worth of $110 billion, in the country’s bustling consumer environment. The global fashion market generated a revenue of approximately $1.7 trillion in 2024.
Projections show that the fashion industry’s digital wave will continue to rise rapidly in the future. With a compound annual growth rate (CAGR) of 25%, the online fashion business is expected to reach a stunning $35 billion by the fiscal year 2028 (FY28). These findings highlight the revolutionary move in India’s fashion industry toward internet platforms, which presents enormous prospects for companies and customers alike.
Bewakoof – Founders and Team
Prabhkiran Singh and Siddharth Munot are the founders of Bewakoof.
Prabhkiran Singh
Prabhkiran Singh – Co-Founder and CEO of Bewakoof
Prabhkiran is a civil engineering graduate from IIT Bombay, much like his co-founder, who interned at Delhi Metro Rail Corporation Ltd., after which he decided to found khadke gLASSI. Prabhkiran started his lassi venture outside his college and named it khadke gLASSI. Unfortunately, it didn’t go that well and closed down soon. After his brief stint with the former, he went to found Bewakoof in April 2012.
Siddharth Munot is the co-founder of Bewakoof. Munot is a B.tech engineer from IIT Bombay who started his career as a teacher at PACE Institute. Siddharth then started his entrepreneurial career by co-founding Munot Networks LLP before co-founding Bewakoof. Siddharth left the company in March 2021 after 10 years with the company. Along with being a co-founder of Bewakoof Siddharth is also the co-founder of Machau Bamboo Products Pvt. Ltd.
Bewakoof – Startup Story
Prabhkiran Singh and Siddharth Munot,thefounders of Bewakoof, were sitting outside their campus and brainstorming possible ideas for their venture. The idea of t-shirt printing was finalized as it resonated with their mission of bringing the humor factor into the lives of college students.
Prabhkiran and Siddharth began researching the latest youth trends and lifestyles. They started designing quotes that would then be printed on t-shirts. And that’s how Bewakoof came into existence. Back in 2010, when Prabhkiran Singh and Siddharth Munot were searching for a domain name for their newly started t-shirt printing business, they came across Bewakoof.com and purchased it immediately.
It so happened that April was about to start, and April Fool’s Day was around the corner. The name Bewakoof is humorous, witty, and sits well with the youth. Bewakoof and April Fool’s Day went hand in hand and the decision to purchase the domain name made complete sense. The website was launched in 2012, though. The target audience for Bewakoof.com was college students. The t-shirts with humorous designs depicted the various scenarios of a college goer’s life.
Bewakoof’s Secret to Success
Bewakoof – Mission and Vision
Bewakoof, mission is to “redefine the fashion landscape by making style not just a luxury but an everyday accessible delight”. The company was started with the vision to create an impact through innovation, honesty, and thoughtfulness.
Bewakoof – Name, Tagline, and Logo
Brand recall is at its highest with Bewakoof because of its cool and trendy name. The founders finalized this name because ‘Bewakoof’ (stupid in English) is what the society considers people who perform silly stunts and ‘out of the box’ activities; actions that don’t adhere to the society’s norms and methods.
Bewakoof Logo
These ‘Bewakoof logs‘ make this world a better and wonderful place to live in. Hence, the founders thought that it would be a great name. The decision surely acted in their favor, given the popularity Bewakoof.com has achieved.
Bewakoof – Marketing Strategy
Bewakoof primarily relied on Facebook to market and promote its products in the initial stages. It worked so well for the brand that in just a few months, its Facebook page had more than 75 thousand users. Apart from the social media channels, the startup also created some dynamic college campaigns where it asked students to spread ‘Beewakoofy’ around the college campus in return for free tees from the company.
Moreover, the company also aggressively promoted its products by tying up with top eCommerce siteslike Snapdeal, Indiatimes Shopping, and Seventymm to sell its appealing apparel range and other products.
The marketing team drove website traffic through two Facebook pages: “2 Min Aaya Yaar Raste Mei Hoon” and the company page “bewakoof.com”. These pages were well-received by the target audience. They kept the millennials occupied with memes and trolls which were also used to promote the apparel catalog on Bewakoof’s website.
It doesn’t come as a surprise that the strength of the company lies in the appealing and trendy quotes printed on its range of t-shirts and various other products. The merchandise certainly seems to attract the viewer at first glance. Bewakoof is also loaded with user-friendly plans like COD (cash on delivery) and replacement options. Customers are bound to have a great shopping experience with Bewakoof.com.
Celebrity Engagement with Rajkummar Rao
On June 11, 2021, Bewakoof’s first celebrity engagement: Rajkummar Rao came on board to promote the Bewakoof brand across all digital platforms.
Brand Campaign with Sidharth Malhotra & Fatima Sana Shaikh
On November 10, 2021, Bewakoof set its digital campaign live with the cool student of the year, Sidharth Malhotra, and Dangal star Fatima Sana Shaikh. The theme of the campaign is Never Change.
Prabhkiran Singh, Founder CEO, Bewakoof, says, “We are the market leaders in the fashion industry and have built our business without any godfathers. When we thought of rolling out our new campaign centered around Never Change, Sid and Fatima were our obvious choice because, as a brand, we identify with them. In our early days, we were ridiculed for our brand name, business model but we didn’t change nor did we give up. As a brand, we see these disruptive qualities in both Sid and Fatima.”
Sidharth Malhotra is known for his layered acting which translates into strong storytelling. Sidharth represents the aspirations of the youth with a clear message that if you believe in something and then follow your approach with grit and rigor, you will emerge a winner. On his association with Bewakoof, he says, “Bewakoof has uber-cool clothes which you can easily add to your wardrobe. It was a fun collaboration & friendly Masti vibe wearing their quirky outfits.”
Fatima, who started her career with cameos, won well-deserved accolades for her work in Dangal. She has been unstoppable since then. Her work in multi-starrers movies like Ludo, Suraj pe Mangal Bhari, and Ajeeb Dastans, proves that she can stand her ground even among some of the most successful actors just like Bewakoof stands tall among other D2C brands in India. Commenting on her engagement with Bewakoof, Fatima says, “Bewakoof’s journey has been similar to mine. This got me interested in associating with the brand as I could identify with the expressions, language, and styling they promote. The comfort level with the brand and the products that I tried won me over.”
Bewakoof teamed with Sanya Malhotra
Bewakoof teams up with the brand ambassador of the brand, Sanya Malhotra to launch a new campaign in July 2021, which was titled “Bewakoof banti hai.”
Ordering from Bewakoof made easy
Bewakoof – Business Model
Bewakoof is a direct-to-consumer (DTC) powerhouse in the fashion industry, with a unique business approach. The Mumbai-based company has a full 360-degree strategy, handling every aspect of the business from end-to-end production and internal warehousing to designing and merchandising. Being the only company with a single brand is what makes Bewakoof stand out from other standard eCommerce sites that only sell goods made by other people.
Catering to the youth demographic, Bewakoof exudes a dynamic and trend-focused approach. The brand actively incorporates trends into its tactics rather than merely following them. Bewakoof has cultivated a unique and stylish brand among young people by adhering to viral social media material and putting well-known punchlines on t-shirts. The brand’s timely introduction of new designs reflects its pulse on current fashion and lifestyle trends. Furthermore, Bewakoof actively seeks feedback and ideas from its community of social media followers, fostering a collaborative and trend-setting experience for the brand’s vibrant audience.
Bewakoof generates revenue from a variety of resources. Here are a few of them:
Product Sales: Bewakoof’s primary source of income is the direct sale of a wide variety of goods that are offered on its platform. These goods include t-shirts, shirts, dresses, joggers, shorts, shoes, purses, and accessories for mobile devices.
Subscription Services: Bewakoof sells subscription services to augment its income.
Commissions from Brands: Bewakoof generates income by serving as a venue for joint marketing and advertising initiatives with other brands.
Advertising and Campaigns: Another revenue stream for Bewakoof involves income from advertising and campaign collaborations.
Bewakoof – Challenges Faced
Bewakoof has previously faced difficulties with supply concerns, protracted process cycles, and a lack of strategic alignment with vendors. These obstacles were successfully overcome by developing long-lasting connections and solid alliances with a small number of key suppliers.
However, in the years 2020 and 2021, the landscape of sourcing from Bangladesh witnessed changes. The benefits from this area have become less significant when compared, mainly because cotton fiber is now more expensive. Bangladesh imports a large amount of its yarn from India, and historically, Bangladesh has benefited from lower yarn prices worldwide. However, this advantage has diminished. This change is a result of the increased price and scarcity of cotton, which brings new dynamics and difficulties to Bewakoof’s sourcing procedure.
Bewakoof – Funding and Investors
Bewakoof has raised a total of $49.3 million in eight rounds of funding. Aditya Birla’s TMRW acquired a majority stake of 70-80% in Bewakoof by investing INR 200 crore in the company in December 2022. As of February 15, 2023, Bewakoof Brands is now a step-down subsidiary of Aditya Birla’s TMRW.
Bewakoof’s funding details are as follows –
Date
Stage
Amount
Investors
December 01, 2022
Series B
INR 270.56 crore
Aditya Birla Digital Fashion Ventures
December 27, 2021
Debt Financing
–
Klub
August 25, 2021
Series B
$8.08 million
Investcorp
March 18, 2021
–
$4.04 million
IvyCap Ventures
August 26, 2020
Convertible Note
$1.07 million
Aarti Corporate Services
October 14, 2019
Venture Round
$10.77 million
Investcorp Gulf Investments
March 8, 2018
Seed Round
$75.4K
–
January 8, 2015
Venture Round
–
Snapdeal, Kunal Bahl, Rohit Bansal
Bewakoof boasts of Kunal Bahl, Rohit Bansal, Snapdeal, IvyCap Ventures, and Investcorp Gulf Investments as its investors.
Bewakoof, a prominent player in the fashion industry, boasts an impressive track record. As of December 2023, it had 45 SKUs and over 5 lakh users. The brand has sold over 1 crore products to date thanks to its dedication to style and quality.
With over 60 lakh app downloads, Bewakoof’s digital presence is impressive and a testament to its broad appeal. The company had served a sizable customer base, with over a lakh new users joining each month, and it had reached 6 million subscribers.
On July 13, 2021, Bewakoof opened Cosmos Beauty as part of its effort to expand its product line and diversify. Cosmos Beauty began its journey with 43 items, which included bath salts, day and night creams, serums, and more, all inspired by natural ingredients and minerals. This growth demonstrates Bewakoof’s dedication to providing its ever-expanding clientele with a comprehensive and fashionable lifestyle experience.
Financials
Bewakoof Financials 2023
Bewakoof Financials FY23
FY22
FY23
Operating Revenue
INR 160.2 crore
INR 147.1 crore
Total Expenses
INR 240.5 crore
INR 241.8 crore
Cost of Procured Material
INR 87.4 crore
INR 85.6 crore
Employee Benefit Expenses
INR 40.1 crore
INR 59 crore
Advertisement Expenses
INR 33.7 crore
INR 28 crore
Net Loss/Profit
INR -30.1 crore
INR -12.7 crore
In FY23, Bewakoof’s revenue decreased from INR 160.2 crore to INR 147.1 crore in FY22. They reported a net loss of INR 30.1 crore in 2022 and INR 12.7 crore, due to total expenses remaining high at INR 241.8 crore in 2023. Key costs included materials, employee benefits, and advertising.
EBITDA
Bewakoof FY21-FY22
FY21
FY22
EBITDA Margin
-10.22%
-45.52%
Expense/Rs of Op Revenue
Rs 1.17
Rs 1.42
ROCE
-25.16%
-127.48%
Bewakoof – Advertisements and Social Media Campaigns
Bewakoof Campaign
Introducing Rashmika Mandanna as their new brand ambassador and face of the ‘All Eyes On You’ campaign, Bewakoof is full of pride. Rashmika will serve as a spokesperson for the brand’s vast women’s line, which includes a wide range of stylish shirts, hoodies, joggers, and accessories. ‘All Eyes On You,’ the brand’s newest campaign, was introduced on December 3, 2023, with Rashmika Mandanna at first.
Bewakoof – Competitors
Bewakoof faces direct competition from eCommerce portals such as:
These are some eCommerce platforms that also target fashion online to name a few. Peachmode.com, Globus, Chumbak, Seafolly, Jenny Bird, Infinity Motorcycles, and Buttercups also give stiff competition to Bewakoof.
Bewakoof – Future Plans
Bewakoof is eyeing to achieve sales of around INR 2,000 crores in the next four years. The D2C brand witnessed some celebrity collaborations where the company has roped in actors like Rajkummar Rao, Sanya Malhotra, and Farhan Akhtar. It plans to continue roping in more A-list actors onboard. They are also expanding their product range and improving their brand and technology. They plan to introduce new categories, including innerwear, activewear, and personal care products.
FAQs
Who is Bewakoof founder?
Prabhkiran Singh and Siddharth Munot are the founders and Bewakoof brand owner.
What is Bewakoof?
It is a lifestyle fashion brand that makes creative and distinctive fashion apparel for the trendy, contemporary Indian.
Who is the CEO of Bewakoof?
Prabhkiran Singh serves as Bewakoof’s CEO and Co-Founder.
When did Bewakoof start?
It was launched on 1 April 2012 by Prabhkiran Singh and Siddharth Munot.
Where is Bewakoof located?
Bewakoof Brand Pvt. Ltd., is registered in Thane, Mumbai.
How much is Bewakoof’s Net worth?
Bewakoof is a Rs 482 crore fashion apparel brand as of November 2022.
Is Bewakoof Indian Brand?
Yes. Bewakoof is headquartered in Mumbai, Maharashtra, India.
What is Bewakoof business model?
Bewakoof is a direct-to-consumer (D2C) fashion brand targeting millennials and Gen Z with trendy, affordable clothing and quirky, pop-culture-inspired designs. It sells products online via its website and app, leveraging in-house production for quality and cost control. The brand uses social media and influencer marketing to reach its audience and offers a membership program, “Bewakoof Tribe,” for exclusive discounts.
Who is Bewakoof owner?
Bewakoof was acquired by Aditya Birla’s TMRW for INR 200 crore.
What is Bewakoof profit margin?
Bewakoof generated an operational revenue of INR 147 crore at a loss of INR 12.7 crore in 2023.
What is Bewakoof owner net worth?
The net worth of Bewakoof’s founders is INR 152 crore as of Apr 13, 2022 as per Tracxn.
What is Bewakoof turnover?
As per Statista, Bewakoof’s operating revenue for FY23 stood at over 1.4 billion Indian rupees, reflecting an 8% decline compared to the previous year.
The RailTel Corporation of India’s plans to solicit bids from “illegal” online pharmacies in order to enable the home delivery of medications from hospitals run by the railways have angered the All India Organisation of Chemists and Druggists (AIOCD). The AIOCD warned in a letter to the Railways Ministry that internet pharmacies operating in the nation are in violation of the present laws controlling medicine and could face legal repercussions.
A media report revealed that the RailTel Corporation’s upcoming intention to solicit bids from many online pharmacies based on the savings offered on the retail price of medications prompted the chemists’ organisation to respond. To put things in perspective, RailTel is a public sector enterprise (PSU) owned by the Union Ministry of Railways.
Putting his views on the development, Avinandan Choudhary, Founder and CEO of Formis Health, opined, “India’s healthcare landscape is at a crossroads, often framed as a traditional vs. digital standoff. But the real debate is about ensuring control, compliance, and accessibility while embracing innovation. Offline pharmacies are the backbone of our healthcare distribution, but dismissing online platforms entirely would be shortsighted in a world increasingly driven by convenience and digital transformation.”
“At Formis, we’ve seen how digital health solutions improve access to care—from quick medicine deliveries to personalised health tracking. RailTel’s initiative to explore online pharmacies on railway platforms is a step forward in bridging the urban-rural healthcare divide, enabling people in Tier 2 and Tier 3 cities to access essential medicines seamlessly,” he added further.
Error of Judgment
The AIOCD called RailTel’s decision an “error of judgement” and pointed to a number of rulings and regulations that showed the internet pharmacy industry was unlawful. First off, the operations of these pharmacies are prohibited by the ongoing 2018 lawsuits of Dr. Zaheer Ahmed v. Union of India and the South Chemists and Distributors Association (SCDA) v. Union of India. The former Joint Drugs Controller of India, P.B.N. Prasad, observed in a similar case in 2020 that Aarogya Setu Mitra’s e-pharmacy services lacked registered or licensed e-pharmacies because the Drugs and Cosmetics Act, 1940, and the Drugs and Cosmetics Rules, 1945, did not contain such provisions.
Going forward, the AIOCD noted that only neighbourhood pharmacies are eligible for the COVID-19 pandemic-era doorstep delivery of medications. This argument was supported by a number of grounds, stating that the Drugs & Cosmetics Act of 1940 forbids such delivery.
According to Section 65 of the Drugs and Cosmetics Act of 1940, the prescription must also include the seller’s name and address, the prescriber’s signature, and the date of description. As a result, it is unlawful to sell medications using prescriptions that have been submitted online. Lastly, the group called for the RailTel plan to be immediately withdrawn.
Strong Regulation is the Need of the Hour
The Health Ministry published the proposed Drugs, Medical Devices, and Cosmetics Bill in 2022 for stakeholder opinions. Among other things, it included measures for the government to create regulations governing online pharmacies. The government introduced a 2023 version of the law in the Lok Sabha in August, but the regulations have not been issued. The Central Drugs Standard Control Organisation (CDSCO) and the central government have been ordered to create a policy for the online sale of medications on several occasions by the Delhi and Madras High Courts.
With numerous e-pharmacies referring to themselves as “intermediaries” and asserting protection under the safe harbour concept due to the lack of established legislation to regulate them, the delayed notice is especially troubling. To elaborate, a media report stated that e-pharmacies’ main responsibilities are to distribute and regulate pharmaceuticals, not intermediaries. The report further added that the idea of intermediaries is faulty because internet medication sales do not require the licence needed to sell pharmaceuticals.
With 85% of the market controlled by PharmEasy, NetMeds, Medlife, and 1mg, the Indian online pharmacy industry is presently valued at $3 billion. In an effort to work with neighbourhood pharmacies, the rapid commerce sector has more recently ventured into 10-minute doorstep medication delivery services with “Flipkart Minutes.”
The parent firm of Zepto, a leading player in fast commerce, KiranaKart Technologies, has agreed to purchase solutions from the listed fintech SaaS business Zaggle. According to an exchange filing, Zaggle will give Zepto access to its employee benefits platform, Zaggle Save, and spending management tool, “Zaggle Zoyer Petty Cash.” This is to let the exchange know that KiranaKart Technologies Private Limited and Zaggle Prepaid Ocean Services Limited (Zaggle) have signed a contract, according to the fintech SaaS startup. Businesses can handle little expenses more efficiently and automatically with the aid of Zaggle Zoyer Petty Cash. According to the startup, this software helps businesses with real-time tracking, cash leak prevention, pre-checking expenditures, and high control and transparency. Zaggle Save, on the other hand, is an employee spending management program that offers customisable benefit plans and helps employees save taxes. Additionally, the program assists the business in managing employee perks with a single card, including fuel cards and food allowances.
The Deal will Further Boost Zaggle’s Order Book
The customer service contract with Zepto will increase Zaggle’s order volume and give it access to a significant domestic player. This comes shortly after Zaggle raised INR 594.84 Cr last month through qualified institutional placement (QIP). To qualifying institutional buyers, the financial SaaS platform issued 1.13 Cr equity shares. According to a recent media report, the corporation plans to make three investments and acquisitions by March of this year. Notably, Zaggle paid INR 15.6 Cr in September 2024 to purchase a 26% share in Mobileware Technologies.
About Zaggle and its Current Financial Dynamics
Zaggle, which Raj Narayanam founded in 2011, offers a platform for corporate employee benefits and spend management. Its products assist companies in issuing prepaid cards and automating their accounts. Payroll and tax applications are also included in its SaaS product line. In the meantime, Zaggle’s consolidated net profit increased from INR 7.58 Cr in the previous year to INR 20.29 Cr in the second quarter (Q2) of the fiscal year 2024–25 (FY25), a 167.67% increase. From INR 184.24 Cr in Q2 FY24 to INR 302.55 Cr in the reviewed quarter, operating revenue increased 64.21%.
Zepto Going Public
Zepto is expected to submit its initial public offering (IPO) draft papers in March or April of this year. The delivery company has already obtained the necessary authorisations to relocate its headquarters from Singapore to India.
The business stated that the IPO’s specifics are still being finalised and that it has scheduled a board meeting for January 19 to talk about the size of the IPO, the selection of independent directors, which bankers to hire, and other specifics.
Notably, the National Company Law Tribunal (NCLT) is set to hear the case on January 17 even though Singaporean officials have approved the move. After food delivery services Zomato (Blinkit) and Swiggy (Instamart), parent firms of listed competitors, Zepto will become the first rapid commerce start-up to go public if all goes as planned by April.
The Ghaziabad Police have closed more than 50 hotels for “fraudulently” utilising OYO’s name, according to a statement released by the travel booking website. The action follows the filing of a formal complaint by the business and the submission of a police report to the licensing body.
OYO acknowledged in a statement that it has begun a cooperative operation with the Ghaziabad Police to crack down on unapproved hotels that were deceiving clients by using the OYO name without authorisation. OYO has previously sent legal notifications to several hotels telling them to take down its branding, but many of them disregarded the orders. According to the company’s official letter, police visited the locations that were identified as part of the investigation and warned the management about the legal repercussions of using false OYO branding.
Special Drive Conducted to Catch Offenders
The drive was specifically targeted at these unapproved outlets that have proliferated and were abusing the “OYO” brand name on their boards, according to Rajesh Kumar, the acting assistant commissioner of police in Ghaziabad. They lacked authorisation to operate. In accordance with protocol, these businesses were located and sealed.
Speaking about the effects of these fake establishments, Varun Jain, Chief Operating Officer of OYO India, said that these unapproved hotels frequently mislead guests. To protect OYO’s visitors and the integrity of its brand, the company worked with law authorities to take action against fraudulent hotels that use OYO’s name. This crackdown comes after OYO’s larger initiatives to safeguard consumers from dishonest services and preserve the integrity of its brand.
OYO Modifies Check-in Policies
One of the top travel and hotel booking websites in India, OYO, announced a significant policy change for its partner hotels on 5th January. The new rules state that unmarried couples would no longer be permitted to check in at the establishments. According to the corporation, the new regulation will initially only be in effect in Meerut, Uttar Pradesh.
According to Pawas Sharma, OYO North India’s Region Head, maintaining responsible and safe hospitality practices is a priority for the brand. In addition to upholding individual liberties, the business must cooperate with law enforcement and local communities to provide a peaceful workplace.
The business added that unmarried couples might not be accommodated, and hotel partners have the right to turn down reservations in accordance with regional customs. OYO claims that the action is a part of a larger plan to respond to community input and change its reputation as a reliable and secure lodging option for families, business travellers, students, religious pilgrims, and lone travellers.
OYO’s ruling came after civil society organisations, especially in Meerut, repeatedly called for stronger laws prohibiting unmarried couples from staying. Residents of other cities have submitted similar petitions, so the company decided to test the policy in Meerut and, depending on response, consider extending it to other areas. The policy is now only applicable in Meerut. OYO states that the feedback from the initial launch will determine whether or not the guidelines are extended to more places.
According to reports, electronics companies Dixon Technologies and Foxconn have pleaded with Indian authorities to pay INR 700 Cr in outstanding debts. The payments relate to the subsidies covered by the Centre’s production-linked initiative (PLI) program that the two Apple vendors are eligible to receive. According to a media citing, if the government makes the money available, Foxconn might get up to INR 600 Cr, while domestic Dixon might earn INR 100 Cr. Authorities are allegedly examining the two requests at this time, according to sources. Even though the Centre has allotted more than INR 41,000 Cr for the smartphone PLI scheme, certain companies have not yet received their share of the subsidies since they have not met their production targets.
What the Argument is All About?
Dixon and Foxconn have both maintained that they qualify for a portion of the unallocated funding. According to the report, Foxconn produced iPhones valued at INR 30,000 Cr in the fiscal year 2022–2023 (FY23), which is significantly more than the INR 20,000 Cr benchmark set by the government. In FY24, Dixon, a domestic company, produced cellphones valued at INR 8,000 Cr, surpassing the INR 6,000 Cr goal. Electronics manufacturers are eligible for subsidies under the INR 41,000 Cr PLI scheme if they surpass specific yearly value-based limits. Additionally, the program gives eligible applicants who surpassed their predetermined output any unused subsidies that were due to applicants not reaching their set goals.
Government has Put Scanner on Dixon
Dixon’s case, though, seems to be a complex one. The Centre is allegedly investigating whether the domestic electronics maker invested in new ventures to produce Xiaomi smartphones or if “machines were merely shifted out of another factory” that had previously put together the Chinese brand’s products. This occurs as a growing number of multinational industrial titans are heading straight for India to take advantage of the benefits and incentives provided by the Indian government through its numerous PLI programs. Samsung likewise rapidly increased its production in India, even as Apple manufactured $14 billion worth of iPhones there in FY24.
An Important Test for Modi Government
Modi’s industrial policy aspirations are put to the test in the unallocated funds issue, despite the comparatively little amount of money at stake. As they diversify beyond China, businesses want to see the administration implement the policies that have resulted in large investments. For example, Apple partners assembled $14 billion worth of iPhones domestically during the previous fiscal year. Samsung Electronics Co. of South Korea has also used the scheme to increase exports.
As India attempts to attract chipmakers and giant corporations like Microsoft Corp., which intends to invest billions in the most populous nation in the world to promote cloud computing and artificial intelligence, the stability of Indian policymaking becomes even more crucial.
Nitin Konde
