StartupTalky

Tag: #news

  • Wardwizard Innovations Anticipates that Electric Three-Wheelers will Account for 30 to 35% of Sales

    Wardwizard Innovations & Mobility, an electric vehicle manufacturer based in Vadodara, stated on 13 December that it anticipates e-three-wheelers to account for roughly 30 to 35 percent of its future sales volume. Additionally, the business stated that it hopes to sell up to 42,000 units by the end of the current fiscal year.

    With two new product releases in the passenger and two in the commercial segments earlier in the day, Wardwizard Innovations & Mobility increased the range of products it offers under the Joy-e-rik and Joy-e-bike brands. A fast electric two-wheeler has also been unveiled. “We anticipate that three-wheeler sales will account for 30 to 35 percent of our total vehicle sales,” Akhtar Khatri, Director of Sales and Strategy, told reporters during a press conference.

    Aiming to Hit a Target of 60,000 Units

    In addition to 2,000 three-wheelers, the company hopes to sell between 35,000 and 40,000 two-wheelers this fiscal year. The goal for the following fiscal year (FY 26) is to sell 50,000 e-two-wheelers and an additional 10,000 electric three-wheelers.

    Additionally, Wardwizard stated that the present e-two-wheeler production capacity is 1.20 lakh units yearly, while the e-three-wheeler production capacity is 60,000 units annually.

    The Pricing Range & Technology Used

    With three drive modes—eco, sport, and hyper—and a 72V, 40Ah lithium-ion (NMC) battery with Smart BMS for longer life and performance, the high-speed electric scooter Nemo, which retails for INR 99,000 (ex-showroom), is made for urban roads, according to the manufacturer. According to the firm, Nemo has operating costs as low as 17 paisa per kilometre. Along with offering an initial pricing of INR 98,000 until the next month, the business also stated that reservations for the e-scooter would be accepted starting on 13 December.

    According to the company, the passenger sector e-three-wheeler Joy-e-rick features a 10.24 kW lithium-ion battery, a top speed of 50 km, and a range of 150 km on a full charge. It starts at INR 3.85 lakh (ex-showroom). The 48V BLDC motor of the passenger e-rickshaw Joy Bandhu can provide a maximum power of 1.59 kW, while the 7.2 kW lead-acid battery pack can go 100–120 km between charges. According to Wardwizard Innovations & Mobility, its ex-showroom pricing range is INR 1.34 lakh.

    As per the official statement, the e-rickshaw and e-three-wheeler for the cargo category are priced at INR 1.30 lakh (ex-showroom) and INR 4.24 lakh (ex-showroom), respectively. According to its Chairman and Managing Director Yatin Gupte, the company’s new models across both business sectors represent a major turning point in our dedication to furthering India’s shift to environmentally friendly and green mobility.

    Tesla Teams Up with DLF to Find New Delhi Showroom Location
    Tesla, with DLF’s assistance, has renewed its efforts to find a showroom location in New Delhi, signaling plans for deeper market entry in India.
    StartupTalkyNitin Konde

  • Google Cloud Launches Google Agentspace

    On 16 December, Google Cloud announced Google Agentspace, which gives workers access to company knowledge using AI agents that combine enterprise data, Google-quality search, and Gemini’s sophisticated reasoning, independent of where the data is kept. With just one instruction, Google Agentspace helps workers do complicated activities that call for preparation, research, content creation, and action.

    For businesses, brilliance isn’t only about individual genius; it’s about the collective intelligence within an organisation, according to Mark Micallef, Managing Director, Southeast Asia, Google Cloud. However, this genius is frequently concealed in silos, making it unavailable to those who need it most at the most critical times. According to research from Google, enterprise workers typically use four to six tools only to ask a question and receive a response. The company is giving business employees a group of AI agents who serve as their helpful sidekicks through Google Agentspace. With just a single request, these AI agents assist staff members with information searches, insights, content creation, and actions across corporate systems, freeing them up to concentrate on their most important tasks and achieve unprecedented levels of productivity.

    Features of Google Agentspace

    Google created NotebookLM to assist people with understanding complex data, and Google Cloud is now enabling businesses to use this feature. Employees may use NotebookLM Plus to upload data for synthesis, get insights, and experience new data engagement features like audio overviews, which resemble podcasts, among other things. Millions of users enjoy the same experience, which has been improved with work-related security and privacy features. Additionally, Google is beginning to release Gemini 2.0 Flash’s experimental version in NotebookLM.

    Multimodal Search Agent

    Google Agentspace provides employees with a unified, company-branded multimodal search agent that serves as a central source of enterprise information for the entire organisation. Extending Google’s search capabilities, Agentspace may offer conversational support, respond to intricate queries, offer proactive recommendations, and take action based on specific data about a business. It can do this with both organised data, like tables, and unstructured data, like emails and documents. Additionally, Agentspace has translation built in so that staff members can comprehend information that comes from a different language. Employees can quickly access and query pertinent data sources and improve decision-making using pre-built connectors for the most widely used third-party apps, including Confluence, Google Drive, Jira, Microsoft SharePoint, ServiceNow, and more.

    Generative AI Contextually

    Custom AI agents that use generative AI contexts are launched through Google Agentspace. Businesses may now give their staff members in marketing, finance, law, engineering, and other departments the tools they need to perform better research, create content more rapidly, and automate tedious processes like multi-step workflows. Businesses can use Agentspace to scale AI by putting these agents in an easy-to-use interface so staff members can find and access all of the knowledgeable agents in one location. Employees will soon be able to create and fine-tune their own expert agents on Agentspace using a low-code visual tool.

    Providing Breather to Business Operators

    Business analysts can easily identify market trends and produce engaging, data-driven presentations powered by AI-generated insights with Google Agentspace. HR departments can transform the employee experience by streamlining the onboarding process. By proactively finding and fixing defects, software developers may increase the efficiency of their builds and iterations while speeding up deployment processes. To get better results, marketers can easily fine-tune campaigns, optimise content recommendations, and uncover deeper performance analysis.

    Lastly, the most important thing is always security. Because Agentspace is based on Google Cloud’s secure-by-design architecture, businesses can confidently implement AI agents throughout their companies. Furthermore, Google Cloud offers granular IT controls, such as integration between Identity and Access Management, role-based access control, and virtual private cloud service restrictions. This guarantees that company data is always safe and in compliance.

    CCI Orders Investigation into Google Following Winzo Complaint
    The CCI orders an investigation into Google after gaming company Winzo files a complaint, raising concerns over competitive practices in India.
    StartupTalkyNitin Konde

  • Aurobindo Pharma and Glenmark Recall Their Products in the United States

    The US health agency has said that drug manufacturers Aurobindo Pharma, Glenmark, and Zydus are recalling medicines in the US market because of production problems. Aurobindo Pharma USA Inc., a division of a Hyderabad-based pharmaceutical company, is recalling more than one lakh bottles of Cinacalcet tablets in various strengths, according to the most recent Enforcement Report from the US Food and Drug Administration (USFDA). Due to “GMP Deviations: Presence of N-nitroso Cinacalcet impurity above FDA recommended interim limit,” the US health authorities announced that the New Jersey-based company was recalling the product.

    On November 7 of this year, the business started the Class II recall. The treatment for hyperparathyroidism involves the use of cinacalcet pills. Similarly, approximately 90,000 bottles of Diltiazem Hydrochloride extended-release capsules (various strengths) are being recalled from the US market by Glenmark Pharmaceuticals, a company situated in the US.

    Glenmark Pharmaceuticals Inc Recalling Diltiazem Hydrochloride

    “cGMP Deviations: Presence of N-nitroso-Desmethyl-Diltiazem impurity above FDA recommended interim limit” is the reason given by the US health regulator for the recall of the impacted batch of Diltiazem Hydrochloride extended-release capsules manufactured by Glenmark Pharmaceuticals Inc., based in New Jersey.

    Extended-release capsules of diltiazem hydrochloride are used to treat hypertension. On November 1st of the current year, the business started the Class II nationwide (US) recall. The USFDA also said that a labelling issue has led to Zydus Pharmaceuticals (USA) Inc. recalling 4,404 boxes of Esomeprazole Magnesium for Delayed-Release Oral Suspension (40 mg). The drug is used to address specific issues with the oesophagus and stomach. On November 14, the business began a nationwide recall of the impacted packets.

    What is Class II Recall?

    According to the USFDA, a Class II recall is started when there is a remote chance of substantial adverse health effects or when using or being exposed to a product that violates the law may result in short-term or medically reversible negative health effects.

    India produces 60,000 distinct generic brands in 60 therapeutic categories, making it the world’s largest provider of generic medications, accounting for about 20% of the worldwide supply. Over 200 countries get the nation’s manufactured goods, with the US, Western Europe, Japan, and Australia being the top destinations.

    Infosys Invests in 4baseCare to Revolutionize Healthtech
    Infosys invests in 4baseCare, a pioneering healthtech startup focused on personalized healthcare solutions, driving innovation in the medical industry.
    StartupTalkyNitin Konde

  • Coca-Cola-Supported Foodtech Company Thrive Closes

    According to Krishi Fagwani, cofounder and CEO of the foodtech platform Thrive, it is the most recent Indian firm to cease operations. The cofounder blamed a lack of resources for the decision to shut down operations in a LinkedIn post. “We’ve worked hard over the years to develop a more equitable method of food delivery and discovery, which includes reduced commissions, more fair prices, socially guided discovery, and a human-centred relationship between eateries and their patrons. However, we were unable to obtain the resources needed to scale that goal,” Fagwani stated. The founders reflected on the lessons learnt, stating that it is “extraordinarily challenging” for tiny platforms to exist and that a “few well-funded giants” control the market. “In order to guarantee continuity for our restaurant partners, we are currently working to transfer Thrive ONDC, Thrive Direct, and the Thrive Marketing Suite to the appropriate industry partner,” he continued. He promised that throughout the transition phase, all services—including payments and tax compliance—would run smoothly. 42 people worked for the startup. 

    Why Thrive Opted for Closing its Operations?

    Thrive, which was founded in 2020 by Fagwani, Dhruv Dewan, and Karan Chechani, directly competed with Swiggy and Zomato and had partnerships with over 14,000 eateries across 80 locations. It gave restaurants the option of using one of the startup’s third-party logistics partners or their own employees to deliver the orders. Additionally, Thrive provided restaurants with a self-serve feature that allowed them to create their own sub-portals on its platform in order to receive direct online orders from customers. In contrast to Zomato and Swiggy, which charge 18–25% commission, the platform promised to charge only 3%.

    Zomato and the newly listed Swiggy are the two main players in the food tech industry. By making strategic acquisitions and altering their business structures, the corporations were able to weather the pandemic. They have both joined the race for rapid commerce.

    The truth is that a tiny number of wealthy giants still control the majority of the industry, making it extremely difficult for smaller, purpose-driven platforms like Thrive to grow to the size that eateries deserve.

    Coca-Cola’s First Investment

    Notably, Coca-Cola made its first investment in an Indian firm in 2023 when it purchased a 15% share in Thrive. In 2021, Jubilant FoodWorks, the company that runs Domino’s India, paid about INR 25 Cr to acquire a 35% share in Thrive. By doing this, Thrive becomes one of the minimum of 12 sponsored startups that were shut down in 2024.

    Tracxn, a data website, reports that Thrive has raised $2.5 million in equity capital over three rounds. Revenue for FY23 increased slightly to INR 2.5 crore from INR 2.3 crore the year before. Its net losses, however, increased to INR 7.4 crore from INR 2.8 crore the previous year.

    Decoding the Secret Behind Coca-Cola’s Marketing Strategy
    The success behind one of the most successful beverage brands, Coca Cola is its marketing strategy. Take a deep dive to understand it in detail.
    StartupTalkyPV Vyshnavi

  • Infosys Invests in 4baseCare, a Revolutionary Healthtech Startup

    Infosys has announced its investment in 4baseCare, a healthtech firm that concentrates on oncology (cancer care) and is powered by advanced genetics. This is a significant move that highlights Infosys’ growing commitment to healthcare innovation. The tech giant will purchase Series A compulsory convertible preference shares (CCPS) in 4baseCare through its Infosys Innovation Fund, while the precise investment amount is still unknown.

    Infosys’ dedication to advancing innovative technologies that propel individualised healthcare solutions—particularly in oncology—is demonstrated by this partnership. 4baseCare’s novel method is positioned to significantly alter the way patients are diagnosed and treated as cancer treatment becomes more advanced and individualised.

    4baseCare Core Focus

    4baseCare, which was founded in 2018, is leading the way in personalised cancer care by using cutting-edge genomics to develop tailored therapies for cancer patients. The company’s main goal is to improve care efficacy and reduce side effects by using genomic data to customise therapies to each patient’s unique needs.

    The study of cells’ genetic material, or genomics, is transforming how medical professionals perceive cancer. 4baseCare emphasises developing individualised treatment regimens based on each patient’s distinct genetic composition rather than using the conventional “one-size-fits-all” therapy strategy.

    4baseCare analyses a patient’s genetic profile to find cancerous mutations and traits that help physicians select the best course of action, thereby improving patient outcomes. The business maps the genetic markers of cancer cells using state-of-the-art technology, enabling more accurate and timely diagnosis and treatment. Patients who receive individualised care see improved outcomes, fewer adverse effects, and faster recovery times.

    Infosys’ Strategic Move

    An international leader in IT services, Infosys is renowned for its progressive business philosophy and ongoing search for cutting-edge technology that can propel digital transformation. Infosys hopes to capitalise on the quickly expanding healthtech industry, which is increasingly regarded as a crucial area for future growth and innovation, by investing in 4baseCare. Infosys intends to assist its clients in navigating their business transformation processes by utilising 4baseCare’s capabilities. Infosys can provide cutting-edge tools and platforms that enhance patient outcomes and streamline healthcare operations by incorporating personalised cancer care solutions into its current healthcare offerings.

    With this move, Infosys is also able to expand its healthcare portfolio by providing clients in the pharmaceutical, medical, and healthcare industries with AI-powered and genomics-based solutions. With a track record of using technology to revolutionise sectors, Infosys is in a good position to assist 4baseCare in growing its influence and reach in the global healthcare market.

    In the healthtech industry, where demand for highly individualised healthcare solutions is rapidly increasing, Infosys’s position is further strengthened by this investment. Genomics is essential to ensure that therapies are customised to each patient’s needs as the healthcare industry shifts to precision medicine. By incorporating innovative technologies that have the potential to revolutionise the treatment of cancer, Infosys’ collaboration with 4baseCare enables the company to remain ahead of this trend.

    Aye Finance Gets Board Nod for INR 1,450 Crore IPO
    Aye Finance, backed by Elevation Capital, secures board approval for an IPO worth INR 1,450 crore, paving the way for its public market debut.
    StartupTalkyNitin Konde

  • No More Endless Browsing: Searchkiya.com Delivers Exactly What You Need

    New Delhi [India], December 16: ‘We don’t talk anymore’ isn’t just a timeless breakup anthem, but an unfortunate reality of the times. Our attention is constantly on the screen, compulsively searching for something – new trends, new content, new ideas, new experiences, new products, New Year gifts, anything new!

    But in this quest, many tend to make unwanted purchases, buying into overhyped e-commerce trends. The plethora of available options is enough to get anyone overwhelmed, yet something is amiss. Be it price point, delivery date, quality, uniqueness, or the product altogether. This void only gets bigger as automated phone calls, impersonal search bars, and AI chatbots become the new normal. There is no real communication.

    Searchkiya.com is the first brand in India that gives consumers a space to speak. Users can tell the brand exactly what they are looking for and get it seamlessly delivered to their doorstep.

    Searchkiya is an offshoot of MOHA Global, an advertising and curations agency based in Mumbai. With an experience of over five years in the corporate sector, after hundreds of successful procurements & curations, MOHA Global, is taking a leap with its new brand. They are launching Searchkiya.com, an “unsearch” engine that promises to simplify search. Their personalized user experience, product and service customization and a vast vendor network is guided by a single message “Lets Just Speak.”

    With zero bots and real human interactions, Searchkiya.com does it all – understanding, browsing, searching, sourcing, customising and delivering. Bulk or Retail, Global or Local, Product or Service, Events or Workshops, Old school Christmas tree or New Year gift– everything starts with a phone call and ends with a fulfilled order.

    How Searchkiya.com Works

    Searchkiya team swears by their rule of 7. Customers get a call from the team within 7 minutes of raising a request on their website. An executive takes down a detailed brief of the required product or service along with the customer’s budget and timeline. A quote is shared with the customer within 70 minutes to 7 hours of this call and most of the orders are delivered within 7 days of placing an order.

    Who Can Use Searchkiya.com?

    Searchkiya.com has been designed bearing in mind not just the tech-savvy urban natives but also late adopters of technology. The user interface and back-end operations have been simplified to include ease of access for all demographics. Be it Gen Z or Boomers, MNCs or Small Businesses, Startups or Women Entrepreneurs, Human Resources looking for corporate workshops or corporate gifts, Event companies hustling from the New Year to Christmas, and more. Searchkiya.com’s extensive pan-India network of verified vendors helps users skip the choice overload that comes with online browsing. They can focus on getting work done.

    NRIs too can count on this brand to understand their requirements and customize it to their liking with the promise of timely delivery. Distances need not delay that Diwali hamper, those Christmas wishes, or the New Year gift. All age groups can be empowered with this functional, convenient, and straightforward way to find what they are looking for. Because with Searchkiya.com, you do not have to search.

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    Discover the top 10 AI prompt generator tools to inspire your creativity and streamline your writing process. Find your ideal tool today!
    StartupTalkyVivek Dev Jacob

  • Bhuvam Bam Becomes Co-Founder of Peppy, a D2C Sexual Wellness Brand

    In order to expand the brand’s reach across demographics and customer cohorts, actor and content maker Bhuvan Bam has joined direct-to-consumer (D2C) company Peppy as a cofounder and investor.

    Entrepreneurs Devansh Agarwal and Shyamal Gupta launched the sexual wellness and pleasure company last year. It was entirely funded by bootstrapping until 2024, when it raised its pre-seed round from outside angel investors. With a current valuation of INR 50 crore, it intends to attract further money in the seed phase.

    “Peppy, in my opinion, offers a chance to promote a much-needed shift in India’s views on sexual pleasure. Even though society has changed a lot, people are still held back by the taboo around physical closeness. It hinders candid conversations about personal needs, underscoring the importance of establishing forums for such dialogues,” Bam stated. Through his partnership with Peppy, he hopes to assist people in overcoming these social conventions and enabling them to confidently and easily embrace their path to intimacy.

    Global and India’s Sexual Wellness Market

    Among the angel investors in the pre-seed round were Bam, Ruchi Gupta, and Rohit Raj, the founder and CEO of BBKV Productions. According to the firm, it is now increasing its seed round in order to broaden its market reach and sales channels.

    The global market for sexual wellness was assessed by Allied Market Research to be worth $20.6 billion in 2023 and is projected to increase at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2033, reaching $32.5 billion. By 2030, the Indian sexual wellness industry is projected to have grown from $1.15 billion in 2020 to $2.09 billion.

    The increasing number of health concerns about sexual dysfunction and well-being is the main factor driving the sexual wellness market in India. This is because the prevalence of sexually transmitted diseases (STDs) like herpes, chlamydia, and HIV is rising nationwide. In addition, the Indian government is implementing programs and efforts pertaining to comprehensive sex education, which is improving the market’s outlook.

    Positive government and independent non-governmental organisation actions encouraging the appropriate use of contraceptives are also driving the market. In addition, there are a growing number of direct-to-consumer (D2C) businesses in the nation that provide sexual wellness products and services, such as sexologist consultations and diagnostics, to help clients enhance their sexual and reproductive health through discreet product deliveries and free online consultations.

    Peppy’s Operational Roadmap

    In India, intimate wellness has sometimes been overlooked, although it is undeniable that having a satisfying sexual life is essential to one’s general pleasure and wellbeing. Peppy is breaking down boundaries and normalising conversations about pleasure with the distinctive inventiveness and interpersonal skills of Bhuvan and Rohit.

    According to Agarwal, Peppy is about changing India’s perspective on intimate happiness, not just about selling goods. Peppy wants sexual wellness items to be as common (and guilt-free) as your favourite food or beauty products. With its superior quality and user-friendly, body-safe designs, the brand aims to make sure that everyone, regardless of age, gender, income, or background, can obtain what they need to feel good.

    Popular YouTuber Bhuvan Bam became Investor by Funding HYPD
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  • Elevation Capital-backed Aye Finance Receives Board Approval for an IPO of INR 1,450 crore

    The SME-focused non-banking loan company Aye Loan Limited (previously Aye Finance Private Limited) plans to raise up to INR 1,450 crore through an IPO. According to documents obtained by a media outlet, the company’s board authorised the IPO plans at an Extra-Ordinary General Meeting (EGM) on December 11.

    A new issue of equity shares up to INR 885 crore and an offer for sale (OFS) of equity shares totalling INR 565 crore are both part of the planned IPO. The offering is a component of Aye Finance’s plan to strengthen its financial position and grow its business in the cutthroat lending industry, but it is contingent upon regulatory approvals and market conditions.

    After years of rapid expansion, the announcement comes as Aye Finance is eager to increase its presence in the cutthroat lending industry. The market’s reaction and the regulatory landscape, however, will ultimately determine the IPO’s outcome.

    ESOP Modification and Revamping of Management

    The EGM authorised changes to the company’s ESOPs, including plans for 2016, 2020, and 2024, in addition to the IPO with the goal of improving employee incentives. The resolutions also contained changes to the conditions of significant executive appointments, such as the nomination of Aditya Misra as a non-executive, non-independent director and Sanjay Sharma as Managing Director of ABC Impact.

    The Singapore-based ABC Impact led a Series G fundraising round in September that saw the microlending platform successfully raise INR 250 crore. British International Investment also participated in the round. Together with the $30 million in debt financing the company had previously secured in June, this equity investment increased Aye Finance’s total equity fundraising to INR 1,500 crore.

    Five non-executive and non-independent directors, primarily representing investors, also resigned during the meeting for personal reasons. When a private corporation wants to go public, it is normal practice to tighten the board.

    These directors were Gaurav Malhotra from British International Investment, Kaushik Anand Kalyana Krishnan from A91 Emerging Fund, Kartik Srivatsa from LGT Capital Invest Mauritius PCC, Navroz Darius Udwadia from Alpha Wave India, and Vivek Kumar Mathur from Elevation Capital.

    Financial Book and Company’s Operations in FY24

    At the end of FY24, the loan book of Aye Loan Limited was worth INR 4,473 crore, the net profit increased from INR 57 crore in FY23 to INR 161 crore, and the annual growth rate was 46% from FY18 to FY24. In FY24, their entire revenue increased from INR 637 to INR 1,066 crore.

    The business focuses mostly on small and medium-sized businesses and excels in working capital financing. Microbusinesses with yearly sales between Rs 10 lakh and Rs 1 crore, such as kiranas or general stores, dairies, manufacturers, and merchants, are the main recipients of loans from Aye Finance. As of June 30, 2024, hypothecation loans and quasi-mortgage loans, with an average ticket size of INR 1-1.5 lakh, accounted for 92% of the AUM.

    BlueStone Files DRHP for INR 1,000 Crore IPO
    Jewelry retailer BlueStone has submitted its Draft Red Herring Prospectus (DRHP) for an IPO to raise INR 1,000 crore, marking a significant milestone.
    StartupTalkyNitin Konde

  • BlueStone Submits a DRHP for an IPO for INR 1,000 Cr

    The omnichannel jewellery business Bluestone has submitted its first initial public offering (IPO) draft red herring prospectus (DRHP) to market watchdog SEBI. An offer-for-sale component of up to 2.40 Cr equity shares and a new issue of shares valued at INR 1,000 Cr will make up the IPO. During the IPO, current investors Accel and Kalaari Capital will sell their shares. Saama Capital would sell 41 lakh shares, while Kalaari will sell up to 79.78 lakh shares through two funds. Accel India will sell 30.27 lakh shares, and IvyCap Ventures will sell 31.26 lakh shares. 17.53 lakh shares would be dumped by Iron Pillar. Sunil Kant Munjal, the chairman of Hero Enterprise, would also sell 40 lakh shares through the OFS.

    The issue’s book-running lead managers are Kotak Mahindra Capital Company, IIFL Capital Services, and Axis Capital. It is suggested that the equity shares be listed on both the BSE and the NSE.

    How Company Plans to Utilise Proceeds

    The company’s working capital needs and other corporate goals will be funded with the new IPO revenues. INR 750 Cr of the entire new issue will be used to cover working capital needs. The remaining INR 250 Cr will be used for a variety of general business objectives, including partnerships and joint ventures, strategic initiatives, shop openings, loan repayment and prepayment, and more. Purchasing fixed assets like furniture and fixtures, paying back franchisee debts, and handling marketing, maintenance, insurance, and administrative costs are all included in general corporate operations.

    In the fiscal year 2023–2024 (FY24), BlueStone‘s operating revenue increased 64% to INR 1,265.8 Cr, while its net loss decreased 15% year over year (YoY) to INR 142.2 Cr. Additionally, the business revealed its financial results for the first three months of FY25 (Q1 FY25). In the first quarter of FY25, it reported a net loss of INR 52.22 Cr on INR 359.19 Cr in operating revenue. INR 418.14 Cr was spent in total for the quarter that ended in June 2024. 

    How Brand Operates?

    BlueStone, an omnichannel jewellery firm founded in 2011 by Kushwaha and Vidya Nataraj, offers over 8,000 designs for rings, pendants, earrings, and other items. Some of its retail locations are owned by it, while the others are run as franchises. It asserts that it has more than 200 retail locations nationwide. BlueStone has competition from established jewellery businesses such as GIVA and CaratLane. Neo Markets provided the business with INR 100 Cr in debt capital in June. To date, BlueStone has raised more than $200 million in total fundraising.

    Prior to delaying its initial plans to go public in 2022, the company raised money from private equity (PE) firms. In the world’s second-largest market for gold jewellery after China, BlueStone is establishing itself as a major player alongside listed behemoths like Titan’s Tanishq brand, Kalyan Jewellers, Senco Gold, and Tribhovandas Bhimji Zaveri, among others.

    SEBI Approves IPOs for Smartworks and Ecom Express
    Smartworks and Ecom Express secure SEBI approval for their IPOs, paving the way for their public market debuts and strategic growth plans.
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  • Maharashtra Sends Zomato a GST Demand Notice for INR 803.4 crore

    The food delivery aggregator Zomato announced on 12 December that a tax demand of INR 803.4 crore, including interest and penalties, had been made by the Thane GST department. In a regulatory filing, Zomato stated that the company had received a demand order over the nonpayment of GST on delivery charges, along with interest and penalties.

    On December 12, Zomato Limited informed stock exchanges that it had received a GST order from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, Maharashtra, confirming the demand for INR 401,70,14,706/- (Rupees 415 crores seventy lakhs fourteen thousand seven hundred and six) in GST, along with interest as applicable and a penalty of INR 401,70,14,706/- (Rupees 415 crores seventy lakhs fourteen thousand seven hundred and six) for the period September 29, 2019, through March 31, 2022.

    Notice Due to Non-Payment of GST

    In its stock exchange statement, Zomato Limited stated that it had received a demand order over the nonpayment of GST on delivery charges, together with interest and penalties.

    The business stated that it feels it has a compelling case and will appeal to the relevant authority. “According to Zomato, the company has a compelling argument on its own merits, supported by the views of its outside legal and tax counsel. The business intends to appeal the order to the relevant authority,” Zomato stated. The shares ended the latest trading session on December 12 at Rs 285.60 each, down 2.12% (or INR 6.20) from the closing of the day before.

    Zomato on a Strict GST Scanner

    It is important to note that earlier this year, authorities in Gujarat, Karnataka, and Haryana sent Zomato several GST demand notices. In September, the West Bengal GST authorities last sent it a GST demand and penalty order of more than INR 17.70 Cr. The same West Bengali body had earlier in the month sent it a GST notice for INR 9.85 Cr. The company was served with a demand notice by Pune tax authorities for allegedly failing to pay taxes on the delivery fees that were collected from clients between July 2020 and March 2022. The most recent step for Zomato follows its first qualified institutional placement (QIP) in late November, which garnered INR 8,500 Cr (about $1 billion).

    In the meantime, Zomato CEO Deepinder Goyal, who frequently makes headlines for his odd tweets and comments, recently posted that the company was looking for a Chief of Staff and that the chosen candidate would need to pay the company INR 20 lakh in order to be hired. 

    He then stated that he never intended to charge individuals for the position, despite receiving over 18,000 applications. “This was no ordinary job posting. Goyal added, “As some have pointed out, ‘You have to pay us 20 lacs (sic) was just a filter to find people who had the power to appreciate the opportunity of a fast track career without getting bogged down by constraints in front of them.”

    Swiggy Unveils ‘Scenes’ to Elevate Event Experiences
    Swiggy launches its new ‘Scenes’ feature, designed to support and enhance event experiences with innovative services and seamless event management solutions.
    StartupTalkyNitin Konde