In order to assist with its intended $250 million (INR 2,000 crore) initial public offering by the second quarter of next year, the new-age jeweller startup BlueStone has reportedly recruited Axis Capital, IIFL Securities, and Kotak Mahindra Capital Co., according to a media source.
The company plans to submit its papers later this year, according to a media report, and the IPO is expected to be between $200 and $250 million in size, with a valuation of $1 to 1.5 billion. If all goes according to plan, the IPO will probably be the first by a new age jewellery company.
Pre-IPO Funding of BlueStone
A media site reported that BlueStone closed an INR 900 crore pre-IPO investment round in August, more than doubling its worth to $970 million. One of the early investors, Kalaari Capital, sold a portion of its stock in the round, which consisted of a combination of primary and secondary transactions. In February, BlueStone intended to go public with an IPO for INR 2,000 crore.
Competing with Melorra, Giva, and CaratLane, it is operated under the parent company’s name, BlueStone Jewellery and Lifestyle Pvt Ltd. The last year has seen a surge in investment activity in India’s new-age jewellery market. While Giva concluded a INR 255 crore fundraising round earlier this week, Melorra got a bid to be acquired by Kolkata-based jeweller Senco Gold Ltd., which went public last year. In February, Titan acquired the remaining shares of CaratLane, converting it into a fully owned subsidiary.
Growing voluntary incomes and a growth in the number of young middle-class people are driving investor interest in this industry. In contrast to traditional enterprises like Malabar Gold & Diamonds and Kalyan Jewellers, who still control a large portion of the wedding jewellery market, this has helped new-age businesses.
Expansion Curve of BlueStone
BlueStone was founded in 2011 by Gaurav Singh Kushwaha, Sudeep Nagar, and Ganesh Krishnan. The company sells jewellery, including nose pins, bangles, bracelets, rings, earrings, chains, and pendants. Prior to opening shopfronts in 2018, the business exclusively operated online. It already operates more than 200 stores around India, and as more people use hybrid payment options, the number will rise. The company has been able to tighten cost management by localising design, manufacturing, and production.
From INR 787.8 crore in FY23 to INR 1,303.4 crore in FY24, BlueStone’s revenue increased by 65%. Its INR142.2 crore loss narrowed by nearly 15%. The largest institutional investor in the Bangalore-based startup is Accel; other backers include Prosus, Iron Pillar, Peak XV Partners, and Steadview Capital. In June, Motilal Oswal produced a report estimating the value of India’s retail jewellery market for FY24 at approximately $80 billion. Regional and pan-Indian businesses made up organised retail, which accounted for roughly 36-38% of the industry.
The Ministry of Skill Development & Entrepreneurship (MSDE) announced on 14 September that it has partnered with Meta to launch two significant projects: the creation of five Centres of Excellence (CoEs) in Virtual Reality (VR) and Mixed Reality (MR) at National Skill Training Institutes (NSTIs) in Hyderabad, Bengaluru, Jodhpur, Chennai, and Kanpur; and the AI Assistant for the Skill India Mission.
The aim of the Ministry is to equip India’s youth with the necessary skills to succeed in the current competitive landscape, according to Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development & Entrepreneurship, who commented on the cooperation. The Ministry is democratising access to cutting-edge technology and providing personalised learning pathways for the nation’s youth by incorporating artificial intelligence, virtual reality, and mixed reality into the Skill India ecosystem. Today’s collaboration with Meta is a big step in the right direction.
Sharing his views on this development, Davinder Bhasin, Founder, One Health Assist stated, “India is turning younger every day, and its youth are its greatest asset. The partnership between MSDE and Meta to introduce AI into the Skill India Mission is a visionary step that empowers young Indians to thrive in today’s tech-driven world. By equipping our youth with AI-enhanced learning tools, we are not only providing them with relevant, future-ready skills but also addressing the possible challenge of lower employment rates in the digital age.”
“This initiative will help bridge critical skill gaps and ensure that young professionals can seamlessly integrate into modern industries, from healthcare to technology. For India to remain competitive on the global stage, especially as AI becomes a cornerstone of innovation, initiatives like these by our Government are vital. At One Health Assist, we believe this collaboration is key to positioning India as a leader in the AI revolution across all industries and more so of health care, ecommerce, education, financial services, customer service, transportation etc. unlocking opportunities for our youth and fostering growth for the nation,” he opined further.
Expressing similar sentiments, Rashmi Kulkarni, Co- Founder & Director of IndoAI said, “The collaboration between MSDE and Meta is a significant step forward for the Skill India Mission. Meta’s AI capabilities will not only deliver AI-specific training but also enhance the effectiveness of existing courses under the Skill India initiative. For example, AI can be used to personalize learning in fields like welding or electronics, where virtual simulations can adapt to the learner’s pace, offering tailored feedback to improve skill mastery.”
How this Partnership will Shape Up the India’s AI ecosystem?
This collaboration will result in the development of a cutting-edge AI chatbot that will improve the learner experience on the Skill India Digital (SID) Portal and is powered by Meta’s open-source Llama model. The chatbot, which will be incorporated into the SID Portal, provides users with round-the-clock support, facilitating easy access to course information, interactive Q&A for course materials, lecture summaries, and pertinent videos for review. The chatbot will be available on WhatsApp and support voice commands in Hindi, English, and Hinglish, making it more user-friendly for a wider variety of Indian consumers. Users can also look up particular course subjects, locate skill development facilities, look through job postings according to geography and interest, and get personalised feedback for ongoing development. Additionally, the chatbot will give the MSDE insightful information that will help them better optimise the platform. The chatbot will be developed and implemented by Sarvam AI, the AI assistant project’s technical partner. It will undergo a six-month pilot programme.
It envisions a collaborative e-governance framework for adoption of impactful AI solutions with the potential to catalyse large-scale socio-economic transformation in line with India’s AI Mission by making Meta’s open-source AI models accessible to India’s AI ecosystem. Additionally, these five CoEs at NSTIs will provide educators and students with the newest VR technology so they may learn new skills and improve on ones they already know in a secure, captivating setting. Through an easy-to-use digital interface, the AI assistant partnership seeks to enhance learning outcomes, expedite information access, and offer students seamless support. The five CoEs will also boost accessibility to skill development training, enhance participation, and offer realistic simulations.
Appreciating this move, Ajay Rao, CEO & Founder, Emiza stated, “By integrating advanced technologies like artificial intelligence, virtual reality, and mixed reality, the Ministry is democratizing access to cutting-edge tools and creating personalized learning pathways for the workforce of tomorrow.”
“For industries like logistics, this collaboration couldn’t come at a better time. At Emiza, we already see the transformative impact AI can have enabling smarter route optimization, demand forecasting, real-time inventory management, and predictive analytics. These innovations drive operational efficiencies, enhance customer experiences, and significantly reduce costs. However, we believe it’s essential to foster a human-machine partnership where AI acts as an enabler, not a replacement. By blending AI’s capabilities with human expertise, businesses can unlock new levels of productivity and innovation,” he added further.
Skill India Digital Portal
Vice President and Head of Public Policy of Meta India, Shivnath Thukral, stated that Meta is dedicated to utilising cutting-edge technologies like AI, VR, and MR to make a significant contribution to India’s economic growth. The collaborations between Meta India and the Ministry of Skill Development & Entrepreneurship (MDSE) demonstrate the company’s dedication to closing the digital divide in education. By incorporating cutting-edge technologies like Open-Source Llama, the company hopes to empower educators and entrepreneurs in addition to students by giving them the resources they need to succeed in the modern, digitally native world.
With millions of students using the Skill India Digital Portal to obtain courses designed to increase their employability, the platform has emerged as a key component of the country’s skilling ecosystem. By introducing the AI chatbot, MSDE and Meta are making great progress towards transforming the way students engage with the material and get ready for the future. Furthermore, in order to provide students and teachers with the newest technology and enable immersive and interactive learning experiences, Skillveri, the technical partner for setting up the CoEs, will supply state-of-the-art VR and MR materials, curriculum, and qualified personnel.
On October 13, 2024, the Central Consumer Protection Authority (CCPA) announced that Ola, a ride-hailing company, has been ordered to make improvements that will benefit customers. These modifications include giving refund alternatives and giving receipts for auto rides. Chief Commissioner Nidhi Khare of the CCPA noted that Ola’s no-questions-asked refund policy did not give customers the option to get bank account refunds; instead, it only offered coupon tickets for future rides.
The CCPA declared in a statement that “this practice violates consumer rights.” “Using this facility to take another ride is not an incentive for customers to use the company’s no-question-asked refund policy.”
The app displays the notice, “Customer invoice for auto rides will not be provided due to changes in Ola’s auto service T&Cs,” if a customer tries to view an invoice for an auto ride that they booked on Ola, according to the regulator.
As per CCPA, failing to provide a bill, invoice, or receipt for the products sold or services rendered qualifies as an “unfair trade practice” for the purposes of the Consumer Protection Act of 2019. It has instructed the taxi aggregator to provide its clients with bills.
Who is Central Consumer Protection Authority?
Established under the Consumer Protection Act, 2019, the CCPA went into effect on July 24, 2020, and is designed to regulate issues pertaining to consumer rights violations, unfair trade practices, and deceptive or false advertisements that harm consumers’ interests and those of the general public.
The CCPA maintains regional offices throughout India in addition to its headquarters in Delhi, the nation’s capital. A Chief Commissioner and other Commissioners chosen by the Central Government oversee the CCPA.
Ola Aligning Itself with CCA
In accordance with the Consumer Protection Act of 2019, the regulator further ordered Ola to provide bills or invoices for every auto ride that was scheduled through its platform, referring to the lack of such evidence as an “unfair trade practice.”
Ola has made a number of changes in response to the CCPA’s intervention. These include posting the contact information of grievance and nodal officers on its website, making cancellation policies and fees obvious at the time of booking, expanding the list of options for reasons why a ride may be cancelled, and making the fare component breakdowns available to the public.
The addresses of the pickup and drop places were displayed to drivers, and the payment periods were adjusted to enable drivers to get paid quickly.
What Leads CCPA to Intervene?
From January to October 2024, the CCPA received 2,061 complaints against Ola. The most common concerns included overcharging, delays in refunds, and troubles with drivers.
“The Consumer Protection Act (CCPA) has demonstrated unwavering commitment to upholding Ola’s adherence to the legal framework designed to safeguard consumer rights by means of its regulatory intervention,” the regulator remarked.
This action is taken in response to the CCPA’s increased examination of digital platforms in order to safeguard consumer interests in the quickly expanding ride-hailing and e-commerce industries.
According to recent media reports, WhatsApp is expected to receive an order from the Indian watchdog for fairness in trade practices for breaking the nation’s competition laws.
The Competition Commission of India (CCI) has expressed its displeasure over a controversial amendment to WhatsApp’s privacy policy and service terms. The media reports further stated that a penalty can also be part of the CCI order.
With its contentious 2021 update, WhatsApp would be able to share specific user data with its parent company, Meta Platforms Inc. (previously Facebook Inc.). Regulators around the world were agitated by this. According to various media reports, WhatsApp and its parent company Meta violated the anti-abuse of dominance rules of competition law, according to the director general of investigation (DG) of the Competition Commission of India (CCI).
Who is Competition Commission of India?
The Competition (Amendment) Act of 2007 revised the Competition Act of 2002, keeping it consistent with the principles of contemporary competition law. Anti-competitive agreements, the misuse of a dominant position by businesses, and mergers and acquisitions (M&A) that have the potential to significantly harm competition in India are all prohibited by the Act.
With effect from October 14, 2003, the Central Government formed the Competition Commission of India, which is responsible for implementing the Act’s goals. The Central Government designates a minimum of two and a maximum of six Members to the Commission, in addition to the Chairperson.
The Commission’s responsibilities include eradicating anti-competitive behaviours, fostering and maintaining competition, safeguarding consumer interests, and ensuring free trade in Indian markets. In addition, the Commission advocates for competition, raise public awareness of competition issues, and provide training on competition issues in response to a referral from a governmental entity created by any law.
Director General of Investigation’s Report
Various media reports further stated that the CCI has reviewed the DG’s report and is currently working on a draft order that will be issued to the two corporations shortly, imposing penalties for the alleged infractions.
Citing sources, the newspapers stated that the CCI has determined that WhatsApp‘s sharing of user business transaction information with Meta gives the group businesses an unfair edge over rival platforms.
“We are unable to comment on the CCI proceedings because they are under appeal.” According to an official statement from WhatsApp, users who opted not to accept the Privacy Policy Update can still use the app to interact with friends and family without having their accounts cancelled or losing functionality.
After operating the firm for almost 3.5 years, Toplyne, a provider of sales automation systems, has decided to wind down and return funds to its investors.
Having spent 3.5 years developing Toplyne, company has decided to sell the company and give its investors their money back. Company’s greatest attempts failed to achieve the scale or product-market fit that it desired, Rishen Kapoor, a co-founder of the company, revealed on LinkedIn. Approximately 30 people made up the squad, according to Kapoor.
The 30 person team, comprising sales, customer success, machine learning, product, design, HR, and engineering, all put in their all. He said, “The company’s priority right now is on assisting its clients to guarantee a smooth transition and helping its team members find their future employment (if anyone is hiring, please reach out).
Series A Funding
The company announced in May 2022 that Tiger Global and Peak XV (formerly Sequoia Capital India) had led a $15 million Series A investment round. Participating in the round were the Together Fund, Sequoia India’s Surge accelerator program, and additional angel investors. Rishen Kapoor, Ruchin Kulkarni, and Rohit Khanna founded Toplyne in June 2021. The company’s focus is on assisting product-led growth (PLG) companies in converting users into paying clients.
Current Startup Scenario In India
Among recent startup closures, Toplyne is the most recent. Over the past several months, several startups have failed, including the insurtech business Kenko Health, the upskilling and job-finding platform Bluelearn, the social media app Koo, the artificial intelligence-driven software startup Nintee, and the spiritual tech venture My Tirth India.
The fact that Indian entrepreneurs have had fewer job losses in the first half of 2024 is intriguing. It presents a positive image of the labour market and demonstrates their adaptation and endurance in the face of shifting economic conditions. Both the government and the industry have welcomed this news, which is much-needed after the record-breaking layoffs of 2023.
According to a Longhouse Consulting analysis, in the first half of 2024, startups saw fewer employment losses than they did in the same period the previous year. Startups eliminated around 11,250 jobs between January and June of 2024, a far smaller number than the 21,000 positions eliminated at the same time in 2023. Even during the second half of 2023, which ran from July to December, there were only about 15,000 layoffs at startups overall.
In addition to layoffs, hiring patterns for Indian companies were also emphasised in the research. Hiring levels in the first half of 2024 are still 35–40% lower than in 2021–2022. On the plus side, hiring has increased from the dismal year of 2023, when it was roughly 60–70% less than the previous fiscal year.
The complexities of modernizing legacy systems are a significant barrier for many companies, particularly in resource-heavy industries like Oil & Gas and manufacturing. According to a recent study by McKinsey, 70% of digital transformation initiatives fail to achieve their goals, largely due to outdated infrastructure and a lack of cohesive strategy. Meanwhile, a Gartner report reveals that businesses can reduce operating costs by up to 25% by adopting cloud-based solutions and automating legacy processes. Companies like BP and Shell have already leveraged cloud technology to streamline their operations and improve sustainability metrics, resulting in a combined annual cost reduction of over $200 million. As industries increasingly look to become more agile and environmentally responsible, the push for digital transformation has taken center stage, driving companies to rethink their strategies and integrate cloud technologies, AI-driven analytics, and modern cybersecurity solutions to bridge the gap between traditional infrastructure and innovative capabilities.
One professional contributing to these efforts is Sreekanth Muktevi, who has been involved in projects aimed at helping industries modernize their systems and integrate more sustainable practices. Muktevi’s experience has been particularly relevant in the context of digital transformation within the Oil & Gas sector. His academic and practical work outlines strategies that can guide companies through complex modernization processes. Muktevi’s upcoming book, “Transforming Resources: Step-by-Step Strategies for Digital Innovation and Sustainability,” provides a comprehensive look at how companies can align their digital transformation initiatives with long-term business goals and sustainability targets.
Muktevi’s research and publications also focus on the practical application of technology in addressing the limitations of legacy systems. His article, Digital Transformation in the Natural Resources Industry: Rethinking Strategic Approaches, delves into how cloud-based solutions can help industries achieve scalability and efficiency that traditional systems lack. In a recent project, Muktevi worked with a major energy company to shift their legacy infrastructure to a cloud-based platform, resulting in a 25% reduction in operational costs and significant energy savings by optimizing energy use through automated systems and real-time monitoring.
In addition to his work in digital transformation, Muktevi has been active in supporting Environmental, Social, and Governance (ESG) Disclosures, contributing to frameworks that assist companies in meeting regulatory requirements and sustainability goals. As an ESG expert panel member, Muktevi’s focus has been on integrating digital solutions to streamline the reporting and management of ESG metrics. His efforts have enabled companies to better manage their ESG initiatives and align their strategies with environmental and social responsibilities.
Another area where Muktevi has provided substantial input is in setting industry standards and influencing best practices through his research and advisory roles. His work in developing frameworks for digital transformation has been referenced in multiple industry conferences and publications, contributing to the shaping of how companies approach the modernization of legacy systems. Muktevi’s articles, such as Digital Transformation in the Natural Resources Industry: Rethinking Strategic Approaches and Business-Driven Cybersecurity: Modern Approaches and Solutions for Digital Infrastructure Protection, have been used as reference points for businesses aiming to integrate cloud solutions and advanced analytics into their operations.
Furthermore, Muktevi has collaborated with several industry associations to create guidelines and strategies for integrating IT solutions into traditional business models. These collaborations include working with industry leaders to design cloud adoption strategies that can be scaled across multiple sectors, including manufacturing and finance. His research-backed methodologies have been instrumental in helping companies reduce downtime, enhance resource management, and optimize operational costs while adhering to environmental and sustainability goals.
Cybersecurity has also been a significant part of Muktevi’s work, particularly in securing modernized infrastructures. His article, Business-Driven Cybersecurity: Modern Approaches and Solutions for Digital Infrastructure Protection, provides a structured approach to addressing security challenges associated with cloud migrations and digital transformation. His emphasis on cybersecurity reflects the growing need for companies to build secure, resilient infrastructures that can support digital transformation without compromising data integrity or operational stability.
Muktevi’s work has been recognized with awards such as the Gold Stevie Award for Executive of the Year in Managed Services (2024). His role as a judge for the 2024 Globee Awards further demonstrates his involvement in evaluating the technological advancements that are shaping modern business practices. However, Muktevi’s focus remains on practical implementations and strategic guidance rather than personal accolades.
His work aligns with broader industry efforts seen across companies like General Electric (GE), which implemented cloud migration strategies similar to those Muktevi has researched and applied. GE’s shift to cloud-based systems has resulted in enhanced operational efficiencies, reducing manufacturing downtime by 10% and maintenance costs by 15%. These transformations illustrate how digital technologies can enable resource-heavy industries to optimize operations and reduce their environmental impact.
Muktevi’s emphasis on integrating cloud solutions, AI, and cybersecurity illustrates how digital transformation is not merely a technological upgrade but a strategic approach to redefining business models. His research-backed methodologies and practical strategies continue to shape how industries approach modernization, balancing the need for efficiency and sustainability.
In conclusion, the drive for digital transformation in legacy-heavy industries is not without its challenges. However, with structured strategies and well-defined objectives, companies can overcome the limitations of traditional systems and create more sustainable, resilient operations. Muktevi’s contributions to the field, reflected through his research, publications, and advisory roles, provide valuable guidance for businesses navigating this complex transition.
The Microsoft team led by Satya Nadella and Indian IT giant Infosys have extended their collaboration to support the global acceleration of customers’ adoption of Microsoft Azure and generative AI.
According to a statement from the firm, the strategic partnership is to assist Infosys and Microsoft’s joint clients in realising the return on their technology investments and achieving transformative results. As per a regulatory filing, Infosys would integrate Microsoft’s suite of generative AI services throughout its Solution IP portfolio to introduce distinctive features and assist clients in attaining cost-effectiveness, scalability, and flexibility.
The company’s increased partnership with Infosys will change sectors, improve corporate operations, improve employee satisfaction, and provide consumers with new value. According to Nicole Dezen, Chief Partner Officer at Microsoft, “Together, the two companies will capitalise on the potential of generative AI to provide creative solutions, drive AI adoption, and allow unparalleled innovation for customers.”
Top GitHub Copilot, Infosys
Since Infosys first introduced GitHub Copilot, the two companies have worked together to significantly improve code completion and modernisation. With more than 18,000 developers using GitHub Copilot to produce more than 7 million lines of code, Infosys is currently acknowledged as one of the top users of this platform.
The partnership solves numerous business issues using a customer-centric approach, according to Anand Swaminathan, EVP and Global Industry Leader–Communications, Media, and Technology, Infosys. It offers scalability, agility, and cost-efficiency across important sectors like finance, healthcare, supply chain, and telecommunications.
Adding to Microsoft’s Generative AI Product Line
Infosys was also selected as a strategic supplier to serve Microsoft’s enterprise customers’ cloud and AI workloads. Infosys will integrate Microsoft’s generative AI suite of products throughout its portfolio of Solution IP to deliver distinctive features that assist customers in achieving cost-effectiveness, scalability, and agility.
Together with Microsoft‘s technology, the partnership will accelerate the global adoption of enterprise AI by improving customer experiences and leveraging Infosys’s AI-powered marketing suite, Infosys Aster, and its own portfolio of industry-leading AI and Cloud services, Infosys Topaz and Infosys Cobalt.
Both businesses are concentrating on exchanging best practices for Responsible AI (RAI) as their partnership expands. Via RAI Office, Infosys is a major contributor to the creation of ethical AI guidelines and a major partner in The Microsoft Responsible AI Partner Initiative. Collaboration also includes skill-building activities, which guarantee that workers have the know-how to support these projects.
About Infosys
In terms of consulting and next-generation digital services, Infosys is a world leader. It helps clients negotiate their digital transformation in over 50 countries. With more than 40 years of expertise overseeing the operations and systems of large, international companies, Infosys competently guides its clients through their digital transformation. It has accomplished this by providing the business with an AI-driven core that aids in prioritising the implementation of change.
According to various media reports, Saurabh Chandrakar, the suspected mastermind of the multimillion-dollar Mahadev Online Book scam, has been arrested by UAE officials on suspicion of money laundering.
A formal request for extradition is anticipated to be sent shortly by the Enforcement Directorate. The sources went on to say that on September 9, 2024, the arrest was reported to the investigative agency. The estimated amount of proceeds of crime (PoC) is INR 10,000 crore; however, if an all-India assessment is produced, the number may be substantially higher. Tainted gains resulting from illicit acts that are under the purview of the Prevention of Money Laundering Act (PMLA) are referred to as PoC in the context of money laundering.
Details of The Case
Large-scale money laundering through the app’s activities was found to be facilitated by these accounts earlier this year, with the share market alone receiving about INR 1,100 crore in funds. It is estimated that the fraud also uses thousands of SIM cards in addition to other covert methods to avoid discovery.
Many investigative organisations have taken notice of the Mahadev betting app, which is operated by its promoters, Saurabh Chandrakar and Ravi Uppal, out of Dubai. Using a complex network of unregistered accounts, the app functioned as an umbrella syndicate, offering venues for unlicensed betting websites and money laundering services. Authorities’ attempts to prosecute the main actors have been hampered by the app’s global activities.
What Charge Sheets State?
In this instance, the ED has so far taken 11 people into custody. The agency has also so far filed two charge sheets, one of which is directed at the two promoters. The agency estimates that the proceeds of crime in this case are around INR 6,000 crore. In its charge sheet, the ED claims that Chandrakar got married in Ras Al Khaimah, United Arab Emirates, in February 2023, and that the wedding cost was over INR 200 crore “in cash.”
According to the agency, celebrities were paid to perform at the wedding, and private jets were rented to transport Chandrakar’s relatives from India to the United Arab Emirates. It had demanded to know the payment method and the connections between the online betting platform and numerous celebrities and Bollywood actors, alleging that the app’s purportedly illicit earnings were given as bribes to state officials and politicians.
Further Details of the Investigation
The Mahadev Online Book App is managed from a central head office in the United Arab Emirates, according to the ED’s investigation. It makes money by franchising “panels/branches” to familiar partners at a profit ratio of 70–30%. Huge-scale hawala operations are carried out in order to divert betting profits to offshore accounts.
According to the ED, a significant amount of money is also being spent in India to advertise betting websites in an effort to draw in new customers and franchise (panel) aspirants. The company’s founders are from Chhattisgarh’s Bhilai.
Wealth platform funded by Tiger Global-Jar has entered the e-commerce space in an effort to diversify its revenue streams and achieve sustainable growth. Co-founder and CEO Nishchay AG explained that the gold-focused micro-savings company, Nek, its direct-to-consumer jewellery brand, quietly entered the e-commerce fray in February. By October, Nek expects its Annual Recurring Revenue (ARR) to exceed INR 100 crore.
There is a great demand for gold since it is a class that is easily understood and is quite stable, particularly when it comes to jewellery. Jar introduced Nek as a jewellery brand by allowing users to save in gold, Nishchay AG informed a media source. He said that the D2C brand is already profitable.
Investors Betting High on India’s Jewellery Sector
Over the past year, a number of Indian jewellery firms have attracted the interest of investors and raised a sizable amount of money. Bluestone, Giva, Kushal’s, Aukera, Trisu, Salty, and Eternz, to name a few, were all successful in raising money in 2024. The founder and managing partner of Rukam Capital, Archana Jahagirdar, stated that shifting Indian women’s fashion trends are what stimulate investor interest in the jewellery market.
Weddings and festivals were the traditional occasions for wearing jewels, but now days, with a wider range of events, even daily wear has changed. The growing trend of Indian ladies dressing in Indo-Western or Western attire is driving the demand for various jewellery styles. In this market, developing brands is also becoming more and more important, she said, both at the higher and lower price points.
How Nek will Operate?
Jar, which was founded in May 2021 by Misbah Ashraf and Nishchay, enables users to invest modest sums of money they save from internet transactions in digital gold. Afterwards, users can liquidate or withdraw this as actual gold.
Jar will now provide users with the ability to turn this digital gold into jewellery directly from the platform via Nek. Nek has no intention of diversifying into other consumer categories and will only concentrate on jewels.
Jahagirdar went on to say that one of the most accurate methods to determine whether a plan is working is to look at the top line, or how quickly a vertical is developing without going over budget.
Current Competitors
Market analysts believe that in order to attract the interest of younger consumers, historical brands like Tanishq and Jar’s Nek as well as challengers like CaratLane, Bluestone, and Giva will need to move cautiously and carve out a niche. The primary revenue generator for the business will remain to be the core vertical, where Jar provides investments in digital gold, accounting for at least 50% of total income. Earlier in the year, Nishchay announced on social media that Jar’s ARR had surpassed $20 million (INR 168 crore).
Up to FY22, the business was in the pre-revenue stage. After beginning to monetise its user base in FY23, Jar’s revenue was INR 8.7 crore. Nevertheless, it reported a INR 123 crore loss due to rising marketing and branding costs associated with bringing on new clients.
AI and electric vehicle concept is getting really popular around the globe. As the people are getting more aware about sustainability and its long term value, they are opting for more solutions and products that are friendly to the environment. Stretching on the same line and within the framework of the MG Developer Program (MGDP) Season 5.0, JSW MG Motor India unveiled the acceleration of seven companies with an emphasis on artificial intelligence (AI) in electric mobility on 11 September 2024.
With ecosystem partners on board, the MGDP initiative fosters innovation in the rapidly developing field of artificial intelligence in electric mobility.
Seven Startups
Startups
Deliverables
Anuvega Powertronics
A supplier of drivetrain and power electronics products
Aselector Technologies
A platform powered by AI for process and customer experience
improvement
Emerging Technologies
Focusing on improving efficiency and safety in the automotive sector
Gudlyf Mobility
A deep tech business that focuses on energy storage
Power Jet
EV Urjaa
Ravity
A mobility management platform integrated with AI
Vocbot AI
An AI-powered, SaaS-based contact centre that is multilingual
Investigating AI’s Potential for Transformation
The MGDP Season 5.0 subject, AI in Electric Mobility, invites digital startups to investigate how AI may revolutionise everyday life and corporate processes. The seven businesses will create ongoing research and pilot programmes in the upcoming months, opening the door for innovative and useful solutions that combine artificial intelligence and electric mobility.
Collaborating with Manthan and Startup India
In order to strengthen the program’s impact, JSW MG Motor India collaborated with Startup India and Manthan (the Government of India’s Office of the Principal Scientific Adviser), which started in early 2024.
Important support was given by a consortium that included AWS, Exicom, Lohum, and DRIIV (Delhi Research Implementation and Innovation), which encouraged cooperation and creativity within the startup community.
The company is unwavering in its dedication to innovation and teamwork in the electric transportation sector. According to Gaurav Gupta, Chief Growth Officer, JSW MG Motor India, “the MG Developer Program and Grant act as catalysts, enabling startups to create AI solutions that tackle the difficulties and possibilities posed by this rapidly evolving mobility landscape.”
Through the provision of resources, mentorship, and a nurturing atmosphere, the firm is fostering a new generation of innovators who will use artificial intelligence to design India’s future in electric transportation. “We look forward to seeing the growth of these businesses and their beneficial impact on the Indian automotive industry as JSW MG Motor India continues to invest in technological innovation and developing opportunities in the AI field,” Gupta continued.
Nitin Konde
