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  • Polestar Solutions: Driving Business Transformation with AI & Analytics Innovation

    The AI and analytics industry is growing quickly, changing how businesses work. Companies are adopting AI to improve efficiency, make better decisions, and stay competitive. By 2030, the global AI market is expected to reach $826.73 billion, with a CAGR of 27.67% from 2025 to 2030.

    One company making an impact in this space is Polestar Solutions & Services. Founded in 2012, it helps businesses use data, analytics, and cloud technology to improve their operations. With customised solutions, it supports companies in making smarter decisions and achieving long-term success.

    In this article, learn more about Polestar Solutions, its founders, business and revenue model, funding, challenges, and more.

    Polestar Solutions – Company Highlights

    Company Name Polestar Solutions and Services India Pvt. Ltd.
    Headquarters Dallas, Texas
    Sector AI & Analytics, Business Consulting & Services
    Founder Chetan Alsisaria, Amit Alsisaria, Ajay Goenka
    Founded 2012
    Website polestarllp.com

    Polestar Solutions – About

    Founded in 2012 with a clear vision of helping organisations harness the power of their data, Polestar Solutions has continuously evolved. While its foundation was in data management and analytics, the company recognised early on that the future lay in AI and intelligent automation.

    Today, the company is at the forefront of what it calls “intelligent enterprise transformation.” It is not just another analytics company but it is, building and delivering an ecosystem of analytics platforms with pre-packaged AI capabilities and autonomous agents that help businesses leapfrog years of traditional digital transformation.

    What sets Polestar Solutions apart is its ability to combine deep industry expertise with cutting-edge AI innovation. With a client base of over 300 global organisations, ranging from Fortune 1000 companies to ambitious startups, each engagement reaffirms the company’s belief that the future belongs to organisations that can rapidly deploy intelligent solutions.

    Polestar Solutions – Industry

    Polestar Solutions operates in a rapidly expanding market. The global data analytics market is projected to exceed $300 billion by 2030, while the global AI market is expected to reach $1.3 trillion by 2032. Notably, while 55% of organisations are using AI in at least one function, only around 30% have integrated it across multiple business units.

    The company’s focus sectors—CPG, retail, manufacturing, and pharmaceuticals—are at a critical inflection point, transitioning from experimental AI projects to enterprise-wide implementations. Collectively, these industries are expected to invest over $215 billion in AI and analytics solutions by 2026 (IDC), presenting a significant opportunity for specialised providers like Polestar Solutions.

    Looking ahead to the next five years, several transformative trends are shaping the industry. Enterprise AI is shifting from experimental to mission-critical applications, traditional BI is being reimagined with generative AI capabilities, and there is an increasing demand for industry-specific, pre-built AI solutions—precisely where Polestar Solutions is positioning itself.

    In terms of growth strategy, the company maintains a clear and measured approach. While the AI and analytics sector is expanding rapidly, Polestar Solutions prioritises focus and consistent value delivery. The company aims to capture approximately 1% of the market share in its focus industries through its specialised AI platforms and solutions—a significant opportunity given the market size. By 2034, Polestar Solutions envisions becoming the preferred partner for autonomous intelligence solutions in these sectors, with a projected client base of over 1,000 enterprise customers who view it as integral to their AI transformation journey.

    Polestar Solutions – Founders and Team

    Polestar Solutions Founders - Amit Alsisaria, Chetan Alsisaria, and Ajay Goenka (left to right)
    Polestar Solutions Founders – Amit Alsisaria, Chetan Alsisaria, and Ajay Goenka (left to right)

    The idea for Polestar Solutions emerged from a shared vision between Chetan Alsisaria, Amit Alsisaria, and Ajay Goenka. Observing businesses struggling to implement effective analytics strategies, the trio leveraged their combined expertise—Amit’s proficiency in business operations and Ajay’s financial management skills—to bridge this gap. What began in a family storage room has since evolved into a global enterprise, marked by a successful rebranding, fundraising efforts, and a decade of growth.

    Amit Alsisaria, Co-Founder and Executive Director, leads business operations while overseeing the company’s strategic direction. Before embarking on his entrepreneurial journey, he successfully delivered analytics solutions for Fortune 500 clients worldwide. His tenure at Accenture Consulting saw him providing consulting solutions across 20 countries, specialising in supply chain planning, inventory optimisation, and business process analysis. Amit is an alumnus of DTU and IIT Bombay.

    Ajay Goenka, Co-Founder, CFO, and Executive Director, brings over 24 years of experience, including nearly 18 years in the Indian capital market. He has played a pivotal role in establishing Polestar’s financial and human resource practices. Before co-founding Polestar, he was instrumental in setting up capital market operations for CitiBank Wealth Advisors in India and later led wealth operations for JM Financials, one of India’s top five wealth service providers. A qualified Chartered Accountant, he was also a member of the ICAI Committee for Technology Initiatives, reflecting his ability to excel across multiple domains.

    Chetan Alsisaria, CEO and Executive Director, focuses on identifying strategic growth areas and building partnerships to strengthen Polestar’s data analytics and enterprise performance management offerings. Before founding the company, he worked with leading consulting firms such as PricewaterhouseCoopers, Deloitte, and Ernst & Young. He is an alumnus of Jadavpur University.

    Polestar Solutions currently has a team of approximately 650 professionals across seven locations, with plans to expand significantly in the United States. The company’s hiring strategy emphasises a diverse talent pool, incorporating engineers, mathematicians, and statisticians while balancing experienced professionals with fresh perspectives from top institutions.

    A unique aspect of Polestar’s hiring approach is its three-stage evaluation process, designed to identify individuals capable of driving innovation in AI and analytics. The first stage assesses core technical skills and problem-solving abilities, followed by an in-depth evaluation of domain expertise. The final stage involves personality assessments to ensure cultural alignment with the company’s collaborative and innovation-driven ethos.

    This structured approach enables Polestar to build teams that not only possess technical expertise but also bring diverse perspectives and problem-solving capabilities, crucial for delivering cutting-edge AI solutions. The company maintains strong ties with academic institutions, allowing it to attract passionate technologists who understand the broader impact of data and AI transformation.

    Polestar Solutions – Startup Story

    The inspiration behind Polestar Solutions stemmed from recognising a gap in the market for customised data analytics solutions. In 2012, businesses were collecting vast amounts of data but struggled to translate it into actionable insights. Identifying this opportunity, Polestar Solutions set out to develop tailored, industry-specific solutions to help organisations unlock the true potential of their data.

    To validate this idea, the company conducted extensive market research, engaging with industry experts, business leaders, and potential clients. Their feedback confirmed the need for smarter, more personalised enterprise solutions. While early mentors and clients were generally supportive, some expressed caution about the complexity of implementation. This insight shaped Polestar Solutions’ commitment to developing powerful yet easy-to-integrate solutions.

    With a background in consulting, the founders were deeply passionate about addressing these challenges. As mobile applications and transactional systems matured, they recognised data as the next frontier in business transformation. Understanding its pivotal role in reshaping industries, this passion ultimately led to the creation of Polestar Solutions.

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    Polestar Solutions – Vision and Mission

    At its core, Polestar Solutions’ vision is built around two transformative goals. First, the company is committed to developing robust, enterprise-grade data and AI infrastructure that serves as the foundation for intelligent decision-making. In the immediate term, its focus is on empowering organisations with AI-driven analytics applications and accelerators that make advanced decision-making both accessible and impactful.

    However, its long-term vision is even more ambitious. Polestar Solutions aims to foster true analytics-driven cultures within organisations, particularly in sectors such as CPG, retail, manufacturing, and pharmaceuticals. The goal is to democratise access to data and AI capabilities across every level of the enterprise, ensuring that intelligent insights reach every decision-maker, from the boardroom to the frontline.

    What truly sets Polestar Solutions apart is its approach. The company believes that technology implementation alone is not enough—it is about creating a lasting impact. This philosophy is embedded in its business model, which is designed to understand and address the unique challenges of each industry it serves. While many companies discuss digital transformation, Polestar Solutions takes a different path. Its vision is to become the premier partner that not only implements solutions but actively reshapes how businesses operate in the AI-first era.

    True transformation happens when AI and analytics capabilities permeate an organisation. Polestar Solutions is not merely building tools; it is enabling a future where data-driven decision-making becomes second nature for enterprises.

    A guiding principle for the company is simple—it measures success through its clients’ achievements. Every decision, from investing in new AI capabilities to designing industry-specific platforms, is driven by a single question: Will this help clients thrive in a rapidly evolving business landscape?

    Polestar Solutions Logo
    Polestar Solutions Logo

    The name Polestar has a meaningful connection to the company’s mission. Just as the North Star, or Polaris, has guided travellers for centuries, Polestar Solutions aims to be a constant guiding force for enterprises navigating the complex world of data and AI. The focus is not on being the brightest star but on being the most reliable point of reference—an essential quality in today’s noisy technology landscape.

    In 2022, Polestar Solutions underwent a significant brand evolution to reflect its transformation from a data analytics company to an AI-first enterprise solutions provider. This evolution is captured in the company’s new logo, which features a stylised Polestar replacing the letter ‘A’ in its name. This was not merely a design choice but a representation of Polestar’s role as a steady guide in an increasingly complex digital world.

    The geometric design of the logo tells its own story. Referred to as the ‘connected star,’ each point symbolises the connection between people, technology, and possibilities. The simplicity of the design, combined with the deliberate use of uppercase letters, presents a bold and confident stance while remaining approachable. This visual representation underscores Polestar Solutions’ commitment to making advanced technology both accessible and impactful.

    Polestar Solutions – Products/Services

    Polestar Solutions’ journey is centred on transforming how enterprises leverage data and AI. Established in 2012 with a simple yet powerful vision—to help businesses unlock the true potential of their data—the company aimed to be more than just another analytics provider. Instead, it set out to become a trusted, go-to partner for the enterprises it serves, a commitment reflected in its repeat business ratio of approximately 90%.

    Founded by Chetan Alsisaria, Amit Alsisaria and Ajay Goenka, Polestar Solutions initially operated as a traditional business intelligence firm. However, it quickly recognised that the future of data was not merely about analysis but about evolving with the market to create intelligent, predictive solutions capable of fundamentally transforming business operations.

    A pivotal shift occurred between 2020 and 2021 when the company identified the massive potential of AI. Transitioning from a pure-play analytics firm to an AI-first solutions provider, Polestar Solutions moved beyond delivering dashboards to developing autonomous intelligence platforms designed to revolutionise enterprise decision-making.

    The company specialises in industry-specific AI platforms that combine deep domain expertise with cutting-edge technologies such as Large Language Models, multimodal AI, and autonomous agents. In the CPG sector, for example, its solutions can predict consumer behaviour, optimise supply chains, and generate strategic insights in real-time.

    A key differentiator for Polestar Solutions is its Innovation Lab, which serves as more than just an R&D centre—it acts as a hub for future technologies. The company has assembled specialised teams focusing on data engineering and enterprise-grade generative AI implementations, integrating technology stacks from leading OEMs such as Microsoft, Databricks, Anaplan, AWS, and Snowflake. Its Gen-AI team, in particular, is at the forefront of developing the next generation of intelligent business solutions.

    Polestar Solutions serves a diverse range of clients, including Fortune 1000 companies, innovative startups, and government organisations across North America, APAC, ANZ, and the UK. However, its global presence is not merely about scale but about understanding unique industry challenges and delivering tailored AI solutions to meet them.

    Polestar Solutions – Business and Revenue Model

    Polestar Solutions’ revenue model is strategically structured across three key streams, enabling the company to meet diverse client needs while ensuring sustainable growth.

    The first stream is the solutions business, where Polestar offers pre-built, industry-specific AI and analytics platforms on a licensing model. These solutions, particularly in areas such as intelligence platforms like 1Platform, demand forecasting, revenue growth management, supply chain optimisation, and customer intelligence, deliver immediate value while creating recurring revenue streams.

    The second stream follows a managed project model for enterprise-wide transformations. In this approach, Polestar takes complete ownership of outcomes—from implementation to value realisation. This model is particularly effective for clients undertaking comprehensive AI and analytics initiatives where the scope and deliverables are clearly defined.

    The third stream operates on a time-and-material model for specialised engagements, particularly in emerging technologies such as generative AI and autonomous agents. This model provides clients with the flexibility to scale their teams while leveraging Polestar’s specialised talent pool.

    What makes this revenue model effective is the company’s ability to integrate these approaches based on client needs. For instance, a client may begin with a specific solution and later expand into a managed services engagement as their requirements evolve.

    Polestar Solutions – Launching Company Strategies

    Securing the first 100 customers was a key milestone for Polestar Solutions. The company initially utilised personal networks, industry connections, and referrals to establish its client base.

    Content marketing played an important role in building credibility, with a focus on thought leadership on LinkedIn and the publication of case studies. Additionally, Polestar adopted an outcome-based approach, delivering measurable results that built trust and led to further referrals.

    Email outreach also proved to be an effective tool for engaging potential clients. By maintaining a client-centric approach and consistently delivering value, Polestar successfully acquired its initial customers, laying the foundation for future growth.

    Polestar Solutions – Customer Growth and Retention Strategies

    Polestar Solutions’ growth is built on three key pillars.

    First, the company focuses on building strong and lasting client relationships, leading to a 90% repeat customer rate. Delivering transformative results has turned clients into advocates.

    Second, Polestar Solutions has established strategic partnerships with leading technology providers such as Qlik, Microsoft, Databricks, AWS, and Snowflake. These partnerships are not just about accessing technology but also about bringing advanced solutions to clients more efficiently.

    The third pillar, which has been crucial for exponential growth, is a scalable delivery framework. The company has invested heavily in building robust processes that allow it to scale without compromising quality. This includes establishing specialised teams across sales, delivery, and solutions development, each bringing unique expertise to clients.

    What’s particularly interesting about Polestar Solutions’ growth trajectory is how geographical expansion has been approached. Rather than simple linear growth, the company has focused on building different market sensibilities across regions – understanding that what works in North America might need a different approach in Europe, the UK, or APAC. This has helped exponentially increase the opportunity funnel.

    The company’s talent strategy has also evolved alongside its growth. Hiring is not just about adding numbers but about fostering innovation and solving real client problems. Teams are structured to rapidly prototype and deploy solutions, ensuring quality while scaling operations.

    Talking about marketing, the approach has been a little different. While typical enterprise services companies spend 10-15% of revenue on marketing, Polestar Solutions has maintained a more focused approach, investing 6-8% primarily in thought leadership and client success stories. This efficiency comes from a strong referral network – when a pharmaceutical client reduces operational costs by 30% through AI-driven optimisation or a retail client transforms customer experience using predictive analytics – those results naturally drive growth.

    Marketing investment is strategically allocated: about 30% goes to thought leadership and content creation, 40% to industry events and partnerships, and the remainder to digital presence and targeted campaigns. This lean approach has helped maintain a customer acquisition cost that’s viable, while sustaining high-quality growth.

    Looking ahead, Polestar Solutions is doubling down on what works – deepening technology partnerships, expanding the thought leadership platform, and most importantly, continuing to prioritise client success over rapid scaling. In the AI and analytics space, sustainable growth comes from building trust and delivering consistent value.

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    Polestar Solutions – Funding

    Date Stage Amount Investor Name
    Jan 2022 Series A NA Undisclosed

    Polestar Solutions raised an undisclosed amount in Series A funding from a US-based strategic investor in early 2022. This investment was driven by the company’s strong revenue growth, increasing traction across multiple segments and geographies, and the competitive advantage it has built over the years. Since then, the company has fueled its growth in the US and India, expanded its sales, customer success, and delivery teams, and scaled its services to meet the growing demand for data intelligence and actionable insights.

    Polestar Solutions further plans to strengthen its US presence, attract top talent, and deepen its reach in the markets it operates in. The journey to securing funding involved networking and strategic outreach, leveraging relationships with industry contacts, and participating in programs designed to connect high-growth companies with potential investors. While the process presented challenges, particularly around timing and identifying the right investor fit, the partnership has paved the way for accelerated growth and global expansion.

    Polestar Solutions – Startups Program/External Support

    Polestar Solutions’ early growth was significantly supported by programs like Microsoft for Startups (formerly BizSpark), which provided crucial resources such as product credits and software licenses. This assistance enabled the company to establish a strong foundation without requiring heavy initial infrastructure investments.

    Additionally, its OEM partnerships have evolved beyond just technology access. Leadership teams from these major technology brands have played a key role in the company’s growth journey—offering strategic guidance on market opportunities, refining solution offerings, and supporting expansion plans.

    Polestar Solutions – Challenges Faced

    The biggest challenge Polestar Solutions faced early on was establishing credibility and trust in a competitive market. As a young company, it had to prove itself, especially in new geographies like the U.S. This was overcome by focusing on delivering exceptional results from day one and building strong relationships with early clients, which led to referrals and repeat business.

    Marketing was also underestimated in the early years. It was not prioritised enough, and it took time to realise the value of having a structured marketing function. Once this was recognised, content marketing and SEO became key drivers in building awareness.

    Currently, the company is navigating the challenge of scaling operations efficiently while expanding into new markets. It is also working on enhancing AI capabilities and talent acquisition to stay ahead of the rapidly evolving tech landscape. However, perseverance has always been a core belief at Polestar Solutions—no matter how tough the challenges, the results have always been worth it.

    Polestar Solutions – Awards and Recognitions

    Polestar Solutions has received multiple accolades from industry bodies and mentions from analyst firms for its work. Some of these recognitions include:

    • Gartner Market Guide for Revenue Growth Management Solutions for Consumer Goods – 2024
    • Everest Group’s Leading AI & Analytics Services Company – 2024
    • GPTW – Great Place to Work certified (September 2024 – September 2025)
    • Newsweek Exemplar of Corporate Excellence – 2023
    • Financial Times – High Growth Companies (APAC): 5 Years in a Row
    • AIM PeMa Quadrant for Top Generative AI Services Providers – 2024
    • AIM’s Best 50 Firm for Data Scientists to Work – 2024
    • ISG Provider Lens for Specialty Service Provider – Supply Chain & Specialty Service Provider – Retail – 2024

    Beyond these industry accolades, two moments stand out as particularly significant for the company:

    • Response to the COVID-19 Pandemic: During the global crisis, Polestar Solutions prioritised employee well-being by offering flexible work options, mental health support, and ensuring safety across all geographies. The team’s resilience and unity during this challenging time remain a source of pride.
    • Recognition by the Prime Minister on Republic Day: The company was honoured when the Prime Minister of India acknowledged its work with the Government e-Marketplace (GeM) during his Republic Day speech. This recognition highlighted Polestar Solutions’ contribution to the digital transformation in the public sector, making it a truly special moment for the entire organisation.

    Polestar Solutions – Future Plans

    Polestar Solutions has identified three key initiatives that will shape its next 24 months.

    First, the company is launching ‘Industry Intelligence Platforms’—pre-built AI solutions tailored for specific industry challenges. It has already started rolling out solutions such as intelligent demand forecasting for CPG and predictive demand fulfilment AI agents for manufacturing, with more in the pipeline. Early results from pilot implementations have been highly promising.

    Second, Polestar Solutions is establishing an AI Co-Innovation Programme, where it partners with enterprises to co-create solutions. This initiative is being developed in collaboration with OEM alliances, allowing the company to merge its AI expertise with deep industry knowledge from partners. Several Fortune 500 companies are already engaged in this programme.

    Finally, the company is strengthening its global delivery capabilities, with a particular focus on the U.S. market. Specialised teams are being built around key technologies like generative AI and autonomous agents, ensuring rapid prototyping and deployment of solutions that deliver immediate business value within weeks rather than months.

    These initiatives are not just growth strategies—they are designed to build a sustainable model for enterprise AI adoption, benefiting Polestar Solutions, its partners, and clients alike.

    FAQs

    What does Polestar Solutions do?

    Polestar Solutions is a leading provider of AI and analytics solutions, offering services such as data analytics, enterprise performance management, and digital transformation consulting across various industries.

    Who are the founders of Polestar Solutions?

    Polestar Solutions was founded in 2012 by Chetan Alsisaria, Amit Alsisaria, and Ajay Goenka.

    What industries does Polestar Solutions serve?

    The company serves various sectors, including consumer packaged goods (CPG), retail, manufacturing, and pharmaceuticals, among others.

  • Pepperfry: Revolutionizing India’s Furniture Retail with Innovation and Growth

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    It was just a few years back when buying furniture was a tiring task. You have to either rush from one showroom to the other in search of a particular design or quality of furniture you are looking for, or you need to get it custom-made at higher costs and still be dependent on the carpenter or the shop. Even after running pillar to post and waiting for your product, you still might recollect being disappointed with the quality of the furniture, the design, or the costs, which were way too high.

    However, the process is much simpler now. You can now simply choose any piece of furniture you like online, get it delivered, and even get it assembled and installed at your leisure without any hassles. Owing to these benefits, the number of people opting for furniture online has increased.

    The furniture retail market, valued at $257 billion, is a growing e-commerce segment expected to surpass $430 billion in revenue by 2029. Pepperfry is one such company that is behind this growing popularity of online furniture shopping among Indians.

    Established in 2011, Pepperfry brings to you stylish and quality furniture with attractive EMI options. From electrical appliances to wall art, Pepperfry grants everything you need to make your apartment home and your home your dream one. Let’s have an insight into this startup that has successfully established itself as a signature of beautiful homes!

    Read more about Pepperfry Company Profile, Founders, Business Model, Funding, Competitors, Logo, Tagline, Growth, and more here!

    Pepperfry Company Details

    Startup Name Pepperfry
    Headquarter Mumbai
    Founders Late. Ambareesh Murty & Ashish Shah
    Sector Ecommerce
    Parent Organization TrendSutra Platform Services Pvt Ltd
    Website pepperfry.com

    About Pepperfry and How Pepperfry works
    Pepperfry – Industry
    Pepperfry – Founders/Owners and team
    How was Pepperfry Started?
    Pepperfry – Meaning / Tagline / Logo
    Pepperfry – Business Model and Revenue Model
    Pepperfry – Funding and Investors
    Pepperfry – Shareholding
    Pepperfry – IPO
    Pepperfry – Partnership and Tie-ups
    Pepperfry – Growth and Revenue
    Pepperfry – Financials
    Pepperfry – Acquistion
    Pepperfry – Awards
    Pepperfry – Startup Challenges
    Pepperfry – Campaign
    Pepperfry – Competitors
    Pepperfry – Future Plans

    Pepperfry – The Great Indian Home Makeover

    About Pepperfry and How Pepperfry Works

    The largest online furniture store in India, Pepperfry was founded in the year 2011 by Ambareesh Murthy and Ashish Shah. However, it was primarily established as a horizontal online marketplace that focused on fashion and lifestyle. Yes, it was the time when Flipkart was just another e-commerce startup, and Amazon didn’t hit the Indian markets. Profits initially came in well, but they stopped eventually, which led the company to abandon the earlier business and stick to a niche model involving the online selling of furniture and home furnishing products, which ultimately proved profitable.

    The brand Pepperfry now specializes in and deals with home decor segments like furnishing, lighting, kitchen appliances, housekeeping, bathing equipment, dining, and so on.

    This e-commerce company has a wide range of products that make for an amazing experience for the users. Their products and delivery mechanism have made them a leading brand in their category. The company has registered 7 million+ visits on its website every month, boasted of more than 4.5 million registered users and subscribers, and claims to have over 10,000 sellers on board.

    Initially, Pepperfry company started to provide products across multiple lifestyle categories, but after a year, in 2013, Pepperfry pivoted to find a niche in the category of selling only furnishings, home decor, and related products online. Headquartered in Mumbai, Pepperfry has also opened over 60 Pepperfry studios in 18+ Indian cities. These studios display a wide range of furniture so that customers can get a look and feel of the furniture before placing an order.

    In September 2018, Pepperfry launched a furniture rental service in Mumbai, Bengaluru, Delhi, Gurgaon, Hyderabad, Pune, Chennai, Noida, and Ahmedabad, despite Furlenco and Instamojo already having a lion’s share of the market. This service targets the urban population between the ages of 25 to 35 and is offering 1200+ products for rent for a period of 6, 9, or 12 months. In 2018, it also tied up with the online classifieds platform Quikr for a furniture exchange program.

    Pepperfry is particularly proud of its omni-channel capabilities, allowing the consumer to order anytime, anywhere, from any channel or device. This is possible through mobile and website presence, which allows consumers to switch easily between these media for any part of their purchase journey.

    Trendsutra Platform Services Private Limited is the parent company of Pepperfry. It now provides e-commerce products and offers discounted lifestyle products for retail sale through the Internet, including clothing, furniture, jewelry, personal care items, and home decor products.

    Pepperfry – Industry

    The global furniture industry is projected to grow at a 6% CAGR from 2021 to 2030, reaching $872.5 billion by 2030. India accounted for 1.12% of global furniture exports in 2022, valued at $3.5 billion, growing at a 15% CAGR (2018-22). In 2022, India’s share in U.S., Germany, and U.K. furniture imports stood at 2.48%, 1.99%, and 1.66%, respectively. Meanwhile, India’s wood exports surged 2.53x, from $246 million (2013-14) to $623 million (2022-23). As per Statista, In 2025, the Furniture market in India is projected to generate a revenue of INR $6.19 billion.

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    Pepperfry – Founders/Owners and team

    Ambareesh Murty and Ashish Shah are the founders of Pepperfry.

    The Pepperfry Team
    Pepperfry founders and team

    Pepperfry co-founders Ambareesh Murty and Ashish Shah were colleagues from eBay.

    Ashish Shah

    Pepperfry CEO Ashish Shah has an Advanced Diploma in Materials Management from the Institute of Management Technology, Ghaziabad. He has a degree in chemical engineering from the University of Pune. Ashish began his career by joining Tradox Pigments & Chemicals as their Branch Sales Manager in 1998 and later worked in companies like ChemB.com India, C1 India Pvt Ltd, Baazee.com, and lastly eBay, where he looked after the sales and operations for eBay India before starting Pepperfry.

    Ambareesh Murty

    Ambareesh Murty served as the CEO of Pepperfry until the unfortunate passing of the CEO, after which Ashish Shah was appointed as the company’s new CEO. Ambareesh Murty held an MBA degree from IIM Calcutta and had a distinguished career with prior roles at Cadbury, ICICI Prudential, and Britannia. He served as the Country Manager of eBay India, the Philippines, and Malaysia and concurrently held the position of Vice Chairman at the Internet and Mobile Association of India (IAMAI).

    The other core members of the team are Sanjay Netrabile, who is the Chief Technology Officer (CTO) of Pepperfry, and Kashyap Vadapalli, who has been serving as the Chief Marketing Officer (CMO) and Business Head.

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    How was Pepperfry Started?

    Ambareesh Murty, Ashish Shah, and Niren Shah, all of whom were former eBay India personnel, met over lunch once in 2011 at Niren Shah’s Nariman Point office in Mumbai. Murty was then the country manager for eBay India, and Ashish Shah led the motors and social shopping departments of the office; Niren Shah had already taken an exit from the company in 2007 and joined the investment firm Norwest Venture Partners as the managing director.

    During their lunch that day, Murty and Ashish Shah decided to present their plans for launching a lifestyle e-commerce venture that would revolve around paper napkins to Niren Shah, who loved the idea instantly. This lunch meeting came to be the genesis of the Pepperfry furniture marketplace, and the home decor platform.

    The founder duo, Murty and Shah, decided to start up in early 2011. It was then that they tried maintaining their LinkedIn profiles accordingly, the first step of which was making their profiles read “starting up”. Soon after, they became a team of six, and the company, which was relying on the personal equity of the founders, had now officially committed a sum of $5 million from some VCs. Though the deal was on the term sheet, it didn’t materialize in this case.

    There was a time when the brand lacked a brand name and funding, and on the other hand, the founders had already invested all of their life’s savings and were peculiarly stranded. However, Murty and Shah didn’t lose hope, they instead persuaded their whole time of 25 people to go to Goa on a holiday. This was a daunting step indeed along with being an interesting one, where the founders didn’t want to miss out on the last opportunity to enjoy.

    The silver lining followed eventually in the form of the Series A funding round that helped Pepperfry raise around $5 million. This instilled waves of passion and motivation in the team, and the company never had to look back since then.

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    During the initial phase, both the co-founders were clear with their startup ideas
    but were confused with the selection of the name. While thinking of many names
    that popped up in their mind they narrowed it down to “Pepper” to give it an Indian touch and then added “fry” to the name to further make it interesting.

    Although the name seemed to be of a restaurant or food startup, they started to take advice from the built businesses on the name and recorded their interviews. This way they figured out a way to explain the name of the brand and their work through videos on ‘Pepperfry TV’.

    Pepperfry Logo
    Pepperfry Logo

    “When we were hunting for a good name, we asked ourselves what’s truly Indian? We came up with spices. Hence pepper. It’s truly Indian! We added fry to bring fun element. But it was sounding like a foodie brand. So we went and talked to folks who have built successful foodie business. We interviewed owner of Britannia Restaurant (famous Parsi joint), Bade Miyan etc and we asked them how they built business, what pepperfry means to them. We made videos of these and Pepperfry TV is a way for us to explain who we are” Pepperfry owner Ambareesh Murty said in an interview with nextbigwhat.com

    Through the name, the founders want to reflect on the fact that the company’s business attitude was fun, being Honest, and staying Indian.

    Pepperfry’s tagline, ‘Happy Furniture to You’ is a representation of their ultimate goal to make their customers happy through their products and services.

    Pepperfry – Business Model and Revenue Model

    Pepperfry company works on a Managed Marketplace Business Model wherein small and medium businesses, artisans, and merchants sell their merchandise through the company.

    Pepperfry’s category team meets the sellers, and after proper checking, they procure selected products from the sellers. The products are then taken to studios for photoshoots. The photos of the products are then cataloged and placed on the website. Once a product is sold, it is brought from the sellers to Pepperfry’s warehouse, where the quality of the product is checked, and the product is packed and dispatched to the customer.

    Currently, Pepperfry is working with 10,000+ merchant partners who sell their products all over India.

    In the year 2014, the company had some variations in its business model. Along with its website and application, Pepperfry opened its retail stores under the name Pepperfry Studios. The company has to date delivered its products in more than 500 cities and is still expanding its presence in the market

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    to Win

    Pepperfry – Funding and Investors

    Pepperfry has raised a total of $305.3 million to date (September 2023). The last funding was on September 5, 2023, in the amount of $23 million from an undisclosed investor.

    The summary and details of the funding round for Pepperfry are as follows:

    Date Stage Amount Investors
    September 5, 2023 Funding Round $23 Million –
    November 23, 2021 Debt Financing $40 Million Norwest Venture, General Electric Pension Trust and others
    February 12, 2021 Debt Financing $4.69 Million InnoVen Capital
    February 10, 2020 Series F $40 Million Pidilite Industries Limited
    February 7, 2020 Series F $3 Million –
    March 7, 2018 Series E $33.55 Million State Street Global Advisors
    September 21, 2016 Series E $31 Million Bertelsmann India Investments, Zodius Capital, Norwest Venture Partners & Goldman Sachs
    July 27, 2015 Series D $100 Million Bertelsmann India Investments, Norwest Venture Partners & Goldman Sachs
    May 27, 2014 Series C $15 Million Bertelsmann & Norwest Venture Partners
    April 2, 2013 Series B $8 Million Norwest Venture Partners
    December 12, 2011 Series A $5 Million Norwest Venture Partners

    Pepperfry – Shareholding

    Pepperfry’s shareholding pattern as of March 2024, sourced from Tracxn:

    Pepperfry Shareholders Percentage
    Ashish Shah 1.2%
    Norwest Venture Partners 26.1%
    General Electric 11.7%
    Pidilite Ventures 2.5%
    Growth Equity Opportunity Fund 1.1%
    Ananta Capital 0.9%
    Panthera 3.3%
    Bujorjee Family 0.2%
    Mukesh Sharma Family Trust 0.2%
    DSP Mutual Fund 0.4%
    Puri Family Trust 0.1%
    Farida Khambata Family Trust 0.1%
    Vedantam Family 0.1%
    Lannuccillo Family Trust < 0.1%
    Aarin Capital < 0.1%
    Karen Jenkinsjohnson Family Living Trust < 0.1%
    Stonebridge 0.6%
    Dhanvallabh Ventures 0.2%
    Broad Street Investment 18.4%
    Erste Wv Gutersloh 16.4%
    Vsd Holdings and Advisory 0.2%
    Bisleri 0.1%
    Ansuya Mody 0.1%
    Redi port 0.1%
    Brandon 0.1%
    ACE 0.1%
    Mehratex 0.1%
    Mapro Foods < 0.1%
    Mbd Bridge Street 3.2%
    Indiblu Investment 0.9%
    Chhaya Assetline 0.2%
    Charishma Hotels < 0.1%
    Zanvar Group < 0.1%
    Prachiexports –
    MMG Advisors –
    Trendsutra Cayman –
    Angel 2.9%
    Other People 3.6%
    ESOP Pool 4.6%
    Total 100.0%
    Pepperfry Shareholding
    Pepperfry Shareholding

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    Pepperfry – IPO

    Pepperfry has delayed its IPO plans to focus on growth and profitability in the current fiscal. Founded in 2012 the company became a public entity in 2022 and initially aimed to raise $250-300 million through its listing.

    Pepperfry – Partnership and Tie-ups

    In July 2018, Pepperfry tied up with an online marketplace for pre-owned furniture Zefo to provide customers with an opportunity to sell their old furniture to Zefo in exchange for Pepperfry gift cards through the ‘Exchange Your Furniture’ service. These gift cards are redeemable against purchases made on Pepperfry.

    Pepperfry also launched the ‘Privilege programme’ by partnering with about 1,400 architects and interior designers to widen its customer reach. The programme is expected to host 10,000 partners by the end of 2018.

    Moreover, Pepperfry also partnered with Rajasthan Royals for IPL 2015 to promote its brand name and also to increase user engagement and sales.

    Pepperfry – Growth and Revenue

    Pepperfry is one of the budding online furniture retailers, but the total market share of the company was estimated at a mere 3.5% of the total market size of $20 billion by Redseer. By the end of 2026, the overall furniture market in India is estimated to grow to $37.72 billion, and with a market size of around 3.5%, Pepperfry is likely to grow to $1.32 billion by that time.

    Pepperfry claims to have 21+ distribution centers and a fleet of over 400 vehicles. Pepperfry now has 1 million+ home products, ranging from coffee tables and beds to bedsheets and lamps, and delivers to more than 500 cities in India. The company owns 14+ warehouses across the country. They say that their Padgha warehouse, located north of Mumbai, is India’s largest.

    Some more growth highlights of Pepperfry are:

    • It owns 73+ showrooms
    • Pepperfry boasts of having 140+ studios through its franchise programme
    • Pepperfry is backed by India’s leading adhesive company, Pidilite

    Pepperfry has already turned into a public company on May 20, 2022, and is all set to go public. The new name of Pepperfry is Pepperfry Limited, and its conversion to a public entity has been passed by the board of directors of the company.

    Pepperfry – Financials

    Particulars FY23 FY24
    Operating Revenue INR 272 Crore INR 189 Crore
    Total Expenses INR 474 Crore INR 327 Crore
    Profit/Loss INR -188 Crore INR -117.5 Crore
    Pepperfry Financials
    Pepperfry Financials

    Pepperfry continues to struggle with growth, experiencing its second straight year of revenue decline. Following a 10% drop in FY23, the Mumbai-based company saw a steeper 30% year-on-year decline in operating revenue for FY24.

    As per its consolidated financial statement filed with the Registrar of Companies (RoC), Pepperfry’s revenue from operations fell to Rs 189 crore in FY24 from Rs 272 crore in FY23.

    Pepperfry Revenue Breakdown:

    Revenue Stream FY24 FY23
    Revenue from Operations INR 188.9 crore INR 272.4 crore
    Other Income INR 20.3 crore INR 18.0 crore
    Total Revenue INR 209.2 crore INR 290.4 crore

    The revenue from operations declined by approximately 31% from INR 272.4 crore in FY23 to INR 188.9 crore in FY24. Other income showed a slight increase of about 12.8% during the same period.

    Pepperfry Expense Breakdown:

    Expense Category FY24 FY23
    Employee Benefit Expenses INR 60.6 crore INR 86.2 crore
    Marketing Expenses INR 58.6 crore INR 106.2 crore
    Miscellaneous Expenses INR 46.2 crore INR 63.6 crore
    Total Expenses INR 326.7 crore INR 474.1 crore

    In FY24, employee benefit expenses decreased by approximately 29.7% to INR 60.6 crore from INR 86.2 crore in FY23. Marketing expenses saw a significant reduction of about 44.8%, and miscellaneous expenses declined by 27.3% during the same period.​

    EBITDA

    Due to controlled expenses, Pepperfry reduced its losses by 37.5%, bringing them down to INR 117 crore in FY24 from INR 188 crore in FY23. The company reported a Return on Capital Employed (ROCE) of -57.94% and an EBITDA margin of -20.79%. On a unit level, Pepperfry spent INR 1.73 to generate INR 1 in revenue during FY24. The Mumbai-based firm had total current assets of INR 141 crore in FY24, including INR 78 crore in cash and bank balance.

    Pepperfry FY23 FY24
    EBITDA Margin -31.59% -20.79%
    Expense/₹ of Op Revenue ₹1.74 ₹1.73
    ROCE -116.36% -57.94%
    Cash and Bank Balances ₹26 ₹78
    Current Assets ₹100 ₹141

    Pepperfry – Acquistion

    Pepperfry has acquired one company to date (August 2022).

    • The company acquired Brandmakerr on August 24, 2022.

    Pepperfry – Awards

    • Pepperfry was conferred the “2012 Red Herring Asia Top 100” award, which honored the most promising private tech ventures from Asia.
    • Pepperfry also won “Pure-Play e-Retailer of the Year” at the Indian e-Retail Congress 2014, which recognized outstanding performance and innovation in retail.
    • Pepperfry won the gold award at the Neons for Best Creative under the category of retail advertising for its outdoor campaign, ‘Happy Furniture to You’.

    Pepperfry – Startup Challenges

    Pepperfry already faced enough challenges involving funds even before it came up with a name. The next big challenge was the logistics. Furniture is not something like pizza that they just have to pick up from the nearest place and deliver to the customer. A small scratch can spoil the whole beauty of the furniture. Initially, the company hired third-party service providers for logistics. However, the services provided by these third-party vendors were pathetic.

    As revealed by the founders, sometimes the third-party delivery agents even abandoned the ordered items in the lobbies of buildings if they did not fit in the elevator. All these led Pepperfry to begin its own in-house logistic services to get the products delivered timely and intact.

    Ashish says that now Pepperfry’s damage rate between production and delivery to the customer is just 2%, while the global average is 6%.

    Apart from all these challenges, building a niche market for furniture and furnishings and shifting the entire unorganized market online is itself a feat!

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    Pepperfry – Campaign

    Pepperfry – Campaign

    Kuch Apne Liye, Kuch Apno Ke Liye

    The TVC that opens the campaign features a father-and-daughter team competing over the one armchair that sits in the finest WiFi spot in the home while exchanging clever barbs. When the father realizes he is going to lose, he declares a truce and gives his daughter another recliner for Diwali, putting it next to his own. With its Diwali offer and its underlying story of “Thoda apne liye, thoda apnon ke liye,” Pepperfry, therefore, steps in to save the day.

    Pepperfry – Competitors

    Pepperfry’s competitors in the furniture segment are:

    • Livspace to name a few.
    • Homelane
    • Urban Ladder
    • GoRootz

    Furthermore, the furniture rental platforms that pose fierce competitors to Pepperfry are:

    Another looming concern is the entry of the world’s largest furniture retailer, Ikea. The Swedish retailer began its operation in India in 2018. Ikea also has a gripping backstory of rags-to-riches involving its founder Ingvar Kamprad.

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    Pepperfry – Future Plans

    The brand is currently operating in almost 100 cities and plans to expand to about 150 cities within this timeframe.

    Shubbam Sharrma, Chief Growth Officer at Pepperfry, stated, “Our primary focus is to accelerate offline growth by opening more franchise stores and partnering with the right collaborators.

    The company has already achieved remarkable success and has added value to
    the furniture and home décor industry. The company has recently added
    augmented reality (AR) features by which the customers can virtually place the products in their homes and then make decisions. The company plans to utilize
    such technological advancements to continue in the future as well. Pepperfry has
    been able to achieve the trust of the customers which led the company to stand
    on top in India.

    Pepperfry is currently curating products from the leading manufacturers of furniture and home décor items in 2021, and the company is eyeing to go after the local and regional furniture manufacturers as well to add more variety to its collection. The company is also planning to partner with many local and regional players in the future.

    FAQs

    What is Pepperfry?

    Pepperfry is an omnichannel furniture retailer in India, selling online and through offline studios. It operates on a marketplace model, offering furniture, home décor, and related services.

    Who is the Founder/owner of Pepperfry?

    Pepperfry co-founders are Ambareesh Murty and Ashish Shah. The parent company of Pepperfry is Trendsutra Platform Services Private Limited.

    What is the Tagline of Pepperfry?

    Pepperfry’s tagline “Happy Furniture to You” is a representation of their ultimate goal to make their customers happy through their products and services.

    Is Pepperfry Indian Company?

    Yes. Pepperfry is headquartered in Mumbai, India.

    How long does Pepperfry take to deliver?

    In Mumbai, the delivery is done within 24 hours. Pepperfry has brought down the delivery time from 25 days to almost 11 days now. The delivery vehicles are highly customized and are padded from the inside to prevent scratching.

    Does Pepperfry assemble furniture?

    Yes, Pepperfry happily assembles the furniture at the property of the customers without any charges. Besides, they also offer free servicing for almost a year on selected products.

    Is it safe to buy from Pepperfry?

    Pepperfry is a reliable site to order furniture items online. This e-commerce company has a wide range of products that make for an amazing experience for the users. The products and delivery mechanism have made them a leading brand in their space.

    What is Pepperfry business model?

    Pepperfry follows an omnichannel business model, selling furniture online and through offline studios. It operates on a marketplace model, connecting customers with third-party sellers. The company also offers house brands, furniture rentals, and interior design services. Revenue comes from product sales, commissions, and services.

    Which is Pepperfry parent company?

    Trendsutra Platform Services Private Limited is the parent company of Pepperfry.

    What is Pepperfry tagline?

    Happy Furniture to You is the tagline of Pepperfry.

  • Zetwerk: How It Is Transforming Manufacturing with Speed, Precision, and Cost Efficiency

    The logistics and supply chain industries have several elements that are linked to each other to ensure a smooth flow of productivity. The supply chain industries are evolving with the use of the right technology and other methods.

    The supply chain industry has always been a complex subject and of keen importance to the efficient operation of an enterprise. One such company called Zetwerk in India is one of the leading providers of end-to-end manufacturing supply chain services to cater to their customers’ needs.

    Let’s discover everything about Zetwerk’s growth over the years: founders, business model, revenue model, funding, valuation, and a lot more.

    Zetwerk Company Profile

    STARTUP NAME ZETWERK
    Headquarters Bangalore, Karnataka, India
    Sector Industrial Machinery Manufacturing
    Founder Vishal Chaudhary, Amrit Acharya, Srinath Ramakkrushnan, and Rahul Sharma
    Founded 2018
    Valuation $3.1 billion (December 2024)
    Website zetwerk.com

    About Zetwerk
    Zetwerk – Industry
    Zetwerk – Founders and Team
    Zetwerk – Startup Story
    Zetwerk – Mission
    Zetwerk – Name and Logo
    Zetwerk – Service
    Zetwerk – Business Model
    Zetwerk – Revenue Model
    Zetwerk – ESOP
    Zetwerk – Challenges Faced
    Zetwerk – Funding and Investors
    Zetwerk – Shareholding
    Zetwerk – Acquisitions
    Zetwerk – Growth
    Zetwerk – Financials
    Zetwerk – Partnership
    Zetwerk – Awards and Achievements
    Zetwerk – Competitors
    Zetwerk – Future Plans

    About Zetwerk

    Zetwerk, based in Bangalore is a supply chain management company that engages in connecting with manufacturers to give customized results. This Bangalore-based company provides end-to-end manufacturing solutions to help customers reduce costs, optimize suppliers, and execute production in a fast-paced manner.

    The company also has partners worldwide who deal in capital goods and consumer goods categories and offer a full spectrum of manufacturing services.

    Zetwerk – Industry

    The Statista analysis indicates that there is significant growth potential for the Machinery and Equipment market. Value added is anticipated to rise at a compound annual growth rate (CAGR) of 8.68%.

    Furthermore, the projection projects that the market’s output will reach US $60.43 billion in 2024, growing at a predicted CAGR of 2.11% between 2024 and 2028. These numbers highlight an upward trend in value-added and total output, pointing to a bright future for the machinery and equipment industry.

    Zetwerk – Founders and Team

    Srinath Ramakkrushnan, Amrit Acharya (Co-Founder and CEO), Vishal Chaudhary, and Rahul Sharma are the Co-Founders of Zetwerk
    Srinath Ramakkrushnan, Amrit Acharya (Co-Founder and CEO), Vishal Chaudhary, and Rahul Sharma – Zetwerk Founders

    Vishal Chaudhary

    Vishal Chaudhary is the Co-Founder of Zetwerk. He is an alumnus of IIT, Kharagpur in Chemical Engineering. He started his career working as a Project Manager at ITC working as a Lead and then Organisation & Business Engine at RIVIGO.

    Amrit Acharya

    Amrit Acharya is the Co-Founder and CEO of Zetwerk company. Holding a degree in electrical engineering from IIT, Madras. During his career growth, Amrit has been associated with many companies. Before starting Zetwerk, he worked at Robert Bosch, Avaya, ITC, McKinsey & Company, Foundation Capital, and Monsanto Growth Ventures.

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    Srinath Ramakkrushnan

    Srinath Ramakkrushnan is the Co-Founder of Zetwerk. Srinath holds a bachelor’s degree from IIT, Madras in Mechanical Engineering. Before venturing to become the co-founder of Zetwerk, Srinath has been associated with industries. Some of them are General Motors, Acumen Fund, Selco India, Austrian Energy & Environment (Now Acquired by Doosan), ITC Limited, and BlackBuck (Zinka Logistics Solutions Pvt. Ltd.), among others.

    Rahul Sharma

    Rahul Sharma is an alumnus of IIT, Roorkee. Currently, he is one of the founders of Zetwerk. He was also the co-founder of Prepnut, which was a platform to help job seekers prepare for interviews and other exams.

    Rahul Sharma started his career as a Senior Field Engineer at Schlumberger and as a Head at BlackBuck (Zinka Logistics Solutions Pvt. Ltd.).

    The company has employees ranging from 1,000 to 5,000, as per LinkedIn.

    Zetwerk – Startup Story

    In order to transform supply chain management, Acharya and his three IIT classmates, Srinath Ramakkrushnan, Vishal Chaudhary, and Rahul Sharma, created Zetwerk in 2018. Zetwerk is a B2B software company. Within its first month of operation, the company quickly obtained a term sheet for a $1.5 million seed round, indicating early promise.

    But in an unexpected turn of events, Zetwerk changed course in a matter of thirty days, going from a software-centric business model to a B2B marketplace that specialized in supplier sourcing and custom manufacturing. Even though it was a risky move, Acharya was dubious about it because investors like Sequoia and Kae Capital were in the dark about it. When Acharya broke the news to them, he was afraid of their response, but he was relieved because both investors applauded the change.

    Zetwerk’s journey as a dynamic and adaptive participant in the B2B bespoke manufacturing sector began at this crucial juncture, underscoring the rewarding yet unpredictable character of the startup landscape.

    Zetwerk – Mission

    The company’s mission on its website states, “To change the way manufacturing is done.”

    Zetwerk Logo
    Zetwerk Logo

    Zetwerk’s legal name is Zetwerk Manufacturing Businesses Pvt. Ltd.

    Zetwerk – Service

    Zetwerk provides various services, including:

    • Manufacturing Services
    • Zetwerk Managed Inventory
    • Quality Control
    • Managed Supply Chain

    Zetwerk – Business Model

    The core of Zetwerk’s business model is the production of operating systems that maximize productivity, transparency, and efficiency. The organization guarantees a smooth experience by giving clients total control over their projects through simple accessibility and tracking.

    Zetwerk produces anything from clothing to aircraft engines, serving a wide range of sectors. Its production solutions put clarity, quality, and precision first, providing customers with a wide selection of options that are customized to suit exacting requirements at prices comparable to those of an industrial setting.

    Zetwerk – Revenue Model

    Zetwerk makes revenue from different resources; some of the prominent ones are:

    • Fabricated Manufacturing Inputs: A sizeable portion of Zetwerk’s income comes from providing major manufacturing setups with constructed parts and infrastructure inputs to assist their production processes.
    • Chain of Supply Services: The business manages the procurement, production, and delivery of manufactured inputs for manufacturing clients, offering complete supply chain solutions.
    • Purchasing Health Care: In order to boost profits, Zetwerk has expanded into the healthcare procurement space by locating and delivering medical components and equipment.
    • Acquisitions in the Apparel Sector: Zetwerk expands its revenue stream by sourcing fabrics, machinery, and components for garment production through its venture into the apparel industry procurement market.

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    Zetwerk – ESOP

    Zetwerk has added fresh employee stock options (ESOPs) worth INR 541 crore (about $64 million) under its ESOP Plan 2018. This is the first ESOP expansion by the Bengaluru-based company this year.

    The board approved changes to Zetwerk’s Employee Stock Option Plan 2018, adding 1.25 crore (12,503,900) new stock options, as per filings with the Registrar of Companies.

    Zetwerk, the B2B marketplace specializing in custom manufacturing, has demonstrated a proactive approach to employee benefits through strategic moves in its Employee Stock Options (ESOPs). As part of its commitment to empowering its employees, the corporation reportedly added Rs 4.77 crore to its pool of stock options as per news report of September 24, 2020. Zetwerk awarded 24 worthy employees 917 stock shares through the ESOP program as part of this initiative.

    But a later event, according to a March 2021 news article, demonstrated the company’s financial stability when it purportedly repurchased $8.3 million worth of ESOPs from both early investors and employees. This action demonstrates Zetwerk’s dedication to thanking its employees and underscores the company’s wise financial choices that benefit both stakeholders and employees.

    Zetwerk – Challenges Faced

    The original idea of Zetwerk, which was founded in December 2018, was to arrange suppliers for businesses. After a seed round in May 2018, the team developed the software over three months. When the device was shown to customers, they gave it positive reviews; still, two major problems surfaced.

    First off, the software sales cycle for Indian clients took more than a year, which caused a delay in the collection of income. Secondly, Zetwerk faced a hurdle as an early-stage startup because it was impossible for them to get orders without being able to travel abroad for international clients like Siemens and GE, where decision-making took place outside of the Indian headquarters.

    In the face of these obstacles, manufacturers kept asking to use Zetwerk’s software to find new suppliers.

    Zetwerk – Funding and Investors

    Zetwerk has raised a total of $873.3 million across 18 funding rounds. Key investors include Lightspeed Venture Partners, Accel, Khosla Ventures, Peak XV Partners, and InnoVen Capital. The funding round in December 2024 valued the company at $3.1 billion, supporting its expansion into renewables, consumer electronics, and aerospace.

    Here are the funding details:

    Date Series Name Funding Amount Investors
    6 March, 2025 Series F $5 million Arc Investments, Oriental Biotech
    12 December, 2024 Series F $70 million Khosla Ventures, Rakesh Gangwal
    March 7, 2024 Venture Round $20 million Rakesh Gangwal
    October 18, 2023 Series F $120 million Avenir Growth Capital
    March 5, 2023 Debt Financing $12 million Edelweiss Financial Services
    December 28, 2021 Series F $210 million Greenoaks
    August 23, 2021 series E $150 million Avenir Growth Capital, IIFL Asset Management Limited, D1 Capital Partners
    February 23, 2021 series D $120 million Greenoaks Capital, Lightspeed Venture Partners, Sequoia Capital India
    February 7, 2020 series C $21 million Greenoaks Capital, Accel, Kae Capital
    January 29, 2020 Debt financing $2.2 million Innoven capital
    December 11, 2019 series B $32 million Lightspeed Venture Partners, Greenoaks Capital, Sequoia Capital
    March 27, 2019 series A $9 million Accel, Sequoia Capital India, Kae Capital

    Zetwerk – Shareholding

    Zetwerk’s shareholding pattern as of January 2025, sourced from Tracxn:

    Zetwerk Shareholders Percentage
    Srinath Ramakkrushnan 7.8%
    Amrit Acharya 7.0%
    Rahul Sharma 0.4%
    Vishal Chaudhary 0.4%
    Khosla Ventures 1.0%
    Baillie Gifford 0.7%
    The Chinkerpoo Family Trust 0.3%
    Greenoaks 21.7%
    Sequoia Capital 13.4%
    Accel 8.8%
    D1 Capital Partners Master 5.7%
    Lightspeed Venture Partners 11.3%
    Kae Capital 4.0%
    Avenir Growth Capital 5.4%
    Kalysta Capital 1.2%
    Steadview 0.9%
    Footpath Ventures 0.8%
    Wheelhouse Ventures 0.7%
    IIFL Asset Management 0.8%
    Aroa Venture Partners <0.1%
    QED Innovation Labs <0.1%
    ScaleX Partners <0.1%
    ACORN 0.2%
    Aex <0.1%
    Acorn Heavy Industries 0.4%
    Angel 0.6%
    Other People 1.5%
    ESOP Pool 4.5%
    Other Investors 0.4%
    Total 100.0%
    Zetwerk Shareholding
    Zetwerk Shareholding

    Zetwerk – Acquisitions

    Zetwerk has acquired four companies to date.

    Here are the details:

    Company Name Date Amount
    Unimacts November 30, 2022 $39 million
    Pinaka Aerospace Solutions July 4, 2022 –
    Sharp Tanks June 30, 2022 –
    Wardha fabrication June 30, 2022 –

    Zetwerk – Growth

    Zetwerk, some of the growth highlights are:

    • It has reduced lead times by 50% as of February 2024.
    • It has manufactured more than 9 million parts as of February 2024.
    • It has over 1800+ active customers as of February 2024.
    • It has been delivered to 20+ countries as of February 2024.

    Zetwerk – Financials

    Zetwerk has shown significant revenue growth over the past few years, but its losses have widened due to increasing expenses. Below is a detailed breakdown of its financial performance from FY24 to FY20.

    Particulars FY24 FY23 FY22
    Revenue INR 14,596.8 crore INR 11,595.9 crore INR 5,061.8 crore
    Expenses INR 15,090.0 crore INR 11,706.2 crore INR 5,145.5 crore
    Profit/Loss INR -919.2 crore INR -101.6 crore INR -59.8 crore
    Zetwerk Financials FY24
    Zetwerk Financials FY24

    Zetwerk’s revenue increased by 26% YoY from INR 11,595.9 crore in FY23 to INR 14,596.8 crore in FY24, but losses widened from INR 101.6 crore to INR 919.2 crore, mainly due to rising expenses.

    Zetwerk Revenue:

    Zetwerk’s revenue from operations saw a significant rise, driven by increased product/service sales.

    Revenue Breakdown FY24 FY23
    Revenue from operations INR 14,435.7 crore INR 11,448.7 crore
    Other income INR 161.0 crore INR 147.3 crore
    Total Revenue INR 14,596.8 crore INR 11,595.9 crore

    Revenue from operations increased by 26%, growing from INR 11,448.7 crore in FY23 to INR 14,435.7 crore in FY24, supported by higher sales.

    Zetwerk Profit/Loss:

    The company’s losses have deepened significantly over the past year.

    Profit/Loss Breakdown FY24 FY23
    Profit before tax INR -865.1 crore INR -110.2 crore
    Tax Expense INR 54.1 crore INR -8.6 crore
    Profit/Loss INR -919.2 crore -INR 101.6 crore

    Losses jumped nearly 9x, from INR 101.6 crore in FY23 to INR 919.2 crore in FY24, driven by rising expenses and exceptional costs.

    Zetwerk Expenses:

    Expenses surged, particularly in materials, employee costs, and other operational expenses.

    Expense Breakdown FY24 FY23
    Cost of materials consumed INR 3,949.3 crore INR 3,189.2 crore
    Purchases of stock-in-trade INR 9,431.0 crore INR 7,424.3 crore
    Employee benefit expense INR 461.3 crore INR 352.1 crore
    Finance costs INR 449.2 crore INR 297.4 crore
    Amortization & Depreciation INR 192.3 crore INR 36.0 crore
    Other expenses INR 820.4 crore INR 375.2 crore
    Total Expenses INR 15,090.0 crore INR 11,706.2 crore

    Total expenses rose by 29%, from INR 11,706.2 crore in FY23 to INR 15,090 crore in FY24, mainly due to higher raw material and financing costs.

    Quick Summary:

    • Revenue Growth: 26% increase YoY, driven by strong operations.
    • Rising Losses: Losses widened nearly 9x due to increased spending.
    • Higher Expenses: Major cost increases in raw materials, employee benefits, and financing costs.
    • Financial Challenges: The company may need to optimize costs and explore funding strategies to improve profitability.

    Zetwerk – Partnership

    Zetwerk, IPO-bound company, partnered with LONGI (the worldwide leader in solar technology) in July 2023 and has also partnered with other companies like:

    • Tata Steel
    • Sterling and Wilson
    • Flipkart

    Zetwerk – Awards and Achievements

    Zetwerk has achieved several achievements and earned numerous awards. Among the notable ones are:

    • The company has bagged an order of Rs 126 crore from L&T for the bullet train project in April 2022.
    • In the year 2022, the company won the prestigious Mint StartupIcon Award in the infrastructure and logistics category.
    • Zetwerk won the 2022 Startup Leader of the Year Award.

    Zetwerk – Competitors

    The company has some competitors; they are as follows:

    • Arconic Lafayette
    • Bloom Procurement Services
    • wherEX
    • Teegara
    • Indiamart
    • Moglix
    • Udaan
    • Industrybuying
    • Chizel
    • Infra.Market

    Zetwerk – Future Plans

    Zetwerk aims to launch an IPO in the next 12 to 18 months, as stated by co-founder and CEO Amrit Acharya.

    Zetwerk started talks with JP Morgan for its IPO and is now planning to raise $1 billion through the public offering. Reports say the startup is working with investment bankers to prepare for its Mumbai listing next year.

    In November 2024 Zetwerk also announced plans to invest INR 500 crore over the next two years to expand its renewables manufacturing capacity.

    Zetwerk unveiled a visionary strategy allocating Rs 1,000 crore to bolster its production of consumer electronics. Rahul Sharma, a co-founder, disclosed the company’s intention to actively pursue government partnerships, diversify into new markets, and extend its manufacturing operations outside of the northern region.

    Zetwerk’s dedication to significant expansion and market presence in the dynamic consumer electronics industry is reflected in this strategic endeavor.

    FAQs

    Who is the Zetwerk founder?

    Vishal Chaudhary, Amrit Acharya, Srinath Ramakkrushnan, and Rahul Sharma are the Zetwerk founders.

    What is Zetwerk?

    Zetwerk is a B2B e-commerce platform that connects manufacturers with buyers, focusing on industries like automotive, energy, and engineering. It simplifies sourcing and supply chain processes for large-scale production.

    Is Zetwerk unicorn?

    Yes, Zetwerk entered the unicorn club in 2021.

    What does Zetwerk do?

    Zetwerk provides end-to-end supply chain solutions to companies.

    What is Zetwerk revenue?

    Zetwerk revenue from operations increased by 26%, growing from INR 11,448.7 crore in FY23 to INR 14,435.7 crore in FY24, supported by higher sales.

    What is Zetwerk valuation?

    Zetwerk valuation as of December 2024 is $3.1 billion.

    What is Zetwerk business model?

    Zetwerk is a B2B manufacturing marketplace. It connects businesses with manufacturing suppliers for custom parts, industrial goods, and machinery. The platform helps companies outsource production, manage procurement, and streamline supply chains. Zetwerk earns revenue through commissions on transactions and value-added services like quality control and logistics.

    What is Zetwerk funding?

    Zetwerk has raised a total of $873.3 million across 18 funding rounds. Key investors include Lightspeed Venture Partners, Accel, Khosla Ventures, Peak XV Partners, and InnoVen Capital.

  • OYO: Elevating Hospitality Standards Worldwide

    In the earlier days, the hospitality industry operated on a localized scale, limiting itself to specific areas. People often discovered accommodations only upon reaching their destination or relied on agents for lodging during travel. The unbranded nature of this industry introduced uncertainties, which were subsequently addressed and reshaped during the internet and technological boom.

    This transformative period saw the emergence of various players, such as Airbnb and FabHotels, with OYO standing out among them. OYO’s rapid success and widespread popularity played a pivotal role in branding and restructuring the entire industry in our country. Notably, OYO has evolved to become the third-largest hotel chain globally (as of June 2019).

    In this article, we will delve into OYO success story, startup story, its history, its founder, business model, funding, competitors, and more.

    OYO Information

    STARTUP NAME OYO
    Headquarters Gurgaon, Haryana, India
    Sector Hospitality
    Founder Ritesh Agarwal
    Founded 2012
    Website oyorooms.com

    About OYO
    OYO – Industry
    OYO – Founders and Team
    OYO – Startup Story
    OYO – Mission and Vision
    OYO – Name and Logo
    OYO – Business Model
    OYO – Revenue Model
    OYO – Challenges Faced
    OYO – Funding and Investors
    OYO – Shareholding
    OYO – Investments
    OYO – Acquisitions
    OYO – Growth
    OYO – Financials
    OYO – Programs and Feature launch
    OYO – Partnerships
    OYO – Layoff
    OYO – Advertisements and Social Media Campaigns
    OYO – Awards
    OYO – Competitors
    OYO – Future Plans

    About OYO

    OYO, also referred to as OYO Hotels or OYO Rooms, is an international hospitality platform that offers reasonably priced lodging options all over the world. The business offers consumers the option to choose rooms and living areas that best fit their needs at an affordable price by listing both franchised and leased hotels on its marketplace.

    OYO’s successful marketing tactics and flexible expansion plans are responsible for its noteworthy growth. Founded in 2012, OYO, with its headquarters in Gurgaon, Haryana, was established by Ritesh Agarwal when he was just 19 years old. The business has considerably grown since its founding, operating in several cities across several nations.

    Apart from standard hotel accommodations, OYO provides an extensive array of services, assisting users in locating residences, holidays, long-term and short-term rentals, and meeting different business or corporate travel requirements. OYO is positioned as a flexible participant in the international hospitality market.

    OYO – Industry

    As to a report analysis by Statista, the hotel industry is anticipated to witness significant expansion, with a revenue of US $9.13 billion by 2024. The results point to a strong expansion trajectory and a predicted annual growth rate (CAGR 2024–2028) of 5.41%.

    The market volume is predicted to rise further if current trends continue, with an anticipated value of US $11.27 billion by 2028. Based on thorough research carried out by Statista, these estimates highlight a good picture for the hotel business, demonstrating ongoing expansion and changing consumer patterns.

    OYO – Founders and Team

    Ritesh Agarwal is the co-founder and Group CEO of OYO.

    Ritesh Agarwal

    Ritesh Agarwal, Co-Founder and Group CEO of OYO
    Ritesh Agarwal, Co-Founder and Group CEO of OYO

    Ritesh Agarwal is the co-founder and Group CEO of the online hospitality chain OYO. He was born in Odisha. His interest in business started early in his teens. Ritesh dropped out of college and was accepted into the Thiel Fellowship program in 2013. His time at Thiel Fellowship and the year before laid the foundation for OYO. He has joined the Shark Tank India Season 3 panel as the youngest shark.

    OYO – Startup Story

    OYO Rooms story began with Ritesh Agarwal’s vision to provide affordable and standardized hotel rooms for budget travelers, which quickly expanded into a global hospitality brand, now operating in over 80 countries. While residing in California in 2013, Ritesh Agarwal started OYO with the original goal of running an Indian hotel through Oravel Stays. Targeting low-cost tourists online, the hotel in Gurgaon later rebranded as OYO saw a sharp increase in occupancy rates in just its first month, going from 19% to 90%. After coming back to India, Agarwal saw the opportunity to elevate budget accommodations throughout the world.

    OYO’s concept arose from Agarwal’s desire to please both owners and guests. It is focused on smart updates, optimized services, and dynamic pricing. OYO’s strategy, which was centered on the preferences of its guests and little elements like soft white light, enhanced reviews, and guaranteed profitability, signifying its transformation from a single property to a worldwide hospitality network.

    OYO – Mission and Vision

    Mission: The OYO mission on the company website is mentioned as “OYO is a global platform that empowers entrepreneurs and small businesses with hotels and homes by providing full-stack technology that increases earnings and eases operations. Bringing affordable and trusted accommodation that guests can book instantly.”

    Vision: OYO vision is to empower entrepreneurs and small businesses with homes and hotels to increase earnings and simplify their operations.

    OYO Logo

    The name OYO stands for ‘On Your Own’ rooms. Earlier, the company was named ‘Oravel’ but later changed to OYO.

    OYO – Business Model

    OYO’s unique business model represents the first hotel chain to be integrated with OTA-like distribution capabilities. In contrast to conventional approaches, OYO tackles practical issues in the actual world, with brand development coming naturally rather than as the main goal.

    It functions as a redesigned hybrid, skillfully fusing technology and hospitality to maximize client satisfaction, efficient use of available space, and general corporate success.

    The dedication to customer pleasure that is at the heart of OYO’s ideals is demonstrated by the company’s initial acceptance requirements and its upfront investment in modernizing each hotel before it joins the OYO network.

    OYO’s core advantage is its ability to consistently prioritize the needs of its customers. The company has shaped its business model to optimize the customer experience, effectively utilizing technology and hospitality to improve space utilization and overall business performance.

    OYO – Revenue Model

    OYO employs a diverse revenue model to sustain its business, featuring several key streams:

    Commissions:

    OYO has a commission-based business model, taking a cut of about 22% from its hotel partners for each reservation made via its website. Depending on variables like property kind, location, and other considerations, the proportion might change.

    Franchise Charge:

    OYO has a franchise model whereby it charges its partners fees for the use of its technology, brand, and operational assistance. One-time or ongoing payments are included in this income stream, which makes up a sizable portion of OYO’s earnings.

    Room rate margins:

    By selling rooms to visitors at a higher price than it originally negotiated with partner properties, OYO makes money by keeping the difference between the selling and reduced rates.

    Membership in OYO Wizard:

    Wizard Blue, Wizard Silver, and Wizard Gold, OYO’s premium memberships, are a profitable revenue stream.

    Promotions, Collaborations, and Sponsorships:

    Through sponsorships, brand promotions, and advertisements on its website and app, OYO makes money off of its platform. To increase overall revenue, businesses pay OYO fees for the display of their advertisements.

    Income from Supplementary Services:

    By charging more for upscale offline services and facilities, OYO diversifies its revenue sources. Breakfast, transportation, laundry, and other extras bring in money and give consumers something extra, all while strengthening OYO’s bottom line.

    OYO – Challenges Faced

    OYO faced various difficulties in the past that are typical of many startups. The business struggled with massive layoffs, conflict with hotel partners, and lawsuits related to disagreements in contracts. Although the aggressive pricing strategy was successful in drawing in customers, it also caused worries about profitability and sparked legal attention, especially because of claims of predatory pricing.

    Due to complaints of dormant or nonexistent listings, the legitimacy of OYO’s platform was also called into question. The COVID-19 pandemic dealt a further blow to these difficulties, forcing OYO to traverse a challenging environment and deal with governance concerns to ensure a stable future. These obstacles are similar to those that startups in the cutthroat hotel sector frequently encounter.

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    MakeMyTrip has established its dominance in the Indian travel segment. This is MakeMyTrip’s success story, business model, funding. and more
    StartupTalkyShubham Kumar

    OYO – Funding and Investors

    OYO went through 21 funding rounds as of 2024 out of which it has raised $3.5 billion. Their latest funding was raised on Aug 11, 2024, from a Series G round of $175 million by Incred Wealth.

    Below are some of the recent funding rounds of OYO:

    Date Round Amount Investors
    August 11, 2024 Series G $175 million Incred Wealth, Patient Capital, J&A Partners, Mankind Pharma promoters and ASK Financial Holdings
    July 3, 2024 Series G $50 million Incred Wealth
    January 13, 2022 Secondary Market $29.72 million Qatar Insurance Company
    July 29, 2021 Series F $5 million Microsoft
    July 1, 2021 Secondary Market $8 million –
    March 11, 2021 Debt Financing $200 million SoftBank Vision Fund
    January 6, 2021 Series F Rs 54 crore Hindustan Media Venture
    December 10, 2019 Series F $1.5 billion Ritesh Agarwal and SoftBank
    November 30, 2019 Debt Financing $6.73 million MyPreffered Transformation
    April 1, 2019 Series E $75 million Airbnb
    February 14, 2019 Series E $100 million Didi
    December 7, 2018 Series E $100 million Grab
    September 25, 2018 Series E $800 million SoftBank Vision Fund

    OYO – Shareholding

    OYO’s shareholding pattern as of January 2025, sourced from Tracxn:

    OYO Shareholders Percentage
    Ritesh Agarwal 6.2%
    Red Spring Innovation Partner 1.4%
    SoftBank 40.5%
    Patience Capital Group 3.4%
    Sequoia Capital 2.8%
    Lightspeed Venture Partners 2.9%
    Grab 1.6%
    Didi 1.6%
    Greenoaks 0.6%
    DIG Investment 0.2%
    Hindustan Media Ventures < 0.1%
    ASK Group < 0.1%
    InCred Capital < 0.1%
    Analah Ventures < 0.1%
    Arthya < 0.1%
    Ra Hospitality 19.4%
    Airbnb 1.2%
    Five Stars Capital 0.9%
    Global Ivy Ventures 0.8%
    China Lodging Holding 0.7%
    J&A Capital Partners 0.5%
    Stability Investment < 0.1%
    Microsoft < 0.1%
    Group SNS < 0.1%
    Do Moonstone Advisors < 0.1%
    Angel < 0.1%
    Other People < 0.1%
    ESOP Pool 11.5%
    Other Investors 1.4%
    Total 98.0%
    OYO Shareholding
    OYO Shareholding

    OYO – Investments

    OYO has invested in OYO LIFE, signaling a strategic move to diversify its portfolio beyond conventional hospitality services as of October 30, 2018.

    OYO – Acquisitions

    OYO has acquired 10 companies around the world so far. The latest acquisition was announced on September 20, 2024, that Oravel Stays Ltd, the parent company of OYO, had acquired G6 Hospitality LLC, the parent company of the Motel 6 and Studio 6 brands for $525 million.

    The following are the 10 companies that have been brought under the management of OYO:

    Date Company Amount
    September 20, 2024 G6 Hospitality $525 million
    August 10, 2022 Bornholmske Feriehuse –
    May 9, 2022 Direct Booker –
    September 2, 2019 Danamica $10 million
    May 1, 2019 Leisure Group $415 million
    March 26, 2019 Qianyu Islands –
    March 15, 2019 Innov8 Coworking $30 million
    August 13, 2018 Weddingz –
    July 10, 2018 AblePlus Solutions Pvt Ltd. –
    March 18, 2018 Novascotia Boutique Homes –

    OYO – Growth

    OYO’s journey began modestly, evolving from a small platform supporting local customers and businesses into the world’s third-largest multinational hotel chain as of June 2019. Starting in 2012, OYO debuted with sponsorship support and unveiled its website in its first year of operation. The firm reached 100 cities with 10,000 rooms by 2015, and in 2016, it went outside of India and then later went on to expand into the UK, China, the US, Indonesia, Europe, and other regions

    OYO launched several services throughout its expansion phase, including OYO Townhouse, OYO Workspaces, OYO Wizard, and OYO Life. Even with sporadic controversies like the one with the relationship mode’ feature the business became well-known. OYO’s strategic expansion and ongoing introduction of new features helped to cement the company’s reputation throughout the world.

    Some of the growth highlights of OYO are:

    • OYO Corporate Business Solution has 4,000+ exclusive hotels, as mentioned on their website as of January 2024.
    • OYO Corporate Business Solution has a presence in 230+ cities and towns as of January 2024, spanning across 4 countries.
    • OYO has over 174,000 hotels and homes around the nation as of January 2024.
    • It is present in over 35 countries as of January 2024.
    • OYO reached the milestone of 100 million downloads in 2021.
    • The estimated company valuation is  $2.7 billion as of August 2024.

    OYO – Financials

    OYO’s financial performance over the last few years shows a steady increase in revenue, despite fluctuations in its profits and expenses. The company has been making strides in improving its operational efficiency, but still faces significant challenges, with losses in some years.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 5,541.6 Crore INR 5,601.7 Crore INR 4,905.2 Crore INR 4,157.4 Crore INR 14,113.2 Crore
    Expenses INR 5,725.8 Crore INR 6,799.7 Crore INR 6,985.3 Crore INR 6,936.1 Crore INR 25,375.1 Crore
    Profit/Loss INR 229.6 Crore INR -1,303.6 Crore INR -2,130.9 Crore INR -3,823.5 Crore INR -13,038.7 Crore
    OYO Financials
    OYO Financials

    OYO Revenue:

    Particulars FY24 FY23
    Revenue from Operations INR 5,388.8 crore INR 5,463.9 crore
    Other Income INR 152.8 crore INR 137.8 crore
    Total Revenue INR 5,541.6 crore INR 5,601.7 crore
    • Revenue from Operations decreased slightly from INR 5,463.9 crore in FY23 to INR 5,388.8 crore in FY24.
    • Other Income also decreased from INR 137.8 crore in FY23 to INR 152.8 crore in FY24, but the overall revenue remained relatively stable.

    OYO Expenses:

    Particulars FY24 FY23
    Operating Expenses INR 2,885.4 crore –
    Employee Benefit Expense INR 744.4 crore INR 1,548.8 crore
    Finance Costs INR 843.8 crore INR 681.6 crore
    Amortization & Depreciation INR 200.3 crore INR 280.3 crore
    Other Expenses INR 1,051.8 crore INR 4,289 crore
    • Employee Benefit Expenses decreased significantly from INR 1,548.8 crore in FY23 to INR 744.4 crore in FY24, showing a major reduction in employee-related costs.
    • Other Expenses also decreased from INR 4,289 crore in FY23 to INR 1,051.8 crore in FY24, reflecting better control over non-operational costs.

    OYO Profit/Loss:

    Particulars FY24 FY23
    Gross Profit INR 235.8 crore INR -1,303.4 crore
    Operating Profit INR -174.1 crore INR -1,198 crore
    Net Profit/Loss INR 229.6 crore INR -1,303.6 crore
    • Gross Profit shifted from a loss of INR 1,303.4 crore in FY23 to a profit of INR 235.8 crore in FY24.
    • Operating Profit also showed improvement, with a loss of INR 1,198 crore in FY23 reducing to a smaller loss of INR 174.1 crore in FY24.
    • Net Profit/Loss improved significantly, moving from a loss of INR 1,303.6 crore in FY23 to a profit of INR 229.6 crore in FY24.

    OYO made a profit of INR 158 crore in the second quarter of FY25, ending in September, as shared by the founder Ritesh Agarwal in a town hall meeting, according to sources. OYO’s parent company, Oravel Stays Ltd, had a loss of INR 50 crore during the same period last year in FY24. In the first quarter of FY25, OYO’s profit after tax was INR 132 crore, bringing its total profit for the first half of FY25 to INR 290 crore ($35 million). This is a big turnaround from the INR 91 crore net loss in the same period last year. OYO’s revenue in Q2 FY25 also grew to INR 1,578 crore, up from INR 1,413 crore in Q1.

    EBITDA

    OYO FY23-FY24 FY23 FY24
    EBITDA Margin -4.23% 15.52%
    Expense/₹ of Op Revenue ₹1.24 ₹1.06
    ROCE -8.60% 13.40%

    OYO – Programs and Feature launch

    Super OYO program

    The Super OYO program was introduced by OYO in December 2022. Through this initiative, customers were able to identify hotels that provided the most reliable and superior customer service.

    OYO Accelerator Program

    In March 2023, OYO announced the launch of the Accelerator Program, with plans to add more than 200 properties in key Indian cities to its portfolio as part of the accelerator project.

    OYO Spotless Stay Program

    In July 2023, OYO introduced the Spotless Stay Program, as part of their planned initiatives. The program was designed to implement new cleaning and hygiene requirements, simultaneously enhancing hotel and room decor.

    Stay Now, Pay Later Feature

    OYO has introduced the Stay Now, Pay Later Feature in June 2023. This feature follows the rise in popularity of buy now, pay later (BNPL) plans for buying consumer electronics from retail stores and e-commerce websites.

    OYO New Brand Palette

    In cities including Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar, and Bengaluru, OYO said it has opened 10 Palette resorts as a pilot program. By Q2 FY24, it plans to increase that number to 40 as per various news reports said in July 2023.

    OYO – Partnerships

    Some of the prominent partnerships of OYO are:

    Lemon Tree

    In March 2023, OYO had established a partnership with Lemon Tree. The collaboration aimed to enhance the occupancy of Lemon Tree Hotels’ banquets and event spaces in over 40 locations nationwide, including Delhi NCR, Jaipur, Kolkata, Lucknow, Bhubaneswar, Mumbai, and Pune, among others.

    SoftBank

    In September 2023, the parent company of OYO, Oravel, formed a partnership with SoftBank. Through this collaboration, they introduced the premium hotel chain Sunday in India, establishing a relationship with SoftBank Japan.

    OYO – Layoff

    In December 2022, OYO made 600 layoffs as part of a significant reorganization, which had an impact on the corporate and technology divisions.

    OYO – Advertisements and Social Media Campaigns

    OYO Campaign

    OYO launched a multi-film brand campaign that featured renowned actors such as Gul Panag, Kalki Koechlin, Chitrangada Singh, and Kunal Kapoor. The campaign aimed to highlight the everyday experiences of tourists by utilizing television, social media, and over-the-top platforms.

    In response to the changing tastes of travelers during the pandemic, OYO placed a strong emphasis on customization and flexibility in its brand campaign. The first movie emphasized the advantages of OYO’s “Nearby” feature, which allows customers to easily book lodging with a tap on the smartphone and takes advantage of OYO’s widespread presence in over 35 countries globally.

    OYO – Awards

    OYO has won various awards. Some of the prominent ones are:

    • In the hospitality sector, the Ministry of Skill Development and Entrepreneurship presented the 2017 National Entrepreneurship Award to OYO.
    • OYO won the 2019 ASEAN-India Excellence & Achievement Award.
    • OYO won the 2018 ET Startup Awards, the biggest startup competition in India.

    OYO – Competitors

    The following are some of the top competitors of OYO:

    Airbnb

    Airbnb is one of the popular and well-known competitors of the company. It was established in 2007 and is considered to be a predecessor and a luminary for OYO. Airbnb serves to be a trusted brand globally due to its affordable prices and availability of excellent accommodations.

    Treebo Hotels

    Treebo is a growing hotel chain in India that has established its operation in over 113 cities in the country. This company operates in the category of the premium budget segment. Treebo Hotels is based in Bangalore, Karnataka, India.

    FabHotels

    FabHotels was founded in 2014 by two alumni of “The Wharton School of the University of Pennsylvania.” It rents out 3-star rated hotels at a budgeted price under its brand. FabHotels operates in more than 66 cities, with over 900 hotels in India as of November 2022.

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    OYO – Future Plans

    SUNDAY Hotels, a premium brand of OYO, aims to launch 25 new hotels in key travel destinations across India by March 2025. The expansion will include immediate openings in Gurgaon, Manesar, and Corbett, following recent launches in Jaipur, Vadodara, and Chandigarh. Launched in May 2023, SUNDAY Hotels is a joint venture between SoftBank Group and Oravel Stays.

    OYO had originally planned to go public in 2022, but due to worries about the worldwide market slump and how it may affect the firm’s valuation, the company decided to strategically delay its IPO to an unspecified future date. This delay was caused by the worry of a reduced worth.

    According to a news report from January 2024, the Indian hotel booking company, supported by SoftBank Group Corp., is allegedly in talks with Khazanah to lead a $400 million fundraising to pursue expansion and debt reduction. It’s crucial to remember that this information has not yet been verified.

    Furthermore, according to a different news report from January 16, 2024, OYO intends to expand its portfolio by 400 new hotels with an emphasis on religious tourism.

    FAQs

    What is OYO?

    OYO, also referred to as OYO Hotels or OYO Rooms, is an international hospitality platform that offers reasonably priced lodging options all over the world. The business offers consumers the option to choose rooms and living areas that best fit their needs at an affordable price by listing both franchised and leased hotels on its marketplace.

    Oyo started in which year?

    OYO was established in 2012.

    Who is the founder of OYO?

    Ritesh Agarwal is the founder of OYO.

    What is the valuation of OYO?

    The valuation of OYO is $2.7 billion as of August 2024.

    What is OYO famous for?

    OYO is famous for budgeted hotel bookings and affordable stays.

    Who are the top competitors of OYO?

    Some of the top competitors of OYO are:

    • Airbnb
    • Treebo Hotels
    • FabHotels

    How did OYO start?

    Ritesh Agarwal launched Oravel Stays in 2012 as a website for listing and booking budget accommodations. The company was later rebranded as OYO in 2013.

    What is the success story of OYO startup?

    OYO’s success story is a tale of rapid growth in the hospitality industry. Founded by Ritesh Agarwal in 2013, it started as a budget hotel chain and quickly scaled up by offering standardized, affordable rooms across India. OYO’s innovative business model, focusing on technology, has allowed it to expand internationally. Despite facing losses in early years, the company has secured major investments and is now one of the largest hotel chains globally, known for its widespread presence and a large number of partner hotels.

    What is OYO full form?

    On Your Own is the full form of OYO.

  • Pine Labs Success Story – How is it Leading Financing, Retail Transactions, and Technology

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    The payment was an area marred with currencies, chaos, and uncertainties. This ushered in the ATM facilities and the ATM-cum debit cards for banking customers. However, even after ATMs came into being in India, the effective usage of cards in physical shops and for other merchants was still fraught with numerous concerns. To mitigate these, Pine Labs was established.

    Founded in 1998 as a simple card-based payment and loyalty program, Pine Labs now stands as an Indian merchant platform company to extend financing and last-mile retail transaction technology for the merchants and its customers.

    However, it was in 2009 that Pine Labs’ real payments journey began when it ventured into the mainstream payments space and decided to provide solutions to the merchants by connecting to banks and other financial services with the all-new Pine Labs PoS machines. The company was acutely aware that merchants were seeking solutions to enhance their engagement with customers during the payment process. So, it began partnering with banks and payment aggregators and ensured its PoS machines could process all forms of digital payments.

    Pine Labs currently provides merchant platform support and makes software for point-of-sale (PoS) machines. The company currently boasts of having more than 70,000 retailers in India including biggies like Mark’s and Spencer’s Retail, Pantaloons, Westside, and more. It is also a unicorn, which joined the coveted club of Indian unicorns in January 2020 by raising an undisclosed amount from the American multinational company, Mastercard, thus becoming the first Indian unicorn startup in 2020 to emerge as a unicorn.

    StartupTalky covers the full journey that Pine Labs witnessed including all the information about the company, its Founders and Team, Name, Tagline and Logo, Mission and Vision, Business and Revenue Model, History, Challenges, Startup Story, Competitors, Funding and Investors, and more.

    Pine Labs – Company Highlights

    Startup Name Pine Labs Pvt. Ltd.
    Headquarters Noida, India
    Industry Fintech
    Founded 1998
    Founders Lokvir Kapoor, Rajul Garg, Tarun Upadhyay
    CEO Amrish Rau
    Valuation $5 bn+
    Website pinelabs.com

    About Pine Labs and How it Works?
    Pine Labs – Name, Tagline, Logo and its Meaning
    Pine Labs – Startup Story
    Pine Labs – Founders and Team
    Pine Labs – Mission and Vision
    Pine Labs – Products and Services
    Pine Labs – Business and Revenue Model
    Pine Labs – Revenue and Growth
    Pine Labs – Financials
    Pine Labs – Funding and Investors
    Pine Labs – Shareholding
    Pine Labs – ESOPs
    Pine Labs – IPO
    Pine Labs – Acquisitions
    Pine Labs – Partnerships
    Pine Labs – Awards and Achievements
    Pine Labs – Competitors
    Pine Labs – Challenges Faced
    Pine Labs – Future Plans

    About Pine Labs and How it Works?

    Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology founded in 1998.

    Every day merchants use Pine Labs PoS machines to increase revenue whilst reducing costs, complexity, and risks. This gives Pine Labs a unique opportunity to participate in its growth journey. It focuses on the merchants’ needs, revenue generation strategies, last-mile retail transaction technologies, data analysis, and experiences for their shoppers and customers. The company offers a full-stack merchant platform that is a unique blend of technology and financial solutions.

    Pine Labs’ solutions, which are used by merchants from diverse sectors, are now used by over 100,000 merchants in India, and several other Asian countries. In India alone, the company’s cloud-based platform powers over 350,000 PoS in over 3,700 towns.

    Pine Labs – Name, Tagline, Logo and its Meaning

    Pine Labs is driven by the tagline “We make your business future-positive.“

    The logo has a bright green double arrow symbol pointed Northeast and denotes growth, prosperity, and optimism.

    Pine Labs Company Logo
    Pine Labs Company Logo

    Pine Labs – Startup Story

    In the beginning, the company’s focus was clearly on large-scale, smart, card-based payment and loyalty solutions for the retail petroleum industry. It was in 2009 that the real payments journey of the company began when it ventured into the mainstream payments space to provide solutions with its PoS machines to merchants, connecting them to banks and other financial services. The company partnered with banks and payment aggregators and ensured that its machines could process all forms of digital payments.

    By 2012, Pine Labs had redefined its payment technology offerings and grown into a company that pioneered the smart, cloud-based unified point-of-sale platform, designed to reduce costs and drive revenues for retailers. Its alliances with top banks and brands gave the company the ability to offer multiple services to the merchant through its platform.

    Thus, it evolved into a merchant platform that encompasses solutions around payments, risk assessment, multi-channel analytics, merchant lending and insurance, brand offers, cashback, integrated billing, and more. It currently boasts a network of over 21 financial services institutions and 100 brands.

    The year 2017 saw Pine Labs lay its first global footprint when it entered Malaysia with an exclusive partnership with CIMB Bank. And today, Pine Labs is well into building the world’s most robust merchant platform that brings together technology and financial solutions to meet every need of the modern merchant.

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    Pine Labs – Founders and Team

    The founders of Pine Labs are Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay.

    Lokvir Kapoor

    Lokvir Kapoor is recognized as the Executive Chairman and Co-founder of Pine Labs. Kapoor is an IIT Kanpur alumnus from where he obtained a BTech in Mechanical Engineering. He eventually went on to complete an MBA from IIM Bangalore. Lokvir previously worked with Schlumberger in the areas of financial management and business development in India and abroad before he co-founded Pine Labs in 1998.

    Lokvir Kapoor, Founder of Pine Labs
    Lokvir Kapoor, Founder of Pine Labs

    Rajul Garg

    Currently known as the Co-Founder and Managing Partner of Leo Capital Holdings, Rajul Garg has been the Co-founder of Pine Labs and also served as the CEO of the company for over 5 years post which he remained as a Board member for more than 4 years. Leaving the company Rajul co-founded GlobalLogic where he served as the Co-founder and COO and SVP. Garg then became a Consultant and Angel Investor for a considerable amount of time. Sunstone Eduversity was another company that Rajul co-founded. He was also the CEO of the company. Rajul Garg has a Btech in Computer Science from IIT Delhi.

    Rajul Garg, Founder of Pine Labs
    Rajul Garg, Founder of Pine Labs

    Tarun Upadhyay

    Tarun Upadhyay was a Co-founder and CTO at Pine Labs. Upadhyay has an integrated MSc. in Mathematics and Computer Applications from IIT Delhi. Tarun has a streak of co-founding companies including GlobalLogic, hCentive, and Gallop.ai in most of which he served as the co-founder and CTO except for Gallop.ai, where Tarun was appointed as the CEO.

    Tarun Upadhyay, Founder of Pine Labs
    Tarun Upadhyay, Founder of Pine Labs

    Amrish Rau is currently the CEO of Pine Labs. He assumed his office with the Noida-based fintech unicorn in March 2020. He has previous experience of being the CEO of First Data and Payu India.

    Amrish Rau, CEO Pine Labs
    Amrish Rau, CEO Pine Labs

    Pine Labs has a company size of 1001-5000 employees.

    Pine Labs – Mission and Vision

    Pine Labs’ mission statement says, “Maniacal focuses on creating a product and services platform that widens access and accelerates commerce for merchants in each local market we operate in.“

    “We believe that every business can grow exponentially with technology and capital” goes the vision statement of Pine Labs.

    Pine Labs – Products and Services

    The company provides mobile point of sale (PoS) machines that allow merchants to accept credit and debit card payments. Some offerings of Pine Labs include Instant EMI, Instant Discounts, Cashback Programs, PaybyPoints, Loyalty Solutions, e-wallet, Targeted Promotions, Dynamic Currency Conversion, and Gift Solutions.

    Pine Labs announced the launch of the merchant commerce platform Plural on October 14, 2021, with which the company forayed into the payment gateway business. This sets Pine Labs as a direct competitor against companies like Razorpay, PayU-Billdesk, CCAvenue, and Paytm. Plural Gateway, Plural Checkout, and Plural Console are the 3 products that the company launched to serve its merchant base of over 5 lakhs. These products can be defined as:

    • Plural Gateway – Plural Gateway will help the merchants avail of a single payment dashboard for different kinds of payments, including Unified Payments Interface (UPI), and credit and debit cards.
    • Plural Checkout – Plural Checkout serves as a Mobile SDK (Software Development Kit), which aims to boost the performance of the payment gateways for Android and iOS users.
    • Plural Console – Designed as a Payment Orchestration Platform (POP), Plural Console will offer a single tech framework to trigger transactions via multiple payment gateways, as mentioned by the company in a press statement.

    Pine Labs Plural is currently processing $380 mn in monthly transactions, as of August 6, 2022. This would grow by 10-15X in the next 2 years.

    Pine Labs – Business and Revenue Model

    After two decades of working closely with merchants, Pine Labs now helps merchants sell more, grow more, and build more with greater efficiency. It serves the merchants’ omnichannel needs. By leveraging technology and domain expertise, it caters to merchants of all sizes helping them to thrive in the changing global marketplace.

    The Pine Labs business model is altered as per its merchants’ needs. The payments unicorn introduced advanced, cloud-based point-of-sale (PoS) machines that enhanced its engagement with customers during the payment process. Pine Labs has restructured the payment technology space whilst contributing hand in hand to the world’s digital economy as well. It is also credited as one of the oldest fintech companies in India.

    Pine Labs depend heavily on the sale of their products, like the POS payments devices. Furthermore, it also gains commissions from the sale of its services. The company through the income it gets from the interest on fixed deposits and current investments.

    Pine Labs – Revenue and Growth

    Pine Labs has a network of over 150K merchants across 3700+ cities in India and Malaysia.

    Transactions on Pine Labs machines can be initiated by cards, QR codes, or phone number billing. The company also offers working capital loans, loyalty services via PinePerks, etc. Pine Labs has always led the PoS business and has provided card-swiping terminals to merchants. To expand its set of offerings, Pine Labs is currently developing Buy Now Pay Later (BNPL), invoice management, gifting, and eCommerce solutions.

    Some of its partners include Apple, Google Pay, Samsung, Sony, etc. The company has raised $310.8 Million from investors such as Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital, and Sofina.

    Here are some of the growth statistics of the company at a glance:

    • It is one of the oldest fintech companies in India.
    • It boasts of having around 140,000 merchants in India and other Asian countries.
    • Pine Labs platform powers over 350,000 PoS terminals in India across 3,700 cities and towns in India and Malaysia.
    • It has more than 70,000 retailers across India.
    • Pine Labs has partnerships with more than 15 major banks, 7 financial institutions, and more than 100 brands that are a part of Pine Lab’s platform that processes payments of around $30 Bn each year.

    Pine Labs Launches Mini – A QR-Device

    Pine Labs has recently introduced an innovative point-of-sale device known as the Mini, which stands out for its remarkably affordable price tag of only Rs 1,999, offering a cost-saving alternative that is roughly one-third the expense of traditional card-swipe machines.

    What sets the Mini apart is its versatile functionality, as it not only can generate dynamic QR codes for UPI payments but also seamlessly accommodates contactless card payments, making it a convenient and cost-effective choice for businesses.

    Navnit Nakra, CRO, Pine Labs, said, “QR-based and card tap payments are a perfect solution for Indian consumers on the go. On the merchant side, an absolute must is a fast checkout experience and the elimination of the cost barrier in point-of-sale digitisation. Addressing these needs, we are delighted to launch a QR-first, card-accepting, cost-effective PoS solution called Pine Labs Mini.”

    This cutting-edge device is a departure from the norm in the Indian market, where most point-of-sale (PoS) devices are primarily designed for debit and credit card transactions. Pine Labs’ Mini device, on the other hand, places a strong emphasis on QR code-based payments and contactless card tapping, catering to the evolving preferences of modern consumers and businesses seeking a more versatile and seamless payment experience.

    Pine Labs-owned Setu would now operate as an account aggregator

    Setu, which is now owned by Pine Labs, has received an in-principle license from the RBI via its subsidiary, Agya Technologies, which can now operate as an account aggregator, as per reports dated July 7, 2022. For the uninformed, account aggregator AA acts as an RBI-regulated entity that has the NBFC-AA license and

    helps individuals securely and digitally access and share information between two financial institutions, where one of them can be a provider where he/she has an account while the other can be any of the regulated financial institutions in the AA network. However, it is important to note that they cannot share data without the consent of the individual. The same AA approval was granted to PhonePe and NSDL E-Governance in 2021. The payment aggregator license acquired by Setu would, therefore, now make Pine Labs

    Pine Labs – Financials

    Over the past five financial years, Pine Labs has experienced modest revenue growth accompanied by increasing expenses, leading to sustained losses.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue from Operations INR 1,317 crore INR 1,281 crore INR 1,017 crore INR 726 crore INR 846 crore
    Expenses INR 1,624 crore INR 1,402 crore INR 1,294 crore INR 996 crore INR 961 crore
    Profit/Loss INR -187 crore INR -56 crore INR -259 crore INR -248 crore INR -94 crore
    Pine Labs Financials
    Pine Labs Financials

    Pine Labs Revenue

    In FY24, total revenue grew by 2.8% to INR 1,317 crore, up from INR 1,281 crore in FY23. This modest increase was primarily driven by a 39.2% rise in device sales and other income, which offset a significant 44.5% decline in revenue from gifting solutions.

    Revenue Source FY24 FY23
    Transaction Processing & Settlement INR 805 crore INR 793 crore
    Gifting Solutions INR 111 crore INR 200 crore
    Device Sales & Other Income INR 401 crore INR 288 crore
    Total Revenue INR 1,317 crore INR 1,281 crore

    Pine Labs Expense Breakdown:

    Total expenses increased by 15.8% in FY24, reaching INR 1,624 crore compared to INR 1,402 crore in FY23. This rise was largely due to a 23.9% increase in other expenses, which encompass materials, travel, advertising, and maintenance costs.

    Expense Category FY24 FY23
    Employee Benefits 625 607
    Legal & Professional Fees 200 150
    Other Expenses 799 645
    Total Expenses 1,624 1,402

    PineLabs Profit/Loss

    Profit Metric FY24 FY23
    Gross Profit INR 1,317 crore INR 1,281 crore
    Operating Profit INR -307 crore INR -121 crore
    Net Profit/Loss INR -187 crore INR -56 crore

    The net loss for Pine Labs escalated to INR 187 crore in FY24, a significant increase from the INR 56 crore loss reported in FY23. This rise in losses is attributed to the disparity between modest revenue growth and substantial increases in expenses.

    Quick Summary

    • Revenue: Increased by 2.8% to INR 1,317 crore in FY24, primarily due to higher device sales and other income.​
    • Expenses: Rose by 15.8% to INR 1,624 crore, driven by higher costs in various operational areas.​
    • Net Loss: Tripled to INR 187 crore, reflecting the imbalance between revenue growth and escalating expenses.​

    These financial trends suggest that while Pine Labs is achieving revenue growth, the company faces challenges in managing rising operational costs, which are impacting profitability.

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    Pine Labs – Funding and Investors

    Pine Labs has seen 13 rounds of funding in total and has received nearly $1.2 bn in funding to date. Pine Labs is currently valued at over $5 Billion. The total valuation of the company had shot up to $3 billion after the $600 mn funding round that came on July 6, 2021, from Blackrock and Fidelity. Pine Labs’ valuation increased to $3.5 bn, as reported on January 4, 2022.

    The last round of Pine Labs funding was worth $50 mn, led by Vitruvian Partners, which it received on March 29, 2022. The previous round was $150 million, which was led by Alpha Wave Global on February 18, 2022.

    The fintech giant raised 3 rounds in the past year including the $100 mn round from Invesco and the massive July 6, 2021 round led by Fidelity, BlackRock, and others when it raised $600M. It has also raised $20 mn from the country’s largest commercial bank, SBI.

    Pine Labs turned into an Indian unicorn company on January 25, 2020, thereby becoming India’s first unicorn in 2020 after it received an undisclosed amount from Mastercard in the month of January the same year. Here’s a look at the prominent Pine Labs funding rounds and how they were executed:

    Date Round Amount Lead Investors
    March 29, 2022 Private Equity Round $50M Vitruvian Partners
    February 18, 2022 Secondary Round $150M Alpha Wava Global
    January 4, 2022 Corporate Round $20M SBI
    September 16, 2021 Venture Round $100M Invesco Developing Markets Fund
    July 6, 2021 – $600M Fidelity Management & Research Co. and BlackRock Inc. and others
    May 17, 2021 Venture Round $285M Baron Capital Group, Duro Capital, Marshall Wace, Moore Strategic Ventures and Ward Ferry Management and other existing investors
    December 21, 2020 Secondary Market – Lone Pine Capital
    Jan 24, 2020 Corporate Round – Mastercard
    May 31, 2018 Secondary Market $125M PayPal Ventures, Temasek Holdings
    Mar 13, 2018 Private Equity Round $22M Actis
    Jul 29, 2017 Corporate Round $99M Flipkart
    Apr 20, 2017 Secondary Market – Madison India Capital
    Mar 25, 2009 Seed Round $1M Sequoia Capital India

    Pine Labs – Shareholding

    Pine Labs’ shareholding pattern as of February 2025, sourced from Tracxn:

    Pine Labs Shareholders Percentage
    Lokvir Kapoor 3.0%
    Peak XV Partners 18.3%
    Actis 6.9%
    Temasek 6.9%
    Alpha Wave Global 3.0%
    Invesco 2.5%
    Madison India Capital 2.4%
    Lone Pine Capital 3.4%
    HSBC 1.6%
    Sofina 1.6%
    Altimeter Capital 1.5%
    Smallcap World Fund 1.4%
    Tree Line Investment Management 1.4%
    Baron Funds 1.1%
    Ward Ferry 1.1%
    Moore Ventures 0.9%
    IIFL Asset Management 1.1%
    Duro Capital 0.9%
    MW XO Digital Finance Fund 0.6%
    Kotak Mahindra Bank 0.5%
    Ishana Capital 0.3%
    BlackRock 0.5%
    Neuberger Berman 0.3%
    IC Partners Long Only Fund 0.2%
    Lightspeed Venture Partners 0.2%
    Falcon Edge Capital < 0.1%
    Bharat Inclusion Initiative < 0.1%
    White Venture Capital < 0.1%
    Octahedron Capital < 0.1%
    Dayzero Holdings < 0.1%
    Relational Capital LLC < 0.1%
    Redbrook –
    Capier Investments –
    PayPal 5.3%
    Mastercard 4.7%
    Raffles Nominees 2.5%
    Marshall Wace 1.4%
    Lenarco 1.4%
    Nordmann 0.9%
    State Bank of India 0.5%
    Cgh Amsia 0.4%
    DBS Bank 0.3%
    Founders Global 0.1%
    Citi < 0.1%
    MD Pai Partners < 0.1%
    Pine Labs –
    M3a –
    G1 Innovations –
    Angel 0.2%
    Other People 0.3%
    ESOP Pool 15.4%
    Other Investors 4.2%
    Total 100.0%
    Pine Labs Shareholding
    Pine Labs Shareholding

    Pine Labs – ESOPs

    Pine Labs has officially announced its ESOP buyback plan, which is worth Rs 100 cr. Amrish Rau, the CEO, and Co-founder of the company took to Twitter to express his happiness. Here is his Twitter post:


    The company has again announced the buyback of its shares via the initiation of a buyback program worth $6.07 mn. As per reports dated April 12, 2022, Pine Labs’ board has approved the buyback of its shares from five executives including CEO Amrish Rau. Kumar Sudarsan, Kush Mehra, Dev Anand Sharma, and Rakesh Sharma are the other key executives among the mentioned batch, which the company filed in its regulatory filings in Singapore.

    The biggest beneficiary of the buyback program is Amrish Rau, who offloaded shares worth $1.92 million. Kumar Sudarsan, the co-founder of Qwikcilver, the company that Pine Labs acquired in a deal worth $110 million in April 2019, is the next in line, selling shares worth $1.75 million.

    Pine Labs – IPO

    Pine Labs has already passed a resolution according to the regulatory filings, where it has decided to convert its Singapore-based holding entity from private to public. The company has been renamed Pine Labs Limited from Pine labs Pte to start preparing for its upcoming IPO. Pine Labs is eyeing its US listing within the next 10-12 months. The company is estimated to raise its valuation to $5 billion in the potential IPO ahead. The IPO of Pine Labs is estimated to be around $1 bn in 2022.

    The new reports dated January 10, 2022 state that Pine Labs’ preparation for its upcoming US listing is on, where the company will be raising about $500 mn (down from the $1 bn reported previously) at a valuation of $5-7 bn. The plans of the Pine Labs IPO are still on in February 2022, and the company is planning to list on the US exchange at a valuation of $6-7 billion in the IPO.

    Pine Labs – Acquisitions

    Pine Labs has acquired 5 companies to date. Pine Labs last acquired Setu on June 23, 2022, in a deal worth $70 mn. Setu currently provides payments, data, investments, and lending via its APIs after the expansion of its offerings. After the acquisition, as per the deal, Setu will continue to run independently. Setu was in news on July 7, 2022, for it has received the in-principle license as an account aggregator.

    Pine Labs previously acquired the Mumbai-based online payments startup, Qfix Infocomm on February 8, 2022. This acquisition will help its parent with the recently launched Plural platform. After this, Pine Labs acquired a majority stake in Mosambee on April 13, 2022, for an undisclosed sum. This investment increased the valuation of the acquired company by $100 mn. Post the acquisition, the Mosambee team was to operate independently.

    The gift solution provider, QwikCilver Solutions, was the first Pine Labs acquisition, which happened on Mar 19, 2019, for $110 million. The Fintech platform from Southeast Asia, Fave was then acquired by Pine Labs in a deal worth $45 million on April 13, 2021.

    Here’s a list of the Pine Labs acquisitions to date:

    Name of the Acquired Company Acquired Date Amount
    Setu June 23, 2022 $70 mn
    Mosambee April 13, 2022 –
    Qfix Infocomm February 8, 2022 –
    Fave April 13, 2021 $45 mn
    QwikCilver Solutions March 19, 2019 $110 mn

    Pine Labs – Partnerships

    Out of several partnerships, here is a list of some of the prominent partnerships of Pine Labs throughout the years:

    • Pine Labs collaborated with Kotak Mahindra Bank to scale up its merchant acquiring and point-of-sale systems
    • The fintech company collaborated with OneCard on September 13, 2021, to enable the EMI options at POS for its customers
    • Pine Labs announced its partnership on July 22, 2020, with Fave with an aim to expand cashless payment solutions to offline SMEs and enterprises to accelerate digitization
    • Pine Labs entered the Malaysian market with an exclusive partnership with CIMB Bank in 2017, which asserted its first global footprint

    Pine Labs – Competitors

    Pine Labs Top Competitors are:

    Pine Labs – Awards and Achievements

    Pine Labs won a list of awards in all these years it has been active:

    • It won the India Fintech Forum’s IFTA 2021 Award for the “Most Innovative Fintech Product” in November 2021.
    • The AllTap #WarriorsAtWork campaign of Pine Labs obtained the award for ‘Best Fintech Marketing Campaign’ at CMO Asia, 2021.
    • Pine Labs was announced the winner of the ‘Best Digital API’ award in the category of Best Technology Solutions at the 11th India Digital Awards conducted by the Internet and Mobile Association of India (IAMAI).
    • Pine Labs won a payment and fintech award in the category of Best Payment Technology/Solution provider at the 10th India Digital Awards in February 2020. This award was awarded to Pine Labs for enabling the EMI feature on its Android PoS.
    • Sanjeev Kumar, Chief Technology Officer, Pine Labs, won the Change Agents 2019 award in December 2019 at CIO500 Conclave & Awards 2019, conducted by Enterprise IT World.
    • Pine Labs won the 2019 Indian Merchant Platform Customer Value Leadership Award at the Frost & Sullivan – 2019 India Best Practices Awards in October 2019.

    Pine Labs – Challenges Faced

    India’s digital payments growth story has grabbed several eyeballs from international agencies as well as tech giants. From revolutionizing the use of QR codes to Unified Payments Interface (UPI) to enabling point-of-sale via mobile-like devices etc, the innovation in the Indian digital payments industry has awed the world.

    While most of these innovative and disruptive ideas haven’t reaped profits, but point-of-sale (PoS) player Pine Labs did in 2017. This, however, is not the case anymore. Being one of the few Indian startups generating profits in FY17, the company spiralled into losses back in FY18. Continuing the trend in FY19 results, Pine Labs reported a net loss of INR 13.5 Cr for the year, as against INR 2.5 Cr net loss in FY18. Though Pine labs swung back to profits and happen to be one of the few companies in FY17 that brought in profits, the company again turned into a loss-making company when last recorded in 2021.

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    Pine Labs – Future Plans

    Pine Labs plans to launch its India IPO in H2 2025, according to CEO Amrish Rau. Despite weak market conditions, the fintech firm remains committed to its public listing. Pine Labs provides POS payment solutions, BNPL services, and fintech products, generating revenue from transaction fees, device sales, and lending commissions.

    FAQs

    What is Pine Labs?

    Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology.

    Who are Pine Labs founders?

    Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay are the founders of Pine Labs.

    How does Pine Labs make money?

    Pine Labs earns its revenue from the sale and leasing of its devices, via the services it offers, and through the interest that it receives on fixed deposits and current investments.

    What does Pine Labs do?

    Pine Labs is an Indian merchant platform company that provides financing and last-mile retail transaction technology, founded in 1998. The company has more than 70,000 retailers across India, including major retail outlets such as Mark’s and Spencer’s Retail, Pantaloons, Shoppers Stop, and Westside.

    What is Pine Labs net worth?

    The Pine Labs valuation was last estimated to be over $5 billion.

    How are Pine Labs acquisitions?

    Looking at Pine Labs’ acquisition we can find that the company has acquired 5 companies to date, out of which 3 of the acquisitions came in 2022 itself.

    How is the Pine Labs funding?

    In terms of Pine Labs funding, the Singapore-registered company has seen 13 funding rounds so far equaling $1.2 billion in funding.

    What is Pine Labs business model?

    Pine Labs operates a merchant-focused payments and lending platform. It provides point-of-sale (POS) terminals, buy now, pay later (BNPL) services, gift card solutions, and payment processing for businesses. It earns revenue from transaction fees, device sales, and lending commissions.

  • Sugar Cosmetics: Transforming Beauty Standards and Empowering Every Face

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    Until the emergence of eCommerce and Direct-to-Consumer (D2C) selling, the Indian beauty sector had been dominated by cosmetics majors for decades. In the beauty industry, it’s difficult to overlook the influence of direct-to-consumer companies like Nykaa, Mamaearth, WOW Skin, Plum, and Sugar Cosmetics, which are quickly becoming customers’ go-to alternatives in metros and Tier 1 and 2 cities.

    With just two products when it was first founded in 2012, Sugar Cosmetics has quickly expanded to become one of India’s leading beauty businesses, with 450 warehouses under its belt in just five years. Known for its cruelty-free makeup, the brand caters to bold, independent women who defy preconceptions and is the ideal fusion of style and performance. Sugar Cosmetics has evolved into a symbol of empowerment, enabling people to confidently express their individuality.

    Here’s learning more about Sugar Cosmetics, its history, its Founders and Team, Business Model, Revenue Model, Name, Logo and Tagline, Growth, Mission and Vision, Competitors, Challenges Faced, Future Plans, and more.

    Sugar Cosmetics Information

    STARTUP NAME SUGAR COSMETICS
    Headquarters Mumbai, Maharashtra, India
    Sector Beauty, E-commerce, Brand Marketing, Cosmetics
    Founder Kaushik Mukherjee and Vineeta Singh
    Founded 2012
    Net Worth INR 4,100 crores (2024)
    Website sugarcosmetics.com

    About Sugar Cosmetics
    Sugar Cosmetics – Industry
    Sugar Cosmetics – Founders and Team
    Sugar Cosmetics – Startup Story
    Sugar Cosmetics – Name, Tagline and Logo
    Sugar Cosmetics – Mission and Vision
    Sugar Cosmetics – Business Model
    Sugar Cosmetics – Revenue Model
    Sugar Cosmetics – Challenges Faced
    Sugar Cosmetics – Funding and Investors
    Sugar Cosmetics – Shareholding
    Sugar Cosmetics – Mergers and Acquisitions
    Sugar Cosmetics – Growth
    Sugar Cosmetics – Financials
    Sugar Cosmetics – Products and Launch
    Sugar Cosmetics – Partnerships
    Sugar Cosmetics – Advertisements and Social Media Campaigns
    Sugar Cosmetics – Competitors
    Sugar Cosmetics – Future Plans

    About Sugar Cosmetics | Introduction

    Sugar Cosmetics is one of India’s fastest-growing premium cosmetic companies, with a cult following among millennials. Thanks to its clutter-breaking attitude, unique low-poly packaging, and chart-topping products, it has become the first choice of many Indian women. The brand’s bestselling goods in the Lips, Eyes, Face, Nails, and Skin categories are sent all over the world from state-of-the-art facilities in Germany, Italy, India, the United States, and Korea.

    The brand is devoted to producing products that are a great fit for every Indian skin tone throughout seasons and across the calendar, with a cruelty-free line that is high on design and high on performance. Sugar Cosmetics is aggressively expanding its strong existence, with over 45,000 retail outlets across 550 cities, including 200 of its own branded stores. It is backed by the faith of marquee investors and the passion of millions of beauty aficionados.

    Sugar Cosmetics – Industry

    According to the Statista analysis, the Indian Cosmetic industry is expected to grow at a CAGR of 2.86% from 2024 to 2028. This increase is partly explained by consumers’ increasing preference for digital experiences, which has caused the beauty industry to undergo a dramatic shift in favor of eCommerce.

    The ease of use and time-saving capabilities provided by online platforms serve as the foundation for this change. Customers can now move more easily between virtual stores and online content, having almost the same “real-life” experience with customization possibilities, product samples, and other features. This paradigm change demonstrates how the cosmetics business has responded to changing consumer tastes by redefining and improving the entire customer experience through the use of digital technology.

    Sugar Cosmetics – Founders and Team

    Sugar Cosmetics was founded by Kaushik Mukherjee and Vineeta Singh in 2012.

    Vineeta Singh (Co-Founder and CEO) and Kaushik Mukherjee (Co-Founder and COO) of Sugar Cosmetics
    Vineeta Singh (Co-Founder and CEO) and Kaushik Mukherjee (Co-Founder and COO) of Sugar Cosmetics

    Kaushik Mukherjee

    Kaushik Mukherjee, the co-founder and COO of SUGAR Cosmetics, boasts an impressive educational background, having graduated from BITS Pilani and earned a degree from IIM Ahmedabad. In addition to being a seasoned professional and a successful marathon and Ironman triathlete, Mukherjee is a TEDx speaker.

    His professional journey commenced as an Applications Engineer at Oracle Corporation, followed by a role as an Analyst at Goldman Sachs. Mukherjee then founded BigSlick Infotech/AKVenture and later served as an Associate at McKinsey & Company. He continued his entrepreneurial journey as the Co-founder & MD of FAB Bag before founding and assuming the role of co-founder and chief operating officer at SUGAR Cosmetics. Mukherjee’s diverse experiences underscore his multifaceted expertise in both the corporate and entrepreneurial realms.

    Vineeta Singh

    Vineeta Singh, co-founder and CEO of SUGAR Cosmetics, is a powerhouse driving India’s fastest-growing cosmetic business. Armed with degrees from IIT Madras and IIM Ahmedabad, she extends her influence beyond the corporate realm as a TEDx Speaker and an accomplished triathlon and ultramarathon runner.

    Vineeta is a well-known figure on Shark Tank India, where she displays her aptitude for entrepreneurship. Her career started with important internships at ITC Limited and Deutsche Bank. Following her role as a Director at Quetzal Verify Private Limited and her co-founding of FAB Bag, Vineeta went on to co-found Sugar Cosmetics company and serve as its CEO.

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    Sugar Cosmetics – Startup Story

    The inception of SUGAR Cosmetics company marks the collaborative effort of Vineeta Singh and her husband and business partner, Kaushik Mukherjee. Early in her career, Vineeta, an IIT Madras Electrical Engineering graduate with extra Business Studies from IIM Ahmedabad, made a crucial choice. In her twenties, she turned down a big employment offer of Rs. 1 crore because she wanted to follow her dream of being an entrepreneur.

    Vineeta and Kaushik persisted in their startup efforts despite obstacles. Seeing a gap in the Indian beauty market, which was dominated by foreign brands that weren’t very suitable for the country’s environment and skin tone, the two took advantage of the knowledge they were able to gather via their beauty subscription service. The direct input from 100,000 women who subscribed to the program served as the basis for the debut of SUGAR Cosmetics.

    Established with the tenets of adaptability, creativity, and in-depth knowledge of customer requirements, SUGAR Cosmetics company has emerged as a leader in the Indian beauty sector. Vineeta Singh and Kaushik Mukherjee’s joint efforts demonstrate the ability of business alliances to turn obstacles into success stories.

    “We have a long way to go and great goals to achieve! Success to me is having the flexibility and capacity to achieve whatever I want without fear of failure. To be honest, I had my reservations when I turned down the job offer when I was 23 years old. But, in keeping with my concept of having no regrets, I pursued my ambitions. I was quite enthusiastic about being an entrepreneur and starting a business. I simply knew that if I didn’t do it now, I’d regret it for the rest of my life, so I went ahead and did it,” said Vineeta Singh.

    History of Sugar Cosmetics
    Sugar Cosmetics Success Story Timeline

    Sugar Cosmetics – Mission and Vision

    Sugar Cosmetics’ mission statement says, “We believe in every interpretation of beauty. Bold to subdued, quirky to crazy, every day to glam goddess! We aim to celebrate every aspect of you, no matter what your style is. So, go ahead and pick your faves.”

    Sugar Cosmetics Logo
    Sugar Cosmetics Logo

    The company began as an online supplier of natural, paraben-free cosmetics and has since grown in popularity not just in India but throughout the world. Due to the usage of the black and white color combination, the visual identity of an Indian cosmetic business is beautiful and refined while also seeming bold and confident. The company’s logo is made up of a wordmark with an emblem on the left, which serves as the brand’s signifier and appears on all of the company’s cosmetics.

    Sugar Cosmetics’ tagline says, “Rule The World, One Look At A Time!!!”

    Sugar Cosmetics – Business Model

    Sugar Cosmetics operates with a direct-to-consumer (D2C) business model that strategically incorporates an omnichannel approach. By using this strategy, Sugar leverages the advantage of other eCommerce marketplaces, such as Amazon and Nykaa, increasing its accessibility and reach. The brand emphasizes its global presence through a variety of revenue streams, including both domestic sales in India and international export sales.

    The customer-centric business approach of Sugar Cosmetics is one of its main advantages. The company does a great job of satisfying the wide range of demands and tastes of its target market. Its product line is carefully designed to be inclusive and versatile, with a wide variety of hues and formulas catered to all skin types and tones. Sugar’s emphasis on diversity makes it seem like a brand that appeals to a wide range of customers.

    Sugar Cosmetics – Revenue Model

    Sugar Cosmetics makes money from different resources. Some of the prominent ones are listed below:

    Various Channels of Sales

    • Uses brick-and-mortar stores, the official website, and e-commerce partnerships (Amazon, Nykaa) for sales.
    • Specialty kiosks create an additional offline sales channel.

    Revenue Streams by Geography

    • Principal source of income for meeting local demands for beauty in India.
    • Significant income from export sales to other countries.

    Present Both Online and Offline

    • Consolidated internet sales on the official website.
    • Offline sales through unique kiosks and physical stores.

    Sugar Cosmetics – Challenges Faced

    Co-founders Vineeta and Kaushik faced several obstacles during Sugar Cosmetics’ early years as they walked the difficult path of bootstrapping the company. Obtaining funding, identifying reliable suppliers, and assembling a team were major obstacles.

    The company first had trouble making an impression in the crowded market. Products were difficult to market, and they had trouble obtaining finance. Despite everything, the company’s founders were committed to growing it. They put a lot of effort into producing new goods and attracting additional clients.

    The year 2020 brought unprecedented challenges for Sugar Cosmetics, intensified by the global COVID-19 pandemic. Similar to numerous other brands, the company’s valuation was impacted by supply chain delays, decreased customer spending, and general economic uncertainty.

    Sugar Cosmetics changed course in response, embracing an online platform and stepping up its digital marketing and advertising initiatives to combat the market decline. This strategic move highlights the company’s resolve to continue growing in the face of external hardships by demonstrating its ability to overcome obstacles and adjust to changing market conditions.

    Sugar Cosmetics – Funding and Investors

    Sugar Cosmetics has raised $95 million in over 8 funding rounds that the company has seen to date. Their latest funding was raised on November 27, 2024, from a Series-E round by Anicut Capital.

    Here are the funding details:

    Date Round Amount Lead Investors
    November 27, 2024 Series-E INR 38 crore Anicut Capital
    October 20, 2024 Secondary Market $3 million IMM Investment
    September 3, 2022 Angel Round – Ranveer Singh
    May 30, 2022 Series D $50 million L Catterton
    October 21, 2020 Debt Financing $2 million Stride Ventures
    October 21, 2020 Series C $21 million A91 Partners, Elevation Capital, India Quotient, Stride Ventures
    March 8, 2019 Series B $12 million A91 Partners, Anicut Capital, India Quotient
    June 1, 2017 Series A $2.5 million India Quotient, RB Investments Pte. Ltd.

    Sugar Cosmetics – Shareholding

    Sugar’s shareholding pattern as of March 2025, sourced from Tracxn:

    Sugar Cosmetics Shareholders Percentage
    Kaushik Pavan Mukherjee 13.1%
    Vineeta Singh 13.1%
    Anicut Capital 1.8%
    A91 Partners 20.3%
    Elevation Capital 10.5%
    RB Investments 10.0%
    India Quotient 10.3%
    Malabar Investments 1.0%
    Stride Ventures 0.4%
    L N Bangur Group 0.1%
    Vikramaditya Mohan Thapar Family Trust < 0.1%
    Selenium Trust < 0.1%
    Pawan Munjal Family Trust < 0.1%
    Ajay S Shriram Family Trust < 0.1%
    Vikram S Shriram Family Trust < 0.1%
    Ajit S Shriram Family Trust < 0.1%
    Sukalp Foundation < 0.1%
    Munjal Family Trust < 0.1%
    LCA Celestial 6.1%
    Waterfield Advisors 1.1%
    Texport 0.3%
    Astra Industries And Trading < 0.1%
    Karsahi Infraventures < 0.1%
    Paeonia Group < 0.1%
    T Poddar Group < 0.1%
    Suchir Chemicals < 0.1%
    Lumax World < 0.1%
    Richa Global < 0.1%
    Blau I Merchandising –
    Angel 7.1%
    Other People –
    ESOP Pool 3.3%
    Other Investors 0.4%
    Total 99.8%
    Sugar Cosmetics Shareholding
    Sugar Cosmetics Shareholding

    Sugar Cosmetics – Mergers and Acquisitions

    Sugar Cosmetics has acquired 1 company to date. The acquisition of ENN Beauty was announced on January 13, 2022, when the company picked up the majority (51%) stakes in the natural skin and hair care brand.

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    Sugar Cosmetics – Growth

    The beauty firm, which operates on a hybrid model, currently has a presence in over 45,000 retail outlets across 550 cities. After the pandemic took a heavy toll, the corporation devised novel strategies to reinforce the trust connection between its brand and its clients. SUGAR Cosmetics found a position for itself in the fast-growing beauty sector and weathered the epidemic by slashing expenses and reorganizing the team, as well as utilizing social media marketing and an e-commerce push.

    Some of the other growth highlights of Sugar are:

    • Sugar’s website and app witness more than 2 million unique visitors each month.
    • It sells 200K+ products each month.
    • Sugar Cosmetics products are present in over 40K retail stores.
    • All prominent eCommerce marketplaces sell Sugar products, like Amazon, Flipkart, Nykaa, Myntra, and more.
    • Sugar also sells its products outside India, in countries like Korea, Germany, Italy, and the US.
    • Sugar onboarded Shehnaz Gill as its first brand ambassador for Sugar POP in June 2023.

    Social media is one of the most effective tools used by SUGAR Cosmetics. According to Singh, they saw that customers were spending more time on their smartphones and engaging with their content on social media. The company leveraged this as a chance to boost its social media presence.

    Sugar Cosmetics – Financials

    Over the past few years, Sugar Cosmetics has demonstrated consistent revenue growth, surpassing the INR 500 crore mark in FY24. Despite this upward trajectory in revenue, the company continues to operate at a net loss, although there has been a slight reduction in losses compared to previous years.

    Particulars FY24 FY23 FY22
    Revenue INR 515.4 Crore INR 428.4 Crore INR 223.8 Crore
    Expenses INR 583.7 Crore INR 505.5 Crore INR 300 Crore
    Net Profit/(Loss) INR -68.4 Crore INR -77.2 Crore INR -76.2 Crore
    Sugar Financials FY24
    Sugar Financials FY24

    Revenue grew by INR 87 crore in FY24, but losses reduced slightly compared to FY23. Expenses also increased significantly.

    Sugar Cosmetics Revenue

    Particulars FY24 FY23
    Revenue from Operations INR 505.1 Crore INR 420.3 Crore
    Other Income INR 10.2 Crore INR 8.1 Crore
    Total Revenue INR 515.4 Crore INR 428.4 Crore

    Revenue increased by INR 87 crore in FY24, driven by higher operational revenue and other income.

    Sugar Cosmetics Profit/Loss

    Profit Metric FY24 FY23
    Profit/Loss INR -68.4 crore INR -77.2 crore

    The net loss decreased by 11.3% in FY24, reducing to INR 68.4 crore from INR 77.2 crore in FY23.

    Sugar Cosmetics Expenses

    Particulars FY24 FY23
    Purchases of Stock-in-Trade INR 113.4 Crore INR 156.1 Crore
    Changes in Inventories INR 24.7 Crore (INR 42.2 Crore)
    Employee Benefit Expense INR 70 Crore INR 60.8 Crore
    Finance Cost INR 6.1 Crore INR 5.3 Crore
    Depreciation & Amortisation INR 13.8 Crore INR 10.7 Crore
    Other Expenses INR 355.7 Crore INR 314.8 Crore
    Total Expenses INR 583.7 Crore INR 505.5 Crore

    Total expenses increased by 15.5% in FY24, reaching INR 583.7 crore, up from INR 505.5 crore in FY23. Notably, ‘Other expenses’ rose by 13% during this period.

    Quick Summary:

    • Revenue Growth: Sugar Cosmetics achieved a 20% increase in total revenue in FY24, reaching INR 515.4 crore, up from INR 428.4 crore in FY23.​
    • Expense Increase: Total expenses grew by 15.5% in FY24, totaling INR 583.7 crore compared to INR 505.5 crore in FY23.​
    • Loss Reduction: The company’s net loss decreased by 11.3% in FY24, amounting to INR 68.4 crore, down from INR 77.2 crore in FY23.

    Sugar Cosmetics – Products and Launch

    Sugar Play

    ‘Sugar Play’ is the name of the first pre-teen and teen-targeted makeup range ever introduced by the cosmetics company Sugar Cosmetics in August 2023. The new color cosmetics line combines vibrant hues with formulas designed for sensitive, youthful skin.

    New Store Launch

    Sugar Cosmetics has added a brick-and-mortar presence in the Delhi NCR area and built a new store at the Ghaziabad-based KW Delhi 6 mall in July 2023.

    BB Serum Hybrid Product

    Makeup company Sugar Cosmetics introduced a BB Serum-hybrid product in March 2023. The debut of the new product is intended to broaden the company’s face makeup selection and serve Gen Z consumers who are always on the go.

    Sugar Cosmetics – Partnerships

    Delhivery

    Delhivery, a logistics services provider, announced in May 20224, its collaboration with the beauty brand Sugar Cosmetics for pan-India B2B shipments.

    Amazon Prime

    The highly anticipated second season of “Made in Heaven” on Amazon Prime was launched in August 2023. SUGAR Cosmetics is thrilled to present the exclusive “SUGAR x Made in Heaven” cosmetics kit with the partnership.

    OMP

    OMP India will manage the complete media strategy for the cosmetic brand from the agency’s location in Mumbai as part of this cooperation between the two companies in July 2023.

    Kareena Kapoor Khan

    Kareena Kapoor Khan has partnered with Vineeta Singh and Kaushik Mukherjee, co-founder of Sugar Cosmetics, invested an undisclosed sum of money in Quench Botanics, and has become a co-owner of the new business. To scale the new Korean skincare brand, the alliance is anticipated to make use of Singh and Mukherjee’s expertise in the beauty e-commerce sector.

    Sugar Cosmetics – Advertisements and Social Media Campaigns

    Sugar Cosmetics Campaign

    In the #ShukarHainSUGARHain campaign, the story unfolds with Ranveer Singh nervously introducing his girlfriend Tamannaah Bhatia to his family. Tamannaah gives Ranveer a peck right before the family opens the door, capturing a touching and realistic moment in relationships.

    This endearing story deftly highlights SUGAR’s dedication to long-lasting, smudge-proof cosmetics while also fitting in with the brand’s USP of transfer-proof lipsticks. The advertisement successfully draws in viewers on an emotional level while emphasizing how long-lasting SUGAR’s makeup is.

    Sugar Cosmetics – Competitors

    The top ten rivals in SUGAR Cosmetics’ competitive group can be listed as:

    Sugar Cosmetics – Future Plans

    Vinita Singh said the company intends to file for an IPO by 2025. The company also expects to turn all its offline stores profitable in FY25.

    Vineeta Singh, co-founder of Sugar Cosmetics, mentioned in a news report dated January 4, 2024, “We are looking at about a two to three years’ timeline in terms of an IPO because it is important to have some solid track record of profitability in the bank before taking the company public. This also aligned well with our board because we had an aspiration that we should go into the market at a Rs 1,000-crore plus revenue, plus profitability. And that is how we are expecting to look at.”

    FAQs

    What is Sugar Cosmetics?

    Sugar Cosmetics is one of India’s fastest-growing premium cosmetic companies, with a cult following among millennials.

    Who is Sugar Cosmetics owner?

    Kaushik Mukherjee and Vineeta Singh are the owners of Sugar Cosmetics, they founded the company in 2012.

    Who is the CEO of Sugar Cosmetics?

    Vineeta Singh is the CEO of Sugar Cosmetics. She is also the founder of the company and can be popularly recognized as one of the judges of the popular Indian business reality show “Shark Tank India”.

    What is the Sugar Cosmetics valuation?

    The Sugar Cosmetics valuation is around INR 4100 as of 2024.

    Which country owns Sugar Cosmetics?

    Sugar Cosmetics is an Indian company.

    What is Sugar Cosmetics revenue for FY24?

    In FY24, Sugar’s operating revenue rose by 20.2% to INR 505.1 crore from INR 420.3 crore in FY23.

    What is Sugar Cosmetics business model?

    Sugar Cosmetics follows a D2C + Omnichannel business model. It sells beauty products online (website, apps, marketplaces) and offline (exclusive stores, kiosks, multi-brand outlets). The brand focuses on affordable, high-quality cosmetics for Indian skin tones, using influencer marketing and social media for growth.

    When was Sugar Cosmetics founded?

    Sugar Cosmetics was founded in the year 2012.

  • Why The Derma Co. is the Future of Indian Skincare

    The Derma Co. has quickly become one of India’s leading science-backed skincare brands with its science-driven approach and dermatologist-tested formulations. Since its launch in 2020 under Honasa Consumer Limited, the brand has carved a niche by focusing on active ingredient-based solutions tailored for Indian skin. Unlike traditional skincare brands, the Derma Co. takes a problem-solving approach, using AI-powered skin analysis to recommend the right products for each user -offering dermatologist-designed solutions for a wide range of skin concerns.

    Launched in 2020 under Honasa Consumer Limited (the parent company of Mamaearth), the brand focuses on active ingredients to address issues like acne, pigmentation, ageing and hair loss. With a digital-first approach, The Derma Co. has built a strong presence across e-commerce platforms, social media and select retail outlets.

    Here we bring you the success story of The Derma Co., where you can learn about Founders of the company, company’s Mission and Vision, Business Model, Revenue Model, Competitors, Future Plans, and more.

    The Derma Co. – Company Highlights

    Name The Derma Co.
    Headquarters Gurgaon, Haryana, India
    Founders Varun Alagh and Ghazal Alagh
    Founded 2020
    Sector Skincare and hair care (consumer goods sector)
    Website Thedermaco.com

    The Derma Co. – About
    The Derma Co. – Industry
    The Derma Co. – Founders and Team
    The Derma Co. – Startup Story
    The Derma Co. – Mission and Vision
    The Derma Co. – Name, Tagline and Logo
    The Derma Co. – Business Model
    The Derma Co. – Revenue Model
    The Derma Co. – Growth
    The Derma Co. – Online and Social Media Presence
    The Derma Co. – Advertisements and Social Media Campaigns
    The Derma Co. – Awards and Achievements
    The Derma Co. – Competitors
    The Derma Co. – Future Plans

    The Derma Co. – About

    The Derma Co. is all about real skincare and hair care that actually works. They offer a range of products designed to tackle common skin issues like acne, dark spots and signs of aging—without the fluff.

    What They Offer

    • Serums, Moisturizers, Face Washes, Sunscreens and Body Lotions—all crafted to deliver visible results.

    What Makes Them Stand Out

    • Created by dermatologists who know their stuff.
    • No harmful chemicals—just clean, effective formulas.
    • Packed with high-quality, science-backed ingredients that do what they promise.

    Who It’s For

    The Derma Co. is all about helping millennials feel confident in their skin and hair—because real beauty starts with taking care of yourself.

    The Derma Co. – Industry

    The online skincare market in India has exploded in recent years, thanks to the rapid growth of e-commerce. This shift has created a win-win situation—consumers, especially those in smaller cities (Tier 2–4), now have easy access to a vast range of products, while brands enjoy impressive profit margins of up to 60-70%.

    As of FY2024, India’s skincare industry was valued at $2.68 billion, with facial care leading the pack in both sales and volume. The market is on track to hit $3.91 billion by FY2032, growing at a steady 4.82% CAGR from FY2025 to FY2032.

    The Derma Co. – Founders and Team

    The Derma Co. Funders - Varun Alagh and Ghazal Alagh
    The Derma Co. Funders – Varun Alagh and Ghazal Alagh

    Varun Alagh
    Cofounder, Chairman and CEO of Honasa Consumer

    Varun Alagh is a seasoned entrepreneur and brand builder with a strong foundation in engineering and business. He holds a Bachelor’s in Electrical Engineering from Delhi College of Engineering (DCE) and an MBA in Finance & Marketing from XLRI, Jamshedpur.

    Corporate Journey & Brand Building

    With over 15 years of leadership experience in sales and marketing, Varun has worked with some of the biggest names in FMCG, including Hindustan Unilever, Diageo and Coca-Cola. His expertise spans brand management, digital marketing and trade activations. Notably, he played a key role in launching Coke Zero in India and managed ATL, BTL and digital strategies for Smirnoff. His contributions earned him multiple awards, including the Business Unit President’s Award, Above and Beyond Award and I am Diageo Award.

    Entrepreneurial Success & Digital-First Revolution

    In 2016, Varun co-founded Honasa Consumer Pvt. Ltd., a company that has redefined the Indian beauty and personal care market. Under his leadership, Mamaearth became the flagship brand, followed by the launch of The Derma Co., Aqualogica and Ayuga, along with acquisitions of well-known names like BBlunt and Dr. Sheth’s.

    Ghazal Alagh

    Born on September 2, 1988, in Gurgaon, Haryana, Ghazal Alagh grew up in a middle-class family that encouraged her ambitions. Her parents, Kamlesh and Sunita Sahni, along with her siblings, Chirag Sahni and Sahiba Chauhan, always supported her pursuit of education and career goals.

    Education & Early Career

    Ghazal earned a Bachelor of Computer Applications from Punjab University (2010) and later honed her artistic skills at the New York Academy of Art (2013), specializing in Design, Applied Arts and Figurative Art in Modern Art.

    Her professional journey began in 2008 as a corporate trainer at NIIT, where she worked for two years. She later ventured into entrepreneurship with DietExpert, a health-focused startup that, despite her efforts, didn’t succeed. Undeterred, she turned to art, joining Being Arty before stepping into the beauty business.

    Building a Beauty Empire

    Ghazal co-founded Honasa Consumer Pvt. Ltd. alongside her husband, Varun Alagh, bringing a fresh, digital-first approach to the Indian beauty industry. A mom-preneur turned industry leader, she played a crucial role in shaping brands like Mamaearth, The Derma Co., Aqualogica and Ayuga, catering to modern consumers through D2C (Direct-to-Consumer) strategies.

    From tech and art to skincare and beauty, Ghazal’s journey is a testament to resilience, adaptability and the power of reinventing oneself.

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    The Derma Co. – Startup Story

    From Personal Struggles to Skincare Success

    Ghazal Alagh’s entrepreneurial journey wasn’t smooth sailing—it began with setbacks. Her first startup, Diet Expert, was born out of her own struggle with weight loss, made harder by frequent relocations. The idea was to help people stay on track with their fitness goals despite travel constraints. While the business showed promise, it ultimately didn’t take off. Her second venture faced a similar fate.

    A Personal Challenge That Sparked a Revolution

    After returning to India, Ghazal and her husband, Varun Alagh, welcomed their son, Agastya. However, their happiness turned into worry when Agastya developed a skin condition that made him sensitive to most skincare products. Every lotion or cream caused rashes, leaving Ghazal feeling helpless.

    Determined to find a solution, she spoke to doctors, fellow parents and friends—only to realize that many families faced the same struggle. Their doctor jokingly called them “Google Parents” for their endless research. What started as a personal mission soon turned into a business idea: creating toxin-free baby care products that were safe, effective and met international standards.

    In 2016, Mamaearth was born under Honasa Consumer Pvt. Ltd., combining Varun’s FMCG expertise with Ghazal’s entrepreneurial drive. They launched with six baby care products, setting the stage for a larger revolution in the skincare industry.

    The Derma Co. – Science-Backed Skincare for Millennials

    Following Mamaearth’s success, The Derma Co. was launched in 2020 to bring science-driven skincare solutions to Indian millennials. With a focus on real, effective formulations, the brand targets concerns like acne, pigmentation and open pores.

    Starting as a direct-to-consumer (D2C) brand, The Derma Co. quickly gained momentum and is now available on leading e-commerce platforms like Amazon, Nykaa and Flipkart. In March 2021, Bollywood actress Parineeti Chopra joined as the brand ambassador, spreading the message of embracing healthy, confident skin.

    From a mother’s concern to a multi-brand beauty empire, Ghazal and Varun Alagh’s journey proves that the best businesses often stem from personal experiences and a genuine need for change.

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    The Derma Co. – Mission and Vision

    Mission

    The Derma Co. is committed to delivering science-backed skincare solutions that effectively address a wide range of skin concerns. By prioritizing research-driven formulations with potent active ingredients, the brand ensures that every product is designed for real results. Their mission is to make high-quality skincare accessible to everyone, empowering individuals to take control of their skin health with solutions that are both effective and safe.

    Vision

    The Derma Co. envisions a world where healthy, confident skin is within everyone’s reach. Beyond skincare, they believe in creating a positive social impact through their Young Scientists Program, which provides science education opportunities for underprivileged children. By combining accessibility, innovation and social responsibility, The Derma Co. aims to inspire confidence—not just in skin, but in future generations of young minds.

    The Derma Co. Logo
    The Derma Co. Logo

    Brand Identity

    The Derma Co. strikes a balance between science and approachability—its branding highlights dermatologist-designed formulations and rigorous testing without feeling overly clinical. The packaging features bold colors, making it easy to identify products based on their function, while a numbering system guides users on the correct order of application, simplifying their skincare routine.

    Tagline & Philosophy

    The brand’s tagline, “Embrace your #FilterFree skin,” reflects its mission to help people feel confident in their natural skin. Focused on personalized skincare solutions, The Derma Co. ensures its products are free from harmful chemicals and developed by dermatologists, making high-quality, effective skin care accessible to all.

    The Derma Co. – Business Model

    The Derma Co. operates with a digital-first, science-backed approach, making high-performance skincare and haircare accessible both online and in stores. A key differentiator is its AI-powered skin analysis tool, which helps customers detect skin conditions and receive personalized product recommendations for effective treatment.

    The brand follows a focused product strategy, emphasizing a select range of top-performing items to streamline manufacturing, marketing and distribution. This approach ensures efficiency in scaling while maintaining high-quality standards.

    Scaling Success & Playbook Approach

    Reflecting on the brand’s growth, co-founder Varun Alagh highlighted how The Derma Co. scaled up even faster than Mamaearth, leveraging repeatable business playbooks developed during Honasa Consumer’s journey. The success of The Derma Co. has reinforced their belief in these strategies, which will now be applied across all portfolio brands under Honasa Consumer to drive further expansion.

    The Derma Co. – Revenue Model

    Revenue Model & Distribution Strategy

    The Derma Co. generates revenue by selling science-backed, active ingredient-based skincare and hair care products. Its digital-first business model prioritizes direct-to-consumer (D2C) sales through its website and mobile app, allowing the brand to build direct relationships with customers while optimizing margins.

    Additionally, The Derma Co. leverages e-commerce marketplaces such as Amazon, Nykaa and Flipkart, alongside select retail outlets and modern trade partners, to maximize reach and accessibility. By blending dermatologist-tested formulations with a strong online presence, the brand effectively caters to consumers seeking targeted solutions for concerns like acne, pigmentation, dull skin, ageing, hair loss and dandruff.

    IPO & Market Entry

    The Derma Co.’s parent company, Honasa Consumer Limited, went public with an IPO in November 2023. Key details include:

    • IPO price band: INR 208–INR 324
    • Total issue size: INR 1,699 crore
    • Listing date: November 7, 2023

    The brand’s rapid expansion, strategic retail presence and strong financial backing position it as a major player in India’s skincare industry.

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    The Derma Co. – Growth

    The Derma Co. has hit an incredible milestone, reaching an annual revenue run rate of INR 500 crore in just 50 months since its launch. This rapid growth is a testament to the brand’s innovative approach and strong market presence.

    Financial Metric FY22 FY23 FY24
    Operating Revenue – – INR 500 crore
    Advertising Expenses – INR 661.28 crore –
    Profit/Loss INR 19.86 crore (Profit) – Profitable in first three quarters

    In FY22, the company recorded a profit of ₹19.86 crore. In FY23, it spent INR 661.28 crore on advertising expenses. In FY24, the annual recurring revenue (ARR) reached INR 500 crore, and the company remained profitable in the first three quarters.

    The Derma Co. – Online and Social Media Presence

    The Derma Co. is making waves online with a strong presence across its own e-commerce site and social media platforms like Instagram and Facebook. The brand actively connects with customers through influencer partnerships and digital marketing, keeping skincare conversations engaging and informative. To make shopping easier, their products are also available on popular online marketplaces like Nykaa and Amazon.

    To level up their social media game, The Derma Co. has teamed up with Chimp&z Inc, part of the Merge Infinity Network, to handle their digital marketing. The agency will take charge of content creation, product photoshoots and campaign management to keep the brand fresh and relevant. After a competitive multi-agency pitch, Chimp&z Inc’s Gurugram office will now drive The Derma Co.’s social media strategy forward.

    The Derma Co. – Advertisements and Social Media Campaigns

    Parineeti Chopra - Brand Ambassador, The Derma Co.
    Parineeti Chopra – Brand Ambassador, The Derma Co.

    Bollywood actress Parineeti Chopra has joined The Derma Co. as the official Brand Ambassador, reinforcing the brand’s message of embracing #FilterFree skin. To spread this message, the company has launched a digital film featuring Chopra, inspiring young individuals to feel confident in their natural skin.

    The Derma Co. actively promotes its philosophy of #FilterFree skin through advertising and social media campaigns, encouraging people to celebrate their real beauty. Beyond skincare, the brand is also making a social impact with its Young Scientist Campaign in partnership with Bhumi NGO. This initiative supports underprivileged students by providing personalized science lab kits and dedicated teachers, empowering the next generation of innovators.

    The Derma Co. – Awards and Achievements

    The Derma Co. received an award for Best Online Skincare Product Retailer 2024 in the UK.

    The Derma Co. – Competitors

    The Derma Co. competes with several other skincare brands in the Indian market, including:

    • Foxtale
    • RAS Luxury Oils
    • Gabit

    These brands also focus on science-backed formulations and targeted skincare solutions, making the space highly competitive.

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    The Derma Co. – Future Plans

    The brand aims to double its annual revenue run rate (ARR) to ₹1,000 crore within the next 3-5 years. This expansion plan is driven by product innovation, increased brand awareness and wider distribution across online and offline channels.

    In a significant move, The Derma Co. has also launched its first exclusive brand outlet (EBO) at Airia Mall in Gurugram, marking its entry into the offline retail space. This step aligns with its commitment to making dermatologist-backed skincare solutions more accessible to Indian consumers.

    FAQs

    What is The Derma Co.?

    The Derma Co. is an Indian skincare brand founded in 2020 by Varun and Ghazal Alagh. It offers dermatologically tested skincare and hair care products.

    Who are The Derma Co. founders?

    Varun Alagh and Ghazal Alagh are the founders of The Derma Co.

    When was The Derma Co. founded?

    The Derma Co. was founded in 2020.

  • Purplle: Elevate Your Beauty Game with Purplle’s Wide Range of Products

    Starting from clothes to medicines, everything is within our reach with just a few clicks now in the digital era that we are living in. The same goes for skincare and haircare products, cosmetics, and fragrances.

    The skincare, haircare, cosmetics, beauty products, and the markets for all of them are growing at breakneck speeds. Thus, more and more companies are diving into the beauty industry with their unique offerings. Purplle is one such example of an e-commerce beauty brand that is growing in its unique way to compete with the bigger players in the industry.

    Founded in 2011 and headquartered in Mumbai, Maharashtra, Purplle is an Indian multi-brand beauty retailer selling cosmetic and wellness products.

    With the help of its online store and an ever-growing list of cosmetics, fragrances, skin, and hair care products, Purplle is fast becoming a favorite. It gives an online space to beauty and wellness needs that showcase beauty brands and products. Purplle aims to take the shopping experience to a different level.

    Here we bring you the success story of Purplle, where you can learn about Founders of Purplle, company’s Mission and Vision, Business Model, Competitors, Shareholding, Challenges Faced, Future Plans, and more.

    Purplle Company Profile

    Startup Name Purplle.com
    Headquarters Mumbai, Maharashtra, India
    Sector Online shopping, Cosmetics
    Founders Manish Taneja, Rahul Dash and Suyash Katyayani
    Founded 2011
    Valuation $1.25 billion (December 2024)
    Website purplle.com

    About Purplle
    Purplle – Industry
    Purplle – Founders and Team
    Purplle – Startup Story
    Purplle – Mission and Vision
    Purplle – Name, Tagline and Logo
    Purplle – Business Model
    Purplle – Revenue Model
    Purplle – ESOPs
    Purplle – Challenges Faced
    Purplle – Funding and Investors
    Purplle – Shareholding
    Purplle – Acquisitions
    Purplle – Partnerships
    Purplle – Growth
    Purplle – Financials
    Purplle – Advertisements and Social Media Campaigns
    Purplle – Competitors
    Purplle – Future Plans

    About Purplle

    Purplle is an operator of an online beauty shopping store created to buy skincare products based on people’s hair and skin type and other personal choices.

    It is an online portal with a large collection of cosmetics, skincare, haircare & fragrances. It showcases some of the best products from the leading brands in the world at the best prices. Purplle Cosmetics aims to take the users’ shopping experience to a completely different level by enabling the consumers to have a personalized shopping experience taking skin and hair type into account. They also have a brilliant customer service department that can be accessed via their customer care number.

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    Purplle – Industry

    In 2025, India’s cosmetics market is expected to generate US$6.90 billion in revenue. according to a Statista report analysis. From 2024 to 2028, the industry is likely to increase at an estimated annual rate of 2.86%.

    Purplle – Founders and Team

    Manish Taneja (Co-Founder, CEO, and Managing Director), Rahul Dash (Co-Founder), and Suyash Katyayani (Co-Founder and CTO) are the founders and owners of Purplle. They founded Purplle in 2011.

    Manish Taneja

    Purplle Founder
    Manish Taneja – Co-Founder, CEO and Managing Director, Purplle.com

    Manish is an IIT Delhi alumni, who completed his Bachelor’s and Master’s in Electrical Engineering from IIT Delhi. Taneja then went to the CFA Institute, where he completed Level 3, Finance. The Co-Founder, CEO, and Managing Director of Purplle started as an Intern at Ittiam Systems.

    He then worked as an Analyst at Lehman Brothers; an Analyst and Associate at Avendus Capital, and eventually as an Analyst – Private Equity at Fidelity Growth Partners India. Manish Taneja finally decided to found his beauty firm, Purplle. Manish Taneja was a second-time entrepreneur when he started Purplle.

    Rahul Dash

    Purplle Founder
    Rahul Dash – Co-Founder, Purplle.com

    Rahul Dash is the Co-Founder of Purplle, who previously worked as a Senior Manager – Strategy and Business Development at the Tata Power Company. Furthermore, he was also appointed as a TAS Manager at Tata Chemicals Ltd after serving as a TAS Manager at Tata Advanced Systems Ltd. and Tata Motors.

    Rahul was a Mechanical Engineering student at IIT Kharagpur, who completed his Bachelor’s degree from IIT Kharagpur. Dash then went on to obtain a PGDM in General Management from IIM Ahmedabad.

    Suyash Katyayani

    Purplle Founder
    Suyash Katyayani – Co-Founder and CTO, Purplle

    Suyani is known as the Co-Founder and CTO of the brand. Katyayani had been a student of DPS Bhilai and is also an alumnus of IIT Kharagpur, where he completed his BTech in Chemical Engineering. Suyash had earlier co-founded VidyaCenter, which makes Purplle his second attempt at entrepreneurship. Katyayani started his career as a Software Engineer at OnMobile.

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    Purplle – Startup Story

    Purplle, founded as a strategic move into the beauty segment, initially contemplated furniture and fashion but chose the latter due to lower initial investment requirements. Purplle was formed as a strategic move into the beauty category. Purplle began with small savings, and after the first month, sales took up. From then on, the company had extraordinary growth up until 2015.

    After five years, Purplle realized that they needed to evolve and took advantage of their data stack, using the acquired insights into consumer behavior as their USP. Purplle went beyond online shopping in 2017 and established its first physical location in Mumbai. The store provides customized product recommendations based on customer preferences and makes use of cutting-edge technology to improve the overall customer experience.

    Purplle, which specializes in skincare, makeup, haircare, body care, and beauty appliances from more than Indian and foreign companies, is always coming up with new ideas. It also expanded its services to include salon scheduling.

    Purplle – Mission and Vision

    Purplle’s mission: “Purplle gives an online space to your beauty and wellness needs. We showcase some of the best products from the leading brands in the world. It aims to take your shopping experience to a completely different level. We know shopping infuses an incomparable high.”

    The vision of the Purplle company is to grow as one of the most popular brands in the cosmetics and beauty industry as an online retailer.

    Purplle – Name, Tagline, and Logo

    Purplle Logo and Tagline
    Purplle Logo and Tagline

    The Purplle logo is in purple, signifying the name and the taste of modern women. The company offers cosmetics, fragrances, skin, and hair care products at the best available prices and, thereby, is loved by women and girls all around.

    Purplle has selected its tagline to be India’s #1 Beauty Destination.

    Purplle – Business Model

    Purplle is a direct-to-consumer (D2C), retailer of beauty items, with a focus on a broad selection of cosmetics available via its eCommerce website and app. Purplle has entered the private label market by launching its in-house brand, StayQuirky, in addition to selling goods from other brands.

    In addition to increasing its brand visibility, this enables Purplle to provide its clients with special products. Additionally, Purplle leverages technology to offer services like virtual try-ons and product recommendations, all while focusing on delivering a smooth and customized shopping experience.

    Purplle – Revenue Model

    Purplle generates revenue from different resources:

    • Purplle generates income from fees and commissions: Fees charged to sellers for listing their products in the marketplace and commissions on products sold on the platform.
    • Advertising on the app and website: Brands and companies wishing to reach Purplle’s client base purchase advertising space on the app and website, which accounts for a sizeable amount of Purplle’s earnings.
    • Partnerships and commission-based services: Purplle further diversifies its revenue streams by partnering with beauty brands and charging for commission-based services like salon reservations.

    Purplle – ESOPs

    Purplle expanded its ESOP pool size, making it worth $40 million as of May 13, 2022. The Purplle board has passed the resolution for the expansion of its existing ESOP pool to include 6,806 ESOP options, where each option will be converted into equity shares, as per the regulatory filings of the company with the Registrar of Companies.

    With this expansion of the Purplle ESOP pool, the company joins the list of other Indian companies, including Pine Labs, Ather Energy, Ecom Express, Ninjacart, LEAP, and more.

    Purplle – Challenges Faced

    As Purplle went through many stages in its business cycle, it faced many challenges in growing its business and establishing itself as one of India’s top skincare and makeup brands. It was difficult for Purplle to maintain its leadership position in the business because of the fierce competition in the market and the influx of several companies into the e-commerce area. Furthermore, in the face of growing competition, it was critical to establish distinction and brand identification, even though this presented substantial challenges.

    Despite the market saturation, gaining new customers still required large marketing and promotional budgets. The obstacles Purplle experienced in its pursuit of expansion and success in the cosmetics and skincare industry were further compounded by the need to adjust to changing trends and consumer preferences, ensure operational efficiency, and navigate regulatory compliance.

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    Purplle – Funding and Investors

    Purplle has raised a total of $476.1 million in 19 funding rounds to date with their latest round in October 2024. In this round, Purplle raised ₹10 billion at ($120 million) a $1.25 billion valuation and the lead investor was Abu Dhabi Investment Authority (ADIA).

    Purplle is currently funded by around 21 investors.

    Date Round Amount Lead Investors
    October, 2024 Series F INR 1500 Abu Dhabi Investment Authority, Premji Invest
    June 12, 2024 Secondary Market – –
    June 12, 2024 Private Equity Round $120 million Abu Dhabi Investment Authority
    Oct 4, 2023 Secondary Market – Ranjan Pai
    May 24, 2023 Secondary Market – Abu Dhabi Investment Authority
    May 24, 2023 Series E – Abu Dhabi Investment Authority
    June 9, 2022 Series D $33 million Paramark Ventures, Blume Ventures, PremjiInvest, Kedaara and more
    January 17, 2022 Series D $34 million Faces Investment Holdings
    November 18, 2021 Series D $60 million PremjiInvest
    October 29, 2021 Series D $75 million Kedaara Capital
    Mar 22, 2021 Series D $45 million Sequoia Capital India, Verlinvest
    Nov 23, 2020 Venture Round $1 million Spring Marketing Capital
    Jan 13, 2020 Series C $8 million Verlinvest
    Dec 12, 2019 Series C $30 million Goldman Sachs
    Jun 20, 2018 Venture Round $2.33 million –
    Dec 15, 2017 Series C $459K Mountain Pine Capital, Suncoast Investments
    Jul 11, 2016 Series B $6 million JSW Ventures
    Jan 5, 2015 Venture Round – IvyCap Ventures
    May 2, 2014 Angel Round $541.2K –
    Aug 26, 2013 Series A – –

    Purplle – Shareholding

    Purplle’s shareholding pattern as of September 2024, sourced from Tracxn:

    Purplle Shareholders Percentage
    Manish Taneja 7.6%
    Rahul Dash 5.5%
    Suyash Katyayani 2.5%
    Verlinvest 12.3%
    Premji Invest 9.6%
    Goldman Sachs 9.2%
    Kedaara 8.6%
    ADIA 5.0%
    Sequoia Capital 8.5%
    Blume Ventures 4.8%
    IvyCap Ventures 2.5%
    Angel 6.2%
    ESOP Pool 10.4%
    Others 7.3%
    Purplle Shareholders
    Purplle Shareholders

    Purplle – Acquisitions

    Purplle acquired FACES CANADA on December 18, 2021. This is the first major acquisition of the Mumbai-based beauty products marketplace. After the acquisition, the latter is to operate independently and expand its portfolio.

    Purplle – Partnerships

    Nisara Beauty

    Luxury perfume brand Nisara is expanding offline by partnering with Purplle stores across India. The brand will now be available in 16 stores nationwide.

    Purplle – Growth

    Purplle growth highlights are:

    • It has 1,000+ listed brands as of March 2024
    • It has 60,000+ products as of March 2024
    • It has 7 million+ monthly active users as of March 2024
    • The company has 8 exclusive stores
    • Purplle has 6,000+ offline touchpoints

    Purplle – Financials

    Over the past few years, Purplle has demonstrated substantial growth in revenue while effectively narrowing its losses.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 680 crore INR 475 crore INR 220 crore INR 128 crore INR 91 crore
    Expenses INR 850 crore INR 738 crore INR 431 crore INR 191 crore INR 123 crore
    Profit/Loss INR -124 crore INR -230 crore INR -204 crore INR -52 crore INR -24 crore
    Purplle Financials
    Purplle Financials

    In FY23, Purplle reported operating revenue of INR 475 crore, which saw an increase to INR 680 crore in FY24. But that came alongside a stark increase in Total Expenses, the company had total expenses of INR 850 crore in FY24, up from INR 738 crore in FY23. However, the company recorded a loss of INR 230 crore in FY23, which decreased to INR 124 crore in FY24.

    Purplle Revenue

    Revenue Breakdown FY24 FY23
    Total Revenue INR 725 crore INR 509 crore
    Revenue from Operations INR 680 crore INR 475 crore
    Other Income INR 45 crore INR 34 crore

    Purplle’s revenue from operations grew by 43% from INR 475 crore in FY23 to INR 680 crore in FY24.

    Purplle Profit/Loss

    Profit/Loss Metrics FY24 FY23
    Net Profit/Loss INR -124 crore INR -230 crore

    Purplle reduced its losses by 46% in FY24 compared to FY23.

    Purplle Expenses

    Expense Breakdown FY24 FY23
    Total Expenses INR 850 crore INR 738 crore
    Employee Benefit Expenses INR 191 crore INR 170 crore
    Purchase of Stock-in-Trade INR 124 crore INR 102 crore
    Other Expenses INR 501 crore INR 453 crore

    Total expenses increased by 15% in FY24, mainly due to higher employee benefits and stock-in-trade purchases.

    Quick Summary:

    • Revenue Growth: Purplle’s revenue grew by 42% in FY24, reaching INR 725 crore (from INR 509 crore in FY23).
    • Loss Reduction: Net loss reduced by 46%, improving from INR 230 crore to INR 124 crore.
    • Expense Management: Total expenses rose by 15%, with key increases in employee benefits and stock-in-trade purchases.

    EBITDA

    Purplle Financials FY23 FY24
    Expense/Rupee of ops revenue INR 1.55 INR 1.25
    ROCE -18% -9.8%
    EBITDA Margin -39% -12%

    These financial trends highlight Purplle’s strong revenue growth and effective cost management, setting a path towards profitability.

    Purplle – Advertisements and Social Media Campaigns

    #Har Indian Ka Beauty Destination Campaign

    #Har Indian Ka Beauty Destination

    The campaign, which features brand spokesperson Sara Ali Khan, aims to inspire women to discover their unique beauty needs. The advertisement emphasizes the idea that Purplle offers beauty products to suit every Indian’s needs.

    Purplle – Competitors

    The top competitors of Purplle are:

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    Purplle – Future Plans

    Purplle plans to tap the public markets between the second half of next year and early 2026, CEO Manish Taneja said in an interview.

    With this financing of $120 million aided by AIDA in June 2024, Purplle will be able to grow its product line, scale operations, and solidify its place in the skincare and cosmetics industry, all while facilitating the exit of its original investors.

    FAQs

    Is Purplle an Indian company?

    Yes, Purplle is an Indian company.

    What is Purplle?

    Purplle is an online store that sells cosmetics, fragrances, skin, and haircare products.

    Who is the CEO of Purplle?

    Manish Taneja is the CEO of Purplle.

    Are products on Purplle genuine?

    Purplle claims that it has products, which are 100% genuine.

    Who is Purplle cosmetics owner?

    Purplle is founded by Manish Taneja and Rahul Dash.

    Is Purplle a unicorn Indian company?

    Yes, Purplle has turned into a unicorn Indian company by raising $33 mn via its extended Series D round that came in on June 9, 2022.

  • Ninjacart: India’s Largest Fresh Produce Supply Chain Platform

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations.

    The traditional supply chain is highly inefficient, unorganized, and sees a lot of wastage when it comes to food items. Besides, it has always been discovered that the farmers experience price risk, asymmetry in information about demand, inefficiency when it comes to distribution, and also fall prey to delayed payments. Furthermore, the retailers also face a whole lot of problems pertaining to higher costs, low-quality items, unhygienic produce, volatility of prices, and are spurred to rush to the market regularly even amidst erratic conditions. All of these are reasons why Ninjacart came into being.

    Ninjacart is India’s largest Fresh Produce Supply Chain platform, which is built to improve the supply chain distribution when it comes to fresh produces. The ninjacart company is a pioneer in solving one of the toughest supply chain problems in the world by leveraging innovative technology. The high-quality and hygienically-handled fresh produce ensures healthy food to the consumers along with maintaining transparency among the points of supply chain and distribution. Read more to find out about Ninjacart company details, ninjacart founders, ninjacart revenue, ninjacart business model, etc.

    Ninjacart Company Details

    Startup Name Ninjacart
    Headquarters Bangalore, Karnataka, India
    Industry Logistics, Supply Chain
    Founded 2015
    Founders Ashutosh Vikram, KartheeSwaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan, Vasudevan Chinnathambi
    Website Ninjacart.in

    About Ninjacart and How it Works?
    Ninjacart – Founders and Team
    Ninjacart – Startup Story
    Ninjacart – Mission and Vision
    Ninjacart – Name, Tagline, Logo and its Meaning
    Ninjacart – Business and Revenue Model
    Ninjacart – Shareholding
    Ninjacart – Growth
    Ninjacart – Financials
    Ninjacart – Product And Services
    Ninjacart – ESOPs
    Ninjacart – Partnerships
    Ninjacart – Awards
    Ninjacart – Challenges Faced
    Ninjacart – Funding and Investors
    Ninjacart – Acquisitions
    Ninjacart – Investment
    Ninjacart – Campaign
    Ninjacart – Competitors
    Ninjacart – Future Plans

    About Ninjacart and How it Works?

    About Ninjacart

    Ninjacart is India’s largest fresh produce supply chain company that is solving one of the toughest problems in the world through technology. Headquartered in Bengaluru, Ninjacart company connects producers of food directly with retailers, restaurants, and service providers with the help of in-house applications that drive the end-to-end operations.

    Ninjacart Supply Chain is equipped to move 1400+ tonnes of perishables from farms to businesses, every day, in less than 12 hours. The ninjacart startup currently has a network of more than 200 collection centres and over 1,200 warehouses in the country as of 2022.

    The Ninjacart company is not only a developer of agricultural marketing but also provides a supply chain platform intended to revolutionalize the fresh produce supply chain. The ninjacart app and website leverage data science, infrastructure, and networks to connect farmers directly to businesses and end retailers such as grocery stores, enabling retailers and merchants to source fresh farm produce directly from farmers in less time and in a cost-effective way.

    1. Ninjacart India has eliminated intermediaries by taking control of the Supply Chain by using technology and analytics.
    2. The company has built reliable, cost-effective, and high-speed logistics and infrastructure to solve inefficiencies in the Supply Chain.
    3. On one end, farmers get better prices and consistent demand, and on the other end, retailers receive fresh produce at competitive prices that are delivered to their doorstep.

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    Ninjacart – Founders and Team

    The Ninjacart founders are Ashutosh Vikram, Kartheeswaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan, and Vasudevan Chinnathambi, 2015. The ninjacart company has successfully built a tech-enabled supply chain for fresh farm produce and is able to deliver over 1,400 tonnes of fruits and vegetables daily.

    Founders of Ninjacart
    Ninjacart Founders

    Ashutosh Vikram

    Ashutosh Vikram is the co-founder of Ninjacart. After completing his Btech degree in Computer Science from B.I.E.T Jhansi, Vikram obtained a PGDM from IIM Kozhikode. Ashutosh started by founding Shout App, after which he joined CommonFloor.com as the Associate Product Manager. Again, after a little more than a year and a half, Vikram joined OLACabs as the Associate Product Manager, but he served this role only for 6 months when he decided to co-found Ninjacart. Along with being the co-founder of Ninjacart, Vikram also serves as a Program Manager/Mentor.

    Kartheeswaran KK

    Kartheeswaran is known as the co-founder of Ninjacart, and also serves as the COO of the company. KK completed a Bachelor of Engineering in Computer Science from the College of Engineering, Guindy and then went for PGP in General Management from IIM Ahmedabad. Kartheeswaran was a Student Director at CEG Tech Forum and he soon joined Microsoft as the Program Manager, but he left the role within 2 months and joined TaxiforSure with the same designation. He left the company a year after his joining and co-founded Ninjacart, where he also served as the CTO of the company.

    Sharath Loganathan

    After obtaining a Mechatronics Engineering Bachelor’s degree from Anna University, Sharath went for a PGDM in General Management from IIM Kozhikode. In his professional life, Loganathan started as the Team Lead at Satyam Computers and Services Ltd., he eventually joined Financial Inclusion Network and Operations Ltd as a Manager after leaving his previous job. Loganathan left his job after a period of a little more than 2 years and decided to pave his entrepreneurial career. He started by co-founding EduRaft Solutions and the Shout Out App. However, he spent around a year at each of the companies after which he joined CommonFloor.com as a Product Manager. However, he left the company in less than 2 years’ time to co-found Ninjacart.

    Thirukumaran Nagarajan

    Ninjacart Co-founder and CEO Thirukumaran Nagarajan was a BE Electrical and Electronics student at the College of Engineering, Guindy. He was then enrolled in a course in Foreign Exchange, and Finance at the Università Commerciale ‘Luigi Bocconi’. Nagarajan again pursued an MBA (PGDM) from the Indian Institute of Management, Kozhikode logo Indian Institute of Management, Kozhikode Indian Institute of Management, Kozhikode. Starting with ABB as a Sales and Marketing Executive, Nagarajan then joined Axis Bank after 2 years. After around 1.6 years, he left Axis Bank and joined as an Investment Associate at Aavishkaar. Nagarajan then co-founded EduRaft Private Ltd. A serial entrepreneur now, Thirukumaran Nagarajan went on to found 2 more companies – Shout and Ninjacart. He also worked at TaxiforSure for a brief period of 9 months in between before he founded Ninjacart, where he is presently a Co-founder and CEO.

    Vasu C

    Vasu C is another co-founder of Ninjacart. He had previous experiences serving as a Senior Systems Engineer at Infosys, Product Manager at Firefly E-ventures, and a Product Manager for TaxiforSure, before he co-founded Ninjacart along with the other co-founders. Vasudevan has cites Shanmuga Arts, Science, Technology and Research Academy and School of Inspired Leadership as his alma mater.

    Sachin Jose

    Sachin Jose is an Ex-co-founder of Ninjacart. Jose is an alumnus of the Copenhagen Institute of Interaction Design. CommonFloor was the first company that Jose worked in as an intern and later as a Visual Designer. Sachin then co-founded Shout, where he stayed for less than 6 months before co-founding Ninjacart in 2015. However, he quit the company in September 2017. Jose worked with a range of companies like Verizon, Saiga, Byjus, and Think & Learn and is presently serving as a Product Design Lead at rebuy recommence.

    The startup team of Ninjacart bonded together with Thiru leading the setup, who soon found Sharath as the obvious choice because the two of them have always been partners in crime since the biryani startup days. KK, Vasu, and Ashutosh soon came together to form Ninjacart.

    The Ninjacart team is currently led by Thirukumaran Nagarajan – Ninjakart as the Founder & CEO where Abhishek Agarwal, Prashannth Vijayakumar, Kartheeswaran K K, and Theyagarajan S manage key leadership positions.

    Ninjacart – Startup Story

    Ninjacart startup started operating in 2015 as a hyperlocal grocery delivery platform, and its main aim was to help retailers take their inventory online and deliver quality groceries to consumers in less than 60 minutes from ordering at scale. This was still a novel concept back then.

    The Ninjacart pitch that was to be presented to Accel was an interesting story that Thiru (Founder and CEO of Ninjacart) and Subrata Mitra (Partner at Accel) can clearly remember even after so many years since the launch of Ninjacart. It was a Saturday afternoon when Subrata planned to meet two entrepreneurs at his own house, but to his surprise, he saw five of them showing up at his doorstep. This made Subrata hold the meeting at the dinner table. The Founders of Ninjacart didn’t have any formal pitch ready, so they just wanted to talk about their idea, product and plans. Thiru opened their app and showed how people can order via the same, which impressed Subrata. The Accel Partner was impressed by the quality of the app and the potential opportunity for growth that it had in the market. However, what impressed him the most is the team at Ninjacart.

    But soon Ninjacart founders realized that with little product differentiation, customers were unwilling to pay a premium rate just for the marginal convenience of ordering online, especially for fruits and vegetables. On one hand, kirana partners faced problems regarding tedious procurement processes and proper management of quality, hygiene, price, assortment, and customer understanding. On the other, farmers experienced unfair practices, high food wastage due to a supply-demand mismatch, and lower incomes.

    So, they changed the ninjacart business model and the ninjacart revenue model to an agri-tech platform to solve one of the toughest agricultural supply chain problems at its root, built reliable, cost-effective, and high-speed infrastructure, and enabled retailers and merchants to source fresh produce directly from farmers daily.

    Ninjacart – Mission and Vision

    “Better Lives for Every Agri-Citizen” says the vision statement of the brand.

    The company’s mission is Build the most trusted, efficient, and inclusive agri-trade network.

    Ninjacart – Name, Tagline, Logo and its Meaning

    Ninjacart Logo
    Ninjacart Logo

    Ninjacart introduced a new logo as part of its rebranding, showcasing its dynamic and adaptable nature. The fresh design aims to build trust among farmers, traders, and retailers while highlighting the company’s commitment to strengthening connections in the food supply chain and supporting the entire agricultural community.

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    Ninjacart – Business and Revenue Model

    Ninjacart’s business model is based on removing inefficiencies and intermediate middlemen in the fruits and vegetables supply chain. On one hand, the company helps improve farmers’ incomes and provides a consistent demand and on the other hand, they deliver quality, fresh, and hygienically handled produce to retailers and food service providers. Ninja cart buys from farmers and sells to retailers and food service providers within 12 hours.

    Nagarajan says that more than 25% of the vegetables Ninjacart sells are procured directly from farmers. The ninjacart business model helps the company in engaging farmers in various awareness programs to educate them about the Ninjacart app and the benefits of selling directly to the venture.

    Ninjacart earns from the sales of the fresh goods to the retailers at profitable prices. The company also makes some money via its app. The Ninjacart revenue model aims to further build a farmer ecosystem and has already started its work on creating a fintech platform for the farmers. The ninjacart app will help them get the capital they would need to buy tractors, build greenhouses, and other working capital they need from time to time.

    Ninjacart – Shareholding

    Ninjacart’s shareholding pattern as of March 2024, sourced from Tracxn:

    Ninjacart Shareholders Percentage
    Thirukumaran Nagarajan 9.5%
    Ashutosh Vikram 2.7%
    Vasudevan Chinnathambi 1.8%
    Sharath Loganathan 1.7%
    Kartheeswaran Karandipalayam Kandasamy 1.7%
    Sachin Jose 1.6%
    Tiger Global Management 18.9%
    Accel 13.9%
    Syngenta Group 4.2%
    Entrust Family Office 2.3%
    Qualcomm Ventures 2.2%
    Tanglin Venture Partners 1.9%
    Mistletoe 2.5%
    STIC Investments 3.5%
    Hahn & Company 1.2%
    Steadview 1.2%
    Neoplux 1.1%
    M&S Capital Partners 0.4%
    ABG Capital 0.2%
    NPTK Emerging Asia Fund 1 0.2%
    Trifecta Capital 0.2%
    SIN Capital 0.1%
    GEC3 12.6%
    Flipkart 12.6%
    Angel 5.2%
    Other People 0.4%
    ESOP Pool 5.8%
    Total 100.0%
    Ninjacart Shareholding
    Ninjacart Shareholding

    Ninjacart – Growth

    The company claims to have more than 200 collection centres across the country to procure fresh goods, and 1200+ warehouses to stock them. Valued at over $815 million, Ninjacart is hailed as the highest valued agri-tech startup, as of January 27, 2022. The $815 million valuations of Ninjacart is a decent indicator that the agri-tech startup can easily become the first unicorn in the space ahead!

    Some of the Ninjacart growth highlights are as follows:

    • Ninjacart is hailed as the pioneer of tech-driven supply chain space for fresh produce
    • The company is backed by a wide range of esteemed venture funds and companies including Accel, Qualcomm, Tiger Global, and others
    • The Ninjacart Supply Chain i equipped to move more than 1,400 tonnes of perishables from farms to businesses, every day, and that too within less than 12 hours
    • The Bengaluru-based company proves beneficial to farmers, retailers, and consumers
    • Ninjacart is operating in 150+ markets across multiple agri-commodities

    Ninjacart launched Agri Seed Fund on March 4, 2022. The Agri Seed Fund is a $25 million fund, which is aimed to support the emerging and new-age startups in the agricultural sector. This seed fund would help Ninjacart make “seed investments in startups, entrepreneurs and tech innovators”, who will come up with “unique, sustainable and tech-enabled solutions“, as per the company’s press release.

    It is important to note here that with this new seed fund initiative, Ninjacart will invest in teams who have great technical abilities but may lack a particular solution or the right idea at the moment. This development comes as part of the agri-tech giant’s larger effort to boost the Indian agricultural landscape. The Agri Seed Fund is focused on strengthening innovation and accelerating disruption across the agriculture sector with the help of seed investments over the next two years.

    Ninjacart – Financials

    Ninjacart has shown significant revenue growth over the years, reaching INR 2,081.5 crore in FY24, but continues to operate at a loss. Expenses have also increased, affecting profitability.

    Particulars FY24 FY23 FY22 FY21 FY20
    Revenue INR 2,081.5 crore INR 1,212.3 crore INR 991 crore INR 776.9 crore INR 509.1 crore
    Expenses INR 2,341.2 crore INR 1,538.7 crore INR 1,298.9 crore INR 1,799.9 crore INR 993.6 crore
    Profit/Loss INR -259.6 crore INR -326.4 crore INR -307.9 crore INR -1,023.1 crore INR -484.4 crore
    Ninjacart Financials
    Ninjacart Financials

    Revenue increased from INR 1,212.3 crore in FY23 to INR 2,081.5 crore in FY24, but losses narrowed slightly from INR 326.4 crore to INR 259.6 crore.

    Ninjacart Revenue

    Revenue has grown significantly, up 71.7% YoY from INR 1,212.3 crore (FY23) to INR 2,081.5 crore (FY24).

    Revenue Breakdown FY24 FY23
    Revenue from Operations INR 2,002.7 crore INR 1,153.5 crore
    Other Income INR 78.8 crore INR 58.9 crore
    Total Revenue INR 2,081.5 crore INR 1,212.3 crore

    Strong revenue growth, mainly from core operations, with other income also increasing.

    Ninjacart Profit/Loss

    While losses continue, they reduced by 20.4% from INR 326.4 crore in FY23 to INR 259.6 crore in FY24. Despite rising revenue, losses remain, though they are decreasing.

    Ninjacart Expenses

    Expenses increased by 52.2% YoY, mainly due to higher stock purchases and operational costs.

    Expense Breakdown FY24 FY23
    Purchases of Stock-in-Trade INR 1,930.8 Cr INR 1,085.6 Cr
    Employee Benefit Expense INR 237.6 Cr INR 246.8 Cr
    Finance Cost INR 9.1 Cr INR 1.1 Cr
    Depreciation & Amortization INR 15.1 Cr INR 22.1 Cr
    Other Expenses INR 155.8 Cr INR 180.8 Cr
    Total Expenses INR 2,341.2 Cr INR 1,538.7 Cr

    Expenses increased mainly due to higher purchases, but employee costs slightly reduced.

    Quick Summary (FY24 vs FY23)

    • Revenue: Grew 71.7% to INR 2,081.5 crore.
    • Expenses: Increased 52.2%, mainly due to higher stock purchases.
    • Profit/Loss: Loss reduced by 20.4% from INR 326.4 crore to INR 259.6 crore.
    • Business Impact: Growth in revenue is promising, but reducing losses further is key to long-term profitability.

    Ninjacart – Product And Services

    Export import agricultural platform

    Ninja Global, a platform for agricultural export-import companies in the United Arab Emirates and other Gulf Cooperation Council (GCC) nations, has been introduced by Ninjacart on November, 2022. It will make it possible for importers and exporters to establish networks with reliable companies, get access to new markets, and grow their companies successfully on a global basis.

    Agri Next

    Ninjacart stated in August of 2023 that its “Agri Next” concept would be launched in the future. Ninjacart is demonstrating its dedication to revolutionizing agriculture through the modernization of agri spaces and the promotion of digital solutions throughout the agricultural value chain with this ground-breaking project.

    Ninjacart – ESOPs

    Ninjacart crossed the $800 million mark in valuation when it raised its Series D round of funding in December 2021. This also led the company to increase the size and value of its ESOP pool. According to the regulatory filings, as of April 29, 2022, Ninjacart passed a special resolution to increase its share options from 2444 to 3156, the ESOP pool of which is currently valued at around Rs 170 crore.

    The last ESOP news of Ninjcart was heard when the company announced its ESOP buyback last in January 2022, when a buyback worth Rs 100 crore ($13.33 mn) was announced from its workforce, which also included MSOPs.

    The ESOP pool of Ninjacart, an agritech business financed by Walmart, has increased by more than 100%. On August 18, 2022, the Bengaluru-based business had an extraordinary general meeting whereby a resolution was voted to expand the size of its ESOP pool to 6,522 shares from the current 3,156 shares.

    Ninjacart – Partnerships

    Ninjacart mainly partners with the farmers and the retailers of the country to ease things in the supply chain. The company has earlier partnered with Flipkart in 2019, which went into a strategic partnership to find a reliable supplier of fresh produce.

    Kilofarms

    The company has partnered with agri-tech platform Kilofarms and has made the production of residue-free tomatoes easy.

    Avant Finance

    Together, Ninjacart and Avanti Finance formed a collaboration in April 2022, with the goal of facilitating simple access to financial products and utilizing special technological resources and capabilities to support the agri-value chain community.

    Garuda Aerospace

    In order to deliver disruptive tech innovation to India’s agriculture sector, Garuda Aerospace partnered with Ninjacart in March of 2023. Through a collaborative partnership, both businesses will provide farmers with short-term financing choices so they may purchase the newest drone technology.

    Arado

    Arado, originally Clicampo, is a Brazilian agriculture marketplace. Ninjacart has announced a partnership with Arado on September, 18, 2023. Through this partnership, the Brazilian market will be exposed to Ninjacart’s technology platform, supply chain management solutions, and consultancy services.

    Ninjacart – Awards

    Hailed as the largest B2B fresh produce supply chain company in India, Ninjacart has been awarded several awards and recognitions throughout the years. The company recently been awarded the ‘Startup of the Year- 2021’ by Agriculture Today magazine on October 22, 2021. The company has also been recognized as the ‘Overall Supply Chain Solution of the Year’ in the Agtech Breakthrough Awards 2020.

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    Ninjacart – Campaign

    Ninjacart Campaign

    #BetterLives

    Ninjacart’s campaign, “Behtar Kal ka Saathi,” or “Partners for a better tomorrow,” highlights the company’s dedication to improving lives, generating opportunities, and fostering a sustainable and prosperous future for all parties involved in the value chain. This campaign embodies the brand’s vision of creating “Better Lives for Every Agri citizen.”

    Ninjacart – Challenges Faced

    “It’s been a crazy journey, we encountered a lot of problems and we solved every small issue we met on the way with the help of technology and right now we move at least 1,000 tonnes of vegetables and fruits across seven cities,” says Thirukumaran Nagarajan, Ninjacart founder and CEO of Ninjacart.

    The journey of any startup does not begin with immediate success. What once appeared to be problems may not actually create that much of an impact on the overall market, but something else completely unexpected could crop up. Thirukumaran Nagarajan (ninjacart founder and CEO) initially expected to scale up to 50 tonnes of fruits and vegetables from the get-go. It was only when the team first confronted the behemoth of Indian agri-trading that the importance of effectively understanding the real problem and pivoting the startup’s problem statement came into play. But this is not the only time startups should focus on pivoting, according to Thirukumaran.

    The founder of ninjacart states, “Many entrepreneurs struggle to scale once a startup enters the growth stage. When you are a small size company, your needs and the problems you look to solve are completely different. Once you start growing, the business demands changes. For instance, we started with a supply of 1 or 2 tons of farmer produce. But today, we have grown to almost 300 tons of supply — in a day. Of course, we faced many problems related to scaling, like managing the large supply of the produce, keeping away from frauds, and hiring the right people.”

    The major challenges that Ninjacart and the country faced earlier were associated with:

    • The farmers experience price risk, asymmetry of information about demand, distribution inefficiency, and often received late payments.
    • The retailers often face problems with higher costs, unhygienic produce, which often turns out to be of low quality, along with other problems of high-price volatility and the hassles of going to market each day.
    • Besides, the traditional supply chain had also been declared highly inefficient and unorganized, with a high rate of wastage of food.

    However, Ninjacart has brought effective solutions to dodge the challenges that the industry and its representatives faced earlier. Fueled by the latest technologies and services, Ninjacart has eliminated the role of the intermediaries and has controlled the supply chain commandingly. It has built cost-effective, reliable, and efficient logistics and infrastructure to wipe out the inefficiencies in the Supply chain. Ninjacart has evolved into an organization that looks up to the farmers who now get better prices and consistent demands, while the retailers receive the fresh produce that they wanted and at competitive prices, which are also delivered to their doorsteps.

    Ninjacart – Funding and Investors

    Ninjacart has received $367.8 mn in funding as of May 2022. The company received fresh funds worth $9.6 mn (Rs 75 cr), as per the news dated May 18, 2022. In this fresh funding round, STIC and Mainstreet Digital both invested Rs 37.5 crore each.

    The previous funding that Ninjacart received came in on December 13, 2021, when the company mopped up $145M in funding led by Flipkart and Walmart. The company has seen 15 funding rounds in total and the company has been backed by around 22 investors till now.

    Date Round Amount Lead Investors
    May 18, 2022 – $9.6M STIC and Mainstreet Digital
    Dec 13, 2021 Series D $145M Flipkart and Walmart
    May 21, 2021 Venture Round $9.5M Syngenta Ventures
    Oct 12, 2020 Corporate Round $30M Flipkart, Walmart
    Dec 11, 2019 Series C $10M Flipkart
    Nov 15, 2019 Debt Financing $4.2M Trifecta Capital Advisors
    Jul 18, 2019 Series C $402K –
    Jun 21, 2019 Series C $10M –
    Apr 24, 2019 Series C $90M Tiger Global Management
    Dec 12, 2018 Series B $33.5M Accel, Syngenta Ventures
    Jul 30, 2018 Series A $4.9M Accel, NRJN Trust
    Mar 5, 2018 Debt Financing $1.1M Trifecta Capital Advisors
    Apr 11, 2017 Series A $5.7M Accel

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    Ninjacart – Acquisitions

    Ninjacart has acquired Tecxprt, a SaaS-based end-to-end solutions provider, which is designed to help businesses streamline their operations, on March 10, 2022. With this maiden acquisition of Tecxprt, Ninjacart will now be able to help expand the opportunities for the participants to make them flourish both individually and collectively. This will greatly boost the Agri–ecosystem.

    Company acquired Date of acquisition Amount
    Tecxprt March 10, 2022 –

    Ninjacart – Investment

    Ninjacart has invested in two companies to date.

    Below is the details:

    Company Name Date Funding Stage Amount
    Produze Aug 9, 2022 Seed Round $2.6M
    Fyllo May 13, 2022 Seed Round $2M

    Ninjacart – Competitors

    The top Ninjacart competitors are

    • DeHaat
    • WayCool
    • Farmioc
    • Chilibeli
    • AgroStar
    • FarmLead

    Ninjacart – Future Plans

    Ninjacart plans to enhance its technology by using blockchain for better supply chain transparency. It aims to boost customer engagement through social media and mobile apps, focusing on brand loyalty. The company is strengthening partnerships with farmers, logistics providers, and tech firms to expand its market reach. It also plans to grow internationally and support FoodTech and AgTech startups through dedicated programs.

    Ninjacart looks forward to a future that will be driven by data and technology. The company has a database of around 40 different markets in terms of arrivals, supply, price, etc. According to Thirukumaran (the ninjacart owner and CEO), they can predict the prices of vegetables and fruits, and production output in the future. The ninjacart Bangalore is the head office of the company, while it is also present in Chennai.

    According to Vasu, Ninjacart wants to focus on small vendors, mom-and-pop stores, and unorganized provision stores — a segment it currently caters to and where the efficiency of its model lies. Ninja cart has 20,000 customers, including restaurants.

    “In the past three years, we have built a template for the business which is creating value for all stakeholders,” said Kartheeswaran K K, chief operating officer and one of the six founder of ninjacart. “Our focus is how we can take this to 1 million farmers in 10-15 cities across India and make it into an alternative supply chain for fruits and vegetables,” he said.

    Ninjacart founder and CEO, Thirukumaran Nagarajan has revealed that the company is looking to build a fintech platform for the farmers that would help them with the necessary capital that they would need to set up greenhouses, buy tractors, and more such investments. He further added about ninjacart that this will be a key component of the farmer ecosystem that they are working on!

    FAQs

    What is Ninjacart and what does Ninjacart do?

    Ninjacart company is India’s largest fresh produce supply chain company that is solving one of the toughest problems in the world through technology.

    Who’s the CEO of Ninjacart?

    The ninjacart founder, Thirukumaran Nagarajan is the current CEO of Ninjacart.

    Who are Ninjacart founders?

    The Ninjacart founders are Ashutosh Vikram, KartheeSwaran KK, Sharath Loganathan, Sachin Jose, Thirukumaran Nagarajan and Vasudevan Chinnathambi.

    How does Ninjacart make money?

    Ninjacart’s business model is based on removing inefficiencies and intermediate middlemen in the fruits and vegetables supply chain. It makes a considerable amount of money from the sale of fruits and vegetables and the sale of staples and other products.

    When was Ninjacart started?

    Ninjacart was founded in 2015.

    What kind of company is Ninjacart?

    Ninjacart startup is a popular fresh produce supply chain company.

    Is Ninjacart a startup?

    Yes, Ninjacart is a startup that is growing strong in the agritech space. In terms of scale, Ninjacart is probably the biggest Indian agritech startup. It is helping solve one of the toughest supply chain problems in the world by leveraging innovative technology.

    What is Ninjacart business model?

    Ninjacart is a B2B agritech platform that connects farmers directly with retailers and businesses, cutting out middlemen. It uses technology, data analytics, and blockchain to optimize supply chains, ensure fast deliveries, and reduce wastage. The company earns through commissions and logistics services while expanding partnerships with stores and e-commerce platforms.

    What is Ninjacart networth?

    According to Tracxn, as of May 17, 2022, Ninjacart was valued at $756 million.