The Omnichannel beauty retailer Sugar Cosmetics has marked a spike of around 89 per cent year-on-year. It recorded Rs 420.2 Cr for FY23 (Fiscal Year 2023). Company doubles the revenue from previous FY Though the company is recovering from a flat net loss of Rs 76.2 Cr., its overall expenses increased by 68 per cent to Rs 505 Cr. This can be contributed mainly due to the increased expenditure on the stock-in-trade. The beauty brand has almost doubled its revenue from operations from Rs 222 Cr in FY22 to 420 Cr in FY23, as per the Register of Companies. Areas…
Author: Jyotirmoyee Ray
FirstCry, a e-commerce retailer specialised in babycare, has reported a six-times higher jump in its losses to Rs 486 Crore in FY23. Expenses keep soaring despite a 2 times jump in sales, according to its RoC filing recorded from Private Circle. Rollercoaster of Revenue and Losses The company marked a revenue from operations of Rs 5,632 Cr in FY23, double revenue as compared to the Rs 2,401 Crore in FY22. Also, its expenses increased to 146% to Rs 6,316 crore, from Rupees 2,568 crore in FY22. As per the report reveals, material-related costs accounts for 62% of overall cost securing…
SCOPE, an invite-only networking platform for the startup ecosystem, on Tuesday has declared the launch of a $45 million venture capital fund. The freshly invested funding will be the driving force for innovation in the fast-evolving fintech and gaming sectors. According to the Press release, this latest strategic initiative underscores SCOPE’s mission towards fostering innovation, fastening rapid growth, and collaboration among the startup community. The mission and vision of Venture Capital Arm The Venture Capital unit will work as an independent body under the SCOPE ambit. It will be responsible for nurturing, accelerating, bringing out the promising startups that demonstrate…
Fintech startup InCred has turned out to be a Unicorn after raising $60 Million in a series D funding round. The funding round saw participation from new and existing investors. With its latest capital retention, InCred has now marked the valuation of $ 1.04 billion. The firm has now gained the second unicorn this year after the quick commerce platform Zepto won, said by the company. Funding Round saw several big investment names The equity round was led by Ranjan Pai, Head of MEMG who has invested $9 Mn, Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak,…
Indian Institute of Entrepreneurship will soon handle the responsibility of establishing Entrepreneurship Development Centre in the 104 government Industrial Training Institutes (ITI) and three National Skill Training Institutes (NSTI) in the North East Region under the Ministry of Skill Development and Entrepreneurship to support the youth with mentorship and provide them guidance to financial linkages. The project is conducted under the central-run flagship scheme ‘Skill Strengthening for Industrial Value Enhancement’ (STRIVE). Providing Mentorship and Assistance With the mission to propel the growth of entrepreneur movement among the youth of NE, the project is aimed for producing 107 well-trained mentors who…
The number of fresh Covid cases have increased by 52 per cent over the past four weeks, as per the WHO reports. Approximately 850,000 new cases have been reported during that period. The number of death tolls is seen decreasing by 8 per cent in the period of previous month, with over 3000 new death cases registered, WHO published in its latest press release. Spike in hospitalizations and death tolls More than 772 million confirmed cases and around 7 million death cases have been reported globally as the new Covid wave started soaring up. The World Health Organization also added…
The 8th meeting of the National Startup Advisory Council (NSAC) was held on Tuesday in New Delhi, under the chairmanship of Union Minister of Commerce and Industry, Piyush Goyal . NSAC has recently reconstituted its board members and the non-official members were nominated by the Ministry of Commerce as the representatives of various stakeholders in the Indian startup ecosystem. Significance of the startup council The two year old NSAC has begun its journey in 2020 with an aim to shape stakeholder-driven public policy, to develop programs for the ever-changing needs of the Indian startup ecosystem. The NSAC instituted under the…
The govt-backed E-commerce platform Open Network for Digital Commerce (ONDC) on Tuesday tied up with the Tech-giant Meta to support and educate small businesses. Meta aims to provide unique conversational buyer and seller experiences on WhatsApp. Meta’s venture to digitally upskill 5 lakh small businesses As a part of the collaboration, Mera joins the mission to digitally upskill the next 500,000 micro, small and medium enterprises (MSMEs) in over two years. Also, Meta is committed to up-skilling 10 million small businesses across the nation. Additionally, Meta will also be responsible to support Sahayak, ONDC’s own WhatsApp chatbot, in boosting up…
India secures topmost rank in the global remittance chart again, with an estimated $125 billion in 2023, A new World Bank report revealed on Monday. According to the latest report named”Migration and Development Brief”, Mexico seconded the list after India, and China, the Philippines and Egypt are amongst top five largest recipients. Though the previous year recorded Pakistan as fifth one , Egypt has bagged the position this time. A significant growth of 13% than last year This financial year has highlighted 13 percent of growth from 2022’s $111 billion. With India being the highest receiver of remittance, South Asia…
D2C snacking brand Farmley has raised up $6.7 million( Rs 56 crore) funding in a pre-series B round led by BC Jindal Group. The funding round also saw participation of existing investors like DSG Consumer Partners, Omnivore and Alkemi Partners. The company has marked a revenue of Rs 150 Cr in the FY 2023 and has registered an annual recurring revenue(ARR) of Rs 300 Cr. Notably, Farmley witnessed 400 per cent growth in the last two years which made the brand EBITDA positive. Latest Funds to utilise in innovation, brand building According to an official statement given to PTI by…