Author: Business Matters Author

Univest, a wealthtech startup based in Gurugram, has successfully raised $10 million (approximately INR 85 crore) in its Series A funding round. The investment was led by Bertelsmann India Investments (BII), with additional backing from a group of undisclosed angel investors. The fresh capital infusion will be used by the company to accelerate the development of its stock market superapp designed to cater to retail investors. Founded in 2022 by Arora, Avneet Dhamija, and Vikash Agrawal, Univest has quickly emerged as a promising player in the wealth management and investment advisory space. The startup’s primary offering is a mobile application…

Ola Electric Expands Reach with 3,200 New Stores and Unveils Limited Edition Scooter Ola Electric, one of India’s leading electric vehicle (EV) startups, has announced an ambitious expansion plan to open 3,200 new stores, bringing the total number of its showrooms and service centers to 4,000 before the IPO of Ola Electric. This move is aimed at driving the adoption of electric vehicles across the country, particularly in smaller towns, tehsils, and rural areas, beyond just metro and Tier I and II cities. Ola Electric’s initiative is a clear step toward making EVs more accessible to a broader section of…

Sorted Rebrands to Handpickd: A New AI-Driven Approach to Fruits and Vegetables Delivery Anant Goel, the founder of Milkbasket, has rebranded his fruits and vegetable (F&V) focused omnichannel startup, Sorted, to “Handpickd,” signaling a strategic shift towards enhancing the online shopping experience in the F&V segment. The rebranding aims to position the company at the intersection of technology and fresh produce, as it looks to integrate artificial intelligence (AI) to revolutionize the way customers shop for fruits and vegetables. Transition from Sorted to Handpickd Under the original name, Sorted, the company focused on offline distribution, bringing fresh produce directly from…

Vedantu Narrows Losses by 58% in FY24, Sees Strong Revenue Growth Edtech unicorn Vedantu has shown significant financial improvement in the financial year 2023-24 (FY24), reporting a 58% decline in its net loss, which dropped to INR 157.52 crore from INR 372.64 crore in the previous fiscal year. This reduction in losses can be attributed to a combination of increased revenue and improved operational margins, marking a positive shift for the company in its growth trajectory. Read Also:- Info Edge’s Redstart Labs to Increase Stake in Pet Care Startup Revenue Growth and Performance Vedantu’s revenue from operations saw a notable…

Netflix to Stream WWE Content in India Starting March 2025 In a major shift for WWE fans in India, Netflix will become the new home for WWE programming starting in March 2025. The streaming giant is set to take over the media rights for WWE content in India from Sony Pictures Network India (SPNI), marking a significant change in how Indian audiences will access WWE shows. This move is part of a larger global partnership between Netflix and WWE’s parent company, TKO Group Holdings, which is expected to span 10 years and is valued at an estimated $5 billion. This…

Info Edge’s Redstart Labs to Increase Stake in Pet Care Startup Sploot with INR 3 Cr Investment In a significant development within the pet care industry, Info Edge’s subsidiary, Redstart Labs, has announced a fresh investment of INR 3 crore in Sploot, a pet care startup founded in 2019. This move is aimed at increasing Redstart Labs’ stake in the company from 21.96% to 26.40% on a fully converted and diluted basis. The transaction will see Redstart acquiring 1,051 Seed-2 Series compulsory convertible preference shares of Sploot, further strengthening its position in the fast-growing pet care market. Transaction Details According…

Piyush Goyal Assures Data Protection as Shein Partners with Reliance Retail for India Re-entry Union Commerce Minister Piyush Goyal has reassured the Indian Parliament that Chinese e-commerce giant Shein will not have access to any data collected from Indian users as part of its upcoming re-entry into the Indian market. In a statement to Parliament, Goyal clarified that Shein, which is planning to resume its operations in India through a partnership with Reliance Retail, will comply with stringent data protection rules that ensure all customer data remains within Indian borders. As per the agreement between Shein and Reliance Retail, Goyal…

Wakefit Reduces Losses by 90% in FY24 with Robust Revenue Growth and Improved Margins Wakefit, the Bengaluru-based direct-to-consumer (D2C) furniture and mattress startup, has made a remarkable turnaround in its financial performance for the fiscal year 2023-24 (FY24). The company successfully reduced its net loss by 90%, bringing it down to INR 15.05 crore from INR 145.68 crore in FY23. This dramatic improvement underscores the effectiveness of Wakefit’s business strategy and operational efficiency, highlighting its resilience in a competitive market. A key factor contributing to this positive shift was Wakefit’s strong revenue growth. The company’s revenue from operations surged by…

Zepto Achieves Massive Growth in FY24, Revenue Doubles Amid Quick Commerce Surge Zepto, the fast-growing quick commerce unicorn, has achieved impressive growth in the fiscal year 2023-24 (FY24), with its consolidated revenue more than doubling. The company’s operating revenue surged 120%, reaching INR 4,454.52 crore, up from INR 2,025.70 crore in the previous year (FY23). This remarkable growth is largely attributed to the growing popularity of quick commerce, a sector that has gained significant traction in recent years as consumers increasingly demand faster, more efficient delivery services. Quick commerce, which focuses on delivering goods, often groceries and essentials, within a…

Nuvama Wealth and Investment Limited, representing a consortium of family offices, has made a significant investment in Oravel Stays Limited, the parent company of the popular hospitality giant OYO. The firm has acquired shares worth INR 100 crore in a secondary market transaction, marking a crucial step as OYO heads towards its much-anticipated initial public offering (IPO). The transaction saw shares being purchased at INR 53 apiece, which places the company’s valuation at an impressive $4.6 billion. The Deal and Its Implications The shares acquired by Nuvama Wealth and its consortium came from OYO’s early investors, InCred Wealth and Huazhu…