Whiteland Corporation invests ₹2,000-Cr in Westin Residences project in Gurugram

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July 5, 2025

Whiteland Corporation, headquartered in the NCR, has granted construction contracts totaling ₹2,000 crore to Kalpataru Projects International Ltd (KPIL) and Ahluwalia Contracts (India) Ltd (ACIL) for the first phase of the Westin Residences project located in Sector 103 along the Dwarka Expressway in Gurugram.

Whiteland Corporation, a prominent real estate developer in Delhi NCR, currently boasts a portfolio spanning approximately 4.5 million sq. ft. of development. Notably, it has already delivered over 1,300 residential and commercial units, which have been well-received in the market.

The company describes Westin Residences Gurugram as a premium branded residential project, spanning approximately 20 acres. Moreover, it features 1,700 three- and four-bedroom homes and seamlessly blends Marriott’s global wellness philosophy with hospitality-driven living.

“It was imperative for us to onboard construction firms with a proven legacy of timely delivery, robust safety protocols, and technical brilliance. Their scale, precision, and commitment to sustainability perfectly align with our vision of creating world-class spaces that elevate everyday living through thoughtful design and uncompromising execution,” said Navdeep Sardana, founder, Whiteland Corporation.

Kalpataru Projects International Limited (KPIL), part of the Kalpataru Group, is a diversified engineering and construction firm with expertise across various infrastructure sectors.

“Having successfully executed over 300 projects across 75+ countries, our legacy is built on trust, uncompromising construction standards, and operational excellence. We look forward to our association with Marriot International and Whiteland Corporation on this project,” said Shailendra Kumar Tripathi, Deputy Managing Director, Kalpataru Projects International Ltd.

“Our collaboration with Whiteland Corporation to develop India’s most iconic residential lifestyle development, Westin Residences Gurugram reflects a shared commitment to purposeful construction, benchmark-setting quality and timely execution,” said Shobhit Uppal, Deputy Managing Director, Ahluwalia Contracts (India) Ltd.

“By partnering with industry leaders like Ahluwalia Contracts and Kalpataru Projects, Whiteland has demonstrated a commitment to excellence, precision and scale. Together, they bring the capability to deliver a ₹4,000 crore vision in branded living—aligned with Marriott’s global benchmarks of design, service and quality,” said John Herns, vice president, Global Residential Operations, Marriott International.

The design team for the Westin Residences Gurugram project includes a distinguished lineup. To begin with, it features Marriott International and renowned architect Hafeez Contractor. Additionally, the team includes Cooper Hills from Singapore, ASA Lighting Studio from Vietnam, Bobby Mukherjee from Milan and Mumbai, Vintech Consultants, and Planet F&B from London.

Whiteland Corporation clarified that Marriott International, Inc. and its affiliates do not own, develop, promote, or sell the Westin Residences Gurugram. Instead, the company is using the Westin trademarks and brand names under a licensing agreement with Marriott, according to its official statement.

Whiteland Corporation is making significant strides in the luxury real estate sector with the launch of Westin Residences Gurugram. Backed by top-tier design collaborators and strategic construction partnerships, the project reflects the company’s commitment to delivering premium living experiences. Moreover, with a strong presence in Delhi NCR and a growing portfolio, Whiteland is poised to further strengthen its position in the branded residential space.

Triton Hotels and Resorts to expand into tier 2 and tier 3 cities with new properties

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July 5, 2025

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Triton Hotels and Resorts to expand into tier 2 and tier 3 cities with new properties — Ratan Kant Sharma, Chairman of Triton Hotels and Resorts

Rising air and road travel is driving demand for luxury hospitality, prompting Triton Hotels and Resorts to chart an ambitious expansion. The group, which operates the Raffles hotels in Udaipur and Jaipur as well as the Fairmont and Le Meridien in Jaipur, now plans to extend its footprint beyond Rajasthan.

It aims to develop new luxury properties in destinations like Goa, Rishikesh, Bengaluru, and Alibaug in Maharashtra, while also targeting Tier 2 and Tier 3 cities for future construction.

Ratan Kant Sharma, chairman of the infrastructure and hospitality group, noted that business has surged post-COVID, with a significant rise in both occupancy rates and average room tariffs.

“Cash flows are strong. There has been a surge in the hospitality business across the country post-Covid. Average room rates have shot up by between 30% and 50% with record occupancy numbers. Business has grown substantially,” Sharma said.

He noted that consumer spending habits have become more robust since the pandemic, with the ‘you only live once’ (YOLO) mindset playing a key role in driving higher levels of consumption.

“Suddenly, there’s been a huge demand. Like in many other markets across the world, it seems that Indians also believe in the philosophy of ‘there is one life’ and thus consumption with family and friends is a must. People today are taking short breaks with family instead of simply accumulating wealth and saving it for their next generations. We are becoming more like the US, where at the drop of a hat, families decide to go on short holidays within the country. That’s why we are seeing a spurt in last-minute bookings.”

The group anticipates generating a turnover of ₹300 crore this year across all its properties and operations.

Sharma said the group plans to invest around Rs 150 crore annually to fund the expansion plans. “This will be through a mix of internal accruals and bank debt.”

Jui Sharma, Executive Director of Triton Hotels and Resorts, stated that improved air and road connectivity has significantly contributed to the rising demand in the hospitality sector. “Airlines have become more of a utility, and highways are expanding fast. Infrastructure has expanded manifold. People are able to easily commute to newer destinations, something that they never imagined doing previously. For example, Dharamshala in Himachal Pradesh now has direct flights from many cities. So, you can easily hop on to a plane and visit the destination. And so you see hotels in Dharamshala have started to do well. The same trend is being noticed across most of the Tier 2 and Tier 3 cities as connectivity becomes better.”

Interestingly, Sharma pointed out that, unlike earlier trends where luxury hotels in India primarily relied on international travelers, the current demand is now being driven largely by domestic tourists. “We have enough population to support our economy and the hospitality sector. Frankly, we are no longer dependent just on foreigners. Today, we get around 70-80% of our hotel guests from within India. The aspirations of Indian travellers are on the rise, and people don’t mind spending money on luxury holidays. No matter how many rooms you add, they get filled up.”

When asked about the possibility of an IPO, Sharma mentioned that the group may consider going public in the next 2–3 years, once more properties become operational in various cities. Triton Hotels and Resorts is actively expanding its presence beyond Rajasthan into major destinations and Tier 2 and 3 cities.

Backed by robust revenue expectations and long-term plans, including a potential IPO in the next few years, Triton Hotels and Resorts is positioning itself as a major player in India’s luxury hospitality landscape.

Smartworks Coworking IPO opens July 10 amid growing investor interest

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July 5, 2025

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Smartworks Coworking Spaces will open its initial public offering (IPO) for public subscription on July 10, with the issue closing on July 14. As per the red herring prospectus (RHP), bidding by anchor investors will take place a day earlier, on July 9.

The company has scaled down the size of the IPO. The fresh issue has been reduced to ₹445 crore from the previously proposed ₹550 crore, while the promoters’ offer for sale (OFS) has been slashed to 33.79 lakh shares from 67.59 lakh shares.

Smartworks Coworking Spaces Ltd plans to allocate around ₹226 crore from its IPO proceeds towards capital expenditure for fit-outs at new centres and security deposits for these properties. An additional ₹114 crore will go towards loan repayment, while the remaining funds will be used for general corporate purposes.

Smartworks is a prominent provider of office experiences and managed campuses. The company focuses on leasing large, bare-shell spaces in prime locations and converting them into fully serviced, tech-enabled campuses equipped with modern amenities. These facilities often include cafeterias, gyms, sports zones, medical centres, and more, creating a dynamic and contemporary work environment.

Smartworks primarily serves businesses of varying sizes, with a strong emphasis on catering to mid-to-large enterprises requiring over 300 seats. Its operations span across key Indian cities such as Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram, and Chennai.

From FY23 to FY25, the company expanded its managed space by 2.83 million sq ft, registering a compound annual growth rate (CAGR) of 20.80%. Its pan-India presence, cost-effective offerings, and capacity to lease entire or large properties have made it a preferred choice among mid-to-large companies. This is also evident in its 20.80% CAGR in space under management and a 38.98% CAGR in revenue from operations during the same period.

Good Glamm restructuring talks underway, says CEO Darpan Sanghvi

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July 5, 2025

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Good Glamm restructuring talks underway, says CEO Darpan Sanghvi — Darpan Sanghvi, founder and CEO of Good Glamm Group

Founder and CEO Darpan Sanghvi admitted that the Good Glamm Group is facing financial difficulties and said the company has initiated discussions for a restructuring plan.

“I’m doing everything in my power to bring this to a resolution,” Sanghvi said in a LinkedIn post shared on the company’s account.

“There are several restructuring discussions underway in conjunction with our lenders,” he added.

Earlier this week, sources reported that employees laid off in January by the company are still awaiting their pending dues. Additionally, the company has not yet paid its current staff their salaries for May and June.

Sanghvi mentioned that the company was close to selling one of its brands last year in the hope that the deal would generate the necessary funds.

“Everything was done, but just before we could sign and secure Good Glamm, the CEO of the acquiring company stepped down at the last moment, and the deal fell through,” he said.

He added that since then, the company’s financial and operational challenges have only worsened.

“Since then, we have been trying everything possible to generate cash to pay our employees, and also keep the business operational, so that we are able to raise funds to bring the business back on its feet,” he said.

Sources indicate that the company is currently in discussions to raise approximately ₹250–300 crore, but at a significantly reduced valuation. Investors had valued the company at around $1.2 billion in March 2024, but they now expect to carry out the new funding round at a sharply reduced valuation of just $120 million.

Additionally, the company is in negotiations to sell its media and influencer talent management division, MissMalini Entertainment, along with its personal care brand, Organic Harvest.

Back in February, Good Glamm sold its feminine hygiene brand Sirona—originally acquired for ₹450 crore—back to its founders for ₹150 crore.

Additionally, the company is in negotiations to sell its media and influencer talent management division, MissMalini Entertainment, along with its personal care brand, Organic Harvest.

Back in February, Good Glamm sold its feminine hygiene brand Sirona—originally acquired for ₹450 crore—back to its founders for ₹150 crore.

Lenskart invests in Ajna Lens to strengthen smart glasses capabilities

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July 4, 2025

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Lenskart invests in Ajna Lens to strengthen smart glasses capabilities — Peyush Bansal, Co-founder and Chief Executive Officer of Lenskart

Eyewear unicorn Lenskart has invested in AI startup Ajna Lens as part of its push to develop smart glasses, ahead of its anticipated $1 billion IPO—signaling a deeper foray into wearable technology.

While the deal’s financial details remain undisclosed, the strategic investment gives Lenskart access to Ajna Lens’s AI-driven extended reality (XR) technology. The Mumbai-based startup is known for its cutting-edge wearable tech innovations.

Ajna Lens earned global recognition in 2023 when it won a CES Innovation Award for its mixed reality headset, AjnaXR, establishing itself as a leading developer of advanced wearables in the industry.

This partnership comes amid heightened global competition in the smart glasses space, a market valued at over $6 billion and projected to grow to $15.08 billion by 2032 at a CAGR of 10.3%. Lenskart said it aims to blend its strengths in frame design and optical engineering with Ajna’s XR expertise to develop smart glasses that are both accessible and suitable for everyday use.

The company emphasized that its smart eyewear strategy will focus primarily on vision correction and everyday wearability, positioning the products as “glasses first” in both design and functionality.

“This investment marks the next chapter in our smart glass journey, which began with the launch of Phonic, our audio glasses, in December 2024,” said Peyush Bansal, co-founder and chief executive officer of Lenskart. “As the smart glasses category scales rapidly, our partnership with Ajna Lens strategically positions us to accelerate product innovation in this space.”

Founded in 2014 and based in Thane, Mumbai, Ajna Lens is a deep-tech startup focused on building immersive technologies using spatial computing, AI vision, and a comprehensive XR stack.

Lenskart’s investment in Ajna Lens aligns with its broader acquisition-driven strategy to tap into emerging technologies and scale its business. The company has previously made notable acquisitions, including Tango Eye—an AI-powered computer vision startup. In 2022, Lenskart added Japanese eyewear brand Owndays to its portfolio in a deal estimated at $400 million. The following year, its subsidiary Neso Brands acquired a stake in Paris-based eyewear label Le Petit Lunetier for $4 million.

This aggressive expansion comes as Lenskart prepares to go public. U.S. financial services giant Fidelity recently raised Lenskart’s estimated valuation to $6.1 billion, up from $5.6 billion in November, according to its latest portfolio disclosure. The company aims to raise up to $1 billion at a targeted $10 billion valuation and has already transitioned its parent entity from a private limited to a public limited company in preparation for the IPO.

Lenskart has shown strong financial momentum ahead of its planned IPO. In FY24, its revenue from operations surged 43% to ₹5,427.7 crore, up from ₹3,788 crore in FY23. The company generates income through the sale of eyewear frames, lenses, goggles, and value-added services such as eye check-ups. Effective cost management also helped Lenskart slash its losses by 84%, bringing them down to ₹10 crore in FY24 from ₹63 crore the previous year.

While deepening its footprint in India, Lenskart is also expanding aggressively overseas, particularly in Southeast Asia and the Middle East. Leveraging a distinctive click-and-mortar model, the company offers a seamless omni-channel experience across digital platforms and physical stores. Today, Lenskart operates over 2,500 outlets globally, with 2,000 located across India.

Lenskart is also ramping up its manufacturing capabilities, with plans to build its largest eyewear production facility in Telangana. The company has signed a memorandum of understanding (MoU) with the Telangana government to set up the plant at Fab City, committing an investment of around ₹1,500 crore.

According to analysts, Lenskart’s smart glasses initiative positions the company to compete in the rapidly evolving wearable tech space, where traditional eyewear brands are under growing pressure to innovate beyond standard vision correction solutions.

OYO’s DanCenter to add 250 vacation homes in India by FY26

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July 4, 2025

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Travel tech unicorn OYO announced on Friday that its European holiday home brand, DanCenter, aims to add 250 vacation homes across India during the current financial year, driven by growing demand for premium, professionally managed holiday properties nationwide.

DanCenter added 50 vacation homes in the first quarter of FY26 and aims to onboard 200 more properties by the end of the fiscal year.

The brand now operates a growing network of vacation homes in key leisure destinations across India, including Lonavala (Maharashtra), Kufri (Himachal Pradesh), Ramgarh (Uttarakhand), Chennai and Mahabalipuram (Tamil Nadu), Idukki (Kerala), Jaipur (Rajasthan), Bangalore (Karnataka), and Delhi. The portfolio features luxury villas and serviced apartments designed to cater to premium holiday travelers.

DanCenter also plans to expand into new regions, including Telangana and the North-East, in the near future, as part of its broader strategy to strengthen its presence across emerging leisure destinations in India.

“This strategic expansion is designed to meet the rising demand for premium, well-managed vacation homes across the country,” OYO stated.

OYO Vacation Homes acquired DanCenter, a legacy Danish brand founded in 1957, in 2019 and has since significantly expanded its footprint across Europe.

The brand made its India debut in February 2025, launching a collection of premium villas and apartments in Goa to cater to the growing demand for high-end holiday stays.

Monday Hotels Announces its fourth hotel in Hyderabad

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July 4, 2025

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Monday Hotels Announces its fourth hotel in Hyderabad — Salim Shaikh, Co-Founder of Monday Hotels

Monday Hotels is excited to sign up its newest property in Shamshabad, Hyderabad, marking its fourth hotel in the city.

Located just minutes from Rajiv Gandhi International Airport and well-connected by the Outer Ring Road, this hotel is perfect for business travellers, transit passengers, and tourists looking for comfort and convenience.

Opening later this year, the hotel will feature 38 well-designed rooms, modern business facilities, and quality dining options—all tailored for today’s travellers.

“We’re thrilled to expand in Hyderabad with this new Shamshabad location, which perfectly matches our brand’s energy and vision,” said Salim Shaikh, co-founder of Monday Hotels.

About Monday Hotels

Monday Hotels is a growing chain of business hotels in India, with properties in Maharashtra, Telangana, Andhra Pradesh, and Karnataka. For more details, visit www.mondayhotels.com

Brigade Hotel Ventures raises Rs 126-Cr via equity sale to 360 ONE ahead of IPO

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July 4, 2025

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Brigade Hotel Ventures Limited has secured ₹126 crore through a pre-IPO placement round. The company allotted 1.4 crore equity shares to 360 ONE Alternates Asset Management Limited at ₹90 per share (₹10 face value and ₹80 premium). This allotment accounts for 4.74% of the company’s pre-offer shareholding.

As a result of this funding round, the size of Brigade’s upcoming IPO has been reduced to ₹774 crore from the previously planned ₹900 crore.

The funds raised will primarily go toward reducing debt and supporting strategic initiatives. Brigade Hotel Ventures will use approximately ₹481 crore from the net proceeds to repay or prepay certain borrowings—₹412 crore for itself and ₹69 crore for its key subsidiary, SRP Prosperita Hotel Ventures Limited. Additionally, the company will allocate ₹107.52 crore to acquire an undivided share of land from its promoter, Brigade Enterprises Limited (BEL). The remaining funds will support inorganic growth through acquisitions, strategic investments, and general corporate purposes.

Brigade Hotel Ventures operates nine hotels with 1,604 keys across Bengaluru, Mysuru, Chennai, Kochi, and GIFT City. Well-known hospitality brands such as Marriott, AAPC India Hotel Management, and InterContinental Hotels Group (India) operate these properties, which span various categories—upper upscale, upscale, upper midscale, and midscale.

JM Financial and ICICI Securities are serving as the Book Running Lead Managers for the IPO.

This move comes amid heightened activity in India’s hospitality sector, following recent IPOs from Schloss Bangalore (owner of the Leela brand), Juniper Hotels, and Ventive Hospitality, along with the ITC Hotels demerger.

Goodman Group launches $2.7 Bn fund to invest in Hong Kong data centres

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July 4, 2025

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Goodman Group launches $2.7 Bn fund to invest in Hong Kong data centres — Greg Goodman, CEO, Goodman Group

Australia’s Goodman Group announced on Friday that it will form a $2.7 billion investment consortium in collaboration with international pension funds and investors to develop data centre ventures across Hong Kong.

The industrial property giant has partnered with Dutch firms PGGM and APG, the Canada Pension Plan Investment Board, and CBRE Investment Management’s Indirect Private Real Estate Strategies. The consortium also includes an undisclosed investor from the Middle East.

Goodman Group stated that it will serve as a cornerstone investor in the partnership, holding a 20% stake.

The newly formed consortium will take ownership of four existing data centres in Hong Kong, currently held by Goodman under an industrial partnership, along with two additional centres that are under development. Moreover, the company stated that Goodman’s portfolio accounts for approximately 30% of Hong Kong’s data centre market by power capacity, underscoring its strong presence in the region.

Goodman, which operates similar data centre partnerships in Japan and Europe, noted that its Japanese venture is expected to reach $1.1 billion in assets by the end of 2025.

Additionally, CEO Greg Goodman noted that the company’s A$10 billion ($6.57 billion) industrial property portfolio in Hong Kong holds significant potential for future data centre conversions. This, in turn, highlights the ongoing growth opportunities and strategic value the region offers for Goodman’s expansion plans.

“There’s opportunities in the industrial portfolio. We have to basically redevelop them into data centres and they would then come into this partnership for development,” Goodman said in an interview.

“There’s a lot of inquiry now coming out of China, you’ve seen a big push in artificial intelligence in China. China is on a big growth path in regard to digital evolution and the whole AI sector. So you can expect a lot of Chinese operators also very interested in Hong Kong.”

Goodman in February raised $2.54 billion in a share placement to help fund the future growth of its global data centres business.

Cekura raises $2 Mn, plans to expand with India office

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July 4, 2025

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AI startup Cekura, founded by IIT Bombay alumni, announced on Thursday that it will establish an office in India after raising USD 2.4 million.

Cekura specializes in building a testing and observability platform for voice and chat AI, allowing teams to simulate large-scale conversations, monitor live interactions, and extract actionable insights.

Co-founder Sidhant Kabra stated that their solution has significantly cut down testing time from weeks to just minutes. This efficiency has helped the startup onboard over 75 customers within a year of incubation at Y Combinator (YC), the renowned US-based startup accelerator.

“Funds will be utilised to hire more engineers and to scale to more enterprise customers. Funds will also be used to open our India office in Bangalore (apart from our existing HQ in the US). We have a team in India. We already have customers in India such as Prodigal, Nurix, Skit,” he said.

With fresh funding and growing demand for its AI testing solutions, Cekura is now gearing up to strengthen its global presence, starting with its expansion into the Indian market—marking a significant milestone in its growth journey.

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