Nona Lifestyle aims to reach Rs 1,000 crore revenue

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January 24, 2023

Nona Lifestyle, a B2B-managed marketplace for soft furnishings and custom corporate merchandise, aims to reach Rs 1,000 crore in revenue.

According to Hari Mishra, co-founder of Nona Lifestyle, the company initially focused on developing its domestic business. “Within two years of launch, we have expanded operations to Ahmedabad, Ludhiana, and Siliguri to meet demand across India and added well-known brands such as Zomato, Oyo Rooms, Delhivery, and Treebo Hotels in our portfolio,” said Mishra. “Eventually, in 2019, we expanded our presence in the UAE and registered a mainland company in Dubai with the name KYBR Textile Trading LLC,” he said.

The company recognized the importance of technology in 2020 since it would automate the supply chain, offer reliable data, and benefit its customers and suppliers. To achieve this goal, the company developed tech architecture with seed funding of Rs 3.5 crore from LC Nueva.

The textile market is highly fragmented, so multiple modules must be created to give consumers real-time data and automate the supply from the backend. The company claimed that it raised Rs 11 crore in Pre Series A with LC Nueva and other HNIs while considering these goals.

“We are delighted to share that with the support of our investors and our hard working team, we have been able to generate a revenue of Rs 508 million till date,” said Mishra. “For the current fiscal year, we are projecting growth at 6x pace with a target revenue of Rs 150 crore,” said Mishra. “When it comes to our white labeling business, our plan is to create a structured market around the globe and be able to export to 35-40 countries in the near future.”

Proptech startup Landeed raises $8.3mn in a seed round

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January 24, 2023

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Landeed, a Bengaluru-based proptech startup, has raised $8.3 million in a seed round led by Draper Associates, Y Combinator, and Bayhouse Capital.

The funds will be used to strengthen the company’s technological infrastructure and bring in fresh talent.

Sanjay Mandava, ZJ Lin, and Jonathan Richards founded Landeed in 2022 to provide users with access to land documents and property title searches for a nominal fee.

“We built a standardized interface simplifying the multiple search methods across states into an intuitive and fluid user experience. This unique proposition has led our team to witness impressive revenue growth,” said Sanjay Mandava, CEO and Co-founder of Landeed.

Landeed reported receiving 1.7 million searches for land titles across the seven states it operates in within four months of its launch.

Landeed offers multiple other data points on a single screen in addition to land documents, including guideline values and an Encumbrance Certificate—a document that certifies, among other things, that the property in question is free from any monetary or legal disputes.

Battery startup Log9 secures $40mn in a Series B round

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January 23, 2023

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Log 9 Materials, a deep-tech battery startup, has raised $40 million in a Series B fundraising round led by Amara Raja Batteries and PETRONAS Ventures.

Other prominent investors like Western Capital Advisors, Incred Financial Services, Unity Small Finance Bank, and Oxyzo Financial Services also participated in the round, a mix of equity and debt.

With the fresh capital, the startup will be able to commission India’s first fully integrated Lithium-ion cell production line and expand its battery manufacturing capacity to 2 GWh by the end of 2024. To further develop cell and battery technology stacks, about Rs 100 crore would be invested.

“Log9 has always been invested in providing its customers with the most sophisticated and efficient batteries, based on both LTO and LFP lithium-ion technologies,” said Founder and CEO Akshay Singhal.

“As a battery technology pioneer, we foresee these investments to cement our position as a leader in the commercial EV space and to expand into stationary battery sectors such as power backup and grid storage. We will also be aggressively pursuing pilots in overseas markets over the next few quarters, with a particular focus on the tropical belt,” he added.

Akshay Singhal, Kartik Hajela, and Pankaj Sharma founded Log9, an indigenous deeptech and advanced battery-tech startup, in 2015. The company sells fast-charging batteries that it says have higher performance, last longer and safety.

“Log9’s progress in the field is significant in meeting India’s growing aspirations in the energy and mobility space. Battery manufacturing is the most critical part of the value chain that needs to be localised, and batteries designed in India for India will pave the way,” said Vikramaditya Gourineni, Executive Director of Amara Raja Batteries.

CBC Japan, Grip Invest Advisors, Cornerstone Venture Partners, LO Funds, Oxy Capital, and other major angel investors are also backing it.

“Log9’s approach to the future of energy continues to excite us and strongly aligns with the investment priorities of PETRONAS Ventures. This partnership will further enhance PETRONAS’ expansion in the new energy and green mobility sectors,” said Arni Laily, Head of PETRONAS Ventures.

Additionally, the startup has invested in emerging startups and organisations, including Chara Technologies. The founders have each invested in Climes, Metastable Materials, Loopworm, Praan.io, and TSaw.

Fire-Boltt announces its entry into Southeast Asia market

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January 20, 2023

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Fire-Boltt announces its entry into the Southeast Asian market. To launch its operations in Singapore and Vietnam, the company has partnered with SmartechSG Private Limited.

The move is a part of Fire-Boltt’s plans for growth and expansion globally. Fire-Boltt recently expanded into the UAE market, where the entire line of its products was met with a phenomenal response.

Speaking about the announcement, Arnav Kishore, Founder & CEO at Fire-Boltt, said, “International expansion has always been one of the priorities of Fire-Boltt, especially now with the start of home-grown production under “Make in India” initiative”. This is a proud moment for an Indian brand to be available in international markets to serve consumers across the globe. The kind of response we have received from our customers is overwhelming which helps us work even more aggressively toward innovation and fulfilling the needs of the consumers. We look forward to achieving bigger milestones in the near future.”

Adding to the excitement, Aayushi Kishore, Co-Founder, Fire-Boltt, said, “We are thrilled to announce our expansion into the South Asian market. We have handpicked our top-selling products like Visionary, Invincible, etc., in line with the research we carried out in these markets. We have also carried out changes to the display screen, language availability, marketing messaging & even packaging to be suitable for each of these markets. Going by the phenomenal response we have received so far; we are encouraged to expand further in the South East Asia and the APAC region. We are also working actively on consumer feedback for design principles from some of these markets to bring in the best for our customers in India and globally.”

Commenting on the launch, SmartechSG Pte Limited said, “We are proud to be chosen by Fire-Boltt to launch its South-East Asia operations. This global smartwatch brand gives customers excellent options of feature-rich smartwatches at unbeatable price points.”

Fire-Boltt has successfully launched over 70 smartwatches in the past 12 months. The Indian market responded incredibly well to its recently released smartwatches, Gladiator and Supernova. Within a few hours of their launch, both smartwatches ran out of stock.

BharatPE begins hiring amid mass layoff by major tech firms

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January 20, 2023

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BharatPe, a fintech platform, invited applications for the role of product managers at a time when the internet is flooded with heartfelt messages of employees fired as part of a mass layoff program at big tech companies.

BharatPe’s Chief Product Officer, Ankur Jain, shared the details of hiring on LinkedIn. “My company BharatPe is hiring product managers for all roles. If you are interested in working at the cutting edge of fintech, please consider BharatPe. Email us at producthiring@bharatpe.com.” said Ankur Jain in his post.

Ankur Jain added in his post that the company is expanding and has recently completed transactions totaling $25 billion. The company has disbursed around $1 billion worth of loans, and in the past year, revenues have increased thrice. From $100 million ARR at the beginning of 2022, company revenue has increased to $300 million ARR. He also informed about the company’s plan to go IPO next year.

In his post, he acquainted the people with the payment platform’s work environment and the challenges they will be focusing upon. He said the employees would be required to work on issues such as the next-gen payment platform, best-in-class fintech products, AI/ML-based lending platform, credit risk modelling, loyalty platform, IoT devices, etc.

He further mentioned that the workers will also get to work on new products that are now being developed stealthily.

Wayfair to lay off over 1,000 employees

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January 20, 2023

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In the technology industry, layoffs have increased since 2022. Many companies, including Microsoft, Amazon, Twitter, Meta, and Ola, have recently laid off many employees and reduced the number of job openings.

A person familiar with the situation, speaking on anonymity, told Bloomberg news that another such company, Wayfair Inc., has also announced a wave of job cuts, adding that more than 1,000 employees will lose their employment.

According to the source, the company announced job layoffs in August last year, totaling about 870 employees, or about 5% of its global workforce. According to Bloomberg, the online home goods retailer had battled with declining sales for more than a year after seeing a revenue boom in the early stages of the pandemic when US consumers spent money fixing their homes.

In the last 12 months, shares of Wayfair have fallen by nearly 75%.

The cuts come as the company struggles with the slow growth of its online business and prepares for a potential recession that could affect its consumers’ purchasing power.

IHCL SeleQtions launches Baragarh Resort & Spa in Manali, Himachal Pradesh

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January 19, 2023

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Indian Hotels Company (IHCL) has announced the launch of Baragarh Resort & Spa, an IHCL SeleQtions hotel in Manali, Himachal Pradesh. The hotel offers breathtaking views of the Pir Panjal and Dhauladhar ranges as it is nestled in the majestic Himalayas.

Puneet Chhatwal, managing director and chief executive officer of IHCL, said, “This opening is in line with IHCL’s strategy of strengthening its presence in Himachal Pradesh with its tremendous tourism potential. IHCL has a significant presence in the state with hotels in Theog, Dharamshala, and now Manali. We are extremely delighted to launch Baragarh Resort & Spa – IHCL SeleQtions.”

The hilltop Baragarh Resort & Spa, surrounded by 70 acres of lush orchards, overlooks the Beas River and provides a 360-degree panorama of scenic valleys and snow-capped mountains. The airport in Kullu is a short, comfortable drive from the resort. The 33 rooms are spacious and spread among chalets in the European style with local design features. Rejuvenation is best accomplished in the spa and the heated outdoor pool. The all-day diner Tentu serves authentic HimachaIi, foreign, and Indian cuisine. Small bites are offered at Mulkila, a bar with a spectacular view. The ideal vacation includes fruit picking, nature trails, apple orchard walk, trekking, and adventure sports.

Neelabh Pandey, Hotel Manager, Baragarh Resort & Spa – IHCL SeleQtions, said, “Cocooned in the lap of alpine nature, Baragarh Resort & Spa, an IHCL SeleQtions hotel, offers our guests a unique taste of Manali.”

With the addition of this hotel, IHCL will have four hotels in Himachal Pradesh, with one under development.

Ritesh Agarwal partners Naropa to offer personal grants to four startups

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January 19, 2023

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In partnership with Naropa Fellowship, Oyo Rooms founder and CEO Ritesh Agarwal announced an equity-free grant of Rs. 5 lakhs for each of the four Ladakh startups.

These grants are a part of an initiative that pledges to give entrepreneurs in the Ladakh region an equity-free grant and mentorship worth Rs 1 crore. The Naropa Fellowship, a Ladakh-based fellowship programme, and Ritesh Agarwal collaborated closely to identify and shortlist the startups that will benefit and strengthen the region’s local economies.

“Being from a small town myself, I resonate with the potential of these startups to create an exponential impact on their communities,” Ritesh said in a tweet. “I’m truly looking forward to supporting and mentoring them,” he added.

This fellowship offers aspiring entrepreneurs a platform to establish businesses that serve the locals and promote the region’s economic sustainability. The four selected startups are the Forest Collective, Nima Goos Goos, Ladakh Brew, and Siachen Naturals.

Siachen Naturals was established to produce and promote healthy alternatives to fast food. The firm claims to have developed a variety of traditional Ladakhi superfoods with organic ingredients, including barley, which is high in protein and fiber.

Chaang, a native beer drink in Ladakh, has a huge market potential, so Ladakh Brew decided to produce and market it as the sole locally produced alcoholic beverage available commercially in the region. As cash crops are preferred over other crops, barley farming, a key ingredient in its production, has been declining. Its production encourages the farming of barley. According to a statement, the company also claims to give local women who have been making Chaang for years opportunities for a livelihood.

Nima Goos Goos promotes the natural herbs and crops abundant in the Himalayan region. It added that its herbal tea, also known as “Tisanes,” comes in various flavors and has quickly established a distinct reputation.

The Forest Collective works to end forest fires caused by pine and to promote pine-based biomaterials as alternatives to plastic and wood for various industries. It is also looking at the possibility of using them to diversify revenue streams to produce wellness items like candles and perfumes.

According to a statement, Ritesh will continue to support these endeavors through consistent interaction and guidance.

Mahindra Lifespaces to redevelop two residential societies in Mumbai

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January 19, 2023

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The Mahindra Group’s real estate and infrastructure development division, Mahindra Lifespace Developers, will redevelop two adjacent residential societies in Santacruz West, Mumbai.

The project has a potential revenue of about Rs 500 crore and will be built on a plot of land covering around 1.27 acres.

Arvind Subramanian, managing director and CEO of the company, said, “Society redevelopment offers an attractive avenue for new real estate development in fully built-out neighbourhoods in Mumbai. We foresee redevelopment as an exciting opportunity for reputed real estate developers expect to build a meaningful presence in this space over the coming years.”

After completing the due diligence process, the company and the two societies will sign definitive documents.

Due to the absence of vacant land parcels, especially in the island city, Mumbai has limited possibilities for greenfield development. The only realistic possibility for any new development is through redevelopment, a market with an estimated value of more than Rs 30,000 crore.

Delhivery introduces training and recruitment programme for young jobseekers

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January 18, 2023

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Logistics startup Delhivery has launched the Delhivery Training and Recruitment Programme to empower young jobseekers to build a career in the logistics industry. For recruits in entry-and mid-level operational roles, the programme guarantees jobs.

To select candidates for a five-week training programme in Gurugram, the company will conduct a national entrance exam on February 19, 2023, with an initial focus on 25 Tier II and Tier III cities, including Ganganagar, Ujjain, Kurur, Purulia, and Srinagar, among others.

Candidates for the programme must be between the ages of 22 and 32, have a 10th or 12th-grade diploma or pass, and have basic reading and writing English knowledge.

“The initiative is in line with our long-term vision to connect with talent across the country and create secure employment opportunities in one of the fastest-growing sectors in India,” Pooja Gupta, Chief Human Resources Officer, Delhivery, said.

Operational procedures, software applications, soft skills, and people management will all be covered during the classroom and practical in-centre training.

Delhivery will onboard the recruits for open managerial positions at its facilities across India after the course is completed.

“Our five-week training is a comprehensive, in-house programme designed by Delhivery Academy, focused on creating a ready talent pool in logistics. The depth and breadth of the programme will empower the youth with all the necessary skills to excel in logistics,” Suraju Dutta, Head of Delhivery Academy, said.

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