Locad secures $11mn in a Series A funding

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January 16, 2023

Logistics engine Locad announced that it raised $11 million in a Series A funding round led by Reefknot Investments—a fund anchored by Temasek and logistics powerhouse Kuehne & Nagel.

Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures, and Antler joined new investors Access Ventures, JG Summit, and WTI in the round.

The logistics startup Locad, founded in 2020, offers ecommerce brands with a cloud supply chain that allows them to expand their omnichannel business and automatically store, pack, ship, and track orders across Asia-Pacific.

The Singapore-based logistics startup will utilize the funds to develop its products and build a talent pool in India. It also has plans to increase the capabilities of the supply chain platform it now offers, which enables modern consumer brands in Thailand and across Asia-Pacific to automatically pack, ship, and track orders in a distributed, end-to-end supply chain as-a-service.

“Tech and data are at the heart of what we’re building here at Locad. To realize this, we’re doubling down on our hiring efforts in key locations such as Bengaluru, where we have a strong team of developers and marketers helping grow the product and business end-to-end,” said Shrey Jain, CTO, and Co-founder, of Locad.

In a seed round headed by Sequoia Capital India’s Surge in 2021, Locad raised $4.9 million. Other investors included Antler, Febe Ventures, Foxmont, Global Founders Capital, Gokongwei Family, and Hustle Fund.

The company claims to have handled more than two million transactions while serving more than 200 brands in Singapore, the Philippines, Thailand, Hong Kong, and Australia.

“Locad’s unique operating model of localizing warehouses into the cities ensures that inventory is kept close to the customers, thereby enabling significant cost and time savings for both brand and consumer,” said Ervin Lim, Vice President of Reefknot Investments.

“We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier I cities can now receive their orders 2-3X faster at a fraction of the usual cost,” he added.

Ola Electric to open 100 experience centers by January 26

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January 14, 2023

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In 2022, Ola Electric launched 100 experience centers. The company recently said it sold 25,000 scooters in December 2022, boosting its market share to 30%. Ola Electric plans to open 100 experience centers countrywide by Republic Day this year as it continues on its growth path.

In a post on the microblogging site Twitter, Ola Electric CEO Bhavish Aggarwal announced that the company is opening 100 new experience centers by January 26 to “get as close to our customers as possible.”

“We had 100 experience centers by the end of Dec 2022. Opening 100 more by 26th Jan across India. All these centers will also have service desks. Getting as close to our customers as possible!,” reads Bhavish’s tweet.

Ola previously announced that it would soon join the country’s premium EV market. It plans to bring 1,000 electric cars. It claimed that the features of its cars would include 100 percent ride assurance following cab allocation, zero cancellations, 100 percent cashless payments, and more.

Ola Electric has three electric scooters in the country: the Ola S1, Ola S1 Pro, and Ola S1 Air. The company’s first electric scooter, the Ola S1 Pro, was introduced in 2021. It is available for a price range between ₹99999 and ₹1,39999.

Ola Electric launched the Ola S1 in August 2017 and the Ola S1 Air in October. The starting price for the Ola S1 Electric Scooter is ₹99,999. In contrast, the Ola S1 Air costs ₹85,000. The electric scooter has the latest MoveOS 3 from the company and is claimed to have a 76km range.

The company recently declared that the Ola S1 and Ola S1 Pro will now be available in all colour variants. These colours include Matt Black, Anthracite Grey, Midnight Blue, Millenial Pink, Khaki, Neo Mint, Coral Glam, Jet Black, Marshmellow, Liquid Silver, and Porcelain White.

Restaurants Brand Asia introduces Popeyes in Indonesia

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January 13, 2023

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Restaurant Brands Asia, the master franchise of Burger King brand in India, through PT Sari Chicken Indonesia, has launched the iconic US fried chicken brand Popeyes in Indonesia.

Popeyes has opened four locations in the Margo City mall, Supermal Karawaci, Skyline, and Kelapa Gading, across from Jabodetabek. The brand intends to increase its market share by opening 300 restaurants nationwide.

Popeyes, one of the world’s largest chicken quick-service restaurant chains, was established in New Orleans, Louisiana, in 1972. With more than 3900+ restaurants globally, Popeyes has carved out a niche for itself with its authentic Louisiana food in more than 30 countries. The brand is based on a 300-year-old culinary history that combines various ingredients, spices, and cooking styles.

Rajeev Varman, CEO of Restaurants Brand Asia, said, “Introducing Popeyes, an iconic Louisiana-style chicken in a country where fried chicken is one of the largest and fastest growing categories, is a strategic expansion catering to the consumer demand. We have received good response post launch from the guests who are loving the signature fried chicken from Popeyes and some locally inspired products developed by our team. We look forward to expanding our footprint in Jakarta and other cities of Indonesia in the years to come.”

Cashfree Payments lays off 100 employees: Report

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January 13, 2023

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Payment company Cashfree Payments has laid off 100 employees in a restructuring exercise, The Economic Times has reported.

Around 6-8% of its workforce would be affected by the layoffs, particularly the marketing and operations team.

“Cashfree Payments has been periodically evaluating performances and processes as a standard business practice. The organization has reevaluated the relevance of certain roles and functions, leading to the movement of talent within teams and a few employee exits. This process of organizational restructuring has impacted around 6-8 percent of employees,” the company said in a statement.

Last year, Cashfree Payments was one of the first fintech firms to get an ‘in-principle’ approval from the Reserve Bank of India (RBI) to function as a payment aggregator and a prepaid payments instruments (PPI) license.

The company has received orders from the central bank to hold off on adding any new online merchants to their platforms while they undergo an audit for their licenses as a payment aggregator and payment gateway (PA/PG). The company made no comments regarding the precise number of employees who were let go.

Wakefit.co secures $40mn in a Series D round

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January 13, 2023

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Furniture and home improvement brand Wakefit .co has raised $40 million (Rs 320 crore) in a Series D funding round led by Investcorp. Existing investors Sequoia Capital India, Verlinvest, and SIG also participated in the round.

The direct-to-consumer (D2C) brand will use the fresh capital to expand categories and extend its omnichannel presence in Tier II and Tier III markets across the country. Wakefit.co said in a statement that it plans to expand its workforce and strengthen its supply chain.

Ankit Garg and Chaitanya Ramalingegowda founded Wakefit.co in 2016 to offer sleep solutions, including various mattresses, pillows, and bed frames. In addition, the company currently sells furniture and home improvement products, such as study tables, bookshelves, and shoe racks, manufactured in its factories in Bengaluru, Jodhpur, and Delhi.

Nearly $62 million has been raised by Wakefit.co so far (excluding Series D). In FY 2022, it reported revenue of Rs 636 crore, an increase of 54% from the year before.

The Bengaluru-based company plans to make a profit by the 2024 fiscal year and aims to generate Rs 1,200 crore in revenue over the next two years. By planning to open nearly 30 physical stores by March and another 70 by the end of FY23, it is also making a significant bet on the omnichannel sales strategy, according to CEO and Co-Founder Ankit Garg.

According to Ankit, this will improve offline store revenue from its current 10% overall sales to 40%.

“We believe offline stores are complementary to the online shopping experience. Our studies suggest that most of our customers conduct preliminary research of their desired product through our website before visiting a store,” Chaitanya, Director, and Co-founder of Wakefit.co, said.

According to the co-founders, the company is preparing to go public in the next two years and is focusing on developing a scalable and sustainable business.

However, according to Chaitanya, repeat customers account for approximately 35% of all orders at Wakefi.co, significantly reducing marketing expenses.

“This funding round will solidify our position in the home and sleep solutions space and will enable us to scale up our manufacturing and supply chain capabilities. We thank our investors for their support and trust in our journey of becoming a market leader in our space,” Ankit noted.

Proptech startup Brick&Bolt secures $10mn from Accel and Celesta Capital

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January 10, 2023

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Custom-build homes platform Brick&Bolt has raised $10 million, co-led by global venture capital firms Accel and Celesta Capital. A multinational investment bank, Cilix Capital, advised for the Series A2 round.

With this funding round, Brick&Bolt has raised a total of $16 million. Earlier, Sequoia Surge, Foundamental, HDFC Capital Advisors, and Stride Ventures helped the business raise about $6 million.

The firm plans to use the funding to develop its leadership team, expand to over 12 cities, and expand its tech stack over the next 15 months.

Jayesh Rajpurohit, Co-founder of Brick&Bolt, said, “We are extremely pleased to onboard seasoned investors, including Accel and Celesta Capital, as valuable partners in our journey to expansion.”

“The Indian real estate is earmarked to be a $650 billion market in 2025 and a $1 trillion worth sector in 2030. With 85%+ construction still unorganized in India, Brick&Bolt is on a path to capture the massive and super-broken market using our technology and processes. This investment will help us accelerate growth as we look to expand in other cities and add more senior leadership to the team.”

“The Brick&Bolt platform streamlines the entire process by bringing it together on a single platform. Celesta has extensive experience investing in companies that disrupt the construction industry, so we are excited to be able to share our learnings to help make Brick&Bolt India’s go-to platform for custom-built housing,” said Sudhir Rao, Managing Partner, India, at Celesta Capital.

Brick & Bolt, which follows an ecommerce model, offers its customers tech systems and procedures to make residential and commercial construction easy, hassle-free, and reliable. Construction of homes, construction for businesses, and building materials are all offered as comprehensive services.

By 2025, India is expected to be the third largest construction market in the world, and Brick & Bolt is best positioned to take advantage of this potential, given the favorable macroeconomic environment.

Accor continues luxury expansion in India with signing of Fairmont Shimla Fagu

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January 9, 2023

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Accor has announced the expansion of its Fairmont Hotels & Resorts portfolio in India with the signing of Fairmont Shimla Fagu. The property, which will be newly constructed on a 2.5-acre hilltop plot at the height of 2,400 metres in Fagu, Shimla, is expected to begin serving guests in 2026.

The 105-key luxury resort will be the fourth Fairmont property in India after the 2012 opening of Fairmont Jaipur, Fairmont Mumbai, which is now being built, and Fairmont Udaipur.

RTM Hotels Private Limited, an SPV promoted by the Nagrath family, a business entity with interests in hospitality and real estate in Northern India, and Accor are collaborating on Fairmont Shimla Fagu.

Vinod Nagrath, director of RTM Hotels Private Limited, commented, “Shimla has always been a major tourism destination for North India and is popularly known as Queen of Hills. Over the last few years and with the development of infrastructure, it has become a preferred destination for domestic luxury travellers and we want to offer discerning customers the very best of luxury hospitality right in the lap of nature. We are very excited to partner with Accor and Fairmont Hotels & Resorts for the launch of Fairmont Shimla Fagu. With 105 keys, a beautiful hillside location, and luxurious amenities, we are looking forward to making Fairmont Shimla Fagu one of the best luxury hotel destinations in Northern India.”

On the signing, Mark Willis, CEO of Fairmont Hotels & Resorts, mentioned, “This signing is a true milestone for us in the region and for Fairmont Hotel & Resorts to introduce such a unique building in one of the most scenic locations in the country. Being the fourth Fairmont property in India and the first in Himachal, Fairmont Shimla Fagu, with its distinct presence and unique architecture, is set to become an iconic landmark in Shimla.”

Aniruddh Kumar, VP of Development, Accor India & South Asia, commented, “We are delighted to expand our presence in India with the addition of Fairmont Shimla Fagu. We will continue the legacy of our luxury portfolio by providing our guests with grand and enriching experiences.”

Virohan secures $7mn led by Blume Ventures

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January 9, 2023

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Gurugram-based healthcare edtech startup Virohan has raised $7 million in a pre-Series B1 funding led by Blume Ventures.

According to a company statement, Bharat Inclusion Seed Fund, Rebright Partners, Lesing Artha Limited, and other investors participated in the round.

The startup has now raised $11 million in total, including this latest round.

With this fundraising, Virohan plans to train over 7,000 students over 200+ new campuses across India. Along with developing new features, the company also intends to use the capital to develop and introduce new training programs, expand the infrastructure of its omnichannel training platform, and add content in regional languages.

According to the release, the company’s existing investors, ALES and Rebright Partners, will support the expansion into Japanese markets with the help of this funding.

“This investment is a testament of our product-market fit, scalability, impact, and profitability of the business model. In the next 18 months, Virohan will deepen its relationship with its stakeholders (Students, Universities/Colleges, and Medical institutions), train over 10,000 students, and establish an international presence to cater to $100 billion+ global opportunity,” said Kunaal Dudeja, Co-founder and CEO, Virohan.

Allied Healthcare Programs (AHP), which form 60% of the healthcare workforce and include phlebotomists, medical lab technicians, operation theatre technicians, and others, are trained at Virohan. This school was founded in 2018 by Kunaal Dudeja, Nalin Saluja, and Archit Jayaswal.

The platform claims that it has trained more than 7,000+ students across its courses, with completion rates of over 96% and placement rates of more than 98% within a month of program completion. To help students get internships and job offers, the startup collaborates with more than 1000 partners, including Fortis Escorts, 1MG, Dr. Lal Path Labs, Sarvodaya Healthcare, Healthians, and others.

“We have always seen Indian education as being a key engine of catalysing the nation’s development. Equally, education can also help leapfrog social classes and economic cohorts. Hence, we have consistently bet on education startups lowering barriers for access and expanding opportunities to all. This is why we are excited to partner with Virohan for its ambition and mission to skill and upgrade the next hundred million Indians,” said Sajith Pai, Blume Ventures.

Unity Group, Parsvnath Developers to construct mall in Delhi

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January 9, 2023

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Delhi-based Unity Group has formed a joint development agreement with Parsvnath Developers to develop 450,000 sq ft of retail area with an investment of ₹200 crores, said Unity Group co-founder Harsh V Bansal. The land for the bridge-to-luxury mall is leased from Delhi Metro and is close to the Netaji Subhash Place metro station.

The agreement is a part of the company’s strategy to double its retail portfolio and establish a retail Real Estate Investment Trust (REIT).

“This mall should become operational by October 2023, and we are already in touch with brands for leasing. We are expecting ₹100 crores in rental income every year,” Bansal said.

Additionally, the company plans to build malls in Mohali in Punjab, Preet Vihar in Delhi, Mangolpuri, Rohini, and Punjabi Bagh. Also, the company is extending each of its six active malls under the extra floor area ratio allowed by the Delhi Development Authority (DDA).

“In Preet Vihar, we are developing 150,000 sq ft, while we have acquired two land parcels in Mangolpuri and Rohini from DDA for ₹63 crores. We will invest another ₹200 crores to develop 300,000 sq ft of retail space,” said Bansal.

Cushman & Wakefield’s analysis indicates that until 2027, India’s top three cities will require 9 million sq ft of retail space annually to match the cities of a small country like Vietnam in terms of retail space per capita.

Currently, developers in India mostly focus on office and residential properties, adding roughly 3.8 million sq ft of retail space every year. According to experts, it is time to build Grade A retail spaces as many international companies are placing significant bets on India.

DPIIT to undertake third-party assessment of Startup India Seed Fund Scheme

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January 7, 2023

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The Department for Promotion of Industry and Internal Trade (DPIIT) will now seek the third-party assessment of the Startup India Seed Fund Scheme, a senior official revealed on Friday. The DPIIT has taken this initiative to ensure the on-ground impact of startups.

According to Shruti Singh, Joint Secretary, DPIIT, the department has received “good” feedback on the program from incubators and startups.

“We are still doing a third-party assessment so that somebody on the ground can go and see,” she said, adding that more than 8,500 startups have registered with the DPIIT.

The four-part Rs 945 crore scheme, introduced in 2021, offers financial assistance to early-stage startups to develop prototypes, product trials, market entry, and ultimately the commercialization of their products. Through incubators located all around the country, support is provided to eligible startups.

The government implemented the Fund of Funds and Startup India Seed Fund programs as part of the Startup India initiative, which was launched in January 2016.

According to the joint secretary of the Rs 10,000 crore Fund of Funds scheme, roughly Rs 7,900 crore has been committed to the Alternate Investment Funds. By 2025, when the fund will be exhausted, the department plans to seek the finance ministry for additional funds.

She added that as of November 30, 126 incubators had received a total of Rs 455.25 crore from the Rs 945 crore Startup India Seed Fund Scheme, of which Rs 186.15 crore has been disbursed.

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