Spotify records 456 million monthly active users in Q3, boosted by strong growth in India

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October 26, 2022

Spotify, a music streaming service, reported that its monthly active user base increased 20% to 456 million in the quarter that ended in September compared to the same period the previous year. This growth was attributed to a strong uptake in India following multiple marketing initiatives.

“Quarterly performance was positively impacted by better-than-expected intake in India as a result of a multimedia marketing campaign driving activations and reactivations,” the Stockholm-based company said.

Spotify India relies significantly on marketing and has devoted more than 80% of its annual budget to branding expenses since 2019. This is important as India is a price-sensitive market, and Spotify is up against local rivals like JioSaavn, Wynk, and Hungama. The company primarily makes money in India from subscriptions and advertising revenue.

Spotify’s Chief Financial Officer (CFO) Paul Vogel reiterated that in the previous quarters, the streaming service had been doing “incredibly well” in India and has “huge opportunities in the near future”.

With great development in the Latin American region, the streaming platform currently has over 195 paid subscribers globally for its Premium service.

“This was the largest Q3 net additions in our history and excluding our exit from Russia, our year to date net additions are at a record high and we expect this to sustain through year-end,” Vogel said in the investors presentation.

Its revenue increased by 21% year over year to just over €3 billion ($2.99 billion) in the quarter, and its advertising business grew by19%, driven mostly by double-digit growth in the podcasting business.

IHCL announces the launch of Taj Wayanad Resort and Spa, Kerala

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October 26, 2022

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With the launch of Taj Wayanad Resort & Spa in Kerala, Indian Hotels Company (IHCL) has announced its debut in Wayanad. The resort, located on a hillside with panoramic views of the forest and lake nearby, beautifully blends luxury with nature and encourages mindfulness at every moment.

Puneet Chhatwal, managing director and CEO of IHCL, said, “IHCL has been the proud connoisseur of breath-taking locations across India for over a century. While Kerala is known for its scenic beauty and natural resources, Wayanad is a lesser discovered gem. With the opening of Taj Wayanad Resort & Spa, we are delighted to bring alive another aspect of the magic that defines God’s Own Country. We believe that this luxury lakeside resort hotel will put Wayanad on the global tourism map, while further strengthening IHCL’s presence in Kerala.”

The 10-acre resort, close to Kozhikode, Kannur, and Bengaluru, has 61 rooms and villas that each pay homage to the natural beauty of the environment.

Beginning on October 28, 2022, guests can stay at the Taj Wayanad Resort & Spa in Kerala.

EV brand EMotorad receives ₹24-Cr in Pre-Series A funding

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October 25, 2022

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EMotorad has recently raised Rs 24 crore in a Pre-series A round led by Green Frontier Capital (GFC), an investment firm specializing in climate investment, LetsVenture, and Ivy Growth Associates.

The startup plans to utilize the funds to scale the business, hire the best talents in the industry, and accelerate business growth. Additionally, it intends to incorporate cutting-edge technology to transform consumers’ perceptions of cycling.

Additionally, it plans to add a layer of technology to the current e-bike that will provide consumers access to a unique platform for the cycling community that focuses on health and social benefits.

“At GFC, we are really excited about our investment in EMotorad. EM is building an EV company with a large global potential. What struck us the most about EM is the pace at which they were able to expand the business across geographies in just 2 years of existence, not only this the technology they are building on the top of their bikes is a game changer, it will change the way people cycle,” said Sandiip Bhammer, the Managing Partner of Green Frontier Capital.

EMotorad (EM), a Pune-based electric vehicle startup founded in 2020 by Rajib Gangopadhyay, Kunal Gupta, Aditya Oza, and Sumedh Battewar, aims to provide eco-friendly, cutting-edge e-bikes for adventurers, daily commuters, or casual riders at an accessible price. The EV startup uses India’s local sourcing and production resources to offer premium-quality electric cycles at reasonable pricing.

The startup has increased its customer base in Nepal, Japan, the UAE, and Europe. Globally, EMotorad is present across numerous regions. Along with adding more than 160 dealers in India. EM is currently present across 82 towns and cities in India and abroad.

Speaking on the investment round, Kunal, Co-founder & CEO of EMotorad, said, “We have always believed in the power of e-bikes to optimize health efficiency. We wish to design products and technology in such a way that it places itself in the user’s journey to becoming healthy. An outdoor Peleton of sorts. By doing so, we not only answer their fitness needs but also provide a sustainable and viable mobility option.”

Barbeque Nation begins ‘Big Appetite, Bigger Hearts’ campaign

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October 22, 2022

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As part of its association with “DAAN UTSAV,” Barbeque Nation has announced the launch of the “Big Appetite, Bigger Hearts” campaign. Through this program, Barbeque Nation will serve 40000 underprivileged children at all its restaurants in India, the UAE, Malaysia, and Oman.

Over the upcoming month, two hundred meals will be served to children at each of Barbeque Nation’s 200 restaurants. In addition, Barbeque Nation has partnered with several non-profit organizations domestically and globally to further the cause. Dining at Barbeque Nation is also encouraged to contribute to the cause and participate in the campaign at this time.

On occasion, Rahul Agarwal, CEO of Barbeque Nation Hospitality Limited, commented, “We are delighted to associate with DAAN UTSAV. The Big Appetite, Bigger Hearts campaign is a month-long activity that will run across our network of restaurants which is expected to cross 200 restaurants by November. Through this campaign, we would like to reciprocate the love & support received from our patrons since 2006 by giving back to the community by serving the less privileged. We are confident that guests visiting Barbeque Nation will also join hands in the mega philanthropic campaign by sharing towards this cause.”

Reliance becomes the first Indian firm to post earnings call on metaverse

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October 22, 2022

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Reliance Industries Limited (RIL), the first Indian company to use the platform to interact with its stakeholders, posted the proceedings of its second quarter earnings call on the metaverse.

According to reports, the earning call was produced in collaboration with GMetri, a no-code metaverse creation platform, and can be accessed from any device, including a smartphone. However, accessing it does not need to use AR or VR hardware.

Nearly an hour of results commentary is included in the metaverse content. It includes Group Joint CFO V Srikanth, who covers consolidated financials and a business summary, Kiran Thomas, President of Reliance Jio Infocomm Ltd., who covers Jio Platforms and Digital Services, and others.

It allows analysts tracking the company worldwide to switch between slides and images displayed on several screens following the various buckets in the presentation of the results, they claimed.

One can also download the RIL media release, and the transcript of the media and analyst call in PDF formats.

The RIL metaverse also has a special section comprising quotations from Chairman and Managing Director Mukesh Ambani.

Soothe Healthcare receives ₹175-cr in funding round led by DFC

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October 21, 2022

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Soothe Healthcare, a personal hygiene brand, has raised Rs 175 crore in a fresh round of funding from the US International Development Finance Corporation (DFC) and existing investors.

A91, Symphony, Sixth Sense Ventures, and GII are some of the existing investors in Soothe Healthcare, along with DFC, which has invested Rs 55 crore.

In August 2021, the company raised its final round of funding.

According to a statement, DFC’s investment is in line with its 2X Women’s Initiative and Global Health and Prosperity Initiative, which aims to empower women and give them the financial resources they need to prioritize their needs for hygiene and health.

With these funds, Soothe Healthcare, the company that develops Paree Sanitary Pads, will expand its distribution channels, reach more women in Tier II and Tier III markets, and expand its marketing.

Sahil Dharia, Founder and CEO of Soothe Healthcare, said, “Our endeavour is to provide women with high quality products at a great value. Our value proposition and social impact-driven business model has helped establish Paree Sanitary Pads as a trusted personal hygiene brand across India.”

Abhay Panday, General Partner, A91 Partners, said, “We continue to be believers in the business opportunity in women’s hygiene and Soothe’s relentless focus on building a high-quality Indian brand in the space.”

The flagship product of Soothe Healthcare, Paree Sanitary Pads, was introduced in 2016 through offline FMCG distribution channels. The business has doubled its manufacturing capacity, entered foreign markets, and added new product verticals.

Nazara Technologies CEO Manish Agarwal steps down

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October 20, 2022

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Nazara Technologies’ chief executive officer (CEO), Manish Agarwal, has decided to leave his position immediately to embark on an entrepreneurial journey. He will remain active as a board member.

Nitish Mittersain, the founder of Nazara and the company’s joint managing director, has been promoted to CEO, the company announced in an exchange filing. Since Nazara’s inception in 2000, Nitish and Manish have worked closely.

“Manish and I have worked closely together over the last 7 years to build a strong foundation on which Nazara will continue to grow rapidly in the years to come. I wish him all the best in his future endeavours,” Nitish said.

For nearly eight years, Manish led the gaming company as CEO, guiding it to success in the Indian gaming market. Nazara became the first gaming firm in India to choose an IPO when it was publicly listed in 2021 (IPO).

Manish formerly held executive positions at prominent companies, including Reliance Entertainment, UTV, Microsoft, and Rediff.com.

The gaming company also disclosed Sudhir Kamath’s appointment as the organization’s new chief operating officer (COO), effective October 20. Sudhir has over 20 years of experience in operations, private equity investing, and strategic consulting. Before that, he developed and scaled the 9stacks gaming brand when working as CEO of Sparskills Technologies.

Celebrity engagement platform Tring bags $5M led by Kalaari Capital

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October 20, 2022

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Tring, a Mumbai-based celebrity engagement platform, raised $5 million in a Pre-Series A round led by Kalaari Capital, which invested $2 million and has the option to further invest $2.5 million in a new tranche at a later date. The round also saw participation from Blume Founders Fund, Redbrook Pte (Singapore), and Sujeet Kumar (Udaan.com).

To help bridge the gap between fans and celebrities, Akshay Saini, Rahul Saini, and Pranav Chabhadia launched Tring in December 2019. The company claims that more than a million people use its website each month to engage with celebrities and expects to achieve a monthly revenue of more than 100,000.

Akshay Saini, CEO, and Co-founder, of Tring, said, “India is a huge market for celebrity engagement services with users demonstrating high fandom levels. We are working to make Tring the one-stop marketplace for all personalized digital interactions with celebrities in India and Asia. We are delighted to have robust institutions like Kalaari Capital joining us on this journey. Kalaari Capital’s strong belief in the creator economy makes them the ideal partners while we continue growing rapidly across Asia over the next few quarters.”

Tring is in direct competition with international platforms like Memmo (Europe) and Cameo (US), which have experienced rapid growth and have drawn a lot of user engagement.

Further, Vamshi Reddy, Partner at Kalaari, stated, “We are thrilled to back Akshay, Rahul and Pranav in their journey to disrupt the celebrity fan engagement space in India. The team has shown strong execution capabilities and brings deep understanding of the market opportunity. We are confident in their ability to build a leading fan engagement platform from India and we are proud to welcome them to the Kalaari family.”

Swiggy begins food delivery services in Port Blair

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October 20, 2022

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Swiggy has gone live with its food delivery service in Port Blair, the capital of Andaman & Nicobar Islands. Swiggy has partnered with popular restaurants and employed delivery employees for its first operations in Port Blair after servicing millions of customers in hundreds of Indian cities. By doing this, Swiggy gives customers a wide range of options and convenience while directly and indirectly creating local jobs in the Union Territory.

Swiggy will provide delivery from more than 50 restaurants for both locals and tourists in Port Blair.

Commenting on this launch, Sidharth Bhakoo, VP of Food Marketplace, Swiggy, said, “Swiggy has always been on a mission to provide its users with unparalleled convenience. With our entry into the Port Blair market, we are delivering this commitment to a new set of customers who are eager to enjoy our world-class delivery services. We are thrilled to partner with local restaurants and aid them in expanding their businesses, while also creating employment opportunities for the local youth.”

Funskool acquires rights to make Rubik’s cube in India

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October 19, 2022

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Leading toy manufacturer Funskool India Ltd has acquired the rights to manufacture and market the 3D combination puzzle Rubik’s cube in India, especially in general trade and e-commerce channels.

According to a statement released on Wednesday, this is the first time an Indian manufacturer has acquired a Rubik’s cube licence from Spin Master, the world’s largest provider of children’s entertainment.

The Chennai-based business previously held the licence for Rubik’s cube.

The license to manufacture, distribute and market Upwords in the country now belongs to Funskool. Upwords has now sold over 10 million copies globally.

R Jeswant, CEO of Funskool India, said, “Rolling out Rubik’s cube is a milestone for our brand as we hope to ride on the popularity and engagement it already has in the market. Being the leading indigenous toy manufacturer, Funskool strives to keep up with churning out toys and fun games to boost the Atmanirbhar goal of India.”

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