Existing investor Sorin Investments also participated in the round, alongside family offices and angel investors, including Anisha Saraf, B&K Securities, MGA Ventures, and B2V Ventures. Consequently, the latest fundraise has taken the startup’s total funding to more than USD 15.75 million.

Previously, the company raised USD 4.25 million in a Series A round led by Sorin Investments in 2024, following four years of bootstrapping. Additionally, it secured venture debt financing from Alteria Capital, although it did not disclose the amount.

Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project began as a digital-first brand specialising in bottomwear for Indian consumers. Now, the company plans to expand its exclusive brand store network from 25 to 150 outlets over the next two to three years.

Furthermore, the fresh funding will support the expansion of its menswear portfolio, particularly across jeans, athleisure, and casualwear. Although the brand already sells jeans, sweatpants, joggers, and shorts, it aims to establish a broader menswear business beyond its core bottomwear category.

The Pant Project currently offers more than 300 stock-keeping units (SKUs), spanning custom-made bottomwear and ready-to-wear apparel for men and women. Customers can purchase its products through the company’s website and online marketplaces, including Myntra and Amazon.

Its product portfolio features offerings such as Malai Pants and Inklock No Fade Black Jeans. Meanwhile, the planned retail expansion will complement its established online business, strengthen its physical presence, and help the brand reach a wider customer base.

The latest funding round comes as digital-first fashion brands increasingly expand into offline retail to strengthen customer engagement and market reach. Founder and CEO Dhruv Toshniwal said the company’s digital-first model had enabled it to build data, product knowledge, and brand equity before entering physical retail.

According to Sorin Investments partner Mandar Dandekar, the startup’s revenue has increased more than fivefold since its Series A round, driven by repeat purchases.

The Pant Project competes with digital-first menswear brands such as Snitch, Bombay Shirt Company, and Rare Rabbit, alongside established labels including Blackberrys, Raymond, and Louis Philippe.

The fundraise also reflects a broader trend of direct-to-consumer (D2C) fashion brands investing in offline expansion. Recently, menswear brand KISAH raised Rs 35.9 crore in a Series A funding round led by Fireside Ventures, primarily to expand its retail network.

Meanwhile, India’s menswear market is projected to grow from USD 23.5 billion in 2026 to USD 42.44 billion by 2034, registering a compound annual growth rate of 7.24 per cent, according to IMARC Group. This growth is creating opportunities for brands across affordable and premium apparel segments. However, the expanding market is also intensifying competition for customers, brand visibility, and retail presence.

Launched seven years ago, Kay Beauty achieved profitability within its first year of operations, setting it apart from many consumer startups. The brand currently reports double-digit EBITDA margins and a return on capital employed (ROCE) exceeding 50 per cent. Furthermore, new product launches contributed approximately 40 percent of its revenue in Q1 FY27, highlighting the growing contribution of product innovation to its business.

Internationally, Kay Beauty recently completed one year in the United Kingdom through its partnership with premium beauty retailer Space NK. Shortly after its launch, the brand ranked among Space NK’s top five brands. In the Gulf Cooperation Council (GCC) region, Kay Beauty retails through Nysaa, Nykaa’s Middle East platform, where it ranks among the top three brands. Additionally, Kay Beauty became the first India-founded beauty brand to join Space NK’s curated global portfolio.

The brand is also strengthening its premium positioning through collaborations with established fashion labels. These initiatives include a limited-edition collection with designer label Falguni Shane Peacock. Meanwhile, its product formulations incorporate skincare ingredients such as ceramides, marula oil, and chamomile, reinforcing its focus on premium beauty products.

Kay Beauty operates within the House of Nykaa brand portfolio, which recorded an annualised NSV of ₹2,032 crore in Q1 FY27. The portfolio has maintained year-on-year growth of more than 50 percent for three consecutive years.

In India, Kay Beauty products are available across more than 700 offline stores, alongside the Nykaa platform and the brand’s own website. With strong domestic sales, premium positioning, and expanding international distribution, Kay Beauty continues to strengthen its presence in the competitive beauty and cosmetics market.

Plush, which began as a digital-first brand, currently operates across approximately 3,000 touchpoints in six to seven cities. By the end of the current fiscal year, it aims to expand into 8–12 cities, with a particular focus on major metropolitan markets.

“The three growth levers for achieving the target are acquiring new customers, increasing market share on quick commerce and widening the product portfolio through three major launches planned for the next quarter,” said Ketan Munoth, co-founder, Plush.

The brand operates across period care, hair removal and sexual wellness. Period care accounts for around 60–70 per cent of revenue, while hair removal contributes 10–15 per cent and sexual wellness generates approximately 20 per cent. Plush currently offers about 40 stock-keeping units (SKUs) and has recently added deodorants to its intimate health and wellness portfolio.

Meanwhile, Plush is working to expand its distribution network. The company currently partners with around 14–15 distributors and sells through general trade and modern trade channels, including DMart.

“We are trying to scale our distribution,” Munoth said.

Quick commerce contributes around 60 per cent of Plush’s sales, followed by e-commerce at 20 per cent, offline retail at 10 per cent and direct-to-consumer (D2C) sales at 10 per cent. However, the company aims to increase D2C’s contribution to 15–17 per cent by investing more in customer acquisition and brand awareness.

“Now D2C as a channel will sort of increase and hit up to 15–17 percent,” he said.

Plush is also transitioning from importing products to localising manufacturing in India through third-party manufacturers. The company is supporting this shift with exclusive raw materials to gain greater flexibility in scaling its product portfolio and distribution network.

According to Munoth, the brand’s current product range limits its ability to expand more deeply into Tier 2 and Tier 3 markets. Therefore, broadening the portfolio remains a priority before Plush accelerates its entry into these markets.

On profitability, Plush is prioritising growth over achieving immediate breakeven. Although its e-commerce and quick commerce operations are profitable, customer acquisition and brand-building investments account for most of its current cash burn.

Plush has raised around ₹65 crore across four funding rounds, including its angel round, and is evaluating another fundraise. However, the company has not formally structured its next round and is also considering a smaller internal round before pursuing a larger capital raise.

Meanwhile, AceVector plans to raise Rs 287 crore through the fresh issue of shares. In addition, existing investors, including SoftBank, Nexus Venture Partners, and Foxconn, will sell shares worth Rs 133 crore through the offer-for-sale (OFS) component.

However, the $182 million valuation represents a sharp decline from Snapdeal’s peak valuation. The e-commerce company once ranked among India’s largest online marketplaces and reached a valuation of $6.5 billion in 2016.

Japanese investor SoftBank remains AceVector’s largest shareholder, holding a 30.1% stake. The investor put around $1 billion into Snapdeal between 2014 and 2015. However, SoftBank wrote off the investment in 2017 after merger discussions between Snapdeal and rival Flipkart collapsed.

As part of the IPO, SoftBank will sell shares worth Rs 88 crore. Nevertheless, the investor will retain shares worth Rs 362 crore at the upper end of the IPO price band. Meanwhile, founders Kunal Bahl and Rohit Bansal, who collectively hold around 34% of AceVector directly and through related entities, will not sell any shares in the IPO.

Furthermore, AceVector reported stronger financial performance in FY26. The company increased its operating revenue by 30% to Rs 510 crore, while it reduced its net loss to Rs 45 crore from Rs 126 crore in FY25.

At the same time, AceVector plans to allocate almost half of the IPO proceeds towards marketing and promotion for Snapdeal. Through this investment, the company aims to revive growth at its e-commerce marketplace and strengthen its position in India’s competitive online retail market.

Snapdeal previously competed closely with Flipkart as a major e-commerce player in India. However, the company has since lost significant market share as larger e-commerce platforms expanded their presence across the country.

Earlier, AceVector confidentially filed for its IPO in July 2025. Subsequently, market regulator Sebi approved the company’s IPO in November. AceVector then filed an updated draft prospectus in December as it moved closer to the public listing.

Founded last year by Ankit Kawatra, Kiddo operates in the baby care and parenting essentials segment. The platform combines rapid delivery with life-stage-based product recommendations designed to help parents find products suited to their children’s changing needs.

According to industry estimates, India’s baby care market was valued at $31 billion in 2022 and could reach $56 billion by 2029. The market could grow at a compound annual growth rate of 13 percent to 14 percent during this period, supported by rising demand for baby and parenting products.

Since launching, Kiddo says it has built a catalogue of more than 30,000 SKUs across baby essentials, fashion, and related categories. The company currently serves customers across Delhi NCR, with a focus on premium households. Furthermore, Kiddo plans to expand its dark store network by the end of the year. The startup also claims that its blended gross margins exceed those typically generated by horizontal grocery quick commerce platforms.

Meanwhile, Kiddo operates in an increasingly competitive baby and kids’ commerce market alongside players such as FirstCry, AllThingsBaby, and OZi. These companies are also targeting the growing demand for specialised products and convenient shopping experiences for parents.

Gurugram-based OZi raised $3.3 million in seed funding from Blume Ventures in October last year. Later, the company secured $6.2 million in a Series A round led by RTP Global in March this year. OZi offers more than 15,000 products and promises delivery within 60 minutes.

Similarly, Bengaluru-based Peeko raised $3.2 million from Stellaris Venture Partners in August last year before closing a Rs 67.4 crore Series A round led by Chiratae Ventures in August 2026. Its product portfolio covers baby apparel, toys, gear, and consumables.

At the same time, established companies are increasing their focus on the baby commerce segment. FirstCry, for example, has been expanding its faster-delivery initiatives as Indian parents increasingly seek convenient and quick solutions for their parenting needs.

Drawing on Sensor Tower daily active user (DAU) data and industry checks, BofA reported that Flipkart remained the most engaged e-commerce platform in India as of June 2026. At the same time, Myntra continued to outperform competitors in the online fashion and beauty categories, reinforcing its leadership in the segment.

The brokerage noted that intense competition has not significantly impacted Flipkart’s market position. Instead, the company has continued to strengthen its presence in the country’s rapidly growing online retail ecosystem. Moreover, Myntra has benefited from relatively limited competition in premium fashion and beauty, allowing it to consolidate its market advantage further.

Several competitors have attempted to establish themselves as strong alternatives in the fashion space. However, user engagement trends indicate that Myntra continues to attract and retain consumers more effectively than rival platforms.

Meanwhile, improving macroeconomic conditions have supported positive consumer sentiment. BofA pointed out that declining global commodity prices following the US-Iran peace agreement have eased inflationary pressures, creating favorable conditions for consumption growth.

Additionally, shipment data from third-party logistics (3PL) providers, widely considered a real-time indicator of e-commerce activity, suggests that online demand remains robust. The report stated, “Till date, 3PLs have not seen any impact,” addressing concerns that weaker discretionary spending could slow e-commerce growth.

BofA also observed that valuations across India’s internet sector have corrected in recent months due to concerns surrounding slower growth and potential disruption from artificial intelligence. Nevertheless, the brokerage emphasized that underlying business performance remains resilient.

Furthermore, BofA expects internet companies to emerge as early beneficiaries of AI adoption. The brokerage believes that AI will primarily enhance customer personalization, user engagement, and operational efficiency in the near term, although it may not significantly boost revenue immediately.

With consumer spending remaining healthy and logistics volumes continuing to grow, Flipkart appears well-positioned to benefit from any acceleration in consumption as economic conditions improve.

The report also highlighted the broader strength of India’s internet economy. Online travel, quick commerce, logistics, and fintech companies continue to demonstrate resilience despite inflationary challenges over the past year.

BofA expressed increased optimism toward the online travel sector, citing easing geopolitical tensions in West Asia and lower energy prices as positive catalysts. The brokerage maintained “Buy” ratings on MakeMyTrip, Eternal, Swiggy, Delhivery, and Paytm.

Industry and retail checks revealed no significant slowdown in value-commerce spending or e-commerce parcel shipments, challenging concerns that softer discretionary consumption could weigh on growth prospects.

In the online travel segment, MakeMyTrip continued to benefit from strong demand for eastbound international travel, hotels, and ground transportation services. However, westbound travel and domestic air traffic remained relatively softer due to geopolitical disruptions and elevated airfare prices.

Quick commerce platforms also sustained healthy growth momentum. BofA expects Eternal’s quick-commerce business to deliver net order value growth of 16-17% quarter-on-quarter, supported by aggressive dark-store expansion. Meanwhile, Swiggy may witness relatively moderate growth as it focuses on achieving contribution-margin break-even.

Within the value-commerce segment, the brokerage reported stable shipment volumes for Meesho, while logistics operators continued to experience strong parcel demand across both value-commerce and broader e-commerce channels.

“Tech-logistics companies till date have not seen any impact from the slowdown in shipments led by either value commerce or e-commerce,” the report said.

Delhivery continues to benefit from increased outsourcing by Meesho in its express parcel business. Additionally, the company’s partial-truckload freight segment is expected to maintain growth exceeding 20% year-on-year in the near term.

The report also highlighted strong momentum among fintech companies such as Paytm and PB Fintech, despite investor concerns regarding a possible review of insurance distribution commissions by the Insurance Regulatory and Development Authority of India (IRDAI).

Meanwhile, hiring trends at Naukri have remained largely stable. However, competition has intensified in the emerging instant home-services category following fresh funding activity among rival startups.

Overall, BofA’s findings suggest that India’s internet sector continues to demonstrate strong resilience, with leading players across e-commerce, fashion, travel, logistics, quick commerce, and fintech maintaining healthy growth despite broader economic uncertainties.

The funding round values FirstClub at approximately $255 million, founder and chief executive Ayyappan R said. Additionally, existing investors Accel, RTP Global, and Paramark Ventures participated in the round, reinforcing their commitment to the rapidly growing grocery delivery platform.

FirstClub will deploy the newly raised capital to expand into additional cities, strengthen its supply chain infrastructure, enhance its technology capabilities, and diversify into new product categories, including beauty and personal care, home essentials, and pet care.

Unlike many quick-commerce companies that prioritize extensive product assortments, deep discounts, and ultra-fast deliveries, FirstClub has adopted a fundamentally different strategy. Ayyappan emphasized that the company intentionally built its business around quality, trust, and value.

“From day one, we were clear that we were building the antithesis of what retail has typically stood for: massive selection, lowest prices, and fastest delivery. We wanted to build a brand known for trust, quality, and value,” he said.

Currently, FirstClub operates 24 dark stores, which the company refers to as clubhouses. These include 21 locations in Bengaluru and three in Hyderabad. According to Ayyappan, the startup already serves nearly 85% of high-demand pin codes in Bengaluru. Consequently, the company plans to deepen its presence in the city while simultaneously expanding its Hyderabad operations. Moreover, it is evaluating entry into a third city within the next 30 to 60 days.

“We will continue to scale Bengaluru itself. There is still a lot of headroom for us to grow in there,” he said.

Although FirstClub does not publicly disclose its order volumes or gross merchandise value (GMV), Ayyappan revealed that the company has been doubling its order volumes every three months. Furthermore, its gross average order value currently stands at approximately Rs 1,200, which is about 2.5 times higher than the industry average.

“Our higher order value is not because our products are more expensive. It is because customers are ordering 10-11 items in a basket, compared with around four on other platforms,” he said.

Ayyappan also challenged the perception that FirstClub operates as a premium grocery platform. Instead, he stressed that the company’s core focus remains product quality rather than exclusivity.

“It is a misconception that this is a premium play. It is a play on high quality, which need not be accessible only to certain consumers,” he said.

To reinforce its quality-first positioning, FirstClub has prohibited more than 200 ingredients across its platform, including artificial preservatives, artificial colours, growth hormones, and antibiotics. Additionally, the startup conducts laboratory testing and implements stringent quality-control measures such as Brix testing for fruits before listing products on its app.

The company has also deliberately pursued a slower city-expansion strategy compared with many quick-commerce competitors. According to Ayyappan, maintaining strict control over sourcing, product testing, and supply chain quality remains essential to preserving FirstClub’s brand promise.

“To establish a quality-led supply chain takes more time. If we dilute that, there is no difference between us and others,” he said.

At the same time, FirstClub continues to build strong unit economics into its operating model. The company achieves this through a focused product assortment with fewer stock-keeping units (SKUs), higher minimum order thresholds, larger basket sizes, and efficient order batching.

“You should not figure out after five or 10 years how to build a sustainable business. It should be part of how you build from day one,” Ayyappan said.

As India’s quick-commerce and grocery delivery market becomes increasingly competitive, FirstClub continues to differentiate itself through its quality-first strategy, disciplined expansion approach, and sustainable business model. With fresh funding from leading investors and ambitious plans for geographic and category expansion, the startup is positioning itself as a significant player in the evolving Indian retail and grocery ecosystem.

FirstClub’s latest $55 million Series B funding round marks a major milestone in its growth journey. By prioritizing quality, trust, and long-term sustainability over rapid expansion and discount-driven growth, the startup has carved out a unique position in India’s fast-growing grocery delivery market. Backed by strong investor confidence and a clear expansion roadmap, FirstClub appears well-equipped to accelerate its growth while maintaining its commitment to delivering high-quality products and superior customer experiences.

However, the company has not disclosed a specific timeline for completing this nationwide rollout. At present, Amazon Now operates in key metropolitan regions such as Delhi NCR, Mumbai, and Bengaluru, where it has already established its initial quick-commerce footprint.

Furthermore, Amazon stated that it will significantly scale its specialized fulfillment infrastructure to support this expansion. As part of this strategy, the company will build and operationalise more than 1,000 micro-fulfilment centres, which will play a critical role in enabling faster last-mile delivery and improving supply chain efficiency.

Notably, this quick commerce scale-up forms a key component of Amazon India’s recently announced investment of Rs 2,800 crore (approximately USD 300 million). Through this investment, the company aims to strengthen logistics, enhance customer experience, and deepen its penetration across urban and semi-urban markets.

“… We have further accelerated our expansion plans and will scale Amazon Now to 100 cities, fueled by a network of more than 1,000 micro-fulfillment centers,” said Harsh Goyal, Vice President – Everyday Essentials, Amazon India.

In addition, he emphasized that this expansion will create new opportunities for India’s agricultural ecosystem. Specifically, the initiative will enable more than 16,000 farmers to leverage Amazon’s technology and logistics infrastructure to directly sell fresh produce to consumers, thereby improving income potential and reducing intermediaries.

Moreover, Amazon Now will extend its services to a wide range of cities, including Pune, Hyderabad, Chennai, Kolkata, Jaipur, Lucknow, Kanpur, Chandigarh, Ahmedabad, Meerut, Mysore, Panipat, Kochi, Amritsar, Mangalore, and Visakhapatnam, among others, thereby expanding its reach across diverse geographies.

As competition intensifies in the ultra-fast delivery space, this expansion will likely enhance customer convenience, empower local suppliers and farmers, and reinforce Amazon’s leadership in the Indian digital commerce ecosystem.

This latest investment builds on the Rs 2,000 crore outlay that Amazon announced in June 2025. Moreover, it aligns with the company’s broader strategy to invest over $35 billion in India by 2030, with a strong focus on business expansion, artificial intelligence (AI)-led digitization, export growth, and large-scale job creation.

“Since launching Amazon.in in 2013, we have built one of India’s safest, fastest, and most reliable operations networks… This year, we are investing over Rs 2800 crore (around $300 million) to further strengthen these efforts, while continuing to scale our operations network and advance the technology that enables faster, safer, and more reliable deliveries for customers,” said Abhinav Singh, VP-Operations, Amazon India and Australia.

Furthermore, the company will expand both its core logistics network and its quick commerce offering, Amazon Now, to enable deliveries within minutes, hours, and days. As part of this strategy, Amazon plans to more than double the footprint of Amazon Now in existing cities while also entering new markets, thereby intensifying its push into India’s rapidly expanding quick commerce segment.

Amazon launched Amazon Now in 2025 and has already scaled the service to more than 300 micro-fulfillment centers across major cities. With this new investment, the company will further expand this network alongside fulfillment centers, sortation hubs, and last-mile delivery stations, particularly in Tier 2 and Tier 3 cities, thereby strengthening its nationwide logistics infrastructure.

Earlier, in June 2025, Amazon committed over Rs 2,000 crore to expand and upgrade its logistics and operations network. It directed that investment toward launching new facilities, enhancing fulfillment and sortation infrastructure, and deploying advanced technologies to improve efficiency, delivery speed, and reliability amid intensifying competition in India’s e-commerce market. Now, the Rs 2,800 crore investment builds on these efforts, with continued emphasis on infrastructure scaling, faster delivery timelines, and a stronger technology backbone.

In addition, Amazon will continue to invest heavily in artificial intelligence and machine learning to optimize logistics operations. The company will deploy advanced tools to improve route planning, workload allocation, and on-road safety for delivery partners. These enhancements will include real-time alerts for unsafe driving behavior, prompts for rest breaks, and upgrades to the driver app to improve navigation and earnings transparency.

At the same time, Amazon will allocate a significant portion of the investment to employee and associate welfare programs. It will expand initiatives such as Project Ashray, which provides rest facilities for delivery workers, and Sushruta, a healthcare program designed for long-haul truck drivers.

Moreover, the company will enhance medical and accident insurance coverage for its workforce. It will also expand access to government-backed social security schemes through its Samriddhi program, enabling enrollment in initiatives such as Ayushman Bharat and Pradhan Mantri Jan Dhan Yojana. These efforts aim to improve financial inclusion, healthcare access, and overall well-being for delivery partners and logistics workers across India.

“The potential deal hinges on Nykaa’s market leadership position, cumulative beauty customer base of 42 million, and ability to build on repeat orders and scale, to help turn around the flagging 82°E,” one of the executives said.

Notably, Nykaa and Padukone already share a strategic relationship. The platform appointed the actress as its global brand ambassador in September last year, where she led marquee campaigns such as Pink Friday Sale and Nykaaland. However, both Nykaa and 82°E did not respond to queries regarding the ongoing discussions.

Meanwhile, 82°E is expected to retain a minority stake if the deal materializes. However, the brand has struggled to meet growth expectations. Its premium pricing strategy, with products averaging ₹2,500 for 50-ml jars, coupled with unclear positioning and rising competition from digital-first skincare brands, has weighed on performance. Consequently, the direct-to-consumer venture, launched in late 2022, reported a 30% decline in revenue to ₹14.7 crore in FY25, while losses stood at ₹12.26 crore, according to regulatory filings.

On the other hand, Nykaa continues to aggressively expand its footprint and portfolio. The company competes with players such as Reliance Retail’s Tira, Sephora, and Shoppers’ Stop Beauty. In line with its House of Nykaa strategy, the retailer has strengthened its offerings through acquisitions of brands like Nudge Wellness, Dot & Key, and Earth Rhythm.

Furthermore, the company has delivered strong financial performance. It reported a 156% year-on-year jump in net profit to ₹68 crore for the quarter ended December 31, 2025. At the same time, consolidated revenue rose 27% to ₹2,873 crore, driven by robust demand and improved margins. Additionally, Nykaa expanded its offline presence by adding 11 new stores and entering four new cities during the quarter, taking its total store count to 276.

At an industry level, a joint report by Nykaa and Redseer highlighted that India is the world’s fastest-growing beauty and personal care market. The report projected the sector to reach $34 billion by 2028, up from $20 billion last year. Moreover, e-commerce continues to lead growth within the segment, supported by increased access to global premium brands, rising discretionary spending, and strong demand from tier 2 and tier 3 cities, alongside a younger consumer base.

Nykaa’s potential investment in 82°E signals a strategic push to consolidate its leadership in India’s rapidly expanding beauty market. While the deal could provide 82°E with the scale and distribution it needs to revive growth, it also reinforces Nykaa’s long-term vision of building a diversified and competitive in-house brand ecosystem.