OMNICHANNEL FASHION STARTUP
TMRW invests Rs 125 crore in Virat Kohli-backed men's wear brand Wrogn
Accel and Virat Kohli-backed men's apparel brand Wrogn has raised Rs 125 crore from TMRW House of Brands, an Aditya Birla Group venture. With this round, TMRW has now invested in eight Indian fashion brands. The startup targets men aged 18-30, offering casuals cloths, accessories know for their bold print and colours.
The Pant Project raises $4.25 million in maiden funding round
The Pant Project will use the funds for offline retail store expansion, branding and marketing, technology development, and team growth, Dhruv Toshniwal, cofounder of the company told ET. The company gets about 60% of its revenue from top-tier cities such as Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Pune, and Ahmedabad, and the balance 40% from tier II cities.
Stock prices of new-age firms swing on poll results
Major new-age companies including Zomato, Paytm, Delhivery, Nykaa and PB Fintech saw their stock prices plummet on Tuesday. However, as the broader markets recovered some losses on Wednesday, these stocks also saw their prices rise. This plunge followed massive gains on Monday when exit polls had suggested a clear mandate for the ruling Bharatiya Janata Party (BJP).
Top startup & tech stories this week
Welcome to a brand new edition of ETtech Unwrapped – our weekend newsletter. The week was packed with important stories broken by our reporters. Here’s a recap if you missed these stories.
New-age brands buzz on deal street; Unacademy founders’ voting rights
Happy Friday! New-age brands are attracting capital from VC funds, founders and other types of investors. This and more in today’s ETtech Morning Dispatch.
Sanjay Nayar’s Sorin Investments raises Rs 1,350 crore
Early-stage venture firm Sorin Investments, founded by veteran dealmaker and former KKR India CEO Sanjay Nayar, made the final close of its maiden fund at Rs 1,350 crore, sources told ET. Through this fund, Sorin will back startups looking to raise Series A funding.
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Homebound startups restructure; offline push by D2C brands
Happy Wednesday! Homegrown startups are stepping on the pedal for their move back home. This and more in today's ETtech Morning Dispatch.
Offline stores are trending as new set of D2C firms emerge
Investors and startup founders are noticing a trend: D2C businesses across various sectors, like fashion, electronics, and food and beverage, are opening physical stores (going offline) even after their initial funding round.
Nikhil Kamath, Manyavar family office may join A91 in Rare Rabbit’s Rs 500 crore funding
Bootstrapped till now, Rare Rabbit clocked revenue of over Rs 600 crore in fiscal 2024, with an operating profit of more than Rs 100 crore, as per sources in the know. Along with Rare Rabbit, the brand's parent company Radhamani Textiles also owns women's premium fashion brand Rareism and everyday wear brand Articale.
ETtech Deals Digest: Startup funding in April rises 21% on year to $564 million
In terms of deal volume in the month, total deals stood at 78, compared to 95 in March 2024 and 113 in April 2023. Sequentially, deal value went down about 26% from $765 million to $563.5 million.
Startup twists & turns on IPO street; and other top tech and startup stories this week
Food and grocery delivery company Swiggy on Friday confidentially filed its draft documents for an initial public offering (IPO) with stock market regulator Securities and Exchange Board of India (Sebi), sources told us.
ETtech Deals Digest: Startup funding falls 30% on year to $73 million this week
Deal density in the latest week improved to $5.3 million per deal, as per Tracxn data. From April 6 to April 12, 2023, startups had raised about $2.4 million per deal.
Mohit Gupta, Mukesh Bansal’s omnichannel fashion startup Lyskraft raises $26 million in seed funding
Former Zomato executive Gupta will steer the venture as CEO, Bansal to stay away from operations. The fashion startup will focus on offline play in the premium women's wear fashion category and expand into other lifestyle segments later.
Nykaa has huge lead, edge to actively defend its turf: Founder Falguni Nayar
Nykaa, led by Falguni Nayar, plans to stay competitive in the beauty and fashion retail sector with a focus on customer expectations and market leadership against Indian conglomerates and new entrants like Tata Cliq Palette.
India bright on radar of global players; am optimistic about future: Nykaa Founder Falguni Nayar
In an exclusive interview with PTI, Nykaa founder and CEO Falguni Nayar said the recent instances of corporate governance lapses in some well-known startups will lead to greater scrutiny by investors (in the ecosystem), and asserted that governance agenda has to be set out very early in an entrepreneurial journey.
Royal Family of Abu Dhabi makes strategic investment in Beyoung, to expand domestic and global presence
This strategic investment marks a pivotal moment in Beyoung’s trajectory, signalling not just an injection of financial support, but a testament to the startup’s global potential and enhancing its omnichannel presence worldwide with ambitious plans to launch over 300 stores globally in the next three years, it said in a statement.
FY23 earnings for Unacademy, Myntra; Union Bank staff spurn digital currency perks
FY23 results for Myntra, ZestMoney, Curefoods, Unacademy, Sugar Cosmetics, and Kapiva presented a mixed picture on Wednesday, with surging revenues being mostly offset by wider losses. This and more in today's ETtech Top 5.
Fashion, mobility segments to drive Indian consumer tech market to $300 billion by 2027: report
As of fiscal year 2022, the consumer tech sector's total addressable market was estimated to be at $100 billion, with mobility, and entertainment and media leading the pack, followed by fashion, the report said.
ET Soonicorns Summit 2023: From Mama Earth IPO to Good Glamm Group’s content-to-commerce model and omnichannel strategies, experts on the evolution of D2C ecosystem
The Delhi-NCR edition of the ET Soonicorns Summit 2023 delved into the direct-to-consumer ecosystem, encompassing brands as diverse as the Good Glamm Group, a global beauty conglomerate from India, to Radhika Ghai-led KindLife and ShopClues and enablers such as ShipRocket and Fashinza. With Mama Earth making its public-market debut, it’s only time to note what founders and ecosystem experts had to say about the trajectory of the D2C space as the story of consumerisation 2.0 gains momentum in India.
Fintechs shuffle the pack to come up with aces; and other top tech, startup stories of the week
Even fintech infrastructure provider Perfios has roped in Sumit Nigam as chief technology officer, who was previously the engineering head at BigBasket, and Anu Mathew as its new chief people officer from Pine Labs with an eye on an eventual listing.
Nikhil Kamath starts ‘WTF Fund’ for young entrepreneurs in beauty, fashion sectors
Through this initiative, Kamath aims to support students with entrepreneurial ambitions through funding and mentorship.
Virgio shuts fast fashion business, goes for a pivot after raising $37 million
With about $25 million left in the bank, the firm has been eyeing a pivot for the past few months as the venture failed to gain much traction, several sources aware of the matter told ET.
All roads lead to ET Startup Awards 2023; Big 4 firms face data protection challenge
Top entrepreneurs, policymakers and investors will come together to celebrate the best of Indian entrepreneurship at The Economic Times Startup Awards in Bengaluru tomorrow. This and more in today’s ETtech Top 5.
D2C footwear brand Solethreads raises $3.7 million in funding from Fireside Ventures, others
The Gurgaon-based firm plans to use these funds for research and development and to grow its product portfolio, which currently has 1,200 stock keeping units (SKUs).
E-commerce is giving MSMEs a chance to go global
Traditionally, only large businesses could consider cross-border trade as part of their expansion strategy. But digitisation drives are now helping small businesses also take the leap.
Ideaforge opens to bumper listing; Nykaa sees beauty, fashion biz grow despite slowdown
Dronemaker Ideaforge had a stellar opening, with the stock nearly doubling in value from its issue price on both bourses. The lack of listed competitors and the company’s market leadership saw investors across categories making a beeline for the issue. This and more in today’s ETtech Top 5.
Fashion accessory startup Zouk keen on more offline stores, charts out FY24 growth blueprint
The brand, founded by IIM Ahmedabad batchmates and husband-wife duo Disha Singh and Pradeep Krishnakumar, had raised $3 million in fresh capital earlier this year, in a funding round led by Stellaris Venture Partners and participation from Sharrp Ventures, JJ Family Office, Deutsche Bank India CEO Dilip Khandelwal, Manoj Meena of Atomberg and Vineeta Singh, Kaushik Mukherjee of Sugar Cosmetics.
Bare necessities | Consumers choosing to save amid rising cost of living: PwC survey
The 2023 PwC Global Consumer Insights Pulse Survey found that 63% of Indian consumers are reining in expenditure on non-essential things, while 74% are worried about their personal financial situation.
Did not enter fashion business to justify our valuation: Nykaa CEO Falguni Nayar
Omnichannel beauty retailer is working to turn in profits for Nykaa Fashion and its B2B distribution platform Superstore
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