daily summary (July 21, 2022)
SUGAR Cosmetics aims to double revenue next year
said its current annualized income rate of Rs 550 crore is in line with the company’s revenue doubling over the next 12 months.
Since this year, the brand’s products have been selling in more than 40,000 stores across India, aiming to be present in 100,000 stores by the end of FY2024.
Currently, 60% of SUGAR Cosmetics’ sales come from its retail stores across the country, up from 35% before the pandemic. However, the majority of product and brand discovery happens online.
The brand’s app garnered more than four million downloadsand claims to ship to over 20,000 PINs through the app alone.
After seven years, Vineeta Singhco-founder and CEO of SUGAR Cosmetics, said, “We are extremely humbled by the outpouring of love and support we have received over the years as SUGAR Cosmetics turns 7.
More recently, the brand raised $50 million (Rs 388 crore) in a lap led by L.Catterton, a consumer-focused private equity firm. The investment was part of the cosmetics brand’s Series D round, which saw participation from existing investors such as A91 Partners, Elevation Capital and India Quotient.
Vineeta Singh, CEO and Co-Founder, SUGAR Cosmetics
Paytm’s Vijay Shekhar Sharma and OYO’s Ritesh Agarwal to appear before parliamentary panel
Top executives from eight national tech companies will appear before a key parliamentary panel on Thursday to discuss the behavior of the tech platform market amid growing anti-competitive concerns.
PTI points out that leaders, includingfounder Vijay Shekhar Sharma, CFO Arun KumarFounder and President of MakeMyTrip Deep Kalra, CEO Deepinder Goyal, Group Founder and CEO Ritesh Agarwal confirmed to the panel to attend the meeting.
Group Vice President and General Counsel Avantika Bajaj, Group CEO Kalyan Krishna Murthyand CEO of the All India Gaming Federation Roland Lander will also attend the meeting, they said.
Member of Parliament and former Union Minister Jayant Sinhawho also chairs the permanent parliamentary finance committee, told PTI that the panel has decided to ask representatives of various technology platforms, e-commerce players and gaming entities to appear before it soon, and they will be mainly questioned. on their behavior in the market.
Recently, there have been complaints about various technology platforms allegedly engaging in anti-competitive practices. The Indian Competition Commission (ICC) is already investigating various cases, particularly in the digital space, following complaints of alleged unfair trading practices. On April 28, the ICC made a presentation on aspects of market competition before the parliamentary panel.
Chordify acquires Indian company Rubyians in all-cash deal
Chordifya Silicon Valley-based software services provider, said it has completed the acquisition of the Thiruvananthapuram-based company Rubyians Pvt Ltda software player with deep Ruby on Rails expertise, in an all-cash transaction.
Chordify helps provide contract software development services for startups and other software vendors. His Smart search helps clients identify the right resources by combining online testing and intelligent candidate assessment for on-site projects.
Rubyians provides a range of offshore development services, including building Minimum Viable Products (MVPs) from ideation to scale-up stage for software product companies. It also has a suite of tools and products for learning management.
Commenting on the acquisition, Varun BayManaging Partner and COO, Chordify, said: “The acquisition gives us a presence in India which strengthens our relationships with our current customers and will help us attract new clients for offshore services in design, development and test.
John JoyceCEO of Rubyians, said, “Their presence in Silicon Valley, their vast experience in delivering software to software product companies and start-ups, and their commitment to grow the team in India fivefold by 2025 , tipped the scales for us. , as an excellent choice for continuity and growth.
BILITI Electric powers the world’s first hydrogen fuel cell three-wheeler
Based in CaliforniaInc has announced that it has unveiled its first three-wheeled electric vehicle powered by a hydrogen fuel cell (HFC) –FastMileTM.
“This is a major step in shaping the future of hydrogen power and fuel cells for global markets. Fortunately, BEVs are not the only solution to decarbonize transport. We are transforming the application and commercialization of HFCs by also bringing the technology to compact and affordable vehicles,” said Rahul GayamCEO of BILITI Electric.
The main difference is that BEVs contain a large battery to store electricity, while FCEVs create their own electricity using a hydrogen fuel cell.
BILITI’s TaskmanTM (BEV) is a popular last mile delivery vehicle that is deployed in 15 countries across the world including Japan, USA, UK, France, Portugal, Germany, Lebanon, Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai and India, and has covered over 20 million kilometers. TaskmanTM is currently used by Amazon, IKEA, Flipkart (Walmart), Wasoko (Sokowatch), BigBasket (Tata), Zomato and JioMart (Reliance), among others.
From the company SmartSwappTM The technology allows vehicle batteries to be replaced in less than a minute. The Luxembourg company GEM Global Yield LLC is committed $400 million to BILITI through an equity subscription facility. The company also announced plans to set up the world’s largest electric three-wheeler manufacturing plant in India.
Raise launches its financial learning platform Upsurge
announced on Wednesday the launch of its financial learning platform Upsurge which aims to learn the markets, understand finance and manage money for Millennials and GenZ.
Upsurge is built, managed and operated by Evaluation—a Surat-based e-learning platform that Raise Financial Services acquired earlier this year in April 2022.
With the launch of Upsurge, the company aims to grow and scale by delivering engaging learning experiences, live interactive sessions, self-study and help tasks, and succinct content, in the ultimate goal of promoting a culture of financial independence and money management. in the most efficient way possible.
“With Upsurge, we’re building a platform that makes money and finance simple in a fun, easy, and rewarding way through engaging courses, experiential learning, and small content,” said Pratik BajajFounder, Upsurge.
Bounce Infinity will launch its electric vehicles on Flipkart
Bounce to infinitythe electrical manufacturing branch ofannounced plans to launch its popular electric two-wheelers on Flipkart to provide a seamless shopping experience for customers, in a first-of-its-kind initiative in the country.
With this launch, Bounce aims to democratize electric vehicle shopping in India by enabling customers to access electric vehicles seamlessly, and offer hassle-free purchasing and an easy transition to affordable, economical and greener mobility. .
As part of this initiative, Bounce will do its Infinity e.1 electric two-wheelers available on Flipkart from July 22 and offers delivery within 15 days at home.
In the initial phases, customers through Delhi, Gujarat, Karnataka, Telangana and Maharashtra will be able to access the product while benefiting from state subsidies and the vehicle will be delivered to their doorsteps by the respective dealers in the region.
CEO and co-founder Vivekananda Hallekere said, “We are excited to make our products available on Flipkart as we find synergies in our vision to meet changing customer requirements seamlessly.”
Rakesh Krishnan, Senior Director of Electronics at Flipkart, said, “In this venture, we are excited to be working with Bounce Infinity to enable them to bring their electric scooter to millions of customers through our platform. With this first-of-its-kind initiative that we are exploring in five cities to begin with, customers will be able to place an order seamlessly on Flipkart and the vehicle will be delivered through Bounce Infinity’s dealer network. It is also part of Flipkart’s larger vision to promote sustainable brands and the collaboration will lay the groundwork for new product integrations for the industry in the near future.
(This story will be updated with breaking news throughout the day.)