Author: startnet
In a significant development that underscores the challenging environment for Indian startups, health-tech company PharmEasy has seen its valuation plummet to approximately $456 million, marking a dramatic 92% decline from its peak valuation of $5.6 billion. The latest valuation cut comes after key investor Janus Henderson’s recent filing revealed a marked-down stake value.According to regulatory filings, Janus Henderson now values its 12.9 million shares in the company at just $766,043, a fraction of its original $9.4 million investment. This stark devaluation reflects the broader challenges facing India’s startup ecosystem, particularly in the health-tech sector.The company’s financial performance has been equally…
In a remarkable display of financial resilience, Curefoods, one of India’s leading cloud kitchen operators, has reported a substantial reduction in losses for FY24, while achieving impressive revenue growth. The Bengaluru-based company has cut its losses by 49.64%, marking a significant milestone in its journey toward profitability. The company’s revenue from operations witnessed a robust increase of 53.17%, reaching ₹585.1 crore in FY24, compared to ₹382 crore in the previous fiscal year. This growth comes alongside an additional ₹50 crore generated from interest income, pushing the total income to ₹635 crore for the fiscal year. “Our strong performance in FY24…
In the dynamic landscape of India’s SaaS sector, Bengaluru-based unicorn LeadSquared has reported mixed financial results for FY24, showcasing both resilience and ongoing challenges. The sales and marketing automation platform saw its revenue grow to Rs 279.3 crore, marking a 9% increase from the previous fiscal year, while grappling with losses of Rs 162.2 crore.The company, founded by Nilesh Patel, Sudhakar Gorti, and Prashant Singh in 2011, has maintained its expansion trajectory despite challenging market conditions. This growth comes at a time when many SaaS companies are facing pressure to demonstrate sustainable business models and profitability.Financial Performance and Operational DynamicsLeadSquared’s…
In a milestone announcement highlighting the growing role of women in India’s entrepreneurial landscape, the Ministry of Commerce & Industry revealed that more than 73,000 startups recognized under the Startup India initiative have at least one woman director. This figure, released on December 25, 2024, represents approximately 47% of the total 1,57,066 government-supported startups, marking a significant achievement in gender diversity within India’s burgeoning startup ecosystem. The data underscores India’s position as the world’s third-largest startup hub, with particular significance for Tamil Nadu’s thriving entrepreneurial community. The state has emerged as a key contributor to this growth, with cities like…
In a significant move highlighting the growing intersection of sports personalities and technology investments, Gurugram-based deeptech startup Proxgy announced that former Indian cricket team vice-captain Ajinkya Rahane has joined its ongoing $3 million Series A funding round. The investment marks Rahane’s strategic entry into the industrial safety technology sector, alongside other notable investors including Zerodha co-founder Nikhil Kamath, Bollywood actor Suniel Shetty, industrialist Vinod Duggar, and veteran investor Manish Patel. Proxgy, which specializes in developing smart helmets and safety solutions for high-risk industrial environments, has established itself as a pioneering force in the B2B and B2G (Business-to-Government) sectors. The company’s…
In a year of strategic realignment for Tamil Nadu’s beauty and wellness sector, D2C brand Wow Skin Science has reported mixed financial results for FY24. The company’s revenue declined to ₹233.49 crore, marking a 9.6% decrease from the previous year’s ₹258.11 crore, while successfully reducing its net losses by 24% to ₹130.2 crore. The financial performance comes at a crucial time for Tamil Nadu’s retail ecosystem, where traditional beauty retailers are increasingly competing with D2C brands for market share. This trend has particular significance for Chennai’s retail corridor, which has been witnessing a surge in D2C brand presence. Dr. Lakshmi…
In a concerning development for Tamil Nadu’s burgeoning SaaS ecosystem, Unicommerce eSolutions’ shares hit an all-time low of ₹161.05, marking a significant 3% decline in today’s trading session. The e-commerce enablement platform, which had garnered substantial attention during its listing in August, has witnessed its market capitalization shrink to ₹1,653.80 crore (approximately $194.3 million). The sharp decline in Unicommerce’s stock price comes as a stark contrast to its impressive operational performance, with the company reporting a net profit of ₹4.47 crore in Q2 FY25 on an operating revenue of ₹29.30 crore. This market response has raised concerns among Tamil Nadu’s…
In a remarkable display of market confidence, One MobiKwik Systems’ shares have witnessed an extraordinary surge of 117% within just two days of its market debut, showcasing the robust appetite for fintech investments in Tamil Nadu’s growing startup ecosystem. The company’s shares reached an all-time high of ₹605 on the BSE, marking a significant milestone for the digital payments sector in South India.The stellar performance comes as MobiKwik made its debut on December 18, 2024, listing at ₹442.25 on the BSE, representing a substantial 58.51% premium over its initial public offering (IPO) price of ₹279. This impressive listing has positioned…
In a landmark year for Indian capital markets, companies raised an unprecedented Rs 1.6 lakh crore through Initial Public Offerings (IPOs) in 2024, setting new benchmarks for corporate fundraising and market participation. The surge in IPO activity has created ripple effects across regional markets, including Tamil Nadu, where several companies are now positioning themselves for public listings in 2025. This exceptional performance, which saw 90 companies successfully launching their IPOs, represents a dramatic increase from the Rs 49,436 crore raised by 57 companies in 2023. The average issue size more than doubled to Rs 1,700 crore in 2024, up from…
In a significant boost to India’s childcare retail sector, shares of Brainbees Solutions, the parent company of FirstCry, jumped 4% following JM Financial’s initiation of coverage with a buy rating. The development marks a crucial milestone for the company, which has established a strong presence in Tamil Nadu’s retail landscape with over 100 stores across major cities including Chennai, Coimbatore, and Madurai.The brokerage’s bullish stance emphasizes FirstCry’s commanding position in India’s online childcare market, where it holds a 24% market share, complemented by an extensive network of 1,124 physical stores spanning 500 cities nationwide. This hybrid model has proven particularly…