Nykaa To Expand Its Footprint, Zaggle Collabs With ONDC, Sarvam AI Unleashes Full-Stack GenAi Platform and more

Nykaa is set to expand its footprint with additional stakes in Dot & Key and Earth Rhythm for a hefty INR 309.8 Cr. Meanwhile, Beco is sprucing up its sustainable offerings with a $10 Mn boost to green its product line. Reliance-owned Fynd has teamed up with PayU to streamline payment solutions for its merchants, and Zaggle is making waves by partnering with ONDC to simplify prepaid payments. Sarvam AI is unveiling a full-stack GenAI platform with five new products, while the Fashion Entrepreneur Fund has enlisted Karan Johar to amplify its support for fashion startups. Lastly, Veefin Group is bolstering its BFSI portfolio with the acquisition of Nityo Tech.

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What Matters

“Hukumat Ki Jung”: Nykaa To Acquire Additional Stakes In Dot & Key, Earth Rhythm For INR 309.8 Cr

Nykaa is tightening its grip on the beauty and wellness market by acquiring additional stakes in Dot & Key and Earth Rhythm for a combined INR 309.8 Cr. This move will see Nykaa's ownership in Dot & Key rise to 90%, while Earth Rhythm will become a full subsidiary.

The announcement comes as Nykaa reports a significant 152% year-on-year increase in net profit to INR 13.6 Cr in Q1 FY25, signaling its growing influence in the sector.

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“Ab Humari Baari”: Beco Nets $10 Mn To Expand Its Sustainable Home & Personal Care Product Offering

Beco, the Mumbai-based sustainable home and personal care brand, has secured $10 Mn to fuel its expansion and innovation efforts. With backing from investors like Titan Capital and Asian Paints’ Manish Choksi, Beco plans to enhance its production capacity and build infrastructure in key markets.

Founded in 2019, the brand is set to deepen its commitment to eco-friendly products while boosting brand awareness.

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“Waah, Kya Scene Hai”: Reliance-Owned Fynd Partners PayU To Offer Payment Solutions To Its Merchants

Reliance-owned Fynd has teamed up with PayU to enhance payment solutions for its merchants. Through this partnership, over 2,300 Fynd merchants will gain access to PayU's extensive payment gateway, offering 150+ online payment options.

This move aims to streamline transactions and improve the overall payment experience for businesses in India.

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“Janmo Ke Saathi”: Zaggle Partners ONDC To Facilitate Prepaid Payments To Customers

Zaggle, the fintech SaaS startup, has partnered with ONDC to issue prepaid payment instruments to ONDC’s customers, enhancing the digital payment landscape. This collaboration follows ONDC's recent efforts to integrate banks and fintech platforms, marking a step forward in their financial ecosystem.

Just last month, Zaggle also teamed up with Hero MotoCorp to provide an employee expense management platform, Zaggle Save, to the auto giant.

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“Ab Aayega Maza”: Sarvam AI Launches Full-Stack GenAI Platform With Five Products

Sarvam AI has launched a full-stack GenAI platform featuring five innovative products, including Sarvam Agents, Sarvam 2B, and Shuka 1.0. With Sarvam Agents priced at just INR 1 per minute and already in use by several companies, the platform aims to make AI accessible and affordable.

Notably, Sarvam 2B stands out as India’s first foundational open-source Indic SLM, capable of translating and summarizing in vernacular languages, highlighting the startup's commitment to linguistic diversity.

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“Entertainment Ka Hai Ye Jalwa”: Fashion Entrepreneur Fund Ropes In Karan Johar As Investor

The Fashion Entrepreneur Fund (FEF) has brought Bollywood director Karan Johar on board as an investor, adding a touch of glamor to its mission of supporting fashion startups. Already backed by industry heavyweights like Ravi Jaipuria and Akshay Kumar, FEF offers early-stage investments and mentorship to budding fashion entrepreneurs.

To further engage the community, FEF has launched an OTT web series where entrepreneurs can pitch their ideas and secure funding, blending fashion with entertainment.

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“Shakti Pradarshan”: Veefin Group Buys Nityo Tech To Fuel Its BFSI Portfolio

Veefin Group has acquired Nityo Tech India in an all-cash deal to strengthen its BFSI digital services portfolio. This acquisition allows Veefin to tap into Nityo Tech's AI and machine learning solutions across 15 verticals, enhancing its offerings to banks.

The move strategically positions Veefin to compete more aggressively in the fintech sector, particularly in supply chain finance and digital lending.

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1. Mumbai-based luxury men's brand Haldèn has secured Rs 5 crore in seed funding from Prajay Advisors. The funds will be used to strengthen its brand presence and expand its innovative product line.

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2. Wealthtech startup Infinyte.Club has raised $3.6 million in a funding round led by Elevation Capital, with participation from prominent angel investors including Cred’s Kunal Shah and Meesho’s Vidit Aatrey. The funds will support Infinyte.Club's expansion in the wealth management space.

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3. Travel-tech SaaS startup Ziptrrip has secured Rs 2 crore in a pre-seed funding round from angel investors such as Anil K Jha and Prantik Dasgupta. The funds will support the company's initial growth and development.

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4. Payment gateway and PoS firm Innoviti has raised Rs 70 crore ($8.5 million) in a Series E funding round led by Random Walk Solutions, with contributions from Bessemer Venture Partners USA and others. The new funds will drive further growth and innovation in their payment solutions.

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5. Women's fashion brand FASHOR has secured $5 million (INR 41.9 Cr) from Blume Ventures to fuel its omnichannel expansion. The Chennai-based startup will use the funds to enhance its brand presence and strengthen its supply chain.

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6. TBO Tek's consolidated net profit surged 29% year-on-year to INR 61 crore in Q1 FY25, up from INR 47.3 crore last year. The B2B travel portal also saw a 21% increase in revenue, reflecting strong growth in its business operations.

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7. Skydo, a cross-border payments platform for enterprises and freelancers, has raised $5 million in a pre-Series A round led by Elevation Capital. This funding follows a $5.2 million seed round in 2022, also led by Elevation Capital.

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8. Ather Energy has joined the unicorn club after securing $71 million from existing investor National Investment and Infrastructure Fund (NIIF), bringing its valuation to approximately $1.3 billion. The Bengaluru-based electric scooter manufacturer continues to gain momentum in the market.

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