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Monday, August 15, 2022
Friday, July 22, 2022
Rohit Kapoor, Global CMO of OYO has quit to Join Swiggy
OYO Startup News
OYO's head of marketing Rohit Kapoor has quit the company following four years, according to three people with knowledge of the specifics. "Kapoor has already quit OYO and is currently serving his notice," said one of the sources who requested anonymity. "He's probably to be released from his duties at OYO in August."
This is a huge loss for OYO as a leader. Kapoor was promoted to worldwide chief marketing officer at the beginning of March this year, replacing Chief Executive Officer (Southeast Asia and India). He has been employed by the company based in Gurugram for 44 months. He then was appointed to OYO as the CEO of its rental business (India).
In the wake of Kapoor's appointment, OYO also said that its chief business officer worldwide, Ankit Tandon, will assume the responsibility for Southeast Asia with a specific concentration on Indonesia as well as the Middle East region as its CEO. Ankit Gupta, CEO of the Hotels and Homes vertical, was also promoted to CEO (India).
Swiggy Startup News
According to reports, Kapoor is in advanced discussions to join Swiggy in a higher position. "Kapoor is expected to join the food tech unicorn, assuming there is no change at the very last minute," said another source who requested anonymity because the talks are confidential.
The queries we addressed for Rohit Kapoor OYO, along with Swiggy, did not receive a prompt response. We'll revise the blog in the event they respond. Kapoor's resignation comes when OYO has seen a revival of its business following 18-24 months of slow growth caused by the pandemic. OYO had reported more than five times the growth rate in May and added over 1,250 corporate customers during the three months (March-May in the current year).
Before that, the company had several resignations from senior management in the second quarter of 2020. Gaurav Ajmera, the global Director of revenue management, and Burhanuddin Pithawala, the global Director of growth and marketing, quit the company in September. Mohit Bhatnagar, Sequoia Capital's Managing Director, has also resigned from the OYO board of directors to assume the role of an observer within the company's board in October 2020. Harshit Vyas, OYO India COO, resigned from the company in the past. The online marketplace has recently hired Vyas for Pepper Content as a chief business officer (CBO).
OYO has been planning to launch an IPO for quite many years. However, OYO's IPO plan is expected to come to fruition in the final quarter of the calendar year. In October of 2021, the company submitted the draft prospectus red herring (DRHP) to SEBI to raise an amount of Rs 8,430 crore.
Also read: Top Benefits of Virtual Workspace
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Sunday, July 10, 2022
Top Benefits of Virtual Workspace You Must Know in 2022
We live in a world where trends are rapidly evolving, giving rise to new ideas for businesses to prosper and thrive. One such concept is the virtual workspace. A virtual workspace is a win-win for anyone looking for a cost-effective, flexible and comfortable business environment.
The virtual workspace is the actual answer to the start-up workspace problem. It's a consistent work environment that provides company presence and full access to the benefits of a real workplace, all without the need for a physical office. For this reason, we have seen a huge increase in virtual workspaces lately. The report shows that the number of digital nomads in the US has tripled in the past few years. There were only 4.8 million digital nomads in America in 2018, and that number has grown to 15.5 million in 2021.
Virtual desktops allow employees to interact with a variety of portable communication devices, including email, audio/video, voicemail, etc. The virtual company uses these tools to drastically reduce the work time of each employee. A robust virtual office plan replaces multiple workspaces, providing a single productivity hub that employees can use for business purposes.
Here are some of the top benefits of having a virtual workspace:
Superior versatility and flexibility
A virtual workspace provides greater flexibility in work, as it allows employees to work from anywhere and at any time.
Giving employees the independence to work within their set deadlines has been proven to increase their productivity and commitment to work. Employees perceive the freedom to work at any time convenient for them as a privilege of their organization.
Therefore, a virtual office is beneficial in the sense that it improves the attitude of employees to work, which means it increases staff turnover.
Economical way of working
The cost-effectiveness of the Virtual Workspace plan is what makes it so popular in the digital age. A virtual workplace offers significant savings because it is incompatible with the creation of a physical workplace.
Having a virtual desktop can save you a lot on additional costs such as rent, office bills, and other service fees. Thanks to this, the organisation can focus its resources on the most important aspect of its activity - investing in potential directions and achieving good profits.
In the same way, employees, being part of a virtual workspace, helps them save on travel costs and free up time for their families and themselves.
Rich world experience at your disposal
If you want to take advantage of access to global talent, your organization must set up a virtual workspace.
Workspace virtualization makes your company more attractive to the world. Employees are attracted to jobs that allow them to function in their place. In this sense, the virtual office plan will put global talent at your disposal.
Also, if your business is growing and you need to hire more employees, but you can't squeeze them into your existing physical workplace, switching to a virtual office will pay off. This will avoid changing the workplace or moving to a more spacious workplace.
You can easily hire as many employees as you want according to your needs by turning into a virtual company.
It affects the company
Your brand will still display a respectable, expert and corporate legal reputation if you have a virtual workspace with a specific address.
Having the right place of work and workplace contact information ensures that your company's reputation is solid, genuine, and genuine.
What's more, having a virtual workplace in a visible place will fantastically enhance the impression of your company. This is why a virtual office benefits your business by having a major impact on your business.
No long-term commitment
A traditional office space requires many formalities, including lease and lease agreements. On the contrary, switching to the mode of creating a virtual workspace will help you get rid of problems with contracts.
This is because Virtual Office does not require any contract and is offered on a monthly basis. This makes the opt-out option flexible.
Establishing a workplace on the basis of an employment contract turns out to be unprofitable since it is impossible to quit the workplace before the expiration of the contract. This makes the virtual office popular among entrepreneurs.
The business assistance offered by virtual offices is sometimes overlooked but can still be of great help to your business. Your time and effort may be occupied with tasks that can be delegated elsewhere, such as answering calls, handling mail, and performing general administrative tasks.
Various virtual office software provides solutions included in your virtual office plans that make your work easier, allowing you to focus on the core processes of your business. By providing such assistance, a virtual office brings great benefits to your organization.
Final Words
A virtual workspace has many advantages as it actually brings all employees from all over the world together in one place. Although it is true that not all companies have succeeded. They still need to go through the traditional way of working or bring something new to their working model. Despite everything, a virtual office is beneficial for most companies whose employees are happy to work from different countries.
For more latest startup news & information, stay tuned to Entrackr.
Entrackr is a media platform that covers the latest startup news on its website. They cover the latest updates, announcements, acquisitions, and funding news of the Indian startup scene.
Friday, June 17, 2022
GOAT Brand Labs Secured $50 Million in Series A1 Round
GOAT Brand Labs Startup Funding News
GOAT Brand Labs, a D2C brand aggregator has recently secured a funding of $50 million in their Series A1 round. New investors 9Unicorns, Winter Capital, Oxyzo, Vivriti Capital, Venture Catalysts, and other existing investors
OfBusiness' lending arm - Oxyzo became a unicorn in March 2018. Entrackr sources say that Oxyzo has lent more than 20 startups. GOAT has raised from its first institutional round a funding of $36 million from Tiger Global Management and Flipkart Ventures. Its current investors include Better Capital, and Nordstar as well as a number of angels like Sujeet Kumar and Ranjan Pai.
Being a marketplace platform, GOATS acquires D2C (direct-to-consumer) brands and helps them scale with its expertise and market understanding.
After receiving profitable brands, the company claims its portfolio has experienced a nearly 85% increase in scale. Since its inception, the company has made 15 acquisitions, including Abhishti and Doggie Dabbas, as well as Frangipani, Hipkoo The Label Life, and Voylla. The company will be in discussions with 12 other brands in the coming weeks.
Also Read: Indian Startups Acquisitions & Fundings News [30 May- 04 Jun]
GOAT was founded by Rishi Vasudev and Rameswar Misra and focused on brands in fashion and beauty as well as home and kitchen space. Vasudev, Myntra, Jabong, and Flipkart Fashion were previously in charge of Flipkart's Fashion for over five years. Rameshwar was part of Voonik’s management team that merged with Bangladesh's ShopUp in February 2020.
GOAT is a D2C company optimization tool that works in the same way as Perch, Thrasio and Branded in America. It helps companies with expansion and marketing, growth hacking and process optimization.
GOAT is competing with two unicorns in the space: GlobalBees, Mensa Brands, and 10club. Evenflow, Powerhouse91 and Powerhouse91. Mensa reports that it raised $300 million equity and debt, while GlobalBees led by Nitin Agarwal & Supam Maheshwari has raised more than $260 millions in two funding rounds.
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Tuesday, June 7, 2022
Indian Startups Acquisitions & Fundings News [30 May- 04 Jun]
Startup Fundings News
This week the 33 Indian startups raised funds, and 28 of them received an estimated total of $525.81 million. MoEngage and Cuemath were among the top fundraisers who raked in the sums of $77 and $57 million, respectively. This week, 30 local startups raised funds worth around $250 million.
In the meantime, the amount of funding for five of the startups was not disclosed.
Growth/ late-stage deals
This week, nine late-stage and growth startups have taken on funds that include MoEngage's $77 million round as well as Cuemath's round of $57 million. In addition, fintech startup Slice and DC2's cosmetics company Sugar Cosmetics and cloud kitchen brand Curefoods have raked 50 million dollars each.
Early-stage deals
In the early stages of deals, 19 companies have acquired money in five different rounds. The gaming startup Eloelo was the highest on the list, with a $13 million round. The list comprises Aerospace company Bellatrix Aerospace and agritech startup Nutrifresh.
Unknown deals
Unotag, Glovatrix, Kwicpic, Offee, and EzeRx have not disclosed their financials.
City and segment-wise fundings
In the week that just ended, Bengaluru was on top in terms of the number of startup deals as well as the amount of money they raised. According to Fintrackr's statistics, 15 Bengaluru-based companies have raised money this week, totaling $297.54 million, or 56.59 percent of the total funds. This week, Mumbai-based and Delhi-based startups have raised $165.84 million and $45 million in 3 and 6 deals, respectively. They were followed by Hyderabad as well as Pune with 2 and 3 deals, respectively.
Startups in Fintech were among the leading segments in terms of the quantity of deals. Startups in this field received $85 million through four deals. D2C, edtech, SaaS, health tech, crypto, and E-V startups are followed on the list.
Startup Acquisitions News
Apart from more than 30 funding rounds, the week also saw 3 acquisitions.
Tuesday, May 17, 2022
Lenskart Subsidiary Styled Venture Neso Brands Raises $100 Mn
Lenskart Subsidiary Neso Brands News
Neso Brands, a subsidiary of the omnichannel brand Lenskart has raised more than $100 million during one of the biggest seed rounds of any company. Neso Brands' investors include KKR, Softbank, Alpha Wave Global and Temasek.
The company based in Singapore said it would invest in eyewear brands that appeal to consumers and expand them through synergies with Lenskart Group.
In addition to the funding, Neso Brands has also announced the appointment of Bjorn Bergstrom as the company's new CEO. Before becoming Neso's CEO, Bergstrom served as chief growth officer and interim chief technology and product officer at Sweden-based fashion brand NA-KD.
"By investing in the most promising new brands in the [eyewear] industry and leveraging centralized resources across technology, manufacturing and distribution, Neso Brands will be uniquely positioned to scale the eyewear brands of the future," Bergstrom added.
Lenskart creator Peyush Bansal has said, "It is our firm conviction that the brands of eyewear that we have today won't be the ones that will be in the near future. Neso is our plan to work with global founders to create brand names for the future of eyewear.
Lenskart had already raised $125 million over two tranches of its series I round back in April. Based on Fintrackr's estimates, the Peyush Bansal-led firm is worth $4.32 billion, and it is hoping to close the round at $5 billion.
A few days ago, ET revealed that Lenskart had registered the D2C company with Neso Brands and that it was seeking funding from the outside to fund the new subsidiary.
You may also like: Delhivery IPO Open Up on 11th May Reduces Issue Size By 30%
Lenskart currently serves more than 10 million users and is present in 235 cities throughout India and Singapore. The company's revenue was the sum of 905.3 crores in FY21 as opposed to the figure of Rs 900 crore in FY20 as per the company's annual financial statements. In addition, the company achieved an increase in its annual profits by more than 4.6X to 28.92 crore from 6.32 million in FY20.
Neso Brands' $100 million round is the biggest seed round ever for an Indian-origin company. Established in 2022, Neso Brands is the latest addition to India's list of brands roll-up startups following the successes of two unicorns within the industry, Mensa Brands and GlobalBees. Neso Brands will only look for brands that sell eyewear and expand them to create a Thrasio-like venture.
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Wednesday, May 4, 2022
Delhivery IPO Open Up on 11th May Reduces Issue Size By 30%
Delhivery IPO News
The initial share sale of Delhivery is scheduled to begin on the 11th of May, according to the information that is available at the exchanges. The media reports suggest that the size of the issue is now at Rs 5,235 crore in the wake of market volatility and uncertain geo-political circumstances.
The company originally set out to raise Rs7,460 crore via an initial public offering (IPO). The IPO consists of fresh equity issues that can reach Rs.4,000 crore as well as an offer to sell shares totalling up to 1235 crores.
Under the OFS, the investors Carlyle Group and SoftBank as together with Delhivery's co-founders are expected to sell their stakes in the company that handles logistics.
In the draft documents, CA Swift Investments, an entity belonging to Carlyle Group, will sell shares worth the amount of Rs454 crore. SVF Doorbell (Cayman) Ltd which is an arm that is part of Softbank Group, will offload shares worth Rs365 crore. Deli CMF Pte Ltd, an entirely-owned subsidiary of the private capital funds China Momentum Fund, L.P. will auction shares worth 200 crores, and Times Internet will sell shares worth the sum of Rs165 crore.
Additionally, the co-founders of Delhivery the trio of Kapil Bharati Mohit Tandon and Suraj Saharanwill sell shares for Rs5 crore in cash, Rs40 million and Rs6 crore, respectively.
Also read: Newton’s School’s Valuation Jumps 7x With $25 Mn Funding
The proceeds of the fresh issue will be used for the financing of organic growth initiatives, as well as funding growth through acquisitions, and other strategic initiatives as well as for general corporate objectives.
Kotak Mahindra Capital, Morgan Stanley India, Bofa Securities India along with Citigroup Global Markets are leading the IPO. The company that handles logistics for e-commerce has an all-India network and provides services to 17 045 post index number (PIN) codes up to June 30th, 2021.
It offers solutions for supply chain management to a wide range of 21,342 customers who are active including direct-to-consumer online retailers, e-commerce marketplaces and small and medium-sized enterprises across a variety of verticals, including FMCG and consumer durables consumer electronics and lifestyle, retail, manufacturing and automotive.
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