Omnichannel eyewear retailer Lenskart saw its consolidated operating revenue more than double to Rs 3,788 crore in FY23 from Rs 1,502 crore a year earlier. The Gurugram-based company reduced its losses from Rs 102 crore in FY22 to Rs 64 crore in FY23. Total expenses also increased in line with the growing scale of the company, coming in at Rs 4,025 crore in FY23 compared to Rs 1,726 crore in the year-ago period. Notwithstanding the loss on a net basis, Lenskart reported earnings before interest,...
Direct-to-consumer snacks and instant foods maker Adukale has secured Rs 11 crore in a funding round led by venture fund Force Ventures. The funds will primarily be used for expansion of the company’s offline presence, its chief growth officer, Vinay Gopinath, told ET.Adukale, founded in 2009, sells a variety of snacks and instant food ingredients for dishes like dosa, idli and poha. With the latest funding round, the firm has raised more than Rs 16 crore.Chief executive Bharat Kaushik said the...
Early-stage investment firm Capria Ventures has concluded the fundraising for its India Opportunity Fund at Rs 153 crore (around $19 million).This follows Capria Ventures' announcement of a full-cash exit from job-tech startup Awign, in which Japanese HR firm Mynavi Corp acquired a majority stake.“Such a majority stake acquisition by a global multinational firm (Mynavi Corp) in a company like Awign is a great milestone for the entire venture capital industry. Through this exit, we will be...
As Tax-Season Ebbs, Money-Market Funds See Return Of Inflows; Fed's Bank Bailout Fund Remains At $126BN After the prior week's almost unprecedented outflows, total money market fund assets rose last week (admittedly by a modest $9.1BN), but remain below the $6TN level ($5.97TN) as tax-season draws roll off Source: Bloomberg The flows into money-market fund assets through April 24 mainly on the back of inflows by institutional investors, which had led the tax-related decline the...
Skybound announced it's launched its second round of public crowdfunding on the Republic platform to fund its new Invincible game.
King Charles III has reached a milestone in his health journey. Buckingham Palace announced April 26 that the royal monarch will return to public-facing duties "after a period of treatment and
Buckingham Palace announced Charles' cancer diagnosis back in February.
Network-as-a-service (NaaS) provider CloudExtel Wednesday announced it has secured its first external debt funding of Rs 200 crore, that will go into expanding its network of small cells and fiber optics.The telecom infrastructure provider has also received an A- credit rating from CARE Ratings.The debt funding comes after CloudExtel secured equity investments from Macquarie Capital and Advencap in FY24.The company said the capital infusion is a testament to the scalability and viability of...
Fintech giant PhonePe has put big money into its subsidiaries to grow businesses such as insurance broking, wealth management and hyperlocal ecommerce. This and more in today’s ETtech Morning Dispatch.Also in the letter:■ Contractual hiring picks up in IT■ ETtech Done Deals■ World Bank on DPI adoption PhonePe poured bulk of past year’s investments into insurance biz 109546396Walmart-owned fintech giant PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow...
Walmart-owned PhonePe has invested over Rs 800 crore in its subsidiaries during the last year to grow businesses ranging from insurance broking to wealth management and hyperlocal ecommerce, regulatory filings show. More than half of this, or Rs 426 crore, went to PhonePe Insurance Broking Services — a clear indication of the payment firm’s intention to build a large retail cover distribution business.PhonePe has infused more than Rs 1,000 crore as equity investment in its insurance unit since...
A royal expert from King's College London, Dr George Gross feels the announcement by Buckingham Palace that King Charles III will resume his public duties next week following treatment for cancer is significant after his long absence.
Hours before the highly anticipated match between Algeria’s Union Sportive Medina d’Alger and Morocco’s RS Berkane in the semi-finals of the CAF Confederation Cup, the Algerian Football Federation (FAF) is attempting to circumvent the decision made by the Confederation of African Football (CAF) regarding the legitimacy of the Moroccan team’s jersey featuring the full map of Morocco.