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Mint
a day ago
- Business
- Mint
Astrotalk to create subsidiary to focus on devotion as a business
Faith-tech startup Astrotalk is looking at launching a new line of businesses that will focus on devotion, its founder said, amid rising demand for online and home-based religious rituals. 'We are looking to invest ₹50-100 crore behind this new subsidiary that is focusing on helping people do pooja online or at their home," founder Puneet Gupta said in an interview. Astrotalk, which offers online astrology advise, is gearing up for an initial public offering (IPO) in calendar year 2027. The company already claims to earn ₹6 crore in monthly revenue from online poojas, driven by word-of-mouth recommendations by its partner astrologer – chiefly pundits in temples. Customers will be given the choice to perform an online ritual - a puja for instance - at home or in a temple. The decision to create a subsidiary for devotion is based on differentiation for the Indian customer. 'We've not seen success in Indian businesses that do 10 different things. Indians need a different brand name, but we'll make sure that it says 'Powered by Astrotalk,' so it gives users the trust that they associate with our brand," Gupta said. Astrotalk has no fixed timeline on when the devotion business will go live, but has begun the hiring process for the leadership team. While one person is being moved internally, two others have been offered roles for the devotion business. The company expects the team to be finalized by September. 'Leadership is first, product is second because once we start talking to people we'll realise what they want. I can say 10 things now, but it could make no sense if the customer isn't sure," Gupta said. 'We already have ₹700 crore in the bank and we're currently fundraising $50 million (around ₹434 crore). The company will have enough money down the line to take these calls." The main focus for the new business is to tie up with large well-known temples and offer customers the chance to offer prayers to deities there, instead of the ones at their homes or those provided by their astrologers. 'We want to be able to have different temples which specialize in different things so customers have options," said Gupta. Astrotalk wants to market places of worship as well, directing people to certain temples based on where they'd like to make donations or offer prayers. 'We will create the entire ecosystem for a temple in that whatever is associated with it, we will do that for the consumer," said Gupta. 'We're looking to on-board as many temples as we can." Eventually, the company hopes that it will also be able to set up live streams within temples to allow consumers to interact without having to be there in-person. Astrotalk's revenue more than doubled to ₹651 crore in FY24 from ₹283 crore in FY23. Profits too increased, over 12 times to hit ₹100 crore in FY24, up from ₹8 crore in FY23, according to data from Tofler. While the company's FY25 number's haven't been disclosed yet, Gupta said that Astrotalk's annual revenue currently stands at ₹1,650 crore. It is targeting an ARR of ₹2,000 crorebythe end of FY26. Astrotalk's pitch is ambitious, given that there are thousands of temples across India attracting millions of devotees. In 2024 alone, over three million people visited the Badrinath and Kedarnath Dhams, according to an official statement from the Shri Badrinath-Kedarnath Temple Committee. Earlier this year, the Maha Kumbh Mela in Uttar Pradesh's Prayagraj was estimated to have spawned $30 billion of financial transactions, according to Sprout Research. The first day alone dwarfed the number of people visiting the Badrinath and Kedarnath Dhams, coming in at six million. Fundraising to set benchmarks Currently, the company is in the process of raising $50 million at a unicorn valuation, where a startup is valued at over $1 billion. 'We're bringing in public market investors in this round who would be able to help anchor an IPO," said Gupta, clarifying that the company isn't calling the latest fundraise a pre-IPO round. Astrotalk plans to file for an IPO early in the calendar year 2027. Should the company list successfully, it'll be the first in the faith-tech space to do so. Faith-tech startups are gaining momentum in India, with funding into these digital platforms surging from $4.3 million in 2023 to $50.7 million in 2024, according to market intelligence platform Tracxn. The company's closest competitor is AppsForBharat, which has raised $20 million in a Series C round led by Susquehanna Asia Venture Capital with participation from Nandan Nilekani's Fundamentum, Elevation Capital, and Peak XV Partners. AppsForBharat is currently valued at $175 million. The ongoing fund-raise is a mix of primary and secondary rounds, with new investors joining the cap table. However, Astrotalk declined to name the new investors. In fact, the company said that its early investors aren't willing to dilute too much of their equity in the new round. 'No one wants to fully exit and I've made it clear that I won't be diluting my shares alone, everyone will have to do a little bit," Gupta said. Astrotalk is currently backed by Elev8 Venture Partners, New York-based Left Lane Capital and QED Innovation Labs. Overall, the company has raised a total of $30 million so far, and its last funding round in 2024 took its valuation to $300 million. The latest fundraise will take its valuation to over 3x of its current value. 'We don't really need the money right now, we're doing it to benchmark the valuation and bring good people on board," according to Gupta.
Time of India
21-07-2025
- Business
- Time of India
Indian furniture brand WoodenStreet aims to quadruple revenue in 3 years, mulls IPO, CEO says
India's WoodenStreet aims to quadruple its revenue over the next three years by expanding its mattress and modular furniture businesses, and opening dozens of new stores, as it positions itself for a listing, its CEO told Reuters. India's $34 billion furniture sector has been rapidly growing in recent years, with demand for sofas, recliners, wardrobes and beds climbing, as younger consumers with more disposable incomes splurge online and upgrade more frequently. "The idea is (to touch 10 billion rupees ($115.90 million) in revenue) and profitability in the next three years... and going public," WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week. WoodenStreet reported sales of 2.55 billion rupees and net loss of 109 million rupees in fiscal 2024, marking its first loss in at least half a decade, data from business insights provider Tofler showed. To hit its target, WoodenStreet is aggressively expanding into the mattress category with its new "Penguin Sleep" brand, Ranawat said, tapping into post-pandemic consumer focus on wellness, while also making a strong push in modular furniture. WestBridge Capital-backed WoodenStreet, which late last year raised $43 million from Premgi Invest to boost its workforce and manufacturing, sells furniture, from sofa to decor, online and also runs 104 stores across India. Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones. WoodenStreet's rival Wakefit filed for an initial public offering last month, while Duroflex, which also owns the "Sleepyhead" mattress brand, said in April it was looking to go public in the next 18 months. When asked if WoodenStreet would consider a deal akin to Reliance's purchase of its peer Urban Ladder, Ranawat said: "The target is to make it a sustainable and long-term independent brand."
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Business Standard
21-07-2025
- Business
- Business Standard
Furniture brand WoodenStreet aims to boost revenue in 3 years, mulls IPO
The CEO Lokendra Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones Reuters India's WoodenStreet aims to quadruple its revenue over the next three years by expanding its mattress and modular furniture businesses, and opening dozens of new stores, as it positions itself for a listing, its CEO told Reuters. India's $34 billion furniture sector has been rapidly growing in recent years, with demand for sofas, recliners, wardrobes and beds climbing, as younger consumers with more disposable incomes splurge online and upgrade more frequently. "The idea is (to touch 10 billion rupees ($115.90 million) in revenue) and profitability in the next three years... and going public," WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week. WoodenStreet reported sales of 2.55 billion rupees and net loss of 109 million rupees in fiscal 2024, marking its first loss in at least half a decade, data from business insights provider Tofler showed. To hit its target, WoodenStreet is aggressively expanding into the mattress category with its new "Penguin Sleep" brand, Ranawat said, tapping into post-pandemic consumer focus on wellness, while also making a strong push in modular furniture. WestBridge Capital-backed WoodenStreet, which late last year raised $43 million from Premgi Invest to boost its workforce and manufacturing, sells furniture, from sofa to decor, online and also runs 104 stores across India. Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones. WoodenStreet's rival Wakefit filed for an initial public offering last month, while Duroflex, which also owns the "Sleepyhead" mattress brand, said in April it was looking to go public in the next 18 months. When asked if WoodenStreet would consider a deal akin to Reliance's purchase of its peer Urban Ladder, Ranawat said: "The target is to make it a sustainable and long-term independent brand." (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
21-07-2025
- Business
- Economic Times
Indian furniture brand WoodenStreet aims to quadruple revenue in 3 years, mulls IPO, CEO says
India's WoodenStreet aims to quadruple its revenue over the next three years by expanding its mattress and modular furniture businesses, and opening dozens of new stores, as it positions itself for a listing, its CEO told Reuters. ADVERTISEMENT India's $34 billion furniture sector has been rapidly growing in recent years, with demand for sofas, recliners, wardrobes and beds climbing, as younger consumers with more disposable incomes splurge online and upgrade more frequently. "The idea is (to touch 10 billion rupees ($115.90 million) in revenue) and profitability in the next three years... and going public," WoodenStreet founder and CEO Lokendra Ranawat said in an interview last week. WoodenStreet reported sales of 2.55 billion rupees and net loss of 109 million rupees in fiscal 2024, marking its first loss in at least half a decade, data from business insights provider Tofler showed. To hit its target, WoodenStreet is aggressively expanding into the mattress category with its new "Penguin Sleep" brand, Ranawat said, tapping into post-pandemic consumer focus on wellness, while also making a strong push in modular furniture. WestBridge Capital-backed WoodenStreet, which late last year raised $43 million from Premgi Invest to boost its workforce and manufacturing, sells furniture, from sofa to decor, online and also runs 104 stores across India. ADVERTISEMENT Ranawat said WoodenStreet plans to triple its store count within 18-24 months, focussing on major cities, while also considering opportunities in smaller ones. WoodenStreet's rival Wakefit filed for an initial public offering last month, while Duroflex, which also owns the "Sleepyhead" mattress brand, said in April it was looking to go public in the next 18 months. ADVERTISEMENT When asked if WoodenStreet would consider a deal akin to Reliance's purchase of its peer Urban Ladder, Ranawat said: "The target is to make it a sustainable and long-term independent brand." ($1 = 86.2800 Indian rupees) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
29-05-2025
- Business
- Time of India
Menswear brand Snitch raises Rs 278 crore from 360 One Asset, others
Omnichannel menswear fashion brand Snitch has raised Rs 278 crore in a round led by 360 One Asset (formerly IIFL Wealth & Asset Management). The round also saw existing investors SWC Global, a Singapore-based venture capital firm, and IvyCap Ventures, an early-stage venture capital firm, participate. The company's board has passed a resolution to issue 1,755 compulsorily convertible preference shares at a premium of Rs 15,89,385 each to raise Rs 278.93 crore, as per filings sourced from business intelligence platform Tofler. 360 One Asset has invested Rs 220 crore, while SWC Global and IvyCap Ventures have invested Rs 29 crore each. Founded in 2018, Snitch operates in the fast fashion segment, where large companies such as H&M and Zudio also operate. Snitch, which sells a range of menswear, including shirts, T-shirts, jeans, jackets, sweaters, hoodies and accessories, currently operates around 59 physical stores across India. Live Events Earlier, Snitch founder Siddharth Dungarwal had told ET that the company expects offline sales to contribute around one-third of its projected revenue of over Rs 600 crore for the financial year that ended in March 2025. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories In FY24, the brand had reported revenue of Rs 243 crore, as per Tracxn. It is yet to file financial statements for 2024-25 with the Registrar of Companies. In April, Dungarwal revealed that the brand's revenue had grown 2.2 times in FY25 over the previous year, while profitability had increased fivefold. 'Plan for FY26 is about setting even bigger goals: 2x revenue growth—again, 50 more stores in the next 6 months, expanding into new categories—pluswear, bags, footwear, sunglasses and more,' Dungarwal had said in a post on LinkedIn. The Bengaluru-based company last raised funding in December 2023, when it got an infusion of Rs 110 crore in a round led by SWC Global and IvyCap Ventures.
