Latest news with #VarunKhaitan
Time of India
09-07-2025
- Business
- Time of India
NRI-focussed fintech startup Belong raises $5 million in round led by Elevation Capital
Relentless Ventures and angel investors, including Urban Company cofounders Abhiraj Singh Bahl and Varun Khaitan, Zomato CFO Akshant Goyal, Mamaearth cofounder Varun Alagh, PayU senior vice president Vineet Sethi, and Aditya Sharma, partner at McKinsey, participated in the round. The fresh money will be used to acquire regulatory licences, build the product suite, and invest in marketing and geographic expansion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Fintech startup Belong , which is building a financial platform for non-resident Indians (NRIs), has raised $5 million in a funding round led by Elevation Capital as it launches operations focussed on retail investment products through Gift City The round also saw participation from Relentless Ventures and angel investors, including Abhiraj Singh Bahl and Varun Khaitan (cofounders of Urban Company), Akshant Goyal (CFO, Zomato ), Varun Alagh (cofounder of Mamaearth ), Vineet Sethi (senior vice president at PayU), and Aditya Sharma (partner, McKinsey).Belong plans to use the capital to acquire regulatory licences, build out its product suite, and invest in marketing and geographic expansion, cofounder and CEO Ankur Choudhary told in 2024, Belong has launched its operations with a USD fixed deposit product built in partnership with Indian banks operating at Gift City. It aims to address the longstanding pain points that NRIs face when trying to save and invest in India, which include complex KYC processes, high currency conversion costs, taxation complications, and cumbersome repatriation procedures.'For resident Indians, everything has become digital, and there are so many financial products. For NRIs, it's quite different, even though, from the ticket size perspective, they are the cream of the crop. So, we saw a very big gap in the market,' Choudhary told USD fixed deposit product offers tax-free returns in India, rupee depreciation protection, simplified repatriation, and doorstep company has secured a Payment Services Provider (PSP) licence and a broker-dealer licence from the International Financial Services Centres Authority (IFSCA) and plans to roll out additional offerings, including mutual funds, Indian and US equities, insurance, and financial cards, structured entirely under Gift City's from fixed deposits, the startup has rolled out digital tools such as an NRI FD rates explorer, a GIFT Nifty tracker, a rupee vs dollar monitor, and a residential status calculator. It also plans to offer India tax filing services without the premium pricing typically charged to company noted that while remittances to India have grown from $82 billion in 2019 to $129 billion in 2024, NRIs' share in mutual fund assets under management (AUM) has declined from 2.9% to 2.3%, pointing to a gap in financial products tailored for this Belong aims to expand into other key NRI markets, including the GCC, the UK, and the US.'NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs," said Vaas Bhaskar, partner, Elevation Capital. "Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with Gift City's regulatory framework.'Last month, Y Combinator-backed cross-border payments startup Aspora, which provides remittance services for immigrant diaspora, raised $53 million in a funding round led by Sequoia Capital and Greylock Partners, with participation from London-based venture fund Quantum Light. Across three equity rounds between September 2024 and May 2025, Aspora has raised a total of $93 million, valuing the company at $500 million.
Economic Times
18-06-2025
- Business
- Economic Times
Urban Company turns profitable; GlobalBees faces insolvency
At-home services company Urban Company became profitable in FY25 and reported strong revenue growth during the year. This and more in today's ETtech Top 5 Also in the letter: ■ Ola goes commission-free ■ Startups strengthen domestic control■ Meta eyeing OpenAI talent Urban Company posts Rs 240 crore profit in FY25, revenue rises 38% (L-R) Varun Khaitan, Raghav Chandra, Abhiraj Singh Bhal, cofounders, Urban Company IPO-bound Urban Company has reported a 38% increase in its operating revenue, reaching Rs 1,144 crore for the financial year ending March 31, 2025, according to its annual report released on Wednesday. Financial details: The company turned profitable in FY25, posting a net profit of Rs 240 crore compared to a loss of Rs 93 crore in FY24. A large part of this turnaround came from a Rs 211-crore deferred tax credit booked during the year. Even before tax, the at-home services platform reported a profit of Rs 28 crore. Tell me more: In a letter to shareholders, cofounders Abhiraj Singh Bhal, Raghav Chandra, and Varun Khaitan stated that the company plans to accelerate growth by deepening its presence in existing cities, entering new markets, cross-selling services, and expanding offerings, such as InstaHelp. In FY25, Urban Company averaged around 47,800 active service professionals on the platform each month and recorded 6.8 million annual transacting consumers. Also Read: Urban Company enters quick commerce with 15-minute househelp service, Insta Maids IPO plan: On April 28, Urban Company filed its draft red herring prospectus for a Rs 1,900 crore IPO. The issue includes a primary component of Rs 429 crore. This is a scaled-down version of its earlier plan to raise Rs 3,000 crore. Also Read: Urban Company founders sell Rs 780 crore worth of shares through multiple pre-IPO secondary deals Insolvency plea filed against FirstCry subsidiary GlobalBees Supam Maheshwari and Nitin Agarwal, founders, GlobalBees The directors of direct-to-customer (D2C) homecare company Kuber Industries have filed an insolvency petition against GlobalBees Brands, a subsidiary of omnichannel retailer FirstCry, over unpaid dues totalling Rs 65 crore. Details: Ashutosh Garg, Paritosh Garg and Manju Agarwal filed the plea before the New Delhi bench of the National Company Law Tribunal (NCLT). The tribunal is yet to decide whether it will admit the case and initiate proceedings. According to FirstCry's red herring prospectus, GlobalBees acquired Kuber Industries in December 2021. BrainBees Solutions, the parent entity of FirstCry, holds a 51% stake in GlobalBees, which focuses on acquiring and scaling D2C brands. Tell me more: The insolvency filing comes just months after FirstCry announced plans to invest Rs 146 crore in GlobalBees. In April, the roll-up firm's CEO, Nitin Agarwal, resigned, citing personal reasons. ET has been reporting on the stress in the roll-up ecommerce sector. The segment has struggled with overvalued acquisitions and weak financial discipline, leading to stress across firms such as Good Glamm Group, Mensa Brands, Upscalio and Goat Brand Labs. Also Read: FirstCry parent's Q4 net loss widens 2.5X to Rs 111.5 crore despite revenue growth Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and employees. The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Interested? Reach out to us at spotlightpartner@ to explore sponsorship opportunities. Ola tweaks commission model across India; drivers to keep entire fare earnings Ride-hailing platform Ola has launched a zero-commission model across India, enabling driver-partners of autos, bikes, and cabs to retain 100% of their fare earnings. Driving the news: With this move, the Bhavish Aggarwal-led company claims to be the first in the industry to scrap commissions entirely. Drivers can now choose from a range of subscription plans and keep the full fare amount, with no deductions or earning caps, the company said. The model was introduced in phases, starting with Ola Autos, then Ola Bikes, and now extended to Ola Cabs. Rival updates: As ET reported on April 9, both Ola and Uber have adopted a fee-based model inspired by Namma Yatri and Rapido. Instead of taking a cut per ride, the platforms now charge drivers a fixed daily or weekly fee, offering unlimited access to bookings. Other details: Ola has faced a revenue decline and a spate of senior-level exits over the past year. Earlier in January, the Central Consumer Protection Authority (CCPA) issued notices to Ola and other ride-hailing firms over price discrepancies between Android and iPhone users. Also Read: Rapido, Ola, Uber change bike taxi to parcel delivery service on app Indian startups that have pared Chinese stakes Deep Kalra, founder, MakeMyTrip MakeMyTrip is raising $2.6 billion to repurchase shares from China's group, aiming to cut the investor's stake from 45% to 20%. This move mirrors a broader trend among new-age Indian companies over the past few years. Exit route: Several Indian startups have reduced or eliminated Chinese ownership amid rising geopolitical tensions and a growing push for domestic control and technological self-reliance. For instance: The following companies have pared Chinese investors' stakes: Paytm: Ant Financial, Ant Group's fintech arm, once held a 25% stake in Paytm's parent, One97 Communication. That stake has since dropped to below 5%. Ant Financial, Ant Group's fintech arm, once held a 25% stake in Paytm's parent, One97 Communication. That stake has since dropped to below 5%. Zomato: Alibaba had invested in the food and grocery delivery company through Ant Financial and Alipay Singapore Holding. Alipay fully exited Zomato in 2023, while Ant Group has reduced its holding from 13.7% to 2.1%. Alibaba had invested in the food and grocery delivery company through Ant Financial and Alipay Singapore Holding. Alipay fully exited Zomato in 2023, while Ant Group has reduced its holding from 13.7% to 2.1%. BigBasket: The Tata Group acquired full ownership of the e-grocer in 2021 by buying out Alibaba's entire stake as part of a $1.2 billion deal. The Tata Group acquired full ownership of the e-grocer in 2021 by buying out Alibaba's entire stake as part of a $1.2 billion deal. Dream Sports: Tencent had invested $100 million in Dream11 in 2018, acquiring roughly a 10% stake. While exact figures haven't been disclosed, CEO Harsh Jain confirmed that Tencent's holding is now under 10%, and stated that the company will not accept future capital from Chinese investors. Sam Altman says Meta offered $100 million bonuses to OpenAI employees (L-R) Jack Altman, founder, Alt Capital and Sam Altman, CEO, OpenAI OpenAI CEO Sam Altman is fending off pressure from multiple fronts. Days after reports of tensions with its major backer, Microsoft, Altman has accused Meta of aggressively trying to poach OpenAI's top talent as both companies ramp up efforts towards artificial general intelligence (AGI). Details: Mark Zuckerberg's Meta has reportedly offered OpenAI employees signing bonuses of up to $100 million to recruit them, part of a broader recruitment push for its new superintelligence unit. The move signals an intensifying battle for elite AI talent. On the Uncapped podcast hosted by his brother, Altman said, 'They (Meta) started making giant offers to a lot of people on our team. You know, like $100 million signing bonuses, more than that (in) compensation per year." He claimed that none of OpenAI's best team members had accepted the offers. Also Read: Meta is not 'great' at innovation: OpenAI CEO Sam Altman Background: Meta Platforms has invested $14.3 billion in Scale AI, a startup now valued at over $29 billion. According to Reuters , Scale cofounder and CEO Alexandr Wang will join Meta's new AGI-focused division. Zuckerberg is said to be personally leading hiring for the team, with plans to bring in about 50 people, including a new head of AI research. Updated On Jun 18, 2025, 07:41 PM IST
Mint
29-04-2025
- Business
- Mint
Upcoming IPO: Urban Company files DRHP with Sebi for ₹1,900 crore IPO
Urban Company, a provider of mobile app-based beauty and home care services, has filed draft papers with the capital markets regulator SEBI on Monday to raise ₹ 1,900 crore through an initial public offering (IPO). According to the Draft Red Herring Prospectus (DRHP), the company plans to raise ₹ 429 crore by issuing fresh shares, while existing investors intend to offload stakes worth ₹ 1,471 crore through an Offer for Sale (OFS). The investors participating in the OFS include Accel India, Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte. Ltd, and VYC11 Ltd. The company plans to allocate ₹ 190 crore for the development of new technology and cloud infrastructure, ₹ 70 crore towards lease payments for office spaces, ₹ 80 crore for marketing initiatives, and the remaining funds for general corporate purposes. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, who collectively own about 21% of the company, will not be selling any shares in the IPO. Kotak Mahindra Capital Company, Morgan Stanley India Company, Goldman Sachs (India) Securities, and JM Financial are the book-running lead managers for the offering. The company has reduced the total size of its IPO from the previously planned ₹ 3,000 crore. From the fresh capital it raises, Urban Company intends to allocate ₹ 190 crore for new technology development and cloud infrastructure, with the rest of the funds earmarked for office lease payments and marketing initiatives. Urban Company runs a technology-enabled, full-stack online marketplace offering high-quality home and beauty services. As of December 31, 2024, it operates in 59 cities across India, the United Arab Emirates, Singapore, and the Kingdom of Saudi Arabia, with 48 cities located in India. Its platform connects consumers with independent service professionals for a range of services including cleaning, pest control, electrical work, plumbing, carpentry, appliance repair and servicing, painting, skincare, hair grooming, and massage therapy, all at the customer's convenience.
Time of India
29-04-2025
- Business
- Time of India
Urban Company set to file DRHP for Rs 2,000-crore IPO
Accel-backed at-home services platform Urban Company is preparing to file its draft red herring prospectus ( DRHP ) in the coming days for a Rs 2,000-crore initial public offering (IPO), people aware of the development told ET. The offering will comprise a primary issue of about Rs 500 crore and a secondary share sale of approximately Rs 1,500 crore, they said. The company has trimmed the overall IPO size from an earlier planned Rs 3,000 crore with investors offloading a lesser stake in the company than originally planned. ET had first reported on April 10 that Urban Company had readjusted its IPO size. One of the persons said that some of the existing backers are likely to increase their stakes during the IPO, while adding that the company's founders Abhiraj Singh Bhal, Varun Khaitan and Raghav Chandra are not participating in the offer-for-sale (OFS) component. 'The company is not in need of a large primary fundraise to finance its expansion plans as it continues to generate cash,' the person said. According to Tracxn, Bhal, Khaitan and Chandra together own 20.7 per cent of the company. Global technology investor Vy Capital holds a 13.8 per cent stake, followed by Accel , which owns 12.7%, and Elevation Capital, which holds an 11.2 per cent stake. Urban Company appointed Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs and JM Financial as bankers to the issue. IPO preparation and financials Over the past year, the company closed multiple pre-IPO secondary rounds at a valuation of around $1.8 billion, people in the know said. Last July, investment firm Dharana Capital had acquired $50 million worth of Urban Company's shares in secondary transactions from early investors and employees. This included Titan Capital (led by Kunal Bahl and Rohit Bansal), which secured an almost 200-fold return on its Rs 57 lakh investment in Urban Company. In FY25, Urban Company is estimated to have grown 35-40 per cent year-on-year during the financial year FY25 and has turned profitable at a consolidated level. Urban Company narrowed its net loss for fiscal year 2024 to Rs 93 crore from Rs 312 crore in the previous financial year. Its operating revenue increased nearly 30 per cent year-on-year to Rs 827 crore. For the first quarter of fiscal year 2025, Urban Company reported a pre-tax profit. Besides at-home services, the company has also entered the direct-to-consumer space with the launch of its own water purifiers and smart locks. In March, it launched a service that allowed users to book a househelp in 15 minutes.
Time of India
29-04-2025
- Business
- Time of India
New players in UPI sweepstakes; Urban Company's IPO papers
New players in UPI sweepstakes; Urban Company's IPO papers Also in the letter: In fierce UPI fight, new players Flipkart-backed Navi, Cred start to gain ground Driving the news: How they're doing it: A broader financial services play beyond payments, with fintechs willing to subsidise UPI losses to cross-sell credit and bill payment services. Large incumbents like PhonePe, Google Pay, and Paytm have scaled back cashback offers, giving new entrants room to grow. Rising UPI volumes during the IPL season, fuelled by gaming and betting transactions. Big picture: Yes, but: Setting target: Also Read: Urban Company files DRHP for Rs 1,900-crore IPO Key details: Rs 429 crore via fresh issue; Rs 1,471 crore via secondary share sale by investors including Accel, Elevation, Tiger Global, and Vy Capital. Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra will not sell shares. Use of funds: Financials: Ather Energy's IPO sees 16% subscription on first day By the numbers: 86 lakh shares bid against 5.34 crore on offer. RII (retail) portion subscribed 63%. NII (non-institutional) portion subscribed 16%. Background: Electronics parts PLI draws in Dixon, Tatas, Foxconn and others Details: Tata Electronics is targeting the enclosures segment; Dixon aims to apply for multiple categories including display and camera modules. Foxconn is exploring smartphone display module assembly. Startups step in, too: Other Top Stories By Our Reporters Dailyhunt parent VerSe's internal controls inadequate, says Deloitte audit: IPO-bound Meesho to change Indian parent entity's name from Fashnear Technologies: YouTube appoints Gunjan Soni as new India managing director: Global Picks We Are Reading Happy Tuesday! In the longstanding UPI battle, fresh players are giving incumbents a tough fight. This and more in today's ETtech Morning Dispatch.■ New PLI draws interest■ Deloitte's Dailyhunt red flags■ Meesho's pre-IPO refreshNew-generation UPI apps such as Navi, Cred, Bhim, and have been quietly gaining market share over the last six months, aggressively using cashbacks and incentives to carve out a slice of the growing digital payments data shows that these smaller apps have collectively nearly doubled their market share. While their overall percentage remains modest, the absolute gains in user numbers are and Google Pay still dominate UPI, controlling over 80% of all transactions. But the NPCI is pushing smaller players to break this remains non-remunerative and largely commoditised. Few fintechs may have the appetite to continue burning cash indefinitely to capture minister Nirmala Sitharaman on Monday underlined a target of one billion UPI transactions per day within 2–3 years and emphasised accelerating UPI's internationalisation through interoperable frameworks and wider global Singh Bhal, CEO, Urban CompanyAt-home services platform Urban Company has filed draft IPO papers for a Rs 1,900-crore offering, trimming the size from the Rs 3,000 crore planned Company plans to allocate Rs 190 crore towards tech development and cloud infrastructure, with the rest going towards office leases and company posted Rs 846 crore in operating revenue in the first nine months of FY25, up 41% year-on-year, and reported a net profit of Rs 242 Mehta, founder, Ather EnergyElectric two-wheeler maker Ather Energy opened its IPO on April 28 , garnering a 16% subscription on the first Rs 2,981-crore issue , priced at Rs 304-321 per share, is the first mainboard IPO of FY26. The offer closes on April firms including Dixon Technologies, Tata Electronics, and Foxconn plan to invest under the new electronics components PLI manufacturer Zetwerk is actively scouting partnerships across multiple categories, its electronics president Josh Foulger said.L-R, Umang Bedi and Virendra Gupta, founders, DailyhuntVerSe Innovation's auditor, Deloitte, has flagged issues in the internal controls of the parent of Dailyhunt and Josh for the financial year ended March 31, 2024, stating that these "material weaknesses" could potentially lead to misstatement in accounting aspects including operating expenses, trade payables and expense account ecommerce firm Meesho's board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, according to regulatory filings made with the Registrar of said on Monday that it had appointed Gunjan Soni as the country's managing director. The US-based video platform said Soni, who brings over two decades of leadership experience spanning business, technology, marketing and ecommerce, will lead YouTube's growth and innovation efforts in India.■ Poop drones are keeping sewers running so humans don't have to ( Wired ■ Why Trump can't build iPhones in the US ( FT ■ China's chipmakers are catching up to Nvidia and TSMC. Here's how they compare ( Rest of World
