Venture capitalists are increasingly placing their bets on new-age brands, attracting capital from various sources including prominent startup founders and corporate leaders. This trend is evident as top-tier venture firms are investing in brands that disrupt traditional sectors.
One such example is Uppercase, a luggage brand founded by former VIP Industries MD Sudip Ghose, which is in talks with Accel, a backer of Flipkart, to raise new capital. This move comes after other major deals in the luggage space such as Peak XV Partners’ investment in Mokobara and Lighthouse’s bet on Safari.
Moreover, investors are showing interest in sectors like luggage, fast fashion, FMCG, supermarket chains, shoes, and handbags, with many veterans starting new brands. These brands are tapping into the whitespace left by large incumbents and aligning with shifting consumer preferences and fashion trends.
In the education sector, Unacademy’s co-founders Gaurav Munjal and Hemesh Singh are aiming to secure additional voting rights through bonus shares in 2022. The company’s focus on offline business in the test prep segment has led to solid financials, with reserves of around Rs 1,800 crore providing a strong cash runway.
Meanwhile, Angel One, the third-largest stockbroker in India, is undergoing a significant corporate restructuring by setting up a holding company to unlock more value from its fintech operations. By diversifying into credit, wealth management, and other businesses, Angel One aims to position itself as a leading fintech player.
On the regulatory front, the RBI has released guidelines for establishing a self-regulatory organization for the fintech sector to ensure industry-wide standards and user protection. Additionally, Indian AI firms operating in the EU may face heightened compliance costs due to the EU’s AI Act, impacting their operations in the region.
In other news, Reliance Retail has initiated a pilot program on the Open Network for Digital Commerce (ONDC) through Fynd, while Oyo has reported its first annual net profit of Rs 100 crore for the fiscal year 2023-24. Agnikul Cosmos also achieved success with the sub-orbital test flight of its Agnibaan rocket, showcasing India’s advancements in space technology.
