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Zomato Q4 results🍅, Marico 🤝🏻 True Elements, Funding hurts IPL ads🏏
Zomato Q4 Results: loss jumps to Rs 360Cr, Marico picks up 54% stake True Elements, Startup funding woes hurt IPL ad prospects, Funding Deals & more.
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Zomato Q4 Results: net loss jumps to Rs 360 crore🍕
Zomato said on Monday that net losses in the fourth quarter of FY22 stood at Rs 359.70 crore, a 2.5x jump from Rs 134 crore in the same quarter of FY21. It had reported a net loss of Rs 67.20 crore in the third quarter of FY22.
On a sequential basis, Zomato saw its total revenue grow to Rs 1,350 crore for the fourth quarter, a 7% jump from Rs 1259.70 crore in the third quarter.
The company also announced that its total revenue more than doubled to Rs 4,687.3 crore in FY22 from Rs 2,118.4 crore in the previous fiscal year. Revenue from operations also more than doubled to Rs 4,192.4 crore for the fiscal.
Marico picks up 54% stake in D2C health food brand True Elements🥗
Marico Limited, maker of Parachute and Saffola oil, has acquired a 54% stake in HW Wellness Solutions, owner of health food brand True Elements through a primary infusion and secondary buyouts. It did not disclose the size of the deal.
True Element, a digital-first brand in the healthy breakfast and snacks segment, clocked sales of Rs 54 crore in FY22. Its products include Western breakfast items such as oats, quinoa, muesli, granola and cornflakes, and Indian breakfast dishes such as poha, upma and dosa. It sells these products on more than 90 online platforms and more than 12,000 physical stores.
Seclore, a data-centric security platform provider, has bagged $27 million in Series C funding round led by Oquirrh Ventures and Origami Capital.
Technology startup 1K Kirana has raised $25 million in its Series B round led by Alpha Wave Ventures.
NextBillion.ai, a Singapore-based artificial intelligence (AI) spatial data and location mapping platform, has raised $21 million in a funding round led by Mirae Asset Capital.
Celcius, a cold chain marketplace, has raised $4.5 million in its Series A round led by Mumbai Angels.
Ras Luxury Oils, a direct-to-consumer (D2C) luxury skincare and personal care brand, has raised $2 million in a funding round from Sixth Sense Ventures.
Minus Zero has raised $1.7 million led by Chiratae Ventures, with participation from Jito Angel Network.
➡️ Check out our LinkedIn space for more on the funding deals.
Startup funding woes may hurt IPL ad prospects🏏
The funding tap is running dry at startups, and one major casualty could be the Indian Premier League (IPL).
According to trade pundits, over 50% of IPL advertising is from new-age companies.
“The last four-five years of IPL advertising has been fuelled by the funding frenzy of these tech start-ups, with VC-backing. Now, the funding is gone and there is no silver bullet,” said a senior executive at a consulting firm.
For these companies, the only option is to reduce marketing spends, which will directly impact the IPL. “At any time, Rs 1,000-Rs 1,200 crore of advertising money can vanish from IPL,” the executive added.
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