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Mamaearth turns profitable🧴; Ajit Mohan to join Snap👻; Bharat Web3 Association🌐
Mamaearth clocks nearly Rs 1000 Cr in revenues, Ajit Mohan to step down as Meta India chief, Indian Web3 firms form new lobby, Funding Deals and more.
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Mamaearth turns profitable in FY22, clocks nearly Rs 1,000 crore in revenues🧴
D2C skincare and beauty brand Mamaearth has posted a net profit of close to Rs 20 crore and also saw its revenue surge by 102 percent to Rs 952 crore in FY22, compared to the year-ago period, as per RoC filings, sourced from Tofler.
In FY22, the company spent Rs 391 crore on advertising, while its cost of materials and employee benefit expenses increased to Rs 281 crore and nearly Rs 79 crore, respectively.
In addition, the firm spent Rs 16.7 crore on ESOPs. The total expense stood at Rs 942 crore and clocked a profit of Rs 14.4 crore. The Tiger Global-backed brand also improved its EBITDA margin to 3.89 percent in FY22 from -280 percent in FY21.
Ajit Mohan to join Snap after stepping down as Meta India chief👨🏻💼
Meta India vice-president and Facebook India managing director Ajit Mohan has stepped down from his role, the company’s vice president of global business group Nicola Mendelsohn said in a statement on Thursday.
Mohan, who joined Facebook from Hotstar in 2019, has been responsible for managing the growth of Meta’s flagship products – Facebook, Instagram and WhatsApp.
Mohan will join Snap in February and lead the company’s cross-functional efforts across India, Australia & New Zealand, China, Japan, Singapore, Malaysia, Indonesia and South Korea, founder and CEO Evan Spiegel, wrote in an internal memo on Thursday.
Snapchat had crossed 100 million monthly users in the country, representing almost a third of its global user base of 363 million (as of Q3, 2022).
Dataloop, an AI data management and annotation platform has raised $33 million in a Series B funding round led by NGP Capital and Alpha Wave Ventures.
Solar installation and financing startup SolarSquare has raised Rs 100 Crore in a Series A round led by Elevation Capital and Lowercarbon, Chris Sacca’s climate-tech fund.
Prime Venture Partners has made an investment of $3 million in Hitwicket, a multiplayer cricket gaming app, marking its first investment in the gaming sector.
Indian Web3 firms form new lobby months after IAMAI crypto unit closure🌐
Just over three months after the flagship trade body representing blockchain and crypto players in the country was dissolved, companies in the space have formed a new one.
The new body is called Bharat Web3 Association (BWA) and its members include WazirX, Hike, CoinSwitch Kuber, CoinDCX, Coinbase and Polygon.
BWA will focus on “driving awareness through research to help keep pace with this evolving technology; promoting dialogue between key stakeholders; setting standardised principles in the Web3 industry; encouraging and promoting Web3 and blockchain innovation; and nurturing India’s talent pool,” the newly formed association said in a statement.
In July, the Internet and Mobile Association of India (IAMAI) had wound up the Blockchain and Crypto Assets Council (BACC), a unit that was created in 2018, citing regulatory uncertainty.
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