Ranveer Singh invests in Sugar💄, Meesho ropes in 7 celebs, ED raids Paytm, Razorpay🤯
Ranveer Singh invests in Sugar💄, Meesho ropes in 7 celebs, ED raids Paytm, Razorpay🤯
Ranveer Singh invests in Sugar Cosmetics, Meesho ropes in celebs to push five-day mega sale, ED raids Paytm, Razorpay, Cashfree Payments, Funding Deals and more.
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Ranveer Singh invests in beauty company Sugar Cosmetics💄
Bollywood actor Ranveer Singh has invested in homegrown beauty company Sugar Cosmetics.
Singh’s investment comes after the company that started out in 2015 as a direct-to-consumer beauty brand raised $50 million in Series D in June, led by L Catterton and existing investors A91 Partners, Elevation Capital and India Quotient.
Singh will be the brand evangelist and build a brand connect across key markets, the company said in a statement. The partnership will help the brand “create new pathways for customer acquisition", especially with the Gen Z and millennial audiences in India. With the investment, Sugar will eye expansion in other potential markets.
Sugar clocks annual sales of over ₹550 crore with a physical presence across 45,000 retail touch points in more than 550 cities. It sells a range of coloured cosmetics such as lip colours and eye makeup both online as well as offline.
Meesho ropes in celebs to push five-day mega sale🛍
Softbank-backed Meesho has roped in seven celebrities, including filmstar Ranveer Singh, Deepika Padukone, and cricketers Rohit Sharma and Sourav Ganguly, to push its five-day annual festive sale -- Mega Blockbuster Sale -- starting September 23.
The company will first-time target to go deeper into the regional market with app versions in eight vernacular languages - Bengali, Telugu, Marathi, Tamil, Gujarati, Kannada, Malayalam and Odia - to potentially reach 350 million users in these regions.
The unicorn e-commerce start-up claims to have increased its registered seller base around 3 times to 7.25 lakh compared to 2.5 lakh it had during last year's festive season sale and product listing on the platform has gone by over 4-fold to 65 million from 16 million on October.
Hot Shorts⚡
Space-tech startup Skyroot Aerospace has raised $51 million (about Rs 403 crore) in its latest funding round, led by Singapore’s sovereign fund, GIC.
International payments addressing startup iPiD has raised $3.3 million in its seed round led by Rapyd Ventures, Jungle Ventures, 1982 Ventures, Resolution Ventures, Saison Capital, the XA Network and Wing Vasiksiri.
Contractor management platform Onsite has raised $1.5 million in funding from Foundamental.
ED raids Paytm, Razorpay, Cashfree Payments in Chinese loan app case🤯
The Enforcement Directorate (ED) searched half a dozen offices belonging to online payment gateways such as Paytm, Razorpay and Cashfree in Bengaluru in connection with its probe into the Chinese loan app scandal.
The ED has launched an investigation on the basis of 18 first information reports (FIRs) registered by the Cyber Crime Police Station, Bengaluru, against numerous entities and individuals.
The Chinese-owned operations were doing business using services by Razorpay, Cashfree Payments, Paytm Payment Services. ED also searched entities tied to Chinese nationals.
The Chinese loan apps were doing business based on fake addresses, the ED said. Rs 17 crore in merchant IDs and bank accounts of these Chinese persons-controlled entities were seized.
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