Amazon joins qcomm with NOW⚡️
India fastest growing in beauty e-comm, Honasa Consumer’s Q3 profit, SoftBank books loss of $2.4 billion, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
"Do not go where the path may lead, go instead where there is no path and leave a trail."
— Ralph Waldo Emerson
Today, Ralph Waldo Emerson’s powerful words remind us that true success and fulfillment come not from following the crowd but from daring to carve our unique path.
The greatest leaders, inventors, and creators didn’t follow the established path—they created their own.
Tech Updates
Amazon joins quick commerce race, to focus on beauty and home next
Amazon has launched its quick commerce service, Amazon Now, in select pin codes in Bengaluru, transitioning out of its staff-only pilot phase. Internally codenamed Tez, the service will become available in more areas in the coming weeks. Currently, it is largely selling groceries and daily essentials.
India fastest growing in beauty e-commerce
More and more Indians are shopping for beauty products online than in physical stores. A lot of this surge came during the second half of 2024 (June to November), when the value of beauty ecommerce and quick commerce grew by 39%, surpassing that of physical stores, which saw a mere 3% increase.
Honasa Consumer’s Q3 profit flat at Rs 26 crore; revenue up 6% YoY
Mamaearth’s parent company, Honasa Consumer, reported its December quarter consolidated net profit at Rs 26 crore, which was flat compared to the Rs 25.9 crore reported in the year-ago period. Revenue from operations stood at Rs 518 crore, up 6% from Rs 488 crore.
SoftBank books surprise loss of $2.4 billion in third quarter
Japanese tech giant SoftBank reported a $2.4 billion loss in the October-December quarter due to a decline in the value of its Vision Fund investments. SoftBank was hit by unrealised valuation losses for South Korean ecommerce platform Coupang, Chinese ride-hailing firm Didi Global and AutoStore Holdings. SoftBank's losses raise concerns about funding its ambitious investment in OpenAI.
Funding Deals
SpotDraft, a contract lifecycle management (CLM) platform, has raised $54 million in its Series B funding round, which was led by Vertex Growth Singapore and Trident Partners. Xeed VC, Arkam Ventures, Prosus Ventures, and Premji Invest also participated in the firm’s new funding.
IoT and AI-driven commercial HVAC automation provider 75F raised $45 million in a Series B funding round led by Accurant International's Net Zero Alliance, with participation from Carrier Global Corporation, Climate Investment, Breakthrough Energy Ventures, Next47, and WIND Ventures.
Mobility firm Rapido is raising Rs 250 crore (around $29.7 million) from Prosus as part of Series E round. This funding comes just seven months after its $120 million round, which was led by WestBridge.
Lucidity, a multi-cloud storage management platform, has raised $21 million in a Series A investment led by WestBridge Capital, with participation from existing investor Alpha Wave.
Healthy protein bar maker The Whole Truth raised Rs 133 crore in a Series C funding round led by Sofina Ventures. The round also saw participation from existing investors Peak XV Partners, Matrix Partners and Sauce.vc.
Nivaan Care, a multidisciplinary chronic pain management clinic chain, has raised $4.25 million in seed funding led by Endiya Partners, with participation from existing investor W Health Ventures.
Webtoon app Toonsutra closed a $3.2 million seed funding round led by German media company Holtzbrinck Publishing Group. The round also saw participation from venture funds GMJP, T-Accelerate, and Google. Additionally Indian comic and animation creator, Graphic India, also participated in the funding round.
Mysa, a business-to-business (B2B) fintech startup, has secured $2.8 million in seed funding led by Blume Ventures.
Deeptech startup Anscer Robotics has raised $2 million in its seed round round led by Info Edge Ventures.
AI infrastructure company Future AGI has raised $1.6 million in a pre-seed funding round co-led by Powerhouse Ventures and Snow Leopard Ventures. The round also saw participation from Angellist Quant Fund, Saka Ventures, Swadharma Source Ventures, and a marquee group of more than 30 industry stalwarts and angels.
👗 Short Story: The Trailblazing Entrepreneur
Aisha had a stable corporate job but dreamed of starting her ethical fashion brand.
Many advised her to take the safe route, but she took the risk. She focused on sustainability, which most brands overlooked, and soon, her business flourished.
Aisha’s journey proved that stepping off the conventional path can lead to something even greater.
Tweet of the day🐥
Today, challenge yourself to think beyond the familiar and take a step toward forging your path.
Rise & Shine reminds you that innovation and success belong to those who dare to lead rather than follow.
Have a bold and trailblazing Thursday!
Thanks for reading till the end!