Darwinbox is new unicorn🦄, RIL's challenge to Nykaa💅🏻, Mensa acquires👨🏻🌾
Darwinbox is new unicorn🦄, RIL's challenge to Nykaa💅🏻, Mensa acquires👨🏻🌾
HR tech startup Darwinbox turns unicorn, Reliance gears up to challenge Nykaa's dominance, Mensa's latest acquisition, Funding deals & more.
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Darwinbox evolves into Hyderabad’s first home-grown unicorn🦄
Darwinbox has raised $72 million in a funding round led by Netflix backer TCV at a valuation of more than $1 billion, thus making the cloud-based HRtech startup the fourth unicorn so far this year.
The round saw participation of existing backers—including Salesforce Ventures, Sequoia Capital India, Lightspeed India, Endiya Partners, 3One4Capital, JGDEV and SCB 10X. Last year, Salesforce had made its first India bet through investment in Darwinbox.
The lead investor, US-based TCV, is known for its bets on major US firms, including Airbnb and Netflix. It had recently backed Indian startups Dream11 and Razorpay.
Darwinbox helps organisations manage their human resource needs—such as hiring and on-boarding, touchless attendance and employee management—digitally. It works with both new-age firms—such as MakeMyTrip and Swiggy—and traditional companies like Adani Group firms.
Fynd and Netmeds team up for Reliance’s beauty platform💄
Reliance Industries is preparing to launch its omnichannel beauty platform, with two of its recent acquisitions—Fynd and Netmeds—working in tandem to make it a reality.
The venture is being built on the marketplace model under Reliance Retail and will compete directly with Nykaa, which went public in November.
Internally called ‘Project Adore', the venture is likely to be named Tiara.
Netmeds is developing the backend—warehousing and data management—from Chennai, while Fynd is building the frontend, including the customer interface.
Isha Ambani, director of Reliance Retail and daughter of chairman Mukesh Ambani, is said to be helming the project and is closely involved in hiring.
Reliance Retail wants to fast-track the beauty marketplace launch since the third wave of the pandemic has not disrupted businesses much and consumer sentiment remains positive.
Hot Shorts⚡
Mobile app builder firm Vajro said it has raised $8.5 million (around Rs 63.52 crore) in a funding round from Kansas City-based growth equity firm Five Elms Capital.
Crypto investment app Flint has raised $5.1 million in a funding round led by Sequoia Capital India and Global Founders.
NowPurchase, a procurement technology company for the metal manufacturing industry, raised $2.4 million in a funding round led by Orios and InfoEdge Ventures.
Super Scholar, an edtech platform, has raised $400,000 in a funding round from MAGIC Fund, 2am VC, Astir VC, JITO Angel Network, and others.
Mensa Brands forays into home gardening space with acquisition of TrustBasket👨🏻🌾
Roll-up e-commerce unicorn Mensa Brands has acquired TrustBasket after investing an undisclosed sum in the online gardening solutions brand.
TrustBasket offers a range of gardening solutions catering to different consumer segments - from gardening kits for hobbyists to compost makers and specialized soils for professionals. Since its inception, the startup has served over 1.2 million customers, the company said in a statement.
This is the third acquisition Mensa has made in 2022 after leather brand Estalon and aromatherapy D2C brand Florona.
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