Hat-trick of unicorns - Xpressbees join 🦄, Nykaa Q3 results💅🏻, Amazon's startup program🚀
Xpressbees turns unicorn - 8th of 2022, Nykaa Q3 profit plunges 58%, Amazon India launches startup accelerator, Funding Deals & more.
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Xpressbees turns unicorn after raising $300 million🚚
New-age logistics services provider Xpressbees has raised $300 million in a new funding round led by private equity funds Blackstone Growth, TPG Growth and ChrysCapital. The round values the Pune-based company at $1.1 billion, making it the latest member of India’s startup unicorn club.
Xpressbees was incubated and started by Firstcry, baby products etailer almost a decade ago but was spun off as an independent entity in 2015.
The company aims to become a full-fledged logistics service provider by adding more muscle to its business-to-business (B2B), warehousing and cross-border verticals.
Expressbees was launched by Amitava Saha and Firstcry founder Supam Maheshwari. It offers logistics solutions to ecommerce players.
Nykaa Q3 profit plunges 58% to Rs 29.01 crore; revenue up 36%💄
Online fashion and beauty retailer Nykaa has reported a consolidated net profit of Rs 29.01 crore for the third quarter (Oct-Dec).
This was 57.87% down from the Rs 68.88 crore it reported in the same period in FY21, but up 2,376% from Rs 1.2 crore in the previous quarter.
Revenue from operations came in at Rs 1,098.36 crore, up 36% from Rs 808 crore in Q3 of FY21.
Nykaa’s network of physical stores also saw one of its strongest quarters ever as the company continued opening new stores in line with its omnichannel vision.
Nykaa is set to face serious competition, with Reliance Industries preparing to launch its own omnichannel beauty platform.
The Tata group is also looking to launch an online venture focussed on the beauty space.
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SaaS startup Oloid has raised $12 million in Series A funding round led by Dell Technologies Capital with participation from Honeywell Ventures and Okta Ventures.
Sprinto, a compliance automation platform for SaaS companies, has bagged $10M in Series A funding led by Elevation Capital with participation from Accel, and Blume Ventures.
Amazon India launches startup accelerator 2.0 to nurture new brands🚀
To help emerging Indian brands and startups to reach customers around the world, Amazon India on Wednesday launched the second season of its 'Global Selling Propel' startup accelerator.
The participating startups will get an opportunity to win a total equity-free grant of $100,000 from Amazon as well as free AWS credits worth $10,000. The entries for the startup accelerator are open till March 14.
The company said that the programme will provide startups an opportunity to showcase their business propositions to partner VC firms--Accel, DSG Consumer Partners, Fireside Ventures and Sequoia Capital India.
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