Mamaearth - India's 3rd largest skincare brand🏆
RBI bars 4 NBFCs, GenAI startups in India grew over 260%, Jay Hao joins Indian blockchain startup CIFDAQ, Funding Deals and more.
Good morning and welcome to Friday’s edition of Rise & Shine!
“Compete with yourself and root for everybody else.”
— Candice Millard
Today, Millard’s insightful words remind us that true growth comes from self-improvement, while supporting others fosters a stronger, more connected community.
Competing with ourselves while cheering for others leads to personal fulfillment and builds a culture of encouragement.
Tech Updates
Mamaearth becomes India's 3rd largest skincare brand
As per Euromonitor International, D2C brand Mamaearth announced on Thursday that it has been ranked as the 3rd largest skincare brand in India. The Gurugram-based company also rose to the 9th spot among India’s top beauty and personal care brands, up from 13th last year.
RBI bars NAVI, DMI Finance and others from loan sanctioning and disbursal
Reserve Bank of India (RBI) has issued a cease and desist order to several NBFCs, including DMI Finance and Navi Finserv, due to supervisory concerns related to their pricing policies. Kolkata-based Arohan Financial Services Limited and Chennai-based Asirvad Micro Finance Limited have also been asked to stop lending.
Number of GenAI startups in India grew over 260%
India's generative AI (GenAI) startup ecosystem has experienced a massive expansion, according to the latest report from Nasscom titled “India’s Generative AI Startup Landscape 2024.” The report, which is based on insights from over 110 startup interviews and a study of more than 240 active GenAI startups, outlines the surge and development within the industry over the past 18 months.
Former OKX CEO Jay Hao joins Indian blockchain startup CIFDAQ as co-founder
CIFDAQ Blockchain Ecosystem Global Inc.has appointed Jay Hao as the Co-founder and Global Chief Operating Officer. With an extensive background in Virtual Digital Asset operations and a successful tenure at OKX, one of the world’s largest Virtual Digital Asset exchanges, Jay Hao joins CIFDAQ at a crucial time of growth and expansion. His deep operational expertise and strategic insights will be critical as CIFDAQ strengthens its global footprint, particularly in the burgeoning markets of India and Southeast Asia.
Funding Deals
Higher education and upskilling platform Erudtius has raised $150 million in a Series F round, led by TPG’s The Rise Fund.
Everstage, a sales performance management software provider for enterprises, has raised $30 million in a Series-B funding round led by Eight Roads Ventures, with participation from existing investors Elevation Capital and 3one4 Capital.
Elder care startup Primus Senior Living has raised $20 million in a seed funding round led by General Catalyst, with participation from Zerodha co-founder Nikhil Kamath and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of the Puzzolana Group.
Men’s apparel brand WROGN has raised approximately Rs 75 crore (approximately $9 million) in funding from Aditya Birla Digital Fashion Ventures Ltd (ABDFVL), increasing ABDFVL’s stake in the D2C fashion brand from 17.10% to 32.84% on a fully diluted basis, as per a stock exchange filing.
Consumer lending and payments startup Slice has raised Rs 71.7 crore (approximately $8.6 million) from its founder and CEO, Rajan Bajaj, via partly paid-up shares.
Simplismart has secured $7 million in Series A funding round led by Accel, with participation from Shastra VC, Titan Capital, and high-profile angels, including Akshay Kothari, Co-founder of Notion.
Suraasa, a platform for teacher workforce development and global teacher mobility, has raised $6 million in a new round led by Reach Capital, with participation from ETS Capital, NB Ventures, TSM ventures, TRTL Ventures and other strategic investors.
AI startup Budy.bot has raised $4.2 million (about Rs 35.29 crore) in a funding round led by early-stage investor RTP Global.
AGNIT Semiconductors, a vertically integrated Gallium Nitride (GaN) semiconductor startup, has raised $3.5 million in a seed round led by 3one4 Capital and Zephyr Peacock, their first investment in India’s semiconductor sector.
Red Fort Capital, an investment-grade NBFC, has successfully raised Rs 22.6 crore in debt funding, crossing a milestone of Rs 100 crore in assets.
Accounting and tax management platform Febi.ai has raised $2 million in a pre-Series A funding round co-led by Lumis Partners, Virender Rana, Lenskart co-founder Amit Chaudhary, Padmaja Ruparel, Cashkaro co-founder Rohan Bhargava, Rajat Jain, and other investors.
No-code app builder Tablesprint has raised $1 million in a seed round co-led by angel investors and syndicates, including Ankit Bhati, Ajeet Khurana, Sunil Sharma, BlueLotus Ventures, TDV Partners, DGC Ventures, and Abhijeet Bhandari.
Homegrown full-stack gut wellness brand Lifechart has raised $500K in the latest funding round led by Prajay Advisors LLP and various other investors.
Gen-AI SaaS startup Alchemyst AI has raised $300K in its pre-seed round led by Inflection Point Ventures and 100Unicorns and Early Seed Ventures.
🏃🏻Short Story: The Supportive Runner
Lucas, an avid runner, used to focus on beating others’ times, but he often ended up feeling dissatisfied.
One day, he decided to set personal goals instead, aiming to improve his own best pace. At the same time, he began cheering on his fellow runners, celebrating their milestones and successes.
Not only did Lucas achieve his personal best, but he also became a respected and uplifting member of his running community.
By rooting for others while competing with himself, he discovered the joy of both personal and shared success.
Tweet of the day🐥
Today, focus on your own growth while lifting up those around you.
Compete with your past self and be a cheerleader for everyone else’s journey.
Rise & Shine is here to inspire you to pursue self-improvement and build an encouraging community.
Have a supportive and self-driven Friday!
Thanks for reading till the end!