Nykaa Q3💄, Rs 200 Cr fund for gig workers💰, Apply for valid licence: SC to Uber🚕

Nykaa Q3 Earnings: Profit declines, Rs 200 Cr fund for gig workers, Apply for valid licences by March 6, Funding Deals and more.

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Feb 14, 2023

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Nykaa Q3 Earnings: Profit declines 68% to Rs 9 crore💄

FSN E-Commerce Ventures, the parent company of Nykaa, reported a 68% fall in consolidated net profit at Rs 9 crore (year-on-year) for the quarter that ended December 2022. It was Rs 29 crore in the same quarter last year.

Revenue from operations surged 33% to Rs 1,462 crore for the quarter under review. Revenues in the year-ago quarter stood at Rs 1,098 crore.

Expenses surged 36% to Rs 1,455 crore in the December quarter against Rs 1,067 crore in the same period last year.

The company reported an EBITDA of Rs 78 crore for the December quarter, which is up 13% compared to the same quarter in the previous year.

Rajasthan announces Rs 200-crore fund for gig workers💰

The Rajasthan government on February 10 said the state will launch Rs 200-crore fund to protect gig workers.

Chief Minister Ashok Gehlot announced the enactment of the Gig Workers Welfare Act, the establishment of a board and a welfare fund of Rs 200 crore in his government's Budget for 2023-24.

"To protect them from harassment, I propose to bring the Gig Workers Welfare Act, under which, along with the formation of the Gig Workers Welfare Board, a Gig Workers Welfare Fund will be established with Rs 200 crore," Gehlot said in his Budget speech.

Insurtech company InsuranceDekho has raised $150 million in Series A funding, consisting of a mix of equity and debt, led by Goldman Sachs Asset Management and TVS Capital Funds with participation from Investcorp, Avataar Ventures and LeapFrog Investments.
B2B cross-border food sourcing startup ONWO (One World) has raised $1.6 million in its seed round led by Kae Capital.
nCore Games has announced an investment of $1 million in Newgen Gaming which operates in the esports domain through its brand Penta\ Esports.
Drone technology solutions startup Indrones has secured an investment of Rs 7 crore led by MapMyIndia.

Funding Deals 💰

Apply for valid licences by March 6 in Maharashtra, SC asks Uber India🚕

The Supreme Court on Monday asked cab aggregator Uber India to apply for valid licences in Maharashtra by March 6, to continue its services in the state. It gave the state government two weeks to decide on Uber’s application after that.

“You (Uber) apply for a licence or adhere to guidelines ... You cannot operate under an interim order of the court. You cannot work as an aggregator without a licence, which is a statutory mandate... We are of the view that an interim order permitting them to operate without a licence cannot stand, as an aggregator cannot work without a licence. Uber to apply for a license within three weeks, on or before March 6, 2023,” a bench led by Chief Justice of India D Y Chandrachud said.