The Arc

🚨 Sugar Cosmetics eyes recovery after double-digit slump in FY25 💄 📉 1️⃣ Sugar Cosmetics saw its growth stall in fiscal year 2025, as a strategic retreat from retail expansion and channels affected sales and profitability. Lower-than-expected consumer spending also hurt its performance. 2️⃣ This assessment is based on documents and unaudited figures reviewed by The Arc. (Projections for FY26 are in the article, below👇 ) 3️⃣ The D2C beauty brand, founded by Kaushik Mukherjee and Vineeta Singh 13 years ago, posted unaudited net revenue of Rs 415 crore in FY25, down 17.8% from Rs 505 crore the year before. 4️⃣ The fall looks sharper against FY24, when revenue had risen 20% to cross Rs 500 crore. #D2C #consumer #brands #cosmetics #beauty #startups #growth #sugar

🚨 Ixigo raises $146 mn from Prosus for hotel biz expansion 1️⃣ Prosus, one of the largest investors in India’s digital economy, is acquiring a 10.1% stake in the listed online travel platform Ixigo through a preferential issue. 2️⃣ The firm will invest Rs 1,296 crore ($146 million) directly in the company, and also look to increase its shareholding to 16% through additional public market purchases. 3️⃣ The moves will make Prosus, which had earlier invested in MakeMyTrip, the largest investor in Ixigo. 4️⃣ The development comes over 16 months after the IPO of Ixigo, as its share price has shot up nearly 3.5 times. The company's market capitalisation now stands at $1.4 billion.  Article link in comments 👇

🚨 Online travel platform Ixigo has said that its board will meet on Friday to discuss raising funds through a QIP or a preferential allotment. The company has also disclosed that an investor has informed it that it plans to take a 16% stake through primary and secondary purchases. Ixigo's share price has increased by nearly 3.5 times since its IPO in June last year, with a market capitalisation of Rs 12,400 crore ($1.4 billion) now.

🚨 Dhan's parent Raise looks to diversify beyond trading revenues, enter mutual funds 1️⃣ Raise Fintech Ventures, the parent entity of discount broker Dhan, plans to launch a new investment platform within six months. In an interview with The Arc, Raise founder and CEO Pravin Jadhav said the new platform’s operational model and brand identity would be distinct from Dhan. 2️⃣ While Dhan focuses on active traders, the new platform is aimed at long-term investors, including those seeking broader portfolio management across multiple products. It will initially list mutual funds before expanding into other investment products. 3️⃣ The move will help Raise diversify its revenue streams beyond futures and options (F&O) trading, which has been the primary source of income for Dhan and other discount brokers like Groww and Zerodha. 4️⃣ Dhan's parent Raise has just closed a funding round of $120 million, with its valuation increasing almost tenfold from $105 million in 2021 to $1.2 billion. Article link in comments 👇

🚨 Ather surpasses Ola Electric in market cap, scooters sold 🛵 📈 1️⃣ Bengaluru-based Ather Energy, the electric two-wheeler backed by Hero Motocorp, saw its market capitalisation leap ahead of its city-based rival Ola Electric. 2️⃣ At the close of trade on Monday, Ather’s market cap stood at Rs 23,580 crore as its share price hit a new high. On the other hand, Ola Electric’s share price slipped by nearly 3% giving it a market cap of Rs 23,178 crore.  3️⃣ The development is significant as Ola Electric, despite starting in 2017, much after Ather in 2013, has been able to maintain its lead in terms of fundraising and valuation in both private and public markets. Article link in comments 👇

🚨 Trading app Dhan turns unicorn, early backers score 45x windfall 📈 💰 1️⃣ Raise Financial Services, the parent company of trading platform Dhan, has closed a $120 million funding round led by Hornbill Capital, along with participation from Japan’s MUFG and existing backer Beenext. 2️⃣ Besides institutional backers, Dhan’s new round also saw participation from leading public market investors like Ramesh Damani, DSP Family Office, JM Financial Family Office, Aashish Somaiyaa and others. 3️⃣ The new round takes its valuation to $1.2 billion, over 10 times leap from its previous round at $105 million valuation following its series A in 2021. The Arc had reported about Dhan initiating a funding round at a Unicorn valuation last year. Article link in comments 👇

🚨 Electronics brand Boat gets new CEO, Aman Gupta steps down from operational role 🎧 1️⃣ boAt, one of India’s largest audio and wearables brands, has announced a significant rejig of its leadership just as it readies to go public. 2️⃣ The board of Imagine Marketing Ltd (IML), boAt’s parent company, has promoted Gaurav Nayyar, till recently the chief operating officer (COO), who joined the company three years ago. 3️⃣ Both co-founders, Sameer Mehta and Aman Gupta, will transition to board roles, with Mehta stepping in as executive director focused on long-term growth, and Gupta serving as non-executive director to guide the brand’s vision and strategy. 4️⃣ This will mean that Gupta, who has garnered fame as a Shark Tank India judge, will no longer have an operational role at the company. He had been the chief marketing officer (CMO) since the early days. Article link in comments 👇

🚨 WeWork India targets $1 bn IPO valuation, turns profitable 🏢 1️⃣ WeWork India, a premium flexible workspace operator, is set to debut on Indian public markets with a Rs 3,000 crore ($338 million) IPO in October 2025, one of the year’s largest pure play offer for sale (OFS) listings. 2️⃣ Embassy Buildcon LLP, the dominant shareholder, will offload shares worth $243 million, while WeWork Global via 1 Ariel Way Tenant Ltd will sell worth $95 million at the top band. 3️⃣ After the IPO, Embassy Group’s stake will drop from 76% to just under 57%, while WeWork Global’s will reduce from 23% to about 8%. 4️⃣ At an indicated IPO price band of Rs 615–648 per share, the company will be valued at approximately Rs 8,685 crore ($979 million). This marks a stark contrast to the global WeWork business, which, amid post-bankruptcy restructuring, US asset sales operates at a valuation below $300 million for its remaining operations. 

🚨 Two big takeaways from Swiggy’s Rs 2,400 crore Rapido stake sale to Prosus & WestBridge 1️⃣ Swiggy tops up its war chest – Cash reserves had slipped to Rs 5,500 crore in June, far below Eternal’s Rs 18,000 crore+ and Zepto’s Rs 7,000 crore (as of March). This deal gives it fresh breathing room. 2️⃣ Rapido’s valuation gets a reset – After last year’s flat round, the bike-taxi major’s worth has now doubled, cementing its spot as India’s No. 2 ride-hailing player.

🚨 Fantasy sports platform Dream11 says that it is attracting 10 million daily active users after becoming a free-to-play platform. Adds that Swiggy, Astrotalk, and Tata Neu have come on board as advertisers. Dream11 had shut down its real-money gaming business, which accounted for nearly all of its revenues, last month. This came after the government banned real-money gaming.