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<keyword id="19950639" type="General" weightage="20" keywordseo="edtech" source="keywords">Edtech</keyword> major Byju's on Friday said that it has not received any formal intimation of any petition being filed in the <keyword id="19902197" type="General" weightage="20" keywordseo="national-company-law-tribunal" source="keywords">National Company Law Tribunal</keyword> (NCLT) by select investors over its rights issue. Byju's key investors -- Prosus, General Atlantic, Sofina and <keyword id="20124152" type="General" weightage="20" keywordseo="peak-xv" source="keywords">Peak XV</keyword> -- have moved the tribunal against the embattling edtech major over its $200 million rights issue, according to investor sources. The company told IANS that "it cannot comment on rumours on the same". "The Indian regulations stipulate due process for conducting an EGM, intimation of petitions being filed in NCLT, etc. But certain shareholders prefer to manufacture a media spectacle as opposed to following due process," the company spokesperson said. If such a petition has been filed, "the company shall respond to the same as per applicable law and due process," the spokesperson added. According to investor sources, the VC firms have cited "suppression of investor rights and mismanagement of the company". The four investors filed the petition before the Bengaluru bench of the tribunal, according to sources. This is the first time Byju's investors have legally moved against the rights issue. The edtech company said earlier this week that the rights issue by its parent company Think &amp; Learn Pvt. Ltd to raise $200 million at a 99 per cent valuation cut was fully subscribed. "Investors have sought relief on declaring the rights issue as void, and declaring the founders and the management as unfit to run the company," according to investor sources. The investors said the company's management has not shared "relevant financial information with the investor group". The battle between Byju's and investors intensified after the edtech major said the company's co-founder and CEO <keyword id="19901244" type="General" weightage="20" keywordseo="byju-raveendran" source="keywords">Byju Raveendran</keyword> and Board members will not attend the extraordinary general meeting (EGM) called by select investors to oust its CEO on Friday which was underway. --IANS na/prw

Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

B9 Beverages Ltd, Bira 91's parent company, on Wednesday said it is raising $25 million in new funding from <keyword id="20841250" type="General" weightage="20" keywordseo="tiger-pacific-capital" source="keywords">Tiger Pacific Capital</keyword>, an Asia-focused fund headquartered in New York and Hong Kong. The new investment is part of a $50 million round raised by the company, with participation from its existing investor, <keyword id="20635955" type="General" weightage="20" keywordseo="kirin-holdings" source="keywords">Kirin Holdings</keyword> of Japan, and Tiger Pacific Capital from New York, it said in a statement. "As Bira 91 takes next steps to drive growth across markets and strengthen its supply chain, this new partnership will strengthen the company's balance sheet considerably," said <keyword id="20841253" type="General" weightage="20" keywordseo="ankur-jain" source="keywords">Ankur Jain</keyword>, Founder and CEO, Bira 91. With this capital, "we will expand our manufacturing footprint to new regions, including Uttar Pradesh," he added. The company has six large-scale manufacturing plants in the country. Bira 91 is now the fourth largest beer company in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, behind only multinationals like Heineken, AB-Inbev and Carlsberg, and has experienced strong double-digit growth since its inception 9 years ago. The company also owns the country's largest beer-focused pub chain, The Beer Cafe. "We are excited to partner with emerging companies in India, especially brands like Bira 91 with a unique understanding of the new Indian consumer, and a strong local manufacturing footprint," said <keyword id="20847970" type="General" weightage="20" keywordseo="run-ye" source="keywords">Run Ye</keyword>, Founder of Tiger Pacific Capital. Founded in 2015, B9 Beverages is backed by leading investors including Japan's leading beer company, Kirin Holdings, Japan's largest bank, MUFG Bank, Sofina of Belgium, and Peak XV Partners (formerly Sequoia India). SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-smartphone-debuts-in-india-priced-starting-at-23999/articleshow/108240037.cms">Nothing Phone (2a) smartphone debuts in India, priced starting at ₹23,999</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-grow-by-24-in-february-2024-ola-electric-leads-with-over-40-market-share/articleshow/108227956.cms">Electric two-wheeler sales grow by 24% in February 2024, Ola Electric leads with over 40% market share</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a>

Bira 91 raises $25 mn to expand manufacturing footprint

<ul><li>Consumers are looking for toxin-free beauty products, and those that suit their specific skin colour.</li><li>They also choose brands based on ingredients, with prominence of genderless beauty and more.</li><li>Pure play beauty and personal care companies are capturing these trends better than their FMCG peers. </li></ul>Gone are the days when every second home housed the same popular shampoo, face cream and soap brands. The new-age consumers, driven by the rising incomes of the middle class, seek beauty products that offer personalization – instead of buying off the rack. A report by <keyword id="3359665" type="General" weightage="80" keywordseo="redseer" source="Orion">Redseer</keyword> and Peak XV says that consumers are looking for toxin-free products, products that suit their specific skin colour (as opposed to fair &amp; lovely preferences); with an increasing prominence for genderless beauty. There is also a trend wherein consumers are making ingredient-specific purchases, the report adds. Moreso, they are also exposed to tech that allows for customization into products like serums which can make the ‘best fit’. "From acne management to anti-ageing solutions, specialized use cases are where we're seeing a lot of the action. Brands are spending a significant portion of their resources and organisation bandwidth on new product development, R&amp;D, and customer insights to drive more efficacious products to a targeted audience," says Sakshi Chopra, MD, Peak XV. The market share of such specific use case products is expected to be around 60% by 2027, Redseer predicts. “Globally, there's a growing need among consumers for products 'made for them', tailored to individual skin or body types. They are increasingly willing to pay premiums for effective and safe solutions, leading to rapid growth in the masstige and premium categories,” said Rohan Agarwal, Partner, Redseer Strategy Consultants. Skin in the game So, who is winning the game that’s rapidly changing? Undoubtedly, pure-play beauty companies have more skin in this game — like L'oreal, Honasa (Mamaearth) and <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> as opposed to HUL. The average revenue growth that pure-play BPC companies saw between 2022-2027 is at 10% – that’s five times what FMCG companies in the business see, at 2%. They already have 33% of the market – which is expected to rise to 42% by 2027. The reasons for their ability to disrupt the market are many. For one, pure play companies are able to capture the trend of moving to masstige and premium products better with faster R&amp;D and product development. Some of them have been able to shorten time to market by 50%, the report says. This way, they are able to target a greater number of specific use cases — helping them curb a larger share of the rapidly fragmenting market. As the market breaks off from being ‘mass’, the channels to approach them are just as important as the product itself. Fortunately, a large chunk of these new-age customers are already online. The Indian BPC market is at $30 billion and a third of it — $10 billion is purchased online. There are over 150 million online BPC customers in India. A lot of successful beauty brands are not content on just ‘being online’ and offline – they’re meeting their customers via live commerce, VR/AR stores on metaverse and more. German company <keyword id="244393" type="General" weightage="80" keywordseo="beiersdorf" source="Orion">Beiersdorf</keyword> launched a personalized AI powered D2C brand using data from multiple customer surveys. Pure-play brands also spend a lot more on marketing as they build brands by educating and creating awareness — clinching the secret to make people feel good as well as looking good.

Beauty is in the detail: How tailor-made products are taking over the market

New Delhi, Ed-tech titan <keyword id="3320944" type="General" weightage="20" keywordseo="Byjus" source="Orion">Byjus</keyword> is looking to sell its overseas ventures Epic and Great Learning to pay back its entire USD 1.2 billion (Rs 9,956 crore) loan to lenders, a source familiar with the matter said. The ed-tech decacorn has been in discussions with the lenders and has made a proposal to clear its Term B loan, the source said. Byju's hopes to garner between USD 800 million to USD 1 billion from the sale of Epic, the US-based kids learning firm, and Great Learning - the upskilling platform. The firm is also working on raising fresh capital from equity sales, and is working with bankers for the sale of the aforementioned key assets to strategic investors -- which has also garnered interest, the source said. An email sent to the ed-tech platform for comments remained unanswered. India's most-valued startup is hoping to repay the entire USD 1.2 billion term loan B (TLB) in under six months. Of this, it is proposing to repay USD 300 million in the next three months. Lenders have not yet responded to the proposal. Byju's in November 2021 raised USD 1.2 billion in debt through a term loan facility (TLB) from a group of overseas investors. A TLB is a type of senior secured syndicated credit facility that is issued by global institutional investors. Typically, the proceeds from a TLB are used to either refinance an existing debt or to make overseas acquisitions in order to enhance a company's offerings. Byju's had acquired Aakash USD 950 million in 2021. In July this year, the steering committee of ad hoc term loan lenders is reported to have agreed to amend the USD 1.2 billion term loan. The development comes after the company formed an advisory council with ex-Infosys CFO Mohandas Pai and Bharatpe Chairman and former SBI chief Rajnish Kumar after the exit of investors G V Ravishankar of Sequoia Capital (now Peak XV Partners), Vivian Wu of Chan Zuckerberg Initiative and Russell Dreisenstock of Prosus. Byjus had acquired Epic in a USD 500 million cash-and-stock deal in May 2022.

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

New Delhi, Unicorn Fintech firm <keyword id="143842" type="General" weightage="20" keywordseo="MobiKwik" source="Orion">MobiKwik</keyword> on Tuesday reported its first ever consolidated profit at Rs 3 crore in the first quarter ended June 30, a senior company official said. MobiKwik Co-Founder and COO Upasana Taku told PTI that MobiKwik has become the first fintech firm to post consolidated profit and expects to maintain the momentum throughout the year. "We have registered an adjusted Earnings before interest, taxes, depreciation, and amortization (EBITDA) of Rs 13.6 crore which is 181 per cent increase on a year-on-year basis. "This is the second consecutive quarter when we have posted positive EBITDA and the first quarter when we have posted consolidated profit after tax of Rs 3 crore. We expect to continue the growth momentum and achieve full-year profitability," Taku said. Taku said that she expects other startups also to turn profitable as it will give a boost to the investment environment in the country and sentiments of investors. She said that MobiKwik has been growing consistently without cash burn and margins have been improving quarter over quarter. "Our revenues grew to Rs 177 crores in the quarter, which is 68 per cent higher compared to corresponding quarter last fiscal and contribution margin rose by 108 per cent to Rs 73.9 crore," Taku said. In the March 2023 quarter, MobiKwik had posted revenue of Rs 160 crore and recorded an adjusted EBITDA of Rs 3 crore. "In FY 2022-23, we achieved all the major goals we set for MobiKwik the previous year. First quarter has been a good start to the fiscal year. Our numbers are positive in all parameters, be it adjusted EBITDA, EBITDA or PBT (profit before tax). We expect to deliver over 80 per cent topline growth for this fiscal year," Taku said. Peak XV backed MobiKwik ended the financial year 2022-23 with Rs 560 crore in revenue and became profitable from the fourth quarter of the financial year 2022-23, and its contribution margin rose to Rs 169.5 crore as compared to Rs 42 crores in FY 2021-22, nearly 304 per cent Y-o-Y growth. She said that the company gets about half of the business from payments services which is mainly payment made from wallet service and the rest of the half from distribution of financial services comprising buy-now-pay-later, consumer loans etc. The company at present has over 14 crore registered user base and around 40 lakh merchant partners.

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Key investors move NCLT against Byju's rights issue, firm says yet to get any petition

IANS

Bira 91 raises $25 mn to expand manufacturing footprint

IANS

Beauty is in the detail: How tailor-made products are taking over the market

Katya Naidu

Byjus proposes sale of overseas units to repay $ 1.2 billion loan

PTI

MobiKwik posts first ever consolidated profit in Jun quarter 2023-24

PTI

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