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<ul><li>One in two employees at the parent entity of <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword> is a female.</li><li><keyword id="4549708" type="General" weightage="20" keywordseo="honasa-consumer" source="Orion">Honasa Consumer</keyword> plans to hire 300 people across product, marketing and other teams till March 2023.</li><li>Female employment plummeted to 9% by 2022 as 21 million disappeared from the workforce.</li></ul>A strong diversity is one of the most important factors for husband-wife duo Varun and <keyword id="4548812" type="General" weightage="20" keywordseo="ghazal-alagh" source="Orion">Ghazal Alagh</keyword>, who built their personal care brand Mamaearth in six years. They achieved this by ensuring there is enough women representation in their workforce. The company claims that one in two employees at Honasa Consumer Private (HCPL) — the parent entity of Mamaearth, Derma Co, Aqualogica and Ayuga — is a female. Women have also taken leadership roles too as 8 out of 10 leaders in marketing innovations are women. Functions like legal and strategy are led by women too, the company emphasized. <keyword id="4549709" type="General" weightage="20" keywordseo="varun-alagh" source="Orion">Varun Alagh</keyword>, the co-founder and CEO of Mamaearth, in a conversation with Business Insider India said that they want women to be a part of their teams as the personal care category is fairly influenced by women. They would also like diverse opinions about their products and business. Honasa Consumer noted that they maintain a balance by ensuring equal representation at the lead generation level and the interview level. If they are interviewing 10 people for a position, they ensure that five of them are women. “It’s just about equal opportunities,” he noted. They plan to hire 300 people across product, marketing and other teams till March 2023. <cmsannotation type="cmsannotation" annotationid="The right representation also applies to Mamaearth’s partners" comment="subhead" text="The right representation also applies to Mamaearth’s partners">The right representation also applies to Mamaearth’s partners</cmsannotation> Honasa Consumer has also been trying to ensure similar representation in the partners it works with. The biggest manufacturing partners of Mamaearth and its sister brands — are women-led businesses, namely Dipti Jaiswal-led Reve Pharma and Vineeta Kapoor-led VA life sciences. Together, they cater to over 500 cities in India. Founded in 2016, Mamaearth’s parent company raised over $110 million to date from marquee investors like Sequoia Capital India, Stellaris Ventures, Sofina and others. The company was valued over a billion dollars earlier this year and is now<a href="https://www.livemint.com/companies/news/mamaearth-eyes-3-billion-valuation-in-2023-ipo-report-11655804337827.html"> reportedly</a> seeking a $3 billion valuation as it intends to go public next year. Varun Alagh told Business Insider India that had rejected manufacturing partners, banks and investment banks for not having women representation during the pitch deck. “Yes, we did use it as a criteria to choose an investment bank and we clearly communicated to them that you did not get selected because there were no women in the room from your side,” the 38-year-old added. He did not disclose the name of the investment bank. “In most households, more than 70% of the purchase decisions for any FMCG category are by women and they are becoming a growing income cohort that will exist in India. If an organization doesn’t have a diverse force in their boardrooms, at their leadership levels or across the organizations, the decisions being taken lack holistic approach, and will not be sustainable in the future,” said Ghazal Alagh, co-founder and chief innovation officer at Honasa Consumer and Mamaearth. Acknowledging that this a privilege that comes with the current position of billion dollar status of Honsa Consumer and Mamaearth, Varun Alagh noted that they were trying to associate themselves with businesses with better representation to some extent even before the unicorn status. “You might not be able to make a very active choice by giving feedback to people but you can still make a choice,” he added. The company has decided to only keep gender as a marker for diversity in their organization as other aspects like sexual preferance or race are too personal and employees may not be comfortable disclosing that. According to the <a href="https://data.worldbank.org/indicator/SL.TLF.CACT.FE.ZS?locations=IN&amp;most_recent_value_desc=false">World Bank</a>, the number of working women in India dropped from 26% to 19% in the last decade. The economists in Mumbai further estimated that female employment plummeted <a href="https://www.bloomberg.com/news/articles/2022-04-24/majority-of-india-s-900-million-workforce-stop-looking-for-jobs">to 9% by 2022</a> as 21 million women disappeared from the workforce. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-players-bullish-on-hiring-say-crash-is-just-a-phase/articleshow/92425464.cms" style="">India’s crypto players bullish on hiring; say crash is just a phase</a> <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms" style="">Slice payments app spies on photos, audio records and call history, says Google</a> <a href="https://www.businessinsider.in/tech/mobile/news/best-smartphones-under-50000-in-india/articleshow/92411091.cms" style="">Best phones under ₹50,000 in India for June 2022</a>

Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder

India’s tech hub sees most layoffs along with sharpest dip in hiring

<ul><li>The latest fund allows <keyword id="3494841" type="PERSON" weightage="20" keywordseo="stellaris">Stellaris</keyword> to make bets in Series A rounds and make follow-on investments in its portfolio companies.</li><li>Stellaris’ partner Rahul Chowdhri, highlighted that the firm would keep a large reserve of the fund for its best performing portfolio companies.</li><li>It has invested in 19 startups to date, which includes Mamaearth, Whatfix, MFine and Slintel.</li></ul>Early-stage investment firm <keyword id="3537918" type="PERSON" weightage="20" keywordseo="Stellaris-Venture-Partners">Stellaris Venture Partners</keyword> has closed its second fund at $225 million to invest in 25-30 startups over the next few years. The firm usually invests in seed to Series A rounds, but the latest fund allows it to invest in larger Series A rounds and make follow-on investments in its portfolio companies. Alok Goyal, partner at Stellaris, in an email interaction with Business Insider said, “We have a thesis-driven approach where we’ve backed companies that are new entrants in new categories. Some of these gamechangers from our first fund include Mamaearth, Whatfix and MFine to name a few. This will continue to be our investment strategy in the second fund.” Rahul Chowdhri, partner at Stellaris, also emphasises that the $225 million fund would keep a large reserve for its best-performing portfolio companies and back them through 3-4 funding rounds. Some of the successful companies in Stellaris Venture Partners’ portfolio include: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uptick </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mamaearth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">COVID-19 brought many new transacting customers to consumer brand Mamaearth. The company is now valued at $730 million. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Whatfix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Whatfix is a SaaS solution that helps organisations provide in-app guidance and performance support for web applications. After the tailwind of 2020, the company is now valued at half a billion. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MFine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MFine provides virtual medical consultation, online prescriptions, lab tests and medicine delivery through a mobile application. The platform claims to have more than 3 lakh transactions a month. </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slintel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slintel builds sales intelligence tools for enterprise. The company claims to have seen 5-fold growth in both revenue as well as customer base in 2020 due to the pandemic. </td></tr></tbody></table> Though the investment firm did not comment on the sectors it will be keeping a close eye on for their upcoming deals, Goyal did share the sectors Stellaris has a positive thesis on. This includes artificial intelligence (AI)-focused software-as-a-service (SaaS), fullstack healthcare, embedded financial services, creator economy to help creators make money from audiences, global consumer businesses from India, and developer and infrastructure software. “India’s venture ecosystem has come of age over the last few years with large exits and a massive increase in the volume and quality of new startups. The larger second fund gives us dry powder to tap into this growing opportunity with an ability to back entrepreneurs with more capital and support them for longer. We keep a large reserve for our best-performing portfolio companies and back them through 3-4 funding rounds,” said Rahul Chowdhri, partner at Stellaris Venture Partners. With this fund, Stellaris Venture Partners now has more than $300 million in assets under management (AUM). Stellaris Venture Partners closed its $50 million maiden fund in 2017 and has invested in 19 startups to date. The firm has already led a <a href="https://economictimes.indiatimes.com/tech/funding/vegan-brand-zouk-gets-1-5-million-from-stellaris-others/articleshow/84609318.cms">$1.5 million </a>round in direct-to-consumer brand Zouk recently, and has four other startups in the pipeline, in 2021, for fund II. The firm was initially planning to raise $160 million for Fund II, but the round was oversubscribed by more than $50 million. The fund has got three exits, till date, from e-sports gaming company Gaming Monk, snack vending machine company Kwik24 and e-commerce platform Shop101, according to data aggregation platform Crunchbase. Though the company has not shared much information about these exits. Commenting about the potential initial public offering (IPO) exits, Goyal told Business Insider, “Last 12 months have shown a very healthy investor appetite for tech IPOs and also the emergence of scaled start-ups that are ready to list. We expect this to only go up in the next 5-10 years. There is no specific number of IPOs we have in mind from our portfolio, though many of them are capable of being there in that timeframe.” SEE ALSO <a href="https://www.businessinsider.in/business/ecommerce/news/swiggy-reports-nearly-three-fold-increase-in-annual-revenue-in-neck-and-neck-race-with-zomato/articleshow/85233393.cms">Swiggy reports nearly three-fold increase in annual revenue, in neck and neck race with Zomato</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-may-dominate-the-foldable-smartphone-market-with-88-share-says-report/articleshow/85091203.cms">Samsung may dominate the foldable smartphone market with 88% share, says report</a>

Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups

New Delhi, Jan 8 () Personal care brand Mamaearth on Wednesday said it has raised Rs 130 crore in funding led by Sequoia India.
 The funding also saw participation from existing investors, Fireside Ventures, Stellaris Venture Partners and Sharp Ventures.
Founded in 2016 by husband-wife duo Varun and Ghazal Alagh, MamaEarth offers skin and hair care, and baby care products. 
The company plans to use the freshly acquired funds over the next three years to continue its growth, building it into a Rs 500 crore brand by acquiring five million new consumers, a statement said. 
The funds will also be used to launch more brands under the Honasa umbrella- all of which will be internet-first and focused on the needs of millennial consumers, it added. 
 Honasa is the parent company of personal care brand Mamaearth.
The company plans to utilise the funds to hire talent as the organization scales rapidly. It also plans to expand into key markets in Southeast Asia.
"Our vision is to create the FMCG conglomerate of the future by building brands that connect strongly with millennials and Gen Z customers using the combined power of digital marketing and e-commerce at large scale," Mamaearth founder and CEO Varun Alagh said in a statement.
Mamaearth, with a Rs 100 crore run-rate, has over 80 products in its portfolio with more than 1.5 million consumers in over 500 cities across India.
"Out of India's over USD 15 billion personal care market, online channels contribute to only 3-5 per cent. With 15-20 per cent of Indian shoppers influenced digitally and expected to double in next 7-8 years, digital first brands have the potential to redefine the architecture of tomorrow's FMCG companies," Sequoia Capital India LLP Principal Ishaan Mittal said. SR RUJ
RUJ

Mamaearth raises Rs 130 cr in funding led by Sequoia India

Ashneer Grover, who was sacked along with his wife Madhuri Jain Grover by fintech platform BharatPe over alleged financial irregularities, has slammed the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) over its latest directive to non-bank prepaid payment instruments to stop loading credit lines onto their products. In a tweet, Grover said that "not allowing loading of pre-paid instruments through credit is aimed at protecting bank's lazy credit card business from Fintech's potent BNPL (buy now pay later) business". "It's a flex move by banks -- rent seeking. But market is market and regulation will eventually come around to what market needs," he added. The RBI, in its latest one-page circular, has disallowed non-bank PPIs from loading credit, and several such startups and firms have already stopped customers' transactions on their prepaid cards to avoid penalty. The banking PPIs include HDFC Flexipay, ICICI PayLater, HDFC Payzapp, SBI YONO and others, along with several UPI-driven platforms like Paytm, PhonePe, Google Pay and Amazon Pay, etc. "The PPI-MD (PPI-master direction) does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions contained in the Payment and Settlement Systems Act, 2007," according to the RBI directive. Grover is reportedly in talks with US-based private equity companies to raise up to $300 million for a new startup. "Today I turn 40. Some will say I've lived a full life and experienced more things than most. Created value for generations. For me it's still unfinished business. Time to disrupt another sector. It's time for the Third Unicorn," he had posted last week. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/rejected-i-banks-manufacturers-for-not-having-enough-women-on-board-says-mamaearth-founder/articleshow/92429742.cms" style="">Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder</a> <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-players-bullish-on-hiring-say-crash-is-just-a-phase/articleshow/92425464.cms" style="">India’s crypto players bullish on hiring; say crash is just a phase</a> <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms" style="">Slice payments app spies on photos, audio records and call history, says Google</a>

Ashneer Grover slams RBI over recent mandate

A startup in West Bengal has come out with a device that produces <keyword id="14279425" type="General" weightage="20" keywordseo="oxygen-from-water" source="Orion">oxygen from water</keyword> just by pressing of a switch, the founders of the technology claimed. 'OM Redox', the device developed by <keyword id="14279423" type="General" weightage="20" keywordseo="Solaire-Initiatives" source="Orion">Solaire Initiatives</keyword> Pvt Ltd, which is incubated in the Webel-BCC&amp;I Tech Incubation Centre here, provides pure oxygen from water, they said. The machine is nothing but a "deep science innovation that generates oxygen which is 3.5 times purer than that one normally gets from a concentrator", the startup venture's cofounders Dr Soumyajit Roy and his wife Dr Pei Liang claimed on Thursday. The device was selected by the Department of Biotechnology for showcasing and launch on its 10th foundation day and at the 1st Bio-Tech Expo 2022. "Pressure swing adsorption method for production of oxygen works with the liquefaction of air, while concentrator operates through concentration of air by a compressor and then passing it through a catalyst. In these two processes, oxygen is generated from the air. Ours is an alternative technology," Roy, the professor of Indian Institute of Science Education and Research, Kolkata. He said their innovation is called pneumatically coupled water oxidation by electrocatalytic reaction (Power) in which the life-saving gas is produced from water. The machine was among the products that were featured in a book released by Union Science and Technology Minister Dr Jitendra Singh commemorating 75 years of Independence. "This technology is patented, and approved by World Health Organization and European Conformity," he claimed, adding that the scientist couple is in discussion with various organisations for licensing the device and manufacturing and marketing of it. "The product is a sleek white pinewood box, weighing 8 kg, which provides oxygen just on pressing a switch and runs with electricity and also with a battery back-up of 3.5 hours," said Pei Liang, a bachelor of medicine from a Huazhong University of Science and Technology in China. The device can be made handy and scaled up, she said at a programme organised jointly by West Bengal Electronics Industry Development Corporation Limited (Webel) and the Bengal Chamber of Commerce and Industry. "We are actively considering the proposal for manufacturing and marketing of the device that produces oxygen. We are positive about the technology and impressed with its simplicity of it. A girl or boy can operate the device. Given the progress that the startup has made, commercialisation of the device is expected in the next three months," West Bengal Electronics Industry Development Corporation Limited (Webel) Managing Director Sunrita Hazra said. The incubation centre, a joint initiative of Webel and Bengal Chamber of Commerce and Industry, incubated around 54 companies in the last few years, including around 18 entities which are going through the process at present. Kalyan Kar the mentor of the unit said. Of the companies which completed the incubation process, 10-12 reached the commercial state, he said, adding that several companies have approached the centre from tier II and III cities of the state and the participation of women entrepreneurs is also significant. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/rejected-i-banks-manufacturers-for-not-having-enough-women-on-board-says-mamaearth-founder/articleshow/92429742.cms">Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder</a> <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-players-bullish-on-hiring-say-crash-is-just-a-phase/articleshow/92425464.cms">India’s crypto players bullish on hiring; say crash is just a phase</a> <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms">Slice payments app spies on photos, audio records and call history, says Google</a>

A Bengal-based startup can now produce oxygen from water

<ul><li>Overall, <keyword id="982553" type="General" weightage="20" keywordseo="indian-startups" source="Orion">Indian startups</keyword> have raised $13.3 billion between January and May 2022.</li><li>Some of these big ticket deals of May 2022 were Zepto’s $200 million round, Ather Energy’s $128 million round.</li><li>India has still managed to create more unicorns between January and May 2022 compared to the year before.</li></ul>In the middle of a heatwave in May is when the funding winter kicked off this year. May is the first month of the year when the total funds raised fell below $2 billion, according to a recent report by data analytics and consulting company GlobalData. “The decline in VC funding in May suggests that investors are increasingly becoming cautious in placing bets and startups are also realizing the impact of funding winter. In fact, May also witnessed announcement of very few big-ticket deals above and equal to $100 million,” said Aurojyoti Bose, lead analyst at GlobalData. Some of these big ticket deals included Zepto’s $200 million round, Ather Energy’s $128 million round and Absolute’s $100 million. In terms of unicorns, only one company — neobanking startup Open — saw its value rise over a billion dollars in May. Overall, Indian startups have raised $13.3 billion between January and May 2022. Indian startups are next only to Chinese counterparts in terms of VC funding value among the Asia-Pacific (APAC) countries during the last five months of 2022. <cmsannotation type="cmsannotation" annotationid="The funding winter could last for one or two years" comment="subhead" text="The funding winter could last for one or two years">The funding winter could last for one or two years</cmsannotation> Fund flow to Indian startups have been <a href="https://www.businessinsider.in/business/startups/news/he-slowdown-in-unicorn-creation-may-be-there-for-the-next-two-months-too/articleshow/91116175.cms">slowing down </a>since April due to the after-effects of the Russia-Ukraine war, impending recession and Fed rate interest hikes. This is expected to go on for another 12-18 months, if not 24 months, as per experts. “Given this environment, capital will be scarce in upcoming quarters,” Vamsi Krishna, chief executive officer and co-founder of Vedantu, <a href="https://www.businessinsider.in/business/startups/news/after-unacademy-vedantu-has-laid-off-600-people/articleshow/91643403.cms">said</a> in a blog post. Vedantu, Meesho, Cars24 and MFine have already started firing their employees and cutting down their workforce in an attempt to increase their runway. Unacademy too have started to rethink their business model to include more revenue streams. <cmsannotation type="cmsannotation" annotationid="Early and growth stage startups will find it tougher to raise funds" comment="subhead" text="Early and growth stage startups will find it tougher to raise funds">Early and growth stage startups will find it tougher to raise funds</cmsannotation> Even though the Indian startup valuations have taken a hit in April, 2022 has created more unicorns in the first five months of 2022 as compared to the entire year before. According to a recent report by market intelligence provider Tracxn, <a href="https://www.businessinsider.in/business/startups/news/india-created-14-unicorns-in-the-first-half-of-2022-before-funding-slowdown-hit-them/articleshow/91955385.cms">14 Indian companies turned unicorns </a>— valued at over a billion dollars — in 2022. Last year, the number was at 13 during the same time frame. But it is also important to note that only one startup entered the unicorn club in April and May. The pace came back however as PhysicsWallah, Purplle and Leadsquared turned unicorns in June. But stakeholders claim that the funds will flow slowly for the near-term. We Founder Circle’s cofounder Gaurav Singhvi <a href="https://www.businessinsider.in/business/startups/news/tough-times-will-make-startups-go-for-hero-teams-slash-ad-budgets-and-focus-on-profits/articleshow/92270583.cms">told </a>Business Insider India that the investors will have limited capital to invest in startups, which will make them even more selective about the companies they want to invest in. The biggest impact of this limited funding would be faced by early and growth stage startups, instead of well-established companies. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/startups/news/rejected-i-banks-manufacturers-for-not-having-enough-women-on-board-says-mamaearth-founder/articleshow/92429742.cms">Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder</a> <a class="tout-title-link" href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-players-bullish-on-hiring-say-crash-is-just-a-phase/articleshow/92425464.cms">India’s crypto players bullish on hiring; say crash is just a phase</a> <a href="https://www.businessinsider.in/tech/apps/news/google-has-termed-slice-as-a-harmful-app-recommending-users-to-uninstall-it/articleshow/92429265.cms">Slice payments app spies on photos, audio records and call history, says Google</a>

May is the first month of 2022 when startups raised less than $2 billion

<ul><li>Gensol Engineering has witnessed growing investor interest as the stock skyrocketed 2600% in the last one year.</li><li>Gensol has said that its electric car will have a range of 100-200 kms with speed of 80 kmph and a three-hour charging time and will be priced at ₹5-6 lakh.</li><li>Presently, Tata Tigor is the only cheap EV car in the market that costs ₹12 lakh followed by Tata Nexon at over ₹14 lakh.</li></ul>Ahmedabad-based renewable energy solutions provider Gensol Engineering is now the talk of town as it has entered the electric vehicle ecosystem with the stated aim of manufacturing an electric car locally and to be sold at ₹6 lakh. Part of the Gensol group of companies, which offers EPC and solar advisory services, Gensol Engineering is engaged in the buying and leasing of EV cars to ride-hailing companies and earning lease rental income. Now, it has announced its intention to get into manufacturing electric three- and four-wheelers. Gensol will start manufacturing three wheeled EVs from October 2022 and will commence compact cars in FY24. The stock has witnessed growing investor interest with the shares skyrocketing over 2,600% in the last one year. To put that in perspective – an investor who invested ₹10,000 in the stock a year back would have made a huge profit of ₹2.77 lakh today. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gensol Engineering </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 1-month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 6-month </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">530% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year to date </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,137% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 1-year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,649% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Gensol Engineering is riding the EV wave. The interest in <keyword id="10024265" type="General" weightage="20" keywordseo="ev-stocks" source="Orion">EV stocks</keyword> among investors is growing and companies connected to the EV ecosystem have been picked up by traders. Olectra Greentech, Tata Power and Motherson Sumi are among EV company stocks that have nearly doubled or more than doubled investors' money in over a year. <div type="image" title="gensol" height="900" width="1200" msid="93740152" hostid="261"></div> Aspiration to build an EV car like WagonR On Monday, Anmol Singh Jaggi, managing director of Gensol told <a href="https://www.moneycontrol.com/news/business/cars/gensol-engineering-dilutes-10-stake-to-raise-rs-140-crore-for-its-ev-manufacturing-project-9067381.html">Moneycontrol </a>that he plans to introduce an electric car for the masses to take on WagonR. Gensol wants to manufacture an EV car in the entry level segment with a far more reasonable cost at less than ₹6 lakh. Presently, Tata Tigor is the only relatively cheap electric car in the market at ₹12 lakh followed by Tata Nexon at over ₹14 lakh. “Hatchbacks form 46% of the cars sold in India and the total market size of EV hatchbacks is $9 billion.The Indian EV car segment is set to grow at 105% till 2030 reaching 2 million annual sales volume. We propose to invest in this US-based EV startup with a very positive outlook to serve India's need for affordable and efficient EVs. With the rising fuel prices, our vision is to provide a solution that reduces fuel costs by 5x,” said Jaggi in a press release on July 7. In July, Gensol Engineering picked up a majority stake in a US-based electric vehicle manufacturing startup to accelerate its plan of delivering a domestically manufactured EV in India. With this deal, Gensol foresees an increment in revenue by ₹500 - ₹600 crore for FY24. The company plans to set up a manufacturing plant at the Chakan Industrial zone in Pune, Maharashtra that is expected to make electric cars from next year. The plant will have a capacity of 12,000 cars per year in the first phase. It is hiring a team of more than 150 automobile engineers and designers for the plant. Gensol Engineering has a market capitalisation of ₹1,474 crore. Analysts at global firm brokerage JP Morgan also came out with a report earlier in August after a visit to the company’s Pune plant. “The company is positioning itself as the only EV player offering personal mobility EVs at a highly competitive price range of ₹500-600K (v. existing EVs at c.₹1.5 million). Gensol also plans to launch a new facility for the manufacturing of compact cars (expected to commence in FY24) with an expected capacity of 50K cars per annum,” the report said. Gensol has said that its electric car will have a range of 100-200 kms with speed of 80 kmph and a three-hour charging time and will be priced at ₹5-6 lakh. The company plans to get into manufacturing of three electric vehicle variants including personal mobility (Brand X-PV), ride hailing (Brand X-Fleet) and cargo vehicles for last mile delivery (Brand X-Cargo). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/with-bespoke-perfumes-games-and-more-retailers-are-bringing-people-back-to-stores/articleshow/93733883.cms">With bespoke perfumes, games and more, retailers are bringing people back to stores</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/mamaearth-encube-ethicals-and-19-others-make-it-to-huruns-best-pe-backed-firms-list/articleshow/93734917.cms">MamaEarth, Encube Ethicals and 19 others make it to Hurun’s best PE-backed firms’ list</a>

This EV maker that wants to compete with Tatas, is a multibagger with 26x returns

<ul><li><keyword id="7716660" type="General" weightage="20" keywordseo="pristyn-care" source="Orion">Pristyn Care</keyword> has raised $96 million in funding at a valuation of $1.4 billion.</li><li>Pristyn Care’s Series E round was led by Sequoia Capital, Tiger Global and others.</li><li>It plans to increase its geographical footprint by expanding to over cities, and set up 1000+ surgical centres.</li></ul>Gurugram-based healthcare startup Pristyn Care, which offers affordable advanced surgical care, has raised $96 million in external funding at a valuation of $1.4 billion. It is the second Indian healthtech company to enter the unicorn club, after Innovaccer that was <a href="https://www.businessinsider.in/business/startups/news/india-saw-the-birth-of-two-new-unicorns-this-week-both-their-valuations-have-swelled-multiple-times-in-just-a-few-months/articleshow/81221476.cms">valued at $1.3 billion</a> in February 2021. A unicorn, in startup parlance, is a company valued at or over a billion dollars. Business Insider last week reported that Pristyn Care had become the <a href="https://www.businessinsider.in/business/startups/news/surgical-care-startup-pristyn-care-is-the-42-startup-to-be-valued-over-1-billion/articleshow/88157965.cms">42nd Indian unicorn</a>. Pristyn Care’s Series E round was led by Sequoia Capital, Tiger Global, Winter Capital, Epiq Capital, Hummingbird Ventures and Trifecta Capital. CRED’s Kunal Shah, Zomato’s Deepinder Goual, Urban Company’s Abhiraj Singh Bhal and Mamaearth’s Varun Alagh also participated in the round. It will use the capital to enhance its offerings by adopting the latest surgical technologies, expanding into new disease categories, strengthening and modernizing partner-hospital infrastructure, training its surgeons and further developing its product and technology. “We will continue to invest in newer, world-class surgical technology to ensure faster patient recovery, shorter hospital stay and the smoothest surgery experience possible for patients and their families,” Harsimarbir Singh, cofounder of Pristyn Care, added. The Gurugram-based company also plans to increase its geographical footprint by expanding to over 50 cities, and set up 1000+ surgical centres. A part of the funding will also be used to double its team size and hire for technology roles. The company has doubled its valuation since April 2021, when it raised <a href="https://www.businessinsider.in/business/startups/news/tiger-global-invests-in-healthcare-startup-pristyn-care-valuation-more-than-doubles-in-six-months/articleshow/82158467.cms">$53 million in Series D round</a>. Pristyn Care was founded in 2018 by Harsimarbir Singh, Vaibhav Kapoor and Garima Sawhney. The company has partnered with 150 clinics and 700 hospitals across 40 cities to provide surgeries and treatment for proctology, urology, ENT, vascular, gynaecology and more. The Gurugram-based company had reported a revenue of ₹25.78 crore in fiscal year 2020, with losses touching ₹33 crore. It has reported a profit of ₹2 lakh in FY2019 and revenue of ₹3.43 crore. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/state-bank-of-india-to-sell-stake-in-sbi-mutual-fund-ipo/articleshow/88292698.cms" data-type="tilCustomLink">SBI Mutual Fund to come up with an IPO; SBI to sell 6% out of 63% stake via the public issue</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-1rs-data-plan-recharge-benefits-cheapest-4g-data-plan/articleshow/88292543.cms" data-type="tilCustomLink">At ₹1, Reliance Jio’s latest data pack is the cheapest in the world – costs less than a packet of water</a> <a href="https://www.businessinsider.in/science/health/news/google-says-workers-that-those-who-do-not-comply-with-vaccination-policy-will-eventually-lose-their-jobs-cnbc/articleshow/88291338.cms" data-type="tilCustomLink">Google says workers that those who do not comply with vaccination policy will eventually lose their jobs: CNBC</a>

Surgical care startup Pristyn Care raises $96 million from Tiger Global, Sequoia

<ul><li><keyword id="4372171" type="COMPANY" weightage="20" keywordseo="Eruditus">Eruditus</keyword> has raised $650 million in a funding round led by investment firms Accel and SoftBank.</li><li>It is the third highest valued edtech startup in India, after Byju’s and Unacademy.</li><li>Earlier this week, Ronnie Screwvala’s upGrad entered the <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> club after raising $185 million.</li></ul>Mumbai-based Eruditus has raised $650 million in a funding round led by investment firms Accel and SoftBank. This round has valued Eruditus at $3.2 billion, making it the third highest valued edtech startup in India. The Canada Pension Plan Investment Board also<a href="https://techcrunch.com/2021/08/11/india-eruditus-valued-at-3-2-billion-in-650-million-fundraise/"> participated </a>in the new round. Prior to this, the company had raised <a href="https://markets.businessinsider.com/news/stocks/eruditus-closes-113m-series-d-co-led-by-leeds-illuminate-and-prosus-ventures-1029549472">$113 million</a> in Series D round led by Leeds Illuminate and Prosus Ventures. The Chan Zuckerberg Initiative (CZI), a non-profit organisation headed by Facebook co-founder Mark Zuckerberg and his wife Priscilla Chan, has also participated in the round that valued Eruditus at $700 million. Founded in 2010 by Chaitanya Kalipatnapu and Ashwin Damera, Eruditus works with universities globally to offer six to eight months-long executive-level courses to students present across 80 countries. These courses cost anything between $5,000 to $40,000, and are available for on-campus, off-campus and online modes. Some of the universities it has tied up with include Columbia, Harvard Business School, INSEAD, Tuck at Dartmouth, Wharton, UC Berkeley and London Business School. This is SoftBank’s second major bet in India’s edtech sector. The Japanese conglomerate has also invested in Bengaluru-based Unacademy, which is the second highest valued edtech startup after Byju’s. Unacademy raised $440 million, earlier this month, in a funding round led by Singapore’s Temasek Holdings. The Gaurav Munjal-led startup is currently valued at $3.4 billion, and counts General Atlantic and Tiger Global as investors. Apart from that, Ronnie Screwvala-led higher education platform upGrad entered the unicorn club earlier this week, after raising <a href="https://www.businessinsider.in/business/news/ronnie-screwvalas-upgrad-is-indias-newest-entry-into-the-unicorn-club-as-it-closes-a-185-million-funding-round/articleshow/85175717.cms">$185 million</a> from Temasek, IFC (International Finance Corporation, a sister organisation of the World Bank) and IIFL. The company is now valued at $1.2 billion. A unicorn is a startup valued at or above $1 billion. Out of all the edtech startups in India, Byju’s is the only decacorn (valued at above $10 billion) with a valuation of $16.5 billion. It is also the highest valued edtech startup in the world and the most valued startup in India. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/dailyhunt-josh-parent-verse-innovation-raises-over-450-million-doubles-valuation/articleshow/85262790.cms" data-type="tilCustomLink">Dailyhunt, Josh parent VerSe Innovation raises over $450 million, doubles valuation</a> <a href="https://www.businessinsider.in/business/startups/news/stellaris-venture-partners-closes-fund-2-to-make-bets-in-existing-portfolio-new-startups/articleshow/85261404.cms" data-type="tilCustomLink">Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups</a> <a href="https://www.businessinsider.in/careers/news/lenskart-aims-to-hire-over-2000-employees-to-ramp-up-its-operations/articleshow/85235059.cms">Lenskart aims to hire over 2000 employees to ramp up its operations</a>

You Searched For "mamaearth hiring" and got 10 results

Rejected i-banks, manufacturers for not having enough women on board says Mamaearth founder

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India’s tech hub sees most layoffs along with sharpest dip in hiring

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Mamaearth and MFine-backer Stellaris Venture Partners closes second fund to make bigger bets in existing portfolio and up to 30 new startups

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Mamaearth raises Rs 130 cr in funding led by Sequoia India

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Ashneer Grover slams RBI over recent mandate

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A Bengal-based startup can now produce oxygen from water

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May is the first month of 2022 when startups raised less than $2 billion

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This EV maker that wants to compete with Tatas, is a multibagger with 26x returns

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Surgical care startup Pristyn Care raises $96 million from Tiger Global, Sequoia

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Eruditus is India’s fourth edtech unicorn, valued at $3.2 billion

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