<ul><li>The micro-mortgage lender has raised the funding in Series D funding.</li><li><keyword id="4657434" type="General" weightage="50" keywordseo="nuveen" source="Orion">Nuveen</keyword> leads a $30M funding round for <keyword id="6213764" type="General" weightage="100" keywordseo="aviom" source="Orion">Aviom</keyword> <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> Housing Finance.</li><li>Aviom India Housing Finance to expand market reach with $30M funding.</li></ul>Aviom India Housing Finance, a micro-mortgage lender focused on serving low-income households in rural and semi-urban areas, has secured a significant investment of USD 30 million in a Series-D equity funding round. The round was led by Nuveen, a prominent global investment management firm, with participation from existing investor C4D Partners, who announced a partial exit in this round. Aviom had previously received investment from C4D Partners in its Series B funding round, and has also raised funds from Japan's Gojo &amp; Company and India-based Sabre Partners. The fresh infusion of capital is expected to enable Aviom to expand its market reach and enhance its operational capabilities. The company offers construction, improvement, sanitation, and renovation loans to low-income households, aiming to provide them with affordable housing solutions. <keyword id="7998716" type="General" weightage="50" keywordseo="kajal-ilmi" source="Orion">Kajal Ilmi</keyword>, Founder, Managing Director, and CEO of Aviom India Housing Finance, expressed excitement about the partnership with Nuveen, stating that the funds from this investment round will support their efforts to amplify Aviom's market reach. Ilmi also highlighted the partial exit of C4D Partners, emphasizing their history of working closely with their portfolio companies and providing support beyond capital investment. <keyword id="104624" type="General" weightage="50" keywordseo="arvind-agarwal" source="Orion">Arvind Agarwal</keyword>, Founder and CEO of C4D Partners, praised Aviom's growth trajectory and its disruption of the micro-mortgage space in India. He reiterated the firm's commitment to supporting innovative startups that have the potential to create a positive impact in society and the ecosystem. C4D Partners, having recently launched their India-dedicated Fund-2, achieved a successful secondary exit with excellent returns from their investment in Aviom. Since C4D Partners' initial investment, Aviom's Gross Loan Portfolio has grown sevenfold. The company has expanded its employee count from 323 to 2,211 and established a network of 118 branches across 12 states in India. C4D Partners' partial exit in Aviom's Series-D funding round underscores their investment strategy and unwavering commitment to identifying and nurturing companies that prioritize both social impact and financial returns. As Aviom continues on its growth journey, C4D Partners remains a valued partner, having played a significant role in Aviom's success story. The company's performance, even in challenging market conditions, has generated strong returns for its investors. With the backing of Nuveen and other prominent investors, Aviom is poised to further revolutionize the micro-mortgage sector in India and make a lasting difference in the lives of low-income households.

Aviom India Housing Finance secures $30 million in funding

FSN E-Commerce Ventures, which operates under the <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> brand name, on Tuesday said its chief financial officer Arvind Agarwal has resigned from the company. Agarwal joined Nykaa from Amazon in July 2020 and is among key managerial personnel (KMP) who handled the initial public offer of the firm. "Arvind Agarwal, Chief Financial Officer of FSN E-Commerce Ventures Limited will be leaving the Company, effective close of business hours on November 25, 2022, to pursue other opportunities in the digital economy &amp; start-up space," Nykaa said in a regulatory filing. "Arvind deserves kudos for the critical role he has played in Nykaa's emergence as a listed and profitable start-up. While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck," FSN E-Commerce Ventures Founder and Chairperson <keyword id="6379793" type="General" weightage="20" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword> said. The company is in the process of appointing a new CFO, the filing added. "It has been great to be a part of the incredible Nykaa journey thus far. All my learning and experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy and start-up space. I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa Family," Agarwal said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/fpis-pour-11452-crore-in-financial-services-in-the-first-half-of-november/articleshow/95681904.cms">FPIs pour ₹11,452 crore in financial services in the first half of November</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/these-stocks-are-hot-favourites-of-fpis-even-as-they-sell-index-heavyweights/articleshow/95580529.cms">These stocks are hot favourites of FPIs even as they sell index heavyweights</a>

Nykaa chief financial officer Arvind Agarwal quits

<ul><li>The Union Labour Ministry has summoned <keyword id="6354743" type="General" weightage="50" keywordseo="amazon-india" source="Orion">Amazon India</keyword> to appear before the Deputy Chief Labour Commissioner in <keyword id="6354321" type="General" weightage="50" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> on Wednesday.</li><li>The development comes after a complaint filed by the employee union Nascent Information Technology Employees Senate (NITES) in which it has alleged <keyword id="18635" type="General" weightage="100" keywordseo="amazon" source="Orion">Amazon</keyword> of violating labour laws.</li><li>In a letter to Union Labor Minister <keyword id="1850634" type="General" weightage="50" keywordseo="bhupender-yadav" source="Orion">Bhupender Yadav</keyword>, NITES claimed that Amazon staffers were removed forcefully from the company.</li></ul>Bengaluru, The Union Labour Ministry has summoned Amazon India to appear before the Deputy Chief Labour Commissioner in Bengaluru on Wednesday in connection with the alleged forced terminations by the company. "You (Amazon) are therefore requested to attend this office with all relevant records in the matter either personally or through an authoriSed representative on the aforesaid date and time without fail," the Ministry's notice issued on Tuesday read. The development comes after a complaint filed by the employee union Nascent Information Technology Employees Senate (NITES) in which it has alleged Amazon of violating labour laws. In a letter to Union Labor Minister Bhupender Yadav, NITES claimed that Amazon staffers were removed forcefully from the company. Pressing for inquiry, the union maintained that a Voluntary Separation Programme has been sent to employees giving a deadline of November 30 to complete the process. NITES claimed that as a result of this the livelihood of many are at stake. Underlying the Industries Disputes Act, it argued that without permission from the government, an employer cannot be laid off. NITES President Harpreet Saluja told the media that the union looked forward for justice for the employees. He also added that unethical Voluntary Separation Policy mooted by the Amazon would be scrapped by the government and the action by the authorities has provided a sigh of relief for the employees. According to sources, Amazon is all set to lay off up to 10,000 people as of now and the terminations till continue till 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/vedanta-announces-third-dividend-of-rs-17-50-per-share/articleshow/95690324.cms">Vedanta announces third dividend of Rs 17.50 per share</a> <a href="https://www.businessinsider.in/business/corporates/news/nykaa-chief-financial-officer-arvind-agarwal-quits/articleshow/95689392.cms">Nykaa chief financial officer Arvind Agarwal quits</a>

Union Labour Ministry summons Amazon India over layoffs

<ul><li>An Indian fintech payment services startup <keyword id="15587811" type="General" weightage="80" keywordseo="billbox" source="Orion">Billbox</keyword> is developing wearable payment accessories called <keyword id="15587810" type="General" weightage="80" keywordseo="taptap" source="Orion">TapTap</keyword>. </li><li>The 16-year-old Mumbai-based startup Billbox has launched the product in association with NSDL Payments Bank and <keyword id="6359421" type="General" weightage="100" keywordseo="visa" source="Orion">Visa</keyword>. </li><li>It has been launched with silicon band, silicon strap and silicon loop which will be available in white, black and blue colours. </li></ul>The days when you had to use your card for payments may soon be a thing of the past. An Indian fintech payment services startup, Billbox, is developing wearable payment accessories through a disruptive product TapTap, which will help in making payments faster than cards. “The newly launched product will be highly beneficial to a segment of the population who are looking for quick contactless payment methods that go beyond plastic money, QR codes and cards,” said Ashutosh Singh, president &amp; CBO, NSDL Payments Bank. The 16-year-old Mumbai-based startup Billbox has launched the product in association with NSDL Payments Bank and Visa. “TapTap is a program manager and fintech pioneer in prepaid and gift card programs. Our B2B and B2C solutions through partnerships with major brands, fashion designers, and enterprise customers will get us the cutting-edge technology of accessorising payments through wearable contactless payment products. It also allows quick turnaround to launch customised co-branded prepaid card programs,” <keyword id="15587812" type="General" weightage="50" keywordseo="viraj-majmudar" source="Orion">Viraj Majmudar</keyword>, managing director and CEO, TapTap said. It has been launched with silicon band, silicon strap and silicon loop and will be available in white, black and blue colours. The company also claims that the product is non-allergic, non-skin irritant and washable, as it is made out of silicon. The products under development that are aimed at men include rings, access cards, airpod covers, watch straps, watches, cuff links, ties, gloves, jackets and spectacles. Products for women would include rings, mobile covers, key fobs, bag tags, stickers, watches, watch straps, bracelets made out of silicon, leather, artificial jewellery, gold and silver jewellery. As per <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> norms in India, a user can tap for an amount up to ₹5000 without OTP (one time password) or PIN but any amount above that would require second-factor authentication of OTP. The user can transact up to ₹2,00,000 in a month with full Aadhar KYC. “Partnering with fintech like BillBox, we continue to provide Visa cardholders the convenience of tapping to pay for their everyday purchases, now through wearable devices,” said <keyword id="14024743" type="General" weightage="50" keywordseo="ramakrishnan-gopalan" source="Orion">Ramakrishnan Gopalan</keyword>, head – products, India and <keyword id="52011" type="General" weightage="50" keywordseo="south-asia" source="Orion">South Asia</keyword>, Visa. But there is a catch. TapTap wearable contactless payments is only available for Visa Platinum prepaid card users and will cost ₹1499 per wearable. It will be for use in metro cities of India. Furthermore, the company says that one doesn’t need a phone or scanner to use the product, and it requires no charging either. “This offering is in line with NSDL Payments Bank’s philosophy to offer innovative and secure digital financial solutions to Indian consumers in a cost-effective manner,” Singh added. Billbox also offers reloadable prepaid cards and the same can be loaded via instructions to the bank, the company said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/nykaa-chief-financial-officer-arvind-agarwal-quits/articleshow/95689392.cms">Nykaa chief financial officer Arvind Agarwal quits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/living-sustainably-can-start-at-home-here-are-10-tips-to-get-you-started/slidelist/95679808.cms">Living sustainably: Here are 10 tips to get you started</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indias-benchmark-indices-snap-3-day-losing-streak-easy-trip-planners-extends-gains-paytm-tanks-11/articleshow/95688559.cms">India’s benchmark indices snap 3-day losing streak – Easy Trip Planners extends gains, Paytm tanks 11%</a>

Wear it, tap it and get going: Visa Platinum prepaid card users will soon be able to make their payments with wearables like band, rings, jackets, watch straps

Mining giant <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword> on Monday announced the third interim dividend of Rs 17.50 per equity share for the current financial year, amounting to Rs 6,505 crore. The mining giant's gross debt stood at Rs 58,597 crore as on September 30. "The board of directors of the company through a resolution passed by circulation on Tuesday, November 22, 2022, have approved a third interim dividend of Rs 17.50 per equity share i.e. 1750 per cent on the face value of Rs 1 per share for the financial Year 2022-23 amounting to Rs 6,505 crore," Vedanta said in a filing to <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. The record date for the purpose of payment of the dividend is November 30, the company said, adding the interim dividend will be paid within stipulated timelines as prescribed under law. Vedanta had earlier approved the first interim dividend of Rs 31.5 and a second interim dividend of Rs 19.50 per equity share. Moody's Investors Service had earlier said a large dividend from its cash-rich India operating arm has boosted billionaire Anil Agarwal-led <keyword id="2040264" type="General" weightage="50" keywordseo="vedanta-resources-ltd" source="Orion">Vedanta Resources Ltd</keyword>'s efforts to refinance debt. On April 28, Vedanta Ltd announced that its board of directors approved an interim dividend of Rs 11,710 crore (USD 1.56 billion), of which USD 1.02 billion will be received by its holding company <keyword id="7642420" type="General" weightage="50" keywordseo="vedanta-resources-limited" source="Orion">Vedanta Resources Limited</keyword> (<keyword id="1432951" type="General" weightage="50" keywordseo="vrl" source="Orion">VRL</keyword>). VRL owns 69.7 per cent of Vedanta Ltd. Vedanta Ltd, an arm of Vedanta Resources Ltd, is one of the world's leading oil and gas and metals companies with operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/bira-91-raises-70-mn-from-japanese-beer-company-kirin-holdings/articleshow/95676764.cms">Bira 91 raises $70 mn from Japanese beer company Kirin Holdings</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/nykaa-chief-financial-officer-arvind-agarwal-quits/articleshow/95689392.cms">Nykaa chief financial officer Arvind Agarwal quits</a>

Vedanta announces third dividend of Rs 17.50 per share

<ul><li>On Monday, Gunjan Patidar, Zomato’s co-founder and chief technology officer tendered his resignation.</li><li><keyword id="7349800" type="General" weightage="20" keywordseo="bharatpe" source="Orion">BharatPe</keyword>’s CEO Suhail Sameer has quit the top job to become its strategic advisor.</li><li>There has been a lot of churn in new-age companies like Nykaa, and also big techs like Meta India, WhatsApp Pay, Amazon India and more.</li></ul>New age companies in India have been hit by a flurry of exits by top executives, leaving them scurrying for replacements. This comes at a time when startups have been battling funding winter and elevated inflation, in a rising interest rate regime. BharatPe, a fintech is amongst those with multiple high profile exits, including its co-founder and former managing director Ashneer Grover, along with his wife Madhuri Jain Grover – who not only had to leave the company, but were also sued by BharatPe in December 2022 for ₹88.6 crore. The company alleged that both husband and wife engaged in misappropriation of funds including creating fake bills, enlisting fictitious vendors and so on. Adding to BharatPe’s woes is the <a href="https://www.businessinsider.in/business/startups/news/bharatpe-ceo-suhail-sameer-to-step-down-five-months-after-taking-over/articleshow/96703750.cms">departure</a> of its CEO Suhail Sameer on January 3. Sameer took over as the company’s CEO in August 2021, a year after being appointed as the company’s president. He will now serve as a strategic advisor starting January 7, 2023. Before Sameer, BharatPe witnessed the departure of four other high level executives last November. This includes Nehul Malhotra, head of PostPe which is BharatPe’s ‘Buy Now Pay Later’ arm. The others were the CTO Vijay Aggarwal; Rajat Jain, the chief product officer; and Geetanshu Singla, VP of technology. They moved on to pursue their own entrepreneurial passions, the company had then said in a statement. Zomato rocked by multiple top level exits, too Sameer’s resignation comes hours after Gunjan Patidar, Zomato’s co-founder and chief technology officer, tendered his resignation. Patidar was one of the first few employees of Zomato who built the core tech systems of the company. “Over the last ten plus years, he (Patidar) also nurtured a stellar tech leadership team that is capable of taking on the mantle of leading the tech function going forward. His contribution to building Zomato has been invaluable,” said the company. Patidar’s exit is the third high-level exit at the food delivery giant in two months. In November last year, another one of Zomato’s co-founders Mohit Gupta tendered his resignation. Its head of new initiatives Rahul Ganjoo; and Siddharth Jhawar, vice-president of global growth also quit in the same month. The list goes on as in September 2022, Zomato’s deputy CFO Nitin Savara also tendered his resignation. The company has been bleeding money and it reported a consolidated loss of ₹251 crore in Q2 FY23. New age companies’ top heads move in and out of big tech companies There is a lot of churn among top executives of new-age tech companies as well as big techs. Online beauty retailer Nykaa’s CFO Arvind Agarwal, who had been with the company through its IPO, quit and joined fintech major PayU as its India CFO, this November. On the other hand, new-age companies have also been able to attract executives from major companies into their fold as well. Case in point is Sugar Cosmetics who brought in Amit Aggarwal, Marico’s head of finance of its India business, as its CFO. Adding to it, Amazon India’s director of grocery, food and health Sameer Khetarpal resigned and moved to Jubilant FoodWorks as CEO, a franchisee that runs Domino’s Pizza, Dunkin Donuts outlets in India. Meta India country head Ajit Mohan tendered his resignation in November 2022, to join rival Snap as the President of Asia Pacific. Following this, WhatsApp India’s head Abhijit Bose and Meta India’s public policy head Rajiv Aggarwal also resigned. The latter joined Samsung India. WhatsApp Pay’s director and head Manesh Mahatme also left his position in September to join Amazon India as director, product and engineering. Last but not the least, another shocking exit was of Parag Agarwal, former CEO of Twitter who was fired by Elon Musk in October, a year after he was appointed for the position. Soon after his ouster, Agrawal changed his LinkedIn bio to “Not the CEO you are looking for”. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/radiant-cash-management-shares-debut-at-a-10-premium-after-company-reduces-ipo-size/articleshow/96727374.cms">Radiant Cash Management shares debut at a 10% premium after company reduces IPO size</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/shark-tank-indias-season-2s-sharks-meet-the-serial-investors-cas-and-iit-and-iim-alumni/articleshow/96714262.cms">Shark Tank India’s Season 2’s sharks: Meet the serial investors, CAs, and IIT and IIM alumni</a>

Zomato, BharatPe, Nykaa and more: the revolving door for top execs at new age companies

<ul><li>Indian benchmark indices opened higher on Wednesday amid positive global cues.</li><li>While <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> opened 0.59% up at 61,779, the 50-stock <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> opened 0.44% up at 18,325.</li><li>Nykaa, Inox Green, Adani Enterprises, Vodafone Idea and others are amongst the stocks in focus on Wednesday.</li></ul>Indian benchmark indices opened higher on Wednesday amid positive global cues as well as SGX Nifty, an early indicator of how the Indian markets may perform. SGX Nifty was up 0.31% on Wednesday early morning. While the 30-stock Sensex opened 360 points higher at 61,779, the 50-stock Nifty50 opened 81 points up at 18,325. On Tuesday, the Sensex <a href="https://www.businessinsider.in/stock-market/news/indias-benchmark-indices-snap-3-day-losing-streak-easy-trip-planners-extends-gains-paytm-tanks-11/articleshow/95688559.cms">closed</a> 274 points higher at 61,419 while the Nifty50 ended the day 84 points up at 18,244. In the last five days, Sensex and Nifty50 have fallen 0.6%. “Indian markets could open mildly higher, in line with mostly higher Asian markets today and positive US markets on Tuesday,” said Deepak Jasani, head of retail research at HDFC Securities. Asian markets were trading higher despite economic challenges in China because of rising COVID-19 cases. Japan’s Nikkei 225 was up 0.61%, Hong Kong’s Hang Seng was up 0.23%, Taiwan TSEC 50 Index traded 0.58% higher and China’s Shanghai SE Composite Index was up 0.11%. Brent crude oil prices were flat on Wednesday morning, hovering around $87.6 per barrel after reports that China has paused some crude oil purchases from Russia ahead of the US-led price cap. Indian rupee opened on a weak note at 81.80 per US dollar, as against its Tuesday close of 81.67. US markets close on a positive note US markets closed on a positive note on Tuesday on indications that the US Fed is open to slowing down the pace of interest rate hikes if needed. While the Dow Jones Industrial Average (DJIA) gained 1.18% to close at 34,098, the S&amp;P 500 recorded its best closing in over two months with gains of 1.36%, ending the day at 4,004. The tech-heavy Nasdaq also gained 1.36%, closing at 11,174. Stocks to watch today Nykaa: FSN E-Commerce Ventures, which operates under the Nykaa brand said on Tuesday that its chief financial officer Arvind Agarwal has resigned from the company. Inox Green Energy: Shares of the company will be listed on the stock exchanges today. The issue price was set at ₹65 per share, with an issue size of ₹740 crore. It received a 1.55x subscription. Adani Enterprises: Its board will meet on November 25 to consider a fundraising proposal via a further public offering, preferential allotment via a qualified institutional placement (QIP), or other modes. Vedanta: Billionaire Anil Agarwal led mining company Vedanta Group on Tuesday announced a third interim dividend of ₹17.50 per share for FY23. The dividend will amount to ₹6,505 crore. Vodafone Idea: Lost 4 million subscribers in September 2022, while its rivals Reliance Jio and Bharti Airtel added 0.7 million and 0.4 million subscribers, respectively. Bharti Airtel: Its data centre subsidiary Nxtra will invest ₹600 crore to set up a new hyper-scale data centre in Kolkata. Tech Mahindra: State-run insurer Life Insurance Corporation of India increased its stake in Tech Mahindra by 2.01%, increasing its shareholding from 4.86% to 6.87%. Stocks removed from F&amp;O ban Punjab National Bank, Indiabulls Housing Finance, Escorts, Sun TV Network, and Gujarat Narmada Valley Fertilizers have been removed from the list of stocks banned in the F&amp;O segment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/fpis-pour-11452-crore-in-financial-services-in-the-first-half-of-november/articleshow/95681904.cms">FPIs pour ₹11,452 crore in financial services in the first half of November</a> <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/finance/news/visa-platinum-prepaid-card-users-will-soon-be-able-to-make-their-payments-with-wearables-like-band-rings-jackets-watch-straps/articleshow/95690253.cms">Wear it, tap it and get going: Visa Platinum prepaid card users will soon be able to make their payments with wearables like band, rings, jackets, watch straps</a>

Sensex, Nifty50 open higher amid positive global cues: Nykaa, Inox Green, Adani Enterprises among stocks in focus

<ul><li><keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> will launch its three-day-long IPO this Thursday, at a price band of ₹1,085 - ₹1,125 per share.</li><li>The company intends to spend ₹42 crore from the proceeds to set up retail stores, which contributes about 5% to Nykaa’s beauty business.</li><li>Nykaa ecommerce seems to be the driving force behind its growth, as its revenue operating revenue increased by ₹670 crore when footfall in retail stores declined.</li></ul>Nykaa’s initial public offering (IPO) is one of the most sought after events in the Indian startup ecosystem this year, after the blockbuster public listing of Zomato. The fashion and beauty ecommerce platform will launch its three-day-long IPO this Thursday (October 28), at a price band of ₹1,085-₹1,125 per share. The company <a href="https://www.businessinsider.in/business/news/nykaa-may-launch-its-ipo-next-week-to-raise-a-little-over-5000-crore/articleshow/87198148.cms">reportedly plans to raise </a>₹5,200 crore with this public issue. The nine-year-old startup — launched by Falguni Nayar in 2012 — has elaborate plans on how to use these proceeds. But the most intriguing of all is Nykaa’s aim to expand its offline retail stores, even though they are not a major part of its business. Anchit Nayar, chief executive officer (CEO) of Nykaa’s beauty ecommerce business, highlighted that retail stores currently contribute around 5% gross merchandise value (GMV) of Nykaa’s beauty business. Pre-COVID the number had spiked up to 7-10%. The company currently has 80 stores across 40 cities. “So even though the large majority of our business comes from our online app, we have a very large network of physical stores as well... Also it [retail stores] has allowed us to gain a reputation and also a large [set of] customers interact with the brand Nykaa in a physical way, Nayar said, adding that the omnichannel approach is an important one for them especially in the beauty space. According to Nykaa’s <a href="https://investmentbank.kotak.com/downloads/fsn-e%E2%80%93commerce-ventures-limited-RHP.pdf">red herring prospectus </a>(RHP), the company intends to spend ₹42 crore of the money raised from public issues in setting up retail stores. Overall, the company will spend ₹54 crore for this expense. Nykaa seems to be doing pretty well without retail store intervention Nykaa’s operating revenue grew by ₹670 crore in the financial year 2021, even though the footfall in its retail stores declined by 55-60% in the same time frame. This indicates that Nykaa’s ecommerce platform witnessed a tailwind in the last fiscal year. <div type="image" title="Nykaa plans to go ‘aggressive’ with its retail store network, a vertical that contributes less than 10% to its revenue" msid="87274120" hostid="261"></div> The more interesting aspect here is that the first quarter of FY2021 seems to have very little to do with Nykaa’s financial performance, as the Indian economy was undergoing a nationwide lockdown and only essential deliveries were allowed. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Quarter </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;">Revenue from operations </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;">April-June 2020* </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;">₹288 crore </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;">April-June 2021 </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;">₹817 crore </td></tr></tbody><tbody></tbody></table>Source: DRHP *India was under a lockdown between April-June 2020, delivery of only essentials were allowed. After accessing Nykaa’s financial performance in the April to June quarter of 2021, the company decided to have a “more aggressive expansion on physical store as well as warehousing capacity,” Arvind Agarwal, group chief financial officer (CFO) of the beauty and ecommerce business said. The company will spend another ₹42 crore from its proceeds in setting up warehouses, which act as fulfilment centres for Nykaa’s ecommerce businesses. For the beauty business specifically, Nykaa keeps the inventory of brands in these warehouses and gets them delivered to the customer directly. In total, Nykaa has planned an investment of ₹92 crore for this expense. Besides this, Nykaa<a href="https://www.businessinsider.in/business/startups/news/nykaa-gets-sebis-approval-for-4000-crore-ipo/articleshow/87019734.cms"> will use the proceeds </a>to acquire more customers, launch new verticals, acquire more brands and also expand into international markets. The company intends to launch its operations in the <a href="https://www.businessinsider.in/business/news/soon-to-be-listed-nykaa-plans-to-expand-to-middle-east-and-the-uk/articleshow/87257541.cms">Middle East and United Kingdom</a>, then move to the European market. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/tech-mahindra-irctc-tata-power-are-bucking-the-trend-in-volatile-market/slidelist/87271983.cms" data-type="tilCustomLink">Tech Mahindra flies on strong revenue, Tata Power excites investors with EV push and IRCTC back on track after a lull week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musks-tesla-may-be-ready-for-a-second-inning-in-cryptocurrency-payments/articleshow/87273227.cms" data-type="tilCustomLink">Elon Musk’s Tesla may be ready for a second innings in cryptocurrency payments</a> <a href="https://www.businessinsider.in/investment/news/jack-dorsey-isnt-the-only-billionaire-predicting-hyperinflation-and-betting-on-cryptocurrency-to-fight-off-higher-prices/articleshow/87273501.cms" data-type="tilCustomLink">Jack Dorsey isn’t the only billionaire predicting hyperinflation and betting on cryptocurrency to fight off higher prices</a>

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