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Time of India
a day ago
- Business
- Time of India
Zepto Cafe cools; Ecommerce sales pick up
Zepto Cafe cools; Ecommerce sales pick up Also in the letter: Zepto Cafe scales down amid sourcing, staffing hurdles By the numbers: Daily order volumes fell to 65,000–67,000 in May and June, down from 120,000–130,000 at their peak. Back in February, founder and CEO Aadit Palicha had claimed on LinkedIn that the service had crossed 100,000 daily orders. Zepto pulled the plug on Cafe operations at 44 of roughly 1,000 dark stores in May. Behind the scenes: Also Read: What's next: Also Read: Mid-year ecomm sales spike sets the stage for cracking festive season Bright ecommerce outlook: Uptick in sales: Festive sale preparations: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Scoring with AI not enough to crack US enterprise code Moving timelines: Too little time: Firms don't have enough time to demo with every firm that approaches them. The market is 'equally miserable' for buyers, another founder, Vivek Khandelwal said. The field has become too noisy, confusing the buyers as well. Strategic partnerships: Keeping Count Other Top Stories By Our Reporters Trupeer AI bags $3 million: Voice AI startup Navana AI raises Rs 7 crore: A Shux-cess: WeWork India's road to IPO: Global Picks We Are Reading Happy Wednesday! Zepto's 10-minute food delivery arm has scaled down operations due to multiple hurdles. This and more in today's ETtech Morning Dispatch.■ Indian AI startups take US flight■ ETtech Done Deals■ Shubhanshu Shukla returns to EarthZepto Cafe, the 10-minute food delivery arm of quick commerce firm Zepto, is scaling down operations as it battles supply chain issues and a shortage of trained kitchen staff. The slowdown comes just as rivals Blinkit's Bistro and Swiggy's Snacc push deeper into key urban company has hit pause on several fried items as it retools its kitchen workflows. Suppliers say Zepto Cafe has cut back on order volumes and delayed pickups, with some reporting a fall in monthly order value from Rs 1.5 crore to Rs 40–50 Zepto trims its cash burn and recalibrates, the company is in talks with investors, including General Catalyst and Avenir Growth, to raise $500 million ahead of a planned IPO in order volumes during the recent sale window rose 19% over the same time last year, well ahead of the sector's annual growth rate of 10–12% in 2024. Deep discounts helped fuel demand across various categories, including smart TVs, headphones, air conditioners, kids' essentials, and July 11-14 sale window saw overlapping campaigns from marketplaces like Amazon India, Flipkart, and a clutch of D2C brands. Analysts say this burst of activity could boost performance in the ongoing quarter, offering a breather amid what has otherwise been a sluggish period for such as boAt, Eume, Uppercase, Atomberg, Solara and Zouk reported a strong jump in gains. Pradeep Krishnakumar, founder of fashion brand Zouk, said, 'Typically, Prime Day is seen as a play for legacy brands and for discounts. We saw something slightly different…that Zouk as a brand actually grew more than the category.'Several executives said this sale window effectively kicked off festive season preparations, with brands ramping up supply chains, launching new products, and pushing fresh categories. Many are now revising their Diwali forecasts upwards, looking to stock up in line with the current surge in Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship artificial intelligence (AI) startups heading to the US in search of growth are running into new roadblocks, founders and investors told ET. Fierce competition and slower decision-making are making it harder to close deals and run cycles that once lasted 6–9 months are now dragging on to 12–18, as enterprises test multiple solutions and delay fresh engagements, said Pradeep Ayyagari, cofounder of agentic platform SnowMountain AI, told Krishnan, founder of IT firm NuWare, added that big companies in the US now face pitches from 20 firms offering nearly identical cut through the clutter, startups are relying on investor networks and domain experts for warm introductions, while many founders are spending extended time in the US to stay close to customers and iterate more AI, an AI video platform, has raised $3 million in seed funding from early-stage investor RTP Global, with participation from Salesforce Ventures and angel has developed three products : a voice AI contact centre, a speech recognition API, and the contact centre intelligence API. The company currently has more than 40 clients supporting voice bots in over 12 languages across the 18 days in space, Group Captain and astronaut Shubhanshu Shukla felt gravity again on Tuesday . Stepping out of the Dragon capsule with a smile and the Indian flag on his shoulder, Shukla, or Shux, became the second Indian to travel to space and the first to enter the International Space Station (ISS) as part of the Axiom-4 (Ax-4) India Management, the country's largest premium flexible workspace operator by revenue, has received approval from the Securities and Exchange Board of India (Sebi) to launch its initial public offering.■ Microsoft and OpenAI's AGI fight is bigger than a contract ( Wired ■ xAI says it has fixed Grok 4's problematic responses ( TechCrunch ■ How BYD caught up with Tesla in the global EV race ( FT
Economic Times
3 days ago
- Business
- Economic Times
What if corporate governance had a conscience?
ETtech Representative Image A reflection on the Union Finance Minister of India inaugural (Indian Institute of Corporate Affairs Shillong) address at IIM Shillong. Rarely, a public speech surprises you - not because of its grand announcements, but because it dares to think differently and even sometimes, trigger a revolution. For me, the recent address by Hon. Finance Minister Smt. Nirmala Sitharaman at the inauguration of the IICA Northeast Chapter at IIM Shillong was such a moment. She did not merely speak about logistics hubs or institutional outreach. She rooted her words in the values of the Khasi people—Ka Tip Briew Tip Blei (to know a person is to know God), Ka Kamai ia ka Hok (to earn through righteousness), and Ka Bhalang ka Imlang Sahlang (the common good). At first glance, these may seem like gentle cultural embellishments - perhaps offered in deference to the local audience. But for anyone paying attention to where the world is headed - and where it is faltering - these values go to the heart of a much larger and more urgent conversation: How do we understand corporate governance, and why must we now reimagine it?For decades, the dominant model of corporate governance has been built on a single premise: control. How can shareholders ensure that managers - who act on their behalf – do not misuse power or deviate from profit-maximizing objectives? This is the logic of agency theory, which became the basis for most corporate governance codes globally, from the U.S. Sarbanes-Oxley Act to the UK Corporate Governance in the face of growing ecological collapse, social inequality, and public distrust in large corporations, this model now appears worryingly narrow. Governance, in the agency model, became a system of defence - a fortress of rules to guard capital. But the world outside the fortress is burning. Today, businesses are being asked harder, more profound questions: What is your climate impact? How do you treat the communities in which you operate? Does your board decisions advance equity and sustainability? Are you accountable—not just to your investors, but to future generations? This is where ESG - Environmental, Social, and Governance - enters. But here too, metrics alone cannot solve the problem. What the Finance Minister's speech reminded us in Shillong is that many of these ideas are not new. They are not alien. They are embedded – deeply – in the moral and philosophical foundations of Indian life, especially within our indigenous one traces the evolution of corporate governance theory - from agency to stewardship theory (where managers are seen as responsible stewards), to stakeholder theory (which considers all affected parties), and now to sustainability governance - we see a subtle but important shift. The field is slowly, perhaps reluctantly, moving from control toward conscience. And it is here that the Khasi worldview offers something precious. It tells us that governance is not just about systems and structures. It is about ethics, responsibility, and reciprocity. It teaches us that how we earn (Kamai) must be inseparable from the justice of how we earn (Hok), and that our success means little if it does not uphold the good of the collective (Imlang Sahlang).This is not mere cultural romanticism. It is philosophy in action. And it is increasingly in conversation with what the global scientific literature is pointing to: a growing interest in moral legitimacy, ecological ethics, and community-centred leadership. What is often dismissed as 'traditional wisdom' may, in fact, be the most advanced system of checks and balances we have—because it works not through surveillance, but through shared meaning and moral opens a deeper and more radical question: Not just add local CSR projects, or sprinkle cultural symbols in boardrooms, but redefine its own being? What if Indian corporations saw themselves not as legal persons fighting for market dominance, but as trustees - entrusted with wealth, resources, and livelihoods that are part of a much longer human and ecological story? What if Indian business leaders began to see their duty not in quarterly profits, but in dharma - the sustaining of right conduct, balance, and shared flourishing? We see signals of this in the emerging body of work around Ubuntu governance in Africa, Confucian stakeholder ethics in East Asia, and Gandhian trusteeship deeply anchored in the Bhartiya Dharmik Principles. And yet, these remain at the margins - spoken of, but rarely institutionalised. The Finance Minister's speech - in its sincerity and clarity - challenged us to change that. It reminded us that the Northeast is not just a frontier for development; it is also a frontier for thinking. For governing differently. For leading with memory and meaning. A review of the academic literature offers a comprehensive and structured account of how corporate governance (CG) as a field of theory and practice has evolved over time, beginning with the classical agency theory and moving toward more inclusive and ethical frameworks like stewardship theory, stakeholder theory, and ESG-based governance. The foundational premise of agency theory - resolving conflicts of interest between principals (shareholders) and agents (managers) - is critically examined as being overly reductionist, prioritizing control and financial performance while neglecting broader social responsibilities. As corporate crises, climate disasters, and public distrust in business grew, the literature reflects a pivot toward sustainability - centric governance models that emphasize long-term value creation, environmental stewardship, and social accountability. These paradigms are not only normative but are also backed by regulatory mechanisms like integrated reporting and ESG metrics. However, the review also established how the mainstreaming of ESG often becomes a matter of compliance checklists rather than a deep transformation in organizational the attempt to draw associations between Tribal Khasi/Indigenous Values to define and shape Corporate Governance makes a compelling case for re-indigenizing corporate governance - moving away from abstract universals and towards governance models rooted in civilizational wisdom and local realities. The Minister even mentioned how IICA Shillong needs to get these Cultural Values 'edged in their walls'.Still, it leaves open the challenge of operationalizing such frameworks within modern corporate institutions, a task that remains under-theorized and Shillong address ultimately demanded - quietly but firmly - was a shift from compliance to cultural legitimacy. Can our codes and committees reflect the worldview of those who live on the land, not just those who govern from boardrooms? Can governance feel as rooted in a Khasi village as it does in a corporate tower in Mumbai? Can it carry the trust of a weaver in Manipur as it does the confidence of an investor in New York?We often speak of 'Make in India'. But perhaps we also need to speak of 'Think from India'. If corporate governance is to serve its true purpose - of holding power to account and enabling just economies - it must find not just its rules here, but its today stands at a critical global juncture. It is not just a growing economic power - it is also increasingly expected to establish and be an exemplar with a strong moral compass. As global crises mounts, there is a deep hunger for such a corporate compass that can blend efficiency with empathy, scale with sustainability, and wealth with wisdom. As one of the most prominent political leaders in the world today, the Union Finance Minister of India Smt. Nirmala Sitharaman did more than inaugurate a regional chapter. She offered a new vocabulary for corporate governance, grounded in values that are as old as our forests, and as relevant as tomorrow's climate someone who has been teaching in the hills of Shillong, I see this not just as a thought for policy - but as a possibility. If we listen - truly listen - then perhaps corporate governance can become more than a set of rules. It can become a relationship. A way of being. A shared journey toward fairness, dignity, and a liveable that, after all, is what good governance should be. The author is Professor (Organizational Behaviour & Human Resources) at Indian Institute of Management, Shillong.
Time of India
4 days ago
- Business
- Time of India
US copper tariff may impact Indian electronics, chip plans
Academy Empower your mind, elevate your skills ETtech President Donald Trump last week announced a steep 50% tariff on copper imports into the US, triggering an alarm across global supply chains and raising concerns in India's electronics and semiconductor the measure is primarily aimed at boosting domestic copper production in the US, Indian executives said the ripple effects could to some extent disturb India's chip and electronics manufacturing efforts under its semiconductor reliance on imported high-purity copper materials could become a serious bottleneck as global trade barriers proliferate and disrupt the supply chain, said industry leaders. They urge the Indian government to move swiftly — not just by streamlining import procedures and BIS certifications but also by investing in the domestic production of high-grade copper alloys and materials essential to the electronics and chip value chain.'Copper is critical for chip wiring, PCBs, interconnects, and power systems,' said Ashok Chandok, president of SEMI India and the India Electronics and Semiconductor Association (IESA). 'India imports a large share of its refined copper and concentrates. Even gold-plated copper wires used in outsourced semiconductor assembly and test units are facing procedural hurdles.'Copper is a critical raw material in electronic manufacturing, widely used in printed circuit boards (PCBs), capacitors, resistors, connectors, relays, and wiring for semiconductor packaging and suppliers like Hindustan Copper , Sterlite, and Hindalco do not currently produce the semiconductor-grade copper needed at scale, the IESA president pointed supply issues and costlier components will increase the manufacturing cost and slow down cost-sensitive semiconductor projects, he said. 'India must not just incentivise fabs but also build upstream resilience — through domestic refining, free trade agreements, and even strategic reserves.'Semiconductors aren't directly hit by tariffs, said Kunal Chaudhary, partner and co-leader of the Inbound Investment Group at EY India. 'But disruptions in copper, critical for chip wiring, are pushing up costs and shifting policy focus. This is slowing India's chip momentum and making things more expensive for global supply chains."Though India has copper smelting and refining capacity, high-purity copper and specialty alloys required for advanced electronics and chipmaking are largely imported, often from countries like China, which offer competitive pricing and advanced processing capabilities. India's own steps, like requiring quality certification on imports, could also affect the industry.'India does not manufacture high-purity copper materials or the special alloys like strips, wires, or sheets required for semiconductors,' said Rajoo Goel, secretary general of the Electronic Industries Association of India. 'These are imported and supplied by a few specialised global manufacturers, many of them in China. Imposing trade barriers like tariffs, Quality Control Orders, or Bureau of Indian Standards certifications without enabling alternatives can disrupt this fragile but essential supply chain,' Goel semiconductor momentum is in its early stages and blocking imports through regulatory or pricing hurdles could discourage foreign investment and slow the growth, Goel said. 'We need to remove hurdles, not add new ones. Strengthening domestic copper processing will take time — and until then, strategic imports must be facilitated, not impeded,' he reportedly exported $2 billion worth of copper and copper products in 2024-25, including $360 million, or 17%, to the US. The US is India's third-largest market for copper exports after Saudi Arabia (26%) and China (18%). Any decline in US demands following new tariffs is likely to be absorbed by the domestic industry.'The semiconductor race is not just about fabs,' Chandok said. 'It's about the entire ecosystem — and that begins with secure, affordable, and quality raw materials like copper.'
Economic Times
4 days ago
- Business
- Economic Times
Trump backs crypto, Pakistan embraces it. How long must India wait?
Synopsis Pakistan embraces crypto for strategic gains, including potential US favor, while India grapples with regulatory uncertainty and security concerns. Other nations like Bhutan leverage crypto for economic diversification. The US faces scrutiny over stablecoin regulation and potential conflicts of interest, prompting calls for India to establish a clear, comprehensive crypto policy to address financial and security risks. ETtech Photo: Ewan Kennedy A couple of weeks before the Pahalgam attack, something strange happened in Islamabad. Changpeng Zhao, the Chinese-born Canadian businessman and founder of Binance, the world's largest cryptocurrency exchange, agreed to be an advisor to the Pakistan Crypto Council (PCC) in early April. PCC, freshly minted in March, was cobbled together to create a framework for crypto in a country that had until then been notoriously suspicious of digital the time, many wondered what Pakistan's motivation was in welcoming crypto, which officials maintained was a tool to attract foreign investment. In the subsequent months and during Operation Sindoor, it became clear that the move had a strategic angle as well. Pakistan, having signed up with World Liberty Financial (WLF), a crypto company linked to US President Donald Trump's family, was also using crypto to gain currency with the White House. That, along with carrots like a Nobel peace prize nomination for Trump, may have influenced the US's tepid pushback on Pakistan during the conflict. On July 9, Pakistan went all in with President Asif Ali Zardari signing an ordinance establishing the Pakistan Virtual Asset Regulatory Authority (PVARA), 'an autonomous federal body empowered to license, regulate and supervise entities dealing in virtual assets (VA)'.That is quite a move for a struggling economy desperate for bailouts from the International Monetary Front (IMF), but the reality is that Pakistan is not alone in embracing US is racing to legitimise stablecoins—a type of cryptocurrency pegged to stable assets. Almost 98% of stablecoins are tied to the dollar. India's neighbour Bhutan has quietly built bitcoin reserves worth $1.3 billion or roughly 40% of the country's gross domestic product (GDP), according to the Wall Street Journal . Countries like Russia, Iran and North Korea have been using it to conduct business, beyond the reach of the international sanctions countries with a clear agenda—from attracting investment, to sidestepping sanctions, or even currying favour with the world's elite—crypto is becoming a legit play. That has meant that from US to UAE, Singapore to Bhutan, countries have made crypto a part of their foreign and economic policy playbook. The big question: where is India in all of this?'Why does the Centre not come out with a clearcut policy on regulating cryptocurrency?'The Supreme Court's pointed question to Additional Solicitor General Aishwarya Bhati during a May 19 hearing encapsulates India's prolonged struggle with digital assets. The bench, hearing a bail plea in an illegal bitcoin trade case, stated: 'There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade.'This wasn't the first judicial nudge. In February 2022, the apex court had similarly pressed the central government to clarify whether cryptocurrency trading was legal in repeated queries highlight a regulatory vacuum that continues to perplex the courts. India's crypto landscape remains in what experts describe as a 'state of flux' where lawsuits involving fraud get dismissed due to 'a lack of legal status for cryptocurrencies in India'.The Reserve Bank of India's concerns about financial stability continue to shape the government's cautious approach. The central bank fears that cryptocurrencies could undermine its control over money supply and pose risks to financial and monetary stability. This, even as the market regulator Securities and Exchange Board of India (Sebi) has reportedly recommended that several regulators oversee trade in cryptocurrencies. The Centre has to take a clear stance, backed by a well-defined policy vision, at a time when the technology is increasingly exploited by hostile the regulatory framework consists of a flat 30% tax on capital gains and 1% tax deducted at source (TDS) on transactions above Rs 10,000, introduced in 2022. In March 2023, the finance ministry mandated all crypto exchanges operating in India to register with the Financial Intelligence Unit–India (FIU–IND).There have been news reports that India is reconsidering its stance amid growing global acceptance, but a promised discussion paper outlining policy framework options for crypto assets —scheduled for June—has still not been the use of virtual assets for terror financing has been 'overall on the increase', according to a report by the Financial Action Task Force (FATF), an intergovernmental body tracking financial crime, released this week.A country with a history of terror financing that can easily weaponise crypto against India is plunging headlong into it. How long must India wait? Pakistan's strategy extends beyond partnerships, with the country exploring bitcoin mining using surplus energy to create a strategic bitcoin reserve. 'Crypto is becoming a channel for strategic financial flows for Pakistan,' says Anirudh Suri, MD, India Internet Fund. 'For countries like Pakistan, aligning crypto policy with US frameworks isn't just diplomacy, it's a transactional pipe to stay useful to America's geopolitical interests.'Suri points out that's not positive for India by any measure: 'India is trying to choke financial flows to terror groups via FATF and IMF diplomacy, and crypto could reopen that tap.'Subimal Bhattacharjee, an independent adviser and consultant on cybersecurity, defence and technology policy, warns of the implications: 'What are the impacts of rogue elements using it? How do we guard our people against that? The answer to everything is in a coherent and clear crypto policy. To put it simply, we have to make it a regulated entity.'Following the Pahalgam terror attack, India's FIU instructed crypto exchanges to closely monitor transactions, specifically from Jammu and Kashmir and other border regions. Exchanges were directed to scrutinise private wallets and private coins used for person-to-person transfers without blockchain notes that there may be arms within Pakistan's government or military establishment that like open crypto channels—enabling a continued flow of funds. 'For a country like Pakistan, maintaining a fluid stance on crypto allows them to either attract financial flows or pursue other strategic objectives,' he says. While Pakistan's approach raises security concerns, Bhutan presents a different model. The Himalayan kingdom has been quietly mining bitcoin since 2020, using abundant hydropower, accumulating enormous reserves of it. The country is integrating crypto into tourism and its upcoming smart city project, and views Bitcoin not merely as a store of value but as a tool to diversify its Gowdara Shivamurthy, an associate fellow with the strategic studies programme at the think tank Observer Research Foundation, says Bhutan's foray into bitcoin mining is driven largely by domestic economic necessity, to diversify beyond tourism and hydropower, and is meant to curb brain drain. Revenues from mining have already helped them shore up foreign reserves and fund public spending—including significant salary hikes for civil India recognises Bhutan's sovereign right to diversify its economy, there are worries, particularly around reduced hydropower exports, and imports of Chinese bitcoin mining companies like Adani have shown interest in setting up data centres there, and how those moves unfold could shape the long-term GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act—currently pending a vote in the US House of Representatives, expected in the week of July 14—aims to set a regulatory framework for stablecoins in the country. But there are plenty of the US president made nearly $57.4 million in 2024 from his cryptocurrency company, World Liberty Financial, according to the latest disclosures. This is before Trump became president for the second time. The company has floated its own stablecoin, are allegations that the GENIUS law would provide even more opportunities to reward buyers of Trump's coin with favours, including tariff exemptions, pardons and government appointments.A case in point — before the US president's visit to West Asia, MGX, a fund backed by Abu Dhabi, said it would make a $2 billion investment using USD1 into Binance, triggering allegations of conflict of interest.'I wouldn't be surprised if other countries now try to exploit this pathway to gain access or soften the stance of the US administration. Under Trump, the line between strict adherence to global norms and personal or commercial interests appears to have blurred,' says of this should worry India. Observers believe US may leverage its influence within FATF to promote GENIUS, with all its loopholes, as the new global standard for crypto regulation. It is a move especially significant for Pakistan, a country previously flagged for terror financing, which could take a leaf out of the GENIUS Kumar, deputy director for future of money at the GeoEconomics Center of Atlantic Council, says the biggest challenge going forward is fragmented regulation. 'Crypto doesn't really listen to borders. So it's not really a domestic problem, it's an international problem that everyone needs to come together on.'But clarity in policy in India would help resolve the current uncertainty, which often undermines consumer protection, and allows legit crypto entrepreneurs—many of whom have moved operations abroad, or shut down—to work within a well-defined framework.'Virtual digital assets or crypto assets have not been defined outside of income tax and anti-money laundering laws in India. The lack of classification under foreign exchange laws, securities laws, payments laws and goods and services tax creates critical ambiguities. This leads to uncertainty for both businesses and consumers,' says Jaideep Reddy, partner at Trilegal.'India needs regulation around the treatment of US dollar-denominated stablecoins, because it's also a concern of capital flight—money flowing into dollars instead of rupees,' says Kumar. 'India would likely want to create some sort of threshold.'As India's neighbours forge ahead with comprehensive crypto strategies, the question posed by the Supreme Court becomes increasingly pressing. The choice is no longer between embracing or rejecting crypto.
Economic Times
5 days ago
- Business
- Economic Times
Nasher Miles to open 20–25 offline stores, eyes quick commerce growth
ETtech Lokesh Daga, CEO, Nasher Miles Direct-to-consumer (D2C) luggage brand Nasher Miles plans to open 20 to 25 exclusive brand outlets (EBOs) across India by the end of this financial year as it looks to expand its offline presence beyond online company currently has five to six launches in the pipeline, including three in Mumbai, two in Hyderabad, and one in Ahmedabad, and is scouting additional locations in tier-I cities. The goal is to scale up to 100 outlets over the next two years, chief executive officer Lokesh Daga told ET in an interaction. 'We are looking for opportunities as they come. The idea is to see whether we can scale to 100 stores over the next two years,' Daga said on the sidelines of the company's offline retail store launch in Mumbai. Quick commerce bets Even as it pushes offline expansion, Nasher Miles continues to scale rapidly through quick commerce platforms like Zepto, Blinkit, and Swiggy Instamart. Despite trolley bags being priced at Rs 2,000–3,000, the company said quick commerce currently contributes about 8% to total sales. It expects this share to rise to 15% by the end of FY25, depending on the expansion of dark stores and fulfilment capacity. 'Quick commerce is a very metro-focused phenomenon, and that is one channel growing at a very fast pace for us. Every month, we've been growing — last month we grew by 10%, and this month we will grow by another 10%. We expect the quick commerce run rate to reach 15% by the end of this financial year,' Daga reduce reliance on China and improve cost efficiencies, Nasher Miles has shifted a significant portion of its manufacturing to India over the past 18 months. While it previously sourced 90% of its products from China, today nearly 75% are made in India. The company claims this shift has helped cut costs by 20–25% and improve gross Miles initially created a sub-brand, Stony Brook by Nasher Miles, to test domestic manufacturing. With supply chains now stabilised, that brand is being phased out, Daga company, which had turned profitable earlier, went into the red in FY24 due to brand-building investments and the cost of testing Indian manufacturing but claims to have returned to profitability in FY25. According to Tracxn, Nasher Miles recorded a net loss of Rs 6.3 crore in FY24. In July 2024, Nasher Miles raised $4 million in a funding round led by the Singularity Early Opportunities Fund, Narendra Rathi of SoftBank Vision Fund, and Sulabh Arya of Goldman Sachs Growth Equity, among others, at a post-money valuation of $30 million, primarily to fund its omnichannel expansion. The company plans to raise additional funds after the festive season. 'We will actively go into the market probably post-season. The festive season is coming, and 50-60% of sales happen during these three to four months. So, we want to focus on execution first,' Daga said. Category diversification Currently, 92–95% of the company's revenue comes from trolley bags. However, it is now doubling down on other categories like backpacks and travel accessories, aiming to push their share to double digits by the end of this fiscal. The D2C luggage segment has seen growing investor interest. Last year, Mokobara raised $12 million in a round led by Peak XV Partners, valuing the company at $80 million post-money. In August 2024, venture capital firm Accel invested $9 million in Uppercase, nearly doubling its valuation to $60 million. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. India's gas dream runs on old pipes. Can a European fix unclog the future? Did Jane Street manipulate Indian market or exploit its shallowness? Newton vs. industry: Inside new norms that want your car to be more fuel-efficient Is gold always the best bet? Think again Do bank stress tests continue to serve their intended purpose? These large- and mid-cap stocks can give more than 24% return in 1 year, according to analysts Suited for the long term, even with headwinds: 8 stocks from healthcare & pharma sectors with upside potential of up to 39% Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 22% in 1 year
