Latest news with #NirmalJain
Time of India
4 days ago
- Business
- Time of India
Gen Z women's fashion brand Outzidr raises $3.1 million in round led by RTP Global
Existing investor Stellaris Venture Partners participated in the funding round. The fresh funds will be used to expand its operations, launch offline stores by March 2026, and roll out its own rapid delivery operations. Earlier, Outzidr had raised $3.5 million in a round led by Stellaris. With the current funding, the platform has now raised a total of $6.6 million. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Gen Z women-focussed fashion brand Outzidr has raised $3.1 million in funding led by early-stage venture capital (VC) firm RTP Global and participation from existing investor Stellaris Venture will be using the funds to expand its operations, launch offline stores by March 2026, and also begin its own rapid delivery in 2024, Outzidr is an online clothing brand that caters to the needs of young women through its own direct-to-customer (D2C) platform. The brand is also present on e-commerce platforms like Myntra, Ajio, and Nykaa Fashion, as well as rapid delivery apps like Bengaluru-based Slikk Club and Mumbai-based Knot.'It has been around five to six months since we went live, and in this short span, we have served over 125,000 customers. We are on track to do Rs 100 crore annualised revenue before the end of this year,' said Nirmal Jain, cofounder and chief executive of the Bengaluru-based was founded by Jain along with Mani Kant Mani and Justin Mario, all of whom have a fashion and retail background and were associated with companies like STYLI, Myntra, and Max Fashion.'We're excited to back Outzidr—a team of seasoned operator-turned-founders with deep domain experience and a sharp understanding of Gen Z consumer behaviour,' said Pavitra Gupta, director at RTP Global, in a prepared had previously raised $3.5 million in a round led by Stellaris Venture Partners, and the current funding brings the total funds raised by the platform to $6.6 million.'We invested when the company was at an idea stage last year and since then have seen firsthand how strong customer love has translated into high repeats,' said Mayank Jain , principal, Stellaris Venture Partners, in the as a category is known for high return rates, and to solve this issue, Outzidr uses a 'test and scale' model to test small batches of their products and then double down on bestsellers.'Under our test and scale model, we produce a lot of new styles at very low inventory,' Nirmal told ET. 'It could be as low as 10 pieces, and we put it in our collection to see how the customers are reacting to it. We use the data of click rates, wishlisting rates, or adding-to-cart rates to forecast demand using our demand sensing engine.'Outzidr's competition includes Newme, Urbanic, Campus Sutra, and other brands that focus on western wear for Gen Z customers.
Economic Times
4 days ago
- Business
- Economic Times
Gen Z women's fashion brand Outzidr raises $3.1 million in round led by RTP Global
Agencies (L-R) Justin Mario, Nirmal Jain, Manikant Mani, cofounders, Outzidr Gen Z women-focussed fashion brand Outzidr has raised $3.1 million in funding led by early-stage venture capital (VC) firm RTP Global and participation from existing investor Stellaris Venture will be using the funds to expand its operations, launch offline stores by March 2026, and also begin its own rapid delivery segment. Founded in 2024, Outzidr is an online clothing brand that caters to the needs of young women through its own direct-to-customer (D2C) platform. The brand is also present on e-commerce platforms like Myntra, Ajio, and Nykaa Fashion, as well as rapid delivery apps like Bengaluru-based Slikk Club and Mumbai-based Knot. 'It has been around five to six months since we went live, and in this short span, we have served over 125,000 customers. We are on track to do Rs 100 crore annualised revenue before the end of this year,' said Nirmal Jain, cofounder and chief executive of the Bengaluru-based was founded by Jain along with Mani Kant Mani and Justin Mario, all of whom have a fashion and retail background and were associated with companies like STYLI, Myntra, and Max Fashion.'We're excited to back Outzidr—a team of seasoned operator-turned-founders with deep domain experience and a sharp understanding of Gen Z consumer behaviour,' said Pavitra Gupta, director at RTP Global, in a prepared had previously raised $3.5 million in a round led by Stellaris Venture Partners, and the current funding brings the total funds raised by the platform to $6.6 million. 'We invested when the company was at an idea stage last year and since then have seen firsthand how strong customer love has translated into high repeats,' said Mayank Jain, principal, Stellaris Venture Partners, in the statement. Fashion as a category is known for high return rates, and to solve this issue, Outzidr uses a 'test and scale' model to test small batches of their products and then double down on bestsellers.'Under our test and scale model, we produce a lot of new styles at very low inventory,' Nirmal told ET. 'It could be as low as 10 pieces, and we put it in our collection to see how the customers are reacting to it. We use the data of click rates, wishlisting rates, or adding-to-cart rates to forecast demand using our demand sensing engine.'Outzidr's competition includes Newme, Urbanic, Campus Sutra, and other brands that focus on western wear for Gen Z customers. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. As RBI retains GDP forecast, 4 factors that will test the strength of Indian economy Is Shadowfax closing in on its closest rival? Can Coforge's ambition to lead the IT Industry become a reality? Berlin to Bharuch: The Borosil journey after the China hit in Europe Stock Radar: Syngene International showing signs of momentum after falling 26% from highs; what should investors do? Two Trades for Today: A life insurance major for a 4.85% upmove, a mid-cap diesel engine maker for almost 7% rise Multibagger or IBC - Part 18: This auto ancillary started with wheels. It now also powers wind & war Auto stocks: Yes, headwinds in the short term, but will structural change become tailwinds and prove analysts wrong?
Bloomberg
29-05-2025
- Business
- Bloomberg
Billionaire Nirmal Jain Hiring 60 Bankers for India Wealth Boom
Tycoon Nirmal Jain is aggressively hiring bankers and pivoting his brokerage to wealth management, underscoring how Indian firms are racing to tap the nation's swelling ranks of rich clients. Jain founded his flagship Mumbai-based IIFL Group and grew it into a financial services behemoth, comprising a shadow bank, a retail and institutional broking firm and a discount brokerage arm, along with a stake in a wealth manager. The three-decade-old group has propelled Jain and his wife Madhu's net worth to $1.2 billion, according to the Bloomberg Billionaires Index.
Time of India
25-05-2025
- Business
- Time of India
IIFL Finance gets RBI approval to open branches in Jammu & Kashmir
IIFL Finance has secured regulatory approvals to open branches and extend credit services in Jammu & Kashmir, aiming to provide crucial financial access to underserved communities. This initiative supports the revival of small businesses and households, complementing IIFL's existing CSR activities in the region focused on education, healthcare, and community empowerment. Tired of too many ads? Remove Ads NBFC firm IIFL Finance has said it has received the necessary regulatory approvals for opening branches and expanding its credit services to the Union Territory of Jammu & Kashmir . This approval is a timely step towards delivering essential financial services in unbanked and underbanked areas, where access to formal credit has historically been limited, IIFL Finance said in a on the development, IIFL Finance founder and MD Nirmal Jain said, "The management decision to commence operations in Jammu & Kashmir reflects our long-standing commitment to bringing financial access to unserved and underserved communities. The approval to open branches comes at a critical time when people in the region have been facing disruptions in their livelihoods."By offering credit solutions tailored to local needs, he said, IIFL Finance aims to support the revival of small businesses and support households in the presence in Jammu & Kashmir complements its Corporate Social Responsibility activities in the state, including ongoing programs in Kupwara, Baramulla, Srinagar, and other areas that focus on education, skill development, healthcare and community empowerment. IIFL Foundation has been present in Kashmir for over a decade. It initially supported with incubator machines at the LD Hospital during the Kashmir floods, it added.
Mint
01-05-2025
- Business
- Mint
Cash in equity funds are at a 6-year high. What are fund managers waiting for?
Cash levels in actively managed equity mutual fund schemes have climbed to their highest in over six years, signalling a cautious stance even as fund managers await the right entry points. The three-month average cash level in active equity mutual fund schemes stood at 6.2% in March, the highest in over six years, and up from 5.7% in January and 6.0% in February, show data compiled by Elara Capital. The last time cash positions were this elevated was in November 2018, at 6.3%, and in November and December 2011, at 6.4%, the data showed. Cash holding levels typically average 3-4%. Mahesh Patil, chief investment officer at Aditya Birla Sun Life AMC, said a rough calculation suggested that active equity schemes managed over ₹ 28 trillion, and typically have an average cash holding of around 3%, which would be about ₹ 84,000 crore. With cash levels now at about 6%, there would be another ₹ 84,000 crore waiting to be deployed, he said. That would add up to an estimated total cash holding of about ₹ 1.64 trillion. "If that capital starts flowing, it could offer strong support to the markets, particularly in the event of any sudden reactions to global or domestic uncertainties," Patil said. This 'dry powder" could fuel a sharp rally when fund managers pump it into the market, but considering they are holding on to the cash now that could make it harder for retail investors to enter at reasonable levels. The benchmark Nifty 50 index witnessed a strong rally in both 2011 and 2018 after cash levels hit similar highs, said Sunil Jain, vice president at Elara Capital. 'However, market breadth remained weak (in 2018 and 2011), with gains largely concentrated in large-cap stocks." Both the Nifty 50 and the Sensex have slumped significantly from their peaks in September. But the benchmark indices gained significant ground last month despite the US tariffs, the attacks in Kashmir, and less-than-stellar corporate earnings. One reason for fund managers holding on to cash could be the large pipeline of initial public offerings (IPOs), according to industry experts. Ashish Gupta, CIO at Axis Mutual Fund, said nearly 30 companies have secured regulatory approval for an IPO and were awaiting favourable market conditions. In total, over ₹ 2 trillion worth of IPOs are poised to hit the market. This suggests that a lot of capital may soon enter the market, and mutual funds could be keeping cash ready to invest in these new offerings, Gupta said, adding that the current 6% level was 'far from worrisome". 'If cash levels are elevated," he said, 'that alone sets the stage for a runway market." Also read | India not immune to global shocks, but relatively more resilient: IIFL Group's Nirmal Jain Cash mandates of equity mutual funds vary across schemes, driven by internal policies and portfolio strategies, and allow fund managers some discretion over how much cash they can hold at any given time. According to Jay Kothari, global head of international business at DSP Mutual Fund, cash holdings are guided by multiple factors—valuation, stock price targets, IPO pipeline opportunities, and liquidity needs. 'Cash call is more of an informed decision than a norm," he said. Kothari also said deployment of the cash holdings may not necessarily move the markets in a big way. 'Markets typically react to factors like earnings growth," he said, adding that there have been instances where flows were steady but indices corrected due to earnings downgrades. Corporate India has seen fresh earnings downgrades following March-quarter results, particularly in the information technology services, oil and gas, and consumables sectors, according to a Kotak Institutional Equities note dated 26 April. Also read | Global uncertainty will likely delay a complete return to normalcy: Mirae Asset CIO Still, the medium-term outlook for the market remains constructive. Patil of Aditya Birla Sun Life AMC, said that after a recent correction phase and with no major overhangs, India is relatively better positioned than many emerging peers, particularly amid global tariff uncertainty. Patil expects fund managers to start deploying cash as clarity emerges on the tariff front. 'If that capital starts flowing, it could offer strong support to the markets, particularly in the event of any sudden reactions to global or domestic uncertainties," he said. Sorbh Gupta, senior fund manager–equity, Bajaj Finserv AMC, said internal policies limit how much cash a fund can hold, reinforcing the likelihood of deployment sooner than later. He added that domestic institutional investors (DIIs) now have enough heft to counterbalance foreign flows. If DIIs step up buying and foreign portfolio investors (FPIs) stay engaged, that could provide a strong floor to the market. After nine straight sessions of selling, foreign institutional investors (FIIs) recently turned buyers, picking up stocks for 10 consecutive sessions through 29 April. Domestic institutional investors were net buyers for three sessions leading up to 29 April after being sellers in the three sessions prior. Also read | FPIs bet on limited Nifty movement amid simmering India-Pakistan tensions
