Latest news with #RahulGarg
Fashion Network
3 days ago
- Business
- Fashion Network
Plush raises Rs 40 crore, achieves EBITDA-level profitability
Indian personal care brand Plush has raised Rs 40 crore in a growth round led by Rahul Garg, with participation from Blume Founders Fund, OTP Ventures, Careernet, the Patni Family Office, Sumit Jalan, Ajay Kumar Aggarwal, and other strategic investors. The business has also reached profitability at the level of earnings before interest, tax, depreciation, and amortisation. With only Rs 26 crore raised prior to this round, Plush's Rs 100 crore net annual recurring revenue and EBITDA-level profitability positions it as a standout example of capital-efficient growth in India's direct to customer landscape, the business announced in a press release. The company now aims to double its ARR to Rs 200 crore, supported by strong consumer loyalty and a focus on sustainable scaling. 'Plush has the right building blocks in place– it's a loved brand with a strong emotional connect and repeat behaviour," said investor Rahul Garg in a press release. "What sets them apart is their ability to scale with capital efficiency, without losing sight of quality or growth." Founded in 2019 by Prince Kapoor and Ketan Munoth, Plush's portfolio spans period care, intimate wellness, hair removal, and self-care. The brand reported an 84% year-on-year revenue growth in the 2024 financial year and expects to report a revenue total of Rs 65 crore for the 2025 fiscal. 'This capital will help us deepen our market presence, expand our offline footprint, and invest in the kind of brand-building that makes Plush the go-to personal care brand for everyday wellness,' said Kapoor. The company was advised by Synapse Partners for the funding round.
Time of India
4 days ago
- Business
- Time of India
Personal care startup Plush raises ₹40 cr
New Delhi: Personal care brand Plush has raised Rs 40 crore in a growth funding round led by Rahul Garg , with participation from Blume Founders Fund, OTP Ventures, Careernet, the Patni Family Office, Sumit Jalan, Ajay Kumar Aggarwal, and other investors, the company said in a press release on Thursday. The brand reported a net annual recurring revenue (ARR) of Rs 100 crore and said it has achieved EBITDA-level profitability . Also, it now aims to double its ARR in the next phase of expansion. 'This capital will help us deepen our market presence, expand our offline footprint, and invest in the kind of brand-building that makes Plush the go-to personal care brand for everyday wellness,' said Prince Kapoor, co-founder, Plush. Founded in 2019 by Kapoor and Ketan Munoth, Plush operates in the personal care space with offerings across hygiene and wellness. It reported revenue of Rs 28.87 crore in FY24 and a loss of Rs 4.4 crore. The company expects to close FY25 with Rs 65 crore in revenue.
Economic Times
30-04-2025
- Business
- Economic Times
Taxman invokes benami law to get data from payment gateways
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Income-Tax (I-T) Department has invoked the benami law to fish out information from a few payment gateway (PG) least two firms have been told to disclose the identities of persons linked to a string of United Payment Interface (UPI) IDs, the entities who received money, and details like transaction date, amounts, and bank account offer a network for customers to send money to businesses and merchants. Shell companies posing as merchants sometimes register themselves with PGs to move tax office, probably based on feedback it has received, would verify whether some merchants are holding money on behalf of others; or, if sham merchants are helping fund remitters book bogus expenses to evade tax. Here, the receiver later returns the funds in cash to the notices were issued under Section 23 of the Benami Transactions (Prohibition) Act, 1988."Tax authorities appear to be using the wider powers under Section 23. Unlike the I-T Act, seeking information under this needs not be linked to any open or pending proceeding. The data can be used to conduct any investigation though with prior approval of the additional or joint commissioner. So, receivers of such notices should comply without fail," said Rahul Garg, managing partner of Asire Consulting, which advises MNCs on tax and regulatory the I-T returns of recipients do not reflect the amounts, the department could probe whether they are fronts for others. A benami deal is a transaction or an arrangement where a property or assets like stocks or funds is "transferred" to or is "held" by a person but the consideration of such property has been provided or paid by another person. In other words, the holder of the asset (the front) is not its true beneficial it's mandatory for PGs, regulated by RBI, to do know-your-customer (KYC) formalities before registering merchants, they could be asked to explain if there are KYC lapses."Section 23 enquiry can be initiated based on any material or information that may arise from various sources, including tax departments, RBI, the Enforcement Directorate or other government agencies. If the evaluation suggests the likelihood of a benami transaction, the IO may issue a notice under Section 24 seeking an explanation," said Ashish Karundia, founder of CA firm Ashish Karundia & to advocate and former ITAT member Ashwani Taneja, "In regard to payments made through PGs, if there is a proper, open, and well-documented agreement between the two entities-where one officially receives payments on behalf of the other and acts only as a payment aggregator/payment gateway, and this arrangement is declared to relevant government departments, it would be legally wrong to call it a benami transaction. However, if the setup is informal and tacit, especially where the real people behind the businesses are hidden, then a benami arrangement could be suspected. Also, when the people running the business are different from those whose names and KYC documents are officially recorded." He said it would not be fair to hold PGs responsible for transactions done by unknown third parties which are not under their control.
Time of India
30-04-2025
- Business
- Time of India
Taxman invokes benami law to get data from payment gateways
The Income-Tax (I-T) Department has invoked the benami law to fish out information from a few payment gateway (PG) companies. #Pahalgam Terrorist Attack A Chinese shadow falls on Pahalgam terror attack case probe How India can use water to pressure Pakistan Buzzkill: How India can dissolve the Pakistan problem, not just swat it At least two firms have been told to disclose the identities of persons linked to a string of United Payment Interface (UPI) IDs, the entities who received money, and details like transaction date, amounts, and bank account numbers. Gateways offer a network for customers to send money to businesses and merchants. Shell companies posing as merchants sometimes register themselves with PGs to move money. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover how to go from draft to done in a few clicks—not a few hours. Grammarly Install Now Undo The tax office, probably based on feedback it has received, would verify whether some merchants are holding money on behalf of others; or, if sham merchants are helping fund remitters book bogus expenses to evade tax. Here, the receiver later returns the funds in cash to the sender. Live Events The notices were issued under Section 23 of the Benami Transactions (Prohibition) Act, 1988. "Tax authorities appear to be using the wider powers under Section 23. Unlike the I-T Act, seeking information under this needs not be linked to any open or pending proceeding. The data can be used to conduct any investigation though with prior approval of the additional or joint commissioner. So, receivers of such notices should comply without fail," said Rahul Garg, managing partner of Asire Consulting, which advises MNCs on tax and regulatory matters. If the I-T returns of recipients do not reflect the amounts, the department could probe whether they are fronts for others. A benami deal is a transaction or an arrangement where a property or assets like stocks or funds is "transferred" to or is "held" by a person but the consideration of such property has been provided or paid by another person. In other words, the holder of the asset (the front) is not its true beneficial owner. Since it's mandatory for PGs, regulated by RBI, to do know-your-customer (KYC) formalities before registering merchants, they could be asked to explain if there are KYC lapses. "Section 23 enquiry can be initiated based on any material or information that may arise from various sources, including tax departments, RBI, the Enforcement Directorate or other government agencies. If the evaluation suggests the likelihood of a benami transaction, the IO may issue a notice under Section 24 seeking an explanation," said Ashish Karundia, founder of CA firm Ashish Karundia & Co. According to advocate and former ITAT member Ashwani Taneja, "In regard to payments made through PGs, if there is a proper, open, and well-documented agreement between the two entities-where one officially receives payments on behalf of the other and acts only as a payment aggregator/payment gateway, and this arrangement is declared to relevant government departments, it would be legally wrong to call it a benami transaction. However, if the setup is informal and tacit, especially where the real people behind the businesses are hidden, then a benami arrangement could be suspected. Also, when the people running the business are different from those whose names and KYC documents are officially recorded." He said it would not be fair to hold PGs responsible for transactions done by unknown third parties which are not under their control.
