Offline Sales Impact Licious Revenue, UpGrad's Co-Founder to Launch New Startup and More | The Arc Pulse
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FY24: Offline sales slump drags down Licious revenue
The operating revenues of Licious , a direct-to-consumer meat and seafood brand, fell by 8% to Rs 685 crore in FY24 compared to the previous year, as per the company’s financials. The revenue drop resulted from weaker offline sales, which decreased from Rs 76 crore to Rs 36 crore.
Licious’ growth has slowed down over the past two years. Revenues rose 9.6% from FY22 to FY23 before declining.
At the time, the company has managed to limit its net loss, which decreased 44% from Rs 524 crore in FY23 to Rs 293 crore in the year ending March 31, 2024. Monthly losses are down from Rs 44 crore to Rs 24.5 crore.
As of FY24, the nine-year-old company had cash reserves of Rs 722 crore.?
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Upgrad’s Mayank Kumar to launch new startup, Ronnie Screwvala takes over
Edtech company upGrad ’s co-founder Mayank Kumar has stepped down as the company’s managing director as of September and is starting a new venture. Following Kumar’s departure, founder and chairman Ronnie Screwvala has taken a more functional and operational role within the company.?
Screwvala, a serial entrepreneur behind companies like UTV Software and RSVP Movies, holds about 45% of Upgrad with his family. Kumar has an 8% stake in the company and will continue to serve on its board.?
“I am active in all strategic directions of the company and leading the sector at various forums and being the face of upGrad,” Kumar said in a note.?
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Also Read: Enterprise Business Lifts UpGrad's Income
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Peak XV to invest in Stellaris-backed startup Dashtoon
Dashtoon, a digital comic books startup, is in advanced discussions to close a funding round of $13 million, which will be led by Peak XV Partners, said three people briefed on the matter. The round is among the most significant Series A deals in India’s generative AI space.
Dashtoon uses generative AI to help storytellers create high-quality comics without requiring advanced artistic skills. This allows them to focus on narrative and character development.
The US-incorporated company will be valued at nearly $80-90 million post-money in the new round. It had raised $5 million from Stellaris Ventures Partners, Z47 (formerly Matrix Partners India) and others in November 2023.
“What stands out about Dashtoon is that it is among the few startups from India building a specialised large language model in a niche segment,” said a VC who evaluated the deal.