Startup news and updates: daily roundup (June 15, 2021)

How these IIT and IIM alum are looking to transform the global beauty market

Anurag Kedia and Gagandeep Makker started Pilgrim in 2019 to meet the unmet desire of well-travelled and aware millennials. The duo realised that while many Indians were aware of global beauty trends, they had limited access to the same brands and experience. 

The homegrown D2C beauty brand has now raised Series A funding of Rs 13 crore from Fireside Ventures and others. The funding will be used to redouble the R&D efforts, team expansion, and brand investments.

ADQ in talks to infuse $400-500 M in Flipkart: sources

ADQ, formerly known as Abu Dhabi Developmental Holding Company, is in an advanced stage of discussions to pump in about $400-500 million (around Rs 3,000 crore to Rs 3,660 crore) in ecommerce major Flipkart, according to sources. The transaction could value Flipkart between $35-40 billion, sources close to the development said.

COVID-19 has created an 'ecosystem' of innovation in India: Kiran Mazumdar-Shaw

The ongoing COVID-19 public health crisis has resulted in the creation of an "ecosystem" of innovation in India, Biocon chief Kiran Mazumdar-Shaw said ahead of the annual India-US bio-pharma summit in Boston next week.

"The whole intent (of the more than a decade old annual India-US biopharma summit) is to catalyse an innovation ecosystem in India. I think COVID has actually created the ecosystem, Mazumdar-Shaw told PTI in an interview.

Sebi revises eligibility criteria for regulatory sandbox

Markets regulator Sebi on Monday came out with revised eligibility criteria for the regulatory sandbox, laying down requirements to apply for the two stages of sandbox testing. The revision has been done in order to enhance the reach and achieve the desired aim, Sebi said in a circular.

Retail industry shows massive decline in sales compared to pre-COVID times, shares 9-point agenda for survival

As restrictions from COVID19-induced lockdown following the devastating second wave finally lift, it threatens to unravel a dismal picture -- not just of the broken healthcare infrastructure in the country but the beaten economy as well.

May 2021 sales of the retail industry, which contributes 10 percent to the nation’s GDP, recorded a significant decline of 79 percent as compared with pre-COVID level sales of May 2019 following the closure of retail businesses across the country.