Nykaa’s growing BPC segment; BYJU'S delays FnF settlements

'Tis the season of goodbyes. 

After 10 years, Bob van Dijk stepped down from the role of CEO and Board member of Prosus and Naspers. Dijk will remain a consultant to the Boards until September 30, 2024. Ervin Tu, presently the Group Chief Investment Officer, has been appointed Interim CEO.

Meanwhile, Anup Jain and Rajeev Suri, Managing Partners at Orios Venture Partners, announced their departure from the early-stage venture capital firm on LinkedIn.

In other news, gaming firm Gameskraft is winding down its fantasy gaming platform Gamezy and said it would shift its focus to developing and promoting standalone apps. 

Gamezy, which was recently on the radar of tax authorities, said the decision to shut down Gamezy is not related to the recent GST regulations for real money gaming companies, set to begin on October 1.

ICYMI: Two of India’s heritage sites have been inducted into UNESCO’s World Heritage List.

These include the Shantiniketan, the cultural and educational centre established by Nobel laureate Rabindranath Tagore, and “The Sacred Ensembles of Hoysalas’’—three Hoysala temples at Belur, Halebidu, and Somanathapur in Karnataka.

Knock, knock! YourStory’s flagship event TechSparks 2023 is almost here!

In just two days, we are ready to host the 14th edition of India’s most influential startup tech event, and we hope you are as excited as we are. If you still haven’t grabbed your tickets, here’s where you can get them. 

Hurry, what are you waiting for?

In today’s newsletter, we will talk about 

• Nykaa’s growing BPC segment 
• BYJU’S delays FnF settlements
• Ankur Capital’s investment plans 

Here’s your trivia for today: What is a group of pandas known as?

Ecommerce 

Nykaa’s growing BPC segment

The per capita consumption in Nykaa’s beauty and personal care (BPC) segment is $80, around five times the national average, said Falguni Nayar, Managing Director and CEO of the beauty retailer, during the company's 11th annual general meeting (AGM) on September 18.

India’s per capita consumption for the BPC segment currently stands at $15 and is expected to reach $50 by 2030. 

In trend:

• According to Nayar, India is expected to become the third-largest consumer market by 2030.
• For fashion, India's per capita consumption, which stands at $54, is expected to reach $160 by 2030, based on the trajectory of developed markets. Nykaa's customers currently spend $130 on fashion.
• The company posted a 24% increase in operating revenue to Rs 1,421 crore in the first quarter of FY24, up from Rs 1,148 crore in the same period last year. 

<Funding Alert>

Startup: Ummeed Housing Finance

Amount:  $20M

Round: Undisclosed

Startup: The Good Bug

Amount: $3.5M

Round: Series A

Startup: Equity List

Amount: $2.2M

Round: Seed

Edtech

BYJU’S delays FnF settlements

Edtech startup BYJU'S has postponed the full and final (FnF) settlement for employees recently laid off due to various challenges, including a liquidity crunch, according to people familiar with the development.

“We regret and acknowledge the delays in settling dues of former employees. As we work through a difficult business restructuring, we are committed to meeting all our obligations as soon as possible,” a BYJU’S spokesperson said in response to YourStory’s queries.

Cash crunch:

• The Bengaluru-based company in June had laid off more than 1,000 employees, who were to receive their pending salaries as part of their FnF settlements by September 15. 
• BYJU’S has been working towards repaying the debt associated with a $1.2 billion term loan B (TLB). 
• It is also exploring the sale of two of its assets—Epic and Great Learning—to generate at least $800 million.

Venture capital

Ankur Capital’s investment plans 

Early-stage venture capital firm Ankur Capital is expecting the first close of its third fund in December and is looking to make two to three investments this financial year, Zahin Hussain, President of Partnerships at Ankur Capital, said. 

The update on Ankur’s $150 million fund comes at a time when VC funding into Indian startups has slowed down. 

The roadmap:

• Founded in 2014 by Ritu Verma and Rema Subramanian, Ankur Capital backs science-driven startups solving real-life challenges and currently has 22 startups in its portfolio.
• From its first fund—which reached its final close in 2016—the VC firm has exited from seven companies. 
• It will back around 25 companies from its third fund, and while initial cheque sizes will be in the range of $1-2 million, it will do follow-ons of up to $10 million in a company, Subramanian said. 

News & updates

• Tumbling stocks: Novo Nordisk's shares fell on Monday after financial news agency MarketWire reported that US drug regulators had recently issued a report detailing quality control lapses at the group's Clayton, North Carolina plant.
• Online search: The US Justice Department on Monday questioned a Verizon executive about the company's decision to always pre-install Google's Chrome browser with Google Search on its mobile phones, as the government sought to show that Alphabet's Google broke antitrust law to maintain its dominance in online search.
• Microsoft Windows: Microsoft's Pavan Davuluri will lead a team focused on Windows software, devices portfolio, and semiconductor chips, the company said while announcing the departure of longtime product chief Panos Panay on Monday.

What is a group of pandas known as?

Answer: An embarrassment. Other collective panda nouns include pack, bamboo, bunch, and cupboard.

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