The story of a self-funded beauty brand; Tech leadership on subscription

It’s a crypto meltdown.

A Bitcoin-driven selloff has wiped almost a trillion dollars off cryptocurrencies in less than a week. Bitcoin, which hit a 15-month low of $72,877 in the US on Tuesday, was trading around $74,800 during early hours on Wednesday in New York, according to Bloomberg.

The world’s second-largest cryptocurrency, Ethereum, lost over $100 billion of its market capitalisation in the last seven days as the price fell under the $2,200 level. This is its lowest point in the past nine months. 

Meanwhile, Silicon Valley’s startup accelerator Y Combinator will allow startups to receive their funding in stablecoins, marking the first time it has offered founders this option.

Moving on to assets that are doing well–gold. The yellow metal, according to data from Reuters, is set for another record performance this year, mainly driven by geopolitical uncertainty. 

Elsewhere, data shows that China has emerged as a strong challenger to the US when it comes to investment in scientific research. China’s share of global R&D has increased from 4% in 2000 to 27.4% in 2024. It is not the only Asian country to up its presence in science and technology. South Korea and India are also investing in R&D, tipping the balance of power in science. 

ICYMI: A Chinese company has reportedly made a robot that eerily resembles a human and can even give subtle facial expressions. 

In today’s newsletter, we will talk about 

• Meet the self-funded beauty brand
• Tech leadership on subscription
• Marico acquires Cosmix for Rs 225.67 Cr

Here’s your trivia for today: Who wrote the 1896 novel The Island of Doctor Moreau?

MSME

Meet the self-funded beauty brand

When Bonish Jain joined PAC Cosmetics in 2014, the company was already well regarded within professional makeup circles, but largely invisible to the wider consumer market.

Founded by his father Ramesh Jain in 2006, the Mumbai-based company had earned a reputation as a trusted brand of professional, high-quality makeup tools used largely by makeup artists.

Glam queen:

• PAC’s early years under Bonish’s leadership focused on careful expansion rather than rapid scale. While its core strength remained makeup tools, the company began experimenting with colour cosmetics designed for both professionals and regular makeup users. 
• Today, PAC operates a balanced omnichannel strategy, with online and offline sales contributing almost evenly, fluctuating between 50:50 and 60:40 depending on seasonality, says Bonish. 
• Despite operating in a sector dominated by venture-funded peers, PAC remains entirely bootstrapped. The company expects to close FY25 with a GMV of Rs 140–150 crore and an EBITDA margin of 20–25%, with around 25% growth projected in the next fiscal year.

<Funding Alert>

Startup: Varaha

Amount: $20M

Round: Series B

Startup: The Whole Truth

Amount: $51M

Round: Series D

Startup: Gamepoint

Amount: Rs 7 Cr

Round: Pre-Series A

Startup

Tech leadership on subscription

The traditional solution of hiring a full-time chief technology officer (CTO) comes with salaries and equity stakes that early-stage ventures can't afford. For businesses where technology enables rather than defines the product, the question is clear: how do you access technical leadership without a full-time executive hire?

, Ankit Anand, and Sonali Parate founded Profound IQ in 2025 to address this gap. Operating from Bengaluru, the startup offers fractional CTO consulting and technical due diligence for investors.

Helping hand:

• Profound IQ’s core offering is fractional CTO services, making experienced technology leaders available on a monthly subscription rather than as full-time hires. 
• It also offers contract-based MVP development, where the team develops a six-month product roadmap, identifies critical features, and builds a working product with essential functionalities.
• The bootstrapped startup is shifting its geographic focus toward the US market, aiming for 70-80% of business there while maintaining a 20-30% presence in India.

Retail

Marico acquires Cosmix for Rs 225.67 Cr

Consumer goods major Marico entered into definitive agreements to acquire a 60% stake in plant-based nutrition brand Cosmix for Rs 225.67 crore. The deal values the digital-first brand at about Rs 375 crore. 

Founded in 2019 by Vibha Harish and Soorya Jagadish, Cosmix specialises in plant-based proteins and superfood blends. The brand has reported rapid scaling, reaching an ARR of about Rs 100 crore based on its performance from August 2025 to January 2026. In FY25, the company recorded a turnover of Rs 50.93 crore.

News & updates

• Bloc: US Vice President JD Vance unveiled plans to marshal allies into a preferential trade bloc for critical minerals, proposing coordinated price floors as Washington escalates efforts to loosen China’s grip on materials crucial to advanced manufacturing.
• Economy: Euro zone inflation cooled to 1.7% in January, flash data from statistics agency Eurostat showed. The latest data shows the key inflation rate has now dipped below the European Central Bank’s 2% target, meaning it’s likely to steer clear of any more rate cuts for the foreseeable future.
• Layoffs: The Washington Post is laying off one-third of its staff in the newsroom and other departments, a brutal blow at one of journalism’s most legendary brands. The troubled Post began implementing large-scale cutbacks, including eliminating its sports department and shrinking the number of journalists it stations overseas.

Who wrote the 1896 novel "The Island of Doctor Moreau"?

Answer: HG Wells

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