Nykaa’s strong Q1; Activate backs Sarvam
Nykaa reported strong quarterly growth, on the back of healthy sales across its businesses. This and more in today's ETtech Top 5.
In the latest ETtech Top 5, Nykaa reported a strong quarter, with a 29% year-on-year increase in revenue to Rs 2,782 crore. Net profit rose to Rs 80 crore, up from Rs 24 crore in the previous year. This follows Aminu acquisition, where Nykaa's board approved a Rs 32 crore stake acquisition in skincare brand Aminu.
Meanwhile, chip stocks faced a significant downturn, with the Philadelphia Semiconductor Index (SOX) entering bear market territory after losing over $1 trillion in market value. Nvidia, SK Hynix, Samsung Electronics, and Micron all saw losses exceeding $100 billion each. Despite this, the SOX is still up 61% year-to-date.
In other news, Activate, an AI venture fund, has joined Sarvam's $300 million funding round, marking the fund's third growth-stage investment. Haptik cofounder Aakrit Vaish and former Together Fund investor Pratyush Choudhury led the Sarvam investment, valued at about $1.5 billion.
Lastly, Meta is set to meet Ministry of Electronics and Information Technology (MeitY) officials to address concerns over child sexual abuse material (CSAM), AI-generated content, deepfakes, and compliance with Indian laws.
Written by urgent.news from Economic Times Tech's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
