Happy Friday! New-age brands are attracting capital from VC funds, founders and other types of investors. This and more in today’s ETtech Morning Dispatch. Also in the letter: ■ Angel One’s corporate rejig ■ RBI on fintech SRO ■ EU’s AI Act to impact Indian cos New-age consumer brands trend on deal street Top-tier venture firms, prominent startup founders and new funds backed by corporate leaders are investing in brands that are disrupting traditional sectors .
New-age challengers: Uppercase–a luggage brand started by former VIP Industries MD Sudip Ghose–is in talks with Flipkart-backer Accel to raise new capital, sources told us. This would be the third major deal in the space after Peak XV Partners’ Mokobara investment and Lighthouse’s bet on Safari. “I have issued term sheets to two FMCG brands and should close them in the next few weeks,” said one venture investor who manages a portfolio of both technology and non-tech investments.
Tell me more: 12 Flags Group, the India-focused consumer fund founded by former global chief of Reckitt Benckiser, Rakesh Kapoor– is in talks to conclude three to four more such deals. Similarly, Sanjiv Mehta–former chief of Hindustan Unilever– who has partnered with global investment firm L Catterton Asia in a consumer-focused joint venture, is in the final stages of closing two such deals, sources added. Tell me more: Luggage, fast fashion, FMCG, supermarket chains, shoes and hand bags are among top sectors seein.
