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JustDial’s CFO Ramkumar Krishnamachari Steps Down

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JustDial CFO Ramkumar Krishnamachari Steps Down,#StartupStories,Startup Stories,2017 most Read Startup Stories,JustDial CFO Ramkumar Krishnamachari,chief financial officer Ramkumar Krishnamachari,JustDial CFO Ramkumar Krishnamachari resigns,Ramkumar Krishnamachari resigns as Justdial CFO,JustDial CFO Resigns,JustDial Services

The chief financial officer of the online local business search engine JustDial, Ramkumar Krishnamachari has announced his resignation from the firm. In a stock exchange filing, JustDial announced the CFO will be relieved of his duties with effect from 30 September 2017.

This is the second high profile exit of a JustDial executive following which there was a 5% dip in their shares. Krishnamachari joined JustDail in 2010 led the firm’s finance, legal, taxation and secretarial functions. He laid the foundations for the firm’s initial public offering (IPO) in 2013 and was responsible for investor relations and stakeholder management.

The company posted a net profit of Rs. 25.3 crore for the fourth quarter and recorded a 37.2% dip in their net profit for the quarter ended 31 March 2017. The stock of the company ended at Rs. 363.15, down 4.90% on NSE and reached an intra day low of Rs. 360.60. Their market valuation also saw a decline of Rs. 129.13 crore to Rs. 2,525.15 crore. Global investment banking and diversified financial services group Macquarie said that CFO’s exit comes at a difficult time given that the company continues to grapple with execution issues.

JustDial’s database consists of approximately 17.9 million listings and their app is available on Android, iOS, Blackberry and Windows platforms. Founded by V.S.S. Mani, JustDial provides search services aimed at making several day to day tasks conveniently actionable and accessible to the users. SAIF Partners, Sequoia Capital, Tiger Global, EGCS and SAP Ventures have invested in this company. Amitabh Bachchan also made an investment of Rs. 6.27 lakh in the company by buying 62,794 shares at Rs. 10 per share in 2013.

The company has conducted around 435,360 campaigns for paid advertisers as of March 2017, compared to the 368,800 campaigns as of March 2016, thereby representing a growth of 18% year on year. The company’s database also represented a year on year growth of 9.5%.

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Blissclub Raises INR 33 Crore in Fresh Funding Months After Layoffs

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Blissclub, the women-centric D2C apparel brand, has raised INR 33 crore in a Pre-Series B funding round led by Elevation Capital, with Eight Roads Ventures also participating. This funding comes just three months after the company laid off 18% of its workforce-about 21 employees from creative, sales, marketing, growth, and product teams-due to high cash burn and challenges in securing new capital.

The latest investment was made through the allotment of 16,076 compulsory convertible preference shares (CCPS) at a premium of INR 20,428 each. Elevation Capital invested INR 19 crore, securing a 24.5% stake, while Eight Roads Ventures contributed INR 14 crore, raising its stake to 15.79%. The capital will be used for working capital, capital expenditure, and general corporate purposes.

Founded in 2020 by Minu Margeret, Blissclub started as an online activewear brand for women and has since diversified its product range and established offline stores. Despite recent restructuring, the company’s revenue grew 27% to INR 86.9 crore in FY24 from INR 68.3 crore in FY23, though net losses also increased to INR 43.9 crore.

Blissclub’s successful fundraising, despite recent layoffs, underscores both the ongoing challenges and the resilience of India’s D2C startup sector in a difficult funding environment.

 

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Apple to Shift Entire US iPhone Assembly to India by 2026

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Apple is set to relocate all assembly of iPhones destined for the US market from China to India by the end of 2026, marking its biggest manufacturing shift in decades. The move is driven by escalating US-China trade tensions and steep tariffs—up to 145% on Chinese imports—making Chinese assembly increasingly costly for Apple. Although some smartphone imports are temporarily exempt, a 20% duty still applies to Chinese-made iPhones entering the US.

 

India, in contrast, offers a more favorable trade environment, with a paused 26% reciprocal tariff and ongoing negotiations for a bilateral trade deal with the US that could shield Indian exports from future levies. Apple plans to more than double its current iPhone output in India, aiming to assemble over 60 million units annually for the US market. The company already produces about 25% of its global iPhones in India, working with partners like Foxconn, Tata Electronics, and Pegatron.

 

This shift is part of Apple’s broader strategy to diversify its supply chain and reduce reliance on China amid geopolitical risks. However, the transition’s success will depend on how quickly India can scale up its manufacturing capabilities and the outcome of ongoing trade negotiations.


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PhonePe’s PINCODE Launches 10-Minute Medicine Delivery in Cities

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PhonePe’s PINCODE app has launched a 24×7 online medicine delivery service in Bangalore, Mumbai, and Pune, promising delivery of both prescription and over-the-counter medicines within 10 minutes from nearby local medical shops. Unlike conventional e-pharmacies that use dark stores, PINCODE partners exclusively with neighborhood pharmacies, enabling faster deliveries and supporting local businesses in the digital economy.

Customers without prescriptions can select a “no prescription” option when ordering; a qualified doctor then provides a free teleconsultation and issues a digital prescription compliant with telemedicine guidelines, ensuring seamless access to medicines. The app offers competitive pricing by passing discounts from local pharmacies directly to customers and charges no delivery fees.

PINCODE’s hyperlocal model enhances healthcare accessibility and convenience while empowering local pharmacies, helping them remain integral to their communities and stimulating local economic growth. Launched in 2023, the app focuses on quick commerce with an emphasis on speed, reliability, and supporting local sellers.

In summary, PhonePe’s PINCODE app is transforming medicine delivery in major Indian cities by combining ultra-fast 10-minute delivery, free doctor consultations, and a hyperlocal sourcing model that benefits both consumers and neighborhood pharmacies.

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