Actress Samantha Prabhu has taken a significant step into the startup world by becoming a co-founder of Secret Alchemist, a direct-to-consumer (D2C) wellness brand specializing in aromatherapy. This move not only marks her entry into the wellness sector but also coincides with the brand’s recent achievement of raising $500,000 in a seed funding round led by Inflection Point Ventures (IPV), with contributions from prominent investors including Siddharth Shah, founder of Pharmeasy, and Rishubh Satiya, founder of Plix.

Founded in 2021 by Ankita Thadani and Akash Valia, Secret Alchemist focuses on creating a diverse range of products centered around essential oils and holistic wellness. The brand aims to utilize the newly acquired funds to enhance its marketing strategies, strengthen its brand presence, and expand its customer base. Thadani expressed enthusiasm regarding Prabhu’s involvement, highlighting that her personal journey with aromatherapy aligns perfectly with the company’s mission to promote wellness at its core.

Samantha Prabhu shared her personal connection to aromatherapy during her healing journey abroad, where she discovered the comforting effects of essential oils. She emphasized how this experience motivated her to seek out a trustworthy brand upon returning to India. After trying Secret Alchemist’s products and experiencing their positive impact firsthand, she felt compelled to share this transformative experience with others. “It’s not just about investing in a brand—it’s about believing in the power of natural remedies to bring true well-being,” she stated.

The funding will also facilitate team expansion and operational scaling as the company prepares for the festive season. Secret Alchemist plans to broaden its product offerings by introducing pure-grade essential oils available in various forms, including creams, mists, and shower gels. Currently, the product lineup includes roll-ons, candles, pain management solutions, hair care products, and skincare items. Additionally, the company provides bulk order options and consultations with certified aromatherapists.

The beauty and personal care market in India is experiencing rapid growth, valued at $31.5 billion with an annual growth rate of 30%. The D2C body care segment alone is valued at $2.6 billion. Secret Alchemist aims to tap into this expanding market by targeting consumers who prioritize sustainable and wellness-focused products.

Samantha Prabhu’s investment in Secret Alchemist marks her fourth foray into the startup ecosystem. She has previously invested in brands such as SustainKart, Nourish You, and The Souled Store. This trend of celebrity involvement in startups is becoming increasingly common in India; for instance, actor Nayanthara recently invested in the event tech startup Ticket9.

As Secret Alchemist embarks on this new chapter under Samantha Prabhu’s co-leadership, it is well-positioned to make a significant impact in the wellness sector. The combination of Prabhu’s influence and the founders’ expertise in aromatherapy is expected to drive growth and foster a deeper connection with consumers seeking holistic wellness solutions.

Agritech startup Greenikk has announced its closure, attributing the decision to funding challenges and adverse market conditions. Founded in 2020 by Fariq Naushad and Previn Jacob Varghese, Greenikk aimed to create a digital ecosystem for banana cultivation, addressing issues throughout the value chain from farmers to bulk buyers. Despite raising around $1 million from investors, including 100Unicorns and IIM A Ventures, the company struggled to secure additional funding, particularly for a planned $5 million Series A round.

Reasons for Shutdown

Several factors contributed to Greenikk’s decision to wind down operations:

• Funding Challenges: Initially thriving during a period of low-interest capital availability in 2022, the startup faced difficulties as market dynamics shifted. Naushad admitted that the company pursued “the wrong metrics” for growth during its early success, ultimately leading to unsustainable practices.
• Loan Defaults: Greenikk extended loans totaling ₹6 crore but encountered significant defaults from borrowers. Naushad reported spending six months attempting to recover about 80% of these receivables, highlighting ongoing challenges within the agritech sector regarding loan recoveries.
• Lack of Product-Market Fit: Cofounder Jacob Varghese noted that despite developing a comprehensive app and ecosystem, Greenikk struggled to establish itself beyond being seen as a vendor for working capital. This failure to find a sustainable product-market fit hindered its scalability and revenue generation.

Investor Impact

In light of its closure, Greenikk plans to return 50% of the capital to investors. The funds recovered from liquidation will primarily be used to repay its lead investor, 100Unicorns. The founders have also committed to using their own resources to pay back angel investors, reflecting an effort to maintain transparency amid the shutdown.

Employee Welfare

Greenikk has pledged support for its employees during this transition by providing two months’ severance pay and job placement assistance for nearly 25 affected staff members. At its peak, the company employed around 30 individuals but had been reducing its workforce in response to ongoing financial difficulties.

Broader Agritech Landscape

The challenges faced by Greenikk are indicative of broader trends within the agritech sector, which has seen a significant decline in venture capital interest. In 2024 alone, agritech startups raised only about $150 million across more than 30 deals—a stark contrast to the $772 million raised in 2022. This downturn underscores the increasing difficulties startups face in securing funding as market conditions evolve.

As Naushad and Varghese look toward their next entrepreneurial ventures, Greenikk’s story serves as a cautionary tale for other startups navigating the complexities of agritech investment and operational sustainability.

OpenAI is gearing up to unveil its latest AI product, “Strawberry,” previously known as Q* (pronounced “Q Star”), this fall. This innovative tool is designed to tackle complex problem-solving tasks, including solving math problems without prior training, developing market strategies, and conducting in-depth research. The announcement comes at a time when OpenAI is also seeking to attract more investment.

Development Insights

The hints about Strawberry’s development first emerged in July 2024, when OpenAI CEO Sam Altman shared cryptic images of strawberries on social media, igniting speculation about a significant new project. Reports indicate that Strawberry aims to address the limitations of existing AI models, particularly in areas requiring advanced reasoning and context-sensitive problem-solving, where current systems often struggle.

Key Features

Strawberry is expected to enhance AI’s logical reasoning capabilities and mitigate issues of “hallucination,” where AI generates incorrect or nonsensical information. This product is not just about generating answers; it is designed to autonomously navigate the internet to perform what OpenAI refers to as “deep research.”
Additionally, Strawberry is likely to be integrated with OpenAI’s latest chatbot, ChatGPT-4o, and will play a crucial role in the development of a new large language model (LLM) named Orion. This integration is anticipated to improve the overall performance and reliability of OpenAI’s AI offerings.

Competitive Landscape

The launch of Strawberry comes amid a competitive race in the AI sector, with major players like Apple, Google, and Anthropic also working on advanced AI models. As these companies prepare to release their own innovations, the pressure is on for OpenAI to deliver a product that stands out in terms of capabilities and reliability. In summary, the introduction of Strawberry represents a significant advancement in AI technology, with the potential to revolutionize how AI handles complex reasoning and problem-solving tasks across various industries. As OpenAI prepares for this launch, the tech community is keenly watching to see how Strawberry will reshape the landscape of artificial intelligence.