Meet The D2C Startups Dazzling India's Jewellery Market.

Jewellery is the soul of Indian cultural identity. Weddings and festivals are incomplete without jewellery purchase and it finds usage in daily life as well.

This has propelled the Indian jewellery industry to the top globally, accounting for a 24.21% share of the total global market. 

While traditional retail contributes 85% to the overall jewellery sales in India, online marketplaces are piggybacking on the digital boom to create a niche for themselves in the segment. 

Besides the digital penetration, the demand for online jewellery products has also been growing on the back of rising urbanisation, need for novel and customised products, rising disposable incomes, evolving fashion preferences, cultural significance, among others. 

Notwithstanding the legacy players, which too have been actively expanding their online presence to meet this demand, several Indian D2C jewellery startups have emerged over the past decade or so. 

According to a report, the Indian online jewellery market is expected to grow to a size of $3.7 Bn by 2025. So, what is driving this boom? The shift towards online sales channels, especially after the pandemic, has been led by factors such as convenience, variety of options, and competitive pricing on ecommerce platforms. 

While Indians have always had a penchant for gold and diamond, other segments such as daily wear and fashion jewellery are also seeing rapid adoption among masses in recent times. 

With Dhanteras, Diwali, and the upcoming wedding season, this demand will get further boost. As such, we have compiled this list of the Indian startups shining in the Indian jewellery landscape. 

Editor's Note: This is neither an exhaustive list nor a ranking of any kind. We have listed the startups alphabetically.

D2C Jewellery Startups Shining Brightly.

🪙 BlueStone

Founded in 2011, BlueStone is a Bengaluru-based omnichannel jewellery retailer that claims to offer more than 8,000 diverse designs. It offers products across a host of categories like rings, pendants, and earrings. 

The company counts the likes of Zerodha's Nikhil Kamath, Manipal Group's Ranjan Pai, Cardekho Group's Amit Jain, Zomato's Deepinder Goyal, among others, as its investors. 

While the company is reportedly eyeing a public listing by the second quarter of next year, it bagged INR 900 Cr in a funding round in August, which catapulted its valuation to $970 Mn. The round saw participation from Peak XV Partners, Prosus, Steadview Capital, Think Investments, and Pratithi Investments through a primary and secondary share sale. 

Overall, BlueStone has raised a total funding of over $219 Mn to date. 

On the financial front, the company managed to trim its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24). Operating revenue surpassed the INR 1,000 Cr mark and stood at INR 1,265.8 Cr. It recorded a net loss of INR 167.2 Cr in FY23 on an operating revenue of INR 770.7 Cr. 

🪙 GIVA

Founded in 2019 by Ishendra Agarwal, Nikita Prasad, and Sachin Shetty, GIVA is a Bengaluru-based fine jewellery brand specialising in authentic 925 fine silver jewellery. It also sells 14K and 18K gold and lab-grown diamond jewellery. 

Earlier this month, the startup raised INR 255 Cr ($30.3 Mn) in a mix of primary and secondary transactions as part of its extended Series B funding round from Premji Invest, Epiq Capital, and Edelweiss Discover Fund. The latest funding took GIVA’s total funding in the Series B round to INR 525 Cr, following a previous raise of INR 270 Cr in July 2023. 

The startup surpassed the INR 100 Cr operating revenue mark in the financial year ended March 31, 2023. Revenue surged 97% to INR 165 Cr in FY23 from INR 84 Cr in the previous fiscal year. However, its net loss rose 138% to INR 45.2 Cr during the year under review from INR 19 Cr in FY22. 

🪙 Kushal's

Founded in 2006 by Kushal Menghar and Manish Gulechha, Kaushal's is a Motilal Oswal-backed fashion and jewellery brand offering antique ornament alternatives for various occasions. 

It is an omnichannel brand, with offline presence across more than 25 cities, including Bengaluru, Hyderabad, Chennai, Pune, Indore, Chandigarh, among others. Besides its website, its products are available across ecommerce channels like Myntra, Amazon, AJIO, among others. 

In February this year, Kushal's raised INR 284 Cr (around $34 Mn) in its Series B funding round from Lighthouse's fourth alternative investment fund (AIF). The round also comprised a secondary transaction, providing partial exit to its first institutional investor India SME Investments, which invested INR 15 Cr ($1.8 Mn+) in 2019. 

🪙 Metaman 

Founded in 2022 by Anil Shetty, Raunak Samdaria, and Yudister Narayan, Metaman is a men’s jewellery startup backed by the likes of Suniel Shetty, Nikhil Kamath, Prashanth Prakash, Gaurav Singh Kushwaha, KL Rahul, and Robin Uthappa. 

It sells bracelets, pendants, chains, and rings, with prices starting from INR 1,999. In August this year, Metaman raised additional funding from cricketer and existing investor KL Rahul to launch its perfume range. 

Last year, the startup acquired hip-hop luxury jewellery brand Drip Project for $1 Mn to strengthen its presence in the growing Indian online men's jewellery market.

🪙 Pipa Bella

Founded by Shuchi Pandya in 2013, Pipa Bella is a fashion jewellery and accessories brand. It offers various types of bracelets, rings, pendants, among others. Pipa Bella was acquired by Nykaa in 2021 to capture the growing market for contemporary fashion jewellery in India.

Besides its own website, it sells its products via ecommerce platforms such as Myntra, Amazon, and international sites like Lazada and Zalora.

Prior to its acquisition, the startup secured $1 Mn in a funding round from Fireside Ventures and other investors in 2021.

🪙 Pulmonas 

Founded by Pallavi Mohadikar and Amol Patwari in 2021, Palmonas is a demi-fine jewellery brand for women that offers a range of contemporary options for daily and occasion wear. Demi-fine, generally, means affordable but premium quality jewellery. 

The brand offers a range of jewellery options, including necklaces, rings, bracelets, earrings, and mangalsutras, priced between INR 800 and INR 5,500. Its products are sold with a one-year warranty. 

Earlier this year, the startup roped in Bollywood actor Shraddha Kapoor as its new cofounder. 

🪙 Sukkhi

Founded in 2012 by Bhavesh Navlakha, and Prashant Gupta, Sukkhi is an omnichannel brand that designs and sells a diverse range of jewellery collections for men and women. It sells its product across ecommerce marketplaces as well as its own website. Besides, it has its retail outlets, shop-in-shops and kiosks across Mumbai, Bengaluru, Kolkata, Indore, among others. 

Its product offerings include necklaces, bangles, earrings, rings, among others. It claims to have a customer base of 15 Lakh and offers over 10K exclusive designs. 

Sukkhi raised $7 Mn in funding from private equity fund manager Carpediem Capital and Delhi-based Duane Park in 2018. Going ahead, the startup plans to establish around 300 stores across various cities in India.

🪙 Trisu

Founded by Saloni Chopra in 2023, Trisu is a fashion accessories brand offering gold vermeil jewellery with 18-karat gold plating on silver. The brand aims to provide affordable gold alternatives for customers aged 30-60.

It raised an undisclosed amount of funding in September from All In Capital, JK Tyres, and Amaanta Group, aimed at customer acquisition, product innovation, and market expansion. 

The startup then claimed that it has achieved 24X growth within eight months of commencing operations. It said it was aiming to generate $1 Mn in monthly recurring revenue by 2025 and open 10 shop-in-shops and five exclusive outlets in the next two years.

🪙 Voylla

Founded in 2011 by Vishwas Shringi and Jagrati Shringi, Voylla is a Jaipur-based fashion jewellery startup. It is an omnichannel brand with a presence across multiple online channels and 250 offline stores across India. Its product offerings include necklaces, bangles, earrings, rings, and accessories. 

It sells its products through its app, website, offline channels, and marketplaces like Flipkart, Amazon, and Myntra, among others. 

Although it started with women's jewellery, Voylla later ventured into men's jewellery space in 2015. In the same year, it raised $15 Mn from private equity firm Peepul Capital.

🪙 Zariin

Founded in 2010 by sisters Vidhi and Mamta Gupta, Zariin is an omnichannel jewellery brand offering products across categories like necklaces, earrings, rings, and bracelets. It offers a lifetime warranty on its gold plating, allowing customers to have their jewellery re-plated free of charge.

It claims to sell products in over 21 countries and 200 stores worldwide. In India, it sells its products via marketplaces like Nykaa Fashion and Myntra. 

The brand has been adorned by celebrities like Sonam Kapoor, Deepika Padukone, Priyanka Chopra, Nargis Fakri, Soha Ali Khan, Kalki Koechlin, among others.

BharatPe Rolls Out New App For Investment Offerings.

Fintech major BharatPe has launched a new app, Invest BharatPe, consolidating its investment offerings.

In a statement, the company said that it has launched digital gold as the first product on the platform.

It said that consumers can buy 24K digital gold for as low as INR 100.

"The investment platform is in line with our objective of driving financial inclusion for the underserved across the country. During the festive season, a large number of consumers plan and invest in gold, making it the perfect time to introduce this new offering," said BharatPe CEO Nalin Negi. 

BharatPe plans to add additional investment products to Invest BharatPe in the coming weeks.

A company spokesperson told Inc42 that the app will also include the company's rebranded P2P lending product, formerly known as ‘12% Club'. 

"12% Club has halted taking deposits as per the guidelines of our NBFC partners. The existing users continue to have access to it through the new app," the spokesperson added. 

It is pertinent to note that the Reserve Bank Of India (RBI) tightened the guidelines for NBFC-P2P platforms earlier this year to stop practices like promotion of P2P lending as an investment product along with features like tenure linked assured minimum return, among others.

BharatPe's consolidated revenue from operations grew 39% to INR 1,426 Cr in the fiscal year 2023-24 (FY24) from INR 1,029 Cr in FY23. Meanwhile, EBITDA loss declined 75% to INR 209 Cr from INR 826 Cr in FY23.

Like a number of other fintech startups, BharatPe has also taken the super app route.

While the company was earlier focussed on merchants, it is now offering services like UPI payments, bill payments, and credit card repayments. 

The fintech major has also added an ecommerce section where the company is selling vouchers for Amazon, HeathifyMe, ixigo, Nykaa, Zomato, as well as several modern retail and D2C brands.

Recently, the company settled its two-year long legal dispute with Ashneer Grover.

Can BigBasket Find Its Quick Commerce Groove?

quipped with speed and convenience, quick commerce is expanding its dominance in the world of online shopping. Initially questioned for its long-term viability and relevance beyond metro cities, quick commerce has thrived over the past two years, driven by rising demand for fast, on-demand shopping solutions, particularly among Gen Z and millennial consumers in urban areas.

While major players like Flipkart and Amazon are experimenting with fast delivery options, pure-play quick commerce companies have become increasingly aggressive. Even Swiggy has ventured into this space with its 10-minute food delivery service, Bolt.

Despite scepticism due to the global failure of similar models, this segment has seen high growth in the country, with monthly transacting users (MTU) increasing by over 40% in FY24 from previous financial year, according to a RedSeer report.

This is only symbolic of the fact that user behaviour is changing, and backing this statement is the RedSeer data, which highlights a rise in the frequency of monthly orders from 4.4 in FY21 to nearly 6 in FY24. The momentum will only increase in FY25, with a 75-85% market growth, to reach $6 Bn GMV.

To cash in on this, Tata-owned BigBasket, which disrupted the traditional online grocery market long back, has completely pivoted to the quick commerce model. While the company has been known for its slotted deliveries, it now holds BB Now tightly as the core focus of the platform.

Notably, BigBasket launched quick commerce in early 2022. Back then, it offered both a quick commerce service and a slotted delivery service.

"The quick commerce wing offered delivery in 10 minutes, while slotted delivery took between two to four hours. The range of products differed significantly too - quick commerce offered around 8,000 to 10,000 products, whereas slotted delivery had about 40,000," cofounder of BigBasket, Vipul Parekh, told Inc42 in an interview.

He added that the company has now decided to merge both services into a single offering. "The default option will be quick commerce, offering delivery in 10 to 15 minutes, but customers will still have the option to choose slotted delivery if they prefer."

BigBasket's Quick Commerce Pivot

While BigBasket launched its quick commerce service in early 2022, Parkeh said it grew faster than the slotted delivery service. Initially, quick commerce made up about 50% of sales, and the company anticipated it could account for 60-80% of sales, taking away the charm of slotted deliveries.

According to the cofounder, this would have made the slotted deliveries less impactful to keep it running as a standalone feature. Additionally, offering both options was confusing for customers, who were unsure which service to choose and on what basis.

"By merging both services into a single offering, we have simplified the customer experience, presenting a unified solution. This change was driven by two key factors - the market’s shift towards quick commerce for groceries and the need for a simpler, more streamlined browsing experience for customers," Parekh said.

As part of its strategic shift, BigBasket is not only continuing with quick commerce but also expanding the range of products delivered in 10 minutes.

Previously, only groceries were delivered in that timeframe but now electronics and other categories have been included. The company has also forayed into general merchandise, fashion and apparel, and jewellery. The company has also started selling iPhone 16 in Bengaluru, Delhi NCR and Mumbai.

However, as per Parekh, the pivot from groceries to new categories and from slotted to superfast deliveries has not been easy. Explaining this, he said, the supply chain for electronics, for instance, is quite different from groceries (with purchases often clustered around discounts, promotions, and festive seasons) whereas grocery purchases are regular and predictable. Understanding these supply chain differences has been a major challenge for the company.

To address this, BigBasket partnered with category-specific experts like Chroma for electronics, Tata Cliq for apparel, and Titan for jewellery. These partnerships allowed BigBasket to leverage the expertise of companies that already excel in these categories, avoiding the steep learning curve.

Besides, another challenge was building the right customer experience and features for these new categories. For example, electronics purchases often involve EMI options, returns, warranties, and bank discounts, which are not as relevant for grocery purchases. To meet these needs, BigBasket had to develop new technology and features, ensuring a seamless experience for customers across all product categories.

How Is BigBasket Approaching Category Expansion?

While BigBasket was aggressively pursuing quick commerce two years ago, there was widespread scepticism about the relevance of the service beyond major metros. But today, it is clear that affluent customers in Tier II cities also prefer the convenience of delivery and exhibit similar buying patterns.

BigBasket, which currently operates in 40 cities, has around 400 dark stores across India, and it is adding 30-40 stores each month to keep up with demand.

According to Parekh, quick commerce will become increasingly relevant as grocery shopping is rapidly moving towards quick commerce. "Unless someone has highly specialised needs, almost all grocery deliveries will soon be done through superfast platforms," he said.

In addition, more categories-beyond groceries-are shifting to quick commerce, particularly for fast-moving products. Whether it’s electronics, fashion, or general merchandise, items with high demand and quick turnover will be increasingly delivered within minutes.

"For instance, during the iPhone launch, we sold a significant number of phones within just a couple of days. Customers didn't want to wait even until the next day; they wanted their new devices immediately. This trend will expand to other fast-moving consumer durables like accessories, mobile phone cases, chargers, and earphones," Parekh observed.

However, he mentioned that not all categories will shift entirely. Larger, more specialised products, like high-end electronics or large appliances, are unlikely to transition to quick commerce. But smaller, fast-moving items within these categories will, Parekh said.

In fashion, basics like standard footwear, tees, and shorts will likely move to quick commerce, while more specialised or high-end fashion items won't.

Moving forward, BigBasket plans to expand into categories like toys and general merchandise, along with fashion, while it is also seeing a growing trend in seasonal merchandise.

"When we decide which new categories to prioritise, we consider three factors - product's size and weight, the velocity of the product and customer demand. If a product has low velocity or isn't naturally associated with quick commerce, we may avoid it. We also assess the viability of selling higher-value products within this model, as it may not always make sense financially," Parekh said.

Bottom Line: Can BigBasket Be The Quick Commerce Winner?

Although BigBasket is aiming to be one of the largest quick commerce players, Zomato-owned Blinkit was sitting on a 40-45% market share as of July, according to a recent report by brokerage firm UBS. Also, Instamart holds a 20-25% market share, followed by Zepto and BigBasket with 15-20% and 10-15% market share, respectively.

In addition, the online grocery retailer's operating revenue saw a mere 6% rise to INR 7,884.5 Cr in FY24 from INR 7,439.7 Cr in FY23. BigBasket generated INR 7,609.6 Cr in revenue from the sale of traded products, which included household and grocery products. On the other hand, it narrowed its loss by 17% to INR 1,267.2 Cr in the year by controlling expenses.

However, it seems team BigBasket has its strategy planned to bring more financial sustainability. According to Parekh, quick commerce is really about how much revenue can be generated per dark store.

"If your dark store generates a minimum revenue, it will automatically become profitable and start generating profits. This is just like any other physical retail business. For instance, let's say we have 50 stores in Bengaluru. If all 50 stores cross a certain revenue threshold, depending on your expense and margin profile, you will automatically become profitable for Bengaluru. In my view, the same thing is true for quick commerce," Parekh said.

So, where does the issue lie?

The main issue lies in the fact that a quick commerce platform can end up spending too much on marketing, in which case customer acquisition costs become very high, and that makes it difficult to remain profitable.

BigBasket has a large, established customer base that it can leverage due to its long-standing presence. Additionally, its collaboration with Tata Neu and the broader Tata Group brings a significant base of Tata customers, who are also becoming BigBasket customers, helping to keep acquisition costs low.

Indeed, BigBasket has an edge in the quick commerce segment because, unlike newer players like Blinkit or Dunzo, it has been in the grocery and F&B delivery space for quite some time, Karan Taurani of Elara Capital said.

However, while BigBasket has shifted focus from traditional deliveries to quick commerce, they haven't yet established a unique selling proposition (USP) that sets them apart from competitors. Currently, their product assortment and customer experience is either average or lagging behind their peers, per Taurani.

With the quick delivery race heating up, it will be intriguing to see how BigBasket gains ground in the quick commerce space, challenging established players like Blinkit, Swiggy Instamart, and Zepto.

Bloodbath In New-Age Tech Stocks Amid Broader Market Crash, Paytm Only Gainer This Week.

The Indian equities market continued its downward spiral this week. After touching their all-time highs at the end of September, benchmark indices have fallen over 7.50%. In line with this slump, Indian new-age tech stocks saw a bloodbath this week.

Of the 28 new-age tech companies under Inc42's coverage, 27 saw their share prices fall in a range of 1.38% to just under 20% this week. Paytm was the only company to end in the green this week. The stock rose 2.71% to close the week at INR 744.60. The upswing came as a result of the fintech giant getting the National Payment Corporation of India's (NPCI's) approval to onboard new customers for its UPI offering.

A number of new-age companies - Zomato, Go Digit, Fino Payments Bank, and ixigo - declared their September quarter financials this week and ended the week in the red. The biggest loser of the week was IndiaMART InterMESH. The B2B marketplace's shares sank 19.20% to INR 2,438.35.

In the broader market, Sensex fell 2.01% from last week to 79,402.29. Nifty 50 declined 2.86% to end at 24,180.80.

Commenting on this, Vinod Nair, head of research at Geojit Financial Services, said that the bearish investor sentiment is due to geopolitical tensions, sustained selling by FIIs, and lack of triggers in the domestic market.

“We expect the consolidation to continue in the short term; a reversal in trend will depend on a slowdown in FIIs' selling intensity and the outcome of the US presidential election. The domestic macros are largely favouring the market with the unveiling of strong PMI data and the RBI reiterating the economic growth forecast for FY25. Moderation in valuation, pickup in earnings in H2FY25, and an expectation of a rate cut by the RBI in 2025 will provide support to the market,” he said.

Meanwhile, Prashanth Tapse, senior VP of Mehta Equities, said that subpar Q2 results added to the selling pressure.

“The dismal Q2 earnings so far has aggravated the investors' woes, while persistent FII selling continued to create havoc in the market. Despite the Chinese stimulus announcement, falling crude oil prices is an indication that major economies continue to feel the slowdown pinch,” he said.

Now, let's take a deeper look at the performance of the new-age tech stocks this week.

The total market capitalisation of the 28 new-age tech stocks under Inc42's coverage declined to $74.41 Bn at the end of this week from $77.56 Bn last week.

Paytm Gets NPCI Boost

Fintech major Paytm continued on its long road of recovery despite broader market pressure. Shares of the company ended the week at INR 744.60, up 2.71% from last week. With this, the market capitalisation of Paytm stood at $5.63 Bn at the end of the week as against $5.48 Bn at the end of the previous week.

The company posted a consolidated profit after tax (PAT) of INR 930 Cr in Q2 FY25 as against a loss of INR 292 Cr in the year-ago period, largely due to the INR 2,048 Cr sale of Paytm Insider to Zomato. However, revenue from operations fell 34% to INR 1,1660 Cr in the reported quarter from INR 2,519 Cr in Q2 FY24.

Paytm shares fell over 6% during the intraday trade after the company declared its financial results on October 22. However, the fortunes reversed as the Vijay Shekhar Sharma-led company received the NPCI's nod to onboard new UPI users. Following this, the company said it has begun onboarding new customers via its app.

Meanwhile, Paytm also explained its future plans for the business along with its Q2 results. The company said it has begun its experiment with a default loan guarantee (DLG) for merchant loans. It announced its first FLDG agreement with SMFG India Credit.

"DLG costs are going to be paid back to us, hence translating to higher revenue. So, in a way, the business won't be requiring any additional equity capital or investment because of this rotation," CEO Sharma said in the post-earnings call.

Paytm also said that it has started an experiment with running audio ads for Meesho, Coca Cola, Mondelez and Dabur on its PoS device.

Brokerage Citi increased its price target (PT) for Paytm to INR 900 from INR 440 earlier. The brokerage said that the regulatory risks for Paytm now appear “largely behind” and the company has announced plans to offer DLG in accordance with the RBI's guidelines.

Meanwhile, Jefferies maintained a ‘Hold’ rating on Paytm with a target price of INR 700 per share. It noted that Paytm’s Q2 EBITDA loss decreased due to a 1% quarter-on-quarter reduction in costs, along with a recovery in the top line. The brokerage is also positive about DLG, and said that it could bring Paytm closer to EBITDA breakeven.

Zomato Delivers Another Profitable Quarter

Shares of the foodtech major ended 1.38% lower from last week to end at INR 253.85. With the decline, its market capitalisation stood at $26.67 Bn as against $26.72 Bn in the previous week.

The company was in the news this week for the following reasons:

🔹Zomato posted an increase of 389% in its net profit in the September quarter to INR 176 Cr from INR 36 Cr in the year-ago quarter. However, profit declined 30% from INR 253 Cr in the preceding quarter. Operating revenue increased 68.5% to INR 4,799 Cr in Q2 FY25 from INR 2,848 Cr in the year-ago period.

🔹The company granted nearly 20 Lakh equity shares to eligible employees under various employee stock option plans (ESOPs).

🔹The foodtech major received the approval of its board to raise up to INR 8,500 Cr via qualified institutional placement (QIP). CEO Deepinder Goyal said that the capital will strengthen Zomato's balance sheet.

🔹Zomato will be acquiring an 8% stake in innovative kitchen appliances maker Byondnxt.

🔹The company confirmed on October 24 that it has hiked its platform fee for the fourth time this year to INR 10 ahead of the festive season.

Following the upbeat results, brokerages maintained their positive outlook on Zomato. Axis Securities gave Zomato a ‘Buy’ rating and increased the PT to INR 350 from INR 280. The brokerage believes that a strong brand value and increasing demand for B2C business and quick commerce has placed Zomato in a favourable position for growth in FY25 to FY26.

“From a long-term perspective, it is believed that Zomato has built a resilient business model by securing multiple strategic verticals and delivering broad-based growth. The company has also established robust capabilities that will enable it to gain market share moving forward. Strong brand value and increased market share will enhance revenue visibility,” the brokerage said.

Meanwhile, ICICI Securities also maintained its ‘Buy’ rating for Zomato and gave it a PT of INR 300.

IndiaMART Falls After Q2 Results

Despite doubling its net profit in Q2 FY25, shares of IndiaMART fell 19.20% to end the week at INR 2,438.35. Its market capitalisation declined to $1.73 Bn from $2.14 Bn from last week.

IndiaMART reported its Q2 numbers on October 19. Its profit nearly doubled to INR 135.1 Cr from INR 69.4 Cr in the same quarter previous year. Revenue from operations jumped 18% to INR 347.6 Cr during the quarter under review from INR 294.6 Cr in Q2 FY24.

The company’s unique business inquiries in Q2 FY25 stood at 28 Mn, while revenue collected from customers increased 6% YoY to INR 356 Cr during the quarter.

However, Jefferies downgraded the company from ‘Buy’ to ‘Underperform’, citing weak subscriber growth, and reduced the PT to INR 2,540. The company's paying subscriber grew about 4% YoY during the quarter.

Jefferies said that while the company reported in-line Q2 results, subscriber growth remained weak, leading to a moderation in collections growth. The brokerage also forecasted collections growth for IndiaMART to range between 10-15% unless subscriber additions improve.

Meanwhile, Motilal Oswal maintained its bullish outlook on the stock but cut its PT to INR 3,500. “We continue to see IndiaMART as a key beneficiary of the technology adoption by India's MSME universe and a shift to a formalised ecosystem. We believe that the company is poised to drive significant value, owing to its industry leading position in the segment,” the brokerage said.