Mitra, a Delhi-based FMCG startup, raises Rs 14 crore in a bridge round led by Bestvantage Investments, plans to scale operations and enter GCC markets.

Mitra, a Delhi-based FMCG startup, raised Rs 14 crore in a bridge round led by Bestvantage Investments, with participation from existing investors. The funding will be used to scale operations, enhance the product portfolio, broaden distribution networks, and enter GCC markets. The company plans to launch a new 3,000-tonne refined flour manufacturing plant and new product categories. With a revenue growth from Rs 11 crore to Rs 40 crore in FY2025, Mitra aims to become one of the top five FMCG companies in India within 2-3 years and is targeting a valuation of Rs 500 crore in its Series A funding round.

Shares of Reliance Industries Ltd (RELIANCE) surged by more than 2.6% on Tuesday, driven by two significant business developments. The company's FMCG arm, Reliance Consumer Products Ltd (RCPL), announced a majority stake acquisition in a joint venture with Naturedge Beverages Pvt Ltd, marking Reliance's entry into the fast-growing herbal functional beverage market. Additionally, Reliance's telecom arm, Jio, revised its entry-level tariffs, making 1.5GB/day the new standard plan.

The FMCG arm's move into herbal beverages aligns with the growing consumer preference for healthier products. RCPL will offer a range of herbal-natural beverages, catering to the increasing demand for functional beverages. The joint venture is expected to enhance Reliance's product portfolio and distribution network.

In a separate development, Jio scrapped its 1GB/day plans and introduced a new 1.5GB/day plan, priced at ₹299 for 28 days. This revision is in line with the pricing offered by Bharti Airtel and Vodafone Idea. According to IIFL, the 20% tariff hike may lift overall revenue by under 2%, while Axis Capital expects a 4–5% increase in Jio’s FY26E revenue and ARPU. Brokerages have maintained a 'Buy' rating on Reliance with a target price of ₹1,690.

Domestic brokerages have also highlighted the potential positive implications of SEBI's proposal on large IPOs for a potential Jio listing. Jefferies maintained its 'Buy' call with a target of ₹1,670, pointing to stronger cash flows from Jio, steady retail growth, and ongoing renewable investments in the oil-to-chemicals segment.

Retail sentiment on Stocktwits turned 'bullish' from 'neutral' a week ago, reflecting investor confidence in Reliance's strategic moves. The company reported a 78% increase in Q1 net profit at ₹26,994 crore, while operational income increased by 5.3% to ₹2,48,660 crore. Jio Platforms, which runs Reliance Jio Infocomm, reported a net profit of ₹7,110 crore in the April-June quarter, up 24.9%.

References:
[1] https://stocktwits.com/news-articles/markets/equity/reliance-stock-gains-as-jio-hikes-entry-tariffs-fmcg-arm-expands-into-beverages/chsgQ7XRdgQ