MAM
Ankur Madan named as COO and co-founder at Chargeup
Mumbai: Chargeup, the homegrown battery-swapping network for e-rickshaws, has announced the joining of Ankur Madan as COO and co-founder of the company.
At Chargeup, Madan will head operations and technology and lead the company’s product strategy, said the statement.
Madan has over 15 years of market experience in multiple industries and is proficient in building businesses from scratch. Prior to Chargeup, he held key positions in Ubico Networks, Bharti Airtel, Haier Appliances, and Spectra.
“Ankur is vastly experienced in product strategy and development, and managing various commercial aspects in the customer as well as business-facing arenas. With his expertise, I foresee Chargeup moving faster towards its next step of product development and market expansion across India,” said Chargeup CEO and co-founder Varun Goenka. “We are aiming to leverage best-in-class technologies to constantly improve our battery services, and Ankur’s joining augurs well for our plans on this front as well.”
Madan has a bachelor’s degree in information technology with a master’s in management from the London School of Economics. He has also studied ‘design thinking and innovation’ as part of the MIT Sloan Executive Education programme.
Chargeup is an advanced technology-driven solution provider that offers Battery as a Service (BaaS) support to EV drivers in India. By facilitating easy battery swapping, Chargeup is enabling electric two and three-wheeler drivers to overcome range anxiety through standardised battery technology and robust execution capabilities, said the statement.
Brands
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
