Brands
Phases raises Rs three million funding on Indian Angels OTT Show
Mumbai: Davangere, Karnataka-based natural skincare startup Phases, which offers clean and effective skincare products specially formulated to cater to the skin of tweens and teens, has raised angel funding of ₹30 Lakhs against 20 per cent equity dilution, from Shobitam Inc co-founder & chief product Aparna Thyagarajan. This equity funding deal was recently secured by Phases through their participation in ‘Indian Angels’ – a revolutionary angel investment show that’s currently streaming on OTT platform JioCinema. Prior to this, Phases had remained bootstrapped primarily by its co-founders.
Phases is the brainchild of Sannjana Raghu Amberkar, a passionate mompreneur, who started the company back in 2021, along with her co-founder and husband Raghu Amberkar. The startup will be utilizing the newly-acquired angel funds to bolster multiple strategic areas such as product development, optimization of customer experience, marketing and brand visibility enhancement, growth and expansion, among others. These in turn shall fuel Phases’ long-term aspiration and vision of becoming the most prominent player in the teens-and-tweens-skincare market in India.
While leading her brand’s ‘pitch’ in front of the distinguished angel investors’ panel on Indian Angels show, Sannjana presented a compelling narrative and emphasized on bringing Phases’ brand purpose and mission to life. She shared how and why she had got inspired to begin her entrepreneurial journey, after realizing the lack of safe and non-toxic skincare options for her teenage daughter. Sannjana’s heartfelt story, combined with Phases’ unique positioning and focus on the teen-and-tween skincare segment, commitment to sustainability, and their meticulous product formulation and packaging, impressed all the Angels on the show. At the end of her presentation, Sannjana received two separate investment offers from two Angels – Kinetic Engineering managing director Ajinkya Firodia and Thyagarajan with the latter offering her a better deal than the former. Thereafter, Sannjana instantaneously chose to accept Aparna Thyagrajan’s offer and closed the deal.
Speaking about the fundraise, Phases co-founder Sannjana Raghu Amberkar said, “We are thrilled to announce our first angel funding raised from ‘Angel’ Aparna Thyagrajan via the Indian Angels show, marking a pivotal moment in Phases’ journey. In Angel Aparna, we have found a mentor and partner-in-growth who truly believes in our vision. The capital infusion will not just help us in meeting our immediate business needs and expansion goals, but additionally over the long-term, it shall open many doors for strategic partnerships and enhance Phases’ market positioning. Apart from financial support, Aparna’s backing brings to us strategic guidance and industry insights as well, and her mentorship will certainly prove invaluable for us in navigating challenges, making informed decisions, and fostering sustainable growth for Phases.”
“At Phases, our mission is to empower tweens and teens to embrace their unique journeys throughout their adolescence with confidence, authenticity, and healthy, glowing skin. Looking ahead, we at Phases are super-excited about our journey in the upcoming years, as we aim to achieve robust revenue growth and profitability, and simultaneously initiate strategic product launches and expansion into new categories. In doing all of that, we will remain fully committed towards providing safe and effective skincare solutions for teens and tweens, and continue to relentlessly strive to make a positive impact in terms of adolescent and teenage skincare practices,” added Sannjana Raghu Amberkar.
Brands
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
