Apple India’s contract manufacturer Foxconn is reportedly planning to build a new facility in Uttar Pradesh’s Greater Noida, as part of its expansion strategy in the country.

An ET report said that the iPhone manufacturer is eyeing 300 acres of land along the Yamuna Express Way in Greater Noida for the plant as this will be its first ever facility in North India.

The report further said that the discussions with the state government are at an initial stage and the company is yet to decide on the products in its new facility and the customers it will cater to.

Inc42 has reached out to Foxconn for comments on the development. The story will be updated based on the response.

It is pertinent to note that Foxconn and homegrown IT services major HCL’s joint venture secured a land in Yamuna Expressway Industrial Development Authority (YEIDA) region in Delhi NCR for its outsourced semiconductor assembly and test (OSAT) facility.

Foxconn is planning to purchase the land for the new facility in the same area.

The new facility is speculated to be slightly bigger than the company’s upcoming facility in Bengaluru for which it acquired 300 acres of land near the airport. The company has committed an investment of about INR 25,000 Cr for the said facility and is projected to have a production capacity of 20 Mn smartphones annually.

The Bengaluru plant will be the company’s second largest unit in India and second largest in the world.

The development comes at a time when Foxconn is on an expansion in India and is also looking to double down on its iPhone manufacturing efforts. Once the company’s Bengaluru unit marks its completion, it would push its annual iPhone manufacturing capacity in India from 12 Mn to about 25 Mn to 30 Mn in 2025.

Also, the Foxconn-HCL JV is also in talks with Larsen & Toubro (L&T) and Taiwanese construction engineering company CTCI to anchor its OSAT facility in UP. Besides, the company is looking to push its battery manufacturing efforts in the country and is in talks with the Tamil Nadu government to set up a 200 acres manufacturing unit in the state.

This comes amid the world dealing with the US tariff uncertainty. The contract manufacturer may look to diversify its operations and find other geographical alternatives for smooth operations. However, President Donald Trump’s administration has recently exempted the imposed counter tariffs measures on imports of certain categories of products which includes semiconductor equipment, smartphones, flat panel displays, computers and laptops among others. This will exclude Trump’s 125% tariff on China and 10% baseline tariffs on other countries.

But some US officials have told the media that the federal government plans to launch a national security investigation into semiconductors which could lead to other new tariffs in future.

In line with the counter tariff measures, Apple doubled its imports of iPhones from India in the month of March to INR 20,000 Cr from INR 11,000 Cr in a year ago period.

The US counter measure tariff includes 10% baseline duty on all imported products to the US and an additional 26% country specific tariff on Indian goods.

Dixon Technologies, Tata Electronics and Zetwerk, among others, are competing in India in the electronic manufacturing space. According to India Cellular and Electronics Association (ICEA), India became the 2nd largest manufacturer of smartphones by producing 2.45 Bn units of mobile phones worth INR 4.1 Lakh Cr in the financial year 2023-24 (FY24).

The post Foxconn Eyeing 300 Acres In UP For First Plant In North India: Report appeared first on Inc42 Media.

Bengaluru-based D2C furniture and mattress startup Wakefit is reportedly looking to make a splash in the market with an initial public offering (IPO) and aims to raise around INR 1,500-2,000 Cr (around $173-231 Mn).

A Moneycontrol report said that the startup has also picked three investment bankers – Axis Capital, IIFL Capital Services and Nomura — for the IPO.

However, the company has not yet finalised the split between fresh issue and offer-for-sale (OFS) component.

Wakefit declined to comment on queries sent by Inc42.

Founded in 2016 by Ankit Garg and Chaitanya Ramalingegowda, Wakefit is a D2C mattress and furniture startup which sells products such as mattresses, pillows, bed frames and mattress protectors with an aim to give a better sleeping experience to its customers. Besides, it also offers home decor and furniture which includes sofas, study tables, bookshelves, shoe racks and TV units, among others.

The startup counts the likes of Peak XV, Investcorp, Verlinvest and SIG among its investors and reportedly raised more than $100 Mn since its inception. On the financial front, it managed to trim its net losses on the back of its rising revenues in the financial year ending March 31, 2024 (FY24).

Wakefit cut down its net losses by 90% to INR 15.05 Cr in FY24 from INR 145.68 Cr in the previous fiscal year. While its revenue from operations jumped 21% to INR 986.35 Cr for the period under review from INR 812.62 Cr in FY23.

The startup competes with other major players in India’s mattress industry namely The Sleep Company, Duroflex, Kurlon and Sleepwell. These players are locking horns to grab their share in the said sector which is projected to reach $3.2 Bn by 2029.

The development comes at a time when a host of Indian startups are at various stages to get listed on bourses.

According to Inc42’s IPO tracker, Wakefit will join the league of as many as 23 startups who have set ball rolling for their IPO. Out of these, 11 have already submitted the draft red herring prospectuses (DRHPs) with SEBI which includes the likes of Ather Energy, ArisInfra and Avanse Financial Services among others.

Two days back, jewellery startup BlueStone and NBFC Aye Finance received a go ahead from the regulatory body for their IPO.

The post Wakefit Eyes Over $200 Mn IPO, Picks Three Bankers: Report appeared first on Inc42 Media.

Listed gaming major Nazara Technologies-owned NODWIN Gaming is strengthening its presence in the US esport market by setting up a new entity.

Nazara said in an exchange filing that NODWIN Gaming has incorporated Nodwin Gaming USA Inc in the state of Delaware.

The new entity is a wholly-owned subsidiary of NODWIN Gaming International Pte Ltd (NODWIN Singapore), owned by NODWIN Gaming.

The development comes almost five months after Nazara’s board approved the injection of INR 64 Cr in NODWIN Singapore for global expansion.

NODWIN Singapore already has a presence in the region as it holds a 57% stake in Freaks 4U, which has operations in the US market. The Berlin-based entity is a marketing services firm for gaming and esports.

Founded in 2015 by Akshat Rathee and Gautam Virk, NODWIN Gaming is youth centric esport and gaming focussed entertainment platform. It was acquired by Nazara in 2018 and is a strong contributor to its parent company’s topline.

NODWIN Gaming’s INR 427 Cr accounted for 38% share in Nazara’s total revenue of NR 1,138.3 Cr for the financial year ending March 31, 2024 (FY24).

The development comes at a time when North America is set to become one of the most valued esport and gaming markets in the world. As per research, the region is on its way to become a $1.1 Bn opportunity by 2033.

The new entity will be competing with the likes of major esport entertainment platforms namely ESL Gaming, Twitch and YouTube Gaming. Other legacy players include Intel, which has its gaming event Intel Extreme Masters and Microsoft which runs the Halo Championship Series.

The gaming startup has also invested in boosting its presence in other geographies of the world. For instance in January it acquired Ukrainian esport broadcasting platform StarLadder for an initial consideration of $5.5 Mn. The deal was a mix of cash consideration and share swap.

The startup already has its presence in major gaming hubs of the world which includes regions like North America, Middle East, parts of Africa, Europe and South East Asia. It is further planning to expand its empire in UAE and Turkey with the acquisition of Ninja Global FZCO, which owns assets in esports and gaming production in the region.

Today (On April 9), shares of Nazara Technologies closed 0.52% lower at INR 966.40 on the BSE.

The post NODWIN Gaming Bolsters Presence In US Esport Market With New Entity appeared first on Inc42 Media.

Edtech unicorn PhysicsWallah is reportedly looking for acquisitions in the Union Public Service Commission (UPSC) test preparation space, amping up its efforts to bolster presence in the segment.

An ET report said that the IPO-bound startup is evaluating seven to eight entities in the UPSC preparation space to strike a buyout deal.

“PhysicsWallah is in the process of valuing various assets in the IAS-training space, including Chaitanya Academy, Drishti IAS and Rau’s IAS Study Circle, for a potential acquisition,” a source close to the development told ET.

Last week, Entrackr reported that PhysicsWallah was in talks to acquire Drishti IAS for INR 2,500 Cr. However, the latter’ s CEO Vivek Tiwary rubbished the report as just “rumours”.

Besides, the startup also raised a mega round of $210 Mn (around INR 1,818 Cr) last year which saw participation from Lightspeed Venture Partners and existing investors, GSV and WestBridge.

Back then, PhysicsWallah cofounder Prateek Maheshwari told Inc42 that the newly raised capital would be largely deployed for geographical expansion and key acquisition. The funding round was raised at a post-money valuation of $2.8 Bn.

PW declined to comment on Inc42’s queries pertaining to the development.

PhysicsWallah started as a YouTube channel in 2016 by Alakh Pandey and later grew to become a major edtech entity in 2020 after it received its first institutional funding. Maheshwari also joined PW as cofounder in the same year.

Later, the startup started to build on its edtech empire by incorporating more offerings through major acquisitions. Till date, the startup has made 11 key acquisitions and expanded its presence in the online and offline courses for IIT-JEE, NEET, SSC and UPSC preparation space.

In 2023, it struck a joint venture deal with Jodhpur-based Utkarsh Classes which offers preparation courses in  state and central government examinations. Besides, the startup also said that it aims to invest INR 100 Cr to further scale up its UPSC vertical.

According to research, the test preparation market in India is set to become a $17.20 Bn market by 2029 and with the current acquisition plans, PW will look to further strengthen its foothold in the segment.

The Alakh Pandey-led startup posted a consolidated net loss of INR 1,131.2 Cr in the financial year ending March 31, 2020 (FY24), a nearly 13.5X jump from a net loss of INR 84.06 Cr in the previous fiscal year.

The primary reason for the slipping into losses was change in fair value of CCPS and jump in ESOP and employee expenses. However, PW’s revenue from operations surged 2.6X to INR 1,940.4 Cr in the year under review from INR 744.3 Cr in FY23.

The startup filed its draft red herring prospectus (DRHP) via a confidential route and is looking to raise around $500 Mn through its public listing. It has also shortlisted Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as bankers for its initial public offering.

The post PhysicsWallah Weighing Acquisitions In UPSC Test Prep Segment: Report appeared first on Inc42 Media.

D2C snacking brand Eat Better has raised INR 17 Cr (around $2 Mn) in a Pre-Series A funding round co-led by Prath Ventures and Spring Marketing Capital, along with other existing investors.

The startup plans to use the fresh capital to expand its product line and scale up business on various quick commerce platforms.

The Jaipur-based startup shot to fame after appearing in Shark Tank’s season this year. It also received a commitment of INR 50 Lakh (around $58K) from Namita Thapar, executive director at Emcure Pharmaceutical.

Founded in 2020 by Vidushi Kanoria, Mridula Kanoria and Shaurya Kanoria, Eat Better sells healthy snacks such as dry fruit ladoos, namkeens and nuts and seeds among others.

The startup claims to fulfill 2 Lakh orders every month.

“When we started, it was just about making great snacks for friends and family. But over the years we realised we were solving a much bigger problem—people wanted delicious, healthy snacks they could trust,” said Mriduala.

The startup competes with the likes of Happilo, Yoga Bar and The Whole Truth in the healthy snacking space.

According to an Inc42 research, the overall food and beverages market in India is set to become a $68 Bn opportunity by 2030.

According to Tofler, the startup’s standalone revenue from operations zoomed almost 3X to INR 14.47 Cr in the financial year ending March 31, 2024 (FY24) from INR 5.33 Cr in the previous fiscal year.

The startup also managed to trim its net loss by 46% to INR 63 Lakh in the period under review from INR 1.18 Cr FY23.

According to Inc42’s Indian Tech Startup Funding Report, 2024, the direct-to-customer startups in India snapped up more than 50% of the total funding in the overall ecommerce sector last year.

With investors being bullish on India’s D2C ecosystem, it accounted for $840 Mn in total funding in more than 1,000 deals in 2024.

The post D2C Snacking Brand Eat Better Bags INR 17 Cr From Prath Ventures, Others appeared first on Inc42 Media.

Bengaluru-based wealthtech startup Scripbox is reportedly in talks to raise $15-20 Mn at a valuation of $200 Mn.

An ET report, citing cofounder Sanjiv Singhal, said that the company is also looking to get listed on the stock exchanges in the next 18-24 months.

The report further said that last year, the startup secured a funding of $5 Mn (around INR 43 Cr) at a post money valuation of $138 Mn (around INR 1,185 Cr). So, if the current deal materialises it will see an almost 45% uptick in valuation.

Inc42 has reached out to Scripbox for comments on the development. The story will be updated based on the responses from the startup.

Founded in 2012 by Atul Shinghal and Sanjiv Singhal, Scripbox allows users to invest in various mutual fund schemes for long term wealth generation and also offers financial planning services through its AI-powered tech stack.

The startup claims to have served more than one Lakh customers and counts the likes of Accel and angel investors like MakeMyTrip founder Deep Kalra and former Myntra senior executive Shamik Sharma as investors.

According to Tofler, Scripbox recorded a standalone net profit of INR 13.31 Cr in the financial year ending March 31, 2024 (FY24) against a net loss of INR 101.96 Cr in the previous fiscal year. Besides, its revenue from operations more than doubled to INR 77.68 Cr in the period under review from INR 28.80 Cr in FY23.

Scripbox competes against the likes of wealthtech majors, including Zerodha, Groww and Fisdom among others in the mutual fund investment offering. It aims to grab a share in India’s investment tech market which is poised to become a $31 Bn opportunity by 2030, as per Inc42’s State Of Indian Fintech Report 2024.

According to Inc42’s Indian Tech Startup Funding Report, 2024, fintech emerged as the most funded sector last year with a total funding of $2.5 Bn in 162 deals.

The post Wealthtech Startup Scripbox Seeks Funding At $200 Mn Valuation: Report appeared first on Inc42 Media.

UK-based fintech Revolut said it has received full authorisation from the Reserve Bank Of India (RBI) to issue prepaid payment instruments (PPI) like prepaid cards and prepaid wallets with UPI payments.

PPIs facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, among others against the value stored therein.

In a statement, Revolut said it already has licences from the central bank for operating as a category-II authorised money exchange dealer, issuing forex cards and offering cross-border payment services in the country.

It received an in-principle approval from the RBI for PPI licence last year.

“We are excited to build on our existing licenses, and launch our domestic PPI product in India, alongside our international multi-currency card,” said Revolut India CEO Paroma Chatterjee.

Founded in 2015 by Nik Storonsky and Vlad Yatsenko, Revolut offers various financial products such as cards, personal and business accounts, payments solutions, and also acts as a payment gateway platform.

It claims to be serving 50 Mn personal users in the US and Europe and 500K business users via its platform.

The company entered India in 2021. With the PPI licence, it will lock horns with homegrown PPI issuers like MobiKwik, Scapia, and Jupiter.

According to the data available on Revolut’s website, it posted a revenue of $2.2 Bn in 2023 and a profit before tax of $545 Mn. The startup has raised more than $1 Bn in total funding since its inception.

According to reports, Revolut is looking to target the top 10%-15% consumers in India who are international travellers.

The latest development comes at a time when major domestic fintech players like PhonePe, Paytm, BharatPe, among others, are working on super app strategy to offer various services like payments, wealthtech, insurance, and many more.

Behind Revolut’s India plans is the country’s rapidly-growing fintech market, which is poised to become a $2.1 Tn opportunity by 2030, according to Inc42’s fintech landscape report 2024.

The post UK-Based Revolut Gets RBI Licence To Issue Prepaid Cards & Wallets appeared first on Inc42 Media.

Pune-based B2B fintech startup Easebuzz has secured $30 Mn (around INR 257 Cr) in its Series A funding round led by Bessemer Venture Partners, along with participation from existing investors 8i Ventures and Varanium Capital.

The round was a mix of primary and secondary infusion. However, the startup did not disclose the names of the investors who made the exits in the round.

Easebuzz plans to deploy the fresh proceeds to boost its existing SaaS-based tech stack and merchant network, accelerate product development, and enhance its online payment aggregation capabilities, it said in a statement.

The startup also aims to enter the offline point-of-sale payment solutions offering and QR-based UPI payments, including a soundbox.

“This impetus will help accelerate our mission to build an ecosystem of technology products that enable rapid digitisation of payments and financial operations for businesses across India,” Easebuzz founder and CEO Rohit Prasad said.

Founded in 2014 by Prasad and Vikram Kumar, Easebuzz helps businesses to digitise their payment collections processes. It caters to sectors like education, real estate, ecommerce, among others.

It also offers invoice management services and is a certified biller operating unit (BOU) on the Bharat Bill Payment System (BBPS).

The startup claims to serve about 2 Lakh businesses and had a gross transaction value of $30 Bn in the financial year ended March 31, 2025 (FY25).

The funding round comes a couple months after the startup received a final nod from the RBI to operate as an authorised online payment aggregator (PA). Now, it is mulling to apply for a cross-border payment aggregator license to serve international markets.

Easebuzz operates in the country’s rapidly growing fintech market, which is en route to becoming a $2.1 Tn opportunity by 2030.

According to Tofler, the startup’s standalone revenue from operations in FY24 rose 23% to INR 289 Cr from INR 234 Cr in the previous fiscal year. However, net profit declined 59% to INR 38 Lakh in the period under review from INR 94 Lakh in FY23.

The post Easebuzz Nets $30 Mn To Venture Into UPI appeared first on Inc42 Media.

Aerem, which offers financing for solar projects, has secured INR 100 Cr (around $12 Mn) in a Series A funding round led by Japan’s University of Tokyo Edge Capital Partners.

The round also saw participation from British International Investment, SE Ventures and Riverwalk Holdings, along with existing investors Blume Ventures and Avaana Capital.

The startup said it also raised a debt from IDFC, AU Small Finance, Axis Bank, Northern Arc, MAS Financials and Vivriti Capital.

Aerem plans to use the fresh capital to boost its presence in the existing markets, expand lending portfolio and further build tech stack for the solar marketplace.

Founded in 2021 by Anand Jain and Vikesh Agrawal, Aerem provides loans to businesses and homeowners for solar installations and also caters to solar equipment, engineering and procurement (EPC) companies with supply chain financing solutions via its NBFC arm NetZero Finance.

Apart from that, the Mumbai-based startup also has a B2B marketplace for solar equipment called SunStore which offers competitive pricing to its customers.

The latest funding also comes nearly two years after the startup raised $5 Mn in its Pre-Series A funding round led by Avaana Capital.

According to Tofler, Aerem’s consolidated revenue from operations jumped almost 100x to INR 175 Cr in the financial year ending March 31, 2024 (FY24) from INR 1.84 Cr in the previous fiscal year. However, its net loss increased 26% to INR 3.57 Cr for the period in review from INR 2.82 Cr in FY23.

With various Centre-led initiatives namely Solar Park Scheme, Grid Connected Solar Rooftop Scheme and Bundling Scheme among others, the Indian solar equipment sector has received a huge push. As of 2023, India was the 5th largest country globally in terms of deployment of solar equipment with a capacity of 70.10 Gw.

According to research, the solar energy market in India is expected to be valued at $50.4 Bn by 2031 growing at a CAGR of 22%.

Despite a push from the government, investors have been bearish on the Indian cleantech sector with declining funding trends. According to Inc42’s annual funding report, the total funding in the sector declined almost 4% to $829 Mn in 2024 from $861 Mn in the previous year. Besides, total funding in the sector plunged almost 25% from $1.1 Bn in the last two years.

The post Solar Financing Startup Aerem Bags INR 100 Cr appeared first on Inc42 Media.

In a relief to Zomato, the National Company Law Tribunal (NCLT) has reportedly dismissed an insolvency plea filed against the foodtech major by B2B manufacturer Nona Lifestyle over alleged unpaid dues of INR 1.64 Cr.

A Bar and Bench report said that a coram of judicial member Ashok Kumar Bharadwaj and Technical Member Reena Sinha Puri dismissed the petition by Nona Lifestyle today (On March 03), seeking restoration of an insolvency plea filed by the company last year.

The bench ruled that the petition was in itself not maintainable as it was filed without serving a proper notice under section 8 of the Insolvency and Bankruptcy Code (IBC).

The dismissal of the insolvency petition comes days after the petitioner (Nona Lifestyle) moved the NCLT seeking to restore an insolvency plea which was originally filed in October 2024, alleging that the Deepinder Goyal-led company faltered on payments.

The matter dates back to 2023 when Nona Lifestyle bagged bulk orders from the Delhi NCR-based company for t-shirts and trousers for its employees and delivery partners, as part of the ICC World Cup 2023. Nona Lifestyle alleged that the company refused to accept orders and also threatened to give discounts.

Nona Lifestyle had initially knocked the doors of the NCLT to start insolvency proceedings against Zomato in October 2024 but the plea was turned down on non-prosecution grounds. A month later, the petitioner filed another plea at the NCLT to restore the insolvency proceedings.

While the petitioner said that it had fulfilled its commitment to manufacture and deliver the items in parts, as per the laid out agreement. However, Zomato claimed that the manufacturer failed to meet the required deadlines and altered it ‘unilaterally’ causing “substantial reputational and goodwill damage” to the company leading to jeopardising its World Cup campaign.

Nona Lifestyle is a B2B procurement-as-a-service platform which has a network of manufacturers and suppliers to procure and deliver industrial products serving various sectors such as FMCG, Hospitality and Logistics among others.

Though Zomato must be breathing some air of respite with the ruling, but it has other challenges to deal with.

The company has been witnessing sluggish growth in its food delivery segment from the last two quarters of the fiscal year ended March 31 2024-25 (FY25).

Zomato saw an increase of just 4% in its gross order value (GOV) on a quarter-on-quarter (QoQ) basis to INR 9,690 Cr for the food delivery business in the second quarter of FY25. While in Q3 FY25, the GOV increased by a mere 2.3% to INR 9,913 Cr. Moreover, the company’s transacting user base also witnessed a slow growth in the period under review.

In Q2 FY25, its transacting user base surged only 2% QoQ to 20.7 Mn while in Q3 FY25, it sequentially dropped 0.9% to 20.5 Mn. This slump impacted the company’s bottomline. In Q3 FY25, its consolidated net profit slumped 57.2% to INR 59 Cr from INR 138 Cr in the year-ago quarter. However, the operating revenue surged over 64% to INR 5,405 Cr from INR 3,288 Cr in the same quarter last year.

Zomato’s shares also ended in red today, closing 0.54% lower from the previous close at INR 210.85 on the BSE.

The post Relief For Zomato As NCLT Dismisses Insolvency Plea Over Alleged Unpaid Dues appeared first on Inc42 Media.

Former Flipkart executives’ travel fintech startup Scapia has secured $40 Mn (around INR 342 Cr) in a Series B funding round led by Peak XV Partners, along with participation from existing investors Elevation Capital, Z47 and Binny Bansal’s 3STATE Capital.

The startup plans to use the fresh capital for product development, team expansion and also integrate AI to further propel its growth chart.

Founded in 2022 by Flipkart’s former senior vice president Anil Goleti, Scapia offers co-branded credit cards in partnership with Federal Bank, especially designed for catering to the needs of GenZs and millennials travelers. The co-branded card, which works on the Visa network offers various rewards, including a zero-forex markup and unlimited domestic lounge access, among others.

The startup also has a travel app which allows users to book airline tickets, hotel properties and domestic transport options.

“Millennials and Gen Z are turning travel into a guilt-free, all-pleasure experience, which is setting the stage for rapid growth in the travel industry in India. Scapia is uniquely positioned to fuel this revolution by merging a booming travel market with an untapped credit card market to offer a unique and delightful experience to this customer base,” said Tejeshwi Sharma, managing director at Peak XV.

The development comes nearly a month after the startup reportedly resumed the issuance of its co-branded credit card which was on hold for a year long period.

After raising $23 Mn in its Series A funding round in November 2023, the startup found itself in the middle of a controversy.

The travel-focussed fintech’s customers found that Federal Bank had reduced the credit limit of the co-branded credit card by multiple folds and lashed out at the startup on social media. In some cases the credit card limit was reduced from INR 8 Lakh to just INR 20K. This created an unrest among the users.

There was no intimation from either the bank or Scapia about such cutbacks. One of the users also mentioned that the startup had also stopped issuing co-branded credit cards to new customers.

A few months later, Federal Bank said in an exchange filing that it has stopped the issuance of co-branded credit cards including Federal Scapia to new customers on account of regulatory deficiencies. But the bank continued to serve the existing customers of the co-branded cards.

This was followed by a notification released by Reserve Bank of India (RBI) on March 7 last year which made amendments to the ‘Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022, which stated that the co-branded partner shall not “…advertise/market the co-branded card as its own product…” and “In all marketing/advertising material, the name of the card-issuer shall be clearly shown…” Besides, it also included that the co-branded partner shall not have access to the transaction information of the co-branded credit card.

With the latest investment, the startup has so far raised $72 Mn in total funding since inception. It competes with the likes of OneCard, Fi, Niyo and Jupiter among others who offer co-branded credit cards with zero-forex markup charges.

With its tailor made offerings, the Z47-backed startup is eyeing to capture the Indian market which is projected to have close to 200 Mn credit card holders who are likely to spend INR 26 Lakh Cr in credit card transactions by the financial year 2025-26, a PwC report says.

As per Inc42’s State Of Indian Fintech Report 2024, the lendingtech market in India will become a $1.3 Tn opportunity by 2030 growing at a CAGR of 18%.

The post Scapia Nets $40 Mn From Peak XV, Others To Expand Travel Offerings appeared first on Inc42 Media.

Reliance-owned sports tech platform RISE Worldwide has formed a joint venture (JV) with Europe-based BLAST to co-create esports tournaments for Indian users.

In an exchange filing, Reliance Industries Ltd. (RIL) said that the JV will offer services such as end-to-end tournament management, targeted marketing, production and broadcasting. In addition, it will cater to game publishers and sponsors.

The JV will leverage BLAST’s esports properties, production expertise, publisher relationships and popular intellectual properties (IPs). The combined entity will also explore synergies with Jio’s tech stack, distribution and local relationships to host esports events on the JioGames platform.

“… By partnering with Reliance, a market leader with unparalleled expertise and reach in India, we have a unique opportunity to elevate the local esports scene to new heights… This joint venture will not only help grow the Indian esports ecosystem but also create new pathways for local talent to shine on the global stage,” BLAST CEO Robbie Douek said.

BLAST partners with game publishers like EA Games, Ubisoft, EPIC Games and Riot Games to host esport tournaments. It claims to have a user base of over 15 Mn, with 707 Mn views on its platform.

On the other hand, RISE Worldwide is a sports and event management company, which manages events like Indian Super League, Lakmé Fashion Week, among others. It also offers a suite of services such as sponsorship consulting, athlete management, marketing, media rights management, sports broadcast production, licensing, among others.

With this, the Reliance-backed JV will now lock horns with homegrown new-age tech companies like NODWIN Gaming, India Gaming League and esport tournament streaming apps such as Loco.

The JV will look to capitalise on the growing online gaming market in India, which was home to over 600 Mn active gamers in the fiscal year 2023-24 (FY24). As per a Lumikai report, the Indian gaming market generated $3.8 Bn in revenue in FY24.

The post Reliance Signs JV With BLAST To Enter Esports Business appeared first on Inc42 Media.

Mumbai-based non-banking financial company (NBFC) Infinity Fincorp Solutions has onboarded Beams Fintech Fund to its captable as a part of its $40 Mn (around INR 342 Cr) extended Series A funding round.

This comes three months after the startup raised $35 Mn in its Series A funding round led by existing investor Jungle Ventures, along with participation from Archerman Capital and Magnifico.

The NBFC plans to deploy the fresh proceeds to expand its micro, small and medium enterprises (MSMEs) lending offerings.

Founded in 2016 by Shrikant Ravalkar, Infinity Fincorp addresses challenge of cash flow requirements for small-sized businesses and self-employed individuals in the country.

The startup provides small ticket loans ranging between INR 3 Lakh and INR 5 Lakh to underserved micro-entrepreneurs like tea shop owners, vegetable vendors and restaurants among others.

It offers loans against property and the amount can also go up to INR 5 Cr depending on the value of the property. The startup also offers loans to MSMEs under the Emergency Credit Line Guarantee Scheme.

The startup claims to have served over 30,000 customers and has its presence in more than 130 locations in the country.

Beams Fintech Fund is a mid-sized PE fund which claims to manage an asset under management of INR 900 Cr and includes the likes of InsuranceDekho, Credgenics, Progcap and Niyo among its portfolio.

“With the micro-LAP segment expected to grow at a CAGR of 15-20% over the next 5-10 years, we believe Infinity Fincorp has the potential to be a category leader in the Micro-LAP segment,” said Sagar Agarvwal, founder and partner at Beams Fintech Fund.

In May last year, Infinity raised $34 Mn from Jungle Ventures, Archerman Capital and Magnifico.

Investors in the Indian startup ecosystem have been bullish on the broader fintech sector.

According to Inc42’s annual funding report, the fintech sector emerged as the most funded sector in 2024 with a total funding of $ 2.5 Bn in over 162 deals. However, the funding amount declined 16% from $3 Bn in the previous year.

Entering 2025, the fintech sector has remained a blue eyed boy for the investors. As per Inc42’s India Tech Startup Funding Report, 2025, fintech dominated the funding trends in the first quarter of 2025 with a total funding of $739 Mn in 33 deals. Last week also, fintech emerged as the most funded sector with smallcase and Lendingkart bagging $50 Mn and $25.5 Mn respectively.

The post Beams Fintech Fund Joins Infinity Fincorp’s Captable appeared first on Inc42 Media.

Blockchain-powered EV charging solutions startup DeCharge has raised $2.5 Mn (INR 21.4 Cr) in its seed funding round led by early stage crypto investment firm Lemniscap.

The round also saw participation from existing backers Colosseum, Daedalus Angels, EV3 Labs, Chainyoda Jedis, and Levitate Labs. Besides, it saw participation from angel investors such as memecoin BONK’s creator Nom, Spherelabs’ Arnold Lee, among others.

Founded in 2024 by Mohan Ponnada, Prakash Kamaraj and Rama Krishna, DeCharge is a decentralised EV charging infrastructure platform built on Solana. Besides selling its flagship 7kW charger DeCharge Beast, it handles all aspects of operation, including authentication and payment processing via its internet of things (IoT)-enabled charging stations.

The startup runs on a community-powered business model and aims to be the Airbnb of EV infrastructure by building an EV charging network. It enables its customers to earn from their charging units. All one has to do is provide an EV charging infrastructure space and allow other EV owners to charge their EVs using the infrastructure. On every charge, the customer earns money and reward points, which can be redeemed later.

DeCharge said it plans to utilise the freshly raised capital to double down on hiring and bolster its presence across the US, Europe, Middle East, and emerging economies. The startup also plans to use the capital to deploy its VoltBox chargers at key highway corridors, logistics hubs, and urban centres.

“We aim to grow our presence in over 16,000 locations and 1 Mn+ EV riders in the coming 16 to 18 months,” cofounder Ponnada told Inc42. He added that the startup plans to raise another round of funding over the next 8-10 months to further scale operations.

Overall, the Hyderabad-based startup has raised close to $3 Mn in funding to date.

Ponnada said that the startup currently has a network of over 3,000 chargers, which serves nearly 8,000 riders, in India and the US.

Talking about the startup’s revenue sharing structure, Ponnada said that 70% goes to the charging station operator while the startup takes the remaining 30%.

With its differentiated blockchain-based offering, the startup is looking to address concerns related to range anxiety and lack of charging infrastructure in the country. For context, Uttar Pradesh, which saw 3.77 Lakh EV registrations last year, accounts for just 1,989 EV charging stations.

The fundraise comes at a time when EVs continue to see rapid adoption across the country. The number of registered EVs across segments has increased 10-fold in the past five years. This has come largely on the back of sales of two-wheeler EVs, incentives from the government and a range of new offerings for customers.

As per Inc42 data, the homegrown EV market is expected to become a $132 Bn opportunity by 2030.

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Days after securing its first funding, upGrad cofounder Mayank Kumar’s talent mobility startup BorderPlus has now acquired German healthcare recruitment firm Onea Care, marking its maiden acquisition.

Although Kumar did not disclose the financial terms of the deal but said that the buyout will help in expanding the startup’s operations in the country.

BorderPlus said in a statement that it plans to set aside $10 Mn (INR 85.5 Cr), as part of its mergers and acquisitions (M&As) strategy, to further bolster its presence in markets, including India and Germany, among others.

The startup also aims to power its digital first solutions to streamline its operations like hiring, language training and seamless integration of healthcare professionals.

BorderPlus, founded last year by Kumar along with OYO’s former president of European operations Ayush Mathur, is a talent mobility platform which offers international career opportunities to Indian blue-collar workers. The startup kickstarted with initially providing job opportunities to nurses in India in healthcare facilities in Germany.

In February, the startup bagged its maiden funding of $7 Mn led by Owl Ventures, along with participation from angel investors, including OYO’s founder Ritesh Agarwal and Flipkart’s founder Binny Bansal, among others. upGrad’s Kumar stepped down from his role of a managing director in October last year to launch his venture.

BorderPlus offering includes finishing school training, language learning, visa processing, employment opportunities, cultural integration, local qualification recognition, financing, and talent leasing.

“This acquisition is a major step toward ensuring that Indian nurses and healthcare professionals have access to structured, fair, and high-quality job opportunities in Germany. We will continue to explore such opportunities across key markets to expand our presence and support Indian skilled healthcare talent to explore global career prospects,” Kumar said.

Meanwhile, Onea Care is a staffing and recruitment company which specialises in providing staffing solutions in the healthcare sector to its clients in Germany. It provides language training to overseas talent and ensures seamless integration into their jobs.

The acquisition will also enable the Mumbai-based startup access to top universities and healthcare chains in Germany.

The acquisition also comes at a time when Germany is reeling under acute shortage of healthcare professionals and nurses. To address the growing dearth of healthcare caregivers, the German Federal Employment Agency’s International Placement Services and the Deutsche Gesellschaft für Internationale Zusammenarbeit have partnered to start a nurse migration programme, Triple Win, in 2013, which aimed at tapping the workforce in countries like India, Indonesia and Philippines.

Healthtech startups in India have seen a bounce back in total funding last year. According to Inc42’s annual funding report, total funding in the sector more than doubled to $716 Mn in 2024, from $233 Mn raised in 2023.

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Mumbai-based VC firm Cornerstone Ventures is planning to mark the final close of its $200 Mn (around INR 1,700 Cr) second fund by December this year.

The VC firm launched the second fund last year and marked its first close at $40 Mn (around INR 342 Cr) in January this year.

Abhishek Prasad, managing partner of Cornerstone Ventures, told Inc42 that the firm has raised $20 Mn to $30 Mn from domestic institutions and family offices after announcing the first close of the fund.

“Hopefully we will close another $10 Mn to $15 Mn in April,” he said.

The VC firm has already made its first investment from the second fund. “We have made our first investment in a late stage startup as part of a pre-IPO round,” Prasad added. However, he declined to disclose the name of the startup.

The development was first reported by Business Standard.

Founded in 2019 by Prasad and Rajiv Vaishnaw, Cornerstone is a B2B tech startups focussed VC firm, especially SaaS, which backs early and growth stage enterprises. It deployed its $50 Mn first fund across 21 startups and counts the likes Credilio, Mystify, Blubirch, among others, in its portfolio.

Recently, the firm exited AI-powered debt collection startup CreditNirvana with an internal rate of return (IRR) of 55%. The startup was acquired by SaaS unicorn Perfios.

Cornerstone’s Investment Thesis For Second Fund 

For its second fund, the VC firm plans to focus on industries such as logistics and distribution, healthcare, financial services, retail and ecommerce enablers and technology marketplaces, among others. A part of the fund will also be deployed to back startups operating in the Web3 and quantum computing space.

While the VC firm plans to allocate 70% of the corpus for early stage startups, the remaining 30% will be deployed to back late stage startups.

On the limited partners for the second fund, Prasad said, “This time we are looking to flip the equation. We aim to attract 60% of investments from institutions and the rest from HNIs and family offices.”

Besides, the VC firm is aiming to attract more participation from domestic investors. It is eyeing raising $130 Mn from domestic investors for the second fund.

This comes at a time when the rapid adoption of GenAI has opened up new opportunities for enterprise tech startups. As a result, investors are bullish on the sector. Last year, enterprise tech space emerged as one of the most funded sectors. Indian enterprise tech startups raised $1.8 Bn funding in 2024, a 38% increase from $1.3 Bn in 2023.

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The National Consumer Disputes Redressal Commission (NCDRC) declined to entertain a plea of a group of investors of WazirX who claim to have suffered losses due to the $234 Mn cryptocurrency hack at the crypto exchange.

In an order dated March 13, the consumer forum said that “the legality and the nature of the transactions are still not regulated to the extent as required” in the country and therefore conducting investigation into the illegalities of the matter “does not seem to be amenable to this jurisdiction”.

Aman Rehaan Khan, the advocate representing the complainants, told Inc42 that they plan to move the Supreme Court.

“We plan to take this matter to the Supreme Court and seek recovery of lost funds and criminal proceedings against the entities and individuals involved in the matter,” Khan said.

The lawyer said that while the decision was a setback, there were some positives from the consumer forum’s order. He said that the forum agreed that cryptocurrencies are defined as ‘goods’ under the Consumer Protection Act and also fall under the ambit of property under the Income Tax Act.

The complaint was filed by 40 investors who claim to have lost around INR 12 Cr (around $1.4 Mn) worth of lost cryptocurrency.

Will The Plea Hold In The Supreme Court? 

Crypto is currently not a legal tender in India. However, the government charges 30% tax on profits made from trading crypto. Besides, all crypto exchanges operating in the country have to be registered with the Financial Intelligence Unit (FIU) under the finance ministry.

While the government planned to table the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Parliament in 2021, it didn’t go ahead with it. The issue has been put on a back burner since then and the space stays unregulated till date.

Now, it remains to be seen if the Supreme Court will entertain the plea. In 2020, the court lifted the ban on trading of cryptocurrency in India, which was in place since 2018 on RBI’s directive.

A couple of years ago, the SC also chided the Centre for failing to define rules for trading cryptocurrency in India and not defining who would be responsible for investigating cases pertaining to forgery of crypto.

What’s WazirX Plan To Pay Back The Customers? 

The Nischal Shetty-led crypto exchange plans to undertake a restructuring exercise to help customers recover some of the lost amount.

Under the scheme, WazirX will release liquid assets worth $284 Mn and issue recovery tokens to its users. Following the rebalancing of liabilities, the rebalanced liquid assets would be distributed in tokens to scheme creditors.

The plan also includes the reactivation of the WazirX platform, with the launch of a decentralised exchange and new capabilities. The profits generated in the first 3 years after reactivation would be used to fund the recovery token purchases.

Two months ago, the Singapore Court gave its nod to the crypto startup to initiate its restructuring scheme. Last month, WazirX said it completed the rebalancing of its liquid asset as part of the restructuring plan. As the restructuring goes through, it would allow its users to claim back their stolen cryptos by April.

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The Telecom Regulatory Authority of India (TRAI) has reportedly relaxed its tight deadlines for telecom operators to implement the latest anti-spam measures within 30-60 days from February 12.

An ET report said that the move follows after industry players highlighted that the given timelines were arbitrary and lacked transparency and technical analysis.

Telecom operators, including major players like Reliance Jio, Vodafone Idea and Airtel had expressed concerns that the original timelines were too tight and could disrupt services, particularly affecting communications from banks and other businesses unprepared for changes.

In response, TRAI is now allowing a phased approach to implementation, which aims to provide operators additional time to adapt to the new regulations while maintaining a commitment to combat spam effectively.

This comes at the heart of TRAI intensifying its fight against spam and expanding the focus of its crackdown from SMS to over-the-top (OTT) messaging apps such as WhatsApp and Telegram.

Last month, the Cellular Operators Association of India (COAI), which represents Reliance Jio, Airtel and Vodafone Idea, raised concerns over the effectiveness of the new measures in place.

It was on February 12 that the telecom regulatory body amended the Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018, in order to strengthen consumer protection against Unsolicited Commercial Communication (UCC). The new rules propose strict penalties against telecom operators over non-compliance.

The announcement further said that failure to implement the regulations or misreporting UCC incidents will result in fines of INR 2 Lakh for the first violation, INR 5 Lakh for the second, and INR 10 Lakh for each subsequent instance.

Major Highlights Of The New Rules

As per the new regulations, all telecom operators need to give an option to their users to report spam calls and SMSs on the app or the web portal. Moreover, the telecom operators can also take permission from their users to access and analyse their call logs and SMSs.

The operators can analyse and flag spam call operators through high call volume, low call volume or low incoming or outgoing call ratios.

In the past the regulators have cracked their whip in fraudulent and pesky callers. Last year TRAI and the Department of Telecommunications (DoT) jointly blocked 1 Cr mobile connections in relation to financial frauds. 50 entities were also blocked by the regulators and telecom operators.

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South Korean gaming giant KRAFTON’s India arm has acquired a controlling stake in Pune-based game development studio Nautilus Mobile with an additional investment of INR 118 Cr (about $13.7 Mn). 

With this, KRAFTON India has increased its shareholding in the creator of the “Real Cricket” game to 75%. This is the first instance of the BGMI developer acquiring a controlling stake in an Indian company. 

“Nautilus, with its strong IP, established Indian user base, and proven development track record, offers a unique opportunity to deepen KRAFTON’s esports and publishing efforts in the country,” the BGMI creator said in a statement.

It is pertinent to note that digital entertainment and technology company JetSynthesys acquired a 100% stake in Nautilus in 2020. 

KRAFTON India said that JetSynthesys will remain a “significant minority investor” in Nautilus following its acquisition of a majority stake. JetSynthesys will continue to work with Nautilus on strategically important areas, especially in esports.

The development comes nearly three years after KRAFTON India invested $5.4 Mn to pick up a minority shareholding in Nautilus in 2022 from JetSynthesys. 

Founded in 2013 by Anuj Mankar, Nautilus is known for its titles such as Real Cricket 22 and Real Cricket 24. It also launched the Real Cricket GO, a lighter version of the game for low-end devices. 

According to Google Store, each of the above titles have more than 100 Mn downloads till date. 

KRAFTON’s India Expansion Plans

KRAFTON, which has already invested about $200 Mn in India to capture a lion’s share of the homegrown gaming market, plans to invest an additional $150 Mn to $200 Mn to further accelerate its momentum in the country. 

The BGMI developer said it plans to continue undertaking such acquisitions in the future as well as part of its expansion strategy in India. 

Speaking about its acquisition strategy, KRAFTON India told Inc42 that it will first pick minority stakes in promising Indian gaming startups, and then increase the stakes as synergies become stronger. 

Previously, the gaming juggernaut has backed the likes of Nazara-backed NODWIN, Loco, game-based dating app FRND, Deftouch, among others, in India. 

The company has also invested in Indian startups outside the gaming arena, including audio streaming platforms Kuku FM and Pratilipi. 

KRAFTON’s focus on India is not without reason. As per a report by Lumikai, the Indian gaming sector generated about $3.8 Bn in revenue in the fiscal year 2023-24 (FY24).

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Mumbai-based fintech platform OneStack has secured $2 Mn (around INR 17 Cr) in a Series A funding round led by Pentathlon Ventures.

The round also saw participation from Yatra Angel Network, along with existing investors 100Unicorns and Venture Catalysts.

The startup plans to use the fresh capital to expand into southern and eastern pockets of the country. It also targets an additional 200 banks to achieve a pan-India market share of 20%.

It further seeks to deploy its core banking system solution such as unified payment interface (UPI), and enable Bharat Bill Payment System (BBPS) switch, which centralises bill payments, for various services in the country.

Founded in 2019 by Amit Kapoor and Vishal Gupta, OneStack is a technology service provider (TSP) that helps co-operative banks and credit societies to digitise and enhance their digital capabilities.

OneStack offers core banking solutions to rural cooperative banks such as mobile banking, UPI and BBPS.

The startup also helps to integrate other financial services with rural banks’ offerings which includes insurance, lending and investments into mutual funds and and gold.

Prior to this round, the banking-as-a-service (BaaS) platform had raised a total funding of INR 16 Cr, and counts AngeBay, Faad, Stride Ventures and GrowX Ventures as its investors.

“This expansion will directly impact financial inclusion for 5 Cr Indians over the next 18 months,” said Kapoor.

Fintechs’ Rush Towards Super App

Many fintech players in the industry are rushing towards building a super app, which means offering various kinds of financial and payment services from UPI, lending, enabling investments in stocks and other financial instruments.

Listed fintech MobiKwik was the latest in the run which has decided to enter the stock broking sector and also offer other financial services such as payments, spending analytics and plans to expand into insurance. Others in the race include Flipkart-owned PhonePe, BharatPe, CRED  and Paytm among others.

Funding In The Fintech Sector

Fintech has been one of the most cherished sectors for the Indian investors as it emerged as the most funded sector with a total funding of $2.5 Bn with 162 deals in 2024. However, the total funding saw a 16% decline from the previous year on a year-on-year basis, as per Inc42’s annual funding report 2024.

In fact, the bullish run of investors has continued in 2025 as well. As per Inc42’s funding glore analysis cover last week, fintech startups attracted about $180 Mn out of the total funding of $385 Mn done in the period.

According to Incr42’s research, the neo banking sector in India is growing at a CAGR of 18% to become a $183 Mn market by 2030.

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After mediation between Elon Musk’s Tesla Inc and Delhi NCR-based Tesla Power India Limited to resolve their trademark dispute failed, both the parties reportedly informed the Delhi High Court yesterday, seeking an urgent hearing.

A Bar and Bench report said that justice Saurabh Banerjee of the Delhi HC has agreed to hear the US electric vehicle giant ‘s trademark infringement dispute on April 15.

Tesla Inc Vs Tesla Power India: What has Happened So Far

In May last year, Tesla Inc filed a trademark infringement suit in the Delhi HC against Tesla Power India, alleging the company was using the ‘Tesla’ name and logo to mislead consumers into believing that it was related to Musk’s electric vehicle company.

Tesla further alleged that in 2021, Tesla Power Limited also announced its foray into the EV manufacturing sector through a promotional article. Following that, the Musk’s company had sent a cease-and-desist notice to the battery maker.

However, Tesla Power’s chief executive Kavinder Khurana defended the argument saying that his entity was engaged in the business of lead acid batteries, which are supplied for automobiles, inverters, and UPS, and does not manufacture EVs. Besides, he also said that its US-based entity named ‘TESLA POWER USA’  does not exist anymore.

Later in a hearing on May 28, the court asked the Tesla Power to submit an affidavit detailing the stocks and sales of their EV scooters, which includes providing the names of dealers, dates of launch and current stock availability. The HC also barred the entity to further market and promote the sale of their EV scooters.

In June, the Delhi HC referred the case to the Delhi Mediation and Conciliation Centre asking both the parties to take the mediation route.

Tesla Inc argued that the use of its trademark ‘Tesla’ in India is confusing the consumers and is potentially damaging the business interests of the company in the region.

This also comes at a time when Musk’s Tesla is looking to enter India’s $54 Bn EV market, which is projected to become a $132 Bn burgeoning opportunity by 2030.

Last month, Tesla kicked off the homologation process, which refers to obtaining documents that certifies a manufacturer’s car to be worthy of plying in India. The company has also signed a lease agreement to set up a showroom in Mumbai’s plush Bandra Kurla Complex.

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Fintech major MobiKwik has become the latest entrant to the country’s burgeoning investment tech market. The listed company has set up a wholly owned subsidiary Mobikwik Securities Broking Private Limited (MSBPL) to take on the likes of Zerodha and Groww.

In an exchange filing, the company said that the corporate affairs ministry approved the incorporation of the subsidiary on March 3.

The new entity will operate as a stock broking arm of the Bipin Preet Singh-led company. It will deal in shares, stocks, securities, debt instruments, commodities, currencies and their derivatives.

MSBPL has initial paid-up share capital of INR 1 Lakh. MobiKwik plans to pump in INR 2 Cr in the subsidiary in one or more tranches, the filing added.

The development comes almost a month after the company’s board gave its nod to invest in one or more wholly owned subsidiaries. At the time, the company did not give further details about the expansion plans.

MobiKwik Eyes Entry Into New Verticals 

MobiKwik currently offers digital payment offerings such as Pocket UPI where users can make UPI payments directly with the platform’s digital wallet. It also offers other financial services such as micro lending and investments in mutual funds.

While the company reported a net profit of INR 14.1 Cr in FY24, it slipped into the red in all three quarters of the ongoing financial year. In Q3 FY25, the fintech company reported a net loss of INR 55.28 Cr as against a net profit of INR 5.27 Cr in the year-ago quarter. Operating revenue grew 18% year-on-year to INR 269.47 Cr during the quarter.

In a post-earnings call, cofounder and CFO Upasana Taku laid out the plans to return to profitability. Taku said that the company will look to foray into new fintech verticals in 2025.

Besides, the company said that it would focus on expanding its spend analytics platform Lens and foray into the insurance aggregator space. It also has plans to expand its lending product portfolio and launch a cobranded RuPay Credit Card on UPI.

The entry in the stock broking space is part of these expansion plans to shore up revenue and profitability.

The $74 Bn Investment Tech Opportunity

MobiKwik has a user base of INR 17.2 Cr and it would look to leverage this to gain a big share of the country’s fast-growing investment tech market, which is expected to become a $74 Bn opportunity by 2030. As per its Q3 results, Mobikwik added 50 Lakh new users to its platform, an increase of 3% on a quarter-on-quarter basis.

Besides competing with segment leaders like Zerodha, Groww, and Angel One, MobiKwik will also take on other new-age tech startups like Dhan, INDMoney, among others, in the stock broking space.

A number of other fintechs have taken the same path in the past as taken by MobiKwik now to enter the stock broking segment after building a big user base with their initial offerings. While Paytm is present in the segment via Paytm Money, BharatPe launched Invest BharatPe in October last year to add investment offerings to its portfolio. PhonePe, too, entered the wealth tech space by launching Share.Market in 2023.

Shares of MobiKwik ended today’s trading session 4.14% lower at INR 304.50 on the BSE.

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Investment tech unicorn Groww is reportedly in advanced talks with Singapore sovereign wealth fund GIC and its existing backer Tiger Global to raise a mega funding ahead of its initial public offering (IPO).

An ET report said that the Bengaluru-based company is seeking to raise $200 Mn (around INR 1,700 Cr), a deal that could value it at around $6.5 Bn.

Groww has declined to comment on the Inc42’s queries related to the development.

Founded in 2017 by Lalit Keshre, Neeraj Singh and Ishan Bansal, Groww is an online discount broking platform that allows users to invest in stocks, exchange-traded funds (ETFs) and IPOs.

It counts Tiger Global, Peak XV, Propel Venture Partners, ICONIQ Growth and Y Combinator among its marquee backers.

Groww’s Run For IPO: The investment tech platform is pulling out all the stops to list on the Indian bourses. In January, reports surfaced that it was looking to file its draft red herring prospectus (DRHP) with market regulator SEBI by April-May for a $1 Bn IPO. Groww is said to be eyeing a listing by the end of the fiscal year 2025-26 (FY26).

Previous reports claimed that the fintech unicorn was targeting a valuation of $7 Bn to $8 Bn for its upcoming markets debut. In preparation for this, the company has picked banks, including JPMorgan Chase & Co. and Kotak Mahindra Bank to helm the public issue and shifted its domicile back to India.

Groww’s FY24 Ends In Red: The startup reported a net loss of INR 805 Cr in the financial year ending March 31, 2024 (FY24) against a net profit of INR 448.7 Cr in the previous fiscal year.

However, the startup maintained an operational profitability of INR 535 Cr for FY24. Its financial books ended in losses for the period under review primarily because of the hefty taxes it paid to the US government, for its domicile shifting which amounted to the tune of INR 1,340 Cr.

Groww’s Active User Base Slumped Due To Overall Market Correction: Amid the overall equity market correction in the month of January, the startup’s overall active user base slumped to 1.3 Cr from 1.32 Cr in the previous month. However it still maintained its position as a market leader in terms of the active user base in the industry.

In fact, all brokerages saw a decline in the number of active user base cumulatively falling to 4.89 Cr from 5.02 Cr in the said month.

According to market research, the securities brokerage market will become a $6.21 Bn opportunity by 20230 growing at a CAGR of 8%.

The post Groww Seeks $200 Mn In Pre-IPO Funding Round: Report appeared first on Inc42 Media.

US-based conversational AI startup Observe.AI has acquired text-to-speech AI startup Dubdub.ai to bolster its voice AI agents offerings for contact centres.

Swapnil Jain, cofounder and CEO of Observe.AI, said on LinkedIn that with the acquisition, the company will look to double down on its efforts to develop its conversational AI capabilities.

“We’re now doubling down on conversational AI, bringing state-of-the-art text-to-speech capabilities that prioritise humanness, naturalness, and personalisation in every interaction,” he added.

Following the acquisition, the founders and employees will now work for Observe.AI, Dubdub.ai cofounder Anubhav Jain told Inc42.

Founded in 2017 by Jain and Sharath Keshava Narayana, Observe.AI provides a conversational AI platform that uses its proprietary AI model to cater to the needs of contact centres in India. The company claims that the AI model is built on 40 Bn parameters.

Observe.AI helps automate customer service calls and queries with its voice AI agents, give real time insights and guidance to call operators and sellers to drive their performance and improve customer interaction, and also provides post-interaction insights.

On the other hand, Dubdub.ai was founded in 2021 by Singh, Rahul Garg, Rahul Sankwar and Anchal Jaiswal. It operates an audio and video dubbing platform which helps content creators and production houses automate their dubbing requirements. The startup uses third-party AI models to serve its clients with dubbing and recording audio and videos in over 50 languages.

Besides, it also offers voice cloning services which help users change the texture and emotion of a voice.

What Does The Acquisition Mean For Observe.AI? Dubdub.ai’s text-to-speech technology, which offers over 50 languages and multiple dialects, will boost the capabilities of Observe.AI’s voice AI agents.

Further, the voice cloning capabilities that change emotions and texture of the voice will make these agents more human-like in nature. Observe.AI will also get access to Dubdub.ai’s high-quality speech data in various accents and languages, enhancing its language libraries.

The acquisition is in line with Inc42’s GenAI predictions for 2025, where we said that the conservational AI offering industry will shift towards making their offerings more realistic and human-like.

The GenAI Landscape In India: According to Inc42 data, India is home to more than 200 GenAI startups. Nearly, 70% of these are B2B startups, indicating the big opportunity which the industry provides.

Indian GenAI startups have raised about $1.2 Bn in funding since 2020. The country’s GenAI market is expected to become a $17 Bn opportunity by 2030.

To further make the most of this opportunity, the Centre is also giving a huge impetus to make India a leader in the AI space. As part of this, the government has launched the IndiaAI Mission with an outlay of INR 10,372 Cr to create an AI ecosystem.

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