In an effort to accelerate EV adoption and improve the air quality in Delhi, the state government is considering offering a purchase subsidy of up to INR 30,000 for buying two-wheeler EVs under its upcoming Electric Vehicle Policy 2.0.

Citing officials and a draft policy document, PTI reported that the proposal, which is still under government consideration, proposes an incentive of INR 10,000 per kWh (up to INR 30,000) on two-wheeler EVs for all buyers. An additional INR 10,000 may be offered for scrapping petrol two-wheelers that are over 12 years old. 

The report also said that the first 10,000 women holding a valid driving licence will be eligible for subsidy calculated at INR 12,000 per kWh and capped at INR 36,000.

For electric three-wheelers, including autorickshaws and goods carriers in the L5M category, a subsidy of INR 10,000 per kWh is expected, capped at INR 45,000. 

Also, scrapping incentives of up to INR 20,000 may be provided for old CNG autorickshaws.

Notably, for CNG autorickshaws that complete 10 years during the policy period, a replacement incentive of INR 1 Lakh is also proposed for their mandatory replacement.

The draft policy recommends banning new CNG autorickshaw registrations from August 15, 2025. Registrations of only electric autorickshaws will be allowed after it. 

For electric goods carriers, the report claimed that incentives will go up to INR 45,000 for three-wheelers and INR 75,000 for four-wheelers, valid for three years. Price caps are set at INR 4.5 Lakh for L5M and INR 12.5 Lakh for N category vehicles.

Delhi’s Push For Full EV Transition With Policy 2.0

The upcoming Electric Vehicle Policy 2.0 is part of Delhi’s broader push to aggressively phase out fossil fuel vehicles and make EVs mainstream in the capital.

The policy, which has reportedly received in-principle approval from Delhi’s transport minister Pankaj Kumar Singh, proposes several strong measures. Among them is a potential ban on registration of petrol two-wheelers, starting August 2026. The policy also proposes stopping registrations of fossil fuel-run three-wheelers from August this year.

The government also aims to electrify the fleets of the Municipal Corporation of Delhi (MCD) and Delhi Jal Board (DJB) completely by 2027. 

It proposes setting up 13,200 public charging points, ensuring a charging station at every 5 kms. 

The policy has set an ambitious registration target of 95% of all new vehicles by 2027 being electric. The target is 98% for 2030.

The policy is likely to be cleared by the Delhi cabinet soon. The state government recently extended the time period of the current EV policy by 15 days from its expiration date of March 31.

The developments come at a time when EV adoption is already on the rise in Delhi. According to Vahan data, 85,285 EVs were registered in 2024 in the national capital as against 73,683 units in 2023. 

Delhi’s new policy also aligns with the Centre’s INR 10,900 Cr PM E-DRIVE scheme and is part of a larger trend, with states like Karnataka and Tamil Nadu also launching their own clean mobility initiatives.

Notably, the Tamil Nadu government recently proposed a new scheme under which 2,000 gig workers will receive a subsidy of INR 20,000 each for purchasing new two-wheeler EVs.

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Logistics major Delhivery’s founder and CEO Sahil Barua has resigned from the position of Swiggy’s independent director, citing increased professional commitments. 

In an exchange filing, Swiggy said Barua will be stepping down from the company’s board after the close of business hours on April 11. 

“… Due to my increased professional commitments in my role as the Chief Executive Officer of Delhivery Limited, I find myself unable to dedicate the necessary time and attention required to fulfill my responsibilities as an independent director on your board. I believe it would be in the best interest of the company for me to step down and allow someone who can devote the requisite time and focus to take on this responsibility,” said Barua in his resignation letter.

The filing added that there are no material reasons for Barua’s resignation other than those mentioned in his resignation letter. 

The development comes almost a week after Delhivery announced that it would acquire 99.4% stake in its rival Ecom Express for INR 1,407 Cr. 

Barua joined Swiggy’s board in February 2023 as the company was preparing for its IPO. 

“Sahil was one of the first independent members of Swiggy’s board, and has played a meaningful role in the company’s journey as we’ve scaled and transitioned into the public markets,” said Anand Kripalu, chairperson of Swiggy’s board. 

Swiggy went public in November last year, listing at the price of INR 412 on the BSE, a premium of 5.6% over the IPO price of INR 390. 

However, the stock has been under selling pressure following its listing amid the broader decline in the Indian stock market. Besides, the slowdown in food delivery growth and rising cash burn due to rapid expansion and rising competition in the quick commerce segment has also hurt Swiggy.

In the third quarter of the financial year ended March 2025 (Q3 FY25), the company’s consolidated net loss widened 39.1% to INR 799 Cr from INR 574.4 Cr in the year-ago quarter. However, operating revenue rose about 31% to INR 3,993.1 Cr from INR 3,048.6 Cr in Q3 FY24.

Shares of Swiggy ended today’s trading session 2.02% lower at INR 332.7 on the BSE. 

The post Delhivery Founder Sahil Barua Quits Swiggy’s Board appeared first on Inc42 Media.

Retail tech startup Daalchini turned profitable in the year ended March 2025 (FY25), its cofounder and CEO Prerna Kalra said.

The startup reported a consolidated net profit of INR 2.5 Cr in FY25 and an EBITDA of INR 3.7 Cr, as per its unaudited financials, Kalra told Inc42. In FY24, Daalchini had reported a consolidated net loss of INR 8.58 Cr. 

The startup’s operating revenue zoomed 88.7% to INR 70 Cr in FY25 from INR 37.3 Cr in the previous fiscal year on the back of growing demand for its vending machines. 

Kalra said that the number of vending machines deployed by the startup more than doubled to 3,400 at the end of FY25 from 1,600 machines a year ago. Daalchini is eyeing 100% growth this year as well and has set a target to increase the number of vending machines to 6,700 by the end of FY26.

Founded in 2017 by ex-Paytm executives Kalra and Vidya Bhushan, Daalchini offers IoT-based smart vending machines. The startup rents as well as sells these machines to retail stores, offices, schools, hospitals, among others. 

It claims to work with more than 190 D2C brands and cloud kitchens, including Nestle, Parle, Mother Dairy, Haldirams and Bikanerwala. Its clients include Fortis, Apollo, AIIMS, Amazon, EY, Accenture, Tata, Reliance, Adani, among others. 

Daalchini claims to be “India’s first vending machine” provider, and competes with the likes of Wendor, NutriTap Technologies, Vendekin Technologies, and more. 

Notably, Daalchini has also raised about $3.6 Mn in a mix of equity and debt recently, the cofounder said. The round saw participation from its existing investors Unicorn India Ventures, Artha Venture Fund and ICICI Securities.

Including the latest round, the startup has raised about $8.8 Mn to date. 

This comes at a time when Daalchini’s competitor Wendor also raised $2.5 Mn in funding from commercial refrigeration company Elanpro earlier this month. 

The post Exclusive: Daalchini Turns Profitable, Posts INR 2.5 Cr PAT In FY25 appeared first on Inc42 Media.

InMobi-owned Glance is building an AI-led commerce offering that will transform devices like phones or TVs into a hyper-personalised styling and shopping discovery space.

Glance president and COO Piyush Shah gave a sneak peek into the new offering at Inc42’s ‘The GenAI Summit’. A user can upload a selfie and the AI model will generate an image of the user in different clothes, which then will be displayed on the user’s lock screen. 

“You’re not just showing the user a model wearing your brand, you’re enabling the user to be the model of your brand,” said Shah. 

He called the experience frictionless and emotional. “When people see themselves looking great in something they never thought would suit them, like a green dress or a bold jacket, it triggers aspiration. That’s the magic moment where AI commerce begins,” he added.

The new offering is still in the works and is expected to be launched globally in the coming weeks.

While Shah didn’t reveal the exact GenAI model, he said that the startup has used one of the foundational models and built the product on several of its own IP layers. 

In the same breath, he also mentioned that Glance, already a tech unicorn with 250 Mn users across Asia, is now expanding into the US. 

“We’re not just building another product,” said Shah. “We’re building the future of commerce, where every user becomes the model, the muse, and the buyer. From India to the world.”

When asked if the startup has used the data it collected over the years to train the AI model, Shah said Glance only collects signals on user behaviour from the platform, not personal data from the device. 

“We only use the history and the usage of what the user has done on Glance itself, and not what you do otherwise on a device,” said Shah. 

Founded in 2019 by Naveen Tewari, Abhay Singhal, Mohit Saxena, and Shah, Glance is owned by InMobi, which was founded in 2007. Glance providers screensavers for mobile devices, which help users view certain content like news without unlocking displays or opening any apps. The startup joined the unicorn club in 2020 after raising $145 Mn from Google and Mithril Capital. 

Last year, it was reported that Glance was in advanced talks with Google and other investors for raising about $250 Mn. 

The post Glance Working On Rolling Out AI-Led Personalised Commerce Offering appeared first on Inc42 Media.

Over the past decade, the Indian startup ecosystem has undergone a remarkable transformation. With over $150 Bn in funding raised by 2024, India now stands as one of the most vibrant hubs for innovation and entrepreneurship globally. 

However, while foreign venture capital (VC) firms and global investors dominated the early stages of this growth, a significant shift is underway. Domestic investors have started to take the reins of investments in the country, with Indian family offices leading the way.  

This is happening at a time when the foreign direct investment (FDI) inflow is on a downward spiral. Notably, FDI into India fell more than 16% to $70.9 Bn (about INR 6 Lakh Cr) in FY24,  from $84.8 Bn (about 7.2 Lakh Cr) in FY23. Unfortunately, the situation this fiscal does not seem very rosy.

With foreign capital drying up, the spotlight is now on Indian family offices to step up and invest more in the private sector. As vital sources of patient capital, their support is crucial for sustaining the startup ecosystem in these challenging times.

Traditionally focussed on managing real estate, equity and fixed-income portfolios, family offices in India have broadened their horizons to include alternative investments, particularly in startups.

The growing maturity of India’s startup ecosystem, coupled with the rise of IPO-bound ventures, is attracting family offices to startups as investment class.

The increasing interest and participation can also be attributed to factors like millennials and GenZ inheriting family wealth and finding new and interesting investment avenues. 

But why is everyone looking at Indian family offices with hope? Well, the sheer reason is that, unlike VCs, they have the heart to invest for the long term, making them a treasure trove of patient capital. This makes them a perfect match for sectors like deeptech, cleantech and semiconductor where research and development take precedence and final products may take several years to disrupt market dynamics. 

Besides, family offices come with a deep understanding of the Indian market, consumer behaviour, and regulatory landscape. This allows them to provide not just capital but also strategic guidance to startups.

For instance, Azim Premji’s family office PremjiInvest has backed about 51 startups. Among them are names like Mintifi, GIVA, Purplle and The Sleep Company, which today are well-established ventures. Similarly, Lido Learning, Lenskart, and Easypolicy emerge from the stable of Ronnie Screwvala’s family office, Unilazer Ventures.

While these are just two of the many examples paving the way for the success of new-age tech ventures in the world’s third-largest startup ecosystem, we have decided to compile a list of Indian family offices that are navigating the investment scene in these times of distress.

Editor’s Note: This is not a ranking of any kind; family offices are listed alphabetically. It is a dynamic tracker that will be updated periodically. For any queries, additions, or updates, reach out to us at editor@inc42.com. View our methodology and disclaimer here.

Editor’s Note: This list is not a ranking of any kind, we have placed the family offices alphabetically. This is a running list and will be updated periodically with new names.

Aarin Capital

Aarin Capital is a Bengaluru-based proprietary venture fund established in 2011, cofounded by ex-Infosys CFO Mohandas Pai and Ranjan Pai. The firm invests in technology-intensive businesses across sectors such as life sciences, healthcare, education, and other significant India-centric market opportunities. 

Since its inception, Aarin Capital has built a diverse portfolio of companies. Notable investments include Vyome Biosciences and EdCast.

In addition to direct investments in startups, Aarin Capital also backs entrepreneurial fund managers whose investment theses align with its core focus areas. 

B2V Ventures

B2V Ventures is a Mumbai-based single-family office of B L Taparia, the chairman of Supreme Industries. The firm invests across various asset classes, including public equity, private equity, venture debt, structured debt, real estate, and art, both in India and overseas.

B2V Ventures has a diverse portfolio, including one unicorn, Cult.fit. Other notable investments include Cremeitalia, Style Union, Arcatron, Beleqtric, Agnikul, Easy Home Finance, among others. It also partners with various funds to fuel growth opportunities and diversify investments.

Burman Family Holdings

Burman Family Holdings is the strategic investment platform of the Burman family, the controlling shareholders of Dabur Group, one of India’s largest FMCG companies. 

As of October 2024, Burman Family Holdings invested in more than 40 companies, primarily focussing on early-stage investments in sectors such as enterprise applications, consumer goods, fintech, financial services, and healthtech. 

The firm typically engages in seed and Series A funding rounds. Its portfolio companies include Isprava, Centricity, Melorra, Quickwork and Reliable Records.

The leadership team comprises seven members, including two partners: Abhas Gupta and Gaurav Burman. 

Gaurav, a fifth-generation scion of the Burman family, serves as a partner at Burman Family Holdings.

Catamaran 

Catamaran Ventures is a private investment firm founded in 2010 by N. R. Narayana Murthy, the founder of Infosys, and Arjun Narayanswamy. 

The firm manages a significant portfolio across multiple asset classes, including strategic joint ventures, private equity, public equity, and growth-stage venture capital. With a focus on fostering innovation, Catamaran Ventures has made several notable investments in startups across a variety of industries.

Among its investments are Aequs, a contract manufacturer specialising in aerospace and electronics, and Log9 Materials, a company working on lithium-ion battery technology tailored for tropical climates. 

The firm has also invested in VerSe Innovation, which owns Dailyhunt and the short-video platform Josh. Other key investments include Udaan and Acko.

Additionally, Catamaran Ventures has been involved with the National Stock Exchange of India and even invested in SpaceX.

Hunch Ventures

Hunch Ventures, established in 2016 and headquartered in New Delhi, is a family office that invests in early-stage startups across various sectors, including air mobility, fine arts, sustainable food supply chains, and food security. 

The firm has made investments in companies such as BLADE India, GoodTimes, and Red Otter Farms. Other notable companies include Dolomite Restaurants, The Circle, MyHealthcare, Oceanaire Yachting, and Teamonk.

Hunch Ventures is led by Karanpal Singh, who serves as the founder and managing director. 

Through its strategic investments, Hunch Ventures aims to support visionary founders and contribute to the growth of innovative enterprises across diverse industries.

Munjal Brothers’ Family Offices: Survam Partners & Pawan Munjal Family Trust

Survam Partners is the family office of Suman Kant Munjal, a member of the Hero Group and chairman of Rockman Industries. The firm primarily focusses on investments in the technology sector, with a keen interest in areas such as ecommerce, fitness, mobile applications, augmented reality, sports, and consumer electronics, among others. 

The firm has a diverse portfolio, which includes names like Hudle, BluSmart Mobility, BharatPe, Atomberg Technology and Rusk Media.

The Pawan Munjal Family Trust serves as the investment arm of Pawan Munjal, the chairman and CEO of Hero MotoCorp. This family office focusses on sectors such as consumer products, transportation, and logistics technology. 

As of early 2025, the trust has its investments in companies like Rapido and ShareChat. 

It often coinvests alongside firms like Lightspeed India Partners and Alsthom Industries. The trust’s investment activity peaked in 2019, but it generally participates in fewer deals compared to Survam Partners. 

In addition to its active investments, the Pawan Munjal Family Trust has achieved several exits, including those in Ola Electric and Vogo. 

PremjiInvest

PremjiInvest, the private investment arm of Wipro founder Azim Premji, was established in 2006 with a focus on long-term investments across diverse sectors, including technology, healthcare, consumer goods, financial services, fintech, and ecommerce. The firm targets both private equity and public market opportunities, primarily in India and the United States.

Over the years, PremjiInvest has strategically backed some of India’s most successful new-age startups. Its portfolio includes Zomato, Udaan, Swiggy, FirstCry, and Lenskart.

Beyond investments, PremjiInvest plays a key role in supporting the philanthropic initiatives of the Azim Premji Foundation, a not-for-profit organisation focussed on improving the lives of underserved communities. The foundation works extensively in education, healthcare, and social development, aiming to create a lasting impact by empowering marginalised groups across India.

Paipal Ventures

Paipal Ventures, founded in 2016 and based in Mysore, is a family office that invests in early-stage startups across various sectors. The firm is sector-agnostic and focusses on partnering with founders who have scalable ideas. 

The firm’s investment portfolio includes companies operating in diverse industries such as digital media, fintech, healthcare, and AI. 

Paipal Ventures was founded by Ajith Pai, who is also the cofounder and partner at Farmiculture Organics LLP, a leading organic farming company. 

The firm supports startups through various stages, including validating strategies, assisting in profitable growth, facilitating scalability, optimising cash flows, and strengthening governance and compliance. Its key investments include ReDesyn, TraceX Technologies and Kahanibox.

Pratithi Investment

Pratithi Investments, established in 2014 and headquartered in Bengaluru, is a private equity firm specialising in late-stage debt and equity investments. Since its inception, the firm has invested in over 100 Indian startups across more than 20 sectors. It has a total assets under management (AUM) exceeding $500 Mn. 

The firm’s investment portfolio includes companies such as Lenskart, Cult.fit, and MobiKwik. It has also achieved significant exits, including the IPO of MobiKwik on December 18, 2024. 

Pratithi Investments operates with a sector-agnostic approach, primarily focussing on later-stage ventures. Pratithi often co-invests alongside leading institutional investors who share a similar commitment to supporting enterprise growth. 

The leadership team at Pratithi Investments includes K C Ganesh as a partner. 

Pico Capital

Pico Capital is a family wealth management firm operating as a registered non-banking financial company (NBFC). It manages its proprietary capital by investing across various asset classes, including equity, fixed income, real estate, renewable energy and startup funding. 

The firm also provides flexible financing via structured debt to companies that are unable to raise capital from traditional sources. 

In the private sector, the company has invested in companies like Vroom, Spotinst, Autoleadstar, Gloat, Tastewise, Chargeafter, and Sepio Systems, among others.

Randev Ventures

Randev Ventures, established in 2018, is the private investment arm of the Randev Family Office, with a presence in India and the United Arab Emirates.

The firm focusses on value investing in early-stage startups across India, Southeast Asia, and the United States. Their investment strategy emphasises capital preservation and growth, with a multi-stage, sector-agnostic approach and a long-term investment horizon.

Randev Ventures invests in sectors such as SaaS, Web3, mobility, B2B, deeptech, sustainability, API, creator economy, XR, and AR. It typically invests in startups at various stages, including pre-seed, seed, and Series A. 

A few of the portfolio companies include abCoffee and EMO Energy.

Spectrum Impact

Spectrum Impact is an investment firm cofounded by Rajendra Gogr and Arti Gogr, with a focus on making a positive social impact through investments. The firm specialises in impact investing, targeting opportunities that not only deliver strong financial returns but also foster long-term, sustainable solutions to some of the world’s most pressing challenges.

Spectrum Impact focusses on sectors such as renewable energy, education, healthcare, and financial inclusion, with a particular emphasis on businesses that can create scalable and sustainable solutions to global challenges.

Among the companies it has invested in are Mooev Technologies, Exposome, Atomberg Technologies, EEKI Foods, and HB11 Energy, among others.

Sarcha Advisors

Sarcha Advisors is a financing advisory firm established in 2018 by Rohit Chanana, former head of the Hero Enterprise family office. 

The firm offers a range of services, including large family realignments, family office consultancy, mergers and acquisitions, joint ventures, buyouts, business building and execution, restructuring, and strategic advisory.

In addition to its advisory services, Sarcha Advisors has made investments in startups such as Stack, a neo-banking platform aimed at automating financial management for millennials, and Financepeer, an education fintech company that provides interest-free loans for school fees.

Sharrp Ventures

Sharrp Ventures is the investment office of the Harsh Mariwala family, established to manage their proprietary capital. The firm focusses on partnering with unique businesses that have significant growth potential, particularly in sectors such as food and beverages, beauty and personal care, and consumer technology, among others.

The firm’s notable investments include Mamaearth, Nykaa, Zouk, Super Bottoms, Bold Care, Kapiva, CureSkin, etc. 

Sharrp Ventures has also achieved several successful exits, including investments in companies like Vyome Biosciences, Wooqer, and Securens. 

The firm continues to focus on backing companies that are shaping new-age consumerism in India, leveraging its extensive experience and network to support the growth and success of its portfolio companies. 

Unilazer Ventures

Unilazer Ventures is a Mumbai-based private equity and venture capital firm founded in 1991 by Ronnie Screwvala. The firm specialises in early and late-stage investments across various sectors, including ecommerce, internet software, information technology, food and beverage, education, fashion, and shopping. 

Over the years, Unilazer Ventures has built a diverse portfolio of companies, including Lenskart, ShopClues, DailyObjects, Zivame, and Niki.ai.

The firm has also achieved several successful exits, including ShopClues, InI Farms, and Micro Housing Finance Corporation.

Editor’s Note: This is not a ranking of any kind; family offices are listed alphabetically. It is a dynamic tracker that will be updated periodically. For any queries, additions, or updates, reach out to us at editor@inc42.com. View our methodology and disclaimer here.

The post Family Office Tracker: Here’s The List Of 200+ Investors Betting Big On Startups appeared first on Inc42 Media.

Hit by a $235 Mn heist last year, crypto exchange WazirX’s parent Zettai said that a majority of its creditors voted in favour of a proposed restructuring scheme to expedite the recovery of the stolen assets.

In a statement, the company said that over 93% of voting creditors, representing nearly 95% of the total claim value, voted in favour of the “scheme of arrangement”. The voters included all crypto creditors with balances on the WazirX platform. 

Of the 1.41 Lakh votes cast, 1.31 Lakh voted in favour of the scheme, amounting to $185 Mn out of $195.6 Mn in claims. Approval levels stayed consistent across all creditor groups, regardless of claim size, added the crypto platform.

An independent review of the voting was done by Alvarez & Marsal. The verified vote report will soon be shared with creditors, it added. 

Following this, Zettai will seek approval from the Singapore High Court to implement the scheme, which will pave the way for the platform to resume operations. If sanctioned, the company will begin claims distributions within 10 business days of the scheme taking legal effect. Trading and withdrawals will resume in phases to align with regulations.

The result follows the Singapore High Court, in January this year, allowing Zettai to convene a meeting with creditors to conduct a voting on the proposed scheme. The court also granted a 16-week moratorium to support the restructuring.

How WazirX Plans To Compensate Users

WazirX lost around $235 Mn in crypto assets during a hack last year. Thereafter, WazirX kicked off steps to undertake a restructuring exercise and revive its operations.

As part of the proposed recovery plan, Zettai plans to release $284 Mn in liquid assets while also issuing recovery tokens to users. Further, the company is looking to resume withdrawals and trading in phases.

The company has also completed the rebalancing of net liquid assets on the platform, a critical step that sets the stage for asset recovery. Once the scheme receives final sanction from the court, WazirX plans to resume trading within 10 days. 

Earlier, the exchange said that 85% of users’ crypto reserves will be returned based on rebalanced prices. If all goes as planned, victims of the hack could begin receiving their recovered crypto assets as early as April 2025.

However, if the scheme is rejected by the court, the company will move towards liquidation under Singapore law. In that case, users may have to wait until 2030 to see any compensation.

The post Creditors Approve Wazir’s Proposed Restructuring Plan appeared first on Inc42 Media.

Imagine Marketing, the parent of wearables and audio brand boAt, has filed the draft papers for its IPO via the confidential filing route. 

The filing has been made under SEBI’s confidential pre-filing route, the company said in a notice, as per news agency PTI. It added that the submission of the pre-filed draft papers does not guarantee it will proceed with the IPO.

This is the company’s second attempt at going public. 

boAt earlier filed for an IPO in January 2022 with an aim to raise INR 2,000 Cr. The offering included a fresh issue of INR 900 Cr and an offer for sale (OFS) of INR 1,100 Cr by existing shareholders. However, it shelved the plan amid volatile market conditions and weak investor sentiment towards new-age tech and D2C brands.

Now the company is said to be eyeing INR 500 Cr IPO at a valuation of over $1.5 Bn. It has roped in ICICI Securities, Goldman Sachs, JM Financial and Nomura as the lead bankers for its public issue. 

boAt’s Stagnating Revenue

Since its last attempt, boAt has faced multiple challenges, including a decline in demand for its products due to increasing competition from non-branded products.

Besides, the Indian wearables space has seen intense price wars, with rivals like Noise, Fire-Boltt, and global players pushing aggressively for market share.

Notably, like many other startups, boAt had to navigate a tough fundraising environment in 2023 as well. In the financial year ended March 2023 (FY23), boAt slipped into the red for the first time. It cited investments in smartwatch expansion and localisation under its ‘Make in India’ initiative for this.

As of 2023, about 70-75% of the company’s products were made in India. 

While the company managed to reduce its net loss by over 38% year-on-year to INR 79.7 Cr in FY24, its revenue declined over 7% to INR 3,117.7 Cr from INR 3,376.8 Cr in FY23.

Revenue from international markets collapsed, plunging nearly 89% to INR 13.8 Cr in FY24 from INR 122.6 Cr. Domestic sales declined to INR 3,101.2 Cr from INR 3,239 Cr a year earlier.

In June last year, cofounder and CEO Sameer Mehta said that the company expected to return to profitability in FY25 and was aiming for a INR 2,000 Cr IPO within the next 12–18 months.

The post boAt Files IPO Papers Via Confidential Filing appeared first on Inc42 Media.

Innovist, the parent company of beauty and personal care (BPC) brands like Bare Anatomy and Chemist at Play, has raised INR 136 Cr (about $15.8 Mn) in its Series B round. The round was a mix of primary and secondary, and was led by ICICI Venture via its new early growth fund, IVen Amplifi. 

Mirabilis Investment Trust, Niveshaay Investment, and existing backer Sauce.vc also participated in the round.

The fresh proceeds will be used to drive product innovation, scale operations, and expand the team. 

The secondary portion of the round saw early investor Accel exiting the startup. However, it didn’t provide a breakup of the primary and secondary deal sizes.

In a statement, Innovist founder and CEO Rohit Chawla said, “The capital infusion will be strategically allocated to achieve several key objectives such as product innovation, market expansion, and team building.” 

Founded in 2018 by Rohit Chawla, Sifat Khurana, and Vimal Bhola, Innovist is a ‘house of brands’ startup with a focus on clean, transparent, and science-backed personal care products in haircare and skincare categories. It owns Bare Anatomy, Chemist at Play, SunScoop, and Vinci Botanicals brands.

It competes with the likes of Mamaearth, Desi Farms, Minimalist, among others.

Notably, Innovist claimed that it crossed INR 300 Cr revenue mark in the financial year ended March 2025 (FY25). 

The funding comes at a time when India’s $5 Bn D2C BPC sector is witnessing heightened interest from investors and legacy FMCG players. Between 2014 and H1 2024, the sector has pulled in over $1 Bn in funding. 

With the market expected to become a $28 Bn opportunity in the next five years, FMCG majors like Hindustan Unilever (HUL), Marico, and ITC have been actively acquiring science-led BPC startups to strengthen their portfolios.

HUL’s recent INR 2,670 Cr acquisition of Minimalist signals growing appetite for premium, research-backed brands. These deals offer mutual benefits—FMCG companies get access to fast-growing, trend-driven products, while D2C startups tap into large-scale offline distribution networks.

The post Bare Anatomy Parent Innovist Bags INR 136 Cr Funding appeared first on Inc42 Media.

Foodtech giant Zomato said that Rinshul Chandra has resigned from the position of its chief operating officer (COO) of its food ordering and delivery business.

In an exchange filing, Zomato said Chandra’s last working day at the company will be April 7. The disclosures with the bourses were necessitated as Chandra is a senior management personnel (SMP) of the company. 

In his resignation letter, Chandra said he is stepping down to “pursue new opportunities and passions that align with my evolving personal and professional goals”.

“After careful consideration, I have decided to pursue new opportunities and passions that align with my evolving personal and professional goals. It has been an incredibly fulfilling journey over the past 7 years, and I am truly grateful for the trust, support, and opportunities I’ve received during my time here. I wish our world-class teams at Eternal the very best,” said Chandra.

Zomato is yet to name a successor for the outgoing COO. 

The departure comes as the foodtech company has been witnessing a churn in its top leadership. In September 2024, Akriti Chopra, who had been with the company since 2011, resigned from her position as cofounder and chief people officer. 

Later in December 2024, Zomato’s business finance head Hemal Jain also resigned after a six-year long stint to “explore other opportunities”.

This also comes days after the foodtech major reportedly laid off nearly 600 employees from its customer support team amid push for AI-driven automation and quick commerce wars. 

Meanwhile, on the financial front, the company’s food delivery arm has seen a slow down over the last two quarters. 

In the second quarter (Q2) of the fiscal year 2024-25 (FY25), the gross order value (GOV) of the company’s food delivery vertical grew just 4% quarter-on-quarter (QoQ) to INR 9,690 Cr. The momentum further slowed down in Q3, with GOV rising only 2.3% to INR 9,913 Cr. 

This slowdown in food delivery and intense competition in quick commerce is weighing on the company’s profitability. Zomato’s consolidated net profit declined 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the same quarter last year. 

As a result, brokerage firm BofA Securities recently downgraded the ratings for Zomato and trimmed its target price to INR 250 per share from INR 300 earlier. 

The post Zomato Food Delivery COO Rinshul Chandra Resigns appeared first on Inc42 Media.

D2C fashion brand Snitch posted an operating revenue of about INR 520 Cr (as per unaudited numbers) in the financial year ended March 2025 (FY25), its founder and CEO Siddharath Dungarwal said.

This is almost double than the revenue of INR 243 Cr it reported in FY24. 

Dungarwal told Inc42 that the startup’s EBITDA zoomed almost 5X year-on-year to about INR 30 Cr in FY25. However, he didn’t disclose the net profit number. Snitch had posted a net profit of INR 4.4 Cr in FY24.

The CEO cited reduction in promotional expenses as one of the reasons for the improvement in the startup’s profitability. He said that Snitch’s marketing costs dropped 50% in FY25 due to offline expansion, with 80% of sales coming from its own channels. 

“With this, the marketplace has become a very small business for us, roughly accounting for 15% of our total revenue,” said Dungarwal.

Snitch currently operates 51 stores in the country across Ahmedabad, Delhi, Hyderabad, Pune, among others. The cofounder claimed that each of the stores is profitable and has a strong retention rate. 

“Over the period of four-five years, we have also built a brand… and a strong brand drives loyalty and retention. Our retention has been phenomenal at both order and revenue levels – exceeding 100%. This, in turn, means that our marketing costs continue to decrease. Additionally, many consumers who previously shopped online are now purchasing offline, with their offline spending increasing by nearly 2.5 times,” Dungarwal added. 

Focus On Offline & Global Expansion

Founded in 2019 by Dungarwal, Snitch started its journey as an offline retail brand. It pivoted to online sales a year later as Covid-19 lockdowns shut retail stores across the country. 

Currently, Snitch sells a range of men’s apparels, including shirts, jackets, hoodies, co-ords, sweaters, innerwears, among others, via its own website, stores, and ecommerce marketplaces.

The startup now plans to enter pluswear, bag, footwear, and sunglasses categories in FY26. 

Besides, it would continue to focus on offline expansion. Dungarwal said that Snitch is on track to launch 50 new stores in the next six months.

Snitch earned about 40-45% of its revenue from its retail stores in FY25, up from 30% in the previous year. 

Besides expansion in India, the fashion brand has also set its sights on global expansion. As part of this, it plans to begin a pilot in the Middle East by December 2025. 

The startup is looking to double its operating revenue to INR 1,000 Cr in FY26.

Responding to a question on potential IPO, Dungarwal said he is looking for a public listing. But he clarified that the preparations for the IPO will begin only after the startup achieves a profit of INR 100 Cr.

Backed by the likes of SWC Global and IvyCap Ventures, Snitch has raised a total funding of about $13.4 Mn to date.

The post Exclusive: Snitch’s Revenue Crosses INR 500 Cr Mark In FY25 appeared first on Inc42 Media.

D2C menswear brand The Bear House (TBH) has raised INR 50 Cr (around $5.8 Mn) in its Series A funding round led by JM Financial Group’s investment arm JM Financial Private Equity.

In a statement, the Bengaluru-based startup said it plans to deploy the funds to support offline expansion, working capital needs, and branding efforts. 

Founded in 2017 by husband-wife duo Harsh and Tanvi Somaiya, The Bear House sells premium casual workwear via its website and other ecommerce platforms. 

The startup has been positioning itself as an omnichannel player for some time. After launching its first physical store in Bengaluru earlier this month, it has set its sights on launching 20 more stores across the country within the next two years. 

The Bear House’s direct competitors – The Souled Store, Bewakoof, among others – have also been bullish on offline expansion for some time now. The Bear House’s USP is its minimalist, European-style collection.

The startup also featured on the fourth edition of TV show Shark Tank India, where it bagged an investment of INR 3 Cr Emcure Pharmaceuticals’ Namita Thapar in a deal that valued it at INR 100 Cr.

On the financial front, The Bear House saw its net profit zoom 9.3X to INR 11.2 Cr in FY24 from INR 1.2 Cr in the previous fiscal year. Operating revenue stood at INR 96.2 Cr, a jump of 79.5% from INR 53.6 Cr in FY23. 

EBITDA grew to INR 11.4 Cr in FY24 from INR 2.5 Cr in the previous fiscal year. EBITDA margin increased 7 percentage points to INR 12% from 5% in FY23. 

The startup was eyeing to surpass INR 250 Cr revenue mark in the recently ended FY25.

This comes as D2C brands in India have been getting traction lately amid rising disposable incomes and increasing digitisation. India’s D2C space is projected to become a $300 Bn market opportunity by 2030.

The post Shark Tank Fame The Bear House Nets INR 50 Cr To Expand Offline Presence appeared first on Inc42 Media.

Amid slowing growth in its food delivery vertical and rising competition in the quick commerce space, foodtech giant Zomato has reportedly laid off nearly 600 employees from its customer support team.

As per Outlook Business report, the employees were laid off due to performance issues, tardiness, and an overall restructuring effort at the foodtech major. Besides, Zomato has been increasingly leveraging AI to automate its customer support functions to trim costs.

The job cuts come less than a year after the foodtech giant hired the impacted employees under the Zomato Associate Accelerator Program (ZAAP). However, a majority of the contractual workers reportedly failed to get renewals at the end of their tenures.

“A majority of employees hired under ZAAP last year have been let go over the last week without any clear explanation,” a Zomato customer support employee told the publication. The layoffs were reported in cities such as Gurugram and Hyderabad.

Unnamed aggrieved employees reportedly said that they received one month’s salary as compensation but were terminated without a notice period. 

Meanwhile, some of the impacted employees also took to social media to express their frustration over the abrupt terminations. One Reddit user claimed they were fired for being late by an average of 28 minutes over three months, despite strong performance metrics.

Another Reddit user said, “They (Zomato) are being inhumane in this scenario, no warnings no nothing, boom Slack deactivated, account taken down within minutes and you’re out of the org before you can speak for yourself.”

Zomato didn’t respond to Inc42’s queries on the subject till the time of publishing this story. 

Zomato’s AI Push & Rising Quick Commerce Competition 

The layoffs come at a time when Zomato has been actively integrating AI to automate customer support functions, reducing the need for human intervention. 

With its agentic AI based customer support platform Nugget, the company claims to have reduced the resolution time by 20%. The platform handles over 15 Mn queries per month across Zomato, Blinkit, and Hyperpure. The deployment of AI has also reportedly helped Zomato cut response times by 75%. 

After seeing the success of the AI platform internally, Zomato, in February, also rolled out Nugget for other enterprises as well. 

The development also comes at a time when Zomato has been bearing the brunt of rising competition in the quick commerce space. 

The foodtech giant’s quick commerce arm Blinkit saw its adjusted EBITDA loss surge nearly 13X to INR 103 Cr in the third quarter (Q3) of the fiscal year 2024-25 (FY25) from INR 8 Cr in the preceding quarter. 

Meanwhile, the company’s food delivery business also seems to be slowing down. Recently, brokerage firm BofA Securities downgraded the ratings for Zomato and Swiggy amid concerns over the growth of food delivery and increasing competitive pressure in the quick commerce arena. 

The brokerage downgraded Zomato’s shares to ‘Neutral’ from ‘Buy’ and trimmed the target price to INR 250 per share from INR 300

Shares of Zomato ended today’s trading session 0.27% higher at INR 202.05 on the BSE.

The post Zomato Trims 600 Jobs Amid Increasing Automation, Quick Commerce Wars appeared first on Inc42 Media.

Listed electric vehicle (EV) juggernaut Ola Electric has commenced the deliveries of its S1 Gen 3 scooter range across India through its network of stores. 

The portfolio comprises three models namely S1 Pro+, S1 Pro, and S1 X. While S1 Pro+ is available in 5.3kWh and 4kWh variants, S1 Pro has been launched in 4kWh and 3kWh variants. Meanwhile, S1 X scooters are available in four variants, namely S1 X+ (4kWh) and S1 X (4kWh, 3kWh, and 2kWh).

Prices start at INR 79,999 for the S1 X (2kWh) and go all the way up to INR 1,69,999 for the S1 Pro+ (5.3kWh with 4680 Bharat Cell). 

In a statement, the company claimed that the Gen 3 platform will offer a 20% increase in peak power, an 11% reduction in cost, and a 20% boost in range compared to its predecessor. The Gen 3 platform will also feature a mid-drive motor with chain drive, an integrated Motor Control Unit (MCU), and a dual ABS system with brake-by-wire technology. 

As per the company, the S1 Pro+ scooter, which can notch a top speed of 141 km/h, offers a range of up to 320 km. On the other hand, the S1 Pro can clock a maximum speed of 125 km/h and a range of 242 km.  

In addition, while the S1 X can achieve a top speed of up to 123 km/h and a maximum range of 242 km, S1 X+ has a top speed of 125 km/h and a 242 km range.

The latest launch comes at a time when Ola Electric has been experimenting with a slew of new launches. Recently, the electric vehicle (EV) maker entered the electric motorcycle segment with its Roadster X series as well.

Nevertheless, Ola Electric has been courting headlines for all the wrong reasons in the recent past. 

Ola Electric Under Regulatory Lens 

Despite splurging heavily on product expansions and a growing store network, Ola Electric continues to face significant regulatory headwinds. Earlier this month, a report claimed that more than 95% of Ola Electric’s 3,400 showrooms were operating without necessary trade certificates. 

What followed was that transport authorities in multiple states, including Madhya Pradesh and Maharashtra, reportedly raided the EV maker’s outlets and impounded as many as 50 scooters in the two states.

Responding to the charges, Ola Electric informed the bourses that it was actively engaging with regulators and ensuring compliance.

Additionally, the Ministry of Heavy Industries (MHI) is investigating the company over alleged discrepancies between Ola Electric’s reported sales figures and actual vehicle registrations. While the company claims to have sold 25,000 scooters in February, the Vahan portal only recorded 8,600 new registrations for the same period. 

Previously, the EV maker informed the bourses in February that its ongoing negotiations with its vendors (or registration agencies) would lead to a difference in sales numbers. The company claims to be addressing the issue and expects the backlog to be cleared by the end of March 2025.

However, the matter took a different turn as one of its vendors Rosmerta Digital Services, in March 2025, filed an insolvency petition against Ola Electric technologies over alleged unpaid dues.

Making matters worse is the growing losses of Ola Electric. The EV maker saw its consolidated net loss surge 50% to INR 564 Cr in the third quarter (Q3) of the fiscal year 2024-25 (FY25) from INR 376 Cr in the year-ago quarter. Meanwhile, revenue from operations also declined 19% to INR 1,045 Cr during the quarter under review from INR 1,296 Cr in Q3 FY24.

On account of these headwinds, Ola Electric’s stock has been on a downward spiral. Shares of the company have declined 40.28% in the last three months. Ola Electric’s stock also hit an all-time low of INR 46.32 on March 17. 

Ola Electric shares closed Friday’s (March 21) trading session 8.4% higher at INR 56 on the BSE. 

The post Ola Electric Kicks Off Deliveries Of S1 Gen 3 Scooters appeared first on Inc42 Media.

With an eye on curbing the rising online frauds in the securities market, the Securities and Exchange Board of India (SEBI) has now tightened digital advertising rules for its registered intermediaries. 

In an advisory dated today, the market regulator said that all its registered intermediaries will now have to verify their identity before posting ads online. As part of this, entities will be mandated to register on social media platforms using their SEBI-registered email addresses and mobile numbers. 

Subsequently, social media platforms will be required to carry out the verification of the applicants, and only then will the registered intermediaries be allowed to post ads on such platforms. 

“… It has been decided in consultation with Social  Media Platform Providers  (SMPPs) that all SEBI registered intermediaries uploading/ publishing advertisements on SMPPs like Google/ Meta  (to start with), shall be required to register on such social media platforms using their email ids and mobile numbers registered on SEBI SI Portal,” read the advisory. 

SEBI also directed the registered entities to update their contact details on the regulator’s intermediary database (SEBI SI Portal) by April 30, 2025. 

The advisory noted that the mandates have been instituted to curb the increasing number of frauds related to the securities market on platforms such as YouTube, Facebook, Instagram, WhatsApp,X (previously Twitter), Telegram, Google Play Store, Apple Store, among others. 

The regulator added that fraudsters were enticing victims online by offering services such as online trading courses, seminars, “deceptive” testimonials, and “guarantee of assured or risk-free return” via social media platforms. It is this that SEBI wants to curb with the advisory.

The latest update comes as India continues to see a spurt in cyber fraud cases. For instance, the Indian government recently noted that Indians lost INR 1,935.51 Cr to digital arrest scams in 2024 alone.   

Meanwhile in the first two months of 2025, about 17,718 incidents of digital arrest scams were reported which defrauded the Indian public of INR 210.21 Cr. 

Meanwhile, the Centre has blocked more than 7.81 Lakh SIM cards and 2.08 Lakh IMEI numbers, as of February 28, 2025, in response to  the digital arrest complaints from various authorities. 

As if this was not enough, Minister of State (MoS) for Finance Pankaj Chaudhary informed the Lok Sabha earlier this month that Indians lost an additional INR 107.21 Cr to cyber frauds in the first nine months of the ongoing financial year 2024-25 (FY25).

The latest update comes on the same day as SEBI allowed startup founders to hold employee stock options (ESOPs) even after their company goes public.

The post SEBI Tightens Digital Advertising Norms For Registered Entities appeared first on Inc42 Media.

D2C brand Jimmy’s Cocktails saw its operating revenue decline 30.9% to INR 23.7 Cr in the financial year ended March 2024 (FY24) from INR 34.3 Cr in the previous year.

Including other income of INR 2.9 Cr, the startup’s total income fell 23.3% to INR 26.6 Cr during the year under review from INR 34.7 Cr in FY23.

Despite the decline in its top line, Jimmy’s Cocktails’ net loss widened 47.1% to INR 10 Cr in FY24 from INR 6.8 Cr in the previous year due to higher cash burn. Its EBITDA loss jumped 51.2% to INR 13 Cr from an EBITDA loss of INR 8.6 Cr in FY23. EBITDA margin worsened 30 percentage points to -55% from -25% in FY23. 

It sells its products via its website, offline stores, and various ecommerce and quick commerce platforms. 

It is pertinent to mention that the startup claimed in May last year that it turned profitable in FY24. At the time, it said it was aiming for a revenue run rate of over INR 100 Cr over the next 18 months.

Founded in 2019 by Ankur Bhatia and Nitin Bhardwaj, Jimmy’s Cocktails is a premium cocktail mixer brand which offers a range of low-calorie, ready-to-drink mixers. It forayed into the energy drinks segment in July 2023 under the brand name ‘Hustle’. 

The startup last raised $1.3 Mn (INR 11 Cr) in its extended pre-Series A round in 2023. Before that, it raised a funding of $1.8 Mn in a round led by Roots Ventures in 2022.

Tracking Down Expenses 

While the revenue dipped over 30%, Jimmy’s Cocktails managed to bring down its total expenditure by only 8% to INR 40.4 Cr in FY24 from INR 43.9 Cr in FY23.

Cost Of Materials: The startup’s spending on raw materials declined 39.6% to INR 8.1 Cr from INR 13.4 Cr in the previous year. 

Employee Benefit Expenses: The spending on employees increased 2.3% to INR 8.9 Cr from INR 8.7 Cr in the previous fiscal. These expenses include salaries, gratuity, provident fund, among others.

Other Expenses: The spending under the head declined 14.2% to INR 18.2 Cr from INR 21.2 Cr in the previous year. However, the company didn’t disclose the expenses under this head.

The post Jimmy’s Cocktails’ Revenue Dips 31% To INR 23.7 Cr In FY24 appeared first on Inc42 Media.

Prosus-backed payment solutions major PayU today said it has acquired a 43.5% stake in payments infrastructure startup Mindgate Solutions to expand its presence in the real-time payments space in India.

However, as per the deal, Mindgate’s majority ownership will remain with its founders, including Guhan Muthuswamy and George Sam, PayU said in a statement.

With this acquisition, PayU seeks to leverage Mindgate’s payment solutions for banks, government institutions, merchants and corporates to sharpen its focus on real-time payments.

PayU CEO Anirban Mukherjee said that the investment aligns with the company’s goal to scale up Indian payment technologies globally.

“…Mindgate’s expertise in real-time payments complements our mission to drive the next generation of digital payment innovations. Together, we will enhance the infrastructure that supports seamless financial transactions, delivering exceptional value to banks, merchants, and consumers worldwide…,” Mukherjee said. 

PayU, which was founded by Nitin Gupta, Shailaz Nag Jose Velez, Martin Schrimpff, Arjan Bakker, and Grzegorz Brochocki in 2002, is owned by Prosus’ Nasper Group. Its Indian subsidiary, PayU India, was launched in 2011, with Nitin Gupta and Shailaz Nag as its cofounders. 

Besides India, it provides payment and financial services across Latin America, Southeast Asia, Central and Eastern Europe and Africa.

Founded in 2008, Mindgate provides infrastructure for real-time payments, including the Unified Payments Interface (UPI). The company claims that currently it processes over 8 Bn transactions monthly and operates in regions, including MENA, ASEAN, Europe and the US. 

Recently, PayU’s chief investment and transformation officer Vijay Agicha resigned from his position. This marks the end of Agicha’s seven-year stint with the payments solutions major since 2017.

Notably, the company has been focusing on bringing up its top line in the run up to its IPO plans. In November 2024, Prosus said that it is eyeing a listing for PayU in India this year. Earlier in October, it was reported that PayU finalised Goldman Sachs as one of the lead bankers to helm the public issue. 

PayU India’s revenue soared 12% to $237 Mn in the first half of the financial year ending March 2025 (H1 FY25). In the Prosus’ H1 FY25 report, PayU claims to have onboarded over 4,000 merchants in the period. In the same period, the company’s total payment value (TPV) rose by 25%.

The post PayU Picks Up 43.5% Stake In Mindgate To Bolster Presence In Digital Payments appeared first on Inc42 Media.

Proptech startup Lighthouse PropTech has secured $1 Mn (around INR 8.6 Cr) as a part of its $2.5 Mn (around INR 21.5 Cr) funding round led by Turbostart, along with participation from the Dabur family office and other high-net-worth individual (HNI) investors.

The round valued the company at $13.5 Mn.

The startup plans to use the fresh capital to scale up its operations and expand market presence.

Founded by Sumesh Mishra and Murtuza Vapiwala in 2023, Lighthouse PropTech claims to be building a tech-driven platform for luxury real estate transactions in India, aimed at streamlining high-end property deals through digital solutions.

Mishra said that the partnership with Turbostart will provide strategic support beyond just funding. “The demand for seamless, tech-powered real estate transactions is at an all-time high. With this investment, we aim to redefine how HNIs and UHNIs buy, sell, and manage real estate in India,” he added.

India’s proptech market, which leverages technology to streamline real estate operations, has been gaining a lot of traction from investors for quite some time now.

In January, Mumbai-based fractional ownership startup hBits secured INR 40 Cr in its Series A funding round from Capricon Realty, a subsidiary of the Thackersey Group.

In September last year, urban renting-focused proptech startup Flent raised INR 6.5 Cr in a pre-seed funding round led by WEH Ventures. Meanwhile, JUSTO Realfintech bagged $7 Mn in a mix of equity and debt funding.

Also, two days back Nikhil Kamath’s investment firm Gruhas joined hands with Bengaluru-based real estate major Brigade Group to launch a fund for investing in proptech and sustainability-focused startups.

The INR 300 Cr Earth Fund, set up under Zoiros Projects Private Limited, includes an INR 200 Cr SEBI-registered Category II alternative investment fund (AIF) and an additional INR 100 Cr in green-shoe option.

According to a study, the proptech market is poised to become a $4.7 Bn opportunity by 2029 growing at a CAGR of 8.8%. But looking at the broader landscape, startups operating in these areas will have a much larger pie to grab with the real estate market projected to be valued at $1 Tn by 2030.

The post Lighthouse PropTech Bags Funding From Turbostart, Others appeared first on Inc42 Media.

At a time when artificial intelligence has taken the world by storm and the technology is seeing a rapid adoption in India as well, the government is looking to further step up its AI-driven initiatives through a new partnership between the IndiaAI Mission and the Gates Foundation.

Both these entities will soon sign a memorandum of understanding (MoU) to build AI solutions for better crops, stronger healthcare, smarter education and climate resilience. 

“AI solutions for better crops, stronger healthcare, smarter education & climate resilience— MoU soon between India AI Mission & Gates Foundation,” union minister Ashwini Vaishnaw announced on X after a meeting with Microsoft cofounder Bill Gates.

Meanwhile, Gates also expressed his appreciation over discussion on the rapid expansion of India’s Digital Public Infrastructure (DPI) and the IndiaAI Mission.

“I look forward to continuing our partnership with the government of India and India’s AI innovators across health, education, climate, and agriculture to improve lives in India and around the world,” he wrote on X.

Gates visited India this week, and met Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, Health Minister JP Nadda and Vaishnaw, among other senior officials.

The IndiaAI Mission, approved in March 2024 with a budget of INR 10,372 Cr over five years, is designed to establish a robust AI ecosystem. It aims to provide advanced supercomputing resources, including over 10,000 GPUs, to various stakeholders.

As part of this initiative, the government has introduced several key programs, such as the IndiaAI Compute Portal, which will offer cost-effective AI computing, networking, storage, and cloud services. Additionally, AIKosha, a unified datasets platform, was launched earlier this month.

The IndiaAI Mission has also invited Indian startups, researchers, and entrepreneurs to collaborate on developing foundational AI models trained on indigenous datasets. So far, it has received 187 applications for this initiative. 

According to a blog post on the IndiaAI website, a panel of experts will evaluate the submitted proposals, and shortlisted candidates will be invited for a detailed presentation.

Also, PM Modi co-chaired the AI Action Summit in Paris last month, alongside French President Emmanuel Macron. During the event, Modi announced that India would host the next edition of the summit.

The post IndiaAI Mission, Gates Foundation To Collaborate On AI Innovation Soon: Vaishnaw appeared first on Inc42 Media.

The Unique Identification Authority of India (UIDAI) has partnered with Bengaluru-based GenAI startup Sarvam AI to integrate AI-powered voice interactions and fraud detection into Aadhaar services. 

The collaboration will aim to improve user experience and security while ensuring wider accessibility through multilingual support.

Under this partnership, Sarvam AI will deploy AI-driven voice based interactions for Aadhaar related services. This will enable real-time feedback from Aadhaar users on their enrolment and update experiences, including any instances of overcharging.

The AI system will provide real time fraud detection alerts during authentication requests, enhancing security for Aadhaar number holders.

Notably, the system will support 10 languages such as Hindi, English, Telugu, Tamil, Marathi, Gujarati, Kannada, Odia, Punjabi, and Malayalam. More languages will be added in the future.

Further, Sarvam AI’s GenAI stack will be hosted on-premise within UIDAI’s infrastructure, ensuring that no data leaves the UIDAI environment. However, the agreement is initially valid for one year, with a potential extension for another year.

This partnership aligns with UIDAI’s ongoing efforts to enhance Aadhaar services through technology-driven innovation. The GenAI solution was developed under UIDAI’s volunteer policy, with Sarvam AI experts collaborating with UIDAI’s Technology Centre in Bengaluru.

“GenAI is the next step in UIDAI’s journey as a technology pioneer, reinforcing our commitment to ease of living,” said Bhuvnesh Kumar, CEO, UIDAI.

On the same day, Sarvam AI announced the launch of Sarvam Labs, a research initiative in the Bay Area, San Francisco. The lab will focus on foundational AI research for Indic languages.

This comes as the startup is planning to submit a proposal to the electronics and IT ministry (MeitY) to build an indigenous AI foundational model under the IndiaAI Mission.

Founded in 2023 by Pratyush Kumar and Vivek Raghavan, Sarvam AI has raised $41 Mn (around INR 342 Cr) in its Series A funding round led by Lightspeed Venture Partners, in participation with Peak XV Partners and Khosla Ventures, in December 2023. 

Since then, the startup has launched small language models (SLMs). 

Earlier, the startup claimed to have launched India’s first open source foundational SLM, Sarvam 2B, focussed on Indic languages. The startup claims that it is trained with 4 Tn tokens and performs better than Meta’s Llama in Indian language. 

Prior to that, Sarvam AI launched Shuka 1.0, which it said was India’s first open source audioLM, which can mimic or continue the audio input given – be it a musical beat or a particular language. However, it was an extension on the Llama 8B model.

The post UIDAI Partners Sarvam AI To Offer AI Voice, Fraud Detection To Aadhaar appeared first on Inc42 Media.

Spacetech startup Pixxel has commissioned three Firefly satellites and released high-resolution hyperspectral images today.

In a Linkedin post, its founder and CEO Awais Ahmad wrote “…excited to reveal first light images from all three of the Fireflies that launched recently! A new era in earth observation begins now.”

The images, captured by satellites launched on SpaceX’s Transporter-12 mission in January, showcase the Ganga, Saloum River Delta in Senegal, and the Sundarbans. These images provide insights into environmental conditions through more than 150 spectral bands.

Pixxel plans to launch three more satellites by mid-2025 as part of its roadmap to build a full-scale hyperspectral constellation by 2026, PTI reported. 

“We’re proud to unveil these pioneering images from Firefly, each pixel providing critical data for understanding Earth’s changes,” Awais Ahmed told PTI. 

Notably, the Firefly-3 satellite captured the Ganga, highlighting its braided channels and floodplains, which could help track soil moisture and vegetation health. 

The Firefly-2 satellite imaged the Saloum River Delta, aiding in monitoring coastline shifts and salinity levels. While the Firefly-1 focused on the Sundarbans, offering data for tracking mangrove health and conservation planning.

Pixxel said that hyperspectral imaging can detect pollutants in the atmosphere and provide early warnings for agricultural issues.

The startup aims to expand its capabilities with more launches, bringing advanced Earth observation data to industries and policymakers.

This comes as the Pixxel was one of the bidders shortlisted for building an earth observation system by the Indian National Space Promotion and Authorisation Centre (IN-SPACe). 

Pixxel is one of the shortlisted entities among the consortiums of SatSure, Pixxel, Dhruva Space and PierSight; Ananth Technologies, Solar Group and XDLINX; and Bharat Electronics Ltd and Sisir Radar.

Founded in 2018 by Ahmed and Kshitij Khandelwal, Pixxel is building a constellation of hyperspectral earth satellites to offer imaging services to clients in sectors such as agriculture, mining, and environment, among others.

The company recently raised an additional $24 Mn (around INR 203.48 Cr) in its Series B funding round totaling its Series B funding to $60 Mn. 

The startup is backed by the likes of Google, Radical Ventures, Accenture, Lightspeed, Blume Ventures and growX, and has raised about $95 Mn in funding to date. 

The post Pixxel Deploys Three Hyperspectral Satellites, Releases First Images appeared first on Inc42 Media.

Fintech major Pine Labs is eyeing the launch of its initial public offering (IPO) in the second half of 2025, its CEO Amrish Rau said.

Despite the ongoing correction in the Indian market, the company will remain committed to its IPO timeline, Rau told Reuters. 

“We would want to go for an IPO in the second half of this year,” the CEO said, emphasising the focus on building a long-lasting company. 

“I really shouldn’t be swayed by market conditions and should be more focussed on building a company which is here to last for long,” he was quoted as saying. 

While Rau didn’t disclose the size of the IPO, the report, citing sources, said that Pine Labs is eyeing a $1 Bn public issue. It would comprise an issue of fresh equity shares as well as an offer for sale.

The company was last valued at $5 Bn in 2022 and reports have suggested that it would be targeting a valuation between $6 Bn and $8 Bn for the IPO. 

Founded in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay, Pine Labs offers comprehensive payment solutions, including point-of-sale terminals and online payment gateways, serving over 5 Lakh merchants across India, the Middle East, and Southeast Asia. The company is backed by the likes of Peak XV Partners, Temasek, PayPal, and Mastercard. 

This would be Pine Labs’ second attempt at going public. Previously, it planned to list on the US exchanges but deferred the IPO.

Ahead of the IPO in India, the company is looking to reverse flip. In August last year, it received the initial approval from the National Company Law Tribunal (NCLT) to shift its domicile from Singapore to India. 

On the financial front, Pine Labs’ India business reported an operating revenue of INR 1,317 Cr in the financial year ending March 2024 (FY24) as against INR 1,281 Cr in FY23. However, its net loss widened to INR 187 Cr in FY24 from INR 56 Cr in the previous fiscal year. 

If successful, Pine Labs’ IPO would be the largest by an Indian fintech company after Paytm’s $2.5 Bn listing in 2021.

The post Pine Labs Eyes IPO In Second Half Of 2025 appeared first on Inc42 Media.

Mobile app security startup Protectt.ai has secured INR 76 Cr (about $8.7 Mn) in a Series A funding round led by Bessemer Venture Partners. 

The company plans to use the fresh capital to enhance its AI-driven mobile security platform, develop new AI security solutions, expand internationally in the US, Middle East & APAC and hire cybersecurity talent.

Founded in 2020 by Manish Mimani and Mohanraj Selvaraj, Protectt.ai provides mobile threat defence solutions, helping businesses safeguard apps against cyber threats and fraud. Its platform also acts as a compliance hub for mobile app owners, ensuring adherence to regulations from entities such as RBI, SEBI and NPCI. 

The company claims its technology monitors security configurations and threat events in real time, enabling seamless audits and regulatory compliance.

The startup claims to cover over 300 Mn smartphones and process 2 Bn mobile app sessions per month while preventing 200 Mn cyber threats and fraud attempts.

Its solutions cater to banking, fintech, insurance, NBFCs, stock exchanges, and government apps.

“This investment will enable us to enhance our technology, scale our operations, and expand into new geographies, reinforcing our position as a leader in mobile app security ensuring hyper growth.” said Manish Mimani, founder and chief executive of Protectt.ai.

The development comes at a time when many players in the cybersecurity space in India are making their move to get an edge over their rivals.

For instance, cybersecurity firm Astra Security raised $2.7 Mn in a funding round led by Emergent Ventures in February this year.

Meanwhile, TAC Security, which is aggressively expanding overseas, is planning to acquire Greece-based Web3 security company CyberScope to strengthen its presence in the Web3 security sector. 

The acquisition is expected to contribute $1.2 Mn in revenue to its growth strategy, according to the company. Additionally, TAC Security has broadened its global reach by establishing a UK-based subsidiary, VULMAN Ltd, to provide cybersecurity solutions in the UK and Europe.

Similarly, WhizHack, another cybersecurity startup, secured $3 Mn in a Pre-Series A funding round last year and aims to raise additional Series A funding in early 2025 as part of its expansion into North America and Europe.

Notably, a report by cyber intelligence firm CloudSEK said that India ranked as the second most targeted country for cyberattacks worldwide, with 95 Indian entities falling victim to data breaches in 2024.

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Ericsson, Volvo Group and Bharti Airtel have teamed up to explore extended reality (XR), digital twins and AI in manufacturing.

The partnership will look to leverage 5G and 5G Advanced to enhance industrial operations, workforce training and real time process optimisation.

Airtel’s 5G Advanced network will support real-time simulations, design prototyping and immersive training. The project will also test new manufacturing concepts without disrupting operations.

Meanwhile, the research will be conducted at Volvo Group’s factory and R&D centre in Bengaluru. It will focus on Industrial Metaverse applications, enabling seamless human-machine collaboration by merging physical and digital environments. 

“It will explore futuristic Industrial Metaverse applications including human and machine interaction and collaboration – use cases that will blend the physical and digital worlds. Learnings from this research partnership will enable enhanced efficiency and foster innovation in the manufacturing arena , providing a digital platform for immersive training and real time process optimisation through introduction of cutting edge AI technologies,” the companies said in a joint statement. 

Sharat Sinha, director and CEO of Airtel Business, said that via this collaboration, Airtel’s high-speed, low latency 5G network will redefine and transform the manufacturing sector by enabling real-time XR applications for enhanced productivity and efficiencies, while unlocking new revenue streams and accelerating the adoption of Industry 4.0 applications.

Notably, the update comes at a time when the government is increasing its efforts in the direction of XR and digital twins. 

Last month, the Department of Telecommunications (DoT) signed a Letter of Intent (LoI) with the International Telecommunication Union (ITU) to enhance cooperation on advanced technologies such as AI-powered solutions, digital twins, virtual environments, and IMT-2030 innovations.

As part of this agreement, the DoT will contribute insights from its Sangam initiative, while the ITU will share findings from its Citiverse programme. Both organisations will collaborate to integrate cross-sector data and support joint planning efforts.

Notably, the DoT launched the “Sangam: Digital Twin Initiative” in February 2024, aiming to harness 5G/6G, IoT, AI, and AR/VR technologies for developing smart infrastructure. 

This followed the Indian government’s 2023 decision to incorporate the National Digital Twin programme into its national geospatial policy.

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The International Finance Corporation (IFC), the private lending arm of the World Bank, is planning an equity investment of up to $35 Mn (about INR 303.9 Cr) into the venture capital firm A91 Partners’ third fund.

IFC is also considering an additional co-investment of up to $30 Mn (about INR 260.5 Cr) into the new fund, according to a disclosure on the firm’s website. 

“…IFC proposes an equity investment of up to US$35 Mn in the fund (capped at 19.99% of the total commitments in the Fund and Domestic Fund). Additionally, a delegated authority co-investment envelope of an amount of up to US$30 Mn in potential co-investments in the fund’s portfolio companies is being proposed alongside the fund commitment,” IFC said in a statement.                                            

The disclosure further said that A91 Partners is looking to raise $675 Mn for the fund, which will back small and mid-sized companies in sectors including consumer, financial services, healthcare, manufacturing and technology. 

It said that the fund expects to invest between $10 Mn and $50 Mn in 15 companies.

Moreover, IFC said it will support the ‘Fund Manager’ in “setting up gender committees at the investee level, facilitate peer learning sessions on gender-inclusive best practices, and monitor the fund’s commitment to having at least one woman board member at each investee level.”

Founded in 2018, A91 Partners is an investment firm that focuses on India’s consumer, technology, financial services, and healthcare sectors. It was established by former Sequoia Capital executives V T Bharadwaj, Abhay Pandey and Gautam Mago, who came together to launch the venture capital firm specialising in mid-stage startups. 

In 2019, they closed their first fund at $351 Mn, followed by their second fund of $550 Mn in 2021.

The firm has invested in brands across various sectors, including a $30 Mn Series B funding round in Blue Tokai Coffee. Its portfolio also includes Digit Insurance, Inshorts, Sugar, Exotel, HealthKart, Paper Boat and Plum.

Most recently, the firm invested about INR 50 Cr in a D2C fashion brand Rare Rabbit. 

This comes after a year of report resurfacing that the firm was eyeing to raise about $750 Mn for its third fund and the average ticket size increasing from $20-30 Mn to $35-40 Mn. 

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