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Zerodha Launches US Stock Investing, Offers Access To 2,000 Stocks

noreply@blogger.com (Unknown) — Mon, 19 Oct 2026 06:24:18 +0000

Discount brokerage Zerodha has launched US stock investing in beta mode on its Kite platform, allowing Indian investors to buy shares of US-listed companies and exchange-traded funds (ETFs) through their existing accounts.

The offering provides access to up to 2,000 US-listed companies and around 1,000 ETFs. It also supports fractional investing, allowing users to invest in a portion of a share with investments starting at $1.

Resident Indian individuals can activate the international investing segment through Kite without opening a separate demat account and transfer funds from their linked Indian bank accounts to a dollar-denominated wallet.

Users can fund their dollar-denominated wallets through netbanking from linked accounts at supported Indian banks. UPI, debit cards, and credit cards are not supported.

Zerodha is charging brokerage of 0.1% of the trade value, subject to a minimum of $0.01 and a maximum of $10 per executed order. An 18% GST applies to brokerage.

Other charges include an IFSCA turnover fee of 0.005% on trade value, along with applicable US regulatory transaction fees on sell orders.

For currency conversion, Zerodha’s guide lists a negotiated bank markup of 0.5%-1.2% over the RBI reference exchange rate.

The service supports delivery-based investing, fractional ownership and SIPs in eligible US stocks. Intraday and margin trading are not available for international equities, and users cannot apply for US IPOs through the platform.

The service is routed through BSE’s India INX Global Access at GIFT City. The underlying US securities are held through a US brokerage partner rather than in an Indian demat account.

Brokers Expand Into US Equities

Zerodha’s launch comes after the startup, along with peers like Groww, Upstoxx and Angel One, received approval from the International Financial Services Centres Authority (IFSCA) in June to offer investors the option to buy international and US stocks from GIFT City.

Following this, Groww introduced US stock investing to its customers in September, partnering with US brokerage infrastructure provider Alpaca Securities. Its platform provides access to more than 10,000 US stocks and ETFs and supports fractional investing.

Meanwhile, Upstox launched US stock investing in September, offering access to more than 8,000 US-listed stocks and over 2,000 ETFs, with fractional investments starting at $1.

Stockbrokers are diversifying their offerings beyond domestic equities amid a rising demand from Indian retail investors seeking direct exposure to international markets.

This is driven by a desire to hedge domestic concentration, access global technology megatrends like AI, cloud computing, and semiconductors, and diversify geographical risk, opening up their portfolio to top global companies like NVIDIA, Apple, Microsoft, Amazon.

The prospect of high-profile US listings, particularly in the technology sector, including companies such as SpaceX, OpenAI and Anthropic, have also drawn investor attention.

Zerodha and Groww have joined existing providers such as INDmoney and HDFC Securities in providing US investing.

The post Zerodha Launches US Stock Investing, Offers Access To 2,000 Stocks appeared first on Inc42 Media.

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UC Eyes More Capital, Burma Burma’s IPO & More

noreply@blogger.com (Unknown) — Mon, 19 Oct 2026 03:24:26 +0000

Inside UC’s ₹2,500 Cr Fundraise Plan

A year after listing, Urban Company is back in the market for more funds. The company plans to raise ₹2,500 Cr as it chases profitability, eyes new businesses and fights a costly battle for home services supremacy. Will the fresh capital fortify UC’s competitive posture?

A Bigger War Chest: Urban Company’s board has approved a proposal to raise up to ₹2,500 Cr through equity or convertible securities. While it is yet to decide on the route for the fundraise, the management believes that the proceeds would absorb short-term operational burn without constraining internal cash flows.

The ₹2,500 Cr Buffer: While the company maintains that it can reach EBITDA breakeven by FY28 without fresh capital, the fundraise provides balance sheet flexibility. Simultaneously, the capital buffer will also enable UC to fund new products, execute new acquisitions and expand internationally without compromising its core margins.

The InstaHelp Drag: The timing is significant. The company’s net loss more than tripled YoY to ₹182.5 Cr in Q2 FY27. Largely to blame for this was the loss from its quick service vertical, InstaHelp, and continued investments in the business. What has not helped is the intensifying competition from Snabbit and Pronto, which is forcing UC to spend heavily on user acquisition, retaining gig workers and market expansion.

The Native Expansion: Parallely, UC is also foraying into the residential AC market under its Native brand. The new venture will rely solely on the UC app for distribution, focusing its initial years on product feedback and calibrated capital allocation. While service demand does not automatically translate into appliance sales, the company will be banking on its years of data on consumer pain points and product gaps to carve its niche.

With InstaHelp consuming cash and Native entering a new category, can Urban Company use the potential ₹2,500 Cr war chest to enter and dominate Indian homes? Let’s find out…

From The Editor’s Desk

Burma Burma All Set For IPO

The restaurant chain’s parent entity, Hunger Pangs Pvt Ltd, has filed its DRHP with SEBI for an IPO, which will comprise a fresh issue of shares worth up to ₹150 Cr and an offer for sale component of up to 2.8 Cr shares.
Founded in 2013, Hunger Pangs operates Burma Burma, which serves vegetarian Burmese cuisine. It operates 22 restaurants across nine cities. The startup also plans to open Japanese restaurants and noodle shops under a new brand.
On the financial front, the company saw its operating revenue zoom 46.6% YoY to ₹155.5 Cr in FY26, while net loss widened nearly 31X YoY to ₹15.4 Cr. Hunger Pangs also reported a top line of ₹53.7 Cr against a profit of ₹1.1 Cr in Q1 FY27.

ixigo’s Q2 Snapshot

The travel tech major reported a net profit of ₹63.4 Cr in Q2 FY27 against a loss of ₹3.5 Cr in the year ago quarter. The OTA swung to the black on the back of a one-time gain, improving margins and operating revenue rising nearly 13% YoY to ₹321 Cr.
Train remained ixigo’s largest revenue-generating segment, with GTV rising to ₹2,256 Cr during the quarter. The flight GTV also rose 37% YoY to ₹2,184.3 Cr, while bus booking generated a GTV of ₹752.7 Cr.
Going forward, the listed OTA plans to continue investing in hotels and AI as “key drivers” of its long-term growth. At the end of September 2026, ixigo’s hotel inventory covered more than 70,000 properties across 1,100 towns.

Startup Funding Rebounds

Indian new-age tech ventures cumulatively bagged $236.2 Mn last week, up 92% from $123 Mn in the preceding week. Deal count, however, stayed at 25. Boldfit and GreenCell Mobility took the biggest cheques home at $42 Mn and $35 Mn, respectively.
AI startups dominated the funding charts last week and lapped up $53.4 Mn across six deals. Following suit was ecommerce, which emerged as the second-most funded sector and secured $48.3 Mn.
Early-stage funding activity remained strong as pre-seed and seed-stage startups raised $25.9 Mn across 11 deals last week. Meanwhile, Accel emerged as the most active investor last week and backed four startups.

Mixed Week For Startup Stocks

Of the 67 new-age tech stocks under Inc42’s coverage, 31 gained between 0.03% and 17.63% last week. The remaining 36 declined by as much as 18.43%. AceVector and Tracxn emerged as the biggest losers, while Yudiz and Nazara gained the most.
The combined market capitalisation of the 67 new-age tech companies rose 3.8% to $160.6 at the end of last week, up from $154.71 Bn in the preceding week.
Investors will track September infrastructure output, PMI readings and RBI monetary policy committee meeting for market cues this week. Inflationary pressures, crude oil prices and foreign investor flows will also decide market direction.

Ekart Mixed FY26 Show

Instakart Services, the Flipkart-owned logistics company behind Ekart, nearly broke even in FY26. The company managed to narrow its losses by 98.3% YoY to ₹26 Cr in the fiscal under review compared to ₹1,508 Cr in FY25.
The losses declined despite Ekart’s top line falling 4.2% YoY to ₹13,194 Cr in FY26. Of this, Flipkart itself contributed ₹9,112 Cr, or about 69% of the total operating revenue. Meanwhile, expenses stood at ₹13,638 Cr in FY26, albeit down 13% YoY.
Founded in 2009, Ekart offers fulfillment services not only for Flipkart and Myntra but also for external D2C brands, online sellers and retailers. The logistics platform claims to operate 70 fulfilment centres, 80 sortation facilities and 3500 delivery hubs across India.

Inc42 Markets

Inc42 Startup Spotlight

How EdgeVerse Is Helping Two-Wheelers Spot Danger

India is home to one of the largest two-wheeler markets in the world. Yet, collision-prevention systems remain largely limited to cars. Enter EdgeVerse, a startup building an AI-powered stack to bring advanced rider assistance features to two-wheelers.

ADAS For Bikes: Founded in 2023, EdgeVerse is developing Perceiva, an advanced rider assistance system (ARAS), for two-wheelers. Akin to ADAS for cars, the system combines camera, radar and GPS inputs to deliver real-time perception and safety for two-wheelers.

EdgeVerse’s Tech Stack: The startup’s hardware platform is designed to run perception workloads at the edge, reducing dependence on cloud connectivity. The startup also claims that its technology can work with existing camera and radar architectures, enabling OEMs to add safety intelligence without significantly increasing vehicle cost or hardware complexity.

The Road Ahead: Having already conducted road testing, EdgeVerse now plans to enter the market through OEM partnerships in late-2026. It has also set its eyes on experimenting with use cases like industrial automation and other edge-AI applications. Going forward, the startup plans to accelerate the development and commercialisation of its perception technology.

With the Indian ADAS market projected to become a $3.1 Bn opportunity by 2031, can EdgeVerse make rider safety a standard feature on India’s two-wheelers?

Infographic Of The Day

Jio Platforms is grabbing headlines as India’s biggest IPO. But behind the digital giant is a cap table featuring Reliance, Meta, Google and some of the world’s biggest investors. So, who owns the biggest stake in Jio?

The post UC Eyes More Capital, Burma Burma’s IPO & More appeared first on Inc42 Media.

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The Pant Project Raises ₹109 Cr To Expand Store Network & Portfolio

noreply@blogger.com (Unknown) — Mon, 19 Oct 2026 01:24:32 +0000

Menswear brand The Pant Project has raised ₹109 Cr (about $11.5 Mn) in a Series B funding round led by Mirae Asset Venture Investments (India) to expand its offline presence and broaden its apparel portfolio.

Existing investor Sorin Investments also participated in the round, alongside family offices and angel investors, including Anisha Saraf, B&K Securities, MGA Ventures, and B2V Ventures.

The latest round takes the startup’s total funding to over $15.75 Mn. It previously raised $4.25 Mn in a Series A round led by Sorin Investments in 2024, following four years of bootstrapping.

Separately, The Pant Project secured venture debt financing from Alteria Capital for an undisclosed amount.

The startup plans to increase its exclusive brand store network from 25 to 150 over the next two to three years. It will also deploy the fresh capital to broaden its menswear portfolio, with a focus on jeans, athleisure, and casualwear.

While it already sells jeans and products such as sweatpants, joggers, and shorts, the startup said it intends to build a broader menswear business beyond its core bottomwear offering.

Founded in 2020 by brothers Dhruv Toshniwal and Udit Toshniwal, The Pant Project started as a digital-first brand specialising in bottomwear for Indian men. Its portfolio includes products such as Malai Pants and Inklock No Fade Black Jeans.

The startup offers more than 300 stock-keeping units (SKUs), spanning custom-made bottomwear and ready-to-wear apparel for men and women. It sells through its website and online marketplaces, including Myntra and Amazon.

“The Pant Project started as a digital-first brand. That foundation gave us the data, the product knowledge and the brand equity to now go deep offline,” said founder and CEO Dhruv.

According to Mandar Dandekar, partner at Sorin Investments, the startup’s revenue has grown more than fivefold since its Series A round, supported by repeat purchases.

The Pant Project operates in a competitive menswear market, alongside digital-first brands such as Snitch, Bombay Shirt Company, Rare Rabbit, and established players like Blackberrys, Raymond, and Louis Philippe.

The fundraise comes amid continued investment in offline expansion by D2C fashion brands. Last week, menswear brand KISAH raised ₹35.9 Cr in a Series A round led by Fireside Ventures, primarily to expand its retail network.

At the heart of this funding push is the growing Indian menswear market, which is seeing brands compete across price points — from affordable fashion to premium apparel. The market is projected to reach $42.44 Bn by 2034 from $23.5 Bn in 2026, clocking a CAGR of 7.24%, according to IMARC Group.

The post The Pant Project Raises ₹109 Cr To Expand Store Network & Portfolio appeared first on Inc42 Media.

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Burma Burma Parent’s FY26 Loss Surges 31X YoY To ₹15 Cr

noreply@blogger.com (Unknown) — Sat, 17 Oct 2026 22:24:32 +0000

Restaurant chain Burma Burma’s parent entity, Hunger Pangs Limited, saw its net loss skyrocket nearly 31X to ₹15.4 Cr in the fiscal year 2025-26 (FY26) compared to ₹50 Lakh in the previous fiscal year.

According to its draft red herring prospectus (DRHP), the restaurant chain’s revenue from operations also zoomed 46.6% to ₹155.5 Cr in the fiscal under review from ₹106.1 Cr in FY25.

Including other income of ₹1.5 Cr, Burma Burma’s total income stood at ₹157 Cr in FY26.

On the operational front, the restaurant chain’s EBITDA also climbed 20.2% to ₹25.7 Cr in FY26 from ₹21.4 Cr in the year ago fiscal.

Besides its FY26 financials, the DRHP also shed light on the company’s Q1 FY27 numbers. Burma Burma’s parent reported a net profit of ₹1.1 Cr in the quarter under review against an operating revenue of ₹53.7 Cr.

Given total expenses of ₹55.2 Cr during the quarter, what helped the company mint a profit in Q1 FY27 was ₹1.98 Cr in deferred tax credits. Burma Burma also reported an EBITDA profit of ₹11.4 Cr in the quarter ended June 2026, while the EBITDA margin stood at 21.3%.

Founded in 2013 by Ankit Gupta and Chirag Chhajer, Hunger Pangs operates premium casual restaurant chain Burma Burma, which serves vegetarian Burmese cuisine. It competes with the likes of brands such as Mainland China, Mamagoto, Yum Yum Cha, and Berco’s.

At the end of July 2026, it operated 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata, and Delhi NCR.

After raising $4 Mn at a valuation of over $50 Mn earlier this year, the hospitality chain has now filed its DRHP with markets regulator SEBI. Its proposed IPO comprises a fresh issue of shares worth up to ₹150 Cr and an offer for sale (OFS) of up to 2.8 Cr shares.

Of the fresh IPO proceeds, Burma Burma plans to use ₹117.3 Cr to open 27 new company-owned outlets by FY29. The remaining capital will be used for general corporate purposes.

Notably, Hunger Pangs disclosed in its DRHP that it plans to launch a new brand. “We have conceptualised a premium casual dining chain of Japanese restaurants and noodle shops, with influences of Buddhist traditions,” read the document.

Where Did Burma Burma Spend In FY26?

In line with its revenue growth, Burma Burma’s spending also saw a major uptick. The company’s total expenses zoomed 61.8% YoY to ₹175.8 Cr in FY26. Let’s dive deeper into the company’s expenditure.

Employee Benefits Expenses: Representing the company’s largest cost head, Burma Burma’s personnel costs surged 53.3% YoY to ₹50.7 Cr in FY26 from ₹33.1 Cr in the previous fiscal year.

Cost Of Materials Consumed: Burma Burma spent ₹30.4 Cr on raw materials and kitchen supplies in the fiscal under review, 51% higher than ₹20.1 Cr in FY25.

Finance Cost: The restaurant chain’s interest and borrowing-related expenses grew 70% YoY to ₹6.6 Cr in the year under review.

Other Expenses: Spending under this line item also grew 54.6% YoY to ₹48.8 Cr in the fiscal year ended March 2026.

The post Burma Burma Parent’s FY26 Loss Surges 31X YoY To ₹15 Cr appeared first on Inc42 Media.

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Rapido Booked By Pune Police Over Alleged Unauthorised Bike-Taxi Operations

noreply@blogger.com (Unknown) — Sat, 17 Oct 2026 10:24:35 +0000

Pune Police has booked Rapido parent Roppen Transportation Services Pvt Ltd for allegedly running bike-taxi services without the required licence and regulatory approvals, according to an FIR registered at Vishrantwadi police station yesterday.

The FIR alleges that the company used its app to facilitate paid passenger rides on two-wheelers registered as non-transport vehicles.

The development was first reported by Times of India. Inc42 has reached out to Rapido for comment. The story will be updated on receiving a response.

The alleged violation came to light when Pune RTO motor vehicle inspector Prasad Govardhan Surwase booked a ride through the Rapido app during an enforcement drive against unauthorised bike-taxi operations.

The action came a day after Pune District Collector and Regional Transport Authority (RTA) chairman Jitendra Dudi directed Rapido to immediately suspend bike-taxi operations across Pune district until it obtained an ebike taxi aggregator licence. The FIR also states that the RTO issued the company a notice on Thursday (October 15).

The directive followed a meeting with representatives of auto-rickshaw and cab driver unions and aggregators. Dudi warned that continued operations would invite legal action and said the service would not be allowed to resume without a licence.

At the same meeting, Dudi directed cab aggregators to submit monthly fare data to the district administration and display RTA-approved fares separately on their apps.

The directions followed complaints from auto-rickshaw and cab drivers that aggregators were violating prescribed fare norms.

According to Dudi, the existing norms require drivers to receive 80% of the RTA base fare, while passenger fares can range from 50% below the base fare to 1.5 times that amount.

He said the administration had received complaints about drivers being underpaid and passengers being charged beyond the permitted range, prompting the monthly reporting requirement.

FIR Cites Previous Regulatory Proceedings

The complaint also recounts Rapido’s earlier attempts to secure permission to operate in Pune, including the rejection of its licence application in December 2022 and subsequent proceedings before the Bombay High Court and Supreme Court.

Rapido challenged the rejection through a writ petition filed in 2022, and the Bombay High Court directed the company to stop operating its app in an order in January 2023.

In an order in February 2023, the Supreme Court disposed of the related petitions, allowing the company to approach the High Court to challenge Maharashtra’s January 2023 notification prohibiting the use of non-transport vehicles for aggregation and ride pooling.

The complaint also refers to a notice issued by the Transport Commissioner’s Office on April 29, 2025, over alleged unauthorised passenger transport through Rapido’s app.

According to the FIR, Rapido applied for an aggregator licence with the Transport Commissioner’s Office in Mumbai on August 11, 2026, but had not received approval at the time of the incident.

The FIR further alleges inadequate driver background checks, raising concerns about passenger safety, particularly for women.

The post Rapido Booked By Pune Police Over Alleged Unauthorised Bike-Taxi Operations appeared first on Inc42 Media.

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ixigo Swings To ₹63 Cr Profit In Q2, Revenue Rises 13% YoY

noreply@blogger.com (Unknown) — Sat, 17 Oct 2026 08:24:33 +0000

Online travel aggregator ixigo swung to a consolidated net profit of ₹63.4 Cr in the September quarter of FY27 from a loss of ₹3.5 Cr a year earlier, helped by an exceptional gain linked to the sale of part of its stake in Freshbus.

The company’s operating revenue increased 12.9% to ₹321 Cr during the quarter from ₹284.2 Cr in Q2 FY26.

Sequentially, net profit rose 85.2% from ₹34.2 Cr, although operating revenue declined 10% from ₹356.8 Cr.

The bottom line received a boost from a ₹40.7 Cr exceptional gain following ixigo’s partial exit from electric bus operator Freshbus. The gain reflects both the stake sale and the remeasurement of its remaining investment.

ixigo sold Freshbus shares for ₹36.6 Cr in August, reducing its holding to 8.27% from 25.66%. Consequently, Freshbus ceased to be an associate of the company.

Before exceptional items and tax, ixigo posted a profit of ₹31 Cr against a loss of ₹4 Cr in the year-ago quarter. However, this was lower than the ₹44.2 Cr recorded in Q1 FY27.

Including other income of ₹22.1 Cr, total income for the quarter stood at ₹343 Cr as against ₹289.4 in Q2 FY26.

(The story will be updated soon)

The post ixigo Swings To ₹63 Cr Profit In Q2, Revenue Rises 13% YoY appeared first on Inc42 Media.

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Burma Burma Parent Files DRHP For IPO With ₹150 Cr Fresh Issue

noreply@blogger.com (Unknown) — Sat, 17 Oct 2026 07:24:22 +0000

Hunger Pangs, the parent of restaurant chain Burma Burma, has filed its DRHP for an IPO comprising a fresh issue of up to ₹150 Cr and an offer for sale (OFS) of up to 2.8 Cr shares.

Cofounders and promoters Ankit Gupta and Chirag Chhajer will offload up to 60 Lakh shares each through the OFS. Other selling shareholders include Bbigplas Poly, Negen Tech Opportunities Angel Fund, Venture Catalysts Angel Growth Fund, and an LV Angel Fund scheme.

The company has earmarked ₹117.3 Cr from the fresh issue proceeds to set up 27 company-owned and operated Burma Burma restaurants. The remaining net proceeds will be used for general corporate purposes.

Of these proposed outlets, 12 are scheduled to open in FY28 and 15 in FY29. While none of the IPO-funded restaurants is expected to begin operations in FY27, the company plans to deploy ₹10 Cr during the year towards fit-outs and other preparatory expenditure.

It has identified locations for five of the proposed restaurants in Bengaluru, Surat, Jaipur, Kolkata, and Delhi, and entered into letters of intent. Locations for the remaining outlets are yet to be finalised.

Founded in 2013, Hunger Pangs opened its first Burma Burma restaurant in Mumbai in 2014. The chain serves vegetarian Burmese cuisine and operates in the premium casual dining segment.

As of July 31, it operated 22 restaurants across nine cities, including Mumbai, Bengaluru, Hyderabad, Kolkata, and Delhi NCR, alongside a delivery kitchen in Mumbai.

Beyond Burma Burma, the company has conceptualised a premium casual dining chain of Japanese restaurants and noodle shops. The proposed brand remains under research and development.

Hunger Pangs’ operating revenue increased 46.6% to ₹155.5 Cr in FY26 from ₹106.1 Cr in FY25. However, its net loss surged multifold to ₹15.4 Cr from ₹50.5 Lakh.

(The story will be updated soon)

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From Boldfit To Origin — Indian Startups Raised About $236 Mn This Week

noreply@blogger.com (Unknown) — Sat, 17 Oct 2026 05:24:13 +0000

Startup funding continued to pick up pace in the second week of October. Overall, Indian new-age tech ventures raised $236.2 Mn across 25 deals between October 12 and October 16. This was 92.2% higher from the previous week, when 25 startups raised $122.9 Mn.

Funding Galore: Indian Startup Funding Of The Week [Oct 12 – 16]

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
12 Oct 2026	Boldfit	Ecommerce	D2C	B2C	$41.8 Mn	Series B	Bharat Value Fund	Bharat Value Fund
13 Oct 2026	GreenCell Mobility	Travel Tech	Electric MaaS	B2B	$34.6 Mn	–	Impact Fund Denmark	Impact Fund Denmark
16 Oct 2026	RapidCanvas	AI	Application Layer	B2B	$29 Mn	Series B	Vertex Ventures SEA & India, Hitachi Ventures, Accel, Peak XV Partners, Valley Capital Partners, Titanium Ventures	Vertex Ventures SEA & India
14 Oct 2026	Scimplify	Enterprise Services	Manufacturing Soutions	B2B	$25 Mn	–	Hitachi Ventures, Accel, Bertelsmann India Investments, 3one4 Capital, Omnivore, Teknor Apex, Henkel	Hitachi Ventures
16 Oct 2026	Origin	Advanced Hardware & Technology	Robotics	B2B	$20 Mn	–	Accel, Zacua Ventures,Unilazer Ventures, Schema Ventures, Z21, Vivin Hegde (Zacua Ventures)	Accel, Zacua Ventures
15 Oct 2026	Confido Health	Health Tech	Healthcare SaaS	B2B	$12.5 Mn	Series A	Z47, Together Fund, Blume Ventures, Justin Saks (Private Equity Investor)	Z47
13 Oct 2026	MESA School Bag	Edtech	Offline Education	B2C	$11.4 Mn *	Series A	Dharana Capital, Elevation Capital, InnoVen Capital, Alteria Capital	Dharana Capital, Elevation Capital
14 Oct 2026	Spill Games	Media & Entertainment	Gaming	B2C	$10.5 Mn	Series A	Elevation Capital, Centre Court Capital, PeerCapital	Elevation Capital
13 Oct 2026	Clueso	AI	Application Layer	B2B	$10 Mn	Series A	Dharana Capital, Founders Future, Neotribe Ventures, Y Combinator, F7 Ventures	Dharana Capital
13 Oct 2026	MakeO	Health Tech	In-Clincal Heathcare	B2C	$9.4 Mn	–	Singularity AMC, DSP family office, Genesis, Unispace Ventures	Singularity AMC
14 Oct 2026	Parallel Loop	AI	Application Layer	B2B	$6.6 Mn	Seed	3one4 Capital, Picus Capital, Flourish Ventures, Economic Development Innovations Singapore.	3one4 Capital
15 Oct 2026	Shamrock AI	AI	Application Layer	B2B	$5 Mn	Seed	Endiya Partners, Capria Ventures	Endiya Partners
13 Oct 2026	NuSynth	Enterprise Services	Manufacturing Soutions	B2B	$4 Mn	Seed	Avaana Capital, Shastra VC	Avaana Capital, Shastra VC
13 Oct 2026	ThinkMetal	Enterprise Services	Manufacturing Soutions	B2B	$2.8 Mn	–	IAN Alpha Fund, VC 3i Partners	IAN Alpha Fund
14 Oct 2026	Circle	Ecommerce	Recommerce	B2C	$2.6 Mn	Seed	Nexus Venture Partners, Titan Capital Raveen Sastry (Myntra), Ajith Pai (Delhivery)	Nexus Venture Partners
14 Oct 2026	RevRag.AI	AI	Application Layer	B2B	$2.5 Mn	Seed	Accion Ventures, Cedar Hill Capital, Wyser, Venture Catalysts	Accion Ventures
14 Oct 2026	The Stack	Ecommerce	D2C	B2C	$2.2 Mn	–	Sauce.vc, OTP Ventures, Huddle Ventures, AYRA Ventures	Sauce.vc, OTP Ventures, Huddle Ventures
14 Oct 2026	OXG Space	Advanced Hardware & Technology	Space Tech	B2B	$1.7 Mn	_	Aum Ventures, India Innovation Fund II, Pawan Kumar Chandana (Skyroot), Bharath Daka (Skyroot), Dr. Chiran Phanindra (Cosmoserve)	Aum Ventures
16 Oct 2026	Cosmochute	Advanced Hardware & Technology	Robotics	B2B	$1.5 Mn		Accel, Prosus Ventures, IIMA Ventures’ Deep-tech and Aerospace Acceleration Fund, Operators Studio, Chinmayi Muthyala	Accel, Prosus Ventures
13 Oct 2026	Foundry	Ecommerce	D2C	B2C	$1.2 Mn	Pre-Seed	BEENEXT, Kettleborough VC, Rishubh Satiya (Plix), Anindita Sampath (Yogabar), Anita Pramoda (Owned Outcomes)	BEENEXT, Kettleborough VC
14 Oct 2026	RocketPay	Fintech	Fintech SaaS	B2B	$1 Mn	–	Sandeep Jain, Inflection Point Ventures, LetsVenture, Launch Capital, AVNM Ventures, Navyug Global Ventures, All In Capital	Sandeep Jain
15 Oct 2026	AdGraam	AI	Application layer	B2B	$316K	Seed	Umair Mohammad (Nitro Commerce)	Umair Mohammad (Nitro Commerce)
15 Oct 2026	Formial Labs	Ecommerce	D2C	B2C	$303K	Pre-Seed	Zeropearl VC	Zeropearl VC
13 Oct 2026	wudhomes	Ecommerce	D2C	B2C	$263K	Pre-Seed	AJVC, Rohit Choudhary (Seekho), Keertay Agarwal (Seekho), Yash Banwani (Seekho)	AJVC
15 Oct 2026	Vitonnix	Ecommerce	D2C	B2C	–	Seed	Inflection Point Ventures, Riteish Deshmukh (Actor), Boman Irani (Actor), Jaspinder Narula (Singer), Madhu Mantena (Film Producer)	Inflection Point Ventures
	Source: Inc42 Mix of equity and debt * Part of a larger round

Key Startup Funding Highlights Of The Week

AI dominated the funding charts this week, attracting $53.4 Mn across six deals. RapidCanvas’ $29 Mn Series B round accounted for 54.3% of the total capital deployed in the segment.
Ecommerce emerged as the second-most funded sector and lapped up $48.3 Mn, followed by travel tech at $34.6 Mn and enterprise services at $31.8 Mn. Advanced hardware and technology also attracted $23.2 Mn.
Early-stage funding continued to gather steam as pre-seed and seed-stage startups raised $25.9 Mn across 11 disclosed deals this week.
Accel emerged as the most active investor of the week, backing four startups. Other backers such as Hitachi Ventures, 3one4Capital and Inflection Point Ventures also participated in multiple rounds this week.

Startup M&A Updates Of The Week

IT advisory firm Infotech acquired Bengaluru-based SaaS startup Zluri to strengthen its application discovery and identity governance capabilities. The terms of the deal were not disclosed.
Nasdaq-listed SaaS major Freshworks signed a definitive agreement to acquire SaaS management platform Torii for an undisclosed amount to expand into AI spend management. The deal is expected to close by Q3 FY26.

Startup IPO Updates Of The Week

Zetwerk’s public issue was subscribed 31% at the end of the second day of bidding. The B2B manufacturing startup’s IPO comprises a fresh issue of shares worth ₹2,830 Cr and an OFS component of up to 14.45 Cr shares.
Investors made a beeline for Tonbo Imaging’s ₹852 Cr IPO. The issue was subscribed 7.78X on the second day of bidding, receiving bids for 6.63 Cr shares as against 85.26 Lakh shares on offer. It is scheduled to list on the bourses on October 23.

Other Developments Of The Week

Bengaluru-based manufacturing Whizzo is in talks to raise around $26 Mn in a Series B round, which will likely be co-led by Aavishkaar Capital and Bertelsmann Investments.
Haircare startup Traya is also in talks to raise around ₹300 Cr from Verlinvest. The round, which will likely include both primary and secondary deals, could potentially value the startup between ₹2,500 Cr and ₹3,000 Cr.

The post From Boldfit To Origin — Indian Startups Raised About $236 Mn This Week appeared first on Inc42 Media.

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Goldman Sachs Sells Eternal Shares Via A ₹169 Cr Block Deal

noreply@blogger.com (Unknown) — Fri, 16 Oct 2026 00:24:42 +0000

Financial service giant Goldman Sachs has sold 53.4 Lakh shares of foodtech giant Eternal in a major block deal worth ₹168.7 Cr.

According to NSE data, the investment bank, via its entity Goldman Sachs Bank Europe SE, sold the shares at ₹316 apiece to rake in the amount. The investor offloaded the stake at a discount of more than 2.6% to the stock’s last closing price on Thursday.

The shares that flooded the market were lapped up by Bank of America, via its affiliate BofA Securities Europe, for ₹168.7 Cr.

This is the second block witnessed by Eternal in the past two months. In early September, French financial services giant BNP Paribas and US-based hedge fund Millennium Management together sold over 9.9 Cr shares of the listed foodtech giant for a sum of ₹3,264.8 Cr.

This latest block deal comes as investors continue to be bullish on Eternal. Shares of the foodtech giant have surged nearly 10% in the past three months, and are up 16.2% on a year-to-date (YTD) basis.

The uptick in Eternal’s shares has come on the back of strong financial performance by the startup despite intensifying competition in the quick commerce space and the entry of new players like Rapido’s Ownly, Flipkart and Swish. What has been powering the stock’s rise is Eternal’s quick commerce arm Blinkit, which continues to dominate the instant delivery market.

On the financial front, Eternal reported a consolidated net profit of ₹92 Cr in Q1 FY27, up nearly 3.7X from ₹25 Cr in the year-ago quarter. Meanwhile, operating revenue surged 182% YoY and 17% QoQ to ₹20,211 Cr during the quarter under review.

Shares of Eternal closed Thursday’s trading session 2.77% higher at ₹324.35 on the BSE.

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Inside SEBI’s 10 Key Proposed Changes To SME IPO Rules

noreply@blogger.com (Unknown) — Thu, 15 Oct 2026 22:24:39 +0000

The Securities and Exchange Board of India (SEBI) has proposed sweeping changes to the rules governing initial public offerings (IPOs) of small and medium enterprises (SMEs).

In a consultation paper floated on October 14, the markets regulator has proposed changes to SME IPO norms, including regulations pertaining to valuation thresholds, profitability and shareholder exits. The regulator has invited public feedback on the paper till November 4.

Citing its rationale, the regulator said that the paper has been formulated by its working group due to rapid increase in the funds raised through SME IPOs and the number of investors participating in such issues.

Since launch in 2012, about 1,500 companies have opted to list on the SME platform and have raised ₹40,222 Cr. Startups like Zappfresh, DroneAcharya, TAC Infosec, Yudiz, are a few startups that have also taken this route to go public.

In view of this, the regulator has proposed multiple changes, including lowering the minimum application threshold and removing mandatory underwriting and market-making requirements.

Here’s a look at some of the key changes that have been proposed:

The Market Cap-Based Listing Criteria

Under the proposed framework, companies with a post-issue market capitalisation of ₹1,000 Cr or less can now list on the SME platform. Those valued in the range of ₹1,000 Cr to ₹4,000 Cr can also choose to list either on the SME platform or the main board. Companies valued over ₹4,000 Cr will have to list on the main board.

SEBI has also proposed replacing the existing paid-up share capital criterion with post-issue market capitalisation to determine whether a company can list on the SME platform or the main board.

Currently, companies with post-issue paid-up share capital of up to ₹25 Cr can opt for the SME platform, subject to other eligibility conditions.

In addition, companies in the ₹1,000 Cr to ₹4,000 Cr band choosing the SME platform would also have to submit restated consolidated financial statements under Indian Accounting Standards (Ind AS) for the preceding three financial years, if they have not already adopted Ind AS.

If an IPO applicant’s estimated market capitalisation crosses the applicable threshold during the IPO process, it would have to refile under the relevant listing framework.

Minimum Profitability Requirements Raised

SEBI has proposed mandating SME IPO applicants to report an average operating profit of at least ₹3 Cr annually over the preceding three financial years, based on restated consolidated financial statements.

In contrast, the existing framework requires operating profit of at least ₹1 Cr in at least two of the preceding three fiscal years. However, the consultation paper refers to EBIT in its narrative, while existing provision mentioned EBITDA. This requires clarification.

Companies that fail the proposed profitability test could still list on the SME platform through an alternative route. They would have to use the book-building process and allocate at least 75% of the net offer to qualified institutional buyers (QIBs). If the required allocation is not achieved, the entire subscription amount would have to be refunded.

New Rules For Converted And Reorganised Businesses

SEBI has proposed changing the eligibility rules for SMEs seeking an IPO after converting from a proprietorship, partnership or limited liability partnership (LLP). These draft rules also cover companies undergoing qualifying business reorganisations.

Currently, such companies generally need to complete at least one full financial year before filing their draft IPO papers. Under the new proposal, they would need to complete four consecutive financial quarters from the date of conversion or qualifying reorganisation and submit at least one annual audited financial statement prepared after the change.

The proposal also covers acquisitions, succession and schemes of arrangement, where more than 50% of the revenue comes from businesses that previously operated as proprietorships, partnerships or LLPs. In such cases, the earlier business’ operating track record could be considered when assessing IPO eligibility.

The ₹10 Cr Cap On GCP Allocation May Go

SEBI has proposed removing the ₹10 Cr cap on the amount that the companies can allocate, from their IPO proceeds, towards general corporate purposes (GCP).

Currently, GCP allocation cannot exceed 15% of the amount raised or ₹10 Cr, whichever is lower. Under the proposal, the 15% limit would remain, but the fixed ₹10 Cr ceiling would be removed, allowing companies raising larger amounts to allocate more funds to general business needs.

SEBI Looks To Reshuffle OFS Rules

SEBI has also proposed a dedicated offer-for-sale (OFS) framework with a one-year holding requirement, subject to specified exemptions.

The draft framework also seeks to remove the existing 20% ceiling on the OFS component for qualified institutional buyers (QIBs). The Primary Market Advisory Committee (PMAC) went a step further and suggested removing the 50% cap on a QIB’s pre-issue holding as well.

These exemptions, however, would not apply to companies using the alternative listing route after failing the proposed profitability test.

Lock-In Periods To Be Revised

SEBI has proposed revising the lock-in periods for promoters and other shareholders after an SME IPO. The draft changes include:

Minimum promoters’ contribution: The three-year lock-in on minimum promoter contribution would begin from the IPO allotment date. In contrast, the lock-in date is currently linked to the commencement of commercial production.
Promoter holdings above the minimum contribution: The existing staggered lock-in would be replaced with a uniform one-year lock-in.
Non-promoter pre-issue capital: The lock-in will reduce from the current one year to six months.
Promoter group holdings: A separate one-year lock-in would apply from the IPO allotment date.

Depositories could also mark shares that cannot be locked in electronically as non-transferable for the applicable period.

SEBI to Further Trim Minimum IPO Application Threshold

The markets regulator has proposed lowering the minimum application amount for SME IPOs to ₹1 Lakh from the existing requirement of more than ₹2 Lakh. Investors would have to apply for at least four lots worth a minimum of ₹25,000 each. The ₹2 Lakh minimum was introduced in March 2025 to limit participation by smaller retail investors.

The consultation paper also proposes aligning investor categories and allocation rules more closely with the mainboard framework, including the introduction of the ‘Retail Individual Investor’ category.

Under the regime, Issuers can also allocate up to 60% of the QIB portion to anchor investors in book-built issues.

SEBI has also proposed increasing the minimum number of allottees from 200 to 500. Under the alternative route for companies failing the profitability test, up to 10% of the net offer would go to retail investors, up to 15% to NIIs and at least 75% to QIBs.

SME Shares Could Be Traded In Lots Of One

SEBI has proposed allowing investors to trade SME-listed shares in lots of one share, replacing the existing price-linked lot sizes.

The consultation paper notes that around 5% of unique PAN-based shareholders held odd-lot shares, on average. The proposed change could make it easier for investors to sell their entire holdings, but it will not change the minimum IPO application amount.

End For Mandatory Underwriting And Market-Making?

SEBI has proposed removing mandatory underwriting and market-making requirements for SME IPOs to reduce listing costs.

Currently, SME IPOs must be fully underwritten, with lead managers required to underwrite at least 15% of the issue themselves. Under the proposal, these requirements would be removed. The 75% QIB portion under the alternative listing route would not need to be underwritten.

Underwriting fees accounted for 49.52% and 38.41% of total SME IPO issue expenses on the NSE in FY25 and FY26, respectively. The corresponding figures for the BSE were 32.20% and 33.99%, according to SEBI.

The minimum subscription requirement would remain at 90% of the offer, excluding OFS. If the threshold is not met, application money would have to be refunded within four days of the issue closing.

SEBI has also proposed removing the requirement to maintain market-makers for three years after listing. Market-making fees accounted for 1.25%-4.20% of total issue expenses across the NSE and BSE in FY25 and FY26. The change could reduce costs but may affect liquidity in SME stocks with limited trading activity.

Changes To Mainboard Migration Rules

SEBI has proposed revising the rules that govern SME-listed companies, when they move to the mainboard.

Under the proposed framework, companies with a market capitalisation of ₹1,000 Cr or less would not have to migrate solely because of their valuation. Those valued above ₹1,000 Cr but below ₹4,000 Cr could voluntarily migrate, subject to the main board’s eligibility criteria. Companies valued at ₹4,000 Cr or more would have to mandatorily migrate.

Board approval would be sufficient for migration, without a shareholder vote. SEBI has also proposed removing the requirement to migrate when paid-up capital is likely to exceed ₹25 Cr and scrapping migration from the main board to the SME platform.

Companies already listed on the SME platform, when the new rules are notified, would continue to follow the existing migration framework.

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Origin Bags $20 Mn To Build Autonomous Construction Robots

noreply@blogger.com (Unknown) — Thu, 15 Oct 2026 20:24:32 +0000

Emerging out of stealth mode, robotics startup Origin has raised $20 Mn (around ₹189 Cr) in a funding round co-led by Accel and Zacua Ventures.

The round also saw participation from Unilazer Ventures, Schema Ventures and Z21. Angel investors from Anduril, Skild AI, 1X and Tesla also participated in the fundraise. As part of the investment, Zacua Ventures’ founding partner Vivin Hegde has also joined the startup’s board as a director.

The startup said that the fresh capital will primarily be utilised to deploy its flagship OG-1 robot and build a fleet of construction robots. A chunk of the capital will also be used to support “large-scale” pilots with customers in the US and Europe and explore new use cases for bots.

“We think of Origin as a time machine for construction, helping crews complete work faster while moving the industry toward autonomous job sites. Wall finishing and painting are only our starting trades; our ambition is to automate the full range of interior trades so contractors can build faster with consistent quality,” said Origin cofounder and CEO Yogesh Ghaturle.

Founded in 2025 by Ghaturle, Ashish Daga and Tushar Makkar, the US-headquartered startup develops autonomous robotics for construction work. It aims to address widespread labour shortages in the construction sector and claims that its robots can work 3X faster than a human.

Its flagship robot, OG-1, is currently capable of automatically completing wall-finishing tasks such as applying compound, sanding, and priming. The startup claims to have already deployed its robots at construction sites in New York, adding that its bots are also being deployed across commercial spaces, apartments, data centers, hotels and warehouses.

Under the hood, OG-1 is powered by a proprietary foundation model that the startup calls a construction action model. The model integrates a reasoning system to plan complex sub-tasks, an action policy to help it navigate autonomously and a controller for feedback-driven movement.

Going forward, the startup plans to deploy 150 robots by the end of 2027. It is also exploring additional pilots for its offerings in countries like Germany, Sweden, France and Saudi Arabia. Origin also noted that incoming investor Zacua will support its expansion plans through its network of contractors, developers and manufacturers.

With the latest fundraise, Origin is eyeing a piece of the global construction robotics sector, which is projected to become a $12 Bn opportunity by 2036. Back home in India, startups like Pace Robotics and Flo Mobility are also raising big bucks to take a lead in the burgeoning space.

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Confido Health Raises $12.5 Mn To Automate Healthcare Administration With AI

noreply@blogger.com (Unknown) — Thu, 15 Oct 2026 08:24:16 +0000

US-based AI healthtech startup Confido Health has raised $12.5 Mn (about ₹119 Cr) in a Series A extension led by Z47, taking its total Series A funding to $22.5 Mn.

Existing investors Together Fund and Blume Ventures also participated in the round. Healthcare private equity investor Justin Saks has joined the startup as an investor and board adviser.

The startup will use the fresh capital to expand its CareOS platform across healthcare organisations with multiple sites and develop AI agents for additional workflows and medical specialities.

Founded in 2022 by Chetan Reddy and Vichar Shroff, Confido Health develops AI agents to automate administrative tasks for healthcare providers, including patient calls, appointment scheduling, insurance verification, prescription refills, and payment collection.

Its CareOS platform integrates with more than 50 healthcare systems, including electronic health records, practice management software, and billing platforms. This allows providers to automate tasks across their existing systems without replacing their technology infrastructure.

Confido Health initially focused on voice AI for patient calls before expanding into broader healthcare administration. Its platform connects related tasks, allowing a patient interaction to trigger follow-up work such as scheduling an appointment, processing a prescription refill, or collecting a payment.

The startup primarily targets healthcare groups operating across multiple sites, particularly those backed by private equity firms. Its distribution strategy involves working with private equity investors to secure introductions to their portfolio companies.

Confido Health said it serves 3,200 providers across more than 1,500 sites in 27 US states, with its AI agents enabling one in 50 Americans to access healthcare. It claimed 15-fold growth since its previous funding round but did not specify the metric.

The startup reported AI handling rates above 95% across key end-to-end administrative workflows. It said deployments added operational capacity equivalent to three to five full-time employees on average within three months, while patient satisfaction averaged 4.55 out of five across approximately one million tasks.

The fundraise comes amid investor bets on AI applications across healthcare, from administrative automation to patient guidance and early disease detection.

Earlier, Inc42 reported that AI health companion startup August AI was in talks to raise about $4 Mn from Peak XV Partners. The startup helps users understand symptoms, prescriptions, medications, and medical reports.

Earlier this year, Practo cofounder Shashank ND’s new venture Cent raised about $5 Mn from his family office OneFlow Holdings and South Park Commons. Cent uses AI and health data to detect critical diseases early.

Indian healthtech startups raised $93 Mn across 13 deals in Q3 2026 till September 24.

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Shamrock AI Bags $5 Mn To Help Enterprises Deploy AI Agents Reliably

noreply@blogger.com (Unknown) — Thu, 15 Oct 2026 06:24:32 +0000

Enterprise AI startup Shamrock AI has raised $5 Mn (about ₹47.4 Cr) in a seed funding round led by Endiya Partners, with participation from Capria Ventures.

The Shillong-headquartered startup said it will use its first institutional funding round to accelerate product development, expand its team across India and the US, scale go-to-market efforts, and expand its presence in the Middle East.

Founded in 2026 by Sarat Addanki, Anuraag Nallapati, and Michael Gallagher, Shamrock AI is building an agentic assurance platform that helps large enterprises deploy AI agents across critical business processes, ensuring they operate reliably in complex environments.

Its platform uses an Enterprise Business Knowledge Graph to connect business processes, systems, data, and configurations, giving AI agents context about how an enterprise operates.

The startup is initially focusing on using AI agents to automate testing across large enterprise resource planning (ERP) transformations, including SAP S/4HANA migrations.

Shamrock AI said continuously testing and validating business processes helps its platform build an increasingly accurate representation of an enterprise’s operations. It plans to use this foundation to extend into data observability and autonomous business process automation.

The startup said it already serves multiple Fortune 500 customers, including a Fortune 100 AI hardware manufacturer and a Fortune 100 healthcare company.

Shamrock AI expects 70%-80% of its workforce to be based in India and plans to build a client-facing team in the US. Besides its Shillong headquarters, it has offices in Hyderabad and San Francisco.

The fundraise comes amid a rise in funding for India’s AI startups. In Q3 2026, Indian AI startups raised $438 Mn across 35 deals, up 265% YoY.

Investors are bullish on startups helping enterprises put AI to work across business functions. Yesterday, Parallel Loop raised $6.6 Mn in a seed round led by 3one4 Capital to help enterprises integrate AI into existing systems and workflows.

A day earlier, Clueso raised $10 Mn in a Series A round led by Dharana Capital to automate enterprise video creation and updates using AI agents.

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India’s Biggest IPO, Groww’s Q2 Profit Run & More

noreply@blogger.com (Unknown) — Thu, 15 Oct 2026 04:24:29 +0000

Jio All Set For Its Mega IPO

Reliance’s digital crown is heading down the Dalal Street. In what could be India’s biggest IPO yet, Jio Platforms has filed its RHP with SEBI for a ₹30,213 Cr listing. So, what does Jio Platforms’ IPO stack look like?

India’s Biggest IPO: Jio Platforms’ public issue, which consists entirely of a fresh issue of 27 Cr equity shares, will open for subscription on October 21 and close on October 23. The digital giant has set a price band of ₹1,065 to ₹1,119 per share for its issue, which will value the company at a nifty ₹10.3 Lakh Cr.

Who Owns Jio? Reliance Industries holds 66.43% of the company, while big tech giants Meta and Google own 9.98% and 7.73%, respectively. Beyond the captable, Jio Platforms will use ₹27,500 Cr of the IPO proceeds to repay borrowings. The remaining ₹2,713 Cr will support corporate purposes, growth, capex, working capital and marketing.

The Number Game: Jio Platforms is stepping into D-Street with a profitable stack and robust top line growth.

Here is a quick look at Jio Platforms’ Q1 FY27 numbers:

Operating revenue rose 11.8% YoY to ₹39,173 Cr
Net profit jumped 9.2% YoY to ₹7,764 Cr
EBITDA improved 15.1% YoY to ₹20,865 Cr

Jio Mighty Scale: What works for the digital giant’s IPO is its massive subscriber base, nationwide 5G network and strong financial growth. On top of this, Jio’s expansion into AI, data centres and SaaS could unlock new revenue streams for the company, while the debt repayment will lower interest costs and strengthen the balance sheet. The issue’s record size and RIL’s backing could further support demand.

The Valuation Friction: Despite the tailwinds, Jio’s sky-high valuation could face pushback from public investors. With wireless subscriber growth plateauing, future earnings rely heavily on ARPU hikes that could lead to user churn. Additionally, high capex for satcom rollout and infrastructure upgrades could further squeeze margins and cash flows.

With the ball now in investors’ court, here is all about Jio Platforms gearing up for India’s biggest IPO till date…

From The Editor’s Desk

Zetwerk’s Anchor Haul

Ahead of the commencement of the bidding for its IPO today, the B2B manufacturing startup raised ₹2,251.2 Cr from anchor investors. Zetwerk allotted 14.91 Cr shares to anchor investors at ₹151 apiece, the upper end of its IPO price band.
Zetwerk’s ₹5,012 Cr public issue comprises a fresh issue worth ₹2,830 Cr and an OFS component of up to 14.45 Cr shares. At the upper end of its ₹143-₹151 IPO price band, the public offering values the company at around ₹25,583 Cr.
Separately, defence tech startup Tonbo Imaging has also raised ₹255 Cr from 43 anchor investors ahead of the opening of its IPO. It has set a price band of ₹665-₹700 per share for its ₹852 Cr IPO, which consists entirely of an OFS of up to 1.22 Cr shares.

Groww’s Q2 Profit Run

The investment tech company’s consolidated net profit zoomed 54% YoY to ₹724.7 Cr in Q2 FY27. This came on the back of operating revenue rising 47% YoY to ₹1,501.5 Cr as well as healthy growth in margin trading and commodity derivatives verticals.
Consolidated EBITDA improved 60% YoY to ₹969 Cr in the quarter ended September 2026. However, expenses continued to bite and rose 28.5% YoY to ₹555.9 Cr in the quarter under review.
Going forward, the company expects businesses with lower penetration, such as MTF and commodity derivatives, to grow faster and contribute a larger share of its income in the coming quarters.

Scimplify Nets $25 Mn

The speciality chemical manufacturing startup has raised ₹238 Cr in a strategic funding round led by Hitachi Ventures to expand its R&D and manufacturing capabilities, enter new emerging categories and scale its agentic AI offering.
Founded in 2023, Scimplify offers end-to-end sourcing and manufacturing of speciality chemicals. It operates a network of more than 500 manufacturing partners and caters to more than 1,000 clients across 40 countries. It has raised $80 Mn to date.
Scimplify operates in the broader Indian deeptech sector, which continues to draw investor attention on the back of regulatory push, subsidies, a thriving talent pool and growing demand. The sector raised $290 Mn in Q3 2026, up 176% YoY.

Infotech Acquires Zluri

The IT advisory firm has acquired the Bengaluru-based SaaS startup for an undisclosed amount. Once the deal materialises, Zluri will operate as a standalone division within Infotech and will retain its product development and core engineering teams.
Founded in 2020, Zluri helps businesses track and manage all the digital tools their employees use. The startup claims to cater to over 250 enterprise clients globally and has raised more than $32 Mn in funding to date.
The deal is in line with an emerging trend of global companies acquiring Indian SaaS startups to expand their capabilities. Homegrown SaaS major Freshworks acquired Torii earlier this week, while Adobe acquired Peak XV-backed Rilo last month.

Traya Eyes ₹300 Cr

The haircare startup is in talks with Belgian VC giant Verlinvest to raise around $31 Mn. With the talks still in early stages, the proposed round could value the startup at up to ₹3,000 Cr and will include both primary and secondary components.
The funding talks come amid a sharp uptick in Traya’s top line. The startup is said to be currently clocking an annualised revenue rate of ₹900 Cr to ₹1,000 Cr. It has also been expanding its offline presence and operates more than 20 centres across India.
Founded in 2019, Traya combines hair assessment, recommendation algorithm and doctor approval to offer personalised hair treatment plans for customers. It reported a net loss of ₹22.5 Cr in FY25 against a revenue of ₹338.4 Cr.

Inc42 Markets

Inc42 Startup Spotlight

How EV91 Is Electrifying India’s Last-Mile Deliveries

India’s delivery economy is growing fast. But gig workers still face fragmented access to EVs, financing, charging, maintenance and fleet support. To solve this, EV91 is building an integrated electric mobility platform that connects riders, EVs and delivery businesses under one roof.

An Electric Ecosystem: Founded in 2023, EV91 initially used to supply electric two-wheelers to delivery workers. It has since expanded into EV subscriptions, fleet management, charging, battery swapping and rider support. With this, it is positioning itself as a full-stack platform for last-mile delivery.

Electrifying Last Mile: The startup’s rider app allows delivery partners to rent EVs, find delivery jobs and access charging and battery-swapping services. For aggregator platforms, the startup offers fleet management solutions and a steady supply of gig workers. EV91 currently operates in Bengaluru, Chennai, Hyderabad, Delhi-NCR and Mumbai.

Growing Steadily: The startup claims to have completed 10 Lakh orders in FY25, with more than 600 EVs and 1,000+ riders. EV91 is targeting the homegrown last-mile delivery market, which is projected to become a $5.5 Bn economy by 2030.

As delivery platforms seek cleaner and more reliable logistics, can EV91 build the backbone for India’s last-mile deliveries?

Infographic Of The Day

Microsoft has been a launchpad for some of India’s biggest startups. Many former employees of the big tech giant have turned their tech experience into entrepreneurial bets, building startups across the country’s fast-evolving AI ecosystem. Here is all about it…

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IPO-Bound Tonbo Imaging Nets ₹255 Cr From Anchor Investors

noreply@blogger.com (Unknown) — Wed, 14 Oct 2026 19:24:35 +0000

Ahead of the commencement of the bidding for its public issue on October 15, defence tech startup Tonbo Imaging has raised ₹255.4 Cr from anchor investors.

According to BSE data, the startup allotted 36.5 Lakh equity shares to 43 anchor investors at ₹700 apiece, the upper band of its IPO price band.

Of the total anchor allocation, 21.1 Lakh shares, or 57.7%, were lapped up by 12 domestic mutual funds via a total of 25 schemes. The domestic mutual funds that anchored the round included SBI Infrastructure Fund, Axis Mutual Fund, HDFC Mutual Fund, Kotak Mahindra Services Fund, Mirae Asset, Canara Robeco Mutual Fund, among others.

Other investors who participated in the round included Goldman Sachs, BlackRock, WhiteOak Capital, Aranda Investments, Allianz, among others.

With this, Tonbo Imaging’s public issue will now go live on October 15 and close on October 19. The defence tech startup’s public issue consists entirely of an offer for sale (OFS) component of up to 1.22 Cr equity shares, with no fresh issue component.

It has also set a price band of ₹665-₹700 per equity share for its ₹852 Cr IPO, which values the company at ₹4,009.8 Cr (about $480 Mn) at the upper end of the spectrum.

The startup had initially filed its draft IPO papers with SEBI in December last year. It then received SEBI’s approval in July this year. However, the company then re-filed a fresh DRHP in August this year.

Founded in 2012 by Arvind Lakshmikumar, Ankit Kumar and Cecilia D’Souza, Tonbo Imaging designs and develops advanced imaging and sensor systems for surveillance, reconnaissance and other military applications. Its product portfolio includes thermal imaging systems, weapon sights, handheld thermal imaging binoculars, driver-vision systems, targeting equipment, fire-control systems and missile seekers.

The startup claims that its expertise lies in blending micro-optics, low-power electronics and digital image processing to produce low-power platforms across visible and infrared spectrums.

It counts the likes of NATO, US Navy SEALs, Israeli Defense Forces (IDF), and the defence ministry of Armenia as its customers. At the end of June 2026, the startup claims to have deployed more than 28,000 systems across 24 countries.

On the financial front, Tonbo Imaging reported a net loss of ₹17.7 Cr in Q1 FY27 against an operating revenue of ₹36 Cr.

For the full fiscal year 2025-26 (FY26), the startup’s revenue from operations declined 22.7% to ₹362.6 Cr from ₹469.1 Cr in FY25. Meanwhile, net profit declined 30% to ₹50.8 Cr in the fiscal under review from ₹72.8 Cr in the previous year.

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Spill Games Raises $10.5 Mn To Scale AI-Led Mobile Gaming Studio

noreply@blogger.com (Unknown) — Wed, 14 Oct 2026 07:24:20 +0000

Mobile gaming studio Spill Games has raised $10.5 Mn (about ₹100 Cr) in a Series A round led by Elevation Capital, with participation from existing investors Centre Court Capital and PeerCapital.

The Bengaluru-based startup said it would use the fresh capital to scale its existing games, expand its development pipeline, strengthen the AI and technology capabilities of its Compass engine, acquire users, and selectively grow its team.

Founded in 2024 by Om Misra, Tapan Ranjan, and Harsh Garg, the gaming startup builds free-to-play casual, puzzle, and hybrid-casual mobile games for global audiences using an AI-led, portfolio-driven studio model.

Its in-house engine, Compass, brings together tools for analytics, player retention, monetisation, and live operations. The startup said this lets it reuse infrastructure across games and shorten the time taken to develop and test new concepts. It is targeting development speeds of roughly 4X those of traditional approaches.

Spill launches games quickly to test its initial assumptions, then uses player feedback and in-game data to refine them. It directs more resources towards titles that show potential to scale globally.

Its portfolio now comprises six games, including Cozy Finds, Sticker by Number, Zen Math Crossword, Bird Rescue Jam, and Grill Master. The startup monetises its games through advertising and in-app purchases.

The fresh funding comes months after the startup raised $3.1 Mn (around ₹28 Cr) in its seed funding round in April.

At the time, it said that around 50% of its user base originated from the US, followed by Brazil (15%) and Japan (10%). The startup said then that it was aiming to test over 20 prototypes in the next 18 months and was targeting to launch 5-10 profitable new titles.

Gaming Beyond Real Money

Spill’s fundraise also comes amid changes in India’s gaming industry following the government’s ban on real-money gaming. Separately, in May, the Supreme Court upheld the 28% GST levy on the full face value of online gaming bets, backing tax demands on past transactions.

Spill’s advertising and in-app purchase model places it in a different segment from platforms that rely on real-money wagers.

Other studios building games outside RMG have also attracted investors. In August, cricketer Rohit Sharma joined LightFury Games as an investor, alongside MS Dhoni, Jasprit Bumrah, and Hardik Pandya, among others. At the time, LightFury said it planned to begin a phased closed beta rollout of its flagship eCricket game in September.

The developments come against the backdrop of a large domestic gaming audience. Speaking at the India Mobile Congress last week, Prime Minister Narendra Modi said more than 50 Cr Indians are estimated to be connected to the gaming ecosystem, with growing participation among young people in Tier II and III cities.

He said participation extends beyond playing games to competing in esports, creating gaming content, and building gaming businesses.

The post Spill Games Raises $10.5 Mn To Scale AI-Led Mobile Gaming Studio appeared first on Inc42 Media.

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UC Hungry For Funds Again, DailyObjects’ D2C Playbook & More

noreply@blogger.com (Unknown) — Wed, 14 Oct 2026 03:24:29 +0000

UC Taps Public Markets Again for Funds

Urban Company is hungry for more cash. Despite sitting on over hundreds of crores in cash, the consumer services giant’s board will convene next week to consider a fresh fundraise. So, why is Urban Company heading back to the public markets less than a year after its IPO?

UC Seeks Fresh Capital: The startup’s board will meet on October 16 to consider raising capital through equity shares or convertible securities. Besides this, the board will also take a call on which route to take for the fundraise. But what makes this episode interesting is that UC was sitting on ₹2,019 Cr in cash and treasury investments at the end of June. Even ₹310.8 Cr of the startup’s ₹472 Cr fresh issue also remains unutilised. So, why is it chasing more money?

The Cash Guzzler: The likely pressure point is InstaHelp, UC’s instant services vertical. The company is investing heavily in the new arm to create a new category as competition continues to intensify from Snabbit and Pronto. On top of this, InstaHelp continues to weigh heavily on UC’s overall profitability, reporting an adjusted EBITDA loss of ₹132 Cr in Q1 FY27.

Management expects InstaHelp to remain loss-making for the next few years and is unlikely to achieve breakeven before FY31

A Wider Trend: Urban Company’s post-IPO fundraise move reflects a broader pattern among listed new-age tech companies. For companies still investing in expansion, secondary issuances offer capital without interest obligations or repayment pressure. Strong share prices can also allow businesses to raise more money with less dilution. Rather than viewing an IPO as a final exit, founders are using public markets as an ongoing liquidity engine.

But, investors are also shifting focus from gross revenue to earnings per share and ROIC to ensure fresh money creates genuine accretion rather than capital hoarding. Amid this backdrop, will Urban Company’s latest fundraise find any takers? Let’s find out…

From The Editor’s Desk

DailyObjects’ Slow-Burn Playbook

From selling smartphone cases in 2014 to selling accessories and bags, DailyObjects has come a long way in the past decade. What has helped the brand move beyond a market dominated by low-cost, unbranded accessories is its design-led differentiation.
The startup reported a revenue of ₹200 Cr in FY26, and is targeting a ₹400 Cr top line and EBITDA profitability in FY27. This has come on the back of a richer product mix, greater offline contribution and supply-chain efficiencies.
DailyObjects also currently operates 13 exclusive brand outlets and is present in 300 Apple premium reseller stores. It plans to open two to three stores a month, add 30–35 stores in FY27 and build a network of 150–160 stores over five years.

GreenCell Bags ₹330 Cr

The EV startup has raised $34.6 Mn in an equity funding round led by Impact Fund Denmark to support the rollout of about 4,500 electric buses, execute its order book and streamline service delivery.
Founded in 2019, GreenCell Mobility acquires e-buses from contract manufacturers and then deploys them for both intercity and intracity travel. It claims to operate more than 1,200 electric buses and runs over 270 charging stations. It has raised $37 Mn to date.
The fundraise comes as the homegrown electric bus ecosystem continues to scale rapidly on the back of growing government procurement, GCC models, rising EV adoption and electric transition mandates.

UPI MDR Saga Continues

The National Payments Corporation of India has deferred the re-introduction of merchant discount rate on select UPI transactions. Instead of the earlier October 15 rollout, the MDR will now be implemented “immediately after Diwali”.
The NPCI said it took the decision keeping the festive season in mind. The revised implementation date will be notified separately. This follows reports that the Centre was considering delaying the MDR rollout to January 2027.
Under the proposed framework, merchants would be charged an MDR of 0.40% on P2M UPI transactions above ₹2,000, capped at ₹300 per transaction. The move had invited significant push back from retailers, which had demanded the rollback of MDR.

DealShare CEO Exits

Kamaldeep Singh has stepped down as the CEO of the troubled ecommerce unicorn after a three year-long stint. He has now joined electric mobility solutions provider Indofast Energy as its new CEO. DealShare has not announced Singh’s replacement.
The exit comes amid a slew of departures at the beleaguered ecommerce unicorn. CFO Ashish Shah is also looking to exit the startup, while DealShare’s founding team – Sourjyendu Medda, Vineet Rao, Sankar Bora and Rajat Shikhar – all exited in 2024.
Known for online grocery delivery in tier-II+ cities, DealShare is trying to douse fires on multiple fronts. The startup has been scaling down its operations as online business has dwindled to “next to zero”. It is also in talks with Truemeds for a potential fire sale.

Freshworks To Acquire Torii

The Nasdaq-listed SaaS major has signed a definitive agreement to acquire the SaaS management platform for an undisclosed amount. Freshworks expects the deal to close by 2026-end.
By integrating Torii’s SaaS management capabilities into Freshservice, the listed giant aims to help its clients have a better visibility of their AI usage and spending.
Founded in 2010, Freshworks offers SaaS tools to help enterprises manage customer engagement, sales, IT service management, marketing and automation. It reported a net profit of $3.2 Mn in the quarter ended June 2026 against a revenue of $237.4 Mn.

Inc42 Markets

Inc42 Startup Spotlight

How Lickicious Is Betting Big On India’s Pet Parents

India’s pet parents want more than generic kibble or home-cooked meals. Yet, specialised and nutrition-led options remain limited. To solve this, Lickicious is building a pet nutrition brand around food, treats and supplements for dogs and cats.

A Desi Pet Brand: Founded in 2024, Lickicious sells dry and wet foods, treats, supplements and nutritional toppers for dogs and cats. It positions its products around palatability and balanced nutrition, while the startup also operates its own manufacturing setup.

Owning The Supply Chain: Unlike brands that rely entirely on contract manufacturing, Lickicious runs its own manufacturing setup and is developing a 60,000 sq ft manufacturing and distribution footprint. The startup claims that this will increase production capacity, improve supply reliability and strengthen quality control.

The Road Ahead: Backed by Prath Ventures, the startup now plans to scale its R&D and expand into new categories, formats, species and sales channels. The brand is targeting ₹100 Cr in annual revenue going forward and aims to become one of the biggest pet food companies in the country over the next decade.

With India’s pet food market projected to become a $2.2 Bn opportunity by 2030, can Lickicious scale into a durable pet food brand for dogs and cats?

Infographic Of The Day

From Indian textiles and traditional motifs to handcrafted accessories and heritage wear, homegrown craftsmanship is finding a growing audience beyond borders. Can Bharat’s next global D2C success story be woven from its own traditions?

The post UC Hungry For Funds Again, DailyObjects’ D2C Playbook & More appeared first on Inc42 Media.

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Visibility In The AI Age, Zetwerk’s IPO & More

noreply@blogger.com (Unknown) — Tue, 13 Oct 2026 21:24:21 +0000

Dominating The AI Shelf Space

Thirty years after the internet’s first ad banner went live, digital marketing is undergoing its biggest transformation yet. As users swap search engines for AI chatbots, the rules of brand discovery and consumer engagement are being rewritten.

Ads In AI Era: Rather than typing keywords into Google and navigating links, consumers are now using AI tools for product recommendations. This behavioural pivot has given rise to answer engine optimisation and generative engine optimisation. But unlike legacy SEO systems, AI platforms offer no common ranking system or standard playbook.

Attribution Problem: For marketers, the biggest challenge is determining whether AI visibility actually drives traffic, customers and sales. This is because multi-step queries and zero-click answers make traditional click attribution nearly impossible. Inconsistent citations and reliance on third-party content further weaken brand control.

As such, experts believe that brands should build a consistent information flow across their digital ecosystem to avoid appearing next to misinformation or unsuitable content.

Ads Enter The Chat: As marketers struggle with the AI RoI question, OpenAI is also creating a new commercial layer around its AI assistants. It has begun rolling out ads for ChatGPT’s free and Go users in India, with more than 50 brands expected in the initial rollout. By tapping ad agencies and opening a self-serve ads manager, OpenAI is looking to monetise its huge user base in the country.

The New Toolkit: Meanwhile, a new wave of startups is building tools to bring measurement and commerce to AI search. While the likes of RankinLLM are tracking brand mentions and sentiment, TruCommerce is connecting product catalogues directly to AI platforms to enable in-chat purchasing. Then, there is also Gushwork that helps small businesses create content optimised for AI tools.

As chatbots compress the path from discovery to decision, can brands solve the challenges around visibility, attribution, measurement and control? Let’s find out…

From The Editor’s Desk

Zetwerk Gears Up For IPO

The B2B manufacturing startup’s public issue will open for subscription on October 15 and close on October 19. It has also set a price band of ₹143-₹151 per share for its IPO, which will value the company at ₹25,583 Cr at the upper end of the spectrum.
The ₹5,012 Cr public issue will comprise a fresh issue of shares worth ₹2,830 Cr and an OFS of up to 14.45 Cr shares, worth ₹2,182.3 Cr at the upper end. This comes a couple of months after Zetwerk filed its updated DRHP with SEBI in August.
Separately, defence tech company Tonbo Imaging has also set a price band of ₹665-₹700 per share for its upcoming IPO, which will also open on October 15. The ₹852.1 Cr public issue will consist solely of an OFS component of up to 1.22 Cr equity shares.

Tessolve Bags $75 Mn

The semiconductor startup has raised ₹718 Cr in a round led by Vector Line Capital to fuel acquisitions, broaden its service offerings and strengthen its international business. It is also already in talks to close multiple acquisitions over the next couple of quarters.
Founded in 2004, Tessolve designs AI chips and provides end-to-end engineering services across chip architecture, validation and testing. Hero Electronix acquired a controlling stake in the company in 2016. It has raised $265 Mn to date.
The fundraise comes amid growing investor interest in the Indian deeptech sector, which is being driven by regulatory push, subsidies, a pivot to IP-driven products and a growing talent pool. The sector raised $290 Mn in Q3 2026, up 176% YoY.

PharmEasy’s FY26 Show

The online pharmacy’s parent API Holdings managed to slash its net losses by 67% YoY to ₹520 Cr in FY26. This came as operating revenue rose 12.7% YoY to ₹6,618.5 Cr, driven by higher margins, capacity utilisation and fewer discounts.
Giving a breakdown, the company said that its B2B businesses generated ₹4,082.4 Cr in revenue in FY26 with an EBITDA loss of ₹3.6 Cr. On the other hand, the B2C arm generated ₹1,334.5 Cr in revenue and reported an EBITDA loss of ₹44.1 Cr in FY26.
Meanwhile, expenses also continued to bite. API Holdings’ consolidated expenditure stood at ₹7,146.7 Cr in FY26, albeit down 0.9% YoY. Purchases of stock-in-trade remained its biggest cost centre at ₹5,244.8 Cr, up 10.9% YoY.

Top-Level Rejig At Nazara

Founder Nitish Mittersain is stepping down as the MD of the gaming giant after a 27 year-long stint. CFO Rakesh Shah has also resigned to pursue external opportunities. Shah will be replaced by ex-Ness Digital Engineering executive Arun Agrawal.
CaratLane founder Mithun Sacheti has also been elevated to the role of executive whole-time director role for a period of five years. Meanwhile, Rohit Sharma has stepped down from the post of whole-time director.
The reshuffle comes as much is happening at Nazara. Last month, Raymond Stauffer took over as the new CEO of the gaming giant. Nazara also de-subsidiarised its esports arm NODWIN Gaming earlier this year even as losses continue to pile up.

The RDI Boost For Deeptechs

The government has announced the first cohort of 19 second-level fund managers to deploy ₹7,131 Cr from the RDI fund. Fourteen AIFs and five focused research organisations have been selected to channel the capital to the eligible startups.
The fund managers are also expected to mobilise capital equivalent to the RDI Fund’s contribution, expanding the pool of financing available for research-led startups. The Centre also plans to onboard additional fund managers going forward.
Launched in November 2025, the RDI Scheme has an outlay of ₹1 Lakh Cr and aims to address the funding gap faced by startups developing high-impact technologies. Earlier this year, the fund had also allocated ₹2,000 Cr allocated to deeptech companies.

Inc42 Markets

Inc42 Startup Spotlight

Can Nextup Make Muscle Recovery Less Pricey?

For people dealing with post-workout soreness, recovery tools can be difficult to choose. While many cheaper gadgets lack useful features, premium devices can stretch the budget. Nextup is plugging this gap with Pulse, which combines practical features with an accessible price point.

Going Mass-Premium: Founded in 2024, Nextup is positioning itself between budget recovery gadgets and higher-priced products. Its flagship massage gun Pulse, features a 30W copper motor, a top speed of up to 4,200 RPM, four interchangeable massage heads and a 3,000mAh battery. Nextup claims that Pulse is quiet and operates at under 45 dB.

The In-House Edge: The bootstrapped startup leverages a D2C-led model, selling through its own website and marketplaces such as Amazon. It also runs an in-house assembly facility, which gives it more control over quality and lets the team make product changes based on consumer feedback. It competes with the likes of Cult, Dr Physio and Agaro.

Road Ahead: Going forward, the D2C brand plans to scale Pulse across online channels and build its creator community to spur repeat demand. It has also set its eyes on launching additional products as it expands from recovery into personal wellness and broader consumer electronics. So, can Nextup build a mass-premium wellness brand for Indians?

Infographic Of The Day

Sixteen Indian entrepreneurs earned a combined ₹43.4 Cr in fixed remuneration in FY26. Even founders of loss-making Meesho, Swiggy and Ather took home crores in paycheques. Here is all about it…

The post Visibility In The AI Age, Zetwerk’s IPO & More appeared first on Inc42 Media.

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Why AI Agents Are Forcing Enterprises To Rebuild Their Data Foundations

noreply@blogger.com (Unknown) — Tue, 13 Oct 2026 07:24:23 +0000

Enterprises have spent years accumulating data. Making it usable for AI is proving harder.

Systems built for different teams, functions, and use cases have left information scattered across databases, applications, and workflows. For AI systems expected to reason across an organisation, having data somewhere is not enough. They need to find it, understand what it means, and use it in the right context.

The gap is becoming visible as Indian businesses move AI from pilots to production. According to a Dun & Bradstreet survey, 73% of surveyed Indian businesses report some measurable returns from AI investments, but only 4% say their enterprise data is fully ready to support AI at scale.

Closing this readiness gap means addressing years of accumulated data debt. Customer identities may be fragmented across systems, operational data may remain siloed, and information organised for reporting may not meet the needs of AI systems expected to retrieve it and act on it.

Bringing this scattered information together is only the first step. To make it usable for AI, enterprises must determine which data needs to be available in real time, how agents will understand its context, and what permissions should govern access. These decisions also shape the infrastructure and models needed to serve each use case, influencing whether the value of deploying AI justifies its cost.

How enterprises should approach these decisions was the focus of “Building The Data Foundation For AI At Scale”, a roundtable hosted by Inc42 in partnership with Oracle at its CTO Summit 2026.

The roundtable featured:

Abhimanyu Saxena, cofounder, InterviewBit & Scaler
Dhruv Gupta, cofounder, Orchard Healthcare
Himanshu Garg, CTO, Kapture CX
Naveen Dachuri, CTO, Yulu
Palanivel Saravanan, head of infrastructure cloud engineering, Oracle
Priyanka Nahata, founder, CodeKarma Technologies
Syed Mohd Bilal, head of data science, Perfios
Vinay Murthy, senior director of product, Zeta

Moderated by Alexy Thomas, partner, technology consulting, EY India, the discussion examined how business needs should guide data architecture, agent access, and deployment costs.

Outcomes Before Architecture

For Orchard Healthcare’s Gupta, the starting point is the problem the business wants to solve. That means working backwards from the intended outcome, rather than adopting a technology and searching for a use case.

“The way we think about it is backwards. What is the problem to be solved?”

Gupta said his team followed this approach when building its customer data platform. The six-month project began only after the team established how it could improve customer understanding, retention, and the wider business.

Perfios’ Bilal echoed this emphasis on defining the outcome before choosing the tools.

“Start from an outcome focus and then figure out what to build rather than, you know, thinking about tools first.”

Agreeing on an outcome, however, still leaves enterprises with an architectural choice: build for that specific use case or invest in a platform that supports multiple applications. Bilal outlined the trade-off: use-case-led development addresses immediate needs, while a platform-first approach provides a broader foundation for future applications.

Zeta’s Murthy argued that AI is making the broader platform harder to ignore. As employees and systems begin creating agents, companies may struggle to anticipate every use case or the data each agent will require.

“What AI gets in is that the use cases are no longer in your control,” Murthy said.

This unpredictability puts greater demands on the underlying platform. It must serve known applications while allowing new agents to find and interpret data for needs the enterprise has yet to define.

Building Context Into Data

Supporting these new uses requires more than a database connection. An agent must understand how the information is organised, what it means, and how to retrieve it efficiently.

Oracle’s Palanivel pointed to information spread across databases such as Oracle, MySQL, PostgreSQL, and MongoDB, as well as unstructured knowledge. Connecting an agent directly to these systems introduces another challenge — it may not understand the database schema or generate queries that the database can handle efficiently.

The layer between the agent and the data therefore needs to interpret its structure and meaning and plan how to retrieve information.

Palanivel explained that traditional systems relied on humans to connect operational data with business decisions. For autonomous agents, some of that reasoning needs to be encoded into the data layer itself, making a semantic layer increasingly important.

“The semantic layer is only required or is becoming mandatory to support the reasoning for the agent,” he said.

Beyond helping agents interpret information, semantics can also make retrieval more focused. Perfios’ Bilal suggested that it can narrow the information an AI model needs to search through, helping it retrieve relevant data.

Creating this context requires input from people who understand the data. Bilal argued that those working closest to it are best placed to define its meaning, and that understanding should be consistent across tools and platforms.

But making information understandable does not mean every agent should be able to use it. Enterprises also need boundaries around whose data an agent can access and for what purpose.

Governing Agent Access

InterviewBit & Scaler’s Saxena illustrated this challenge with a question — if a model learns from Bank A’s data, can that knowledge be used for Bank B? Using enterprise data to train or improve AI systems, he pointed out, carries both legal and technical implications.

Similar questions arise within an organisation when employees use AI tools to work with business information. Kapture CX’s Garg argued that organisations cannot realistically prevent employees from using frontier models, making controls around that usage critical.

“So how do you build governance around this right? That is the most critical thing,” he said.

For Kapture, this means applying access controls to the knowledge and context graphs its agents use. Alongside these controls, Garg said the company is building agent harnesses to automate testing and evaluation.

Making The Economics Work

Permissions and testing address how agents operate, but enterprises must also establish whether each deployment delivers enough value to justify its running costs.

Yulu’s Dachuri distinguished between internal AI tools, where companies can set budgets, and AI embedded in customer-facing products, where usage and costs are harder to predict.

For Yulu’s bike-repair use case, the calculation is more measurable. The company can weigh reductions in manual touchpoints and turnaround time against the cost of deploying AI.

“So the value versus cost balance. It is most important,” he said.

Keeping this balance in check also requires choosing models suited to the task. Kapture, for instance, is using smaller models for predictable tasks, such as order-status queries, rather than relying on frontier models for every interaction.

Oracle’s Palanivel noted that organisations are moving away from a one-size-fits-all frontier-model approach, with open-weight models offering a more predictable cost structure for some workloads.

The choice of model, then, sits alongside the data and governance decisions that determine whether AI can work reliably in production. Enterprises need to provide relevant context, enforce access controls, and evaluate agent behaviour, while keeping infrastructure and model costs aligned with business value.

For businesses already seeing returns from early AI projects, scaling those gains means getting these elements to work together. The foundation must support both the use cases they can define today and the demands that new agents will place on their data.

The post Why AI Agents Are Forcing Enterprises To Rebuild Their Data Foundations appeared first on Inc42 Media.

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Toothsi Parent MakeO Raises ₹90 Cr For India, Southeast Asia Expansion

noreply@blogger.com (Unknown) — Tue, 13 Oct 2026 06:24:28 +0000

MakeO, the parent of clear aligner brand Toothsi, has raised ₹90 Cr (about $9.4 Mn) in a funding round led by Singularity AMC, with participation from DSP family office, Genesis, and Unispace Ventures.

The Mumbai-based startup will use the fresh capital to expand its offline presence across India and Southeast Asia and strengthen its manufacturing operations. It will also invest in consumer experience, clinical centres, and backend technology.

MakeO is also evaluating acquisitions of dental and aligner businesses across India and Southeast Asia as part of its offline expansion

The fundraise follows its acquisition of Singapore-headquartered Zenyum, which expanded its presence across Southeast Asia. MakeO had announced an agreement to acquire Zenyum in February.

In 2025, it also acquired Apple Dental for ₹10.9 Cr in a cash-and-stock deal. The chain operates 20 clinics across Andhra Pradesh and Telangana, extending MakeO’s offline presence beyond major Indian cities.

Following the Zenyum acquisition, the combined group has a network of around 1,100 partner dentists across 10 countries. It also operates more than 60 offline clinical centres and has served over 4 Lakh consumers, according to the startup.

Founded in 2018 by Arpi Mehta, Pravin Shetty, Manjul Jain and Anirudh Kal, makeO initially offered teeth aligners under the brand toothsi. In 2022, it merged its brands toothsi and skinnsi under makeO to offer dental, skin and hair treatments on one platform.

MakeO had raised over $100 Mn before the latest round from investors including Eight Roads Ventures, 360 ONE Asset, and Paramark Ventures. Its earlier fundraises include ₹100 Cr in June last year and a $16 Mn round led by 360 ONE Asset and the investment office of Ashish Kacholia in January 2024.

MakeO said its combined business has crossed ₹500 Cr in revenue and turned EBITDA profitable earlier this year. It aims to double revenue over the next two to three years.

The startup’s expansion plans come amid projected growth in India’s clear aligner market. According to Market Research Future, the market is projected to grow from $466.99 Mn in 2025 to $2.83 Bn by 2035, at a CAGR of 19.74%.

The post Toothsi Parent MakeO Raises ₹90 Cr For India, Southeast Asia Expansion appeared first on Inc42 Media.

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Mesa School Bags ₹110 Cr To Launch New On-Campus Courses

noreply@blogger.com (Unknown) — Tue, 13 Oct 2026 02:24:40 +0000

Bengaluru-based Mesa School of Business has raised ₹110 Cr ($11.4 Mn) in its Series A funding round in a mix of debt and equity. The round pegged the business school at a post-money valuation of ₹385 Cr ($40 Mn), cofounder Ankit Agarwal told Inc42.

While the ₹85 Cr equity round was co-led by Dharana Capital and existing backer Elevation Capital, the remaining ₹25 Cr was raised via venture debt from InnoVen Capital and Alteria Capital.

Mesa plans to utilise the fresh capital to strengthen its leadership team, integrate artificial intelligence (AI) into its programmes, deepen partnerships with startups and launch new courses.

Founded in 2023 by Agarwal and Varun Limaye, Mesa offers on-campus educational programmes for individuals. It currently offers three full-time programmes targeting early-career professionals, fresh graduates and undergraduate students.

While the startup charges ₹25.4 Lakh in tuition fees for its one-year post-graduate programme, its one-year Forge programme for fresh graduates has a starting fees of ₹15.4 Lakh. The undergraduate programme costs ₹48 Lakh over four years.

Training Talent For Startups

Despite being one of India’s fastest-growing employment segments, the local startup ecosystem continues to face a talent gap. Speaking with Inc42, Agarwal said that the talent paucity is especially acute in non-technical roles, which account for nearly 80% of jobs in the sector.

While graduates from premier institutions often have established recruitment pathways into startups, students without access to such networks, Agarwal said, lack a structured route to enter the startup ecosystem.

“If you want to go and work in a startup, there is no one place which sort of builds the right network,” he said.

Unlike conventional business schools, Mesa does not employ full-time faculty, relying instead on startup founders, executives and industry experts to design and deliver its curriculum. Around 2,000 industry professionals have interacted with our students in some capacity, Agarwal said.

“The institutions just don’t have the capability or the incentives to keep changing their curriculum and to keep it super agile over time, and that’s where we felt that we should come in and create talent for the startup ecosystem across levels and functions,” Agarwal said.

On the business front, Mesa’s revenue comes primarily from programme fees, which it collects annually and largely in advance. The experienced-professional postgraduate programme contributes around 40% of revenue, while the undergraduate programme accounts for 35-40%. The fresh-graduate programme contributes around 20%, according to Agarwal.

While the startup is yet to achieve profitability, founder Agarwal claims that most of Mesa’s programmes are approaching operational breakeven. Mesa claims to have grown its business around 2.5X annually over the past two years, Agarwal said, projecting that it will continue to grow at a similar pace in upcoming years.

Where Are Mesa Graduates Headed?

Mesa claims that its first three postgraduate cohorts have produced around 300 alumni, who have joined more than 120 startups. The startup claims that its graduates take up roles across founders’ offices, product management, partnerships, account management and venture capital.

Agarwal claims that the experienced-professional postgraduate programme reports average salaries of ₹26-28 LPA. He also claimed that Mesa has so far incubated more than 50 student startups, which have clocked ₹50 Cr in annual revenue. The school also claims to provide equity-free grants and incubation support to student ventures.

This comes three years after Mesa last raised ₹34 Cr in a round led by Elevation Capital in 2023 to launch its startup leadership programme. Angel investors such as CRED’s Kunal Shah, Meesho’s Vidit Aatrey, and Urban Company’s Abhiraj Bahl also participated in the round.

Mesa operates in an emerging segment of alternative business education, competing most directly with Gurugram-based Masters’ Union, which combines industry-led management programmes with entrepreneurship support. Masters’ Union recently received full university status from the Haryana government.

Other competitors in re-skilling and upskilling space include upGrad, Great Learning, Masai School, Eruditus and Springboard, among others.

The post Mesa School Bags ₹110 Cr To Launch New On-Campus Courses appeared first on Inc42 Media.

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Qualcomm Sells Shadowfax Shares Worth ₹157 Cr In Bulk Deal

noreply@blogger.com (Unknown) — Mon, 12 Oct 2026 21:24:29 +0000

Early backer Qualcomm Ventures has sold 57.1 Lakh shares of listed logistics company Shadowfax via an open-market transaction for ₹157.3 Cr.

According to BSE data, the chipmaker, via its affiliate Qualcomm Asia Pacific Pte Limited, sold the shares at ₹275.3 apiece to rake in the amount. This represented a discount of 6.6% against the stock’s last closing price on Monday.

Qualcomm Asia Pacific Pte Ltd owned 2.26% stake, or 1.32 Cr shares, in Shadowfax at the end of June 2026. However, the chipmaker then diluted some of this shareholding and sold 75 Lakh shares worth ₹183.9 Cr in August.

Qualcomm Ventures first invested in Shadowfax during the logistics company’s $22 Mn Series C round in 2018, alongside Mirae Asset and Eight Roads Ventures.

This is the latest bulk deal involving Shadowfax in recent months. Since August, private equity (PE) giant TPG has offloaded Shadowfax shares worth more than ₹700 Cr across multiple bulk deals.

The bulk deals come as investors look to book profits amid a sharp uptick in Shadowfax’s stock prices. Shares of the logistics company have surged 29.3% in the past three months, and are up more than 122.91% in the last six months.

This jump has come on the back of healthy financial performance by the startup. The logistics major saw its consolidated net profit surge 8X to ₹65.4 Cr in Q1 FY27 as against ₹8 Cr in the year ago quarter. Meanwhile, operating revenue zoomed 65% YoY and 10% QoQ to ₹1,358 Cr in the quarter under review.

Following the results, Shadowfax also revised its FY27 revenue growth forecast to 38-40%, a significant jump from the 28-30% guidance projected just a quarter ago.

Founded in 2015 by Abhishek Bansal and Vaibhav Khandelwal, Shadowfax operates a logistics network serving ecommerce, quick commerce and D2C brands. The company was listed on the stock exchanges earlier this year.

It currently operates across more than 16,372 pincodes and plans to increase its network of dark stores from 47 to 100 by March 2027 as it looks to strengthen its quick commerce business.

Shares of Shadowfax closed Monday’s trading session 0.12% lower at ₹294.75 on the BSE.

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BYJU’S Parent To Hold 32% Stake In Aakash After Settlement: Report

noreply@blogger.com (Unknown) — Mon, 12 Oct 2026 08:24:26 +0000

Think & Learn Pvt Ltd (TLPL), the insolvent parent of BYJU’s, is set to hold around 32% in Aakash Educational Services once a settlement resolving its long-running shareholding dispute with the coaching company is fully implemented.

According to an ET report, the stake will be higher than the roughly 25.75% TLPL held before Aakash’s ₹240 Cr rights issue became the subject of litigation last year. TLPL’s recorded shareholding fell sharply after Aakash withheld a portion of the shares it had subscribed for.

The settlement will include allotment of rights issue shares as well as transfer of existing shares to TLPL, the report said, adding that there would be no cash consideration for the deal between TLPL, Aakash, and the coaching institute’s investor Manipal Group.

Inc42 has reached out to Aakash and Manipal Group for comments on the development. The story will be updated on receiving a response.

This comes a month after the Bengaluru bench of the National Company Law Tribunal (NCLT) directed TLPL’s resolution professional (RP) and successful bidder Comprint Tech Solutions (India) to maintain status quo on assets auctioned by TLPL amid a dispute over their ownership.

The Tribunal’s order followed claims by the RP of another BYJU’s group entity, BYJU’s K3 Education, that goods worth around ₹150 Cr had been auctioned for about ₹16 Cr. K3’s RP argued that the company had a substantial stake in the assets and that their further disposal could leave it without assets to continue its corporate insolvency resolution process (CIRP).

TLPL’s RP disputed the claim, arguing that TLPL had procured the hardware and owned the educational content stored on the devices. The NCLT observed that neither side had produced sufficient documentary evidence to conclusively establish ownership.

The Tribunal directed Comprint to submit an inventory of the purchased assets, photographs and their storage address. TLPL’s RP was also asked to provide details of the assets, their valuation and the auction process. The NCLT has not cancelled the auction or made a final determination on ownership.

The dispute stems from separate insolvency proceedings against TLPL and K3 Education. TLPL entered insolvency proceedings in July 2024 after the Board of Control for Cricket in India (BCCI) approached the tribunal over unpaid sponsorship dues of around ₹159 Cr.

K3 Education is facing a separate insolvency process following a Section 9 petition filed by operational creditor Kritikal Solutions.

Last month, Byju Raveendran reportedly proposed relinquishing his claimed beneficial interest in 17.89 Mn Aakash shares to settle Qatar Holding’s arbitration claim of over $235 Mn against him.

The shares, held through Singapore-based Beeaar Investco Pte, represent about 5.7% of Aakash’s equity. They were acquired in 2022 using $150 Mn in financing extended by Qatar Holding, owned by the Qatar Investment Authority (QIA), to Raveendran’s Singapore-based investment vehicle, BYJU’s Investments Pte Ltd (BIPL). Raveendran personally guaranteed the financing.

Qatar Holding terminated the financing agreement after alleging defaults by BIPL and demanded more than $235 Mn, including early termination fees and penalties. It also alleged that the Aakash shares had been transferred to Beeaar, which it claims is beneficially owned by Raveendran, in violation of the agreement.

The proposed settlement involving Aakash shares could affect the coaching company’s ownership structure and Qatar Holding’s recovery efforts. However, the settlement terms and the extent to which they would address the fund’s claims remain unclear.

The post BYJU’S Parent To Hold 32% Stake In Aakash After Settlement: Report appeared first on Inc42 Media.

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Tonbo Imaging Sets IPO Price Band At ₹665-₹700 For ₹852 Cr Issue

noreply@blogger.com (Unknown) — Mon, 12 Oct 2026 07:24:17 +0000

Defence tech company Tonbo Imaging India has set a price band of ₹665-₹700 per equity share for its ₹852.1 Cr OFS-only IPO.

The IPO comprises an OFS of up to 1.22 Cr equity shares, with no fresh issue component.

At the upper end of the price band, the IPO values the company at ₹4,009.8 Cr (about $480 Mn).

The issue will open for subscription on October 15 and close on October 19, with anchor investor bidding scheduled for October 14.

The selling shareholders include promoters and cofounders Arvind Kondangi Lakshmikumar, Ankit Kumar, and Cecilia D’Souza, alongside investors such as CEAQ Technologies and Artiman Partners.

The offer has been reduced from the 1.81 Cr shares proposed in its draft papers. SEBI issued its observations on its DRHP last month, after the company refiled the draft papers in August.

Founded in 2003, Tonbo initially provided R&D and technology development services as a subsidiary of a research company. Following its buyout by the promoters in 2012, it shifted to manufacturing defence products, including advanced electro-optic and electronic systems.

As of June 30, 2026, the startup had deployed more than 28,000 systems across 24 countries

In April last year, Tonbo raised ₹175 Cr in a Series D funding round from investors including Florintree Advisors, Tenacity Ventures, and EXIM Bank at a reported valuation of ₹1,500 Cr.

On the financial front, Tonbo reported operating revenue of ₹36 Cr and a net loss of ₹17.7 Cr in Q1 FY27.

(The story will be updated soon)

The post Tonbo Imaging Sets IPO Price Band At ₹665-₹700 For ₹852 Cr Issue appeared first on Inc42 Media.

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India’s Cleantech Funding Boom, The AI Safety Drill & More

noreply@blogger.com (Unknown) — Mon, 12 Oct 2026 03:24:23 +0000

EVs Power Cleantech Funding Boom

India’s cleantech story accelerated in Q3 2026. The quarter saw the sector nearly triple its funding volume on the back of big-ticket electric mobility rounds and rising deal activity. So, what’s pulling investors towards the sector and can the momentum extend beyond EVs?

The Cleantech Boom: As per Inc42 data, Indian cleantech startups raised a record $433 Mn in Q3 2026, nearly 3X from $118 Mn in the year-ago quarter. Although funding remained heavily concentrated in one segment, the sector’s broader momentum was evident: deal count rose 44% YoY to 23, while average cheque size zoomed to $19 Mn from $7 Mn in Q3 2025.

The EV Concentration: Within cleantech, electric mobility dominated funding charts in Q3. Just three EV startups – River, Yulu and Ultraviolette – raised a combined $298 Mn, nearly 69% of the sector’s total haul in the quarter. The concentration highlights the sector’s over-dependence on a small group of well-funded ventures.

Decoding The Boom: Cleantech funding surged as investors shifted their focus from climate narratives to commercially-viable businesses solving real problems. Electric mobility led the charge, supported by rising EV registrations, stronger consumer demand and improving PMF. What also helped was rising component localisation and growing investor confidence.

The Road Ahead: Experts believe that the sector’s long-term outlook will depend on broadening investment beyond EVs to other emerging areas such as energy storage, grid tech and green hydrogen. They also see deeper localisation improving margins and reducing supply chain risks. As such, unit economics and a clear path to sustainable revenues will be a key focus area for backers going forward.

As investor conviction expanded across the cleantech ecosystem in Q3, why did capital remain tightly locked within a handful of EV players? Let’s find out…

From The Editor’s Desk

The AI Safety Drill

OpenAI, Anthropic and other AI giants are rehearsing how they would respond to a catastrophic incident involving AI. The companies are set to engage with US lawmakers as experts believe a major AI incident could happen within 12 months.
The planning comes as AI companies look to avoid a serious failure, which could prompt sweeping public backlash, new restrictions and scrutiny of industry leaders. The fear is that a major AI incident could impact internet infrastructure or financial systems.
The safety drill comes as LLMs find software vulnerabilities and coordinate agents. In the past few months, both OpenAI and Anthropic have reported several instances, where their agents bypassed safeguards and accessed real-world infrastructure.

Weekly Startup Funding Tanks

Indian startups managed to raise a cumulative $123 Mn last week, down 47% from $234 Mn in the preceding week. However, deal count more than doubled week-on-week to 25. DailyObjects and Lumio emerged as the most funded startups last week.
Ecommerce dominated the funding charts last week, raising $63.9 Mn across nine deals. Fintech ranked second with $24 Mn in funding, followed by advanced hardware and technology at $10 Mn.
Early-stage funding trends remained strong as pre-seed and seed-stage startups collectively bagged $12.5 Mn across nine deals. 3one4 Capital and Fireside Ventures emerged as the most active investors, backing two startups each.

Mixed Week For Startup Stocks

Of the 66 new-age tech stocks under Inc42’s coverage, 36 gained in the range of 0.1% to nearly 25% last week. The remaining 30 fell in the range of 0.23% to 13.93%. MobiKwik and PW emerged as the biggest gainers, while Yudiz and Zappfresh shed the most.
The combined market capitalisation of 67 new-age tech stocks, including the recently listed AceVector, stood at $154.71 Bn at the end of last week compared to $153.61 Bn for 66 companies in the preceding week.
Going forward, investors will be tracking inflation data, crude oil prices, progress in Iran-US negotiations and global bond yields for market cues next week.

Nat Habit Bags ₹142 Cr

The D2C personal care brand has raised around $14.7 Mn in its Series C round led by Trident Growth Partners to expand its distribution network, product portfolio and manufacturing capabilities.
Founded in 2019, Nat Habit sells Ayurveda-based personal care products, including hair oils, masks, scrubs, and face creams. Having served 60 Lakh customers so far, the D2C brand currently claims to clocking ₹330 Cr in annualised gross revenue.
The funding comes amid growing investor interest in the homegrown ayurvedic wellness segment, which is being driven by growing demand for traditional formulas, the rise of quick commerce, premiumisation and multi-functional products.

India’s Listed Startup Tracker

India is home to over 70 listed new-age tech companies, with a combined market capitalisation of $173 Bn. Of this, 18 startups went public in 2025 and another 15 have already crossed the milestone this year so far.
Together, these listed startups boast a combined revenue of $26 Bn. A majority of these new-age tech companies, nearly 74%, are profitable, while the remaining posted a cumulative loss of $932 Mn in FY26.
Delhi NCR is home to the largest number of listed startups. On the sectoral front, fintech and ecommerce account for the biggest chunk of listed new-age tech companies.

Inc42 Markets

Inc42 Startup Spotlight

Turning Agri-Waste Into Steel Industry’s Next Big Power Bet

India’s steel industry still runs largely on coal, while millions of tonnes of agricultural waste goes waste every year. Climitra is connecting these two problems by converting waste biomass into industrial-grade biochar, offering industries a route to carbon removal.

Turning Waste Into Fuel: Founded in 2025, Climitra is building a vertically-integrated startup to convert biomass into bio-coal. It uses AI and geospatial intelligence to map and assess biomass availability, and then converts locally-sourced waste into fuel through a proprietary pyrolysis process.

A Coal Substitute: Climitra’s bio-coal is designed as a 1:1 replacement for fossil coal in steel-making, reducing the need for costly furnace retrofits. The startup claims that its output contains 75-85% fixed carbon, has a gross calorific value of 6,500–8,000 kcal/kg and can cut emissions by up to 90% compared with fossil coal.

Beyond Bio-Fuel: Climitra’s business model extends beyond bio-fuel. The startup is targeting both industrial decarbonisation and carbon removal, using its existing biomass supply chain. The startup claims it has already validated its bio-coal with Tata Steel, JSW Steel and AM/NS India.

Backed by InfoEdge Ventures, the startup is eyeing a piece of the Indian biomass briquette market, which is projected to become a $2.1 Bn opportunity by 2032. So, can Climitra turn agricultural waste into a lower-carbon fuel for its steel industry?

Infographic Of The Day

From Wysa to Amaha, a new crop of Indian startups are breaking the silence and building access to mental health support. Here are the founders and the funding behind this shift…

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