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MobiKwik’s Q2 Snapshot, Pixxel Clears The Air & More

noreply@blogger.com (Unknown) — Tue, 03 Nov 2026 03:24:21 +0000

MobiKwik Turns It Around

MobiKwik minted its highest-ever quarterly profit in Q2 FY27. The record performance came on the back of its financial services business delivering healthy revenue growth, while a tight leash on expenses helped the fintech company improve margins.

Here’s a quick glance at MobiKwik’s Q2 FY27 numbers:

Net profit of ₹11.8 Cr compared to a net loss of ₹28.6 Cr in Q2 FY26
Operating revenue rose 9.4% YoY to ₹295.7 Cr
Total expenses declined a marginal 1.8% YoY to ₹290.9 Cr
EBITDA profit stood at ₹22.7 Cr against an EBITDA loss of ₹6.4 Cr in the year ago quarter

Lending Grabs The Spotlight: MobiKwik’s financial services business picked up in a big way in Q2 as the company disbursed a lot more loans and partnered with more lending partners during the quarter. At the same time, better loan book quality helped reduce expenses and improved the vertical’s gross profit.

Payments’ Mixed Show: Although MobiKwik’s payments business processed much higher GMV in Q2 on a YoY basis, revenue barely grew. This is because the transaction mix skewed heavily towards payments that generate lower revenue. While this helped bring down payments gateway costs, the business’ take rate took a major hit.

Unlocking Operating Leverage: The quarter also saw both of MobiKwik’s core businesses expand their contribution margins, which helped offset the increased fixed expenses. Going forward, the company sees growing AI adoption in lending, engineering, customer experience, and risk management to further improve operating leverage and efficiency.

As the listed fintech company looks for a way to translate higher transactions into more revenue, here is a closer look at MobiKwik’s Q2 FY27 results…

From The Editor’s Desk

Pixxel CEO Clears Air On US Foray

Cofounder and CEO Awais Ahmed has clarified that the spacetech startup remains Indian-owned, managed and controlled amid criticism over the launch of its US subsidiary, Pixxel Federal.
The clarification comes after fellow spacetech startup GalaxEye highlighted its decision to operate through a single Indian entity, indirectly questioning the practice of setting up multiple entities across jurisdictions.
Pixxel launched Pixxel Federal to pursue US government contracts across civilian, defence and intelligence agencies. The startup, which has raised around $195 Mn to date, also plans to go public in India in the coming years.

Fireside Ventures’ Cofounder Quits

Cofounder and partner Vinay Singh is stepping down from the venture capital giant after nearly a decade-long stint. The investment firm is yet to announce his successor.
Singh now plans to “explore” the agentic commerce space and its implications for the future of consumption.
In his decade-long tenure, Singh grew the firm into a major consumer-focused VC firm. It has so far backed more than 65 Indian startups and manages assets of around $650 Mn across four funds.

ESDS’ Q2 Profit Surge

The AI company reported a 40.7% YoY jump in consolidated net profit to ₹31.1 Cr in Q2 FY27, while operating revenue surged 48% to ₹138.3 Cr.
The company’s EBITDA rose 18.3% YoY to ₹57.8 Cr, even as its EBITDA margin narrowed to 41.8% from 52% a year ago. Total expenses increased 63.7% to ₹103.5 Cr.
ESDS secured a $1.25 Bn AI cloud infrastructure deal with an Australia-based neocloud provider, with revenue expected from Q3 FY27. The company is also expanding its AI infrastructure capabilities through GPU clusters and its SWARAJ Cloud platform.

Record October For UPI

UPI transaction volume rose 5.8% MoM to a record 25.47 Bn in October, while transaction value increased 7.4% to ₹31.53 Lakh Cr, according to NPCI data.
October marked the first time UPI transactions crossed 25 Bn in volume and ₹30 Lakh Cr in value, driven partly by festive-season spending. On a YoY basis, transaction volume grew 23%, while value rose 16%.
The record growth comes ahead of the proposed rollout of MDR charges on select UPI payments above ₹2,000. NPCI deferred the implementation until after Diwali, with a revised date yet to be announced.

Pronto Founder’s Physical AI Bet

Pronto founder Anjali Sardana’s physical AI venture Provision Labs has acquired Mumbai-based hardware startup Basilisk for an undisclosed sum. As part of the deal, Basilisk founder Shourya Watwani will join Provision and lead its hardware efforts.
Founded in 2023, Basilisk is focused on perception technologies, which help machines interpret their surroundings. The startup claims to have developed a 3D hand-tracking model and built the first version of a tactile glove to capture touch-related data.
This comes as Sardana recently launched Provision Labs to collect data for training and testing physical AI systems. The startup has also ramped up hiring of engineering and research teams across San Francisco, Toronto, and Bengaluru.

Inc42 Markets

Inc42 Startup Spotlight

How Indrajaal Is Building India’s Shield Against Hostile Drones

As drones become cheaper and autonomous, defending borders and critical infrastructure against them is becoming more and more harder. To fix this gap, Indrajaal is building an integrated AI platform to detect, identify and neutralise hostile drones in real time.

Eyes In The Skies: Founded in 2024, Indrajaal is building a counter-drone ecosystem to secure India’s airspace. Its SkyOS platform brings together radars, radio-frequency sensors, cameras and AI to identify aerial threats and execute responses. It also offers a mobile counter-drone vehicle (Ranger), a spoofer called Repulsor and SkyCop, an interceptor drone.

Hunting Hostile Drones: Indrajaal claims that its systems are deployed at installations belonging to the Indian Army, Indian Navy and agencies under the Ministry of Home Affairs. On the back of this, the startup closed FY26 with a revenue of ₹100 Cr and is targeting a top line of ₹300 Cr in FY27.

The Road Ahead: Indrajaal now plans to raise ₹420 Cr in a Series A round in the near term to expand manufacturing, R&D and its footprint in the Middle East and Europe. The startup also wants to build an autonomous airspace ecosystem for aerial transport. With India’s defence tech sector projected to become a $19 Bn opportunity by 2030, here’s how Indrajaal’s AI stack is securing Indian skies…

Infographic Of The Day

Flipkart has been picking up stakes in Indian startups for more than a decade now. From PhonePe to Myntra, here are the investments made by the ecommerce giant in homegrown new-age tech ventures over the years…

The post MobiKwik’s Q2 Snapshot, Pixxel Clears The Air & More appeared first on Inc42 Media.

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PowerUp Money Raises $10 Mn To Expand Wealth Management Services

noreply@blogger.com (Unknown) — Tue, 03 Nov 2026 00:24:31 +0000

Bengaluru-based wealthtech startup PowerUp Money has raised $10 Mn (₹95 Cr) in a fresh funding round led by Flourish Ventures, with participation from existing investors Peak XV Partners, Accel, Blume Ventures, Kae Capital, 8i Ventures and DeVC.

The startup plans to use the capital to expand its AI-led wealth management offerings, scale its managed advisory business and develop personalised financial planning solutions for Indian investors.

“We started by making high-quality investment advice accessible to every Indian. Today, AI makes it possible to deliver a much more comprehensive, wealth-manager-like experience digitally and at a fraction of traditional costs. A significant portion of this investment will go towards building an AI-powered wealth manager that brings personalised financial planning and ongoing portfolio guidance to every Indian,” PowerUp’s founder and CEO Prateek Jindal said.

Jindal, who has also cofounded fintech major Uni Cards, launched PowerUp in 2025 to help customers manage their mutual fund portfolios. It claims to have over 15 Lakh customers, who track mutual fund portfolios worth over ₹2.5 Lakh Cr on its platform. Its mutual fund advisory subscription, PowerUp Elite, has over 1 Lakh paid members.

Beyond mutual funds, the startup is now looking to combine investment advice, managed wealth services and digital advisory, becoming a full-stack financial planning platform in essence.

The first step towards its new avatar has now come with the launch of its end-to-end digital wealth advisory offering, Elite Prime. The service includes an AI wealth coach and personal assistant, considers users’ financial goals, risk profiles and existing portfolios while helping them manage their portfolios and supporting their investment decisions.

It is also seeking to scale up its managed wealth advisory offering, Infinite, to a broader customer base.

Aimed at investors seeking more hands-on financial support, Infinite combines personalised financial planning, portfolio construction, multi-asset allocation, goal-based strategies, ongoing portfolio management and dedicated adviser support.

PowerUp claims that Infinite has scaled to nearly ₹500 Cr in assets under management (AUM) within around nine months of launch.

The post PowerUp Money Raises $10 Mn To Expand Wealth Management Services appeared first on Inc42 Media.

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Fireside Ventures’ Cofounder & Partner Vinay Singh To Step Down

noreply@blogger.com (Unknown) — Mon, 02 Nov 2026 20:24:31 +0000

Fireside Ventures’ cofounder and partner Vinay Singh is stepping down from the investment firm after a nearly decade-long stint.

In a statement, the venture capital (VC) firm said that Singh would “transition out of the firm”. The consumer-focused fund has so far not named his successor.

On his future course of action, Singh said that he now plans to explore the “frontiers of agentic commerce and its implications for the future of consumption”.

“… As AI reshapes commerce faster than most of us expected, I want to spend more time exploring the frontiers of agentic commerce and its implications for the future of consumption. I am excited for this next chapter, and deeply grateful to the Fireside family, and to every founder and LP (limited partner) who trusted us on this journey,” said Singh.

An alumnus of IIM Bangalore, Singh counts nearly two decades of experience under his belt. He previously worked at companies like Hindustan Unilever and Bankbazaar. He earlier also cofounded car servicing platform Stepni, which was later acquired by Quikr.

He eventually cofounded Fireside Ventures alongside Kanwaljit Singh, Kannan Sitaram and Dipanjan Basu in 2017. Over the past decade, the VC firm has emerged as one of India’s biggest consumer-focused venture funds and counts more than 65 startups in its portfolio.

It currently claims to oversee more than $650 Mn in assets under management across four funds. The VC firm last closed its fourth fund at about $253 Mn in December last year. The investment firm currently claims to be helmed by a team of 12 principals and vice presidents.

The development comes as a host of seasoned fund managers depart major VC firms to set up their own funds. Earlier this year, Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma quit Peak XV Partners to establish their own fund, Mettle Capital.

Private equity (PE) firm L Catterton’s partner and co-head of India investments, Anjana Sasidharan, also stepped down from the company in March this year to set up Asthrum Capital. Another former Peak XV trio, comprising Shailesh Lakhani, Harshjit Sethi and Mayank Porwal, has launched Ambition Capital and is looking to raise $250 Mn for the maiden fund.

The post Fireside Ventures’ Cofounder & Partner Vinay Singh To Step Down appeared first on Inc42 Media.

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UPI Transactions Rise 5.8% MoM To Record 25.47 Bn In October

noreply@blogger.com (Unknown) — Mon, 02 Nov 2026 08:24:32 +0000

UPI transaction volume rose 5.8% MoM to a record 25.47 Bn in October from 24.07 Bn in September, according to data released by the National Payments Corporation of India (NPCI).

The value of transactions processed through the Unified Payments Interface (UPI) increased 7.4% MoM to a record ₹31.53 Lakh Cr from ₹29.37 Lakh Cr in the previous month.

On a YoY basis, transaction volume grew 23%, while transaction value rose 16%.

October marked the first month in which UPI processed more than 25 Bn transactions and payments worth over ₹30 Lakh Cr. Average daily transaction value also crossed ₹1 Lakh Cr for the first time.

UPI processed an average of 822 Mn transactions a day in October, up from 802 Mn in September. Average daily transaction value increased to ₹1,01,707 Cr from ₹97,913 Cr.

The daily averages provide a clearer comparison of payment activity because October had 31 days against September’s 30. Based on NPCI’s figures, average daily volume increased 2.5% MoM, while average daily value rose 3.9%.

The increase coincided with the festive season. October’s growth followed a marginal decline in September, when transaction volume fell 1.8% MoM and transaction value dropped 1.5%.

Merchant Charges On Horizon

The latest figures come ahead of the proposed introduction of merchant discount rate (MDR) charges on select UPI payments.

The NPCI deferred the rollout, originally scheduled for October 15, until after Diwali, saying the new implementation date would be notified separately.

MDR is the fee merchants pay banks and payment companies to process digital transactions. Under the revised framework, eligible person-to-merchant (P2M) payments above ₹2,000 will attract a 0.4% charge, capped at ₹300 for transactions of ₹75,000 and above. Person-to-person (P2P) payments will remain free of MDR.

The revised structure would create a revenue stream for banks and payment service providers processing eligible transactions, potentially improving monetisation across the UPI ecosystem. However, merchant bodies have raised concerns over the additional payment acceptance costs and sought relief ahead of the rollout.

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CBI Extradites Mahadev Betting App Promoter Sourabh Chandrakar From Oman

noreply@blogger.com (Unknown) — Mon, 02 Nov 2026 06:24:24 +0000

The Central Bureau of Investigation (CBI) has extradited Sourabh Chandrakar, a promoter of the Mahadev Online Book betting platform, from Oman to India.

A specially deputed CBI team brought Chandrakar back yesterday following coordination between Indian agencies and Omani authorities, the agency said in a statement.

He is expected to be produced before a CBI Special Court in Raipur today after a medical examination and completion of transit remand formalities.

Chandrakar faces two CBI cases in which chargesheets have been filed, besides a money laundering case registered by the Enforcement Directorate (ED), in which a prosecution complaint has been filed.

The Royal Oman Police located and detained him following an Interpol Red Corner Notice. The CBI and ED subsequently submitted formal extradition requests, supported by evidence gathered against him.

The process was coordinated through Indian government agencies and Interpol’s National Central Bureau, with support from Omani authorities. The CBI described his extradition as a significant step in bringing back fugitives accused of running transnational criminal operations targeting Indian citizens.

How The Network Operated

The CBI took up the Mahadev Online Book cases at the Chhattisgarh government’s request.

According to investigators, the platform operated from outside India through a network of franchised panels and branches that enrolled users and facilitated illegal betting on cricket, football, card games, and other events.

The CBI alleged that betting proceeds were routed through mule bank accounts, layered across multiple transactions, and transferred overseas through hawala channels. Part of the money was allegedly paid to public servants as protection money to allow the syndicate to operate without hindrance.

ED’s Overseas Asset Trail

The ED has estimated the proceeds of crime in the Mahadev betting app case at around ₹6,000 Cr. Its investigation has also examined alleged links to senior politicians and bureaucrats in Chhattisgarh.

In March, the agency provisionally attached 20 properties with an estimated market value of nearly ₹1,700 Cr under the Prevention of Money Laundering Act (PMLA).

These included 18 properties in Dubai, comprising villas and apartments in Burj Khalifa, Dubai Hills Estate, Business Bay, and SLS Hotel & Residences, besides two properties in New Delhi.

The ED alleged that the properties were acquired using illegal betting proceeds and held through entities controlled by Chandrakar and his associates, including Vikas Chhaparia, Rohit Gulati, Atul Arora, and Surendra Bagri.

According to the agency, Mahadev Online Book facilitated betting through platforms and domain names such as Tiger Exchange, Gold365, and Laser247. Chandrakar and fellow promoter Ravi Uppal allegedly controlled the franchise network from Dubai.

The promoters allegedly retained 70-75% of the betting profits, with the remainder distributed among panel operators. Investigators said the proceeds were moved through mule and dummy bank accounts, hawala channels, cryptocurrency transactions, and layered financial structures before being invested in assets in India and the UAE.

In its March 25 statement, the ED put the cumulative value of assets attached, seized, or frozen at around ₹4,336 Cr. At that point, it had searched more than 175 locations, arrested 13 people, and filed five prosecution complaints against 74 accused.

The agency also said it had filed applications under the Fugitive Economic Offenders Act, 2018, against Chandrakar, Uppal, Anil Agrawal alias Atul Agrawal, and Shubham Soni, seeking their declaration as fugitive economic offenders and confiscation of their properties.

The wider investigation has also examined alleged links involving EaseMyTrip cofounder Nishant Pitti and former Chhattisgarh chief minister Bhupesh Baghel. Both have denied wrongdoing.

The post CBI Extradites Mahadev Betting App Promoter Sourabh Chandrakar From Oman appeared first on Inc42 Media.

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India’s Deeptech Dilemma, Weekly Funding Rundown & More

noreply@blogger.com (Unknown) — Mon, 02 Nov 2026 03:24:35 +0000

Indian VCs And The Deeptech Dilemma

Skyroot has proved that homegrown startups can build rockets, but the bigger challenge may lie in funding them. A recent viral critique of Indian venture capitalists has reignited the debate over deeptech funding gaps, risk appetite of investors and slow diligence.

Founder Grievances: For many early stage founders, deeptech funding in India remains plagued by prolonged due diligence, demands for commercial traction before validation and an over-reliance on founder pedigree. Their criticism is aimed at the current system, which may be underwriting very little genuine technological risk and backing a handful of startups.

Concentration Problem: Data adds further nuance to the debate. Deeptech funding surged 176% YoY in Q3 2026, but the deal count barely moved. This is because most of the capital was heavily concentrated among a few players and that too in Bengaluru. The pattern suggests that the capital is largely flowing to technically validated companies, while early stage founders pursuing unproven scientific experiments still struggle to secure their first cheque.

Why Investors Hesitate? Indian VCs have historically been hesitant towards deeptech bets due to the sector’s long gestation cycles, uncertain exits, specialised diligence and substantial follow-on capital. Venture funds also operate under pressure from limited partners to mint returns and liquidity within defined timelines. As a result, most VCs hesitate to underwrite these uncertain scientific bets.

Changing Ecosystem: However, the picture is not entirely bleak. Founder-led vehicles and specialist funds are expanding and raising big bucks for moonshots. Government initiatives, like the ₹1 Lakh Cr RDI Fund, are also creating more optimism around deeptech. But capital alone will not solve the problem as local frontier ventures still need stronger follow-on funding, patient limited partners and the corporate willing to buy early products.

Indian founders have proved that they can build rockets, but can VCs now step in and show that they can finance these moonshot bets? Let’s find out…

From The Editor’s Desk

Weekly Funding Rundown

Indian startups cumulatively raised $130.2 Mn last week, down 29% from $184 Mn in the preceding week. However, deal count zoomed 88% week-on-week to 32. Cent and Simplismart took the biggest cheques home at $15 Mn and $14 Mn, respectively.
Ecommerce emerged as the most funded sector last week, bagging $33 Mn across nine deals. Following suit were AI ventures, which bagged $30 Mn across five deals.
On the investor front, Blume Ventures and Antler emerged as the most active investors last week and backed three startups each.

E2W Sales In October

Electric two-wheeler registrations grew a marginal 2.9% month-on-month to 2.1 Lakh units in October. Sales also rose 48% YoY from 1.4 Lakh units a year earlier.
Legacy giants TVS Motor and Hero MotoCorp recorded gains and improved their market share to 27.2% and 13.4%, respectively. However, Bajaj Auto reported a decline in sales in October, which led to its market share falling to 21.7% from 23.4% in September.
Growth also tapered off for new-age EV makers in October. Ather’s registrations declined 1.8% to 30,380 units from 30,942 units in September, while its market share slipped to 14.2%. Ola Electric’s sales also tanked 13.7% MoM to 11,614 units last month.

Kickback Allegations At Flipkart

Walmart has launched a probe into allegations that employees at the ecommerce giant received over ₹150 Cr in kickbacks from vendors. The charges have been directed against employees in Flipkart’s smartphones and luggage and travel accessories divisions.
The complaints allege the certain employees accepted payments and favours from vendors in exchange for preferential treatment on the ecommerce platform, including greater visibility that helped drive sales.
This is Walmart’s third investigation into alleged financial misconduct at Flipkart in the past three years. A previous probe resulted in three dismissals two-and-a-half years ago, while another investigation found wrongdoing by an employee barely six months ago.

eMudhra & Accountability

The cybersecurity firm came under fire last month after researchers discovered that its private keys were weak and could be recovered in under a second. The row saw eMudhra exit the global TLS certificate business altogether.
The episode demonstrates that global browser makers, rather than local regulators, became the first line of accountability for eMudhra. This raises a governance question for India: who investigates and prevents a similar failure domestically?
Experts now flag that eMudhra’s exit means that Indian websites may increasingly depend on foreign certificate authorities for trust. This could affect India’s digital sovereignty and its ability to build a domestic public-key infrastructure ecosystem.

Bullish Week For Startup Stocks

Of the 69 new-age tech stocks under Inc42’s coverage, 40 gained between 0.2% and 26.8%, last week. However, the remaining 29 declined by up to 22.3%. Startup stocks largely saw gains as quarterly earnings drove sharp moves in individual counters.
Ather Energy and Zetwerk emerged as the biggest gainers, while shares of CarTrade and AceVector shed the most. The combined market-cap of these 69 stocks jumped to $160.9 Bn at the end of last week, up 5.7% from $152.3 Bn in the week-ago period.
Going forward, investors will track the upcoming US midterm elections, Brent crude oil prices, geopolitical developments and quarterly earnings for market cues this week.

upliance.ai Eyes $4 Mn

The D2C home appliance maker in advanced talks to raise $3 Mn to $4 Mn in its Series A round. The fundraise will likely see participation from a fresh investor, while existing backers, including Khosla Ventures, will also double down.
Founded in 2021, upliance.ai sells AI-powered kitchen appliances like food processors and air fryers. The D2C brand had last raised ₹34 Cr in a seed round led by Khosla Ventures in 2024 at a valuation of ₹143 Cr.
The development comes amid growing activity in India’s smart kitchen appliances market, which is being driven by growing demand for automated products and rising disposable incomes. The space is projected to become a $3 Bn opportunity by 2032.

Inc42 Markets

Inc42 Startup Spotlight

How D-Propulse Is Rethinking Jet Engines

India has pursued indigenous jet-engine capability for decades now, but to no avail. This has created heavy dependence on overseas vendors and costly testing. D-Propulse is betting on a new technology to build lighter, cheaper propulsion for high-speed drones and missiles.

The RDE Approach: Founded in 2025, D-Propulse is developing rotating detonation engines (RDEs), which use supersonic detonation waves to generate thrust. It has already tested a 5 kN air-breathing RDE that is currently at technology readiness level-5. The startup claims its engine will be 15-25% more efficient and at least 60% less expensive than conventional ramjets.

Eye On The Prize: To scale its ambitions, the startup is also building a 5,000+ sq ft combustor test facility at IIT Madras, with air mass flow capacity of around 10 kg/sec and an in-house HPC cluster. It is also exploring infrastructure rental as an early revenue stream while its jet engine business takes shape.

Building For Defence: D-Propulse is targeting the Indian Armed Forces as its intended first customers. It now plans to conduct flight tests between June and December 2027 and limited series production by the end of 2028. The pre-revenue startup also plans to raise a Series A round by early next year.

With the global RDE opportunity projected to surpass $2.4 Bn by 2030, can D-Propulse build commercially viable jet engines for India?

Infographic Of The Day

From unicorns to promising new-age tech startups, here are the IIM Ahmedabad graduates that took the entrepreneurial route and built enduring companies in the Indian startup ecosystem…

The post India’s Deeptech Dilemma, Weekly Funding Rundown & More appeared first on Inc42 Media.

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Two Point O Bags $10 Mn To Bridge The Financing Gap In Clean Energy

noreply@blogger.com (Unknown) — Mon, 02 Nov 2026 02:24:23 +0000

India’s clean energy transition is attracting significant capital, but much of it is flowing into utility-scale projects. Smaller installations across factories, commercial buildings and industrial facilities continue to face a financing gap, even when the technology is commercially viable and can help businesses lower operating costs.

Two Point O Capital wants to channel capital into this underserved segment by bringing financing, technology and project execution under one platform.

To fuel its ambition, the startup has now raised $10 Mn (nearly ₹95 Cr) in its Series A round led by Transition Venture Capital (TVC). The round also saw participation from existing backer Omnivore and angel investors Chiranjeev Singh Saluja and Sudhir M Reddy.

The startup plans to utilise a major chunk of the fresh proceeds towards financing the deployment of clean energy assets for its commercial and industrial (C&I) customers. The capital will also be utilised to strengthen the startup’s tech stack and ramp up hiring.

The latest round comes two years after Two Point O raised over $6 Mn, via a mix of equity and debt, in 2024 .

“There was a lot of capital that was getting pumped into utility-scale, grid-scale projects. But there wasn’t enough capital inflows into the distributed or decentralised energy projects, to put it simply, for industries and buildings,” cofounder and CEO Karan Bhutani told Inc42.

Founded in 2024 by Bhutani, Archit Mehrotra, Manya Ranjan and Shashidhar Reddy, Two Point O provides financing, turnkey solutions and equipment leasing across areas such as rooftop solar, battery energy storage systems (BESS) and wastewater treatment. Unlike traditional banks and NBFCs, the startup claims to be focused on smaller-scale projects.

Building A Full-Stack Clean Energy Platform

Two Point O positions itself as a full-stack clean energy enablement platform for commercial and industrial (C&I) customers. Its offerings span four asset classes:

Rooftop Solar: Distributed solar installations for commercial and industrial facilities
BESS: Solutions to optimise energy consumption and manage peak demand
Energy Efficiency: Upgrades across heating, cooling and air compressors
Wastewater treatment: Projects to improve water treatment and resource utilisation

The startup offers multiple financing structures. It operates a wholly-owned NBFC subsidiary, which handles loan disbursals, while a separate operating entity caters to lease and service-based requirements.

Bhutani also claims that the startup has built a proprietary underwriting engine that uses technology to assess a project’s technical specifications, performance and credit profiles. This allows Two Point O to dish out a techno-commercial proposal for a client within 24 to 48 hours, he added.

Two Point O also monitors assets after deployment. Bhutani said that all deployed assets are IoT-enabled, with real-time data used for preventive maintenance, performance optimisation and verification.

Notably, the startup does not directly undertake installation and maintenance. Instead, it relies on original equipment manufacturers as well as engineering, procurement and construction (EPC) partners for execution, and oversees them through technology and contracts. Bhutani said that this “light-touch” model gives the startup the ability to scale its operations.

Inside Two Point O’s Cross-Selling Model

India’s clean tech market, as per IMARC Group, could become a $95 Bn opportunity by 2034. Two Point O is eyeing a much smaller piece of this market as it operates at the intersection of lending tech and B2B clean energy enablement segments.

To carve a niche in the space, Two Point O has so far focused on roping in big-ticket clients and cross-selling additional solutions to these customers. This approach, as per Bhutani, allows the startup to keep customer acquisition costs low and get more out of its users.

So far, the startup claims to have already onboarded around 25-30 large customers, including Premier Energies, Godrej, JK Tyre, Morepen Pharma, Wipro and Phoenix Mills. Bhutani estimates that its existing customer base could generate ₹400-500 Cr in transactions over the next two to three years. The startup also noted that its assets under management (AUM) grew 1.5X sequentially in each of the last three quarters.

Not stopping there, the startup has much more in store going forward:

Enter the SME segment and expand across India
Build an AUM of $75 Mn to $100 Mn over the next couple of years
Expand into new sectors like data centres, automotives, pharmaceuticals, manufacturing and healthcare

Inc42 Take: Can Two Point O Scale Its Multi-Asset Model?

Two Point O is addressing a financing gap in distributed clean energy by combining capital, technology and project execution. What works for the startup is its multi-asset model, which could help deepen relationships with existing customers and generate repeat business.

However, scaling across asset classes will require strong underwriting, consistent asset performance and effective oversight of operating partners. The planned SME expansion also brings additional challenges around technology risks, regulations and credit assessment.

The startup’s ability to turn its customer base and growing AUM into sustained revenue and profitability remains to be seen, particularly as it expands its portfolio and deployment commitments.

The post Two Point O Bags $10 Mn To Bridge The Financing Gap In Clean Energy appeared first on Inc42 Media.

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Here’s Why Doctors Are Betting On Docterz’s Hospital Management Software

noreply@blogger.com (Unknown) — Sat, 31 Oct 2026 22:24:18 +0000

Running a clinic involves more than examining patients. Like any business, doctors also need to manage their schedules, patient records, billing, staff and follow-ups, leaving them with less time to focus on medical care.

Mumbai-based Docterz is building a platform to ease this administrative burden. Founded over a decade ago by practising paediatrician Dr Atish Laddad, the startup offers an integrated electronic medical records and clinic management platform for doctors, clinics and healthcare organisations. It aims to simplify day-to-day clinic operations while helping doctors deliver more accessible and affordable healthcare.

With AI opening up new possibilities for automating routine tasks and improving clinical workflows, Docterz is looking to deepen its technology offering for the medical community.

The healthtech startup has now raised ₹5 Cr from around 35 investors, nearly 60% of which, or close to ₹3 Cr, came from approximately 20 doctors who already use its platform. The investor group also includes Sugar Cosmetics’ Vineeta Singh and CaratLane’s Avnish Anand.

The fresh capital will be used to drive organic growth, explore acquisitions and develop practical AI-powered tools for doctors.

Bringing Clinical And Administrative Workflows Under One Roof

In essence, Docterz aims to reduce the administrative workload of running a clinic, allowing doctors to spend more time on patient care while giving them better control over their clinic’s operations.

From arranging appointments and maintaining records to then aiding in prescriptions, billing, the all-in-one clinic management platform helps doctors handle everything. For this, the platform trains AI based OS on doctors’ prescription patterns to simplify the process of recommendations.

It also provides easy-to-understand medical information that doctors can share with patients, alongside tools to manage vaccine inventory, track expiry dates and monitor the use of medical supplies.

On the patients side, Docterz offers a WhatsApp-based assistant to book appointments, check live clinic waiting times, access medical records and view appointment history without downloading a separate app.

Docterz’s Commercial Bet

The latest fundraise comes with an interesting investor mix. Nearly 60% of the capital has come from doctors who already use Docterz, making the round a bet by its own customer base on the startup’s future.

According to the startup, several of these doctors have used the platform for years. For instance, Dr Dhananjay Sangle, a paediatrician and one of the user-investors, said he had been using Docterz across his clinic’s paediatric and OB-GYN practices for several years.

The participation of existing users could give Docterz an advantage as it looks to expand within the medical community. However, scaling a healthcare software business will require it to convert this initial user trust into wider adoption across independent practitioners and healthcare organisations.

With its users also now present on its cap table, the startup’s next phase of growth will focus on three areas:

AI-enabled tools: Docterz plans to introduce practical AI capabilities to address everyday clinical and practice-management tasks, including documentation, administrative workflows and practice-data analysis.
Organic and inorganic expansion: The company intends to grow its existing business while exploring acquisitions and other inorganic opportunities.
Wider doctor adoption: Docterz plans to reach more independent practitioners and smaller clinics across India, while continuing to build its patient-engagement capabilities.

It also plans to strengthen integrations with India’s digital-health ecosystem, including the Ayushman Bharat Digital Mission (ABDM).

Inc42 Take: Can Docterz Become The Operating System For Doctors?

Docterz is targeting a fairly fundamental problem in healthcare.

An integrated platform could help reduce a doctor’s burden, particularly for independent practitioners and smaller clinics that may not have the resources to manage multiple systems.

The participation of around 20 existing doctor-users in the round is also an encouraging signal of product acceptance. However, user trust is only one part of building a scalable healthcare software business.

The larger challenge now is to get more doctors to move their existing records and workflows onto the platform. Once they are there, their retention also depends on whether the software can deliver tangible operational benefits.

AI could also open another avenue for growth, particularly across documentation, patient follow-ups and administrative tasks.

The value of these tools will depend on how seamlessly they fit into doctors’ existing workflows and how responsibly patient information is handled.

The post Here’s Why Doctors Are Betting On Docterz’s Hospital Management Software appeared first on Inc42 Media.

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ED Arrests Armstrong Exchange Founder Over Alleged Online Betting Scam

noreply@blogger.com (Unknown) — Sat, 31 Oct 2026 21:24:28 +0000

The Enforcement Directorate (ED) has arrested Armstrong Exchange founder Sagar Dash in connection with an alleged online gaming and betting scam.

In a statement, ED said that Dash was arrested on October 27 under the Prevention of Money Laundering Act (PMLA), 2002. A special PMLA court in Mumbai has now remanded Dash to ED custody for three days.

The directorate said that the probe was initiated after three FIRs were filed in connection with online betting and cyber fraud involving All Panel Exchange (APX). Afterwards, the ED began probing the operations of APX and related financial transactions.

The agency subsequently uncovered an alleged network of mule accounts and shell entities, which were used to route proceeds of crime worth hundreds of crores.

The agency alleged that Dash used fabricated documents and KYC details of an account, maintained on behalf of an entity called Armstrong Exchange Pvt Ltd and set up by Dash, with Nagarbhavi Credit Cooperative Society to open a cryptocurrency account.

The ED further claimed that hundreds of crores were routed through the cooperative society’s bank account, with a substantial portion directly linked to proceeds generated through illegal gaming and betting platforms.

According to the ED, the proceeds of the crime were initially routed through multiple mule accounts maintained with Jubilee Hills Mercantile Cooperative Bank in Hyderabad. The money was then transferred to various shell entities, and significant amounts were moved to the aforementioned nodal account at Nagarbhavi Credit Cooperative Society in Bengaluru.

The ED said it is continuing its investigation in the matter to trace the alleged financial network and identify other entities involved in routing the proceeds of crime.

The latest arrest follows searches conducted by the ED across Pune, Mumbai, Bengaluru, Hyderabad, and Surat and Mehsana in Gujarat, which resulted in the seizure of incriminating documents and the freezing of nearly ₹9 Cr in cash held across multiple bank accounts.

The agency had also arrested Ram U Ramdhani, CEO of Edsom Fintech Pvt Ltd, in connection with the probe.

The arrest is part of ED’s broader clampdown on money laundering. Just days ago, the directorate launched investigations into alleged FEMA violations involving crypto platforms Mudrex and Saber.money as well as decentralised finance (DeFi) protocol Instadapp and its associated platform, Fluid, over alleged unauthorised cross-border fund transfers worth more than ₹4,940 Cr.

Prior to this in June this year, the ED had also searched six premises linked to five platforms, namely Transak, Carret, Xpat, Onramp.money and Onmeta, over alleged unauthorised cross-border crypto transfers.

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PB Fintech Q2 Profit Jumps 42% YoY To ₹192 Cr, Revenue Up 35%

noreply@blogger.com (Unknown) — Sat, 31 Oct 2026 03:24:18 +0000

PB Fintech’s consolidated net profit zoomed 42.5% to ₹192.4 Cr in the second quarter (Q2) of the fiscal year 2026-27 (FY27), up from ₹135 Cr in the same quarter last year. Sequentially, the company’s net profit rose 18% from ₹163 Cr.

The jump in the bottom line came on the back of operating revenue rising almost 35% to ₹2,177.7 Cr in the quarter under review as against ₹1,613.6 Cr in Q2 FY26. On a quarter-on-quarter (QoQ), the top line jumped 15% from ₹1,888.3 Cr in Q1 FY27.

Including other income of ₹100 Cr, PB Fintech’s total income for the quarter stood at ₹2,277.6. Meanwhile, the insurtech company’s total expenses rose 32.6% to ₹2,067.7 Cr in the September 2026 quarter as against ₹1,558.8 Cr in Q2 FY26.

Giving a segment-wise breakdown of its results, PB Fintech’s core online business, which includes Policybazaar and Paisabazaar, contributed a revenue of ₹1,336 Cr during the quarter under review, up 39.5% YoY. On the other hand, the new initiatives arm added ₹842 Cr to the total revenue tally, up 28% YoY.

In its investor presentation, the company also noted that its adjusted EBITDA profitability further improved by 39% to ₹216 Cr in Q2 FY27, while adjusted EBITDA margins stayed flat YoY at 10%.

On the operational front, PB Fintech’s total insurance premium stood at ₹9,385 Cr in Q2 FY27, growing 38% YoY. The jump came on the back of broad-based growth in both core online new protection and new protection (which include both health and term insurance) premiums at 38% and 42% YoY, respectively.

The company also said that its core renewal/ trail revenue on a 12-month rolling-basis stood at ₹1,097 Cr in Q2 FY27, up 41.7% from ₹774 Cr in the year-ago quarter. On a quarterly annualised basis, core insurance renewal revenue reached ₹1,153 Cr, up 52% YoY.

PB Fintech also said that Policybazaar has onboarded 17.3 Cr registered customers and nearly 3 Cr transacting users to date. It also claims to have facilitated the sale of 7.7 Cr insurance policies since its inception.

On the flip side, Paisabazaar’s loan disbursals tanked 80% to ₹4,739 Cr in the quarter under review as against ₹8,570 in Q2 FY26. The vertical also clocked an annualised run rate of 4 Lakh for card issuances during the quarter ended September 2026.

On the operational front, Paisabazaar expanded to 6.3 Cr users who have checked their credit scores, with 82 Lakh transacting customers to date. The vertical also logged 33 Lakh average monthly enquiries in Q2 FY27.

Besides its flagship platforms, PB Fintech’s partner enablement platform, PB Partners, expanded to over 5.7 Lakh partners across nearly 19,000 pincodes. Its corporate insurance arm also booked 22,000 unique policies for enterprises and small businesses in Q2 FY27.

Shares of PB Fintech closed Friday’s trading session 1.76% lower at ₹1,000 apiece on the BSE.

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Nasscom Seeks Deferment Of New GST Rules For Ecommerce Deliveries To Jan 2027

noreply@blogger.com (Unknown) — Fri, 30 Oct 2026 03:24:26 +0000

Industry body Nasscom has urged the finance ministry to defer the implementation of the revised GST rules for ecommerce delivery services to January 2027.

In a representation submitted to the ministry on October 28, the industry body sought an adequate transition period for marketplaces to overhaul their technology, accounting and compliance systems in line with the new regime.

It also urged the ministry to conduct consultations with ecommerce operators, logistics providers and other businesses impacted by the new norms.

It is pertinent to note that the GST rules were notified on October 27 and are scheduled to take effect on November 1, leaving companies only a few days to comply. The changes follow recommendations made by the 57th GST Council on October 8.

The new norms introduce a 5% GST rate without input tax credit (ITC) for specified delivery services. The rules also revised the scope of services for which ecommerce operators must discharge tax liability.

“While these changes aim to bring greater consistency to GST treatment, their implementation would require significant adjustments across the ecommerce and logistics ecosystem,” Nasscom said.

Citing its rationale, Nasscom said that implementing the new framework would require changes to enterprise resource planning (ERP) configurations, invoicing, tax calculations, input tax credit treatment and GST compliance processes. The industry body also noted that marketplaces would need to examine the notified provisions, assess how they apply to different operating models and test their systems before deployment.

Based on industry assessments, Nasscom requested a January 1 implementation date to complete the necessary adjustments.

The association also called for industry-wide consultation to clarify requirements and address implementation challenges, arguing that coordinated preparation would help prevent avoidable disruptions.

At the heart of the development is the revised tax framework, which reduces GST on specified delivery services from 18% to 5% but also removes the eligibility for ITC. This means impacted service providers cannot offset eligible GST paid on business inputs against their output tax liability.

As such, a lower headline rate does not necessarily translate into an equivalent reduction in operating costs or customer delivery charges. The impact will depend on each business’s structure and input tax position.

The notified wording also replaces “local delivery” with “delivery services, other than postal and courier services”, broadening the description beyond local deliveries.

With this, the immediate question for ecommerce platforms is whether the government will extend the deadline and give businesses more time to align their systems with the new regime. Will the finance ministry give in? Only time will tell.

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Klassroom H1: Profit Jumps 24% YoY To ₹4 Cr, Revenue Up 21%

noreply@blogger.com (Unknown) — Thu, 29 Oct 2026 20:24:31 +0000

BSE SME-listed edtech startup Klassroom reported a net profit of ₹4.8 Cr in the first half (H1) of the fiscal year 2026-27 (FY27), up 23.8% from ₹3.9 Cr in the year-ago period. On a sequential basis, the platform’s bottom line improved 31.6% from ₹3.6 Cr in H2 FY26.

The profits came as operating revenue for the period under review rose 21.1% to ₹14.9 Cr compared to ₹12.3 Cr in H1 FY26. The top line also zoomed nearly 39% from ₹10.7 Cr in the six month period ended March 2026.

Including other income of ₹12.4 Lakh, Klassroom’s total income for H1 FY27 stood at ₹15 Cr.

In line with the top line, the listed company’s total expenses also saw a sharp jump. Klassroom also incurred additional tax expenses of ₹1.6 Cr in H1 FY27, up 68.2% from ₹96.4 Lakhs in the year-ago period.

Separately, in a filing with the exchanges, Klassroom also said that its board has approved the appointment of ND Associates’ Neeta Desai as the secretarial auditor of the company for a period of five years till FY31. The board also cleared a proposal to appoint Pratik Gamot as the internal auditor of the Company for FY27.

The financials come more than two months after Fusion Klassroom Edutech made a bumper listing on the BSE SME platform. Shares of the edtech platform listed at ₹170, a premium of 6.92% to the issue price of ₹159.

The public issue comprised a fresh issue of up to 19.89 Lakh shares and an offer for sale (OFS) component of up to 4.66 Lakh shares. The IPO was subscribed 1.46X. Klassroom had set a price band of ₹151 to ₹159 for the issue, seeking a valuation of ₹148.1 Cr at the upper end of its spectrum.

Zooming Into Klassroom’s H1 Expenses

Klassroom’s total expenses rose 14.4% to ₹8.6 Cr in H1 FY27 as against ₹7.5 Cr in the year-ago period. Here is how the company spent during the period under review:

Other Expenses: This was the biggest cost centre for the company. Klassroom spent ₹3.4 Cr under this bucket in the six month period ended September 2026, up 34.8% from ₹2.5 Cr in H1 FY26. The edtech platform did not give a breakdown of these expenses.

Employee Benefit Expenses: The edtech platform incurred an expenditure of nearly ₹80 Lakh under this header in H1 FY27 compared to ₹57.1 Lakh in the year ago period.

Purchase Of Stock-In Trade: Klassroom also spent ₹64 Lakh to buy finished goods in the period under review. This was more than 70% lower than ₹2.1 Cr in H1 FY26.

Operating Expenses: Expenditure under this bucket declined 76.9% to ₹51.7 Lakh in H1 FY27 as against ₹2.2 Cr in the year ago period.

Shares of Klassroom closed Thursday’s trading session 4.94% higher at ₹170 on the BSE.

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Bengaluru Tech Summit 2026: What’s In Store For Startups At Asia’s Largest Tech Event

noreply@blogger.com (Unknown) — Thu, 29 Oct 2026 07:24:15 +0000

India’s startup ecosystem is the fourth most valuable startup ecosystem in the world and spans from fintech and consumer technology to AI and deeptech sectors. As founders look beyond domestic markets to build globally competitive businesses, access to capital, talent and technology infrastructure has become increasingly important.

Bengaluru has long brought these ingredients together. For close to three decades, the Silicon Valley of India has been the yardstick against which India’s tech ambitions are measured. The city now ranks 15th among global startup ecosystems and 12th among the world’s largest tech talent hubs.

Meanwhile, Karnataka accounts for 42% of India’s IT exports and leads the country in software exports, biotech, and aerospace and defence manufacturing.

As AI changes how products are developed and businesses operate, the opportunity is expanding – build from Bengaluru and reach the world.

This ambition will take centre stage at the Bengaluru Tech Summit (BTS) 2026. Organised by the Karnataka government’s Department of Electronics, Information Technology, Biotechnology and Science & Technology, the Summit returns for its 29th edition from November 17-19 at the Bangalore International Exhibition Centre (BIEC), Bengaluru.

Under the theme ‘AI & Beyond’, the three-day event will bring together founders, investors, technology leaders, researchers, and policymakers to explore emerging technologies and the businesses being built around them.

Billed as Asia’s largest integrated technology event, BTS 2026 expects more than 60K business visitors, over 25K delegates, 1,800+ exhibitors and 700+ speakers across 120+ sessions.

Participation is expected from over 75 countries and 30+ Indian states and Union Territories. It will also feature more than 20 country pavilions and over 175 international exhibitors on the floor.

The summit will span 18 thematic tracks, covering IT and deeptech, frontier technologies, electronics and semiconductors, electric mobility, health and biotech, data centres, cybersecurity, global capability centres (GCCs), fintech, and the orange economy, which encompasses creative industries. A dedicated India-USA Tech Conclave will also be part of the programme.

The speaker line-up announced so far includes Sandeep Sahai, chief executive officer, Clear Water Analytics, Vivek Raghavan, cofounder, Sarvam AI, Dr V. Anantha Nageswaran, chief economic advisor (CEA), Govt. of India, Ranjani Mani, director and country head – generative AI, Microsoft, Rangesh Raghavan, corporate vice president and MD, Lam Research, Dr Sowmya Swaminathan, chairperson, M S Swaminathan Research Foundation, and Dr Velislava Petrova-Chamova, minister of foreign affairs of the Republic of Bulgaria.

For founders, the programme extends beyond conference sessions to product showcases, investor meetings, and practical guidance on building and scaling businesses.

A Global Startup Showcase

The Startup Pavilion will host more than 1,000 startups, incubators, and accelerators, with startup participation spanning 100 cities. These will include cohorts from the Karnataka Digital Economy Mission’s (KDEM) ‘Beyond Bengaluru’ initiative and the Software Technology Parks of India’s ‘Sayuj’ programme.

Eighteen thematic pavilions will cover sectors including AI, agritech, D2C, fintech, semiconductors, robotics, and SaaS. By grouping startups within their industry segments, the exhibition aims to help founders connect with relevant buyers, customers, and potential partners.

Two dedicated startup stages will focus on ‘Deeptech For Business’ and ‘Consumer Tech For Billions’. Both stages will host workshops and masterclasses on topics such as go-to-market strategies, investor readiness, product management, cybersecurity and AI.

Connecting Founders With Investors

On the sidelines of BTS 2026, the three-day ‘Investor Connect Programme’ will offer curated, sector-specific matchmaking between startups, investors, and corporates. At the pitching arena, tech founders will get a shot at presenting to global VCs.

The three-day initiative is shaped in a way to bring startups face-to-face with investors, corporates, and key ecosystem stakeholders who can unlock collaborative projects, build investor relationships and connect young businesses with potential customers.

The programme will also host a reverse pitching session that will turn the tables, with investors explaining their investment theses, portfolio focus, and the businesses they want to back. Startups will also have access to one-on-one mentoring sessions with entrepreneurs, investors, policymakers and domain experts.

Celebrating India’s Future Makers

Another addition to the broader BTS 2026 umbrella is the Future Makers Conclave, a platform to celebrate India’s next generation of innovators and entrepreneurs. The conclave will bring together founders, entrepreneurs, investors and thought leaders to exchange ideas, share experiences, and discuss emerging opportunities across the technology and startup ecosystem.

The day will feature the BTS Unicorn Felicitation, where the state government will honour Indian startups that have entered the unicorn club since the previous edition. The conclave will also mark 10 years of the Karnataka government’s Elevate programme, which supports startups in the state.

The Bengaluru Tech Summit will also host key industry players, including Infosys, Biocon, QpiAI, Bosch Global Software Technologies, Clearwater Analytics, Booking Holdings, ZS, SAP, eBay, ACT Enterprise, Applied Materials, Fujitsu Ltd, Cloudflare, Qualcomm, Intel, JetBrains, Antithesis, PLAUD, Kyndle IT and many more as sponsors, alongside international partners like Business Sweden, Italian Trade Agency, Australian Trade & Investment Commission, Poland and more.

Together, the startup exhibition, investor programmes, and the Future Makers Conclave aim to make BTS 2026 a meeting point for ideas, capital, and commercial opportunities – giving founders a platform to take their next step towards global growth.

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Kissht Q2: Profit Doubles To ₹125 Cr, Revenue Jumps 45% YoY

noreply@blogger.com (Unknown) — Thu, 29 Oct 2026 05:24:35 +0000

Lending tech platform Kissht’s parent OnEMI Technology Solutions reported a 100.4% jump in consolidated net profit to ₹125.1 Cr in the September quarter of FY27 from ₹62.4 Cr a year earlier.

Operating revenue climbed 44.7% to ₹731.8 Cr during the quarter under review from ₹505.7 Cr in Q2 FY26.

On a sequential basis, net profit grew 31.6% from ₹95.1 Cr, while operating revenue rose 9.3% from ₹669.5 Cr.

Including other income of ₹8.5 Cr, Kissht’s total income stood at ₹740.3 Cr in Q2 FY27.

Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht offers digital lending products, including personal loans and loans against property. Its group includes lending subsidiary Si Creva Capital Services.

Kissht’s total expenses increased 34.9% to ₹586 Cr from ₹434.5 Cr in Q2 FY26.

Alongside the results, Kissht’s board approved an investment of ₹624.1 Cr in wholly owned subsidiary Si Creva through a rights issue.

(The story will be updated soon)

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Meesho’s Q2 Report Card, Info Edge CEO Quits & More

noreply@blogger.com (Unknown) — Thu, 29 Oct 2026 04:24:14 +0000

Meesho’s Q2 Snapshot

Meesho inched closer to profitability in Q2 FY27. The quarter saw the ecommerce giant rein in its losses, scale its revenues and improve its contribution margins. Yet macroeconomic volatility and loss-making new bets continued to weigh on its bottom line in Q2.

Here’s a quick look at Meesho’s Q2 FY27 numbers:

Net loss narrowed 68% YoY to ₹132.4 Cr
Operating revenue rose 34% YoY to ₹4,131.6 Cr
Total expenses increased 24% YoY to ₹4,382.3 Cr

The Marketplace Engine: As usual, Meesho’s core marketplace vertical accounted for the biggest chunk of its revenues in Q2, driven by a growing base of active transacting users and higher order frequency. What also came in handy were expanding margins, optimised logistics, strong user retention across Tier II+ markets and AI-driven automation.

Costly New Bets: On the flip side, Meesho’s newer initiatives – hyperlocal logistics, digital financial services and AI services – continued to widen their losses. However, revenues from these emerging businesses also rose sharply. The management sees faster deliveries, logistics efficiencies and AI eventually making these ventures more viable going forward.

In line with this, the listed company has invested an additional ₹75 Cr in Meesho Grocery to support its growth and financial requirements.

The Festive Cheer: Going forward, critics will be closely watching Meesho’s Q3 results as the quarter will capture a bigger portion of the company’s festive sales. This is because its ‘Mega Blockbuster Sale’ shifted from Q2 last fiscal to Q3 this year. The leadership expects Q3 growth to appear stronger, although it will require continued elevated spending during the Diwali period.

As the ecommerce giant continues its march towards profitability, here’s how Meesho fared on the financial front in Q2 FY27…

From The Editor’s Desk

Info Edge CEO Quits After 27 Years

Info Edge founder Sanjeev Bikhchandani will take over as executive vice chairman, MD and group CEO from December 3, 2026, succeeding Hitesh Oberoi, who is stepping down after nearly 27 years in a full-time executive role.
Oberoi will remain on the board as a non-executive, non-independent director. He cited plans to focus more on education, entrepreneurship, investing, philanthropy and family.
Info Edge’s consolidated net profit surged 87% YoY to ₹649.8 Cr in Q2 FY27, while revenue from operations rose 12.2% to ₹903.9 Cr. A 164.8% jump in other income to ₹428.4 Cr also contributed to profit growth.

Cognizant Eyes Sarvam Stake

The AI giant is in talks to raise $300 Mn at a valuation of $3.5 Bn to $4 Bn, more than double its previous valuation of $1.5 Bn just four months ago.
The potential investment will make Cognizant the second IT services major to back Sarvam after HCLTech, as IT firms look to strengthen AI capabilities amid growing automation risks to traditional outsourcing.
Sarvam is expanding its enterprise AI business, with customers including LIC, SBI Life, IDFC First Bank, Tata Capital and CRED. It is also pursuing AI projects in the defence sector through an MoU with the defence ministry’s Headquarters Integrated Defence Staff.

Astrotalk’s Profit Zooms 10X In FY26

The spiritual tech startup’s consolidated net profit jumped nearly 10X to ₹222 Cr in FY26, while operating revenue grew 55% YoY to ₹1,823 Cr. Profit before tax nearly quadrupled to ₹296 Cr.
International revenue surged 2.6X to ₹621 Cr, contributing 34% of operating revenue. Ecommerce revenue more than quadrupled to ₹166 Cr as Astrotalk Store expands beyond astrology consultations into spiritual products.
Cash flow from operations rose 21% to ₹229 Cr, while year-end cash and investments increased 41% to ₹917 Cr. The startup said it funded its expansion through internal cash flows. Astrotalk entered the unicorn club in August at a $1 Bn valuation following an ESOP buyback.

Moms Home’s Quick Commerce Bet

Jaipur-based baby essentials brand grew quick commerce revenue from around ₹1 Cr in FY25 to ₹10 Cr in FY26, accounting for nearly 30% of its ₹35 Cr top line. Monthly sales have since approached ₹5 Cr, with the brand selling around 45,000 kits a month.
Contribution margins have declined from 20-25% initially to 10-15%, amid inventory and replenishment challenges. The babycare brand has adapted by focusing on curated newborn and gifting kits and assembling products based on demand to reduce the risk of unsold inventory.
Moms Home aims to generate ₹30 Cr in quick commerce revenue in FY27 and expects the channel to contribute up to 50% of overall revenue in the next 15-18 months. It is also exploring a $3 Mn fundraise and plans to strengthen direct-to-consumer deliveries as it looks to reduce dependence on third-party platforms.

CarTrade’s Mixed Q2

The automotive classifieds company reported a consolidated net profit of ₹66 Cr in Q2 FY27, up 3% YoY and 16.2% QoQ. Meanwhile, operating revenue grew 10.2% YoY to ₹213.1 Cr and 5.9% sequentially.
Including other income of ₹23.1 Cr, total income stood at ₹236.2 Cr. Total expenses increased 6% YoY to ₹150.8 Cr but declined 0.9% QoQ.
The September quarter had no exceptional expenses, unlike the preceding quarter, which included a ₹3.1 Cr charge linked to salary restructuring under the new labour codes.

Inc42 Markets

Inc42 Startup Spotlight

Can Firi Make Beauty Shopping Less Overwhelming?

Beauty shoppers today have thousands of products to choose from. But more choices often mean more time spent researching what actually works. Firi is trying to solve this with its opinionated online store that uses AI to research and stock beauty products and delivers them in minutes.

A Curated Store: Founded in 2026, Firi leverages AI agents to analyse online reviews, Reddit discussions, YouTube content and ingredient lists to decide which beauty products to stock. It claims to have so far analysed 50 Mn+ reviews and shortlisted about 3,000 products from more than 3 Lakh beauty products globally.

Delivered In Minutes: Firi currently sells skincare, haircare and body care offerings through its only Beauty Studio in parts of Delhi NCR, where it offers deliveries in as little as nine minutes. The startup now plans to add more dark stores in the city before expanding to other markets.

The Road Ahead: Backed by 360 ONE Asset and Better Capital, Firi plans to now expand into makeup, fragrances and other categories. It is also focusing on scaling its AI-led discovery and fulfilment model. With the homegrown online beauty and personal care market projected to become a $13 Bn opportunity by FY30, can Firi’s AI-led curation model redefine how India shops for beauty products?

Infographic Of The Day

CEO and cofounder Sriharsha Majety owns just 5.27% of listed foodtech giant Swiggy. So, who holds the rest?

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[Update] Bombay HC Rejects Meta’s Plea To Move Blink Digital’s ₹1,000 Cr Suit To US

noreply@blogger.com (Unknown) — Wed, 28 Oct 2026 07:24:34 +0000

Update | October 28, 11:16 IST

The Bombay High Court rejected Meta Platforms Inc.’s plea challenging its jurisdiction to hear a ₹1,000 Cr commercial suit filed by digital advertising agency Blink Digital India.

Meta sought the return of the suit for filing before a US court, arguing that its terms require commercial disputes to be resolved exclusively in California under Californian law.

However, Justice Sandeep V Marne held that private contracts cannot override mandatory Indian laws. The court noted that the dispute went beyond a contractual breach, with both parties raising allegations of violations of India’s Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.

The court also noted that Meta’s Indian subsidiary and co-defendant, Facebook India Online Services, had not challenged its jurisdiction. Meta could not raise that objection on its subsidiary’s behalf, it said.

Blink Digital filed the suit after Meta disabled four of its Business Manager accounts and around 9,000 linked advertising accounts in August this year. The agency is seeking restoration of the accounts and ₹1,000 Cr in damages.

Original | September 23, 18:14 IST

Advertising agency Blink Digital India has recently sued Meta and its India entity Facebook India Online Services Private Limited for a compensation of about ₹1,000 Cr over four ‘Meta Business Manager’ accounts that were disabled by the latter on its platform.

As per the court’s documents, Blink Digital filed its complaint with the Bombay High Court on September 17 (Thursday). The ad agency is seeking restoration of its accounts and compensation for the disabling of its four accounts.

For context, Meta Business Manager is a free backend dashboard that lets businesses and agencies securely manage their Facebook Pages, Instagram accounts, ad accounts, pixels, and team permissions in one place.

Advocate representing Meta, Janak Dwarakadas, has been granted time of two weeks to file an affidavit in reply opposing the interim application of Blink Digital. Following which, the court has allowed a week’s time for the advertising company to file rejoinder to Meta’s affidavit.

The case’s hearing is set for October 12 (Monday).

Blink Digital India, an advertising agency founded in 2009, is headed by Dooj Ramchandani and works with brands on digital campaigns, websites, apps, social media, immersive experiences, games, video and other technology-led marketing initiatives.

Some of its prominent clients include KFC, ITC, Star Sports, Vh1, Condé Nast, Moët Hennessy, Viber and Puma.

For agencies such as Blink Digital, Meta’s business manager platform serves as an operational layer for managing clients’ advertising infrastructure, while campaigns themselves are created and managed via the Meta Ads Manager.

Disabling this resulted in ad campaigns associated with Blink Digital to stop running, also leading to the loss of access to advertising features, including the ability to create or manage advertising activity through the affected portfolio.

The development adds on to the growing legal scrutiny of Meta in India in recent times. Most recently, the tech major came under heavy regulatory scrutiny over instances of child sexual abuse content on its platforms. Meta has agreed to report such instances to the central government moving forward.

Beyond regulatory hurdles, Meta was also recently sued by media giant Zee over copyright infringement. Zee alleged that users were uploading and monetising its IP content without approval. While the HC has directed Meta to remove the allegedly infringing content, it declined to block the Facebook accounts in question at this stage.

Earlier in May, the Delhi HC passed a John Doe order directing Meta to take down multiple Facebook URLs allegedly hosting Zee Entertainment Enterprises Limited’s (ZEEL) unauthorised content.

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Jio Platforms Lists At 21.36% Premium After India’s Largest IPO

noreply@blogger.com (Unknown) — Wed, 28 Oct 2026 05:24:38 +0000

Shares of Jio Platforms, the telecom and digital services arm of Reliance Industries, listed at ₹1,358 apiece on the BSE and the NSE, a 21.36% premium to the issue price of ₹1,119.

The debut gave the company a market capitalisation of ₹12.5 Lakh Cr (about $131 Bn) as against the ₹10.3 Lakh Cr (about $108 Bn) capitalisation at the issue price.

The listing follows India’s largest IPO, which was subscribed 22.19X when bidding closed on October 23. Jio Platforms had set a price band of ₹1,065-₹1,119 per share for the ₹30,213 Cr offering.

The IPO comprised a fresh issue of up to 27 Cr equity shares, with no offer-for-sale component.

Ahead of the public issue, Jio Platforms raised ₹8,109.8 Cr from anchor investors by allotting about 7.25 Cr shares at ₹1,119 apiece. Participants included HDFC Mutual Fund, ICICI Prudential Mutual Fund, SBI Mutual Fund, BlackRock, the Government of Singapore, and Abu Dhabi Investment Authority.

Jio plans to use ₹27,500 Cr from the IPO proceeds to prepay certain borrowings of its telecom subsidiary, Reliance Jio Infocomm (RJIL), with the remaining proceeds earmarked for general corporate purposes.

The debt repayment makes the offering partly a balance sheet exercise, while its growth prospects depend on expanding beyond telecom connectivity into broadband, cloud services, enterprise solutions, and AI.

RJIL had 533.3 Mn customers as of June 30, 2026, while Jio’s network carried around 60% of India’s wireless data traffic in FY26. During the quarter, Jio’s average revenue per user (ARPU) rose 3.26% to ₹215.60 compared with ₹208.80 a year earlier. Monthly data consumption also increased to 43.7 GB per customer from 37 GB.

This comes as the company has been working on extracting revenue from customers beyond its mobile connectivity offerings. Jio’s fixed broadband customer base grew from 11.2 Mn in March 2024 to 28.6 Mn in June 2026, including 14 Mn JioAirFiber customers, giving it an avenue to deepen household engagement.

On the financial front, Jio Platforms’ operating revenue rose nearly 15% YoY to ₹1.47 Lakh Cr in FY26, while net profit increased 15.1% to ₹30,049 Cr.

Earlier today, Motilal Oswal initiated coverage on Jio Platforms with a ‘BUY’ rating, setting a target price of ₹1,350 per share. The brokerage expects Jio to sustain its leadership in wireless connectivity and home broadband, while expanding its digital services business across cloud, enterprise communications, IoT and managed services.

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The Festive Margin Crush, WeWork India’s Q2 Show & More

noreply@blogger.com (Unknown) — Wed, 28 Oct 2026 04:24:25 +0000

Festive Rush Comes At A Cost

India’s ecommerce sellers are heading into the festive rush with a growing cost burden. While Amazon India and Flipkart have cut commissions to attract more sellers, higher cancellation penalties, platform fees and logistics costs are denting their margins just as festive demand peaks. Meanwhile, subdued discretionary spending and rising logistics costs are adding to their woes. But what’s really happening?

Flipkart’s Penalty Shot: Flipkart’s zero-commission push across fashion categories in July has nearly doubled seller onboarding. However, its new penalty structure charges sellers ₹30 for delayed dispatches and another ₹60 for cancelled orders, regardless of order value. This flat fee is hurting smaller sellers and low-value orders, taking the shine off its zero-commission model.

Amazon Plays Spoilsport, Too: The ecommerce giant has followed suit. It has revised its cancellation fee structure, linking charges to order value instead of slapping a flat fee. Amazon’s flat tier-based penalty for cancelled orders can go up to 10% of the order value for orders up to ₹10,000, falling to 8% for orders between ₹10,001 and ₹50,000, 5% for orders between ₹50,001 and ₹1 lakh, and 2% for orders above ₹1 lakh. An additional 18% GST applies to these charges.

Deliveries Turn Costlier: Rising logistics costs are also adding to the festive-season strain, with Amazon raising closing fees and Delhivery introducing a surcharge on D2C shipments. Flipkart is also considering a revision in seller fulfilment fees. Quick commerce is adding to the pressure, with frequent, smaller shipments increasing vehicle requirements and waiting times at distribution hubs.

Sellers In A Tight Corner: The shift to value-linked cancellation fees adds to the cost of doing business on marketplaces, particularly for those operating on thin margins. Sellers have also flagged the difficulty of contesting such charges, saying the process can be cumbersome even when they have evidence of timely dispatch.

With penalties, surcharges and logistics costs piling up, here’s how ecommerce sellers are paying the price.

From The Editor’s Desk

WeWork India Q2 Profit Jumps 219%

WeWork India’s net profit surged 219% YoY to ₹20.4 Cr in Q2 FY27, while operating revenue rose 33.6% to ₹767.8 Cr. The company added a record 11,700 desks during the quarter.
Operational capacity grew 26.9% YoY to 1,45,300 desks across 85 centres in eight cities. Its member base rose 32.5% to 1,21,700, while occupancy stood at 83.7%.
Value-added services and digital revenue grew 38% to ₹108.8 Cr, outpacing core revenue growth. WeWork India also reported a net cash position of ₹23.1 Cr, compared with net debt of ₹310.5 Cr a year earlier.

Baillie Gifford Funds Mark Down VerSe By Up To 80%

Two funds managed by Baillie Gifford slashed the value of their VerSe Innovation holdings by around 80% over different periods. One fund’s assessment implied a valuation of about $576 Mn, nearly 90% below its $5 Bn valuation in 2022.
VerSe Innovation, the parent of Dailyhunt and Josh, last raised $805 Mn in April 2022 at a reported $5 Bn valuation. The company has raised nearly $1.7 Bn from investors including Google, Microsoft and Peak XV Partners.
VerSe reported an 88% YoY rise in FY25 operating revenue to ₹1,930 Cr, while its EBITDA burn narrowed 20% to ₹738 Cr. However, the latest markdowns reflect investor concerns and do not establish a definitive company-wide valuation.

Practo Cofounder’s Cent Raises $15 Mn

Healthtech startup Cent raised $15 Mn in a Series A round led by Blume Ventures and South Park Commons. It also acquired AI-powered radiology platform Medsee to improve reporting workflows.
Founded by Practo cofounder Shashank ND and two other executives, Cent combines AI, radiology and biomarkers to screen asymptomatic patients for over 300 conditions, including cancer and cardiac disease.
Cent said it has completed 10,000 preventive whole-body scans across Bengaluru, Mumbai and Delhi NCR. It plans to use the fresh capital to expand its AI, engineering and clinical teams, and scale to 1 Cr scans by 2035.

Parsec Aerospace In Talks To Raise $10 Mn

Bengaluru-based Parsec Aerospace is in talks to raise around $10 Mn in a funding round led by Nexus Venture Partners, with participation from existing investor Lightspeed Venture Partners, sources told Inc42.
Founded by former Pixxel engineer Effy John, Parsec Aerospace is developing next-generation engines for aerospace applications. Incorporated in September 2025, the startup remains in stealth mode.
The funding talks come as Indian deeptech startups raised $290 Mn across 28 deals in Q3 2026, nearly 2.8X the $105 Mn raised in the year-ago quarter. Recent investments include aerospace propulsion startup D-Propulse Aerospace’s ₹25 Cr fundraise.

IndiaMART’s Q2 Snapshot

IndiaMART’s net profit rose 9.8% YoY to ₹90.7 Cr in Q2 FY27, while operating revenue grew 10% to ₹428.6 Cr. EBITDA fell 2% to ₹156 Cr, but margins improved 300 bps to 40%.
Customer collections increased 9% YoY to ₹443 Cr during the quarter. The B2B ecommerce platform recorded 2.7 Cr unique business enquiries, while its paying suppliers stood at 2.2 Lakh.
Annualised revenue per paying supplier rose 10% to around ₹72,000, supporting marketplace revenue growth. However, profit declined 47.3% sequentially from ₹172.2 Cr in Q1 FY27.

Inc42 Markets

Inc42 Startup Spotlight

How Protonas Is Making Hydrogen Power More Affordable

Backup power in India often means diesel generators. But these are costly to run, pollute the environment and have high upfront costs. To solve this, Protonas is redesigning PEM fuel cells to make hydrogen power viable where traditional batteries fall short.

A Cost-First Design: Founded in 2024, Protonas is building air-cooled proton exchange membrane (PEM) fuel cells. This technology converts hydrogen and oxygen into electricity, with water as the only point-of-use byproduct. Its stack architecture uses fewer components and simpler cooling systems, which the startup claims can slash manufacturing and operating costs.

Lighting Up India: Protonas is building systems for backup power, mobility and UAVs. Its 500W–2kW systems for telecom networks and critical infrastructure are designed to provide eight to 72 hours of backup during outages. The startup is also developing fuel-cell engines for three-wheelers, alongside systems aimed at extending drone flight times.

Building In India: Backed by Transition VC, Protonas now plans to build its engineering and manufacturing operations in Bengaluru. Competing with the likes of Ballard Power Systems and Plug Power, it is now focused on developing affordable prototype systems for emerging markets. So, can Protonas make hydrogen fuel cells affordable and mainstream?

Infographic Of The Day

From quick commerce to food delivery, Eternal and Swiggy’s Q2 FY27 numbers tell two very different stories. Here’s how they stack up…

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Exclusive: QwikBuild Raises $2.3 Mn To Expand Enterprise AI Platform

noreply@blogger.com (Unknown) — Wed, 28 Oct 2026 01:24:11 +0000

Bengaluru-based enterprise AI startup QwikBuild has raised $2.3 Mn (around ₹22 Cr) in a pre-seed funding round led by Japanese tech major Globalway, along with participation from Blume Ventures, DeVC, Marsshot and angel investors Lalit Keshre, founder of Groww, and Curefoods’ CEO Ankit Nagori.

The startup will use the fresh capital primarily to fuel its go-to-market (GTM) activities. This will include setting up a team in the US as well as expanding operations across South East Asia.

Besides the investment, QwikBuild also announced that it is forming a joint venture (JV) with Globalway to enter Japan’s enterprise software market. Expected to become operational by the end of 2026, the JV will take QwikBuild’s platform to Globalway’s existing and prospective enterprise customers in Japan.

Founded in 2025 by ex-slice executive Pradeep Ayyagari, QwikBuild builds enterprise software and AI agents that can bring down the software development and deployment significantly.

The startup claims to be serving more than 100 enterprises across India, Southeast Asia, the US and Dubai. It says that about 10-12% of its clients are large enterprises, while about 30% are smaller businesses that use the platform to deploy softwares without setting up dedicated technology teams.

QwikBuild’s Enterprise AI Play

QwikBuild combines custom software development with AI-driven workflow automation. Its platform allows businesses to build applications from scratch, replacing legacy systems or custom software layers on top of tools offered by giants like SAP and Salesforce.

According to Ayyagari, the SaaS startup focuses on codifying business decisions rather than automating individual tasks alone.

For instance, a financial services company may need to decide which customers to contact, what filters to apply and which scripts to use for different customer segments. While a specialised AI startup may automate the calling process here, QwikBuild will look at codifying the decisions that determine which calls should be made in the first place.

Businesses can then autonomously deploy voice agents or other tools to execute these workflows, either through QwikBuild or other providers.

“Tech has always been the enabler. But adoption of tech was always the hardest problem that I have seen,” Ayyagari said, drawing on his experience at Flipkart, Swiggy and Slice.

QwikBuild aims to address this gap by allowing business teams to build and test applications as their requirements evolve, without repeatedly relying on engineering teams.

Ayyagari cited a recent customer meeting in which a business team discussed changes to an application. “The agent understood what the context was. The feature was immediately built within the next five minutes,” he said. “Tech and business can work parallelly together,” he added.

He also pointed to the potential for enterprise AI adoption. “Hardly 1% of enterprises have adopted AI. It’s a huge market that needs to be unlocked,” he said, adding that the software needed to automate businesses over the next five years would be “at least 10X” in price when compared with what’s available today.

The startup is betting that businesses will increasingly turn to platforms combining software development, integrations and AI agents to automate operations.

This is also reflected in recent enterprise AI investment trends in the Indian startup ecosystem, For instance, enterprise AI and automation startup RapidCanvas netted $29 Mn last week. On a broader level, Indian AI startup funding surged 265% YoY to $438 Mn in Q3 2026, according to Inc42’s Indian Tech Startup Funding Report.

However, Inc42’s survey of 85+ institutional investors found that 63% saw some degree of froth in AI valuations, with about half of them expecting a correction within 18 months. Despite these concerns, investors see vertical AI as the biggest value driver over the next five years, followed by AI hardware and semiconductors and AI-led IT and business services.

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Protectt.ai To Acquire Controlling Stake In Bosch’s AIShield

noreply@blogger.com (Unknown) — Tue, 27 Oct 2026 02:24:25 +0000

AI-native cybersecurity startup Protectt.ai plans to acquire a controlling stake in AIShield, an AI security platform incubated within Bosch Global Software Technologies (BGSW). Bosch will retain a minority stake in AIShield following the transaction.

Backed by Bessemer Venture Partners, Protectt.ai will acquire the stake through a deal comprising primary and secondary components. The companies have not disclosed the transaction value or timeline.

“There will be cash, a secondary component and future investments as required. The current structure is a combination of cash and ESOPs. Future investments will depend on the requirements of the business,” Protectt.ai cofounder Manish Mimani told Inc42.

Founded in 2022 by Shiv Kumar and Amit Phadke, AIShield was incubated within BGSW. It develops security solutions for machine learning models, generative AI applications and AI supply chains, helping enterprises defend against attacks designed to manipulate AI systems and address compliance risks.

The partnership will combine AIShield’s AI security capabilities with Protectt.ai’s mobile security platform, allowing the latter to expand into enterprise AI security.

AIShield will continue to operate as an independent entity under Protectt.ai once the deal is completed, with its own professional management team and a focus on AI security research and product development. It will also be able to raise external funding in the future.

Protectt.ai plans to work with private companies and government organisations through AIShield to build an India-developed AI security platform, Mimani said.

From Mobile Security To Enterprise AI

Founded in 2020 by Manish Mimani and Mohanraj Selvaraj, Protectt.ai provides mobile threat defence solutions that help businesses protect applications against cyber threats and fraud. Its platform also serves as a compliance hub for app owners, helping them adhere to regulations issued by entities such as the RBI, SEBI and NPCI.

The startup also offers a full-stack AI security platform with tools to test AI agents for vulnerabilities, secure connections between AI applications and external tools, and monitor AI agents while they operate.

Protectt.ai’s security technology runs on more than 1 Bn mobile devices and processes 15 Bn mobile application sessions every month, Mimani said.

He expects mobile applications to increasingly rely on AI agents to perform tasks, potentially reducing the need for users to navigate conventional app interfaces over the next one to two years.

Protectt.ai had already been researching AI model scanning and AI agent security as part of its product roadmap. Through the AIShield acquisition, the startup aims to extend these capabilities beyond mobile applications to enterprise use cases across sectors.

Some members of Protectt.ai’s AI security team will move to AIShield, although the number has yet to be finalised.

AIShield currently has around 12–15 employees and plans to expand its team to 50–60 people by March 2027. It plans to hire PhD researchers, master’s graduates and other technical talent from leading institutions to strengthen its research and engineering capabilities.

The team will focus on developing products, conducting research and filing patents, Mimani said.

Protectt.ai Eyes Further Acquisitions

The AIShield deal is Protectt.ai’s first such acquisition. The startup set up an M&A team earlier in 2026 to evaluate potential acquisitions and partnerships, with a focus on building capabilities and addressing gaps in its existing offerings.

Protectt.ai is exploring opportunities in areas such as API security and cloud security that could complement its current capabilities, Mimani said.

The startup secured around $16 Mn in a Series A funding round led by Bessemer Venture Partners and Bajaj Finance in 2025. Mimani added that Protectt.ai is evaluating opportunities and expects to consider raising fresh funds in 2027.

AI-native cybersecurity firm Protectt.ai has shared plans to acquire a controlling stake in AIShield, an AI security platform incubated within Bosch Global Software Technologies (BGSW). Bosch will continue to retain a minority stake in the AI security platform.

The Bessemer-backed AI startup will acquire a majority stake in AIShield in a deal that features both primary and secondary components. The financial particulars and the timeline of the deal were not disclosed.

Founded in 2022 by Shiv Kumar and Amit Phadke and incorporated at Bosch Global Software Technologies, AIShield is an enterprise AI cybersecurity company specialising in protecting machine learning models, GenAI applications, and AI supply chains against adversarial attacks and compliance risks.

The partnership will combine AIShield’s AI security capabilities with Protectt.ai’s mobile security platform.

AIShield will continue to operate as an independent entity under Protectt.ai post the culmination of the deal with a professional management team and specialised talent focused on research into AI security and securing AI systems.

It will be able to raise external funding in the future and plans to work with private companies and government organisations to build a Make in India security platform for AI, added Mimani.

From Mobile To Full Stack AI Security

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

It also has a full stack AI security platform which includes services such as adversarial testing for agentic AI, model context protocol security, and runtime security and governance for agentic AI.

Protectt.ai’s security technology runs on more than 1 Bn mobile devices, processing 15 Bn mobile application sessions every month, Mimani said.

He expects mobile applications to increasingly incorporate AI agents, with applications potentially becoming UI-less over the next one to two years.

Protectt.ai was already researching AI-enabled model scanning and AI agent security, which were part of its go-to-market strategy and product roadmap. Through its partnership with AIShield, the startup aims to position a full-stack AI security platform to extend beyond mobile applications to enterprise use cases across sectors.

Some of Protectt.ai’s AI security team members will move to AIShield, though the exact number is yet to be finalised. “We are still restructuring and discussing with employees, so it may not be possible to quantify the number at this stage,” the executive said.

AIShield currently has around 12-15 employees, and the startup plans to expand its team to 50-60 people by March. It will also hire PhD researchers, master’s graduates, and technical talent from leading institutions to build the platform. The executive said AIShield would have a research- and engineering-focused team tasked with developing products, conducting research, and filing patents.

This is the first of its kind partnership for Protectt.ai. The startup, at the start of the year, set up an M&A team to evaluate potential deals going forward. Its M&A strategy will focus on both building capabilities and filling gaps in its existing offerings. The startup is looking for acquisitions or partnerships in areas such as API security and cloud security that complement its existing capabilities, said Mimani.

Protectt.ai secured around $16 Mn in a Series A funding round led by Bessemer Venture Partners and Bajaj Finance, last year. Mimani added that the startup is evaluating opportunities and would look at raising fresh funds next year.

[Edited by Akshit Pushkarna]

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BioStack Nets $9.5 Mn To Build Training Datasets For Medical AI

noreply@blogger.com (Unknown) — Mon, 26 Oct 2026 21:24:34 +0000

AI-powered healthtech platform BioStack has raised $9.5 Mn (₹90.4 Cr) in its seed funding round led by Peak XV Partners, Afore Capital, DCVC, Emerson Collective, SV Angel, Verdict Capital, Streamlined Ventures, and Y Combinator.

The startup plans to utilise the fresh capital to continue expanding its presence in the US and other international markets, including India, Brazil, and Argentina. A chunk of the capital will also be used to scale its tech stack and ramp up hiring across engineering and research teams.

Founded in 2025 by Sanat Mishra and Parth Patwa, BioStack claims to be building the data infrastructure for the next generation of medical AI.

It combines fragmented clinical information across systems such as electronic health records, medical imaging, clinical notes and medications. The startup then uses this data to create proprietary datasets for research, biotechnology, and the development and training of medical AI models.

“We’re building the infrastructure that connects all of the clinical information and makes it useful, both for clinicians making decisions today and for the researchers and AI developers building the future of medicine,” said BioStack cofounder and CEO Mishra.

BioStack currently works with multiple hospitals across the US, Brazil and Argentina. In India, it is also connecting cancer patients with an investigational cancer vaccine program.

The startup also claims that it offers use cases such as AI model evaluation, disease modeling, biomarker discovery, patient stratification and treatment-response analysis.

Besides offering custom workflows to protect patient privacy, the startup claims to have so far processed 10 Cr de-identified patient records, more than “several hundred thousand” fragmented X-Rays, MRIs and CT scans, and “several million” telehealth audio transcripts.

For context, de-identified patient records are medical datasets that have had all personal and direct identifiers removed so that the individual cannot reasonably be linked to the data.

The fundraise comes as India becomes a training ground to collect datasets for powering AI models and physical AI products. Startups are tapping India’s huge population to collect recordings of workers performing physical tasks, processing the footage, and selling the resulting datasets to frontier AI labs and robotics companies.

For instance, the likes of Awign, Objectways and Human Archive are building pipelines to supply first-person footage of human activity to AI developers. Just a day ago, instant home services startup Pronto’s founder Anjali Sardana launched Provision Labs, a US-based venture to collect data for physical AI systems.

At the heart of all this is the Indian AI training dataset, which is projected to become a $1.3 Bn opportunity by 2033.

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Matiks Bags $10 Mn To Take Its Puzzle Gaming Platform Global

noreply@blogger.com (Unknown) — Mon, 26 Oct 2026 19:24:38 +0000

Social gaming platform Matiks has raised $10 Mn (₹95.1 Cr) in its Pre-Series A funding round led by General Catalyst.

The round also saw participation from upGrad founder Ronnie Screwvala as well as existing backers such as Info Edge Ventures, Tanglin Venture Partners and Untitled Ventures.

In a statement, the startup said that it plans to utilise the fresh capital to expand its global footprint and invest in new games and social experiences. The fresh funding will also be used to deepen investments in engineering, AI, product, design and growth.

A chunk of the capital will also be utilised to build an AI-powered engine, which will enable users to build and publish their own social games without writing code. Going forward, it has also set its eyes on scaling creator partnerships, global distribution and player community.

“… We started Matiks with a simple belief: using your brain can be just as fun and addictive as any other form of entertainment. Our ambition is to make mind sports as culturally relevant as physical sports and esports – giving mental athletes, puzzlers, and competitive players the visibility, communities, and recognition they deserve…,” said Matiks cofounder and CEO Sudhanshu Bhatia.

Founded in 2024 by Bhatia, Mohan Kumar and Sushant Timmapur, Matiks is an esports platform that allows users to play social games spanning mathematics, memory, logic and puzzles. It also allows users to compete with each other.

The startup claims that more than 22 Lakh players had played 4.8 Cr games on its platform as of September 2026. Matiks also claimed that its daily active users currently hover around 3 Lakh, with early engagement also emerging from international markets such as Japan, the US and South Korea.

The startup last raised $3.14 Mn in its pre-Series A round led by Tanglin Ventures in August last year.

Going forward, the startup plans to initially prioritise expansion in the US before entering more tier I markets. Its future roadmap also includes building its AI-powered game creation engine, which the startup believes will foster adoption and create new experiences.

The fundraise comes as India’s gaming market is expanding beyond the usual battle royale and casual games. Buoyed by 51 Cr gamers, the ban on real-money games last year, the rise of AI and regulatory push for social games, the homegrown gaming arena is seeing renewed traction and interest from investors.

Earlier this month, mobile gaming studio Spill Games raised $10.5 Mn in its Series A round led by Elevation Capital. In April this year, another gaming studio LightFury Games also bagged $11 Mn in its pre-Series A funding round from Blume Ventures and others.

In August, cricketer Rohit Sharma also joined LightFury Games as an investor, alongside MS Dhoni, Jasprit Bumrah, and Hardik Pandya, among others.

At the heart of all this is the Indian gaming market, which is projected to become a $9.9 Bn opportunity by 2031.

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L Catterton Backs InMobi-Backed Glance To Expand Its AI Shopping Business In US

noreply@blogger.com (Unknown) — Mon, 26 Oct 2026 11:24:29 +0000

Consumer-focused investment firm L Catterton has made a strategic investment in InMobi-backed AI shopping platform Glance to support its expansion, with a particular focus on the US.

The companies did not disclose the investment amount or other transaction terms. Sources told Inc42 that the investment was a fresh equity infusion

L Catterton said it will use its consumer and category expertise, operating capabilities, and global network to support Glance’s growth.

Glance uses agentic AI to understand consumers’ interests and preferences and recommend products across smartphones, connected TVs, and other digital platforms. It aims to help users move from product discovery to purchase on devices they already use.

Through partnerships with Samsung, Motorola, and DIRECTV, the platform is already available on millions of devices across the US.

Glance founder and CEO Naveen Tewari said the investment validates the company’s approach to shopping, which aims to move commerce beyond search towards agentic shopping.

L Catterton global CEO Scott Dahnke said Glance combines a differentiated shopping proposition with broad distribution across the screens consumers use throughout the day.

From Content To Commerce

Founded in 2019 by InMobi’s four cofounders — Naveen Tewari, Piyush Shah, Abhay Singhal, and Mohit Saxena — Glance initially curated content on smartphone lock screens.

Its original offering had built a user base of 300-400 Mn as of May 2025 without a separate app and attracted around $500 Mn from investors, including Google, Mithril Capital, and Jio Platforms.

Its move into AI shopping took shape publicly in April 2025, when president and COO Piyush Shah previewed the offering at Inc42’s ‘The GenAI Summit’. Shah demonstrated how users could upload a selfie to generate images of themselves wearing different outfits.

Glance subsequently launched its generative AI shopping app in India in May 2025, following a soft launch in the US. Users could visualise themselves in suggested outfits, save the images as wallpapers, or proceed to purchase.

At the time, Glance described three technology layers: a commerce model for discovery and recommendations, a generative AI model for visual experiences, and a transaction model to enable purchases. It had also partnered with Myntra in India and brands in the US to facilitate shopping.

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[Update] IRDAI Extends Feedback Deadline For Insurance Distribution Reforms To Oct 31

noreply@blogger.com (Unknown) — Mon, 26 Oct 2026 08:24:38 +0000

Update | October 26, 12:52 IST

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the deadline for stakeholders to submit feedback on its proposed insurance distribution reforms to October 31 from October 25, following an “encouraging response” to the consultation paper.

The insurance regulator said it has received more than 650 comments on its consultation paper, titled ‘Recalibrating Economics of Insurance Distribution’, released on September 23. The paper proposes changes to commission structures for insurance distributors and expense limits for insurers.

“In view of the significant interest and to facilitate wider participation, the last date for submission of comments has been extended till 31st October 2026,” IRDAI said.

The extension comes amid opposition from insurance brokers over the proposed changes, with the Insurance Brokers Association of India (IBAI) previously seeking an extension of the feedback deadline until December 31, 2026.

Original | October 7, 12:14 IST

The Insurance Brokers Association of India (IBAI) has said that the Insurance Regulatory and Development Authority of India’s (IRDAI) recently proposed norms could trigger a 60-70% revenue collapse across the insurance broking sector.

Addressing a press briefing, the industry body representatives also said that the insurance distribution sector, which employs over 83 Lakh people, could see the loss of up to 10 Lakh jobs lost as a result of the economic impact of the proposed policies.

This comes days after IRDAI proposed reintroducing product-wise commission caps for insurance distributors. The regulator also proposed tighter limits on insurers’ overall expenses over concerns related to disproportionate increases in commissions paid to distributors.

The industry body has also sought an extension of the deadline to submit feedback on the proposed norms to December-end from October 25 currently.

While noting that the association supports the regulator’s goal of making insurance more affordable and accessible, the IBAI representatives noted that the proposed sweeping changes threaten small businesses and MSMEs.

The resulting job losses could impact insurance awareness, policy renewals, assistance to policyholders, and penetration of insurance among underserved communities, the representatives added.

The brokers also countered IRDAI’s data that showed that general insurance premiums sourced through brokers had risen 37% whereas commission payouts zoomed 173% between FY23 and FY27. The industry body argued that the rise in commissions since FY23 largely reflected the reclassification of off-book marketing expenses following regularisation, and did not reflect inflationary pressures on insurance consumers.

The IBAI also claimed that the entire general insurance industry’s operating expenses averaged around 26.5% of gross premiums as against the mandated limit of 30%. Making its point, the representatives also claimed that policyholders received back ₹84.4 in non-life insurance claim payouts for every ₹100 of premium paid over a five-year period.

This is more than the global average of 72-75%, demonstrating the efficiency of the market in delivering value, the body’s representatives claimed.

The industry body said it was ready to work with IRDAI to address specific market anomalies, such as misselling or disproportionate remuneration. It has also submitted formal letters to the Prime Minister’s Office and the Finance Ministry on the matter.

Notably, the pushback comes as insurtech platforms continue to be up in arms against the proposed norms. Last week, Sanjib Jha, founder of insurtech startup Coverfox, said that the proposal could impact the viability of distributing insurance to rural and low-income borrowers.

Pune-based insurance broker Quickinsure has also trimmed more than 100 jobs in response to the proposal as its founder Anand Shrikhande projected that the industry would see more than 1 Lakh jobs affected due to the changing economics.

The news has also triggered a major sell-off in listed insurtech majors PB Fintech, which operates Policybazaar, and Turtlemint over fears that the IRDAI’s new policies would dent their core businesses.

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Unacademy Cofounders Plan ₹700 Cr AI, Deeptech Fund Longshot Capital

noreply@blogger.com (Unknown) — Mon, 26 Oct 2026 06:24:16 +0000

Unacademy cofounders Gaurav Munjal and Roman Saini are raising a ₹700 Cr venture capital fund to back AI and deeptech startups, less than two months after upGrad completed the acquisition of the edtech startup.

Named Longshot Capital, the Category II AIF has secured commitments of around ₹250-300 Cr and is targeting its first close in January 2027, ET reported, citing sources.

Munjal and Saini declined to comment on the development.

The Bengaluru-based fund plans to invest in 25-28 startups at the seed and pre-Series A stages, with initial cheques of $500,000 to $1.5 Mn and a targeted ownership stake of 8-12%.

Saini will run Longshot Capital full-time, while Munjal will be involved part-time alongside his role heading Unacademy. Both founders will serve as general partners of the investment firm.

The fund plans to deploy its capital over three years and will invest in India-based startups as well as companies founded by entrepreneurs of Indian origin. Its investment mandate will span AI-led businesses and deeptech segments such as manufacturing, space, defence and robotics, rather than consumer brands and retail businesses, the report said.

The fund will have a lifespan of 10-11 years, allowing it to back businesses with longer gestation periods, particularly in AI and deeptech, according to the report. Its prospective investors include startup founders, family offices and overseas institutions.

The fund formalises more than a decade of angel investing by Munjal and Saini. The two have collectively invested over ₹25 Cr through more than 200 angel cheques in companies including Pine Labs, Dhan, Seekho, Ultrahuman, Snabbit, Swish, STAGE, and Third Wave Coffee.

In August, the duo also invested in Superleap, an AI-native customer relationship management platform.

The proposed fund comes amid growing investor interest in frontier technologies, with Indian AI startups raising $438 Mn across 28 deals in the third quarter of 2026, up 265% YoY. Meanwhile, deeptech startups raised $290 Mn across 28 deals during the same period, up 176% YoY.

Unacademy Founders’ Second Act

The move adds Munjal and Saini to a growing group of startup founders transitioning from personal angel investments to institutional fund management.

Snapdeal cofounders Kunal Bahl and Rohit Bansal raised ₹333 Cr in external capital for Titan Capital in 2024. Freshworks founder Girish Mathrubootham cofounded the AI-focused Together Fund, while CaratLane founder Mithun Sacheti joined Singularity Growth as a general partner after his exit. Myntra founder Mukesh Bansal operates venture studio Meraki Labs.

The latest development comes over a month after upGrad acquired Unacademy in an all-stock transaction valuing it at ₹1,955 Cr, more than 90% below its peak valuation of $3.4 Bn in August 2021.

Founded in 2015 by Munjal, Saini and Hemesh Singh, Unacademy started as a YouTube channel before evolving into an online learning platform focused on competitive exam preparation. It raised around $880 Mn from investors including SoftBank, Peak XV Partners, Elevation Capital, General Atlantic, Temasek, and Tiger Global.

The startup became a unicorn in September 2020 and reached its peak valuation of $3.5 Bn in 2021, amid a pandemic-led boom in edtech investments.

However, the reopening of educational institutions and a slowdown in demand for online learning forced Unacademy to rethink its business strategy. Unacademy undertook multiple rounds of layoffs, cut cash burn and scaled down several verticals as it sought to move towards profitability. It also expanded into offline coaching centres to tap demand for in-person test preparation.

Unacademy subsequently explored acquisition opportunities with multiple players, including Allen Career Institute, K-12 Techno Services and upGrad. Its earlier merger discussions with upGrad fell through over valuation differences before the two companies revived negotiations and signed a term sheet in March. The acquisition was completed in September.

Meanwhile, Munjal, on X yesterday, pushed back on criticism against the risk appetite of Indian deeptech investors, highlighting that startups like Astrobase, Airbound and Sarvam AI have been able to raise large rounds in short time periods. He also noted that consumer tech companies like Groww, Eternal and Meesho, all of whom went public in recent years, have provided “spectacular outcomes”.

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