This week, 31 Indian startups raised around  $594.39 million, comprising 2 growth-stage, 26 early-stage deals and 3 startups kept their funding undisclosed.

In contrast, 21 startups had collectively secured about $100 million in the previous week.

[Growth-stage deals]

Growth-stage startups saw just two deals this week but raised a total of $430 million, led by digital lending platform KreditBee, which secured $280 million in a Series E round led by Motilal Oswal Alternates at a $1.5 billion post-money valuation, turning it into a unicorn. SaaS firm Wingify also raised $150 million from majority shareholder Everstone Capital and existing investors.

[Early-stage deals]

Early-stage startups raised $164.39 million across 26 deals this week. Product design startup Noon led with a $44 million round backed by Chemistry, First Round Capital, Scribble Ventures, Elevation Capital, and Afore Capital, while AI infrastructure firm Nava raised $22 million from Greenoaks Capital, along with RTP Global and Unicorn India Ventures.

Tsecond.ai raised over $21.5 million (around Rs 190 crore) in a round led by MSN Holdings, while Aman Gupta’s new venture Off Beat secured Rs 100 crore in seed funding from Bessemer Venture Partners. Meanwhile, D2C farm produce platform Pluckk also raised Rs 100 crore (around $10.8 million) from existing investor Euro Gulf Investment.

Design-led manufacturing platform BIDSO, EV financing and asset management platform Astranova Mobility, AI firm Atlas, asset-based rewards platform GoSats, MSME-focused embedded credit platform GLAAS, skincare brand ClayCo, and 15 other early-stage startups secured funding this week.

Cybersecurity startup Satark AI, seafood infrastructure company Dam Good Fish and wealth management and private markets platform ILIOS 72 also raised funding this week, although the amounts remain undisclosed.

[City and segment-wise deals]

Bengaluru topped the city-wise deal count with 14 deals, followed by Delhi-NCR,  which secured 10 deals. Mumbai, Jaipur, Mysore, Kochi and Ahmedabad also recorded deals this week.

Segment-wise, AI startups led the week with 8 deals. Fintech and e-commerce followed with 6 deals and 4 deals respectively. Deeptech, F&B, SaaS, energy, logistics and other sectors also recorded funding activity during the period.

[Series-wise deals]

Series A rounds led the week with 10  deals, followed by seed and pre-seed deals with 9 deals and 5 deals respectively, along with a few angel, pre-Series A, Series E, and undisclosed transactions.

[Week-on-week funding trend]

On a weekly basis, startup funding jumped nearly 6X to $594.39 million as compared to around $100 million raised during the previous week.

The average funding in the last eight weeks stands at around $390.6 million with 27 deals per week.

[Key Hirings/Departures]

Key leadership moves this week: Cult.fit strengthened its board with the appointment of Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra as independent directors. Policybazaar named Sajja Praveen Chowdary as CEO and principal officer, replacing Tarun Mathur. VerSe Innovation appointed Prasanna Prasad as Chief Product and Technology Officer (CPTO) to lead engineering, product, and data science.

GLAAS onboarded Devesh Sachdev as co-founder and managing director, while ONDC elevated Vibhor Jain to Managing Director and CEO from COO. Stripe appointed Manish Maheshwari as Head of Revenue and Growth for India, and Numeros Motors named Arun Srivastava as CEO. Scaler also announced leadership changes, appointing Amar Srivastava as CEO, with Vidit Jain heading offline education units and Ratnakar Reddy leading enterprise partnerships across India and MENA.

Swiggy co-founder and Head of Innovation Nandan Reddy has stepped down to pursue independent ventures, while Pine Labs announced the resignation of Navin Chandani, President and Chief Business Officer (Issuing).

[Mergers & Acquisitions]

Fashinza has acquired manufacturing-focused design-to-delivery startup Qckin, while Exotel has acqui-hired the core team of voice AI startup Dubverse, including cofounders Anuja Dhawan and Varshul Gupta. One Hand Clap, backed by Zerodha co-founder Nikhil Kamath, has acquired seeding and distribution firm Agenseed, and Quest Global has acquired semiconductor design services firm BITSILICA to bolster its end-to-end engineering capabilities.

[Fund Launches]

InCred Alternative Private Investments has closed its maiden special opportunities credit fund at a hard cap of Rs 1,500 crore, while Masters’ Union has launched a Rs 100 crore early-stage fund, MU Ventures, to back founders under 25 with cheques ranging from Rs 5 lakh to Rs 50 lakh.

[Shutdowns]

Cloud kitchen unicorn Rebel Foods has shut down its 15-minute food delivery app QuickiES, less than a year after launch, citing high cash burn.

[ESOP Buyback]

Atlys has announced its first ESOP buyback worth Rs 4 crore, allowing employees across roles to liquidate up to 25% of their vested stock options.

[New Launches and Partnerships]

▪️ Zerodha rolls out fixed deposits on Coin app 

▪️ Beep App launches to turn content consumption into career outcomes

▪️ Veranda Learning launches scholarship initiative for CA aspirants

▪️ Healthians founder Deepak Sahni announces new startup 'Un:Bloc' on World Health Day

[Financial result this week]

[News flash this week]

▪️ Nexus Venture Partners offloads Rs 530 Cr stake in Delhivery via block deals 

▪️ Zepto secures SEBI approval for $1.3 Bn IPO

▪️ RBI proposes 1-hour delay for UPI, IMPS transfers above Rs 10,000

▪️ Groww surrenders PA licence two years after RBI approval

[Summary]

On a weekly basis, startup funding jumped nearly 6X to $594.39 million as compared to around $100 million raised during the previous week.

Nexus Venture Partners sold a 1.6% stake in Delhivery for about Rs 530 crore via bulk and block deals on the NSE, offloading nearly 1.2 crore shares at Rs 442 each. Nippon India MF and SBI MF led the buying, picking up 45.75 lakh shares each, with participation from BNP Paribas, ICICI Prudential MF, Edelweiss MF, and Alphamine.

Zepto has reportedly secured SEBI approval for its IPO and is looking to raise $1.2- 1.3 billion (Rs 10,000–12,000 crore) through a mix of fresh issue and OFS by early investors. The approval follows its confidential filing route, allowing flexibility on timing and issue structure.

The Reserve Bank of India has proposed a one-hour cooling period for digital payments above Rs 10,000 via UPI and IMPS to curb fraud. The move will mainly apply to P2P transfers, while payments to verified merchants are likely to remain unaffected.

Deepak Sahni, founder of Gurugram-based Healthians, has launched a new venture, Un:Bloc, a platform-led initiative aimed at addressing systemic inefficiencies across large-scale service ecosystems. The announcement was made on World Health Day.

Stockbroking platform Groww has surrendered its payment aggregator licence after securing RBI approval for Groww Pay in April 2024, signaling a strategic shift away from operating as a payments intermediary.

Food delivery and quick commerce platform Swiggy has approved a series of changes to its board, including the elevation of co-founder Phani Kishan Addepalli and Group CFO Rahul Bothra as Executive Directors.

At the same time, co-founder Nandan Reddy will step down from the board and exit the company to pursue independent ventures.

Reddy had most recently been leading Crew, Swiggy’s concierge app. Following his exit, the business will now be overseen by Rohit Kapoor, CEO of the company’s food marketplace, according to an internal communication. Entrackr has reached out to Swiggy for confirmation.

Separately, Renan De Castro Alves Pinto has been appointed as Nominee Director representing Prosus Ventures, replacing Roger Rabalais.

Kishan, currently Chief Growth Officer, oversees business strategy, partnerships, and cross platform initiatives, while Bothra, Swiggy’s first CFO, has led the company’s financial strategy and governance as it transitioned from a venture backed startup to a publicly listed firm.

Commenting on the development, CEO Sriharsha Majety said that Kishan and Bothra have played a key role in shaping the company’s growth and will be instrumental in its next phase.

Pinto, who joins the board from Prosus, brings over two decades of experience across corporate finance and technology, and currently serves as Group CFO of Despegar.mu

BIDSO, a design-led manufacturing platform for toys and consumer products, has raised Rs 63 crore ($6.78 million) in a Series A funding round led by Blume Ventures.

The round also saw participation from Peer Capital, Sadev Capital, and venture debt firm Alteria Capital.

The proceeds will be used to build its pipeline of IP-led products, expand into global markets, and strengthen its design and innovation capabilities.

Founded by former Flipkart and Udaan executives, BIDSO focuses on a design-first approach, moving beyond traditional contract manufacturing models. It develops product portfolios that brands can adopt and scale, rather than only offering execution capabilities.

The startup operates an asset-light FOCO (franchise-owned, company-operated) model, allowing it to expand manufacturing capacity without heavy capital expenditure.

The brand is also targeting international expansion across Europe, GCC, and the US, while working with global brands.

BIDSO plans to scale its revenue to Rs 400–500 crore over the next 2–3 years, driven by growth in IP-led products and improved operating leverage.

B2B agritech startup Bijak reported a continued decline in its gross revenue for the second consecutive year, with a 25% year-on-year drop in the fiscal year ended March 2025. The company’s losses increased by 11% to Rs 61 crore during the period.

Bijak’s gross revenue (gross merchandise value or GMV) declined 25% to Rs 551 crore in FY25 from Rs 732 crore in FY24, after reaching Rs 807 crore in FY23, according to its annual financial statements filed with the Registrar of Companies.

Founded in 2019, Bijak is a B2B agri-commodities trading marketplace that facilitates the sourcing of agricultural supplies while also offering logistics and working capital support to suppliers.

The sale of agricultural commodities through its apps Bijak Mandi, Vyapaar, Global, and Just Fresh accounted for over 99% of its FY25 revenue of Rs 548 crore, while commission, logistics, and interest income contributed the rest.

The company also made Rs 6 crore from interest on deposits and current investments tallying its overall income to Rs 557 crore in FY25.

For the B2B commodity supplier, procurement of agricultural commodities made up 87% of total expenditure. In line with the scale, this cost fell 25% to Rs 538 crore in FY24.

Employee benefits, which accounted for just 4% of total costs, stood at Rs 25 crore in the last fiscal. Expenses across advertising, doubtful debts, payment gateways, logistics, brokerage, and other overheads drove total expenditure to Rs 618 crore in FY25, down 22% from FY24.

In the end, since both revenue and expenses declined at a similar pace, the company’s losses increased by 11% to Rs 61 crore in FY25 from Rs 55 crore in FY24, as the cost cuts were not enough to offset the fall in income.

Its ROCE and EBITDA stood at -285% and -10.13%, respectively. On a unit level, the company spent Rs 1.12 to earn every rupee in FY25. Its current assets and cash & bank balance also dropped sharply, which stood at Rs 47 crore and Rs 21 crore, respectively, as of March 2025.

The Gurugram-based company has raised around $33 million to date, including a $20 million Series B round in January 2022 led by Peak XV and Omidyar Network, which valued it at approximately $163 million. Peak XV’s Surge Ventures remains the largest external stakeholder with a 13.8% stake, followed by Bertelsmann and Omidyar Network.

The Reserve Bank of India is planning to add a one-hour waiting time for some digital payments to help reduce online fraud.

In a discussion paper released recently, the central bank has proposed a mandatory delay of up to one hour for fund transfers exceeding Rs 10,000 via digital payment modes such as UPI and IMPS.

The proposed framework will primarily apply to person-to-person (P2P) transactions, while payments made to verified merchants are expected to remain unaffected. This ensures that routine commerce and business payments continue without disruption.

The RBI has also suggested introducing a whitelisting feature, allowing users to mark trusted beneficiaries. Transactions to such accounts would not be subject to the cooling period, thereby balancing security with user convenience.

The proposal comes at a time when digital payment fraud is on the rise, often led by social engineering tactics that pressure users into making instant transfers. Given the real-time nature of UPI and IMPS, recovering funds post-transaction remains a challenge for both users and financial institutions.

Additionally, the central bank is exploring enhanced safeguards for vulnerable users, including senior citizens, as part of the broader framework.

According to the National Cyber Crime Reporting Portal (NCRP), digital payment fraud has surged significantly, with the number of cases rising 10X over the past four years. The total value of such frauds also jumped sharply to Rs 22,931 crore in 2025 from Rs 551 crore in 2021.

The proposal is currently open for feedback, with responses invited till early May. If implemented, it could signal a shift in India’s digital payments ecosystem from speed-first to a more security-focused approach.

The Open Network for Digital Commerce (ONDC) has appointed Vibhor Jain as its Managing Director and Chief Executive Officer, effective April 7, 2026.

Jain was previously serving as the Chief Operating Officer and had taken over as acting CEO earlier during a leadership transition.

With this appointment, ONDC moves to a full-time leadership structure as it continues to scale its open digital commerce network.

ONDC is a government-backed initiative that enables buyers and sellers to transact across platforms through an interoperable network.

Jain’s elevation comes as the organisation looks to strengthen execution and expand its ecosystem across sectors.

Back in April last year, ONDC’s managing director and CEO Thampy Koshya stepped down after three years of stint. Two months later, its independent director Arvind Gupta had also stepped down from the post.

Swageazy, a corporate gifting platform, has raised Rs 5.4 crore in a follow-on funding round led by Info Edge Ventures, with participation from founders of HR tech firms OnGrid and HROne.

The proceeds will be used to expand its product and technology teams, strengthen its sales function, and deepen its presence among enterprise clients.

Founded by Sameer Wahie and Sneh Setu, Swageazy provides a platform for businesses to design branded merchandise, manage inventory, automate gifting workflows, and ship orders globally.

The startup currently serves over 800 enterprises, including Amazon, LinkedIn, Wipro, Coursera, and PhonePe. It operates warehousing infrastructure across Delhi and Bengaluru and is setting up in-house printing capabilities to improve turnaround times.

Swageazy integrates with HRMS tools to enable automated gifting for events such as onboarding, birthdays, and work anniversaries.

Since its seed round in 2022, the firm claims to have grown 10x, expanding its enterprise client base and fulfilment network.

Business and technology school Masters’ Union has launched a Rs 100 crore early-stage investment fund, MU Ventures, to support entrepreneurs under the age of 25.

The Gurugram-based institution will invest between Rs 5 lakh and Rs 50 lakh per startup, with an average initial cheque of Rs 10–20 lakh.

The advisory board includes Shishir Maheshwari, Arjun Vaidya, and Swapna Gupta.

MU Ventures will operate through four tracks, including a ‘Dropout Fund’ for student founders, a ‘Bharat Capital Fund’ focused on Tier 2–4 markets, and a ‘Content Creator Fund’ for digital-first startups.

Founded in 2020 by Pratham Mittal, Masters’ Union offers industry-driven postgraduate programmes and follows a “learn by doing” approach.

The sector-agnostic fund will accept applications on a rolling basis.

Beyond capital, selected startups will receive mentorship, co-working space, technology credits, and investor-readiness support through partnerships with firms such as Amazon, Google, and Razorpay.

Founders backed by MU Ventures will also participate in a demo day in San Francisco, where they will interact with global investors.

Startups emerging from its ecosystem include Sanyark Space, Cryptique, Flourish Foods, Bambaii, Guardex, Bana Roma, and Mom’s Mixes.

E-commerce roll-up platform BRND.ME (formerly Mensa Brands) is set to convert into a public company after passing a resolution, as it gears up for its initial public offering (IPO).

This follows the company’s domicile shift from Singapore to India, approved by the High Court of Singapore and sanctioned by the NCLT Chandigarh Bench for both entities.

According to its filing with the Registrar of Companies (RoC), BRND.ME’s board passed a special resolution to rename the entity as Mensa Brand Technologies Limited by removing the word “Private”.

Reportedly, BRND.ME is considering an initial public offering within the next 12–18 months. 

In addition, the company’s board passed another resolution in March to issue 3,000 non-convertible debentures (NCDs) with a face value of Rs 10 lakh each, aiming to raise Rs 300 crore from JM Financial and others.

Founded in 2021, BRND.ME invests in digital-first brands across fashion, home, beauty, and food, scaling them rapidly. Its portfolio includes MyFitness and other wellness and lifestyle brands across India, the US, Canada, the Middle East, and Europe. The company operates in 16+ international markets and is exploring expansion into Southeast Asia.

This will be the company’s first funding in a year, following its last Rs 48 crore debt raise from Stride Ventures in April last year. BRND.ME became one the fastest Indian startups to attain unicorn status after its $135 million Series B round in November 2021.

Financially, the company reported around Rs 1,500 crore in FY25 revenue and is targeting an FY26 exit run rate of Rs 1,700–1,800 crore, while achieving adjusted EBITDA profitability and turning operating cash-flow positive.

In recent years, several companies have shifted their domicile to India in preparation for IPOs, including PhonePe, Zepto, Meesho, Razorpay, and Groww. Last month, e-commerce major Flipkart also completed its reverse flip.

Post-sales service firm Servify has maintained steady growth over the past few fiscal years. In line with this trend, the company reported a 16% year-on-year increase in revenue for FY25 and reduced its losses by 14% to Rs 85 crore, as it prepares for a potential public listing this year.

Mumbai-based Servify’s revenue from operations grew to Rs 781 crore in FY25 from Rs 675 crore in FY24, according to its annual consolidated financial statements filed with the Registrar of Companies (RoC).

Founded in 2015, Servify provides brand-authorized after-sales support for mobile phones, gadgets, electronics, and home appliances. Its platform lets users register devices, store invoices, and access services during and after the warranty period. It claims partnerships with over 75 brands, including Apple, Bose, and HP, with a presence across 18,000 service locations in more than 40 countries.

The post sales company derives the majority of its revenue from white-labelled protection plans sold through mobile applications and web portals, which contributed 97% of its total operating income and grew 14% to Rs 758 crore in FY25. The group sells these protection plans across a range of products, while income from mobile handset and spare parts sales more than doubled to Rs 23 crore during the same period.

Notably, Servify reported higher revenue from the United States than from India, with the US contributing 51% of total revenue at Rs 400 crore in FY25, a 38% year-on-year increase, while India accounted for Rs 330 crore. The remaining revenue came from markets such as Europe, Canada, United Arab Emirates, Turkey, and others.

For Servify, the cost of materials including underwriting, commission, servicing expenses, and mobile handsets accounted for 68% of total expenses. This cost rose 20% to Rs 592 crore in the last fiscal year.

The firm recorded a marginal decline in employee benefits to Rs 151 crore, down from Rs 160 crore in FY24. This cost included Rs 16.4 crore in ESOP expenses, which are non-cash in nature.

Information technology, legal and professional fees, depreciation and amortization, and other related overheads pushed the total cost to Rs 876 crore in the last fiscal year, a 12% increase compared to FY24.

The increased operating scale of the company outpaced its rise in expenses, which led the firm to minimize its losses by 14% to Rs 85 crore in FY25 from Rs 99 crore in FY24. 

Its ROCE and EBITDA remained negative at -33.05% and -6.53%, respectively. On a unit level, Servify spent Rs 1.12 to earn each rupee of operating revenue in FY25.

At the end of March 2025, Servify reported total current assets of Rs 571 crore, along with a cash and bank balance of Rs 145 crore.

Backed by Blume Ventures, Servify has raised over $135 million to date, including a $65 million Series D round led by Singularity Growth Opportunities Fund. It also raised $7.8 million in its ongoing Series D round led by BEENEXT in March 2025 valuing it at around $700 million.

Zerodha on Thursday launched fixed deposits (FDs) on its Coin platform, which will allow users to invest in FD schemes across partner banks and track their investments in a single interface.

At a fundamental level, Zerodha is operating as a distributor for FD products offered by partner banks such as Suryoday Small Finance Bank, Utkarsh Small Finance Bank, and Unity Small Finance Bank. 

In such arrangements, platforms typically earn backend commissions from banks for sourcing deposits, while end users are not charged any fees. This keeps the offering competitive and aligned with Zerodha’s long-standing zero-cost positioning for retail investors.

However, analysts note that FD distribution offers thin commissions and is unlikely to be a significant primary revenue driver. Instead, it appears to be a strategic move to capture a larger share of user savings, especially from conservative investors.

“By integrating FDs into Coin, Zerodha addresses a key friction point: fragmentation. Users often hold deposits across multiple banks, making tracking difficult. A unified interface improves convenience and keeps users within the platform,” said the analyst cited above.

More importantly, the move could improve retention and engagement. With equities, mutual funds, and FDs in one place, Zerodha strengthens its position as a one-stop platform, increasing the scope to cross-sell higher-margin products like trading and derivatives.

Overall, while FD distribution may contribute incremental commission income, the larger play for Zerodha lies in deepening user relationships, increasing wallet share, and reinforcing long-term platform stickiness rather than driving immediate topline growth.

Zerodha had launched Coin in April 2017 as a direct mutual fund platform, which has since evolved into a broader investment offering. Moreover, during FY25, Zerodha consolidated revenue saw a dip of 11.5% year-on-year revenue to Rs 8,847 crore, while the profits for the firm stood at Rs 4237 crore during the same period.

Bay Capital is set to launch a new fund to back public and private companies in the digital space. The firm has appointed former Delhivery chief business officer Sandeep Barasia and ICICI Venture’s Tej Kapoor as cofounders and partners.

The firm plans to launch a Digital Opportunities Fund, a Category II Alternative Investment Fund designed to support high-quality, high-growth businesses. It will partner closely with founders building enduring companies for India’s long-term digital future.

The new fund will selectively invest across both private and public markets. Bay Capital has previously backed companies such as Lenskart, Ixigo, CarTrade Tech, and PolicyBazaar.

Barasia and Kapoor will serve as cofounders and partners of the fund, bringing together institutional investment experience, operational expertise, and a strong network across India’s digital founder ecosystem, the firm said in a press release.

Barasia left Delhivery in May 2024 after more than nine years with the logistics company. He joined Bay Capital as an advisor in February 2025.

Bay Capital believes India is well positioned for strong economic growth and attractive investment returns for long-term investors. It advocates a long-term approach, stating that a 5–7-year horizon can reduce risk and enhance compounding returns.

DAAKit, a hyperlocal fulfillment and last-mile logistics startup, has raised $138K in a pre-seed funding round led by Inflection Point Ventures.

The funds will be used to expand its operations, launch 25 new dark stores across Tier I and Tier II cities, and strengthen its technology infrastructure and team.

Founded in 2024 by Chandan Ghugtyal, DAAKit operates an asset-light logistics model enabling brands to decentralise inventory and deliver faster through a network of fulfilment centres.

The startup is currently operational in Delhi, Gurugram, Mumbai, Bengaluru, and Kolkata, with Lucknow as a pilot market for further expansion.

DAAKit claims to have been growing 15–20% month-on-month in order volumes and revenue while maintaining double-digit EBITDA margins. The platform focuses on hyperlocal fulfilment, dark stores, and AI-led logistics to improve delivery timelines and unit economics for sellers.

DAAKit currently fulfills thousands of orders daily and is targeting nearly 500,000 monthly orders as it scales its network.

Astranova Mobility, an EV financing and asset management platform, has raised Rs 60 crore ($6.4 million) in a Series A funding round led by IvyCap Ventures. The round also saw participation from existing investors Asian Development Bank and Advantedge Founders, along with Trucks Venture Capital.

The proceeds will be used to strengthen its data, AI, and engineering capabilities while scaling its financing platform for electric vehicles.

Founded in 2023 by Kunal Mundra in partnership with Grip Invest, Astranova provides financing and related services for commercial EVs, including leasing, asset management, and maintenance.

The startup has enabled financing for over 25,000 electric vehicles across categories such as two-wheelers, cars, buses, and trucks.

Astranova plans to scale its operations over the next 18 months and support deployment of EV assets at scale.

Back in March last year, Astranova Mobility had raised $3 million in funding from various investors, including AdvantEdge, Asian Development Bank, and Alteria Capital.

VerSe Innovation has appointed Prasanna Prasad as Chief Product and Technology Officer (CPTO) to lead its engineering, product, and data science functions.

In his new role, Prasad will focus on advancing AI-led capabilities across VerSe’s platforms, including Dailyhunt, Josh, and other products in its portfolio.

He joins from Verve Group Inc., where he served as Chief Technology Officer and Head of Product and AI, leading platform development and AI-driven initiatives.

Prasad brings over two decades of experience across product engineering, data science, and large-scale platform development, with expertise in building cloud-native systems and AI-led products.

At VerSe, he will work on strengthening AI across content personalisation, creator ecosystems, and advertising technology, with a focus on improving user engagement and monetisation. 

VerSe operates an AI-powered local language technology platform that delivers personalized content to over 350 million users through Dailyhunt, and supports creators through Josh, India’s leading short video app. Its portfolio also includes NexVerse.ai, Dailyhunt Premium, and VerSe Collab, which offer AI-driven digital content and creator tools. 

As per Entrackr, VerSe Innovation’s operating revenue jumped to Rs 1,930 crore in FY25 from Rs 1,029 crore in FY24. The company expects to breakeven and achieve group-level profitability in the second half of FY25. 

VerSe is backed by investors such as CPP Investments, Ontario Teachers’ Pension Plan, Qatar Investment Authority, Carlyle Group, Baillie Gifford, Goldman Sachs, and Peak XV. As of now, the Bengaluru-based company has raised over $1.5 billion and was valued at $5 billion in its last round.

Honasa Consumer Limited, the parent company of Mamaearth, has reported a strong operational update for the fourth quarter of FY26, led by strong growth across focus categories.

According to the company’s quarterly update filed with the stock exchanges, Honasa expects revenue growth in the late twenties for Q4 FY26.

As per the company, its flagship brand, Mamaearth, continued its steady trajectory and is expected to post growth in the teens during the quarter. Meanwhile, its newer brands, including The Derma Co., Aqualogica, BBlunt, Dr. Sheth’s, Staze, and Lumineve, are likely to outperform, delivering growth in the mid-twenties range.

Offline distribution remained a key lever for growth during the quarter. Honasa highlighted strong momentum in general trade and modern trade channels, aided by expanding distribution reach and deeper market penetration.

On the profitability front, Honasa indicated that it will maintain its operating margin profile, supported by efficiencies in marketing spends and fixed overhead leverage.

The company added that it remains watchful of the evolving geopolitical environment and will continue to take proactive measures to mitigate potential risks to its operations and cost structure.

Following the update, Honasa’s shares witnessed an uptick, reflecting investor confidence in the company’s growth trajectory and improving operating leverage. 

In today’s morning session, the share price of Honasa increased by 3.4% to Rs 324.05 (as on 10.00 AM) with the total market capitalization of Rs 10,560 crore ($1.14 billion)

Info Edge, the parent of Naukri and 99acres, reported a modest 7.5% year-on-year rise in standalone billings to Rs 1,057 crore for Q4 FY26, compared to Rs 983 crore in the year-ago period, according to its filing with the National Stock Exchange (NSE).

For the full fiscal year ended March 2026, the company’s standalone billing rose to Rs 3,177.5 crore from Rs 2,881.7 crore in FY25.

The recruitment solutions segment, which includes its flagship job marketplace Naukri, continued to remain the largest contributor. The segment reported billings of Rs 810.7 crore in Q4 FY26, while its full-year billing increased to Rs 2,374 crore from Rs 2,158 crore in the previous fiscal.

The company noted that the recruitment business grew 9.5% year-on-year during the quarter. However, moderated growth was due to macroeconomic uncertainty and geopolitical headwinds, particularly impacting the Naukri Gulf business, which had previously recorded around 20% growth during the first nine months of the year.

Earlier this month Naukri’s Chief Business Officer and Whole-time Director, Pawan Goyal, resigned after over seven years with the company. He will continue in his role until May 31, 2026.

The real estate vertical, 99acres, remained largely flat, with billings increasing marginally to Rs 163 crore in Q4 FY26. The company highlighted that it continues to strengthen its leadership in traffic share, with web traffic share rising to 49% and app traffic share reaching 53% during January–February 2026, according to SimilarWeb data.

Among other businesses, Jeevansathi maintained its growth momentum with over 20% year-on-year growth in Q4 and 28.5% growth for the full year. In contrast, Shiksha witnessed pressure on traffic and revenue as AI-led search trends reduced user referrals, prompting the company to pivot its strategy and introduce new offerings.

Info Edge clarified that the reported figures are unaudited and have been disclosed ahead of its detailed financial results for Q4 FY26.

As of 09:40 AM, the company’s shares were trading at Rs 1,008.25, down 1.71% from the day’s opening price, with a market capitalisation of Rs 65,312 crore ($7.1 billion).

Nava, an AI infrastructure to support enterprise, has raised $22 million in a funding round led by Greenoaks Capital, with participation from RTP Global and Unicorn India Ventures.

Prior to this round, Nava had raised $9.6 million in a seed round led by RTP Global in July last year. 

The proceeds will be used to build a full-stack AI cloud infrastructure platform focused on the Asia-Pacific region. The funding will also support expansion of its platform capabilities and strengthen its presence across key markets in Asia-Pacific.

Nava, previously known as Kluisz, is pivoting its business towards developing AI infrastructure to support enterprise and regional demand for scalable AI systems. 

Founded in 2024 by former Oyo COO and CPO Abhinav Sinha, ex-McKinsey partner Vamshidhar Reddy, and former Jio cloud executive Abhijeet Singh, Nava is building a developer-first AI-native private cloud platform for enterprise use cases. 

The product aims to orchestrate AI workloads across hybrid, on-premise, edge, and sovereign cloud environments, with embedded security, observability, and automation. 

It allows developers to define performance, compliance, or cost objectives while the platform auto-manages deployment and execution across infrastructure stacks.

Pluckk, a D2C farm produce platform, has raised Rs 100 crore (around $10.8 million) in a funding round from existing investor Euro Gulf Investment. 

Entrackr had exclusively reported the development in February. 

Prior to this round, the company had secured $15 million to date including its $5 million seed funding from Exponentia Ventures. Following that, it acquired the DIY meal kit platform KOOK for $1.3 million. Last year, Pluckk acquired the nutrition brand Upnourish for $1.4 million.

The fresh capital is expected to support the company’s expansion and strengthen its position in the fresh produce and food-tech segment. 

Founded in 2021 by Pratik Gupta, Pluckk operates a farm-to-fork platform delivering fresh, lifestyle-focused produce to consumers. The company also offers trendy food options, including vegan products, low-carb alternatives, and items positioned around gut health and immunity.

The Mumbai-based company is operational in 50 cities and available on six quick commerce platforms.

An ET report, citing founder Gupta, said that quick commerce contributes 60–65% of Pluckk’s business, while the direct-to-consumer (D2C) channel accounts for 10–15%.

For the fiscal year ended March 2025, the Mumbai-based company’s revenue doubled to Rs 85 crore. However, its losses also widened to Rs 55 crore in the last fiscal year from Rs 41 crore in FY24.

Pluckk competes with players such as Gourmet Garden and Kisankonnect in the online fresh produce segment. In recent years, the space has also witnessed the exit of funded startups like Otipy, Deep Rooted, and Fraazo, which shut down operations despite raising significant capital.

Nexus Venture Partners has offloaded a 1.6% stake in logistics firm Delhivery for approximately Rs 530 crore (around $57 million) through a mix of bulk and block deals on the National Stock Exchange (NSE).

According to exchange data, the venture capital firm sold nearly 1.2 crore shares at Rs 442 per share via its funds, Nexus Ventures III and Nexus Opportunity Fund.

On the buying side, domestic institutional investors led the absorption. Nippon India Mutual Fund and SBI Mutual Fund acquired 45.75 lakh shares each in a combined Rs 404 crore deal.

Other participants in the transaction included BNP Paribas, ICICI Prudential Mutual Fund, Edelweiss Mutual Fund, and Alphamine Absolute Return Fund.

Prior to the transaction, SBI Mutual Fund and Nippon India Mutual Fund held 5.5% and 2.9% stakes in Delhivery, respectively.

Nexus Venture Partners has been gradually trimming its exposure to the company post-listing. Its stake has declined from 10.26% at the time of the IPO to around 4.49% as of December 2025.

On the financial front, Delhivery reported an 18% year-on-year increase in revenue to Rs 2,805 crore in Q3 FY26, while profit rose 59% to Rs 40 crore.

Following the transaction, shares of Delhivery closed 3.57% higher at Rs 457.8 apiece, taking its market capitalization to Rs 34,271 crore (approximately $3.7 billion).

Stockbroking platform Groww has surrendered its payment aggregator licence, a quiet exit from the payments space months after securing approval from the Reserve Bank of India.

According to a report by The Head and Tale, the Bengaluru based firm withdrew its PA licence without a formal announcement. The move indicates a strategic shift away from operating as a payments intermediary. Groww had received RBI approval in April 2024 for its payments arm Groww Pay, which allowed it to onboard merchants and process transactions directly.

The company entered the payments segment in 2023 with a UPI app that offered bill payments, recharges and credit card repayments. The latest move signals a renewed focus on its core broking and wealth management business where it has scaled rapidly.

Groww is not alone in this move. Earlier in 2024, food delivery major Zomato also surrendered its payment aggregator and wallet licence. The company had received RBI approval in 2022 but exited the segment without disclosing specific reasons, as it sharpened focus on food delivery and quick commerce.

The exits come at a time when the regulatory landscape for payment aggregators has evolved. After a stringent phase between 2021 and 2023 when several applications faced delays or returned due to compliance gaps, the RBI has shown flexibility in 2025. It has accelerated approvals and granted licences across online, offline and cross border categories to players such as Paytm, Razorpay, PayU, Pine Labs, Easebuzz and Airpay, according to an Entrackr report.

Business solutions provider Zoho Corporation has become the first bootstrapped startup in India to cross the Rs 12,000 crore revenue milestone, with a steady 17.8% year-on-year growth. However, profit for the Shridhar Vembu-founded company remained flat during the period.

According to consolidated financial statements sourced from the Registrar of Companies, Zoho’s revenue nearly doubled over the past three fiscal years, from Rs 6,711 crore in FY22 to Rs 12,313 crore in FY25.

The company primarily generated revenue through the sale of its in-house enterprise IT management and business application software. Its flagship products, ManageEngine and Zoho, continued to be the main growth drivers. The Zoho suite contributed 57% of the total revenue at Rs 7,051 crore, while the ManageEngine accounted for 39% at Rs 4,863 crore. The remaining Rs 399 crore came from the sale of services.

The company also added Rs 1,231 crore from other income, mainly from interest and gain on sale of current investments, which took the overall revenue to Rs 13,544 crore in FY25 from Rs 11,193 crore in FY24.

Geographically, North America remained the largest market, contributing 41% of revenue at Rs 5,028 crore. Asia and Europe followed with 30% (Rs 3,711 crore) and 23% (Rs 2,819 crore), respectively. The rest came from regions including Latin America, Africa, Australia, and New Zealand.

On the cost front, employee benefits emerged as the largest expense, accounting for 47% of the total costs. This cost rose by 29% to Rs 4,347 crore in FY25 from Rs 3,372 crore in FY24. Advertising and promotional expenses also surged by 31.3% to Rs 2,230 crore.

Overall expenditure increased 30.5% year-on-year to Rs 9,217 crore in FY25 from Rs 7,062 crore in FY24, led by higher spending on legal, server, data center, depreciation, and travel expenses.

The sharp rise in costs outpaced revenue growth, which led to a slight decline in profits to Rs 3,191 crore in FY25, compared to Rs 3,299 crore in FY24. Notably, tax expenses, including deferred tax, increased to Rs 1,112 crore from Rs 820 crore, further weighing on the bottom line.

On a unit level, Zoho spent Rs 0.75 to earn a rupee in FY25. Its ROCE and EBITDA margins stood at 16.85% and 31.27%, respectively. As of FY25, the company reported total current assets of Rs 6,010 crore, including cash and bank balances of Rs 1,880 crore.

During the year, Sridhar Vembu transitioned from his active executive role to take on the position of Chief Scientist. Shailesh Kumar Davey has been appointed as the new Group CEO. In parallel, Zoho Corporation has also forayed into the consumer fintech space with the launch of Zoho Pay, a payments app integrated with its chat platform, Arattai, marking its expansion beyond enterprise software.

With the firm staying away from public markets, and the comfortable cash position, Zoho’s lower margins could probably be a result of its focus on the domestic market, where it has managed some good headline grabbing wins such as the email provider to many of the Indian government’s ministries now. While low in value, these ‘prestigious’ wins have given an added dimension to founder Vembu’s Swadeshi pitch and credentials. The firm remains well placed to add share in India, even at lower margins, even as it wrestles with the impact of AI on the business in other markets. The launch of ZohoPay or even Arattai are simply trial balloons for the domestic market, where it hopes to play a larger role as a service provider to not just businesses. Vembu’s legal troubles in the US linked to the divorce with his wife do shadow the firm, and possibly explains the effort to reduce exposure for the firm to him, as US courts are perfectly capable of making a grab for the firm’s assets. We believe a resolution of those issues will lead to a significant new push for growth and adjacent expansions, but for now, the firm will be content to allow the new Group chief executive officer more leeway and time to settle in.

Deep-tech autonomy company RoshAi has raised Rs 22 crore ($2.36 million) in a funding round led by IAN Group through its Alpha Fund.

The Kochi-based startup had earlier raised approximately $1.71 million in a seed funding round from investors including Caret Capital, Ev2 Ventures, and ThinKuvate.

The fresh funds will be used to strengthen its product, expand deployments, and scale its presence across global industrial markets, RoshAi said in a press release.

Co-founded in 2021 by Roshy John and Rajaram Moorthy, RoshAi enables commercial vehicles operating in confined environments such as seaports, mining sites, airports, and industrial yards to run autonomously using a combination of retrofit hardware and AI-powered fleet software.

The company offers an autonomy operating system, vehicle retrofit kits, and a cloud-based fleet management platform that together deliver safer operations, higher uptime, and better unit economics for industrial customers. It follows an “Android-for-autonomy” model, licensing its AI software stack to OEMs and fleet operators globally while deploying retrofit hardware for existing fleets.

According to market research, the global industrial autonomous vehicles market is expanding rapidly and is projected to grow from $47.6 billion in 2024 to $162.8 billion by 2030.

The company claims to have demonstrated early validation through partnerships with Tier 1 OEMs and repeat customer engagements. Its autonomy solutions have been tested over 100,000 km with zero safety incidents, supported by a growing patent portfolio and a technology stack designed for scalability across industrial environments.

RoshAi is building an autonomy platform that includes retrofit hardware, an in-vehicle autonomy system, and a cloud-based fleet management platform. This enables industrial operators to upgrade existing fleets instead of investing in new vehicles or infrastructure, reducing costs and accelerating adoption.

It competes with other notable players in this space such as Phantom, Black Sesame Technologies, and Aptiv.

Atlys, a visa processing platform, has announced its first ESOP buyback worth Rs 4 crore, offering liquidity to eligible employees.

Under the programme, employees were given the option to liquidate up to 25% of their vested stock options. The buyback was open across roles and functions.

The company also introduced an option for employees to increase their long-term ownership.

Founded in 2021 by Mohak Nahta, Atlys provides a digital platform for visa applications across more than 120 destinations.

The development follows Atlys’ recent $36 million Series C round led by Susquehanna Asia Venture Capital, with participation from Elevation Capital, Peak XV Partners, Long Journey Ventures, and MakeMyTrip.

The company is currently operating at an annual visa run rate of over 700,000 and has expanded into markets including the UAE, US, UK, and Australia.

In the first quarter of 2026, more than half a dozen of startups, including BrowserStack, Innovaccer, Unacademy, and CoinDCX, announced buybacks worth nearly $220 million in total.

Skincare brand ClayCo has raised Rs 34.59 crore (around $3.7 million) in a Series A funding round led by Twenty-Nine Capital Partners Ventures, with participation from ICMG Global Ventures.

The Mumbai-based startup had earlier secured $2 million from Unilever Ventures in October 2024 as its first external investment.

The company will use the fresh capital to accelerate product development, expand into new categories, and strengthen working capital, it said in a press release.

Founded in 2023 by Niharika Jhunjhunwala, ClayCo focuses on skincare products that combine natural ingredients with modern formulations. Its debut range, “Rituals of Japan,” includes cleansers, moisturizers, serums, and essences inspired by traditional ingredients such as rice, sake, and azuki beans.

The brand reported revenue growth from Rs 5 crore in FY24 to Rs 33 crore in FY25, reaching Rs 72 crore in FY26.

ClayCo sells through its D2C platform as well as marketplaces such as Nykaa, Amazon, and Tira, and also operates on quick commerce platforms. It plans to expand into body care and hair care categories.

Tsecond.ai, an edge AI and data infrastructure startup, has raised over $21.5 million (around Rs 190 crore) in funding led by MSN Holdings, the family office of Solar Industries India’s MD and CEO Manish Nuwal.

The investment has been structured across multiple rounds over the past two years and will support the company’s growth in defence and mission-critical AI infrastructure.

Founded by Sahil Chawla, Tsecond.ai builds edge compute and data systems for defence, aerospace, and enterprise use cases. Its flagship platform, BRYCK, enables high-speed data capture and AI processing in environments where cloud connectivity is not available.

Its systems are already deployed across defence programmes in markets including the US, UK, India, and Europe.

Tsecond.ai is focused on building infrastructure for real-time data processing in remote and disconnected environments, where traditional cloud-based systems are not viable.

In India, Tsecond.ai operates in a growing defence and edge AI ecosystem alongside startups such as IdeaForge, which builds UAVs for surveillance, and Tonbo Imaging, which develops advanced imaging and sensor systems for defence applications. Other players include Zuppa, which is working on real-time AI systems for drones, and Craic Precision, which focuses on AI-enabled battlefield systems and edge computing.

Atlas, an AI-led platform for accounting firms, has raised $6 million in a seed funding round co-led by Accel and Stellaris Venture Partners.

The proceeds will be used to expand its AI platform, grow its network of partner accounting firms in North America, and scale go-to-market efforts.

Founded in 2025 by Arpit Maheshwari and Jagmal Singh, Atlas builds AI-native tools for independent accounting firms to automate workflows across delivery and administrative operations.

The platform follows a human-in-the-loop approach, using AI to assist accountants in execution while enabling them to focus on higher-value tasks. Its system has demonstrated efficiency gains of over 5x in targeted workflows.

Atlas is targeting independent accounting firms, particularly in North America, where the industry is facing a shortage of skilled professionals.

The company plans to expand its partner network and deepen product capabilities across accounting workflows.

Angoor AI, an AI-native customer interaction platform, has raised Rs 2 crore in a pre-seed funding round led by Venturizer, with participation from angel investors including Uday Sodhi, Tarun Billa, and Mayank Singh Tomar.

The proceeds will be used to build its enterprise sales function, expand its product and engineering teams, and strengthen its product-led growth strategy.

Founded in 2023 by Arpit Agrawal, Anuj Agrawal, and Rishabh Kumar, Angoor AI offers a platform that automates customer engagement across channels such as WhatsApp, email, web, calls, and social media.

The platform integrates with existing CRM, marketing, and support tools to create a unified customer view and enables automation across acquisition, engagement, and support functions.

Since achieving product-market fit in mid-2025, the startup has onboarded over 20 brands across India and the UK, including Sanfe, InstaAstro, Apps For Bharat, and Rupyz.

Angoor AI plans to expand into the US market as part of its next growth phase.

Exotel has acqui-hired the core team of voice AI startup Dubverse, including cofounders Anuja Dhawan and Varshul Gupta, as it looks to expand its capabilities in conversational intelligence and enterprise customer experience. 

This development will strengthen Exotel’s voice AI stack as part of its broader enterprise communication offerings.

Founded in 2011, Exotel provides cloud telephony and communication solutions to businesses and has been expanding its focus on AI-led customer engagement tools.

With this acqui-hire, the company plans to integrate Dubverse’s expertise in voice AI and conversational technologies into its platform.

Dubverse has been building AI-driven speech and audio solutions, including multilingual voice generation tools for enterprises.

As per Entrackr, Exotel has raised $100 million of funding to date across multiple funding rounds, and counts Blume Ventures, A91 Partners, and Sistema Asia among its backers.

Exotel’s operating revenue increased by 10% to Rs 490.5 crore in FY25 from Rs 444.5 crore in FY24. It posted a profit of Rs 20 crore in FY25, as compared to a loss of Rs 37 crore in FY24

Tarun Mathur has stepped down as the chief executive officer and principal officer of Policybazaar, a wholly owned subsidiary of PB Fintech. His resignation is effective from April 7 and is attributed to personal commitments, the company said in a regulatory filing.

Following his exit, the Insurance Regulatory and Development Authority of India has approved the appointment of Sajja Praveen Chowdary as the new principal officer, CEO, and whole-time director of the company.

Chowdary has been with PB Fintech since 2011 and currently heads Policybazaar for Business, which focuses on corporate and SME insurance as well as reinsurance solutions. He has led multiple functions across business management, product, and technology during his tenure.

He also played a key role in scaling Policybazaar’s retail insurance verticals such as motor and term life, and introduced several solutions aimed at simplifying insurance purchases for customers.

With over 17 years of experience across business management, product, technology, and project management in the e-commerce space, Chowdary holds a postgraduate degree in marketing from IMT Ghaziabad and a BTech in electronics and communications.

Mathur, a long-time executive at Policybazaar with over 18 years at the company, held several leadership roles across functions, including co-founder and chief business officer. He also led verticals such as analytics, revenue management, life insurance, and strategic initiatives.

Digital lending platform KreditBee has raised $280 million in its Series E round at a post-money valuation of $1.5 billion. The round was led by Motilal Oswal Alternates, Hornbill Capital, and MUFG-backed Dragon Funds. WhiteOak Capital, A.P. Moller Holding, Premji Invest, and Advent International also participated.

The company will use the fresh capital to expand its lending portfolio, deepen its presence across key markets, and strengthen its technology platform. It also plans to scale its artificial intelligence capabilities to improve risk assessment, enhance credit penetration, and deliver more personalised financial products.

Founded in 2016 by Madhusudan E, Karthikeyan Krishnaswamy, and Vivek Veda, KreditBee delivers digital lending through its RBI-registered NBFC KrazyBee Services Limited and works with more than 10 financial institutions through co-lending partnerships.

The platform has crossed 230 million app downloads and serves over 18 million unique loan customers. It has disbursed more than 60 million loans across India and reported assets under management of $1.5 billion as of March 2026. Its product suite includes personal loans, business loans, loans against property, and two-wheeler loans along with credit report services and UPI-based offerings.

KreditBee raised $100 million in January 2023 as part of an extended Series D round led by Advent International. The company was valued at around $700–800 million during that phase.

In April 2024, Entrackr reported that KreditBee planned to shift its domicile from Singapore to India as part of preparations for a potential public listing.

With this latest funding, KreditBee has become the third unicorn of 2026 after Neysa, which turned unicorn in February, and Juspay, which crossed a $1 billion valuation after a $50 million funding round led by WestBridge in January.

EV mobility platform Trev Mobility has raised Rs 3.65 crore in an angel funding round from its existing users. The startup had previously secured Rs 20 lakh from the Startup India Seed Fund Scheme.

The proceeds will be used to expand its electric vehicle fleet and scale operations across the NCR region, including Delhi, Gurugram, Noida, Faridabad, and Ghaziabad, the company said in a press release.

Launched in January 2024 by Naveen Gupta, Trev Mobility is a premium, app-first EV mobility platform that aims to reimagine urban travel in India through a seamless blend of sustainability and comfort. It is built around the concept of premium mobility, making high-quality, chauffeur-driven electric vehicles easily accessible through a simple and intuitive mobile app.

“Our goal is to build a service that feels less like a cab and more like your own personal car. With 100 EVs now on the road, four cities covered, and 40,000 rides delivered, we are just getting started on our mission to make premium electric mobility accessible to every Indian commuter,” said Naveen Gupta, founder of Trev Mobility.

According to the Gurugram-based startup, it is also investing in safety and technology, including AI-powered dashcams, aimed at improving in-ride security and accountability. With EV adoption increasing in India and demand for electric mobility growing, Trev Mobility is well positioned to expand its operations across urban use cases.

Since inception, the company claims to have completed over 45,000 rides, with 55–60% repeat users. It offers airport transfers, rentals, and outstation travel, with around 75% of bookings made through its app.

With a growing presence across Delhi NCR, Trev serves both individual and enterprise customers through dependable, well-structured mobility solutions. Its fleet features leading electric vehicle brands such as BYD and MG. It currently operates a fleet of 100 EVs across Delhi NCR and plans to expand this in the coming months.

WorkOnGrid, an AI native operations intelligence platform for utilities, has raised Rs 22.5 crore in a funding round led by Transition Venture Capital, with participation from Indian Angel Network.

The startup had previously secured Rs1 crore from Start Up O ventures in 2020 and Rs 5 crore in 2022 from IAN, Startup O, and other angel investors. 

The fresh capital will be used to scale its global go to market efforts, strengthen its AI and machine learning capabilities, and build international infrastructure, the company said in a press release.

Co-founded by Udit Poddar, Shreyansh Jain, Aayush Agrawal, and Shaurya Poddar, WorkOnGrid is an AI native operations intelligence platform for utilities across power, water, and gas. The company enables real time data integration, predictive analytics, and workflow automation to help utilities improve efficiency, reliability, and decision making. It serves global utility providers through a SaaS model and a scalable deployment architecture.

According to the Bengaluru based startup, it is building a unified data intelligence layer for utilities across power, water, and gas sectors that face fragmented systems, rising operational complexity, and increasing demand for real time decision making.

WorkOnGrid’s platform integrates data from multiple sources, including smart meters, sensors, GIS, and financial systems, into a single queryable environment. This enables sub second insights and automated workflows.

At the core of the platform is an integrated architecture that combines a data lakehouse, operational intelligence, workflow automation, and AI driven analytics. This allows utilities to move from reactive operations to predictive and increasingly autonomous decision making, improving both efficiency and reliability across critical infrastructure.

WorkOnGrid claims it works with over 20 utilities globally and manages data from millions of smart meters, along with a large share of asset and field data generated by utility operations.

Direct-to-consumer kids accessories brand Filli & Me has raised Rs 1.5 crore in a pre-seed round led by D2C Insider Super Angels, along with participation from other angel investors.

The funding, a mix of equity and debt, will be used for product development, brand building, and expanding its direct-to-consumer sales channels, the company said in a press release.

Founded in 2025 by Shikha Pahwa and Vishal Verma, Filli & Me focuses on accessories for young children. Its flagship product, the HugBag, is designed for children aged 2 to 8, with ergonomic support and age-appropriate sizing across preschool, kindergarten, and early primary years.

The product includes features such as lightweight materials, customisable grippies, and playful elements to enhance usability and engagement. It is built around Filli, an Indian ginger cat character created to provide children with a sense of comfort and familiarity.

The startup aims to ease children’s transition from home to school by offering functional and comfort-driven school bags. It also focuses on reducing strain on young shoulders through thoughtful design and research-led product development.

India’s kids products market is growing steadily, driven by rising disposable incomes and increasing demand for premium, design-led products. Filli & Me aims to tap into this opportunity with a direct-to-consumer, brand-led approach.

Quick commerce major Zepto has received approval from the Securities and Exchange Board of India (SEBI) for its much-anticipated initial public offering (IPO), according to media reports.

The Aadit Palicha-led company is aiming to raise around $1.2–1.3 billion (Rs 10,000–12,000 crore) through the offering, which is expected to include a mix of fresh issues and an offer for sale (OFS) by early investors. The approval follows its confidential filing route, allowing the company to fine-tune its issue structure and timing without publicly disclosing sensitive financial details.

The Arc reported the development first.

Founded in 2021 by Palicha and Kaivalya Vohra, Zepto has emerged as one of the fastest-growing players in the quick commerce segment, competing with platforms such as Blinkit and Swiggy Instamart. 

Zepto was last valued at around $7 billion following a $450 million funding round in 2025 and has raised over $2.3 billion to date. Its IPO, expected in the July–September 2026 window, will be closely tracked as a benchmark for the quick commerce sector.

Financially, for the year ended March 2025, the company reported total income of Rs 9,668.76 crore, more than doubling from Rs 4,223.91 crore in FY24. However, its net loss widened to Rs 3,367.28 crore in FY25 from Rs 1,214.67 crore in the previous fiscal year.

On the dark store front, competition remains intense. Blinkit is expected to scale beyond 2,100 dark stores by December 2025, while Swiggy Instamart and Zepto had 1,136 and 1,150 dark stores, respectively, as of December 2025. Meanwhile, Flipkart is targeting over 1,500 quick commerce dark stores by 2026, while Amazon has expanded its network to around 450–500 stores.

Fintech major CRED has upgraded its wealth management platform Kuvera to help affluent investors make more disciplined and informed investment decisions.

The updated Kuvera platform focuses on long term wealth creation and improves user behaviour across key areas such as discipline, asset allocation and performance tracking. According to the company, the upgrade targets investors with larger portfolios, where even a single decision can significantly impact long term compounding.

CRED officially acquired Kuvera in February 2024 as part of its push into wealth management.

CRED said Kuvera users already show higher investment maturity, with average monthly SIPs at twice the industry average and among the highest portfolio values across digital platforms. However, it said that nearly 80% of mutual funds have underperformed their benchmarks over the past five years, which highlights the need for better decision making tools.

The platform introduces a behavioural framework that evaluates investors on three parameters namely discipline, allocation and performance. It helps users identify patterns, assess risk exposure and benchmark returns.

Kuvera has also launched Surplus, a feature that allows users to deploy idle cash into liquid funds managed by asset management companies such as ICICI Prudential AMC, HDFC AMC and Aditya Birla Sun Life AMC. The feature offers quick liquidity, with partial withdrawals processed within minutes.

Deeptech startup H2LooP has raised $2 million (about Rs 18.59 crore) in a seed funding round co-led by Speciale Invest and 3one4 Capital.

The fresh funds will be used to expand into high-complexity sectors such as data centres, UAVs, and robotics, where reliability, real-time performance, and data control are critical, H2LooP said in a press release.

Co-founded in May 2025 by Sairanjan Mishra and Pulkit Agrawal, H2LooP is a deeptech startup focused on AI-driven development tools for embedded systems, hardware engineering, and software that powers hardware. It specialises in AI-native coding assistants, small language models (SLMs) for low-level systems (firmware and drivers), and hardware-aware debugging tools.

The Bengaluru-based startup aims to accelerate embedded software development using specialised SLMs and AI-native infrastructure for sectors such as automotive, aerospace, robotics, and semiconductors.

H2LooP addresses the gap between hardware engineering and software development by providing tools that understand hardware constraints, safety standards, and complex codebases. The startup offers domain-specific AI models for C/C++ embedded code, which can run in secure or air-gapped environments, ensuring IP privacy for industries such as defence and semiconductors.

According to the company, H2LooP currently works with semiconductor companies, defence organisations, and telecom firms on real-world deployments. Its platform analyses firmware, silicon specifications, and safety standards, automates debugging of crash logs, and converts technical documents (PDFs) into actionable training data.

The startup aims to replace traditional coding assistants like GitHub Copilot with tools tailored for low-level systems engineering.

The 10th edition of 4M BNI 2026 ACCELERATE concluded in Gurugram as a defining moment for North India’s entrepreneurial ecosystem. It brought together scale, substance, and spectacle in equal measure.

With over 3,500 business leaders, founders, and decision makers, along with more than 120 exhibitors, the event turned into a high density marketplace of ideas, capital, and collaboration. Participation ranged from MSMEs and emerging startups to legacy enterprises, highlighting a broader shift. India’s business growth is no longer linear. It is network led and exponential.

Day 1 focused on structured growth, while Day 2 expanded into a full spectrum celebration of entrepreneurship. The exhibition floors saw strong momentum as thousands of visitors explored stalls and engaged in conversations that quickly moved from introductions to intent.

Across both days, the underlying philosophy of “Givers Gain” stood out. This principle translated into real collaborations on the ground. As Arti Kochhar, Executive Director of BNI Gurgaon and Faridabad, said, the 10th edition was not just a business meet but a movement, reflecting the scale of ambition within India’s entrepreneurial circles.

As the front sponsor, Gaurav Bhagat, founder of Gaurav Bhagat Academy, highlighted a recurring theme. Growth today depends on the right mindset, network, and opportunity coming together at the right time. His vision to enable 100,000 companies and 900,000 individuals reflects the scale at which such platforms now operate. This ambition was visible throughout the conclave, from founders seeking scale to enterprises exploring partnerships and professionals looking for strategic alignment.

The presence of brands like Consortium Gifts and Gaurav Bhagat Academy reinforced the event’s positioning as a serious business platform rather than a symbolic gathering.

At 15 years of legacy, 4M BNI 2026 signals a larger trend in India’s startup and MSME ecosystem. Curated, high intent business communities are rising beyond surface level networking. In an environment where access, collaboration, and speed define success, such platforms are becoming critical growth infrastructure.

Fashion supply chain platform Fashinza has acquired Qckin, a manufacturing-focused design-to-delivery startup.

According to Fashinza, the acquisition marks a strategic step in its plan to integrate technology-led sourcing with specialized manufacturing, enabling global fashion brands to move from design to production faster and more cost-efficiently. The move also comes as brands diversify sourcing strategies amid geopolitical shifts and evolving trade dynamics, prompting the company to strengthen its manufacturing ecosystem through captive facilities for a more resilient supply chain.

As part of the agreement, Qckin’s founders will continue to lead operations and will work closely with Fashinza to scale specialized manufacturing across India and Bangladesh, focusing on high-demand categories such as shirts, T-shirts, jeans, trousers, and woven tops.

The Qckin facility will initially focus on shirts and woven tops, with plans to scale manufacturing capabilities over time. Fashinza works with leading global and domestic brands such as Shein, Reliance Retail, Myntra, and The Bear House, and recently achieved profitability, driven by strong growth in its European business.

As global supply chains shift, Fashinza is positioning itself as a technology-driven manufacturing partner, with plans to expand across 3–4 locations in India through acquisitions and strategic partnerships.

Co-founded in March 2025 by Srinivasan Premkumar and Manojkumar Mahaveer Patil, Qckin is a Bengaluru-based startup that specializes in retail trade and focuses on clothing and fashion.

Fashinza is a Gurugram-based AI-powered B2B apparel manufacturing marketplace founded in 2020 by Pawan Gupta, Abhishek Sharma, and Jamil Ahmad. It streamlines the supply chain for fashion brands by providing end-to-end design-to-delivery solutions with low minimum order quantities (MOQs) and transparent, sustainable, ethical, and fast production. The company secured $30 million in working capital funding from Mars Growth Capital and Liquidity Group in March 2023.

GLAAS, an embedded credit infrastructure platform for MSMEs, has onboarded Devesh Sachdev as co-founder and managing director. Sachdev is a distinguished entrepreneur in financial services, having earlier founded Fusion Finance, where he scaled the company from a startup to a successful IPO in 2022. As he joins the leadership team and takes the helm at GLAAS, Sachdev is also investing $5 million in the company.

The move signals GLAAS’ intent to capture a significant share of the fast-emerging embedded credit opportunity in India, as MSME lending shifts from traditional models to platform-led distribution. Embedded credit is expected to contribute nearly 25% of MSME lending by 2030.

With the latest fundraise and leadership expansion, GLAAS is focused on strengthening the balance sheet of its in-house NBFC, Gromor Finance, further expanding its co-lending partner ecosystem, and scaling its presence across high-growth digital platforms.

Established in 2021 by Bhupesh Morye, Santosh Shetty, Shailesh Dixit, and Sanjeev Kumar, Gromor Lending as a Service (GLAAS) is an embedded credit infrastructure platform that enables digital ecosystems to offer seamless, real-time working capital solutions to MSMEs. GLAAS serves as the flagship go-to-market platform, while Gromor Finance focuses on addressing MSME working capital needs.

GLAAS claims to have disbursed more than Rs 1,200 crore in loans to date. The platform enables digital ecosystems, including e-commerce, payments, and supply chain platforms, to offer real-time, contextual credit to MSMEs. By leveraging transaction data and API-led integrations, it enables instant underwriting, seamless disbursals, and automated repayments, transforming credit into a continuous and embedded experience within commerce.

The company is seeing strong adoption across digital platforms, with a growing pipeline of partnerships and increasing demand for embedded working capital solutions.

Aman Gupta, co-founder of boAt, has raised Rs 100 crore in seed funding for his new venture, Off Beat. The round was led by Bessemer Venture Partners, underscoring investor willingness to back entrepreneurs with a proven track record of building scalable companies.

Off Beat, a content and creator-led venture, is expected to focus on leveraging technology and AI to build its platform, although detailed business specifics remain undisclosed.

Announcing the fundraise, Gupta emphasized the strategic value of partners over capital. “Having built from scratch before, I know what capital can do and what it cannot. This time, I was looking for partners with a global perspective who can help me leverage technology and AI, because that’s where the future lies,” he said.

Gupta also highlighted Bessemer’s global track record, citing its investments in Anthropic, Shopify, Canva, and LinkedIn.

While the company hasn’t disclosed its valuation, according to Entrackr’s sources, Off Beat's valuation would be around Rs 450 crore in the seed round.

This represents Gupta’s second entrepreneurial stint after boAt, which crossed the Rs 3,000 crore revenue mark while achieving profitability. The fundraise, which materialised within a month of Off Beat’s launch, also shows strong investor confidence in his execution capabilities and his ability to build and scale consumer brands.

The launch of Off Beat comes at a time when Gupta has been transitioning from his active operating role at boAt. The audio and wearables brand has also seen leadership changes and delayed IPO plans in recent months, which signalled a broader shift in Gupta’s focus toward new-age ventures.

Apart from being an entrepreneur, Gupta has backed over 100 startups through his journey on Shark Tank India and his personal investments. His move into the content space reflects a growing trend of founders building personal brand-led ventures beyond their core businesses.

Curefit Healthcare Pvt Ltd, the parent company of fitness and wellness platform Cult.fit, has appointed four independent directors as it gears up for a potential public listing.

This development comes shortly after the company received Rs 440 crore ($47 million) from Temasek last month, as exclusively reported by Entrackr.

According to a press release, Cult.fit’s board has appointed Kalpana Morparia, Arun M. Kumar, Indu Bhushan, and Pragya Misra as independent directors.

Kalpana Morparia, former Chairman of JPMorgan South and Southeast Asia, is a banking veteran who previously held leadership roles at ICICI Bank and serves on multiple global boards. She was awarded the Padma Shri in January 2024.

Arun M. Kumar currently serves as Managing Partner at Celesta Capital, while Indu Bhushan is the founding CEO of Ayushman Bharat–Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) and a former IAS officer from the Rajasthan cadre. Pragya Misra is the Head of Strategy & Global Affairs for India at OpenAI.

Founded in 2016, Cult.fit operates on a hybrid fitness model combining digital offerings through its app and physical fitness centers across 300 cities in India. It provides subscription-based fitness plans (Cultpass) that grant access to gyms, group classes, and virtual training.

Overall, Cult.fit has raised over $720 million to date from the likes of Zomato, Tata Digital, Temasek, Kalaari Capital and South Park Commons among others.

The fitness unicorn has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley, and JM Financial as bankers for its upcoming IPO. The company is reportedly aiming to raise Rs 2,500 crore (nearly $300 million), valuing it at around $2 billion.

For the fiscal year ended March 2025, Cult.fit reported a 31% year-on-year hike in operating revenue to Rs 1,216 crore from Rs 927 crore in the previous fiscal year (FY24), while losses narrowed 10% to Rs 480.8 crore.

Food brand KisaanSay has raised Rs 34 crore ($3.6 million) in a Series A funding round led by NABVENTURES through the AgriSURE Fund (Agri Fund for Startups & Rural Enterprises), with participation from other investors.

The Gurugram-based startup had earlier secured $2 million in a pre-seed round led by Jungle Ventures through First Cheque@Jungle, along with participation from senior leaders in the food industry, in January last year.

The company will use the fresh capital to scale distribution, strengthen marketing and brand-building efforts, expand its team, build a scalable organisation, and deploy a full-stack technology infrastructure.

Founded in 2022 by Nitin Puri, Vaishali Mehta, and Manoj Karki, KisaanSay offers a range of authentic, 100% single-origin food products. The brand focuses on bridging the gap between farmers and consumers by placing provenance at the core of its operations, while enabling sustainable livelihoods for farmers.

KisaanSay said its single-origin model ensures products are grown, minimally processed, and packaged at source by farmer enterprises in their own units.

The company has over 100 SKUs across 12 categories and works through co-brand and co-profit partnerships with 25 farmer enterprises, covering around 50,000 farmers across nine states. Its distribution spans its direct-to-consumer website, major e-commerce and quick commerce platforms, and select retail stores in Delhi-NCR.

AgriSURE is a SEBI-registered Category II AIF, jointly sponsored by the Ministry of Agriculture and Farmer Welfare and NABARD, with backing from domestic financial institutions. Managed by NABVENTURES, it invests in technology-driven agri and rural startups to strengthen farm-to-market linkages and support sustainable rural development.

InCred Alternative Private Investments, the alternatives asset platform of InCred Capital, has closed its maiden special opportunities credit fund, InCred Special Opportunities Fund-I, at its hard cap of Rs 1,500 crore.

With this raise, InCred Alternatives has mobilised over Rs 4,000 crore across its performing credit and special situations strategies.

The Category II close-ended Alternative Investment Fund saw participation from domestic family offices, ultra-high-net-worth individuals, and international investors.

The fund will focus on old economy businesses with hard asset backing, established cash flows, and structural downside protection at the time of investment. Around 75% of the corpus has already been deployed across sectors such as auto, power, oil and gas, and hospitality.

Launched in 2022, InCred Alternatives’ private credit platform reports a track record across origination, underwriting, active portfolio management, and income distribution.

InCred Alternative Investments, part of InCred Capital, focuses on offering a range of alternative investment strategies to help investors diversify portfolios across private market opportunities.

Shares of Jubilant FoodWorks fell to a two-year low on Tuesday after weak same-store sales growth in Q4FY26, which triggered sharp reactions from brokerages and investors.

The company reported a 19.1% year-on-year increase in consolidated revenue to Rs 2,506 crore for the March quarter, while full-year revenue grew 17.2% to Rs 9,544 crore, according to its business update. Despite the double-digit growth, the topline failed to offset concerns around slowing demand.

Domino’s India, its core business, posted like-for-like (LFL) growth of just 0.2% in Q4 FY26, significantly below expectations and sharply down from 5% in the previous quarter, which indicated continued pressure on discretionary consumption.

Brokerages flagged the weakness. Analysts at Morgan Stanley termed the performance a “big miss”, while Goldman Sachs cautioned that weak same-store growth could weigh on margins going forward.

According to the disclosure, the company continued to rely on expansion to drive growth, adding 69 net stores during the quarter to take its total network to 3,663 outlets, including 2,455 stores in India. Analysts noted that incremental growth is increasingly being led by store additions rather than per-store throughput.

The pressure is visible across the sector. Devyani International has also reported subdued performance in recent quarters, with moderate revenue growth along with weak dine-in demand and rising costs.

Jubilant FoodWorks’ stock has been under sustained pressure in recent months, that reflects concerns over growth visibility and margin sustainability. A recovery in same-store sales and improvement in demand will be key for the company to regain investor confidence.

Flipkart is targeting over 1,500 quick commerce dark stores by 2026, while Amazon has scaled its network to 450–500 stores, according to a UBS report.

Flipkart currently operates 750–850 dark stores and has expanded aggressively, particularly across tier-II and III markets. The company began its rollout in January 2026 and plans to add another 800 stores by the end of the year.

Amazon, on the other hand, has rolled out 450–500 dark stores so far, with 330–370 operational and another 100–140 in the pipeline.

The rapid scale-up by both companies is being steered through partnerships with third-party enablers that manage store setup and operations. These enablers offer end-to-end solutions that allow platforms to outsource parts or the entire stack and expand faster.

While franchise-led models continue, large platforms are opting for partnerships with specialized operators instead of building capabilities entirely in-house. The entry of Flipkart and Amazon has created tailwinds for such enablers as both companies scale without developing the full operating stack internally.

Flipkart Minutes has expanded to several tier-II and III cities such as Rohtak, Muzaffarpur, Hajipur, Arrah, Chhapra, Zirakpur, Mohali, Bihar Sharif, Asansol, Durgapur, Sonipat, and Panchkula, with Arrah emerging as one of the fastest-growing cities in recent launches, according to sources.

Queries sent by Entrackr to Flipkart regarding Minutes expansion last week did not elicit a response. We have also reached out to the company regarding the latest numbers published by UBS.

Separately, UBS said Amazon plans to wind down its 4–24 hour delivery service, Amazon Fresh, across 10–15 major Indian cities as it shifts focus to its quick commerce offering, AmazonNow.

In terms of operating models, Amazon funds dark store capex and pays rent, while enablers manage daily operations and sometimes last-mile delivery. Flipkart follows a mixed model, where enablers handle capex and operations in some locations, while in others the company bears these costs.

On store economics, a typical dark store requires Rs 45–60 lakh in capex, according to UBS. Amazon’s mature stores clock 1,200–1,500 daily orders, with break-even achieved at around 1,400–1,500 orders at an average order value of Rs 500–600.

Blinkit was expected to reach 2,100 stores by December 2025, according to Eternal CEO Albinder Dhindsa, and has indicated a target of 3,000 stores by March 2027. Flipkart’s planned scale-up to over 1,500 stores by 2026 places it closer to Blinkit in terms of network size.

Swiggy Instamart operated 1,136 active dark stores as of December 2025, while Zepto had around 1,150 stores at the end of 2025.

ECOIL, a platform focused on collection and disposal of used cooking oil, has raised around $2.5 million in a Series A funding round led by Fundalogical Ventures.

The round also saw participation from Caspian Impact Investment, Momentum Capital, and existing investor The Chennai Angels. Shell had backed the company earlier as a seed investor.

The proceeds will be used to scale operations, strengthen its technology platform, and expand into more markets across India.

Founded in 2019 by Sushil Vaishnav and Kirti Vaishnav, ECOIL works with restaurants, hotels, and food businesses to collect used cooking oil and channel it towards biofuel and sustainable aviation fuel production.

The firm is building a tech-enabled collection and logistics network aimed at improving traceability, compliance, and aggregation of used cooking oil, a key feedstock for biodiesel and SAF.

The startup is also focused on organising a fragmented supply chain and integrating informal workers into the formal collection network.

Xccelera, an agentic AI startup, has raised Rs 1.2 crore in a funding round from investors including Ramakant Sharma, Asad Khan, and Amiya Pathak.

The proceeds will be used to expand its engineering team, strengthen its multi-agent AI systems, and scale enterprise deployments.

Founded by Rohit Singh, Xccelera is building a “services-as-software” platform that uses AI agents to automate enterprise workflows. Its platform is designed to replace manual, service-led processes with autonomous systems capable of executing tasks end-to-end.

The startup’s core offering includes a multi-agent orchestration system along with validation and quality engineering layers to support enterprise-grade deployments.

The startup claims to have reached an annual recurring revenue run rate of $250,000 within four months of launch and has deployed its solutions across customers in the US and UK.

It has also partnered with TestMu AI to deliver AI-led services to enterprise clients.

Fintech company Pine Labs has announced the resignation of Navin Chandani, President and Chief Business Officer Issuing, a senior management personnel.

According to a regulatory filing, Chandani has stepped down to pursue opportunities outside the company. His resignation will be effective from April 6, 2026.

Chandani spent over three years at Pine Labs, where he led the issuing business Qwikcilver and held multiple global board roles across the US and Australia.

Prior to this, he served as Managing Director and CEO at CRIF India and later as Regional Managing Director for India and South Asia at CRIF. He also held leadership roles at BankBazaar as Chief Business Officer and Chief Business Development Officer, and spent over four years at Visa in senior director roles, leading payments and consumer business segments across India and South Asia.

For the quarter ending December 2025 Q3 FY26, Pine Labs reported a profit of Rs 42 crore, while its revenue grew 24% year on year during the quarter.

Pine Labs made a positive debut on the public markets, listing at a 9.5% premium over its issue price. The stock opened at Rs 242 per share against the IPO price of Rs 221, giving the Peak XV backed firm a stable start on the NSE and BSE. At the end of today’s trading session, Pine Labs shares were trading at Rs 153, with a market capitalization of around $1.9 billion.

Zanskar Technology, a quantitative trading and execution infrastructure company, has raised Rs 25 crore ($2.7 million) from BlackSoil Capital. 

The Bengaluru-based startup is backed by Peak XV Partners.

The fresh funds will be utilized to deepen its institutional presence and continue investing in cutting-edge trading infrastructure, Zanskar Tech said in a press release.

Founded in 2022, Zanskar Technology is a quantitative trading and execution infrastructure company offering institutional and retail brokerage services through its platform, Nubra. It provides low-latency, institutional-grade execution to a wide range of market participants.

Nubra offers execution and brokerage services to institutional clients, including AMCs, PMS/AIF funds, VC/PE firms, family offices, and proprietary desks. It is also building infrastructure for market-making in international markets.

According to Zanskar, the platform is built on a fully in-house technology stack, including proprietary OMS and RMS systems, exchange co-located infrastructure, and low-latency execution algorithms.

Within six months of launch, the platform has onboarded multiple institutional clients and serves as an authorised market maker for several ETF products. Nubra’s retail platform has also gained traction, with over 25,000 demat accounts onboarded, offering institutional-grade execution to individual investors.

Established in 2016, BlackSoil provides alternative credit solutions to fast-growing and underserved new-economy businesses across short- and long-term capital needs. Its portfolio includes eleven unicorns and fourteen publicly listed companies.