Piper Serica Launches ₹800 Cr VC Fund To Back Deeptech Startups
Piper Serica has launched the Bharat Tech Fund, a Category II alternative investment fund with a potential size of ₹800 cr (about $96 million), of which ₹600 cr ($72 million) is targeted initially and a ₹200 cr greenshoe is available. The fund will invest ₹25‑50 cr ($3‑6 million) in Series A and B deep‑tech startups across semiconductors, AI, spacetech, defence, biosciences and fintech infrastructure, aiming for a 30% gross IRR over six years. Piper Serica leverages partnerships with premier Indian institutes and its Yoda.ai screening tool to source deals, building on a track record of 35 prior deep‑tech investments. The launch aligns with recent Indian government incentives that have expanded the deep‑tech ecosystem, which saw $500 million raised across 87 deals in 2025.
RBI Proposes To Let Lenders Restrict Smartphone Functions In Case Of Default
The Reserve Bank of India has issued draft amendments that would let banks and NBFCs disable certain non‑essential functions of a financed smartphone, tablet or similar device when a borrower defaults. Restrictions can only be applied after 90 days of...
Oister Global Launches Third Secondaries Fund With ₹500 Cr Corpus
Oister Global has launched its third secondaries vehicle, ACE Fund III, with a ₹500 Cr (~$60 M) corpus, split between a ₹250 Cr base and a greenshoe option. The fund will chase late‑stage secondary stakes in high‑growth tech firms that show solid unit economics...
Oxyzo To Buy Debt Investment Platform GoldenPi For ₹42 Cr
Fintech unicorn Oxyzo approved a share‑swap acquisition of debt‑investment platform GoldenPi for ₹42.4 Cr (≈$4.4 M). The deal issues 3.11 Lakh equity shares to GoldenPi’s founders and Rainmatter Capital, giving Oxyzo a foothold in retail wealthtech and bond distribution. GoldenPi brings a network...
Unacademy Cofounder Sumit Jain Exits, Gaurav Munjal To Take Charge
Unacademy co‑founder Sumit Jain will leave the edtech platform on June 30, transitioning to an advisory role, while fellow co‑founder Gaurav Munjal assumes the CEO seat. The leadership shift coincides with upGrad’s pending all‑stock acquisition of Unacademy, which values the...
Biotech Startup Cellogen Therapeutics Raises ₹20 Cr From Kotak Alts
Cellogen Therapeutics, a Hyderabad biotech founded in 2021, secured ₹20 crore ($2 million) from Kotak Alternate Asset Managers via its Life Sciences Fund I. The funding will accelerate the company’s dual‑antigen CAR‑T clinical programs, expand its gene‑therapy pipeline, and upgrade GMP‑compliant manufacturing....
Can MobiKwik’s Lending Ambitions Ease The Payments Burden?
MobiKwik posted a Q4 FY26 net profit of ₹4.4 Cr (≈$0.5 M) after a ₹56 Cr loss a year earlier, and EBITDA turned positive at ₹17.4 Cr (≈$2.1 M). Payments revenue stayed flat at ₹211.6 Cr (≈$25 M) despite a 58% rise in GMV and a 170%...
The Mythos Stress Test: Can Indian Fintechs, Banks Fend Off AI-Native Cyber Threats?
Anthropic’s Mythos AI model has demonstrated the ability to autonomously uncover long‑standing software vulnerabilities, prompting alarm across the global security community. In India, the finance ministry convened senior bank leaders after Mythos’ release, forming a panel headed by SBI chairman...
Shadowfax’s Inflection Point And The Next Frontier
Shadowfax posted Q4 FY26 revenue of ₹1,237 cr (~$149 m), up 73.6% YoY, and swung to a net profit of ₹55.8 cr (~$6.7 m). Its 3PL market share rose from roughly 8% to about 29%, and the firm delivered 22.6 cr (226 m) orders, a 101%...
How D2C Brands Can Grow Beyond India’s Top 2% Power Shoppers
India’s ecommerce market has surged to roughly $165 billion, yet 2% of its 958 million internet users—about 19 million power shoppers—account for 60% of total GMV. These high‑intent buyers favor D2C brands for convenience and personalization, creating a concentration risk for merchants. Meanwhile,...
US-Based Numero Acquires Royu To Expand Its AI Finance Platform
US‑based AI finance platform Numero has bought Chennai‑headquartered startup Royu in a cash‑and‑stock transaction valued in the double‑digit‑million range. Royu, less than a year old, builds AI agents that automate core accounting tasks such as bookkeeping, invoice processing and month‑end...
Maharashtra Seeks Shutdown Of Ola, Uber, Rapido Bike Taxi Services
Maharashtra transport minister Pratap Sarnaik wrote to the state cyber‑crime department demanding the immediate shutdown of app‑based bike‑taxi services operated by Ola, Uber and Rapido. The letter alleges the platforms are running without valid permits, driver verification, insurance or women‑safety...
Zoho Invests ₹70 Cr In ONDC To Back Sovereign Tech Infrastructure
Zoho has invested approximately $7.3 million (₹70 crore) in the Open Network for Digital Commerce (ONDC) to strengthen India’s sovereign digital commerce infrastructure. The partnership will see Zoho’s suite of SaaS products—ERP, Books, Inventory, and Commerce—integrated with ONDC, helping MSMEs digitise operations...
Dil Foods Bags ₹72 Cr To Expand Footprint, Launch More Cuisine
Dil Foods, a Bengaluru‑based virtual restaurant operator, secured a $7.7 million Series B round led by Bikaji Foods Family Office, bringing its total funding to $13.6 million. The capital will fund expansion into Tier I and II cities, aiming to grow its footprint from...
Swish Club Rebrands To SwishX, Pivots To AI For Pharma
Swish Club has rebranded as SwishX and shifted from device leasing to an agentic AI platform serving pharmaceutical and med‑tech firms. The new suite includes Tender IQ, Contract IQ, Marketing IQ and Channel IQ, aimed at automating sales, marketing, distribution...
ONGC Mulls New ₹200 Cr Fund To Back Energy & AI Startups
India's state‑run Oil and Natural Gas Corporation (ONGG) announced a new ₹200 Cr (approximately $20 million) alternative investment fund focused on energy‑related and AI/ML startups. The fund will be managed by two contract advisors hired for a 12‑month term, with a possible...
3one4 Capital’s Fund V In The Works, Eyes $225 Mn Corpus
Venture capital firm 3one4 Capital is preparing its fifth fund, 3one4 Capital IFSC – Fund V, with a target corpus of $225 million (≈₹2,147 crore). The International Finance Corporation has floated a $20 million (≈₹191 crore) equity commitment, underscoring international interest. Fund V will...
Can Bhavish Aggarwal Drag Ola Krutrim Out Of The Rut?
Ola Krutrim, founded by Bhavish Aggarwal, became India’s first AI unicorn in January 2024 after raising $50 million at a $1 billion valuation. The startup initially promised a sovereign LLM, AI‑chip, and cloud stack tailored to Indic languages, but by early 2026 it has...
Swiggy Q4: Food Delivery Beats ‘LPG Crisis’ Fears But Instamart Cools Off
Swiggy reported Q4 FY26 food‑delivery revenue of about $278 million, up 23% YoY, with gross order value reaching roughly $1.08 billion despite the LPG supply shock that closed restaurants in key cities. The company kept contribution margin steady, improving to 7.8% and...
PB Fintech Gets Stock Broking Licence From SEBI For Debt Segment
Fintech giant PB Fintech, the parent of Policybazaar and Paisabazaar, received SEBI approval for its subsidiary PB Marketing and Consulting to operate as a stock broker focused on the debt segment on the NSE. The licence, effective May 8, enables the...
Fashinza Cofounder Pawan Gupta Steps Down, Eyes New Venture In AI Space
Fashinza co‑founder and CEO Pawan Gupta quit the Accel‑backed B2B fashion supply‑chain startup to launch an AI‑focused venture, citing the rapid pace of AI innovation and the company’s shift toward manufacturing. Gupta said the new venture could target healthcare, e‑commerce,...
Fi Money Cofounder Sumit Gwalani Quits Amid Mounting Financial Struggles
Sumit Gwalani, co‑founder of Fi Money, announced his exit after six years as the neobank grapples with cash constraints and a strategic shift toward enterprise AI. Fi, founded in 2019 by former Google Pay executives, raised over $137 million but has...
From Skyroot To Pronto — Indian Startups Raised $132 Mn This Week
Indian startups raised $132.3 million across 18 deals from May 4‑8, a 35% drop from the prior week. The week’s headline was Skyroot’s $60 million round that pushed the spacetech firm to a $1.1 billion pre‑money valuation, making it India’s third unicorn of 2026....
How Euler Motors Zoomed In On Electric Cargo, Laid Out Its Growth Blueprint
Euler Motors, founded in 2018, has raised $229 million and now commands roughly 22% of India’s electric cargo‑vehicle market. After proving demand with three‑wheelers for logistics giants, it launched the HiLoad EV in 2021 and expanded into four‑wheel commercial EVs, which...
![[Update] Zaggle Revises DICE Deal Structure, Cuts Acquisition Cost To ₹68 Cr](https://inc42.com/cdn-cgi/image/quality=90/https://asset.inc42.com/2024/12/zaggle-MA-social-.png)
[Update] Zaggle Revises DICE Deal Structure, Cuts Acquisition Cost To ₹68 Cr
Zaggle has restructured its planned acquisition of DICE, lowering the purchase price to roughly ₹68 crore (about $8.2 million) from the earlier ₹123 crore estimate. The revised deal targets only DICE’s AI‑enabled spend‑management platform, its intellectual property, enterprise contracts and about 100 technology...
Zepto Gets SEBI Nod For $1Bn IPO
Quick‑commerce leader Zepto has secured SEBI’s observation letter, clearing the path for a $1 bn (≈₹9,400 Cr) IPO. The company will file an updated draft prospectus within six to eight weeks, with the offering expected to be mainly a primary capital raise....
Infra.Market To Raise Pre-IPO Round Of ₹500 Cr At $2.6 Bn Valuation
Infra.Market, the Indian B2B construction‑materials marketplace, is raising a pre‑IPO round of ₹500 Cr (about $53 million) at a post‑money valuation of roughly ₹25,000 Cr ($2.6 billion). Existing backers Tiger Global, Accel and Nexus Venture Partners, along with co‑founders, will participate. The company posted...
Can Square Yards’ Fintech Growth Engine Drive Its IPO Ambitions?
Square Yards is positioning a $250‑300 million IPO on the back of a fintech‑driven growth surge. In FY26 the proptech firm posted a positive EBITDA of ₹176 Cr (≈$21 M) and revenue of ₹2,086 Cr (≈$251 M), with its Urban Money arm contributing about 60%...
ED Arrests 3 Gameskraft Cofounders In Alleged Betting-Linked Fraud Probe
The Enforcement Directorate arrested Gameskraft Technologies co‑founders Deepak Singh, Prithvi Raj Singh and Vikas Taneja in a money‑laundering probe tied to an alleged betting fraud of roughly ₹1,000 crore (about $120 million). The agency conducted searches at 17 locations in Delhi NCR...
Armory Gets ₹100 Cr Defence Ministry Order For Counter Drone Systems
Armory, a defence‑tech startup founded in 2024, landed a ₹100 Cr ($10.5 M) order from India’s defence ministry to supply its AI‑powered counter‑UAS platform, SURGE. The system leverages the proprietary Samaritan OS to scan environments millions of times per second, learn new...
Netradyne Acquires Fleet Management Company Moove To Expand In Europe
Netradyne, the logistics AI unicorn, has acquired Europe‑based fleet manager Moove Connected Mobility to accelerate its European expansion. The financial terms were not disclosed, but Moove will become the central hub for Netradyne Europe’s sales, partnerships and market development. Moove’s...
![[Update] Kissht IPO: Issue Subscribed 60% On Day 2](https://inc42.com/cdn-cgi/image/quality=90/https://asset.inc42.com/2026/05/KisshtSoc-1.jpg)
[Update] Kissht IPO: Issue Subscribed 60% On Day 2
Kissht’s parent OnEMI Technology Solutions saw its IPO subscription climb to 60% by the close of day two, with bids for 2.38 Cr shares against a 3.97 Cr share offer. Qualified institutional buyers (QIBs) led the demand, oversubscribing their 1.13 Cr quota 1.45‑times,...
Pixxel Partners Sarvam To Launch Orbital Data Centre Satellite By Q4 2026
Pixxel, a Google‑backed Indian spacetech startup, announced it will launch Pathfinder, the country’s first orbital data‑centre satellite, in the fourth quarter of 2026. The 200‑kg satellite will be built, launched and operated by Pixxel, while AI firm Sarvam will run...
How Coratia Technologies Is Protecting Undersea Data Highways With Marine Robots
Coratia Technologies, an Odisha‑based deep‑tech startup, is deploying marine robots to survey and protect undersea fibre‑optic cables after recent threats in the Strait of Hormuz. The company has raised about $2.6 million and landed a roughly $8 million contract with the Indian...
Snabbit’s Micromarket Push
Snabbit, a Bangalore‑based instant home‑services startup founded March 2024, has raised $112 million in five rounds within 15 months, including a fresh $56 million infusion that doubled its valuation. The company’s micromarket model concentrates providers in hyper‑local clusters, cutting customer‑acquisition costs by 65 % and...
Inside Fino Payments Bank’s Troubles And Transition To A Small Finance Bank
Fino Payments Bank reported a 43% YoY profit decline to ₹52.5 Cr (≈$6.3 M) in FY26, with Q4 profit plunging 70% to ₹7.1 Cr (≈$0.86 M). The slump stems from RBI’s 2024 remittance circular, stress in NBFC/MFI sectors, and a shutdown of its digital...
Apple Antitrust Case: IPhone Maker Urges Delhi HC To Stay CCI’s Final Hearing
Apple has asked the Delhi High Court to halt the Competition Commission of India’s (CCI) final hearing scheduled for May 21, arguing the regulator exceeded its authority by demanding the company’s global financial data. The CCI insists the data are...
Amazon India’s Quick Commerce Orders Growing 25% MoM: CEO Jassy
Amazon Now, the company’s ultra‑fast delivery service, is seeing orders grow 25% month‑over‑month in India, according to CEO Andy Jassy on the Q1 earnings call. Prime members in the country have tripled their shopping frequency after adopting the service. Amazon...
Fractal Overhauls Operations, Appoints Three New AI Chiefs
Fractal, the AI and advanced analytics firm, announced a sweeping operational overhaul and the appointment of three new AI chiefs to steer its newly defined enterprise AI pillars. The restructuring, effective April 30, introduces AI‑led Transformation, AI Foundations, and AI...
E2W Registrations Plunge 27% In April; Ola Electric Bucks Trend With 20% Jump
April saw Indian electric two‑wheel registrations tumble 27% month‑on‑month, slipping to 140,000 units after a record‑breaking March. Despite the overall dip, the sector’s FY26 volume rose over 20% year‑over‑year, crossing 1.4 million units and achieving a 6.5% EV penetration. Ola Electric...
JSW One Buys Pidilite Ventures-Backed Proptech Startup BuildNext
JSW One Platforms, the B2B ecommerce arm of the JSW Group, announced the acquisition of proptech startup BuildNext through a share‑swap with Pidilite Ventures. The transaction, valued at a mutually agreed price, also brings an additional ₹22 Cr (≈$2.6 M) investment from...
IndiaMART Q4: Net Profit Plunges 72% YoY To ₹50 Cr
IndiaMART InterMESH reported a sharp decline in Q4 FY26 net profit, down 72% YoY to ₹50.2 Cr (≈$6 M). Operating revenue grew modestly 14% YoY to ₹404.3 Cr (≈$48.7 M), driven by a 10% rise in its ecommerce platform and an 83% jump in...
Optimized Electrotech Raises ₹35 Cr To Expand Into Space Imaging
Optimized Electrotech, a deep‑tech startup focused on electro‑optical defense systems, secured ₹35 Cr ($3.7 M) in a round led by Exfinity Ventures. The capital will fund satellite development and the launch of a real‑time imaging constellation for defence and security customers. The...
Jaipur Edition Of D2CX Converge Decodes ₹100 Cr Playbooks For D2C Brands
Inc42 and logistics firm Shadowfax hosted the D2CX Converge meetup in Jaipur, gathering over 70 D2C founders to discuss scaling brands to the ₹100 cr (~$12 m) mark. The event highlighted Blue Tokai’s omnichannel growth to over ₹650 cr (~$78 m) and shared diverse...
SportVot Bags ₹32.7 Cr To Take Its Sports Streaming Platform Global
SportVot, a sports‑tech startup founded in 2019, secured $3.8 million (₹32.7 cr) in a funding round led by IAN Alpha Fund. The capital will fuel AI‑powered production, analytics and white‑label OTT solutions as the company eyes expansion beyond India into Australia, Africa,...
Centre In Talks With US, Anthropic For Access To Claude Mythos: Report
The Indian government is negotiating with the United States and Anthropic to secure Indian companies' access to Claude Mythos, a powerful AI model capable of discovering critical software vulnerabilities. Finance Minister Nirmala Sitharaman highlighted the model as a major cyber...
Is The India AI Startup Story Souring?
India’s AI startup wave is entering a stress‑test phase as a surge of early‑stage closures reveals a market correction rather than a collapse. While high‑profile failures like Builder.ai and Ola Krutrim’s chatbot highlight weak fundamentals, capital inflows remain robust, with...
Exclusive: Morphing Machines Raises ₹42 Cr To Close Series A Round At ₹80 Cr
Indian semiconductor startup Morphing Machines announced the close of its Series A round at ₹80 Cr (approximately $10.7 million), adding a fresh ₹42 Cr ($4.4 million) from Hero Enterprise Partner Ventures, Colossa Ventures and Navam Capital. The funding brings the total Series A capital to about...
Unicommerce Q4: Profit Rises Marginally To ₹3.4 Cr
Unicommerce, an ecommerce‑enablement SaaS firm, posted a modest Q4 FY26 net profit increase to ₹3.4 Cr (about $0.41 M), a 3% rise year‑over‑year but a 55% sequential drop from the prior quarter. Revenue grew 14.2% YoY to ₹51.6 Cr (~$6.2 M), while adjusted EBITDA...
Decoding DPIIT’s ₹10,000 Cr Startup India Fund Of Funds 2.0 Guidelines
The Ministry of Commerce and Industry has launched a second Startup India Fund of Funds (FoF 2.0) with a corpus of ₹10,000 crore (≈ $1.2 billion) to channel capital into SEBI‑registered Category I and II AIFs. SIDBI will act as the implementation agency, while a Venture...