The global reach of India’s startup ecosystem has pulled in investors from all geographies. While US funds dominate the landscape, even VCs from Europe, the Middle East and Southeast Asia are looking for upsides in the dynamic market, having seen the trajectory of Silicon Valley startups up close.

Among these is Canada-based Ocgrow Ventures, which has been an active investor in the tech industry since 1995, when the product economy was still building steam in the West. The privately held VC fund that manages the assets and investments of Harish Consul and his family, primarily focusses on early stage investments. The firm, led by Consul, has invested over $100 Mn across more than 50 companies worldwide, including early investments in tech giants Amazon and Shopify.

In India, Ocgrow Ventures’ portfolio includes 18 startups, including the likes of Garuda Aerospace, Rebel Foods, Gupshup, and Saveo.

“We invested in all the above companies at the seed or Pre-Series A stages. Our focus is on young India centric companies, which target Gen Z market, the huge growth in the middle class of young consumer market looking for new consumer services ranging from higher end products & services, including wealth management fintech to new social commerce buying habits for this next generation,” Ocgrow Ventures’ Consul told Inc42 as he outlined the fund’s thesis for the Indian market.

Consul, with over 35 years of entrepreneurial experience, highlighted India’s rapid rise as a global innovation hub in areas such as digital transformation, generative AI, fintech, and health technology.

Despite some inherent growth challenges in India, Consul views India as a promising market for startups and innovation.

In this conversation with Inc42, Consul sheds light on Ocgrow Ventures’ investment strategy, key sectors of interest for the Canadian VC firm, and the challenges Indian startups face as they scale.

Edited excerpts

Inc42: How has India’s private equity and venture capital investment ecosystem changed over the past two decades?

Harish Consul: Ocgrow Ventures has been investing globally since 1995 and in India specifically since 2011 through our global fund. Over the last three to five years, the change has been dramatic. India’s startup ecosystem has matured rapidly, with founders driving innovation and growth. We’re deeply connected to India’s market, speaking regularly at global tech and investment conferences with an India focus.

What sets us apart is our global network, which helps Indian startups scale internationally. A great example is Garuda, which started in India and is now growing globally with offices around the world. The mindset of founders has also shifted—from a “growth at any cost” approach to balancing growth with profitability.

We believe companies can achieve both, and technologies like AI automation are already helping founders improve margins and reduce operational overhead.

Inc42: When we look up Ocgrow, it’s often linked to real estate. Can you clarify the connection between your real estate background and your venture fund?

Harish Consul: Ocgrow Group has two divisions. We originally started as a real estate investment company, and our family has been in that space for over 40 years. That remains a long-term portfolio of real estate assets.

Ocgrow Ventures, on the other hand, is our global venture fund, which I founded. It focusses on investing in startups, particularly in India and globally, across sectors like AI, health tech, and consumer brands.

Inc42: What is Ocgrow Ventures’ core investment thesis as a private equity fund?

Harish Consul: We typically invest anywhere from $500K to $10 Mn in early-stage companies. Our philosophy is simple: back world-class founders who’ve already achieved product-market fit. These are companies with real paying customers and growing revenues. We’re looking for verticals that tap into massive total addressable markets (TAM), and right now, AI is a must for any company working in data analytics or similar spaces.

But for us, it’s not just about the business metrics—though those matter, of course. What’s really important is the founders themselves. We spend a lot of time with them, getting to understand their passion and mindset. We’re looking for that hunger and laser focus—the kind that’s rare to find. It’s not just about saying you’re passionate; it’s about living and breathing what you’re building every day. That kind of grit makes all the difference.

We’re also very hands-on. We often take board or strategic advisory roles and help companies scale fast by leveraging our extensive global network. It’s all about helping them grow exponentially and build those valuable global alliances that can take them to the next level.

Inc42: What are the key sectors Ocgrow Ventures is focussing on?

Harish Consul: AI-native companies are definitely a big focus for us—what we see as the next wave of SaaS. These are businesses using AI to automate traditional industries by leveraging data, which we categorise as vertical AI sectors. We’re also highly active in the consumer space. While many are moving away from it, we remain bullish on select areas within consumer tech, fintech, drones, and agritech are also key areas of interest.

Additionally, we’re very focussed on “Young India” and Gen Z-centric verticals. Enterprise AI platforms that use technologies like LLMs (large language models) to automate industries are another exciting space for us.

Inc42: You seem bullish on AI. How do you view its current status in India, especially considering that native AI applications are still limited while top-layer applications face challenges?

Harish Consul: That’s a fair point, but it’s changing rapidly. In just the last few months, we’ve seen a surge in AI-native founders building on top of existing layers. One example is an automation AI company we’re getting involved with—I’ll share more details later. We’re seeing incredible talent emerging from cities like Mumbai, Pune, Hyderabad, Bangalore, and Delhi. I don’t think India is lagging; in fact, I believe it’s on track to lead the charge in AI innovation very soon.

Inc42: Can you elaborate on the “Young India” centric verticals?

Harish Consul: Absolutely. India has a massive population under 30, and we’re seeing a rapid rise in Gen Z-focussed consumer brands. We’ve made several investments in this space, spanning sectors like retail, cosmetics, fashion, and skincare. Health and wellness are also key areas where we’re very active, particularly in health consumer products rather than delivery or restaurant services.

The rising middle class in India is driving demand for these consumer plays. Founders in this space are doing some really interesting things, and we believe this trend will only accelerate as demand continues to grow.

Inc42: Can you share specific examples of your Young India Centric investments?

Harish Consul: Many of our investments in this space have been made in just the last six months, and some haven’t been announced yet. Broadly, these investments are sector-agnostic but all consumer-focussed, targeting the 18 to 30 age group that’s shaping India’s market landscape.

Inc42: Your fund also focusses on global health tech and longevity ventures. Have you invested in any Indian health tech startups?

Harish Consul: We’re very active in health tech and longevity and are currently evaluating several opportunities in India. This sector is experiencing massive growth globally. We are seeing advancements in preventative, personalised, and precision-based medicine—areas like microbiomes, stem cells, peptides, and IoT devices.

In India, we’ve explored longevity clinics like Seva and invested in Savio, a pharmacy aggregator. However, we’re keen to connect with more Indian health and longevity startups. It’s a call to founders in this space to reach out to us—we see tremendous potential and want to deepen our focus here.

Inc42: You also cofounded another fund – Hanu Ventures? How does it fit into this structure?

Harish Consul: Hanu Ventures is another fund I co-founded with Nuno Martins, a  multimillionaire serial entrepreneur, venture investor, international keynote speaker, and scientist in Europe. It’s a part of Ocgrow Ventures but has a specific focus on health and longevity startups.

We’re absolutely open to investing in India through both Ocgrow Ventures and Hanu Ventures, particularly in the longevity space. If there are Indian startups innovating in this area, we’d love to hear from them.

We see immense potential in this space, and India is very much a part of our long-term investment strategy.

Inc42: What challenges do you see for the Indian startup ecosystem?

Harish Consul: India has made tremendous progress, but bureaucracy remains a major challenge. Regulatory hurdles, like delayed approvals for international investors and the complexity of compliance processes, are frustrating. The banking system needs modernisation—while UPI is world-class, global money transfers and forex operations remain outdated. Streamlining these processes would greatly improve the ease of doing business for both founders and investors.

Inc42: Can Indian fintech startups resolve these challenges long-term?

Harish Consul: Absolutely. We’re very interested in the FinTech space because young, tech-savvy founders understand these challenges firsthand. They live and breathe digital solutions. However, breaking into the traditional banking ecosystem can be daunting due to RBI regulations. While some founders have grown tired of navigating the red tape, those with the determination to challenge the status quo have a huge opportunity to drive change and innovation.

Inc42: In the past, we’ve seen international funds like SoftBank and Tiger Global face setbacks in India, investing large sums but not achieving expected exits. Do these stories impact the momentum of international investors, particularly for larger rounds?

Harish Consul: It’s true that such stories make investors more cautious, but I don’t think they dampen the global interest in India. India is emerging as a superpower and is on track to rise from the third-largest economy to possibly the largest in the coming decades. The ecosystem here is vibrant and brimming with talent, which makes it very attractive.

What has changed is the approach—investors are now more focussed on prudent growth and profitability from day one. The era of “grow at any cost and worry about profits later” is over. Business models must demonstrate both scalability and financial sustainability.

Sovereign funds, family offices, VCs, and private equity firms are all actively looking to increase their exposure to India. The momentum remains strong, and it’s an exciting time to invest here.

Inc42: Where do you see Indian startups heading by 2025?

Harish Consul: The Indian startup ecosystem is among the best in the world. India is on track to become the third-largest economy globally, and it’s already the fastest-growing major economy. Digitally, India is ahead of many other countries. In areas like facial recognition for boarding and payment systems, it surpasses even places like Dubai and North America.

While the ecosystem is strong, challenges persist in the financial and regulatory environment. Still, Ocgrow Ventures remains very optimistic. More founders are choosing to stay and build in India, though some still migrate abroad.

It’s a dynamic time, and India’s global influence is growing. Everywhere I go, people are talking about the India story, and we’re proud to be part of that journey—helping founders scale globally while staying rooted in India’s innovative spirit.

The post Decoding Rebel Foods Backer Ocgrow Ventures’ Early Stage Playbook For India appeared first on Inc42 Media.

“99% of restaurant partners in the delivery business don’t make money,” said Sagar Daryani. The National Restaurant Association of India (NRAI) president and Wow! Momo cofounder was addressing thousands of fellow restaurant owners on a YouTube live stream. Their target: Zomato and Swiggy’s most recent forays into 10-minute food delivery. 

And now the restaurant body is also mulling legal action against both foodtech majors over what Zomato and Swiggy’s restaurant partners call private labelling.

“We are in discussions with our legal counsel, we have formed our plan of action and we will execute it in a couple of weeks,” a source within NRAI told Inc42 hours before Daryani’s townhall address.  

NRAI Vs Blinkit Bistro, Swiggy Snacc 

Reports had already indicated that the NRAI along with the Federation of Hotel & Restaurant Associations of India (FHRAI) is likely to approach the Competition Commission of India (CCI) over alleged anti-competitive practices by Zomato and Swiggy and their respective 10-minute food delivery services Blinkit Bistro and Snacc. 

Sources further claimed that Zomato and Swiggy were forced to make the foray due to pressure from investors and shareholders driven by the launch and expansion plans of Zepto Cafe. 

Earlier this month, NRAI representatives met the managements of Zomato and Swiggy to address the issue, but the meeting is said to have ended in a stalemate. Now, while the NRAI is hopeful of a favourable outcome based on past such disputes, the restaurant body is also mindful that further steps may be required to solve this particular concern. 

For instance, sources indicated that many of the restaurant partners are considering moving away from Zomato and Swiggy in case the companies fail to address their concerns. 

Sources also said that both companies had already transgressed into restaurant territory with their affordable meal delivery services Zomato Everyday and Swiggy Daily, cooked in company-owned private kitchens. But the launch of Blinkit Bistro and Swiggy Snacc is seen as a bigger threat by the NRAI, many of whom are dependent on aggregators not just for delivery but also dining reservations. 

Blinkit CEO Albinder Dhindsa clarified that parent company Zomato will never launch private brands on the main app to compete with its restaurant partners, which is why the Bistro app is launched by Blinkit and is separate from the Zomato app.

This after the NRAI called for ‘industry status’ for the food services sector to prevent exploitative practices of foodtech platforms and ensure a level playing field for restaurants, delivery partners and consumers. 

In response to the much-publicised townhall meeting, Zomato CEO Deepinder Goyal wrote to the restaurant partners saying, “Bistro is not an existential threat to the restaurant industry.”

He also dismissed the usage of the term private label or Zomato Kitchen to describe Blinkit Bistro. “In the past, I have expressed that Zomato as a restaurant-aggregator will never compete with its own restaurant partners, unlike players such as Amazon who sell their own private labels on Amazon. Zomato has fully backed this commitment by never opening a physical restaurant and will NOT use Zomato as a distribution channel for kitchens that we do,” Goyal’s letter stated.

Inc42 also reached out to Swiggy for a comment, and we will update this article if and when the company responds.

Can ONDC Stand Up to Zomato-Swiggy?  

The meeting on Wednesday, January 22 saw more than 2,000 live viewers at one point — most of them restaurant partners. NRAI president Daryani claimed restaurants are exploring ONDC as a potential alternative to food delivery platforms.

This, of course, is not a new idea. Paytm, Magicpin, Ola Consumer have already had some success with ONDC food delivery, but the open network has not managed to make a big dent in terms of market share, and certainly not enough to make Zomato and Swiggy take notice.    

If anything, the ‘private labelling’ can be seen as a last straw in an already strained relationship. Both the NRAI and FHRAI have raised concerns about delivery platforms forcing deep discounts on restaurants, charging high commissions for order fulfilment and pressuring them to advertise on their platforms.

Some participants at the NRAI townhall meeting today claimed the terms of engagement are biased towards platforms, and Zomato and Swiggy unilaterally and frequently change the terms of service for restaurant partners. 

Citing ONDC as a potentially viable alternative, Daryani said, “ONDC is not an aggregator; it operates as a seller-buyer platform. Essentially, buyers use the platform to purchase products, and you, as a seller, become a listed provider. In ONDC, commissions range from 3% to a maximum of 7%, including logistical costs.”

He added that this is more economical for restaurants than depending on the duopoly for growth.  

Daryani also claimed ONDC is favourable for consumers as restaurants can lower the pricing for ONDC orders compared to Zomato and Swiggy thanks to the lower commissions. The Wow! Momo founder also argued that customer data for ONDC orders will be retained by restaurants alone.

The NRAI claims that food delivery giants have access to crucial consumer data but do not share it with restaurant partners. Instead, they have leveraged this data to launch new verticals that compete with restaurants.

In response to this allegation, Goyal clarified, “In fact, all Zomato data and insights are available to all restaurant partners and the public through Zomato Trends.”

ONDC cannot hope to compete with the massive reach that restaurants get through Zomato and Swiggy. Combined both companies have an active food delivery user base of close to 35 Mn and processed close to $2 Bn in GMV in the quarter ending September 2024. 

From Delivery To Dining Out

But Daryani also believes that it’s not just about food delivery. 

Zomato and Swiggy are also eyeing scale in other verticals including dining out and experiences. Daryani urged restaurants to safeguard their dining business from aggregator platforms which could come for this segment next. 

He warned that the restaurants will face the same challenges from these platforms in the future as they are facing in the food delivery segment. 

Last November, Zomato launched District as a separate app for dining, live entertainment and ticketing. In response, Swiggy, which acquired restaurant reservations app Dineout in 2022, rolled out Scenes and is eyeing a wider play around experiences and ticketing as well. 

Both consumer services giants are venturing beyond aggregation and delivery to owning a bigger piece of the restaurant and lifestyle experiences industry. Daryani questioned whether Zomato and Swiggy are actually helping the restaurant industry or hurting it. 

“We need to find various alternatives to survive, sustain and thrive. They already have a very firm footing in the delivery business, and we can’t allow them to get that firm footing in the dining-in business, because dining is the only place where we make money,” he added. 

Even as restaurants continue to protest, Swiggy and Zomato are looking to expand Snacc and Blinkit Bistro to more cities. In fact, besides these giants, a number of new startups are eyeing the same space, which means Zomato and Swiggy are not about to slow down any time soon. 

But Zomato CEO Goyal claimed that scaling Bistro up isn’t the goal of this experiment. “It is to find a workable business model that the restaurant industry can replicate. India’s out-of-home food consumption has room to expand, and new service models like Bistro will help acquire new customers, benefiting the wider restaurant ecosystem.”

But for the NRAI, this is a reprisal for a decade-long battle against the increasing dominance of delivery platforms. This time around, the battle seems more existential.

[Edited By Nikhil Subramaniam]

The post Inside The NRAI’s Battle Against Zomato, Swiggy’s 10-Minute Food Delivery appeared first on Inc42 Media.

Advertisement and marketing functions have undergone a sea change in the last few years. With the explosive growth of the digital age, the advertising tech (adtech) sector has today moved beyond the practices of spray and pray to resonate with a large pool of target customers.  

Today, even casual prospects expect meaningful communication with brands before committing. Modern consumers not only seek solutions to their needs but also look for alignment with their values. 

While adtech often focuses on driving conversions through vast datasets, there has been a clear need for brands to adopt a more tailored approach, similar to that used by marketing technology (martech) firms, to better understand and connect with their audience on a personal level.

This need for a deeper engagement with customers has led to the rise of madtech — a fusion of martech and adtech functions. Under this new category, brands analyse macro and micro datasets to enable effective communications with consumers across digital touchpoints.

“It is no longer about reach. Consumers expect a continuity of experience when connecting with brands via numerous digital channels. It is important for advertisers to reach and cater to their target audience across all possible platforms,” said Tejas Rathod, the founder and COO Mobavenue, a madtech startup that currently operates in eight countries. 

Founded in 2017, Mobavenue is an AI-powered programmatic advertising platform, which provides brands across the globe with tools to create more targeted, efficient marketing strategies. To do this, the company has developed its expertise in analysing consumer data and behaviour. 

Mobavenue leverages the open internet to address the limitations of “walled gardens” in digital advertising. Walled gardens are closed ecosystems where platforms control the flow of information and campaign performance data. 

Mobavenue breaches this limitation for modern advertisers, offering them better control, higher authority, and precise targeting via their advertisement campaigns.

Unlocking The Potential Of The Open Internet

Unlike closed ecosystems, the open internet offers brands several promising opportunities to connect with diverse audience segments across unrestricted platforms. 

In simple terms, the open internet includes publicly accessible platforms like websites and apps that allow users and advertisers greater freedom to interact.

These are in stark contrast to the ones that operate in tightly controlled spaces such as social media platforms or app ecosystems, where access and data are managed by platform owners.

Speaking with Inc42, Rathod shared that the open internet not only drives better control for advertisers but also offers precise targeting of marketing efforts, making each attempt leave a valuable impact in the long run.

“Today, brands on the open internet benefit from premium global inventory sources with high-intent users who are there for the long haul. Also, precision targeting, actionable ad formats, and full transparency over their campaigns are few major factors that give them a significant competitive edge unlike any other,” Rathod said.

For advertisers, this means that they can reach out to a high-quality and targeted audience via trusted platforms from around the world. 

“Our premium global inventory sources ensure that ads appear on reputable websites and apps, enhancing both the ad’s credibility and the brand’s reputation,” the founder added, explaining that Mobavenue helps brands engage high-intent users, making them more likely to interact with ads and convert into customers.

According to Rathod, the company’s precise targeting is based on factors like user interests, behaviour, or location, allowing advertisers to show ads that resonate with their audience and drive results effectively.

Empowering New-Age Brands With Solution-Led Approach 

Since its inception, Mobavenue has worked with global brands. The founder said that during the company’s early stages, he identified a series of common challenges faced by advertisers. 

These included a lack of transparency while running a campaign on walled gardens as they limit access to data, restricting marketeers from closely analysing any campaign. 

Apart from this, the inconsistency in the performance of the ad campaigns could neither be analysed nor traced back to understand why they did not perform.

To address these issues, Mobavenue has developed solutions that empower brands with complete control of their ad spending. These solutions also help brands provide actionable insights, all while enabling them to scale their campaign performance on the open internet without compromising on quality. 

The founder said that platforms developed by Mobavenue ensure seamless integration of strategies for brands at all stages of the marketing funnel. The company’s solutions also make sure that they lead towards delivering ads to an audience that is interested and willing to take the next step.

A Sneak Peek Into Mobavenue’s Comprehensive Product Suite 

Mobavenue has designed a full-stack suite of products for marketers and advertisers that supports them through every stage of their consumer journeys and addresses the challenges faced with traditional tools. Its solutions are not only effective in delivering results but also seamless to use. 

Mobavenue’s PrsmX helps brands improve their visibility and omnichannel engagement throughout the connected ecosystem, including CTV, OTT, Mobile, and DOOH. Meanwhile, AudX gives advertisers what they seek the most – audience insights on a granular level. 

The company’s SurgeX DSP has a unique USP. It has a response time of 4 milliseconds, making it one of the fastest DSPs in the industry. 

While SurgeX helps brands facilitate high-intent user acquisition, ReSurgeX allows for re-targeting and re-engagement of these high-value leads. 

However, Mobavenue is coming up with another innovative platform (GMP360) that will simplify the programmatic and digital growth of brands by bringing all the above-mentioned platforms under the umbrella of a single unified platform.

“Our upcoming GMP360 platform simplifies programmatic and digital growth solutions for advertisers and marketers by integrating branding solutions (PrsmX & AudX) and performance-based solutions (SurgeX DSP & ReSurgeX). Through a unified platform, brands can leverage powerful tools to enhance their consumer journeys and drive digital growth,” Rathod said.

For advertisers, GMP360 will offer an all-in-one solution to simplify their programmatic advertising. The unified platform will enable advertisers to manage their marketing funnel — from building awareness to driving conversions and retention — in a much better fashion.  

Mobavenue Is Building In India For The World

It is often said that building for India means building for the world, given the country’s diversity, which subjects any product to rigorous testing. Mobavenue believes the same. 

By building a comprehensive platform for marketers and advertisers in India, the company has the upper hand in handling challenges involving demographics, regional complexities, audience segmentation, consumer intelligence, user acquisition, and maintaining engagement.

Per the founder, all of this has been made possible by machine learning and AI, which have become the backbone of its solutions. 

“Our continuous innovation through our products enables brands to anticipate and adapt to the changing customer preferences. Our campaign strategies are agile and responsive to align with evolving consumer sentiments across regions and sectors. This allows brands to stay nimble and thrive in rapidly evolving international markets,” Rathod said.

Now the company is willing to bring its innovation to the global stage, where there is a strong demand for a comprehensive, unified solution to streamline open internet programmatic advertising.

As privacy concerns continue to grow, advertisers will shift towards safer, more secure programmatic ad management platforms. The madtech brand is looking at a great opportunity in the space to establish its authority as a privacy-friendly platform that enables targeted advertising using content-specific data instead of using the personal data of the end consumer. 

The post Made In India For The World: Decoding Mobavenue’s Bid To Empower Brands Across The Globe appeared first on Inc42 Media.

The Bharat Mobility Global Expo 2025, which began on January 17, was anything but your everyday conventional expo. Most auto expos show us a glimpse of the future of mobility, and the 2025 edition clearly laid out the path ahead for the Indian automobile and mobility sector.

If we were to sum it up in one word, it would be: electric!

From rapid charging solutions to revolutionary launches, the Bharat Mobility Global Expo underscores India’s EV ambitions and the thriving market.

On the ground, foldable electric scooters, hydrogen-powered trucks, air taxis jostled for space with electric two-wheelers, cars and trucks and buses, highlighting the diverse and dynamic future of mobility.

The number of EV makers at the expo also clearly showed the direction in which Indian mobility is heading. From cars to two wheelers to commercial vehicles, everything is driving towards clean mobility. 

This is in line with the Indian government’s commitment to achieve net-zero emissions by the year 2070. For which the government has already launched a slew of initiatives. 

For instance, in September 2024, the Indian government introduced the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme to accelerate the adoption of electric vehicles (EVs) across the country.

Replacing the FAME scheme, PM E-DRIVE comes with an increased outlay of INR 10,900 crore over two years, surpassing the initial allocation of INR 10,000 crore under the FAME-II scheme. 

Complementary initiatives, such as the expansion of EV charging infrastructure and collaborations with industry leaders, are further bolstering this transition. 

Here’s a closer look at some of the most intriguing vehicles featured at the Bharat Mobility Global Expo:

Two Wheeler EVs Ride On 

The two-wheeler EV segment in India is already driving significant growth in the EV market, with companies like Ola Electric and Ather leading the charge. 

This time, however, several new entrants showcased their products, vying for a slice of the burgeoning two-wheeler EV market in India.

For instance, Clean Electric unveiled its 15-minute rapid charging technology, slated to enter mass production in March 2025.

“We have launched our 40-kilowatt DC chargers here, which will be ready for deployment from March 2025. These chargers are interoperable, meaning they can be used to charge a variety of electric vehicles, including two-wheelers, three-wheelers, and four-wheelers,” Akash Gupta, founder of Clean Electric, told Inc42.

According to Gupta, the 40 kW DC chargers drastically reduce charging times from around four hours to just 10-15 minutes. “While a battery swap typically offers a 40-60 km range, a single charge via our DC charger provides a range of up to 120 km,” he added.

The startup has partnered with Bounce Infinity and Omega Seiki Mobility for this technology. Bengaluru-based Bounce’s latest model, for example, now features Clean Electric’s lithium iron phosphate (LFP) batteries, which boast a full recharge time of just 15 minutes.

Bringing the competition to the likes of Ola Electric, Ather, TVS and others, Hero Vida launched the family-oriented Vida Z electric scooter. 

This scooter features a spacious floorboard, a large seat, and a removable battery pack. According to Hero MotoCorp, Vida Z could accommodate battery packs with capacities ranging from 2.2 kWh to 4.4 kWh.

Meanwhile, Bengaluru-based Ampere EV showcased its Xpress electric scooter designed for commercial use. The scooter offers a payload capacity of 230 kg and comes with a battery warranty of five years or 75,000 km, ensuring reliability for business users.

One of the most interesting ones to come into the Indian market this year is Vinfast. While the Vietnamese auto major entered the Indian market with its EVs, the company is set to make a dent in the E2W (electric two-wheeler) space as well. 

It showcased four two-wheeler EVs at the expo, namely, retro styled Evo200, family oriented Klara S, Theon S, and Feliz S. The company also showcased an electric bike named DrgnFly. AOKI Mobility also launched three new ebikes at the expo. 

What’s Happening With Electric Cars? 

The big focus for auto OEMs this year has been on electric cars, with the likes of Hyundai, Mahindra and Tata all unveiling new models in recent months. But other OEMs are also lining up with concept cars and upcoming products. 

Maruti Suzuki, for instance, introduced the first EV in its lineup – e-Vitara; launching it with two battery options, 49 kWh and 61 kWh. The car will be launched in March 2025 in India and will have a range of over 500 km. 

Meanwhile, Tata showcased the Avinya concept at the Bharat Mobility Global Expo, which is set to launch in 2026. The car is built on the JLR EMA platform and claims to have promised a range of more than 500 km. 

Another interesting launch was Vision 7S from Skoda, a rugged concept with an 89 kWh battery and 600 km range. It is set to hit roads by 2026 and claims to have fast charging at 200 kW. 

Chinese car major BYD also launched Sealion 7 in the expo with a dual-motor setup. The car has a battery of 82.56 kWh battery, supporting a range of 567 km. 

Besides two-wheelers VinFast also showcased its range of electric cars at the expo, from the compact VF 3 with a 215 km range to the premium VF 8 with 480 km range and advanced tech like panoramic sunroofs and heated seats.

Brave New EVs At Bharat Mobility Expo

The expo was not just about the conventional. One of the fresh new concepts unveiled was by Honda, which showed off its MotoCompacto, a foldable e-scooter with a 0.748kWh battery. 

When folded, it looks like a suitcase. But when fully opened, it is a small unit with 490W peak output, 24.14km/h top speed, and an 18kg weight. While fun, it’s currently not road legal in India. 

Meanwhile, Kolkata-based Motovolt Mobility launched a hybrid digital pedal motorbike named Hyper One.  The company claims it to be India’s first digital pedal motorbike with a 105km range. It’ll have about 110km/h top speed. 

Motovolt claimed that it has paired propulsion from a foot-operated digital pedal with a powerful 5 kW motor, delivering acceleration from 0-40 km/h in seconds. 

The startup also launched CLIP, a portable electric conversion kit that transforms any bicycle into an electric cycle. 

Suzuki, meanwhile, showcased a flying car concept, in partnership with Skydrive. This is after the Japanese car manufacturer signed the agreement with Skydrive in 2023 to produce the flying car in Suzuki Group’s manufacturing plant. 

The company has already begun manufacturing the said car, but it is yet to be known if the company will be launching it in India anytime soon. 

It was not the only flying car on the show floor. Bengaluru-based aerospace startup Sarla Aviation launched its prototype air taxi, Shunya at the expo. Notably, Piyush Goyal, the Union Minister of Commerce and Industry, was on ground testing out the Sarla Aviation prototype. 

The 8 seater Shunya, which is capable of 680 kg of maximum load, is set to be launched in Bengaluru by 2028.

Besides these launches, new EV brands made a splash at the expo with innovative products. One such startup is AOKI Mobility which has rolled out its flagship product Flex, a folding electric bicycle, with a range of 80 km per charge, alongside a few other models too.

“At AOKI, our focus is on creating state-of-the-art, ergonomically designed e-bicycles that empower individuals while reducing carbon footprints,” AOKI cofounder Randheer Singh said.

Focus On Commercial Mobility

This edition of the Bharat Mobility Expo also heavily promoted the EV vehicles in the service sector, aligning with the centre’s push for EV adoption in the commercial/public transportation in the country. 

For instance, Hyundai launched a three and four wheeler concept electric vehicle with a TVS Motors collaboration, to take on the conventional auto rickshaws.  

Meanwhile Surge Automobiles also caught attention with its hybrid products. The company’s offering– Surge S32, allows users to switch between a three-wheeler and a two-wheeler configuration within 3 minutes. Notably, the startup was incubated under the Hero Hatch program.

On the other hand, US based Cummins launched a hydrogen fuel delivery system, which comprises Type IV on-vehicle storage vessels with an innovative B6.7N natural gas engine. Tata also launched its hydrogen-powered truck, the Tata Prima H.28 in the expo.

The maturity of the EV ecosystem in India where startups are competing with legacy OEMs means that even the central government has reduced the reliance on subsidies for growth. 

The Bharat Mobility Expo 2025 is another indication that the Indian automobile sector is ready to make the switch towards clean mobility, connected vehicles and innovative products. It also highlights the growing competition within the EV ecosystem, as global players look to launch products made for the Indian market.

[Edited by Nikhil Subramaniam]

The post From Suitcase Scooters To Flying Taxis: EV Makers Descend On Bharat Mobility Global Expo appeared first on Inc42 Media.

India is renowned for its rich culinary delights, with each state offering a diverse array of food and beverage (F&B) experiences. Despite this, the Indian palate craves more for fresh and exotic cuisines and flavours.

With over 140 Cr people having such affinity for a variety of food and beverages, Indian entrepreneurs have seemingly found a lucrative market, which, as per Inc42, is expected to grow to $68 Bn by 2030. Notably, startups have picked up this opportunity by catering to the requirements of people, through the D2C channels.

According to Inc42, the F&B industry is estimated to grow at a CAGR of 25% by 2030. This is why the space is receiving a lot of traction from investors. 

Last month, revenue-based financing platform Velocity launched an INR 200 Cr (around $23.5 Mn) fund for F&B brands. The fund has been floated to offer fast, scalable and flexible financing solutions to such brands.

From established brands like Pedigree Petfoods, Amul, Baskin Robbins, and McDonald’s to startups like iD Fresh Foods, Chaayos, Coolberg, and Paper Boat, there is no dearth of choices for Indian consumers, and still, there is enough headroom for both the existing and new players to flourish in the sector.

The above statement can be substantiated by the fact that several F&B startups, including Blue Tokai Coffee Roasters, Plix, Pluckk, and TagZ have been making waves in the industry, backed by investors’ trust.  

The influx of new startups with innovative product ranges has revitalised the sector, prompting Inc42 to compile a list of the F&B brands that are disrupting the Indian market.

With that said, here are the F&B D2C brands reshaping the Indian consumer market.

(Note: The list below is not meant to be a ranking of any kind. We have listed the Indian F&B startups in alphabetical order.)

1. Beyond Snack

• Year Of Inception: 2018
• Founders: Manas Madhu, Jyoti Rajguru, Gautam Raghuraman
• Funding Raised To Date: $15.30 Mn
• Investors: NABVentures, 100X.VC
• Headquarters: Kerala

Beyond Snack was incorporated to commercialise the popular South Indian snack, banana chips. The startup claims its banana chips are healthy because the nutrients are preserved during the manufacturing process. 

The bananas are sourced directly from farmers and the chips are prepared in under two minutes to retain their natural nutrients, unlike the usual 15-20 minutes of frying. This ensures the products go from farm to plate in less than 24 hours.

To ensure availability across the country, the startup has opened warehouses in Mumbai, Delhi, and Kolkata. As an omnichannel brand, its products are available on ecommerce platforms like Amazon, Flipkart, BigBasket, and Zepto, as well as in over 10,000 retail outlets, including DMart and Reliance stores.

The F&B startup recently raised $8.3 Mn (about INR 71.3 Cr) in its Series A funding round led by consumer business-focussed fund 12 Flags Group.

Beyond Snack aims to become a leader in the banana chips market and reach INR 100 Cr in revenue by FY25.

2. Biryani By Kilo 

• Year Of Inception: 2015
• Founders: Kaushik Roy, Vishal Jindal 
• Funding Raised To Date: $ 53.24 Mn+
• Investors: Pulsar Capital, Falcon Edge Capital, IvyCap Ventures
• Headquarters: Gurugram

Founded by Kaushik Roy and Vishal Jindal in 2015, Biryani By Kilo sells biryanis, kebabs, kormas, and desserts. The Gurugram-based startup claims to have more than 100 outlets in more than 45 cities across India.

Biryani By Kilo, which competes with the likes of Rebel Foods’ Behrouz Biryani and Biryani Blue, acquired a majority stake in healthy dessert startup Get-A-Way in 2022.

It counts Alpha Wave Ventures, IvyCap Ventures and Pulsar Capital among its key investors. The startup has raised more than $50 Mn of funding to date.

In November 2024, Biryani By Kilo raised $2 Mn from Pulsar Capital at an estimated valuation of $100 Mn.

The startup also managed to cull its loss by 30% to INR 70.81 Cr in FY24 versus INR 100.7 Cr in FY23. Besides, revenue from operations jumped 23% to INR 268.30 Cr in the year under review from INR 218.10 Cr in FY23.

3. Blue Tokai Coffee Roasters

• Year Of Inception: 2013
• Founders: Matt Chitharanjan, Shivam Shahi, Namrata Asthana
• Funding Raised To Date: $72.09 Mn
• Investors: Verlinvest, Anicut Capital, A91 Partners.
• Headquarters: Gurugram

Blue Tokai Coffee Roasters operates four roasteries and over 80 physical outlets across Delhi NCR, Mumbai, Bengaluru, and Hyderabad, among others. The startup also claims to have an outlet in Tokyo, Japan.

The startup, which was founded by Matt Chitharanjan, Shivam Shahi and Namrata Asthana in 2013, counts Verlinvest, Anicut Capital, A91 Partners and Bollywood actor Deepika Padukone among its key investors. It claims to have raised more than $70 Mn amount of funding to date.

Blue Tokai received a lot of traction from investors last year. In April 2024, Rakesh Kapoor’s 12 Flags Group made its maiden investment in India by backing Blue Tokai. 

The startup also bagged $35 Mn  (about INR 293 Cr) in its Series C funding round led by Verlinvest to deepen its presence in existing metro cities and expand its footprint to new Tier I & II cities over the next three years.

Apart from its D2C outlet, the company offers B2B services by collaborating with different retail outlets, luxury hotels, restaurants, corporates, and coworking spaces. 

4. Boba Bhai

• Year Of Inception: 2023
• Founder: Dhruv Kohli
• Funding Raised To Date: $3.35 Mn+
• Investors: Titan Capital, Arjun Vaidya, Varun Alagh
• Headquarters: Bengaluru 

Launched as a passion project by Dhruv Kohli in late 2023, Boba Bhai has swiftly become a notable player in the bubble tea market, capitalising on the growing trend for this popular Taiwanese drink.

Offering a diverse range of products priced between INR 99 and INR 219, Boba Bhai sets itself apart with its broad product selection and user-centric approach, distinguishing itself from competitors like Chai Point and Cha Bar.

In just one year, the startup has built a substantial customer base of over 4 Lakh and achieved revenues of INR 8 Cr. With plans to significantly expand its presence, Boba Bhai aims to increase its offline footprint to 150 stores by the end of 2025. 

In January 2025, the startup secured INR 30 Cr (around $3.4 Mn) to expand into newer cities such as Pune and Ahmedabad, scale operations, roll out new Korean offerings and develop new sub-brands.

5. Burger Singh

• Year Of Inception: 2014
• Founders: Kabir Jeet Singh, Nitin Rana, Rahul Seth
• Funding Raised To Date: $5.10 Mn+
• Investors: RB Investments, Rukam Capital, KCT Family Office, and V.M. SALGAOCAR family office
• Headquarters: Gurugram

Established in 2014 by Kabir Jeet Singh, Nitin Rana, and Rahul Seth, Burger Singh is a Gurugram-based quick-service restaurant (QSR) chain.

In 2019, the company secured an undisclosed amount of funding from RB Investments, based in Singapore. Subsequently, in 2022, Burger Singh successfully raised INR 30 Cr in its Series A funding round. The round was led by Negen Capital, accompanied by LetsVenture, Mumbai Angels, Old World Hospitality, and musician Jasleen Royal.

Following the fundraising in 2022, the fast-food chain announced its plan to utilise the funds for opening 120 new food outlets by the end of FY23.

In December 2023, Burger Singh raised pre-Series B funding in a round led by trading company Turner Morrison, which increased its valuation to $52 Mn (approximately INR 433 Cr) from its last valuation of $23 Mn in July 2022. 

As of December 2023, Burger Singh boasted more than 150 exclusive food outlets across various cities in India.

In the competitive QSR industry, Burger Singh faces competition from well-known brands such as Burger King, McDonald’s, Subway, Domino’s, and KFC.

6. Chaayos 

• Year Of Inception: 2012
• Founders: Nitin Saluja, Raghav Verma 
• Funding Raised To Date: $98 Mn
• Investors: Alpha Wave Ventures, Elevation Capital, Think Investments, Tiger Global, Integrated Capital, SAIF Partners, InnoVen Capital, Pactolus, Sachin Shukla, Bhavish Aggarwal, Ankit Bhati
• Headquarters: Delhi

F&B brand Chaayos sells multiple types of teas and pre-packaged food products via offline and online marketplaces and uses new-age technologies like AI and IoT to run its operations efficiently.

Earlier, it had shared that its online tea deliveries account for 45% of its revenue. It operates 190 retail outlets across six Indian cities. In June 2022, it secured $53 Mn in its Series C funding to develop tech infrastructure and expand its presence.

Its cap table includes Alpha Wave Ventures, Elevation Capital, Think Investments, Tiger Global, SAIF Partners, InnoVen Capital, Pactolus, and Ola cofounders Bhavish Aggarwal and Ankit Bhati, among others.

Chaayos’ narrowed its net loss by 50.59% to INR 54 Cr in FY24 from INR 109.3 Cr in FY23. 

7. Charcoal Eats

• Year Of Inception: 2015
• Founders:  Krishnakant Thakur, Anurag Mehrotra, Mohammed Bhol
• Funding Raised To Date: $9.8 Mn+
• Investors: Lokmat Media, Girish Patel, Anil Singhvi, Ajinkya Firodia
• Headquarters: Mumbai

Founded in 2015, Charcoal Eats is a quick-service restaurant chain that delivers “high quality, consistent, authentic, modern Indian flavours to its patrons across the country across snack and meal times at affordable prices” via its app. 

The company operates brands such as Charcoal Eats for Biryani and B Burger across Mumbai, Pune and Delhi NCR.

While the company started with six biryani variants, the company claims to be offering 50 different all-day food options across snack and meal times, including biryanis, starters, curries, rice bowls, and rolls among others.  

It has around 40 outlets, mostly cloud kitchens, across Mumbai, Pune and Delhi-NCR.

Through these outlets, customers can dine-in, take away or order for delivery, as per their convenience. Charcoal Eats is also available on leading food platforms, Zomato and Swiggy. It also recently launched a new product line under the brand name Khichdibaba.

Among QSR restaurants, Charcoal Eats competes with Wow! Momo Foods, Faasos and Hello Curry, among others. 

The startup recently raised $5.3 Mn to boost its brand operations and expand its footprint across India and overseas.

8. Coolberg 

• Year Of Inception: 2016
• Founders: Pankaj Aswani, Yashika Keswani
• Funding Raised To Date: $3.5 Mn
• Investors: RB Investments, India Quotient, Ashish Goenka, Indian Angel Network
• Headquarters: Mumbai

Coolberg is a non-alcoholic beer brand, which sells cranberry, peach, ginger, malt, strawberry, mint, and cranberry beverages via its website and offline distribution channels. Currently, it has a presence in India, Africa, Maldives, Bhutan, and Nepal. 

In 2019, Coolberg raised $3.5 Mn in its Series A funding round from RB Investments, India Quotient, Ashish Goenka from Suashish Diamonds, and Indian Angel Network. Prior to that, it bagged an undisclosed sum from India Quotient and Indian Angel Network’s maiden fund.

The beverage startup was acquired by Ghodawat Consumer in 2022 for an undisclosed amount. The startup said that this acquisition would help it develop a portfolio of new-age premium beverage brands as part of the deal. 

9. Desi Farms

• Year Of Inception: 2022
• Founders:  Sunil Sahi, Prateek Gupta
• Funding Raised To Date: $6 Mn
• Investors: NAV Capital Emerging Funds, Venture Catalysts, Cummins India’s founder and MD Ashwath Ram
• Headquarters: Pune

Founded in 2022 by Sunil Shahi, the Pune-based farm-to-table D2C brand offers fresh and chemical-free milk and dairy products.

Currently operational in Pune, the brand claims to offer milk within 12-24 hours of the milking process. Other than milk, its product category includes A2 milk, ghee, paneer and more, with each product passing through 20 quality checks. 

It has developed a tech-enabled in-house system, which takes care of production, delivery and franchise modules to ensure product provenance, tracking the entire journey from farms to customers.   

Desi Farms has an omnichannel presence. Its products are sold via its app and portal, on ecommerce marketplaces under the Manchar Farms brand and through 50+ Desi Farms outlets. 

Since inception, it has secured INR 50 Cr funding from investors like NAV Capital Emerging Funds, Venture Catalysts, Cummins India’s founder and MD Ashwath Ram, among others. 

The startup also made it to the list of Inc42’s 2024 edition of Fast42.

10. Dogsee Chew

• Year Of Inception: 2015
• Founders:  Bhupendra Khanal, Sneh Sharma
• Funding Raised To Date: $13.9 Mn  
• Investors: Mankind Pharma, Sixth Sense Ventures
• Headquarters: Bengaluru

Dogsee Chew offers vegetarian dog treats that are natural, human-grade, and protein-rich. These treats are made from yak milk cheese by residents of villages in Nepal, Sikkim, and Darjeeling. 

In 2022, the startup secured $6.7 Mn in its Series A funding round from Mankind Pharma and Sixth Sense Ventures.

In November 2021, it raised $7 Mn in its Pre-Series A funding round from Sixth Sense Ventures. Currently, it has a presence in over 30 countries. 

11. DropKaffe

• Year Of Inception: 2019
• Founders: Rakshit Kejriwal, Lakshmi Dasaka, Chaitanya Chitta and Amar Yashlaha 
• Funding Raised To Date: $ 850 K
• Investors: Fireside Ventures, Brigade Group, GrowthStory, Sidharth Pansari, Nirupa Shankar, Hitesh Oberoi, Kanwaljit Singh, Apurva Salarpuria, Manish Singhal P39 Capital
• Headquarters: Bengaluru

Beverage startup DropKaffe sells ready-to-drink cold coffee, fresh coffee beans, coffee powders, and gourmet foods under the brand SLAY Coffee through its website and cafe chains.

According to its LinkedIn page, the startup has a presence in over 160 locations across 19 Indian cities.

In 2016, its parent company raised $550K in a funding round led by Fireside Ventures’ Kanwaljit Singh, Srini Anumolu & Meena Ganesh of GrowthStory, Apurva Salarpuria from Salarpuria Group, Sidharth Pansari from Primac, Rahul Gidwani, Hitesh Oberoi from Naukri, Nirupa Shankar from Brigade Group, and Bhupen Shah also participated in the round. 

The venture claims to serve more than 500K customers across 20 cities across the country.

12. Eat Better

• Year Of Inception: 2020
• Founders: Mridula Kanoria, Shaurya Kanoria, Vidushi Kajaria
• Funding Raised To Date:  $725K
• Investors: Java Capital, Mumbai Angels, Shiprocket Ventures, CapierCapital, Plan B Capital, Harpreet Grover, Arjun Vaidya, Bhavik Vasa, Radhika Ghai, Vishesh Khurana, Bimal Kartheek Rebba, Ishank Joshi, Venus Dhuria, and Divij Bajaj
• Headquarters: Jaipur

Organic food startup Eat Better sells healthy snacks such as coffee and almond laddoos, hazelnut chocolate laddoos, and vanilla, and cacao laddoos, among others, through its website and other ecommerce platforms. 

The startup has a manufacturing facility in Jaipur and manages a base of over 50 female employees.

In March 2022, it secured INR 5.5 Cr seed funding to strengthen its team, expand offerings and develop marketing and distribution channels. 

A slew of investors, including Java Capital, Mumbai Angels, Shiprocket Ventures, CapierCapital and Plan B Capital, participated in the funding round.

Earlier, it claimed to have reported over 10x growth in revenues between October 2020 and March 2022.

13. Farmley

• Founded In: 2017
• Founders: Akash Sharma, Abhishek Agarwal
• Funding Raised To Date: $12 Mn+
• Investors: BC Jindal Group, Alkemi Partners, Omnivore, DSG Consumer Partners
• Headquarters: Delhi NCR

Farmley, a direct-to-consumer (D2C) snacking brand founded in 2017 by Akash Sharma and Abhishek, specializes in offering an array of flavoured dry fruits and nuts. Their product range includes enticing options such as roasted peri peri makhanas, Thai chili cashews, and date bites.

With a presence across various ecommerce platforms like Amazon, Flipkart, Blinkit, Zepto, Instamart, and Big Basket, Farmley has established itself as an omnichannel brand. Additionally, it boasts a wide distribution network of over 10,000 retail outlets across India. 

It claims to have crossed an annual recurring revenue (ARR) of INR 300 Cr, growing by over 400% in the past two years. The startup also claims to have turned EBITDA positive.

In December 2023, the startup secured $6.7 Mn in a Pre-Series B funding round led by BC Jindal Group.

Since its inception, Farmley has raised more than $12 Mn from a number of investors, including DSG Consumer Partners, Omnivore, and Alkemi Partners. 

14. Good Flippin’ Burgers 

• Year Of Inception: 2019
• Founders: Viren D’silva, Sijo Mathew, Sid Marchant
• Funding Raised To Date: $8.69 Mn
• Investors:  Karan Bhagat, Yatin Shah, Nikhil Bhardwaj, Tanglin Venture Partners
• Headquarters: Mumbai

Burger chain Good Flippin’ Burgers has 23 outlets across Mumbai and Delhi, of which 16 are in Mumbai. The brand entered the Delhi market with seven new outlets earlier this year.

In 2023, the startup raised $4 Mn in its Series A round, which was led by Tanglin Venture Partners. It has also raised $1.1 Mn in a seed round led by Kerala Blasters Football Club’s director Nikhil Bharadwaj, IIFL Wealth’s Karan Bhagat and Yatin Shah.

With outlets in only two cities in India, the startup is aiming to expand its footprint in India. It is also in the process of adopting cloud, hybrid, and dine-in formats with a focus on malls and airports. 

15.  Go DESi

• Year Of Inception: 2018
• Founders: Vinay Kothari, Raksha Kothari
• Funding Raised To Date: $12.31 Mn
• Investors:  Aavishkaar Capital, Rukam Capital, DSG Consumer Partners, Roots Venture
• Headquarters: Bengaluru

The startup was founded by a brother-sister duo to commercialise traditional Indian treats and confectionery, all while empowering women in rural villages.

With an omnichannel presence, the startup’s products are available in over 40,000 stores nationwide, and it claims to have sold over 15 Mn units since inception.

In southern India, the products are available both online and offline. In cities like Mumbai and Delhi NCR, they are available only on quick commerce and online grocery apps.

The startup recently secured INR 41 Cr in funding led by Aavishkaar Capital. The round also saw participation from existing investors Rukam Capital, Roots Ventures and DSG Consumer.

16. Go Zero

• Year Of Inception: 2022
• Founders: Kiran Shah
• Funding Raised To Date: $2.5 Mn
• Investors: DSG Consumer Partners, Saama, V3 Ventures
• Headquarters: Mumbai

Founded in 2022 by Kiran Shah, Go Zero manufactures zero-sugar and low-calorie ice creams. The startup claims to offer high-protein choices to its health-conscious consumers as against traditional sugar-laden ice creams. 

The startup claims to have a presence in more than 16 Indian cities including Mumbai, Pune, Bangalore, Delhi NCR, Hyderabad and Chennai among others. 

The startup has raised more than $2.5 Mn in funding to date and competes with players such as NIC, Get-A-Way and Amul. It is backed by names such as DSG Consumer Partners, Saama and V3 Ventures. 

17. Happilo 

• Year Of Inception: 2016
• Founders: Vikas Nahar
• Funding Raised To Date: $38 Mn
• Bb Investors: Motilal Oswal Private Equity, A91 Partners
• Headquarters: Bengaluru

Happilo is a healthy snack brand that offers nuts, dried fruits, seeds and dry roasted snacks. It has a manufacturing unit at Yeshwantpur, Bengaluru. It follows an omnichannel approach to selling its products across the country. 

Happilo’s products are non-GMO verified, gluten-free, vegan and fat-free. The startup offers EMI options to customers if they cannot pay for products at once. 

In February 2022, Happilo raised $25 Mn from Motilal Oswal Private Equity to expand its business and offerings and acquire other firms. Before this, it secured $13 Mn from A91 Partners.

18. Hocco

• Year Of Inception: 1944
• Founders: Satish Chona (Ankit Chona, Pradeep Chona)
• Funding Raised To Date: $ 23.95 Mn
• Investors: Sauce.vc, Chona family
• Headquarters: Ahmedabad 

Hocco, which began as an ice cream parlour in Karachi, was founded by Satish Chona in the pre-independence era. The first QSR was launched in Ahmedabad after Independence. Years after serving the country with its ice cream, the Chona family sold their legacy brand Havmor to South Korean conglomerate Lotte for INR 1,020 Cr.

In 2019, the family launched Hocco again, which today claims to have around 100  restaurants and eateries across India and one in the US. 

The company’s portfolio includes Hocco Eatery, 1944 The Hocco Kitchen, Hocco Ready-to-Eat, Huber & Holly, and Hocco Ice Cream.

In June 2024, the brand raised INR 100 Cr ($12 Mn) in a fresh funding round led by its promoter group Chona family and existing investor Sauce.vc. The round also saw participation from film producers Ritesh Sidhwani and Farhan Akhtar. With this round, Hocco’s valuation touched the INR 600 Cr valuation mark.

19. iD Fresh Food

• Year Of Inception: 2006
• Founders: PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar TK, Noushad TA
• Funding Raised To Date: $99.20 Mn
• Investors: NewQuest Capital Partner, Premji Invest, Peak XV Partners, Helion Ventures, Azim Premji
• Headquarters: Bengaluru

iD Fresh Food sells ready-to-make food such as dosa and idli batter, and rice rava idli batter, among others, in domestic and international markets. 

It has a presence in over 45 cities across the globe including Mumbai, Bengaluru, Pune, Hyderabad and Dubai, among others.

In 2022, the Bengaluru-based D2C startup announced its seventh round of ESOPs worth INR 46 Cr for 27 employees.  

“In the coming months, we are excited to augment our 2,000+ workforce as we explore new markets and continue to create new opportunities for a diverse set of professionals, while actively creating a more inclusive workplace,” Musthafa said while announcing the ESOPs.

In January 2022, the startup secured $68 Mn in its Series D funding round from NewQuest Capital Partner and Premji Invest.

The F&B startup turned profitable in FY24 after posting a net profit of INR 1.84 Cr against a loss of INR 23.25 Cr in FY23. 

20. Jade Forest

• Year Of Inception: 2019
• Founders: Shuchir Suri, Punweet Singh
• Funding Raised To Date: $1.25 Mn
• Investors: Mumbai Angels Network, Gaurav Kapur, Rohan Abbas, Ashish Tulsian, AngelList India 
• Headquarters: Delhi 

Jade Forest offers a slew of non-alcoholic beverages to customers via its website, ecommerce marketplaces and last-mile delivery platforms. Its products are priced between INR 80 and INR 85.

In 2021, it secured $1 Mn from Mumbai Angels Network. Before this, it secured $250,000 in its seed funding round from angel investors such as Gaurav Kapur, Rohan Abbas, Ashish Tulsian, and AngelList India. 

Its products are certified by the US FDA. In the last two years, it has expanded to 23 Indian cities.

21. Jimmy’s Cocktails

• Year Of Inception: 2019
• Founders: Ankur Bhatia and Nitin Bhardwaj  
• Funding Raised To Date: $8.56 Mn
• Investors: Roots Ventures, 7Square Ventures, Vishesh Khurana, Varun Alagh, Keki Mistry, Vidur Talwar, Anirudh Somani, Vinay Agarwal, Ankur Bhatia, Mirza Baig, Ekcle Ventures, Angad Bhatia
• Headquarters: Gurugram

Jimmy’s Cocktails offers a slew of cocktail mixers including gin cherry sour, bloody mary, lime margarita, and mango chilli mojito, among others. 

In 2023, the startup raised $1.3 Mn as a part of its extended Pre-Series A round. 

In April 2022, Jimmy’s Cocktails secured $1.8 Mn in its Pre-Series A funding round from investors such as Roots Ventures, 7Square Ventures, Vishesh Khurana from Shiprocket, Varun Alagh from Mamaearth, Keki Mistry from HDFC, among others. 

The startup then said that it sold over 6 Mn cocktails in the first three months of 2022. 

In the financial year 2021-22, it posted a 3X revenue growth. About 40% of its revenue came from Tier II and III cities.

This year, Radiohead Brands, the beverage maker’s parent company, secured $1.3 Mn and announced the launch of its energy drink brand Hustle. 

22. Kapiva Ayurveda

• Year Of Inception: 2016
• Founders: Ameve Sharma, Shrey Badhani
• Funding Raised To Date:  $51.50 Mn
• Investors: Vertex Ventures, Fireside Ventures, 3one4 Capital
• Headquarters: Bengaluru

Kapiva Ayurveda offers a slew of ayurvedic products for building immunity, improving digestion, strengthening the body and controlling diabetes, among others. 

The startup aims to raise an internal funding round of INR 300-330 Cr (around $40 Mn), which is to led by its existing investor, OrbiMed, to scale its operations and strengthen its market presence. 

In October 2021, it got an undisclosed amount of funding from Bollywood actor Malaika Arora.

Kapiva‘s loss widened 34% to INR 64.6 Cr in FY23 from INR 48.2 Cr in the previous fiscal year as the startup’s expenses shot up in line with its growing business. Its total revenue including interest income, stood at INR 116.5 Cr in FY23 as against INR 62.4 Cr in the previous year.

23. Lahori

• Year Of Inception: 2021
• Founders: Saurabh Munjal, Saurabh Bhutna, Nikhil Doda
• Funding Raised To Date: $15 Mn
• Investors: Verlinvest
• Headquarters: Mohali

Lahori offers traditional Indian beverages across the country. Currently, it offers Indian drinks in four flavours – jeera (cumin), nimboo (lemon), kacha aam (raw mango) and shikanji (lemonade). 

Lahori’s parent company, Archian Foods, manufactures nearly 1 Mn bottles in its fully automated manufacturing facility, which is spread across 1,50,000 sq ft. Its manufacturing unit is accredited by FSSAI, ISI, HACCP, RoHS and Make In India (offered by GeM). 

In January 2022, Belgium-based Verlinvest infused $15 Mn in Lahori in exchange for a minority stake.

24. Licious 

• Year Of Inception: 2015
• Founders: Abhay Hanjura, Vivek Gupta, Varun Sadana
• Funding Raised To Date: $ 554.22 Mn
• Investors: Amansa Capital, Kotak PE, Axis Growth Avenues AIF – I, Nithin Kamath, Nikhil Kamath, Aman Gupta, Haresh Chawla, Temasek, Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures
• Headquarters: Bengaluru

Licious offers a host of meat and seafood including prawns, kebabs and mutton, among others. Besides, it also offers an end-to-end supply chain of products that it sells to customers, right from their procurement to processing to delivery. 

In March 2022, the foodtech unicorn secured $150 Mn from Amansa Capital, Kotak PE, Axis Growth Avenues AIF – I, Nithin and Nikhil Kamath of Zerodha, boAt’s Aman Gupta and Haresh Chawla from True North. 

Before this, it raised $52 Mn in October 2021. In the financial year 2020-21, it had an annual revenue rate of INR 1,000 Cr and operations in 14 Indian cities. Its customer base stood at over 2 Mn in the fiscal year 2020-21.

Its loss declined 44% to INR 293.77 Cr in FY24 from INR 528.5 Cr in the previous fiscal year. Additionally, its revenue declined 8.4% to INR 685.05 Cr from INR 748 Cr in FY23. 

25. MasterChow

• Year Of Inception: 2020
• Founders: Vidur Kataria, Sidhanth Mada
• Funding Raised To Date: $.6 Mn
• Investors: Anicut Capital, WEH ventures, Fluid ventures 
• Headquarters: Delhi

D2C brand MasterChow offers ready-to-cook noodles, dipping sauces, and sticky rice, among others. 

In November 2024, MasterChow raised $6.5 Mn in its Series A round led by Singapore-based Tanglin Venture Partners.

In May 2022, MasterChow raised $1.2 Mn from Anicut Capital, WEH ventures and Fluid ventures.

Prior to this, it had raised around $462K in its seed funding round from WEH Ventures and some angel investors. The startup had then claimed that it had grown 10x over the previous 12 months and shipped products to over 17,000 pin codes across India.

26. Namhya Foods

• Year Of Inception: 2019
• Founders: Ridhima Arora
• Funding Raised To Date: Undisclosed
• Investors: Aman Gupta 
• Headquarters: Jammu

Headquartered in Jammu, Namhya Foods specialises in snacks and beverages made from Indian herbs and natural ingredients.

The startup was established in 2019 by Ridhima Arora. To secure funding, she participated in Shark India’s inaugural season and successfully secured INR 50 Lakh against a 10% equity. Additionally, she obtained an additional INR 50 Lakh in debt funding from Aman Gupta, the cofounder of boAt.

Namhya Foods positions itself as a provider of nourishing food products designed to assist individuals with various health conditions such as diabetes, heart issues, high blood pressure, cholesterol, thyroid problems, as well as chest congestion. The company offers a diverse range of products.

In addition to its presence in India, Namhya Foods operates in the United States and has plans to expand into the UAE, Australia, and Canada.

27. Nourish You

• Year Of Inception: 2015
• Founders: Rakesh Kilaru, Krishna Reddy, Brahma Teja Kilaru, Giridhar Kilaru, Prasad Kilaru
• Funding Raised To Date: $2 Mn
• Investors: Y Janardhana Rao, Rohit Chennamaneni, Nikhil Kamath, Abhijeet Pai, Abhinay Bollineni
• Headquarters: Hyderabad

Nourish You sells nutrient-rich breakfast food products and snacks to consumers via its website and ecommerce marketplaces, including Flipkart, BigBasket, and Amazon, among others. 

Besides selling products directly to consumers, the startup exports food items to countries like Singapore, Nepal, Kenya, Dubai, Mongolia and Maldives. Some of its products are quinoa flour, chocolate & banana muesli, and cranberry walnut mix. 

Earlier, the startup shared that it had 5,000 acres of quinoa and chia farms in Rajasthan, Karnataka, and Madhya Pradesh. 

In January 2023, it secured $2 Mn in seed funding for research and development activities, brand marketing and fortifying its distribution and market presence. As a part of this round, it also secured an undisclosed amount of funding from actress Samantha Prabhu. 

28. Oziva

• Year Of Inception: 2016
• Founders: Aarti Gill and Mihir Gadani
• Funding Raised To Date: $17 Mn
• Investors: HUL, Eight Roads Ventures, Z47, Stride Ventures
• Headquarters: Mumbai

Founded in 2016 by Aarti Gill and Mihir Gadani, OZiva is a D2C platform that sells plant-based products across categories such as women’s health, skin, hair, and general wellness, among others. 

The startup has raised more than $17 Mn in funding till date and is backed by the likes of Eight Roads Ventures, Z47 (formerly Matrix Partners India), Stride Ventures, among others. It competes with the likes of Origin Nutrition, GoodDot, among others. 

In December 2022, Hindustan Unilever Limited (HUL) acquired a 51% stake in the plant-based supplement brand. The FMCG at the time said that it would completely buy out the startup in multiple tranches for a cumulative price of INR 264.28 Cr.

29. Paper Boat

• Year Of Inception: 2009
• Founders: Neeraj Kakkar, Niraj Biyani, Suhas Misra, James Nuttal
• Funding Raised To Date: $ 142.06 Mn
• Investors: Peak XV Partners, Hillhouse Capital Group, GIC, Advent International, Trifecta Capital, Sofina SA, A91 Partners, Catamaran, Footprint Ventures
• Headquarters: Gurugram

Paper Boat sells a slew of fruit-based drinks in Indian flavours including aam panna (raw mango), rose tamarind (tamarind juice), chilli guava (guava juice), ‘jaljeera’ (spicy, tangy lemonade), among others.

In August 2022, the startup raised $50.1 Mn in funding from GIC-owned sovereign fund Lathe Investment Pte Ltd.

At the time, it used to have a presence in the metro cities, Tier II towns and beyond. Paper Boat saw its net loss widened 71% to INR 90.6 Cr in the financial year 2022-23 (FY23) from INR 53 Cr in FY22 due to higher cash burn. However, its revenue from operations rose 56% to INR 504 Cr during the year under review from INR 324 Cr in FY22.

30. Plix

• Year Of Inception: 2018
• Founders: Rishubh Satiya, Akash Zaveri
• Funding Raised To Date: $5 Mn
• Investors: Guild Capital, RPSG Ventures
• Headquarters: Mumbai

Based in Mumbai, Plix specialises in plant-based nutrition supplements, offering a range that includes gummies, superfood powders, and effervescent tablets. Plix asserts that its products effectively address concerns related to weight loss, hair fall and skin, daily wellness, women’s health, and workout requirements.

In July 2023, FMCG giant Marico acquired a majority 58% stake in Plix for INR 369.01 Cr, marking its inaugural foray into the D2C arena. Under the terms of this deal, Marico assumed control over Plix’s board, and Plix became a subsidiary of Marico.

Competing alongside players like OZiva, Setu Nutrition, and Fast&Up, Plix boasts a customer base exceeding 1.5 Mn individuals. The omnichannel brand offers a diverse portfolio of 60 products spanning six categories. 

31. Pluckk

• Year Of Inception: 2017
• Founders: Pratik Gupta
• Funding Raised To Date: $5 Mn+
• Investors: Exponentia Ventures, Kareena Kapoor Khan
• Headquarters: Mumbai

Pluck is an ecommerce platform which aims to serve the growing demand for lifestyle-oriented fresh produce. It focusses on the global food trends ranging from vegan, carb alternatives, gut health and immunity to plant-forward eating to prevent diabetes and mental health. 

The startup has a 400+ product range across 15+ categories including essentials, exotics, hydroponics, cuts, and mixes. The startup claims that the products are chemical-free. Further, the products are customised following different food trends, suitable for gut and heart health, and diabetes. 

Pluckk’s products are available on its own D2C website along with partner ecommerce platforms, including Blinkit, Swiggy, Zepto, Dunzo, and Amazon. While it is currently operational in Mumbai, Delhi, Bengaluru and Pune, it plans to expand to more geographies in the coming quarters.

In 2022, it secured its seed funding of $5 Mn from Exponentia Ventures to develop farm-to-fork infrastructure, customer acquisition and expansion into key metro cities. It also said that parts of the fund would go towards the acquisition of B2B and B2C company Indus Fresh. 

In 2023, it acquired DIY meal kit platform KOOK for $1.3 Mn in a combination of cash and equity.

Following this acquisition, it also secured an undisclosed amount of funding from actress Kareena Kapoor Khan and appointed her as a brand ambassador. 

In September last year, the startup acquired D2C nutrition brand Upnourish for $1.4 Mn. 

32. Samosa Singh

• Year Of Inception: 2016
• Founders: Nidhi Singh, Shikhar Veer Singh
• Funding Raised To Date: $2.7 Mn
• Investors: Fireside Ventures, AL Trust, AET Fund, She Capital, Equanimity Investments, ANME
• Headquarters: Bengaluru

Food snack brand Samosa Singh sells Indian food snacks such as samosa, kachori, pani puri, and matar kulcha, among others, to its customers via cloud kitchens and kiosks.

It had earlier shared that its manufacturing unit holds the capacity to produce 25K food items daily.

In 2020, the startup secured $2.7 Mn (INR 17 Cr) in a Series A funding round to develop the capacity of its Bengaluru-based central kitchen. The round was led by She Capital.

As of March 2020, it had a presence in over 25 locations in Hyderabad and Bengaluru. It claims to have set up 100 cloud kitchens in prime cities of South India.

33. Skippi 

• Year Of Inception: 2021
• Founders: Ravi Kabra, Anuja Kabra
• Funding Raised To Date: $1.3 Mn
• Investors: Venture Catalysts, Hyderabad Angel Network
• Headquarters: Hyderabad

When the husband-wife duo of Ravi and Anuja Kabra returned to India after a seven-year-long stint in Australia, they sat down to start something of their own. While looking for ideas, Ravi remembered that his sister would pack ice popsicles from local Australian brands during her return back to India.

Looking to satiate the Indian craving for ice lollies, the duo founded Skippi in 2021. The D2C startup offers different flavour popsicles, cream rolls and cornsticks via an omnichannel retail business model. 

Skippi founders claim to provide ice popsicles that are 100% natural and free from artificial colours, flavours, and preservatives.

The startup event featured on the first season of the hit TV show Shark Tank and secured a deal from all five judges on the show for INR 1.2 Cr in exchange for a 5% equity.

Also backed by Venture Catalysts and Hyderabad Angel Network, Skippi raised INR 10 Cr ($1.2 Mn) in a Pre-Series A funding round in May 2024.

34. Slurrp Farm 

• Year Of Inception: 2016
• Founders: Meghana Narayan, Shauravi Malik, Umang Bhattacharya
• Funding Raised To Date: $17.18 Mn 
• Investors: Anushka Sharma, Investment Corporation of Dubai, Fireside Ventures
• Headquarters: Gurugram

Slurrp Farm is a children-focussed healthy snack brand. It offers a variety of cereals, milk mixes and snacks such as ready-to-mix pancakes, cakes, dosas, noodles and various kinds of pasta. For first-time users, it offers these products in trial packs. 

Slurrp Farm’s parent, Wholsum Foods, sells the products via its website and ecommerce marketplaces. Currently, it has a presence in India, the UAE, the US, and the UK. 

In the financial year 2021-22, it reported over INR 50 Cr annual revenue rate (ARR) and witnessed a 10X growth between June 2020 and December 2021. It further aims to achieve a revenue of INR 500 Cr by 2025.

In April 2022, Bollywood actress Anushka Sharma backed Slurrp Farm. Prior to this deal, the D2C brand raised $7 Mn from the Investment Corporation of Dubai and Fireside Ventures and also bagged $2 Mn in a Series A round from Fireside Ventures.

35. Smoor

• Year Of Inception: 2015
• Founders: Vimal Sharma
• Funding Raised To Date: Undisclosed
• Investors: Rebel Foods
• Headquarters: Bengaluru

Smoor was incorporated to provide a premium range of products, including chocolates, desserts, lounges/cafes and corporate gifting across the country.

Founded by Vimal Sharma in 2015, Smoor bagged funding from foodtech unicorn Rebel Foods in 2022. With this investment, Rebel Foods bought the majority stake in the F&B startup. 

Back then, the startup aimed to build its omnichannel distribution strategy by expanding its physical centres across Tier I cities in India and accelerating its online presence across digital platforms. The chocolate brand is available in more than 50 cities in India.

It is looking to achieve a scale of $100 Mn in annual revenue by 2026.

36. Storia

• Year Of Inception: 2016
• Founders: Vishal Shah
• Funding Raised To Date: $6 Mn 
• Investors: Sixth Sense Ventures
• Headquarters: Mumbai

Storia offers a range of processed fruit juices, coconut water, and shakes to customers. 

In 2021, it raised $6 Mn in its Series A funding from Sixth Sense Ventures. It currently has a presence in 33 Indian cities via its 50K retail outlets.

At the time of the announcement of its Series A funding round, the startup said it planned to launch new offerings, expand its distribution network and foray into packaged food. 

37. Sweet Karam Coffee

• Year Of Inception: 2015
• Founders: Anand Bharadwaj, Nalini Parthiban, Srivatsan Sundararaman, Veera Raghavan
• Funding Raised To Date: $1.5 Mn 
• Investors: Fireside Ventures
• Headquarters: Chennai

Sweet Karam Coffee sells South-Indian delicacies, including filter coffee and ready meal mixes, which it claims to be free from palm oil and preservatives. 

In October 2023, the startup announced that it raised $1.5 Mn from Fireside Ventures to expand its offline play, enter new geographies, and strengthen its product portfolio. 

The startup also aims to address the problem of poor availability of well-packaged traditional South Indian sweets and snacks.  

The startup sells its products primarily through its website and app, and claims to deliver them to more than 30 nations. 

The Chennai-based startup has also partnered with Tamil Nadu farmers to offer a range of millet-based products.

38. TenderCuts

• Year Of Inception: 2016
• Founders: Nishanth Chandran, Sasikumar Kallanai, Varun Prasad Chandran, Venkkatesan R.
• Funding Raised To Date: $19 Mn
• Investors: Stride Ventures, Paragon Partners, Nabventures 
• Headquarters: Chennai 

D2C brand TenderCuts offers meat and seafood products including chicken, mutton, seafood, marinades, pickles, and eggs and ready-to-cook products such as cold cuts, sausages, kebabs, shawarmas, etc.

In 2021, it secured approximately $4 Mn in a debt funding round from Stride Ventures. Prior to this, it raised $15 Mn from Paragon Partners and Nabventures and closed a seed funding round worth $759K in 2017. 

It follows an omnichannel marketing strategy and has been serving customers across Chennai, Hyderabad and Bangalore via its 50 retail stores. 

In September 2023, omnichannel meat brand Good To Go was reported to be planning the acquisition of TenderCuts along with Happy Chops. 

39. The Divine Foods 

• Year Of Inception: 2019 
• Founders: Kiru Maikkapillai
• Funding Raised To Date: Undisclosed 
• Investors: Nayanthara, Vignesh Shivan
• Headquarters: Chennai

The Divine Foods is a D2C foodtech startup that specialises in manufacturing products from traditional Indian superfoods such as turmeric, moringa, millet, and others. 

Its portfolio includes products such as turmeric oil, turmeric golden milk, masks, turmeric drinks, turmeric powder, honey, among others. 

Under the flagship seed funding scheme of the Tamil Nadu government called TANSEED 4.0, the startup received a grant of an undisclosed amount. 

In 2023, the startup secured an undisclosed amount of funding from actress Nayanthara and her husband Vignesh Shivan. Back then, founder Maikkapillai told Inc42 that the funding would be used for scaling up the infrastructure, expanding the startup’s product line, creating brand awareness among the masses and encouraging other celebrities to support the growth of native businesses. 

40. The Filling Station

• Year Of Inception: 2021
• Founders: Mahua Ghosh, Suvankar Ghosh
• Funding Raised To Date: Undisclosed 
• Investors: NA (Not Available)
• Headquarters: Mumbai 

Healthy food snack startup The Filling Station sells nutrient-rich laddoos, oil-free snacks, and nutrient-rich spreads, among others, via its website and ecommerce marketplaces such as Amazon and Flipkart.

In snacks, it uses ingredients such as palm, oats, makhana, seeds, nuts, and date fruit. Its cofounder Mahua Ghosh holds 11 years of experience in the food industry. She has previously worked with many fast food joints, cloud kitchens and retail brands. The venture is recognised by the Centre’s Startup India Initiative, according to the website.

41. The Good Bug

• Year Of Inception: 2022
• Founders: Keshav Biyani, Prabhu Karthikeyan
• Funding Raised To Date: $ 7 Mn
• Investors: Fireside Ventures
• Headquarters: Mumbai

The Mumbai-based startup, The Good Bugs, offers a range of products that are designed to promote and maintain gut health for consumers. Its primary focus lies in addressing the health concerns of individuals aged 25-60 who may be grappling with the negative consequences of unhealthy dietary and lifestyle choices.

Currently, the startup operates as an omnichannel brand, with approximately 70% of its revenue coming from its website and the remaining 30% from various online marketplaces. Notably, the startup has recently initiated partnerships with pharmacies to expand its offline presence.

Since its inception, the brand claims to have catered to over 2 Lakh customers. It also proclaims to have strong repeat rates of 40-45%. To expand its product offerings, the startup is planning to introduce 20 new products to its portfolio over the next six to twelve months.

42. The Whole Truth

• Year Of Inception: 2019
• Founders:  Shashank Mehta
• Funding Raised To Date: $17 Mn
• Investors: Sequoia Capital India, Matrix Partners India, Sauce.vc, Kalyan Krishnamurthy, Sujeet Kumar, Ashneer Grover, Shashvat Nakrani
• Headquarters: Mumbai 

The Whole Truth sells dark chocolate, muesli, protein bars, nut butter and energy bars via its website and other ecommerce marketplaces.

The F&B startup is looking to raise around $25 Mn in its Series C funding round at a valuation of INR 2,000 Cr (about $240 Mn).

In July 2021, the D2C snack brand secured $6 Mn in its Series A funding round from Sequoia Capital India, Matrix Partners India, Sauce.vc, Flipkart’s Kalyan Krishnamurthy, Udaan’s Sujeet Kumar, Ashneer Grover and Shashvat Nakrani.

The startup had then claimed that it had grown 12x in the last 18 months. Besides, The Whole Truth said it receives 50% of its sales via its website and the rest from ecommerce marketplaces. 

In 2023, the startup secured $15 Mn to boost its manufacturing capacity, hire talent, and expand its retail distribution. 

43. Troo Good

• Year Of Inception: 2018
• Founders: Raju Bhupati 
• Funding Raised To Date: $26.39 Mn
• Investors: OAKS Asset Management
• Headquarters: Hyderabad

Troo Good offers a slew of millet, peanut, chocolate, and dry fruit snack bars and mixtures. In the year of its inception, it clocked a revenue of INR 12 Cr, while in 2019, it posted a revenue of INR 24 Cr. 

In 2024, the startup raised $9 Mn (INR 75 Cr) in a fresh funding round led by Puro Wellness, along with participation from existing investors Oaks Asset Management and V Ocean Investments.

In November 2021, Troo Good secured $7.4 Mn from OAKS Asset Management to expand its business in the domestic market.

44. True Elements 

• Founded In: 2017
• Founders: Puru Gupta and Sreejith Moolayil
• Funding Raised To Date: $2 Mn
• Investors: Marico, Maharashtra State Social Venture Fund
• Headquarters: Bengaluru 

True Elements offers millet, grains, and seeds-based breakfast and snack foods. It follows an omnichannel marketing strategy, selling products via its website, ecommerce marketplaces and brick-and-mortar stores. 

In May 2022, consumer company Marico acquired a 53.98% stake in True Elements’ parent HW Wellness Solutions for an undisclosed sum. Prior to this, True Elements secured INR 10 Cr from the Maharashtra State Social Venture Fund last year. 

In the financial year 2021-22, it recorded sales of over INR 54.3 Cr as compared to INR 36.3 Cr in the previous fiscal year. 

Currently, it sells over 70 products and more than 200 stock-keeping units (SKUs) across 12,000 retail outlets in India. It claims to earn over 75% of its revenue from online distribution channels.

45. Twigly

• Year Of Inception: 2015
• Founders: Sonal Minhas, Rohan Dayal, Naresh Kumar Kachhi
• Funding Raised To Date: $800K 
• Investors: Tracxn Labs, Hyderabad Angels, Kunal Shah, Aditya Verma, Gaurav Bhalotia, Amit Gupta, Sahil Barua, Mukul Singhal 
• Headquarters: Gurugram 

Twigly provides freshly cooked food at consumers’ doorstep via its website and mobile app. It currently delivers orders in Delhi NCR. Some of its products are burgers, pasta, grill platters, desserts, and various types of beverages. 

According to its founders, the startup is modelled on San Francisco-based food delivery startup Sprig, which used to offer freshly cooked meals to its consumers. However, Sprig closed down its operations in 2017. 

In September 2018, Twigly was acquired by its competitor for an undisclosed amount.

46. Vahdam India

• Year Of Inception: 2015
• Founders: Bala Sarda
• Funding Raised To Date: $38.71 Mn
• Investors: Sixth Sense Ventures, IIFL Asset Management, Mankind Group Family Office, SAR Group Family Office, Kris Gopalakrishnan, White Whale Ventures, Urmin Group
• Headquarters: New Delhi 

Vahdam offers an assorted range of teas, including herbal, white, oolong and iced teas, among others in India and across the world. Its other offerings include teaware and instant lattes.  

In September 2021, the startup secured INR 174 Cr in its Series D Round led by IIFL AMC’s Private Equity Fund. Post the fundraising, it was valued at INR 700 Cr. 

As od 2022, the startup claims that it has a presence in more than 100 countries and also turned profitable in the fiscal year 2021 after clocking a net revenue of INR 160 Cr+.

47. Wellbeing Nutrition

• Year Of Inception: 2019
• Founders: Avnish Chhabria, Saurabh Kapoor 
• Funding Raised To Date: $12.20 Mn
• Investors: Rakulpreet Singh, Mira Kapoor, Fireside Ventures, HUL, etc.
• Headquarters: Mumbai

Founded in 2019, Wellbeing Nutrition is a direct-to-consumer (D2C) nutraceutical company based in Mumbai. Cofounded by Avnish Chhabria and Saurabh Kapoor, the startup specialises in offering healthy food products with a primary focus on women’s health.

Its product portfolio includes Melts, which are vitamin-based thin strips, Korean Marine for collagen, and Daily Fiber for plant-based prebiotic fibre.

In December 2022, Wellbeing Nutrition secured $10 Mn (INR 85 Cr) in its Series B funding round led by Hindustan Unilever Limited (HUL) and Fireside Ventures. HUL currently holds a 19.8% stake in the startup.

The company’s list of investors includes Bollywood actor Rakulpreet Singh, Mira Kapoor; Ashutosh Valani and Priyank Shah from RENEE Cosmetics, Nikhil Gandhi from MX Player, Harsh Vardhan Bhandari and Jeenendra Bhandari, among others.

Wellbeing Nutrition operates in the D2C segment and faces competition from brands such as Power Gummies and Fast&Up.

48. WickedGud

• Year Of Inception: 2021
• Founders: Bhuman Dani, Soumalya Biswas, Monish Debnath 
• Funding Raised To Date: $4.61 Mn
• Investors: Mumbai Angels, NB Ventures, Dholakia Ventures, Jalaj Dani Family Office, Ashutosh Valani, Priyank Shah, Ravi Shroff, Ravi Nigam, Ashwini Deshpande, Jorge Fernandez Vidal, Akshay Gurnani, Titan Capital, Archana Priyadarshini, Gaurav Ahuja, Amit Chaudhary, Aman Gupta, Sameer Mehta, Harsh Vakharia, Jorge Fernandez Vidal
• Headquarters: Mumbai 

WickedGud sells pasta, noodles, malted beverages and other snacks via its website and ecommerce marketplaces. According to its website, its products are wholly vegan and contain plant-based protein. 

In December 2024, the startup raised INR 20 Cr (around $2.3 Mn) in a Pre-Series A funding round led by Orios Venture Partners.

In April 2022, WickedGud secured $1 Mn from Mumbai Angels, NB Ventures, Dholakia Ventures, Jalaj Dani Family Office, Ashutosh Valani and Priyank Shah from Renee Cosmetics, Ravi Shroff from Excel Industries, Ravi Nigam from Tasty Bite, Ashwini Deshpande from Elephant Design, among others. 

Prior to this, it secured $340K in its pre-seed funding round from Titan Capital, Archana Priyadarshini from Point One Capital, Gaurav Ahuja from Chrys Capital, and Amit Chaudhary from Lenskart, among others. 

The startup targets customers aged 26 to 42 and claims to have an average order value of INR 450.

49. Wingreens Farms 

• Year Of Inception: 2011
• Founders: Anju Srivastava, Arun Srivastava
• Funding Raised To Date: $53.87 Mn
• Investors: Sequoia Capital, Investments AG, Investcorp, Omidyar Network
• Headquarters: Gurugram

The startup offers a diverse range of packaged food products spanning various categories such as healthy snacks, sauces, spreads, spice mixes, speciality bakery items, breakfast cereals, non-dairy milk, protein shakes, and a broad selection of organic products.

It faces competition from brands like Veeba Foods, while in the established FMCG brands segment, it competes with well-known names such as Nestle and Amul.

In July 2024, Wingreens Farms raised $4.3 Mn (INR 36.2 Cr) in debt funding from over a dozen investors. 

In 2022, the startup acquired a 100% stake in the Bengaluru-based snacks startup, Postcard. At the time, the startup stated that the acquisition would contribute to the expansion of its product portfolio under the ‘Wingreens World’ category. 

In an earlier acquisition in 2021, the startup acquired Raw Pressery during a distressed sale. The acquisition aimed to broaden its product portfolio and venture into the cold-pressed juices segment.

Last updated: January 20, 2025

The post From Slurrp Farm To Paper Boat: Here Are 49 F&B D2C Brands Reshaping The Indian Consumer Market appeared first on Inc42 Media.

It’s been a curious past year for Paytm. Even as the fintech giant has shown improved financial performance on paper over the past two quarters, the real picture lies between the lines.

Let’s take the Q3 numbers, for instance: Paytm narrowed its net loss by 6% on a YoY basis to INR 208.5 Cr in the quarter ending December 2024 (Q3 FY25), but revenue from operations declined by 36% to INR 1,827.8 Cr compared to Q3 FY24.

Even though Paytm managed to reduce its indirect expenses by roughly 7.5% to INR 1,000 Cr in Q3, direct costs grew by 13% on a QoQ basis. In contrast, on a sequential basis, revenue grew at a slower rate of 10% from INR 1,659 Cr.

This indicates that the revenue growth has come as a result of higher spending on payments processing charges, cashback and incentive costs and other direct expenses. In fact, much of this spending has gone towards reclaiming the market share lost after the RBI action on Paytm Payments Bank.

In the meanwhile, the competition has caught up to Paytm in terms of revenue and we can expect an intense battle in the year ahead from the cohort of super apps in India. From PhonePe to CRED to Flipkart-backed Super.Money, Navi and others, a number of fintech heavyweights have looked to capture Paytm’s lost market share in UPI, personal and merchant loans, merchant services and even digital commerce.

These companies are building from a position of strength in many cases, whereas Paytm is looking to revive its brand and flywheel after the setback over the past year. How far behind is Paytm today?

Paytm Picks Profitability Over Growth 

Outside the quarter-on-quarter comparison, it must be noted that Paytm has consistently reduced expenses on a YoY basis in FY25 in line with slow growth guidance after the RBI action on Paytm Payments Bank. This has resulted in improved profitability, but at the expense of revenue and customer growth.

Maintaining this profitability will be a huge challenge for Paytm, especially because future payments revenue growth is highly dependent on sales employees.

Even though the company hired close to 2,000 sales employees between September and December 2024, the overall costs for sales employees have fallen marginally in the quarter.

For instance, overall employee cost (excluding ESOPs) fell by 6% QoQ and 29% YoY to INR 575 Cr.  Employee costs in FY25 (April to December) fell by INR 451 Cr compared to the same period in FY24, in line with Paytm’s guidance in January 2024 of having to cut employee costs by INR 400 Cr – INR 500 Cr.

Even non-sales employee costs —  business, operations, technology and support roles —  fell by 11% QoQ and 36% YoY, Paytm said, on the back of AI adoption for improving productivity across businesses.

The clear indication is that Paytm’s salaries and incentives for its salesforce and non-sales teams have fallen considerably in the past quarter. The big question is whether the company can accelerate growth while continuing to reduce employee costs, spending on marketing and customer acquisition?

Paytm In The Fintech Super App Race

There’s little doubt that the cost-cutting has led to slower revenue growth in FY25 for Paytm. The company is not even close to the Q3 FY24 revenue mark, and it’s becoming increasingly clear that the RBI action on Paytm Payments Bank has set Paytm back by more than a year in terms of the revenue expectations.

And it’s given competition a huge advantage and opened up the path for the likes of PhonePe or CRED to take over from Paytm. Even as Paytm has battled business slowdown and attrition of customers, rivals such as PhonePe, CRED and others have continued to make great strides in terms of revenue and profitability.

For the sake of the comparison, we will be considering FY24 numbers for PhonePe and CRED, both of which also reported losses in FY24 like Paytm. While both these rivals had lower revenue than Paytm, the headwinds of the past one year have slowed down the Delhi NCR-based giant significantly.

Like Paytm, PhonePe and CRED have both adopted a super app model banking on cross-selling services such as personal and merchant loans, insurance, digital commerce, travel bookings and more. For all three apps, the UPI payments service is a means to attract customers at the top of the funnel, then cross-sell services to the most active of these customers.

Given the poor revenue dynamics for UPI payments — zero MDR and high cost of operations — all three super apps need to build significant bridges to other services to further leverage UPI customers.

In terms of the revenue scale (as of FY24), Paytm is well ahead of these two rivals. However the past year has resulted in grave growth challenges for Paytm, which threatens to weaken its position as the largest fintech company in India by revenue.

CRED’s operating revenue jumped 71% to INR 2,397 Cr in FY24, while PhonePe reported operating revenue of INR 5,064 Cr in FY24, up 74% from the previous fiscal. In comparison, Paytm reported income of INR 9,978 Cr in FY24, comfortably more than the two rivals combined.

But, after three quarters of FY25, Paytm is well shy of PhonePe’s FY24 revenue. Paytm’s quarterly revenue for Q1, Q2 and Q3 FY25 has been trending 35% lower than the respective quarters in FY24. If this trend continues, Paytm could finish FY25 with around 30%-35% lower revenue than FY24, which would put its annual income in the ballpark of INR 5,300 Cr

So in effect, Paytm’s revenue in FY25 could be similar to what PhonePe reported in FY24. In fact, if the Bengaluru-based unicorn maintains the revenue growth rate seen in FY23 and FY24 — 77% and 74% respectively — PhonePe could well emerge as the leading fintech app in India by revenue as of March 2025.

This comparison is of course subject to Paytm and PhonePe holding their current course for the next quarter as well.

What Paytm would be banking on between now and March 2025 is a huge spurt in its lending business, which was severely dented by the RBI’s regulatory action on the payments bank.

But on the basis of the past three quarters, the company has an uphill climb in this regard as well.

What Can Paytm Count On?

The company’s revenue for financial services in the quarter increased 34% on a sequential basis to INR 502 Cr. But for the full fiscal, revenue growth was stifled as a result of the second order impacts from the regulatory challenges.

Personal and merchant loans made by the bulk of this category. Paytm’s financial services business also includes insurance distribution, equity broking and mutual fund distribution.

Revenue from lending was down by 17% YoY, and overall financial services revenue for 9M FY25 was INR 1,158 Cr, 32% lower than the same nine month period FY24.

Even when it comes to the customer and user metrics, it was a challenging quarter for Paytm. The number of financial service customers fell to 590,000 in Q3 FY25 from 810,000 in Q3 FY24.

The only silver lining for Paytm was that the merchant loans portfolio grew 16% QoQ to INR 3,831 Cr as a result of the introduction of default loss guarantee (DLG) terms with lenders in the previous quarter.  The company said it will also increase the DLG offered to lending partner Shriram Microfinance India Credit for merchant loans from INR 225 Cr to INR 350 Cr.

“Our revenue was bolstered by better collection efficiencies and higher revenue from loans distributed under the DLG model in this and the previous quarter. [For Personal Loans] We have been primarily focused on the distribution only model, wherein we have seen reduction in disbursements on account of tightening risk policies by lenders, which is inline with industry trends,” the company said in its earnings release.

The company also said it has resumed personal loans for a select group of customers (new and repeat) with income coming from distribution and collection of loans. “We see increased willingness from lenders to partner for these select customer cohorts and allocate capital in the DLG model, which will help to increase disbursements in the distribution and collection model.”

Optimism Within Paytm’s Ranks

Paytm president Madhur Deora told analysts in the earnings call after the Q3 results that the company has the opportunity of increasing the percentage penetration within merchant loans to maybe 10% to 15% of the total installed merchant device base, compared to around 5%-6% today.

“The ticket sizes have increased and they continue to increase. So I remember three years ago, this number was about INR 1,10,000, while currently the number is about INR 2 Lakh, and part of that is because the value per merchant has grown in Paytm. The merchants obviously are doing a lot more digital payments today than they were doing three years ago, especially our best merchants to whom the loans are sort of qualified for,” Deora added.

Paytm cofounder and CEO Vijay Shekhar Sharma has time and again said that the company is on the verge of turning things around after the past year. Sharma has reiterated multiple times that Paytm is looking at AI-first operations to bring more efficiency to its distribution-led model.

Deora elaborated, “We do expect that FY26 will be better than FY25, especially given that we are going to have additional partners going into FY26 for personal loans, so we do expect an increase in this business and a rebound from the lows that we saw last year.”

While Paytm would be banking on the network effects from its payments services and its ability to cross-sell to improve the financial services metrics further, getting there will not be easy given the stiff competition and the number of players in these spaces.

When it comes to insurance distribution, aggregators such as PB Fintech, InsuranceDekho and others have a clear market share advantage.

On the investment tech side, Paytm will compete against the likes of Groww, Zerodha, Upstox, Angel One and others that have a huge lead in terms of active investors. Groww and Zerodha can count on revenue from their AMC businesses as well, where Paytm does not have a presence.

Plus, these discount brokers are expecting slow volume growth in 2025 as a result of the changes in regulations for futures and options trading introduced in 2024.

And finally on the digital lending side, the entry of Jio Financial Services as well as the growing base of new platforms like Flipkart-backed Super.Money, Adani Group and others has complicated the situation for Paytm. Besides this, dedicated lending platforms such as MoneyView have also raised funds in the past year to target customer acquisition.

These platforms have partnered with the same lenders and would be competing for the personal and merchant lending pie from a different lens than Paytm, including a big push on secured lending, where Paytm has not yet launched products.

In that regard, the next quarter will be one of the most significant periods in the lifetime of the company. Can Paytm push forward from this position of competitive weakness and get back to its former self to dictate the terms of the fintech market in India?

The post Paytm Still Waiting For Revival, One Year After RBI Action appeared first on Inc42 Media.

India’s rapid growth in the digital economy has caught the attention of many countries, including Dubai. India is expected to become a trillion-dollar digital economy by FY26, which means it is becoming a key player in the global innovation scene.

Dubai has recognised this and is looking to grow its ties with India. Since 2022, the India-UAE Startup Corridor has been working to support startups in both countries. The goal is to help 50 startups over five years and turn at least 10 into unicorns by the end of this year. This is part of Dubai’s broader plan to boost its digital economy.

The UAE and India have strengthened their relationship in various areas, from government collaborations to business growth. Projects like India’s GIFT City and Dubai Internet City are helping create more opportunities for cooperation. The rise of Indian tech companies in Dubai shows a shift toward a more digitally focussed economy.

In October 2023, India and the UAE signed an important agreement to work together in areas such as AI, renewable energy, healthcare, and advanced manufacturing. These efforts aim to drive innovation and strengthen industries. Dubai’s D33 plan, which aims to create 30 unicorns over the next 10 years, reflects its commitment to boosting its economy with innovation.

Dubai has become a key destination for tech companies in the MENA region. Events like Step Conference, GITEX Global, and Expand North Star bring global startups and investors together. With its strong business network, Dubai Internet City plays an important role in supporting these efforts.

In a significant move, Dubai Internet City partnered with India’s Nasscom at GITEX Global 2023 to encourage knowledge sharing and collaboration. This partnership helps Nasscom members connect with Dubai’s growing tech ecosystem, supporting the goals of Dubai’s Economic Agenda ‘D33’.

Further, a recent report from the Dubai Chamber of Commerce, part of the Dubai Chambers network, highlighted that Indian businesses led the way in new non-Emirati companies joining the chamber in the first nine months of 2024. A total of 12,142 new Indian companies established themselves through the chamber, underscoring Dubai’s growing appeal to Indian investors and entrepreneurs.

To understand these developments better, Inc42 spoke with Ammar Al Malik, executive vice president of commercial at TECOM Group and the managing director of Dubai Internet City. 

He explained how India’s growing talent and an ever-expanding economy are attracting international investors. Besides, he also explained how Dubai has become a highly attractive launchpad for Indian startups looking to expand operations and access global markets.

Here are the edited excerpts…

Inc42: How has Dubai positioned itself as a hub for Indian tech startups looking to expand globally?

Ammar Al Malik: Dubai is the destination of choice for tech scaleups and startups with global ambitions, leveraging its strategic location to international markets, and a distinctly pro-business environment invested in nurturing innovators and disruptors.

Dubai Internet City has played a pivotal role in cultivating the city’s position as a global tech hub for more than 25 years, providing purpose-built infrastructure to more than 4,000 customers, including multinationals, startups, and Fortune 500 companies, such as Google, Meta, Visa, Mastercard, and Dell.

Our vibrant community, home to leading Indian tech giants such as Tata Consultancy Services, Tata Communications, Infosys, and HCL Technologies, offers a fertile ground for Indian businesses to scale, connect with peers and global markets, and advance their growth ambitions.

Inc42: Can you elaborate on the support programmes or incentives Dubai provides to Indian tech startups setting up operations there?

Ammar Al Malik: A report by Startup Genome estimates that Dubai’s startup ecosystem value crossed AED 84.4 Bn by the end of 2023, placing us ahead of other Gulf countries and second in the region, promising a flourishing startup landscape accessible via Dubai.

Dubai Internet City also nurtures startups through synergies within TECOM Group to enable entrepreneurship, especially through in5, a startup incubator for businesses across tech, media, design, and science.

Since its inception in 2013, in5 has supported over 1K startups by offering a platform to scale up with access to advisory, mentorship, networking, and potential investment opportunities, further enhancing Dubai’s entrepreneurial opportunities.

This includes in5 Tech, housed at a dedicated in5 Innovation Centre at Dubai Internet City, which is also home to the in5 Investor Hub. In this space, angel investors, venture capitalists, and institutional investors can directly engage with startups for funding and partnership opportunities.

in5’s networks also include global organisations such as The Indus Entrepreneurs (TiE), which was founded in 1992 and has been operating in Dubai since 2002. The incubator’s strong relationships with such industry bodies offer greater access and ease of set-up or scale-up to Indian enterprises foraying into Dubai.

Inc42: How can Indian scaleups/startups leverage Dubai Internet City’s infrastructure and network to scale their operations?

Ammar Al Malik: Dubai Internet City provides Indian scale-ups and startups access to a thriving ecosystem comprising more than 4,000 industry leaders, 31,000 professionals, and 19 Innovation and R&D centres, including those operated by global leaders such as 3M, IBM, HP, Ericsson, and Cisco.

This co-location of innovators ignites knowledge exchange and unlocks mutually beneficial partnerships, helping established companies tap into fresh perspectives and collaborations that propel business growth. Our holistic tech ecosystem features premium infrastructure and knowledge-sharing opportunities for the world’s brightest minds to work, connect, and innovate.

This includes phase I of Innovation Hub, launched in 2018 and home to industry leaders such as Gartner and Snap. The upcoming phases II and III of Innovation Hub at Dubai Internet City will add over 530,000 sq ft of premium spaces to the district. These are being developed at a cost north of AED 780 Mn.

The strategic acquisition of two Grade-A buildings at Dubai Internet City, announced by TECOM Group in August 2024, adds 334,000 sq ft to address the demand for high-quality spaces in our community. In October 2024, TECOM Group also completed the acquisition of Office Park, a high-occupancy Grade-A asset in Dubai Internet City that is home to multinational companies like Uber, through an AED 720 Mn transaction.

Startups also have access to D/Quarters’ modern coworking spaces, launched in June 2022 at the heart of two of Dubai’s most vibrant business districts, Dubai Internet City and Dubai Media City. D/Quarters – which also doubled its offering at Dubai Science Park in December 2024 – provides open coworking spaces for startups and talented individuals in the city, including professionals granted Golden Visas for their exceptional contributions in the knowledge- and innovation-based sectors.

Inc42: What are the key sectors where Dubai sees the most potential for collaboration with Indian startups/scaleups?

Ammar Al Malik: Sector-agnostic innovation is the bedrock of Dubai’s and the UAE’s future-focussed programmes, and the market is brimming with opportunities. A vital opportunity for tech companies looking to expand from Dubai lies in the convergence of technologies like artificial intelligence (AI), blockchain, cybersecurity, and the metaverse.

We also see inspiring businesses at in5 accelerating advancements in agritech, healthtech, food waste, and data management making impressive strides in their growth trajectories. For example, Desert Control, which converts arid sand into fertile soil and is now part of in5’s alumni network, raised AED 85 Mn in a successful IPO in 2021. in5 alumnus Grubtech raised AED 55 Mn as part of its Series B round in May 2024.

Inc42: How does Dubai facilitate funding opportunities for Indian startups through its local investors or global connections?

Ammar Al Malik: Dubai and the UAE are an increasingly attractive investment market for global venture capitalists and private equity firms. This makes our city a destination of choice for innovators and startups. Alongside proactive government strategies to drive entrepreneurship and innovation, Dubai’s global business ecosystem delivers unique investment, partnership, and corporate innovation opportunities that can power sustainable expansion.

Platforms like in5 also forge a bridge between startups and investors through exclusive networking and engagement events or by showcasing them at larger industry conferences to amplify startup visibility.

The results speak for themselves – in5 startups have raised over AED 7.8 Bn in funding to date, with many of our alumni continuing to secure capital across Series A, B, and C rounds.

Inc42: What advantages does Dubai offer in terms of regulatory frameworks, tax benefits, and ease of doing business for Indian founders?

Ammar Al Malik: Dubai offers a highly attractive environment for Indian startups looking to expand operations and access global markets. Its pro-business legislation pairs with regulatory frameworks that focus on streamlining the ease of doing business.

This agile ecosystem is bolstered by proactive strategies such as the Dubai Economic Agenda ‘D33’, Dubai’s Universal Blueprint for AI, Dubai Research and Development Programme, and the National Tech Skills Enhancement Programme that offer blueprints to enable innovation and entrepreneurship.

At Dubai Internet City, we further enhance the ease of doing business by providing a dedicated support system for our community. Through axs – TECOM Group’s dedicated smart platform that offers access to over 200 government and corporate services – we also offer streamlined and digital licensing, visa processing, and business set-up pathways, minimising administrative burdens and allowing founders to focus on their business.

Our ongoing investments in infrastructure and commitment to fostering collaborative communities across our 10 business districts in Dubai further strengthen the city’s appeal as a premier destination for Indian entrepreneurs.

Inc42: Can you share some success stories of Indian startups that have benefited from setting up in Dubai?

Ammar Al Malik: We have seen numerous Indian startups flourish in Dubai. One compelling example is AstraGene, the Middle East’s pioneering molecular diagnostic manufacturing company.

A member of in5 Science – the science-focussed vertical of in5, launched alongside Dubai Science Park in June 2023 – AstraGene produces advanced molecular diagnostic products through its in-house R&D and innovation teams, focussing on longevity, genomics, and gut microbiome solutions. AstraGene’s journey underscores the strength of Dubai’s supportive business ecosystem and resources.

Another success story is ShopDoc, a digital healthcare company under in5’s umbrella that plans to establish a luxury medical tourism corridor between Dubai and India’s Malabar-Mangalore region. With an investment exceeding AED 183 Mn, the company is partnering with healthcare and wellness providers to offer a mix of traditional ayurveda- and herbal-based treatment and rejuvenation programmes, leveraging Dubai’s tech, healthcare, and business platforms to redefine medical tourism and wellness.

Inc42: How does Dubai’s strategic location help Indian startups access markets in the Middle East, Africa, and Europe?

Ammar Al Malik: Nearly a third of the world’s population is accessible via a three-hour flight from Dubai, while two-thirds is within an eight-hour flying distance, making it a gateway to the Middle Eastern, North African, and European regions.

Dubai is the epicentre of the global business ecosystem and an attractive logistics hub that makes it the place to be for international businesses of all sizes, helping them develop agile, robust supply chains by better connecting them to global audiences.

Moreover, Indian engineers – renowned globally for their expertise – are ideally placed to leverage Dubai’s strategic location within an eight-hour flight from two-thirds of the global population.

Residency pathways such as Golden and Green Visas for talented individuals and a thriving community exceeding 3.5 Mn Indian residents in the UAE make Dubai an attractive destination for Indian talent. Offering long-term stability, access to global peers and professionals, and a familiar cultural landscape, Dubai is the cradle for engineering talent from India and beyond to live, work, and invest in.

Inc42: What role has the Indian government/investors/stakeholders played in boosting Dubai’s tech ecosystem?

Ammar Al Malik: Government leaders, investors, and stakeholders in both India and the UAE have played a significant role in bolstering Dubai’s tech ecosystem for global impact.

High-level engagements, such as the meeting between His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Indian Prime Minister Narendra Modi in September 2024, as well as Prime Minister Modi’s participation in the World Governments Summit in Dubai in February 2024, reaffirm the strength of these bilateral ties.

In July 2023, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and Prime Minister Modi witnessed the signing of two MoUs between the Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI).

CBUAE and the RBI plan to develop a framework that promotes the use of their respective national currencies in cross-border transactions. They also seek to streamline payment services in both countries by linking their instant payment platforms (IPPs), local payment card systems, and financial messaging systems.

Inc42: Are there any collaborations or partnerships planned to further strengthen the India-Dubai tech ecosystem?

Ammar Al Malik: Several collaborations are in motion to further solidify the India-Dubai tech ecosystem. The Comprehensive Economic Partnership Agreement (CEPA) agreement already provides a robust framework for enhanced cooperation. Our collaboration with Nasscom is aimed at attracting leading Indian technology companies to Dubai, fostering growth and innovation within the city’s tech landscape.

This partnership will also provide Indian tech firms with access to Dubai Internet City’s world-class infrastructure – including Grade-A offices and D/Quarters’ coworking spaces – in addition to our business-friendly ecosystem of global innovators and inventors.

Moreover, Dubai Internet City’s sister districts, Dubai Knowledge Park and Dubai International Academic City, are home to world-class Indian institutions such as Symbiosis University Dubai, Amity University Dubai, BITS Pilani Dubai, and the Manipal Academy of Higher Education.

This concentration of academic excellence creates a talent pipeline for startups and businesses in Dubai, helping to fuel innovation and empowering entrepreneurs and professionals with opportunities for continuous learning and development. This robust educational infrastructure further solidifies Dubai’s position as a leading global hub for Indian talent and investment.

Inc42: What are some other key investment trends we can see for Indian startups in 2025 in the Dubai startup ecosystem?

Ammar Al Malik: Dubai and India share synergistic economic priorities for 2025, with a strong focus on opportunities that can enhance life for future generations, such as AI, cleantech, and healthtech.

This alignment creates significant opportunities for Indian startups, with such innovative companies poised for increased traction not only within Dubai’s thriving business ecosystem but also across international markets.

Their expansion can be facilitated by leveraging the extensive networks of global partners and peers based at in5, Dubai Internet City, and TECOM Group.

India’s continued improvements in entrepreneurial awareness education, will further strengthen the capabilities and potential of these emerging Indian ventures.

This combination of aligned priorities, robust support networks, and enhanced entrepreneurial skills positions Indian startups for continued success in Dubai in 2025 and beyond.

[Edited By Shishir Parasher]

The post Dubai Internet City’s MD Explains Why India Is A Magnet For Dubai Investors appeared first on Inc42 Media.

November 2024: it was a cool evening in Delhi, when the general partner of a Bengaluru VC firm frantically sought help to get a pizza from Leo’s delivered from one corner of the city to another.

It was an order that neither Zomato nor Swiggy could fulfil, so the VC turned to Borzo for help, finally receiving the order and carrying the pizzas back to Bengaluru on a night flight.

But before that happened, I asked him — what about Dunzo?

It was a tongue-in-cheek suggestion meant to evoke some kind of banter — this being a Bengaluru VC in Delhi. Besides, this is exactly what Dunzo did for years. But all I got was a smirk and waving of the hands: “Dunzo is done, bro!” said the curly-haired VC.

There’s no denying Dunzo’s journey has been remarkable, even if things have not gone as planned. So this Sunday, we see how Dunzo lost its edge and magic. And what next for founder Kabeer Biswas and employees left waiting for their final dues?

But after a look at the top stories from our newsroom this week:

• Netradyne’s Unicorn Run: India’s first unicorn startup of 2025 is looking to develop its own foundational models for its AI-powered fleet safety and video telematics solutions after raising $90 Mn in its Series D this week
• India’s AI Framework: In light of the Draft AI Guidelines, India’s AI industry stakeholders are cautiously optimistic, even as some worry that heavyhanded policy might end up stifling innovation. Here’s our deep dive into what the guidelines mean and what startups are saying
• Startups Eye Mahakumbh Gold: Mahakumbh 2025 is big business for startups, especially the burgeoning spiritual tech segment, which is looking to capitalise on a potential $1 Bn opportunity at the holy gathering over the next month

Dunzo: From Delivery To Disaster 

Some companies become bywords for their businesses — it’s usually a mark of success and brand equity. For years, Dunzo was considered a verb for hyperlocal deliveries, but today, it’s a mere shell of its former self.

The company reached a valuation of $744 Mn, but it grew its cult on the basis of word-of-mouth referrals and customer success when it launched way back in 2014. At that time, Amazon and Flipkart weren’t even thinking of quick deliveries — they didn’t care about bringing retailers online, but Dunzo did, and built a strong base of loyal customers in Bengaluru who swore by the service.

It also expanded to other cities such as Pune, Mumbai and Delhi gradually, creating a big buzz in all these markets as the only player offering hyperlocal deliveries.

In fact, quick commerce was not even coined, and Dunzo was delivering groceries and cigarettes in a matter of minutes before the pandemic. If anything, Dunzo gave everyone a taste of what Instamart, Blinkit and Zepto later offered.

It was on the shoulders of Dunzo that these giants created their playbooks to some extent. But as we have recounted several times in the past two years, the emergence of quick commerce as a category somehow created a panic within Dunzo. Even Reliance infusing $200 Mn into the company could not save it.

Despite many firsts to its credit and having raised nearly $450 Mn over its lifetime, Dunzo has struggled to stay afloat, is struggling to find a buyer and has left hundreds of employees and several vendors disgruntled over non-payment of dues.

CEO and cofounder Kabeer Biswas, has reportedly moved on to Flipkart Minutes, but is dealing with legal challenges from vendors and employees. The former have moved the NCLT to initiate insolvency proceedings against the company, while employees have filed police complaints against Biswas due to unpaid salaries.

Sources say that the startup has carried out as many as 12 rounds of layoffs in its entire lifetime, with most of the layoffs happening since 2022.

With over $70 Mn in financial liabilities, Dunzo’s potential sale looks impossible, several industry sources told us. “Unlike in 2021-2022, a business like Dunzo today can be built within a week. There is literally no distinction between the quick commerce businesses but their execution. Dunzo has majorly failed in its execution and missed the bus,” an industry player and a third party vendor with Dunzo told us.

The Gloom After The Golden Years 

Even before Dunzo, Kabeer Biswas had earned his entrepreneurial stripes with Hopper, a startup he sold to Hike before setting off on a new adventure.

Biswas, along with his friends Mukund Jha, Dalveer Suri and Ankur Agarwal, floated a WhatsApp group to organise and aggregate hyperlocal deliveries from retailers in select areas of Bengaluru.

This was when the CEO met Dunzo’s first investor Lightrock and its partner Sahil Kinney. Incidentally, this was also when India’s hyperlocal ecosystem was booming. Dozens of hyperlocal startups mushroomed up between 2015 and 2016, but no one survived the hype cycle like Dunzo.

By 2018, its model was unique in the Indian startup ecosystem, but after the pandemic, the likes of Zomato and Swiggy tried to ape Dunzo to deliver essentials. This was the precursor for the quick commerce wave that soon followed.

Between 2015 and 2022, Dunzo raised funds from the likes of Google, Lightrock, Lightbox, Alteria Capital, and of course, Reliance. Overall, Dunzo secured more than $450 Mn from equity and debt investors.

This despite the company not showing the kind of revenue growth that should be expected of a startup that has raised millions in funding.

In fact, Dunzo’s consolidated loss in FY22 widened 2X from FY21 to INR 464 Cr and total revenue stood at INR 67.7 Cr. And the losses only ballooned the next year (April 2022 to March 2023). The Bengaluru-based hyperlocal delivery startup’s loss surged to a staggering INR 1,801 Cr, but operating revenue only increased to INR 226.6 Cr.

The company has not filed audited financials for FY24, but it’s hard to imagine the financial situation improving after the downturn of 2023.

It was during the FY23 period that Dunzo made a big push for quick commerce with Dunzo Daily. It was not a mistake by any stretch of the imagination, but scaling up quick commerce  and maintaining presence with local retailers was a hard balance even for Dunzo.

Quick commerce — as evidenced by Zepto, Instamart and Blinkit — requires a singular focus, feet on the ground and more than enough traction to attract further capital infusion.

Dunzo on its part set up dark stores in Bengaluru, Delhi NCR and Mumbai and hired workforce for these stores and for delivery, and also started acquiring inventories from retailers. For the first few months everything was going fine.

Dunzo Daily kept pace with Instamart and Blinkit on delivery time, and was keeping up with the SKU build up. But scaling this up proved a bridge too far for Biswas and Co.

A partner at a Bengaluru-based VC firm and Dunzo investor told us, “The difference was that Zomato kept infusing money into Blinkit, Swiggy raised a billion dollars, Zepto convinced investors that it will play 15-minutes delivery in the long term. As for Dunzo, it offered quick deliveries, but was never among the top three players.”

The Reliance Factor

A senior industry player quoted above in the story mentioned that Reliance tried to add B2B deliveries to Dunzo’s bucket and pushed for JioMart partnerships, but this did not prove enough to keep the B2C operations going.

There was just not enough gas in the tank for Dunzo to accelerate. “The inability to scale its revenue in comparison to a much younger rival like Zepto in FY22 and FY23 cornered Dunzo. Reliance really doesn’t like to be the fourth or fifth player in any industry and its Dunzo bet did not pay off at all. It also made it difficult for the company to raise funds at a lower valuation,” a former Dunzo senior executive told us.

Sources added that Reliance had at one point offered to acquire Dunzo, but Biswas was not willing to exit at that point. In fact, most observers would agree that Biswas tried everything to keep the operations going even as other cofounders departed the company.

Cofounders Suri and Jha left at a crucial time, leaving Biswas to man the fort even as it seemed to be crumbling. One does wonder whether Biswas skipped a beat by turning down acquisition offers from Reliance and others, including Flipkart in 2024, as per reports.

Even before their departure, it was clear that besides Biswas, the other founders were left with very little equity in the company after diluting their stake over the years.

After infusing $200 Mn in the company, Reliance held more than 25% stake in the company, and Google owned close to 19%.

The next biggest investor was Lightbox which held 12%, while early investor Lightrock held 3.86% stake in Dunzo after the last round. That might seem small, but the three founders held a mere 3.95% stake in the company after that massive $250 Mn round, with Biswas himself owning about 3.6% equity.

Dunzo had the right idea — after all, the rise of Zepto, Blinkit and Instamart and the Cambrian explosion of quick commerce startups in 2024 is a validation of the business model.

But it failed in execution, even though it had a marked advantage when Covid hit. It was the only scaled up player on the ground for hyperlocal deliveries, but this first mover advantage was squandered.

If you ask any of the quick commerce platforms, the focus has been on growth and not profits. So Dunzo was not the only player to not have solid unit economics, but it failed to show the kind of progress on growth either that the likes of Zepto displayed.

Continuous investments are necessary in quick commerce today for customer acquisitions and engagement, adding to the SKU capacity and bolstering product assortment beyond groceries. Dunzo didn’t survive long enough in the game to come to this point in evolution.

Where To, From Here?

Even till the very end, Biswas held faith that things can be turned around. But with Dunzo’s website going down this week (and coming back up days later), the writing seems to be on the wall.

Employees are naturally irate over the situation after not receiving salaries for more than a year.

“Kabeer assured employees that he is trying to stitch together a funding round and this requires investors’ approval. This went on for nearly a year. Many employees quit on their own and there were also multiple rounds of layoffs. Talks with Flipkart were on for a long time, until we heard one day Kabeer is moving to join Flipkart Minutes. He stopped communicating with the employees towards the end of 2024,” a former employee who recently quit the company said.

Even as Biswas remains mum on the fate of Dunzo and whether he has indeed joined Flipkart Minutes, employees have lost patience and taken their complaints to the police.

Biswas happens to be one of the directors on the Dunzo board along with Hong Jin Kim, the managing director at South Korean firm STIC Investments. This makes the CEO accountable for fiduciary lapses, especially the non-payment of statutory taxes.

“It is hard to imagine Dunzo without Biswas. With him quitting the company, the revival looks bleak. It is an unfortunate saga of how we lost an iconic brand. Another case of investor-founder friction after the founders gave up their majority stakes and expanded too soon without a plan for the future,” the investor quoted above told us.

According to industry sources, the best Reliance can do now is acquire the Dunzo brand, which  still has some lingering value left among the ashes of the former giant. “The tech stack is a non-entity in today’s world where open source protocols are available and APIs can be built in no time. However, Dunzo’s user data in major cities could interest Reliance for its own ecommerce ambitions,” an industry analyst said.

There is also a remote possibility of Biswas convincing Flipkart Minutes to acquire Dunzo for a $10 Mn to $20 Mn deal in order to save his legacy. However, this would require Reliance as well as Walmart’s approval, which seems unlikely to come any time soon.

Which is why it’s looking like Dunzo is done, indeed.

Sunday Roundup: Tech Stocks, Startup Funding & More

• Blinkit Arms Up: Zomato has infused around INR 500 Cr (about $57.7 Mn) in Blinkit as the quick commerce vertical looks to expand its service base and category assortment.
• OYO’S Secondary Deal: Early backers of OYO, including Lightspeed Venture Partners, are reportedly in talks to sell a portion of their stake in a secondary sale likely to value the IPO-bound company at $3.9 Bn

• Policybazaar Dips: Shares of PB Fintech settled at INR 1,725.55 after falling as much as 6% on Friday, days after the company’s offices were raised by GST authorities
• Deeptech Fund: Speaking at the Startup Policy Forum’s inaugural event, former NITI Aayog CEO Amitabh Kant has called for a deeptech-focussed fund of funds (FoF) for startups

The post How Dunzo Lost Its Edge appeared first on Inc42 Media.

The world’s third largest startup ecosystem has been in the midst of a raging funding winter for a couple of years now. As investors tightened their purse strings, the Indian startup ecosystem has had to go through a lot of pain, which included thousands of employees losing their jobs. 

This was especially true for the fiscal year 2023-24 (FY24), when the funding drought peaked. Far from the capital boom of 2021, when fear of missing out (FOMO) among investors drove a valuation bubble, FY23 and FY24 turned out to be a reality check for the startup ecosystem as many shut shop while others took the debt route to extend their runways. 

However, not everything was doom and gloom. The struggle of the funding winter brought with it sanity in valuations and forced startups to cut their expenses to chart a profitable growth. This trend was evident in the financial statements of Indian startups in FY23 and seems to have continued in FY24 as well.

Of the 98 startups that have released their financial statements for FY24 so far, 42 ended the year with profitable numbers. Their cumulative profit stood at INR 5,079.2 Cr. 

The likes of Zomato, PB Fintech, Honasa, and Milk Mantra turned profitable during the year under review.

Meanwhile, the remaining 56 startups posted a cumulative loss of INR 23,083 Cr, with just Paytm and Ola Electric accounting for more than INR 3,000 Cr of this loss figure. However, it needs to be highlighted that many of these startups were also able to cut their losses in FY24.

In terms of top line, the 98 startups posted a cumulative operating revenue of INR 1.98 Lakh Cr (INR 1,98,207.76 Cr to be precise) in the year ended March 2024. 

So, without further ado, let’s take a look at the financial performance of some of these startups in FY24. 

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

Inside The FY24 Financials Of Indian Startups

Note: All amount in INR Cr

ACKO’s Net Loss Narrows 9%

ACKO managed to trim its consolidated net loss by 9% to INR 669.98 Cr in FY24 from INR 738.55 Cr in the previous year, on the back of a strong growth in its top line and improvement in EBITDA margin.

The digital insurance policy provider clocked sales of INR 2,106.25 Cr in FY24, a 20% jump from INR 1,758.64 Cr in the previous year.

Including other income, the startup’s total revenue rose 20% to INR 2,160.20 Cr during the year under review from INR 1,796.81 Cr in FY23.

Total expenditure grew to INR 2,830.18 Cr in the year ended March 2024 from INR 2,535.36 Cr last year.

Read More: ACKO’s Revenue Jumps 20% To Cross INR 2,000 Cr Mark In FY24

Amagi’s Loss Declines 24% 

SaaS unicorn Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in FY23, due to improvement in its EBITDA margin.

The company saw strong business growth, with its operating revenue rising 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in FY23.

Despite the strong revenue growth, Amagi’s total expenditure increased only 13.43% to INR 1,179.1 Cr in FY24 from INR 1,039.5 Cr in FY23.

Read More: SaaS Unicorn Amagi’s FY24 Loss Declines 24% To INR 245 Cr

Avanse’s Profit Crosses INR 300 Cr Mark

IPO-bound non-banking financial company Avanse Financial Services posted a profit of INR 342.4 Cr in FY24, a jump of 117% from INR 157.7 Cr in the previous fiscal year.

Operating revenue also jumped 74.5% to INR 1,727 Cr in FY24 from INR 989.6 Cr in the previous year. 

Its IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr. It plans to use the IPO proceeds to increase its capital base to fuel further expansion of its business.

Read More: IPO-Bound Avanse’s PAT Doubles To INR 342.4 Cr In FY24, Operating Revenue Surges 74%

Ather Energy’s Loss Crosses INR 1,000 Cr Mark

IPO-bound Ather Energy’s operating revenue declined 1.5% to INR 1,753.8 Cr in FY24 from INR 1,780.9 Cr in the previous fiscal year. On the other hand, its net loss widened over 22% to INR 1,059.7 Cr from INR 864.5 Cr in FY23.

Total expenses in FY24 stood at INR 2,674.2 Cr, rising marginally from INR 2,666.3 Cr in the previous year.

Read More: Ather Energy FY24: Revenue Declines On Reduction In FAME-II Subsidy, Loss Up 22% To INR 1,060 Cr

Awfis’ Loss Narrows 

Coworking space startup Awfis managed to reduce its loss to INR 17.75 Cr in FY24, a 62% decline from INR 46.6 Cr in the previous year. Though the startup was in loss for the entire fiscal year, it turned profitable in Q4 FY24. It posted a profit of INR 1.4 Cr in Q4 FY24. 

In terms of revenue, Awfis’ operating revenue jumped 55.6% to INR 848.8 Cr in FY24 from INR 545.2 Cr in the previous year. In Q4 FY24, the startup’s operating revenue jumped over 45% YoY to INR 232.4 Cr. 

Awfis went public in May this year. Its IPO comprised a fresh issue of shares worth INR 128 Cr and an OFS component of up to 1.23 Cr shares. Peak XV Partners and Bisque Limited were among the investors who sold shares via the OFS. 

Read More: Awfis Turns Profitable In Q4 With INR 1.4 Cr PAT, Operating Revenue Jumps 45% YoY

BlackBuck’s Loss Falls Below INR 200 Cr Mark

IPO-bound BlackBuck managed to lower its loss by over 30% in the financial year ended March 31, 2024. The logistics startup incurred a net loss of INR 194 Cr, a decline of 33% from INR 290.4 Cr in the previous fiscal year. 

The Flipkart-backed startup’s operating revenue zoomed 69% to INR 296.9 Cr in FY24 from INR 175.6 Cr in FY23. It primarily earns revenue by offering payments services, telematics, load marketplace, and vehicle financing services on its platform. 

The logistics unicorn’s IPO will comprise a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares (2,16,09,022 to be precise). 

Read More: IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

BlueStone’s Loss Narrows By 15% To INR 142 Cr

Omnichannel jewellery brand BlueStone managed to narrow its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24) from INR 167.2 Cr in the previous year. 

Its operating revenue surpassed the INR 1,000 Cr mark during the year under review. Revenue from operations surged over 64% to INR 1,265.8 Cr in FY24 from INR 770.7 Cr in the previous year. 

Total expenditure rose 51.4% to INR 1,445.7 Cr from INR 955.1 Cr in FY23.

Read More: BlueStone FY24: Revenue Surpasses INR 1,000 Cr Mark, Loss Narrows 15% To INR 142.2 Cr

boAt’s Revenue Slips 

Aman Gupta-led boAt saw its operating revenue fall 7% to INR 3,117.7 Cr in FY24 from INR 3,376.8 Cr in the previous fiscal year.

Despite the decline in its revenue, the startup managed to narrow its loss by over 38% to INR 79.7 Cr during the year under review from INR 129.4 Cr in FY23.

The audio consumer brand’s expenses fell over 9% to INR 3,233.6 Cr from INR 3,562.1 Cr in FY23.

Read More: boAt’s FY24 Revenue Declines 7% To INR 3,118 Cr

Bombay Shaving Company’s Loss Narrows 

Shantanu Despande-led D2C grooming and personal care brand Bombay Shaving Company’s net loss declined 23% to INR 62.1 Cr in FY24 from INR 80 Cr in the previous fiscal year, as its top line rose and margins improved.

Operating revenue breached the INR 200 Cr mark during the year under review. Revenue from operations rose 26% to INR 204 Cr from INR 161.8 Cr in FY23.

The rise in the startup’s expenditure was lower than the increase in its revenue. Its total expenses grew 13% to INR 295.5 Cr in FY24 from INR 262.6 Cr in the previous fiscal year. 

Read More: Bombay Shaving Company’s FY24 Loss Declines To INR 62 Cr

BookMyShow’s Profit Breaches INR 100 Cr Mark

Online ticketing platform BookMyShow’s net profit zoomed 27.61% to INR 108.6 Cr in FY24 from INR 85.1 Cr in the previous fiscal year. The Mumbai-based company reported an operating revenue of INR 1,396.8 Cr in FY24, up 44% from INR 975.5 Cr in FY23.

The live events segment saw its revenue nearly double to INR 454.7 Cr from INR 237.5 Cr in FY23, on the back of rising trend of live shows in the country. The online ticketing segment brought in INR 740.7 Cr in revenue.

Read More: BookMyShow Profit Jumps 27% To INR 109 Cr In FY24

CaratLane’s Revenue Breaches INR 3,000 Cr Mark

The Tata-owned omnichannel jewellery startup reported a 42% jump in its operating revenue to INR 3,080 Cr in FY24 from INR 2,169 Cr in the previous fiscal year. 

However, net profit declined nearly 5% to INR 78.59 Cr during the under review from INR 82.08 Cr in FY23 due to rise in advertising and “miscellaneous” expenses. 

CaratLane FY24: Profit Declines 5% To INR 79 Cr, Revenue Crosses INR 3,000 Cr Mark

CarTrade’s Profit Halves 

Used car marketplace startup CarTrade saw its profit fall 50% to INR 20 Cr in FY24 from INR 40 Cr in the previous fiscal year. The decline in the loss could be attributed to the startup’s acquisition of Sobek Auto India, comprising OLX Autos C2B business and OLX classifieds business, for INR 535.54 Cr.

CarTrade reported an operating revenue of INR 489.9 Cr in FY24 as against INR 363.7 Cr in the previous year.  

Read More: CarTrade Back In The Black With INR 25 Cr PAT In Q4; Revenue Jumps 38% YoY

Chaayos Loss Reduces By 51%

Popular QSR chain Chaayos reduced its net loss by 50.59% to INR 54 Cr in FY24 from INR 109.3 Cr in FY23, as it cut its expenses and turned EBITDA profitable.

Chaayos’ operating revenue rose a mere 4.89% to INR 248.6 Cr during the year under review from INR 237 Cr in FY23. Including other income, total revenue grew 7% to INR 271.2 Cr in FY24 from INR 253.4 Cr in the previous fiscal year. 

Chaayos managed to reduce its total expenditure by 3.69% to INR 352.2 Cr in FY24 from INR 365.7 Cr in the previous fiscal year.

Read More: Chaayos’ Loss Halves To INR 54 Cr In FY24

Cleartrip’s Loss Crosses INR 800 Cr Mark

Flipkart-owned online travel aggregator Cleartrip’s net loss jumped 18.5% to INR 810.3 Cr in FY24 from INR 683.8 Cr in the previous fiscal year, despite a surge in its top line. 

Cleartrip’s operating revenue almost doubled to INR 97.2 Cr in FY24 from INR 49.4 Cr in FY23. Its revenue would have been INR 622.2 Cr if not for discounts. The company gave INR 524.9 Cr worth of discounts in FY24 as against INR 441.1 Cr in the previous fiscal. 

Cleartrip’s expenses during the period under review jumped 26.7% to INR 988.2 Cr from INR 780.1 Cr in FY23.

Read More: Flipkart-Owned Cleartrip Spent INR 10 To Earn Every Rupee In FY24

Curefoods Net Loss Reduced To INR 173 Cr

Bengaluru-based cloud kitchen startup Curefoods reduced its net loss by 49.64% to INR 172.6 Cr in FY24 from INR 342.7 Cr in the previous fiscal year, as its top line surged and margins improved.

The startup’s operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.

The startup’s expenses grew only 6.97% to INR 806.8 Cr in FY24 from INR 754.2 Cr in FY23.

Read More: Curefoods’ FY24 Loss Halves To INR 173 Cr

Delhivery’s Loss Narrows By 75% 

Delhi NCR-based Delhivery posted a 75% decrease in its loss in FY24. The logistics unicorn reported a loss of INR 249 Cr during the year as against INR 1,007 Cr in FY23. 

Operating revenue stood at INR 8,141 Cr in FY24, an increase of 12.6% from INR 7,225 Cr in the previous fiscal year. 

The startup also reduced its advertising expenses to INR 16 Cr from INR 22 Cr in FY24. 

Read More: After A Profitable Q3, Delhivery Posts INR 69 Cr Loss In Q4 FY24

DealShare’s Revenue Plummets 75%

The Delhi NCR-headquartered startup’s operating revenue plunged nearly 75% to INR 499 Cr in FY24 from INR 1,963.5 Cr in the previous fiscal year. 

In line with the fall in revenue, DealShare managed to lower its net loss by 67% to INR 167.7 Cr from INR 503 Cr in the previous fiscal year.

In a bid to improve its bottom line, DealShare cut its expenditure by 70% to INR 768.1 Cr in FY24 from INR 2,557.6 Cr in the previous fiscal year.

Read More: DealShare’s FY24 Revenue Plummets 75% To INR 500 Cr

DevX Turns Profitable In FY24

IPO-bound coworking space provider DevX posted a net profit of INR 43.7 Lakh in FY24 as against a net loss of INR 12.83 Cr in the previous fiscal. 

The startup’s operating revenue zoomed 55% to INR 108.08 Cr during the year under review from INR 69.91 Cr in the previous fiscal year. 

The coworking space provider’s total expenses rose 37% to INR 119.50 Cr in FY24 from INR 87.49 Cr in the previous fiscal year.

Read More: IPO-Bound DevX Posts INR 44 Lakh Profit In FY24

Dezerv’s Revenue Surges 157%

Accel-backed wealthtech startup Dezerv’s operating revenue surged 157% to INR 26.25 Cr in FY24 from INR 10.20 Cr in the previous fiscal year.

Despite the growth in its top line, Dezerv’s consolidated net loss rose 95% to INR 74.53 Cr during the year under review from INR 38.20 Cr in FY23, on account of a sharp increase in its expenses.

Dezerv’s total expenditure shot up 108% year-on-year to INR 100.84 Cr in the year ended March 31, 2024. It had incurred expenses of INR 48.42 Cr in the previous year.

Read More: Dezerv’s FY24 Revenue Zooms 157% YoY To INR 26 Cr

DroneAcharya’s Profit Doubles

Pune-based drone startup DroneAcharya Aerial Innovations reported a consolidated profit after tax (PAT) of INR 6.2 Cr in FY24, almost double of INR 3.42 Cr profit it posted in the previous fiscal year.

DroneAcharya’s operating revenue increased nearly 90% to INR 35.19 Cr in FY24 from INR 18.56 Cr in FY23. The startup attributed this increase to the company’s steady and consistent growth as a drone solution provider and a drone training organisation.

Read More: DroneAcharya’s Net Profit Doubles To INR 6.2 Cr In FY24, Operating Revenue Jumps 90%

EaseMyTrip’s Revenue Inches Closer To INR 600 Cr Mark

Online ticketing platform EaseMyTrip saw its revenue rise 32% to INR 591 Cr from INR 488.8 Cr in FY23, driven by an increase in sales of air tickets. 

Despite the increase in revenue, the startup’s profit took a hit. EaseMyTrip’s profit fell 23% to INR 103.4 Cr in FY24 from INR 134 Cr in the previous fiscal year. Increase in advertising expenses was among the reasons for the decrease in profit.

Read More: EaseMyTrip Q4: Incurs Loss Of INR 15 Cr Due To One-Time Expenses

Ecom Express Sees Its Loss Decline 67%

IPO-bound logistics startup Ecom Express managed to reduce its net loss by 67% to INR 255.8 Cr in FY24 from INR 428.1 Cr in FY23.

The startup’s operating revenue saw a marginal 2.15% increase to INR 2,609 Cr in FY24 from INR 2,553.9 Cr in the previous fiscal year, as per its DRHP. Total expenses rose marginally by 0.64% to INR 2,921.5 Cr in  FY24, from INR 2,902.8 Cr.

Read More: Ecom Express FY24: IPO-Bound Startup’s Loss Narrows 67% To INR 255.8 Cr

ElasticRun’s Revenue Plummets 49%

Elasticrun reported a 49% decline in its operating revenue to INR 2,434.8 Cr in FY24 from INR 4,738.0 Cr in the previous fiscal year.

In line with the decrease in revenue, net loss fell 42% to INR 359.6 Cr in FY24 from INR 619.0 Cr in the previous fiscal year.

ElasticRun generates revenue through the sale of products and services. Revenue from the sale of products stood at INR 2,023.19 Cr in FY24, a sharp decline from INR 4,366.11 Cr in FY23. However, revenue from the sale of services increased 10.3% to INR 406.30 Cr from INR 368.34 Cr in the previous fiscal year.

The Pune-based startup’s total expenditure fell 47% to INR 2,904.4 Cr from INR 5,452.8 Cr in FY23

Read More: ElasticRun’s FY24 Revenue Narrows To Half, Loss Declines 42%

Fasal’s Revenue Surges Nearly 90%

Agritech startup Fasal’s revenue from operations grew 89% to INR 34.1 Cr in FY24 from INR 18 Cr in FY23. Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.

Meanwhile, total expenses rose 34% to INR 69.5 Cr during the year under review from INR 51.6 Cr in FY23. 

Loss increased 6% to INR 34 Cr from INR 32 Cr in FY23. 

Read More: Agritech Startup Fasal’s FY24 Revenue Jumps 89% to INR 34.1 Cr

Fino Payments Bank’s Profit Jumps Over 30%

Mumbai-based Fino Payments Bank’s operating revenue jumped 20% to INR 1,478.3 Cr in FY24 from INR 1,229.9 Cr in the previous fiscal year. 

Its expenses also grew almost in line with revenue. Total expenses stood at INR 1,391.5 Cr in FY24, up 19% from INR 1,164.8Cr in the previous fiscal year.

Fino’s net profit zoomed 32% to INR 86.2 Cr from INR 65 Cr in FY23. 

Read More: Fino Payments Bank Q4: Net Profit Rises 14% YoY To INR 25.21 Cr

FirstCry’s Loss Declines Over 30% 

Ahead of its IPO, kids-focussed omnichannel retailer FirstCry managed to reduce its net loss by 34% to INR 321.5 Cr in FY24 from INR 486 Cr in the previous fiscal year.

Its operating revenue increased 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23. Expenses rose 9.2% to INR 6,896.6 Cr from INR 6,315.7 Cr in FY23. 

FirstCry made its public market debut in August. Its shares listed at INR 651 on the NSE, a premium of 40% over its issue price of INR 549.

Read More: FirstCry FY24: Loss Narrows 34%, Revenue Crosses INR 6K Cr Mark Ahead Of IPO

Freo’s Loss Narrows 65%

Freo narrowed its net loss by 64.54% to INR 14.16 Cr in FY24 from INR 39.94 Cr in the previous year, on the back of improvement in its EBITDA margin. 

Revenue from operations rose 11% to INR 111.46 Cr in the financial year ended March 2024 from INR 99.80 Cr in the previous year. 

The digital banking startup managed to bring down its expenses by 10.28% to INR 125.58 Cr from INR 139.97 Cr in FY23. 

Read More: Freo’s FY24 Loss Declines 65% To INR 14 Cr

Furlenco’s Sales Dip

The Bengaluru-based furniture rental startup’s operating revenue declined 10.4% to INR 139.56 Cr in FY24 from INR 155.78 Cr in the previous fiscal year.

Furlenco also managed to lower its loss by 2.3% to INR 129.97 Cr in FY24 from INR 127.04 Cr in FY23.

Total expenditure declined 1.3% to INR 282.1 Cr from INR 285.9 Cr in the previous fiscal year.

Read More: Furlenco’s FY24 Operating Revenue Declines 10%, Net Loss Down 2.3%

Gramophone’s Revenue Plunges

Gramophone’s operating revenue slumped 69% to INR 98.2 Cr in FY24 from INR 315.7 Cr in the previous year, as the startup shuttered its marketplace business during the year under review. 

This also led to its expenditure falling 64% to INR 133.4 Cr from INR 374 Cr in FY23. As a result, the startup’s net loss declined 40% to INR 34.8 Cr from INR 57.9 Cr in the previous year. 

Read More: Gramophone’s FY24 Revenue Slumps 69% To INR 98 Cr

Go Digit’s Profit Zooms 5X

Insurtech startup Go Digit posted strong results with a 400% jump in its profit after tax (PAT) to INR 182 Cr in FY24 from INR 36 Cr in the previous fiscal year.

With the sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23.

Net earned premium rose over 37% to INR 7,096 Cr in FY24 from INR 5,164 Cr in FY23.

Read More: Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr

HealthKart Becomes Profitable

Delhi NCR-based HealthKart, which bagged a funding of $153 Mn in November 2024, turned profitable in FY24, posting a net profit of INR 38.3 Cr in FY24 as against a net loss of INR 164.7 Cr in the previous fiscal year. 

The startup’s sales rose 23% to INR 1,021.5 Cr during the year under review from INR 832.4 Cr in the previous fiscal year. Total expenditure saw a marginal 1% rise to INR 1,031 Cr in FY24 from INR 1,016 Cr in the previous year. 

Read More: HealthKart Turns Profitable, Posts INR 38 Cr PAT In FY24

Infra.Market’s Profit Crosses INR 350 Cr Mark

Mumbai-based Infra.Market reported a profit of INR 378 Cr in FY24, an increase of 144% from INR 155 Cr in the previous fiscal year. 

The IPO-bound startup’s operating revenue increased 23% to INR 14,530 Cr from INR 11,846.5 Cr in the previous year. 

In line with the increase in sales, total expenditure grew 23% to INR 14,272 Cr from INR 11,607.6 Cr in FY23. 

Read More: Infra.Market’s FY24 Profit Crosses INR 350 Cr, Sales Breach INR 14K Cr Mark

Jar’s Loss Narrows To INR 104 Cr

Wealthtech startup Jar narrowed its net loss by 15% to INR 103.97 Cr in FY24 from INR 123 Cr in the previous year, as revenue grew and expenses declined. 

Revenue from operations skyrocketed 461% to INR 49.03 Cr in FY24 from INR 8.73 Cr in the last fiscal (FY23).

Including other income of INR 7.37 Cr, total revenue surged 277% to INR 56.41 Cr during the year under review from INR 14.93 Cr in the previous year.

Jar’s total expenses for the fiscal year ended March 31, 2024 increased 16.2% to INR 160.3 Cr from INR 137.5 Cr in FY23. 

Read More: Jar Cuts FY24 Loss To INR 104 Cr

Juspay’s Loss Declines 8% 

Fintech company Juspay’s net loss narrowed 7.7% to INR 97.54 Cr in FY24 from INR 105.75 Cr in the previous fiscal year.

It posted a 49.6% rise in operating revenue to INR 319.32 Cr from INR 213.39 Cr in FY23. 

Total expenses climbed 29.5% to INR 443.74 Cr in FY24 from INR 342.59 Cr in FY23.

Read More: Juspay Trims Net Loss To INR 97.54 Cr In FY24

Lenskart’s Revenue Crosses INR 5,000 Cr Mark

Peyush Bansal-led Lenskart saw its sales jump 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23. 

Including other income, total revenue rose 43% to INR 5,609.8 Cr in FY24 from INR 3,927.9 Cr in the previous fiscal year. 

Lenskart managed to reduce its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in FY23. 

Read More: Lenskart’s FY24 Loss Declines 84% To INR 10 Cr

Kuku FM’s Revenue Inches Closer To INR 100 Cr Mark

Kuku FM saw its operating revenue increase over 100% in FY24. Revenue from operations zoomed 114% to INR 88 Cr from INR 41.1 Cr in FY23.

The IFC-backed startup saw its expenditure increase 21% to INR 200 Cr in FY24 from INR 165.4 Cr in the last fiscal year.

It also managed to bring down its loss. Net loss stood at INR 96 Cr in FY24, down 18% from INR 116.5 Cr in FY23. 

Read More: Kuku FM’s FY24 Revenue Jumps 114% To INR 104 Cr

ideaForge’s Profit Nears INR 50 Cr Mark 

ideaForge reported its third consecutive profitable fiscal as the drone maker clocked a net profit of INR 47.8 Cr in the fiscal ended March 2024. This was an increase of almost 50% from INR 31.9 Cr. Its profit stood at INR 44 Cr in FY22. 

Operating revenue also soared more than 70% year-on-year (YoY) to INR 186 Cr during the year under review.

Meanwhile, expenses zoomed 81% to INR 282.9 Cr in FY24 from INR 155.6 Cr in the previous year. 

Read More: ideaForge PAT Slips 30% QoQ To INR 10.3 Cr In Q4

iD Fresh Foods Turns Profitable

The Bengaluru-based read-to-eat food maker turned profitable in FY24, posting a net profit of INR 1.84 Cr as against a loss of INR 23.25 Cr in FY23. 

iD Fresh Foods clocked a 16% increase in its operating revenue to INR 395.76 Cr in FY24 from INR 340.9 Cr in the previous year. 

Total expenditure grew 8.4% to INR 398.75 Cr during the year under review from INR 367.94 Cr in FY23. 

Read More: iD Fresh Food Turns Profitable In FY24, Posts INR 1.8 Cr PAT

InCred’s Profit Surges 2.6X 

The fintech startup’s operating revenue crossed the INR 1,000 Cr mark during the year under review. InCred saw its top line grow nearly 47% to INR 1,270 Cr in FY24 from INR 864.6 Cr in FY23.

Meanwhile, profit soared 162% to INR 316.3 Cr from INR 120.9 Cr in FY23. Rising finance costs and employee benefit expenses pushed up InCred’s total expenses by over 37% YoY to INR 871.3 Cr during the fiscal year under review. 

Read More: InCred FY24: Profit More Than Doubles To INR 316.3 Cr, Revenue Crosses INR 1,000 Cr Mark

IndiaMART’s Revenue Crosses INR 1,000 Cr Mark

The B2B ecommerce major posted a 17% rise in its net profit to INR 334 Cr in FY24 from INR 283 Cr in the year-ago period. 

Operating revenue jumped 21% to INR 1,196 Cr in the fiscal ended March 2024 from INR 985 Cr in FY23. On similar lines, total expenses also rose 20% to INR 910.7 Cr in FY24 from INR 756.7 Cr in the previous fiscal year. This increase in expenditure was largely attributable to a sharp jump in employee benefit costs, which rose 27% YoY to INR 507 Cr during the year under review. 

Read More: IndiaMART Q4: Profit Surges 78% YoY To INR 99.6 Cr

IPO-Bound IndiQube’s Loss Widens By 72%

IndiQube’s net loss widened 72% to INR 341.51 Cr in FY24 from INR 198.10 Cr in the previous year, primarily due to a sharp increase in loss on fair valuation of financial liabilities.

However, revenue from operations surged 44% to INR 867.66 Cr during the year under review from INR 601.28 Cr in FY23.

The IPO-bound managed office space provider saw its total expenses zoom 51% to INR 1,252.48 Cr during the year under review from INR 829.20 Cr in FY23.

Read More: IPO-Bound IndiQube’s Loss Widens 72% To INR 341.5 Cr In FY24

InsuranceDekho Turns Profitable

Auto marketplace CarDekho’s insurance arm InsuranceDekho turned profitable in FY24 on the back of a multifold jump in revenue. The startup reported a net profit of INR 85.7 Cr during the fiscal year under review compared to a loss of INR 51.6 Cr in FY23. 

Operating revenue zoomed 670% to INR 743.6 Cr from INR 96.5 Cr in FY23. The startup’s total expenditure also rose 360% to INR 699.2 Cr in FY24 from INR 151.9 Cr in the precious fiscal year. 

Read More: InsuranceDekho Turns Profitable, Posts INR 86 Cr PAT In FY24

ixigo’s Profit Triples 

Online travel aggregator ixigo had a bumper year as its net profit more than tripled to INR 73.1 Cr from INR 23.4 Cr in FY23. 

The travel tech major’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23. This came largely on the back of broad-based growth across its business verticals and healthy uptick in annual active users. 

Total expenditure jumped almost 30% YoY to INR 627.8 Cr in FY24.

Le Travenues Technology, the parent company of the travel tech startup, made a stellar debut on the stock exchanges in June 2024 and listed at INR 138.10 per share on the BSE, a 48.5% premium from the issue price of INR 93. 

Read More: ixigo FY24: Profit Jumps Over 200% To INR 73.1 Cr, Train Bookings Biggest Revenue Source

Josh Talks Trims Loss By 25%

Delhi NCR-based media and entertainment startup Josh Talks pruned its loss by 25% in FY24 to INR 9.88 Cr from INR 13.21 Cr loss it incurred in the previous fiscal year.

Revenue from operations rose 2% to INR 18.71 Cr from INR 18.29 Cr in FY23. Including other income of INR 65.40 Lakh, the startup’s total revenue for the fiscal stood at INR 19.37 Cr. This number was 3% higher than the INR 18.80 Cr total revenue for FY23. 

The startup also managed to lower its total expenditure by 9% to INR 29.2 Cr in FY24 from INR 32 Cr. 

Read More: Josh Talks FY24: Losses Come Down 25% To INR 9.8 Cr, Revenue Up 2%

LeadSquared’s Revenue Rises 9%

WestBridge Capital-backed SaaS startup LeadSquared reported a marginal 0.73% increase in its net loss to INR 162.24 Cr in FY24 from INR 161.06 Cr in the previous year.

Operating revenue rose 9.12% to INR 279.29 Cr during the year under review from INR 255.93 Cr in FY23. Including other income of INR 45.9 Cr, the Bengaluru-based startup’s total revenue jumped 9.77% year-on-year to INR 325.2 Cr.

LeadSquared’s overall expenses rose 6.6% to INR 486.45 Cr during the year ended March 31, 2024 from INR 456.21 Cr in the previous year.

Read More: SaaS Unicorn LeadSquared Posts INR 162 Cr Loss In FY24

Lendingkart’s Profit Declines 97%

Lendingtech startup Lendingkart reported a 97.2% decline in its consolidated net profit to INR 3.25 Cr in FY24 from INR 118.8 Cr in FY24, primarily due to a sharp increase in impairment loss on financial assets, loans and advances.

However, operating revenue zoomed 36.6% to INR 1,090.6 Cr during the year under review from INR 798.4 Cr in the previous year.

Lendinkart’s total expenses rose 58.92% to INR 1,194.3 Cr during the year ended March 31, 2024 from INR 751.5 Cr in the previous year. 

Read More: Lendingkart FY24: Profit Declines 97% To INR 3.25 Cr

Mamaearth Turns Profitable In FY24

Honasa Consumer Ltd, the parent entity of D2C unicorn Mamaearth, returned to the black during the year under review. After posting a net loss of INR 150.9 Cr in FY23, the startup minted a profit of INR 110.5 Cr in FY24. 

Operating revenue rose 28.6% to INR 1,919.9 Cr from INR 1,492.7 Cr in FY23. Total expenditure jumped 21.3% to INR 1,822.4 Cr in FY24 from INR 1,501.6 Cr in the previous fiscal year.

Read More: Honasa FY24: Mamaearth Parent Turns Profitable For Full Fiscal Year

MapmyIndia’s Profit Jumps 25% 

Geotech company MapmyIndia reported a profit of INR 134.4 Cr in FY24, up 25% from INR 107.5 Cr in the previous fiscal year. 

Operating revenue rose more than 34% to INR 379 in the year ended March 2024 from INR 281 Cr in FY23. Meanwhile, total expenditure increased 36% YoY to INR 240.9 Cr on the back of a sharp rise in other expenses, which rose 73%.

Read More: MapmyIndia’s Q4 PAT Jumps 35% YoY To INR 38 Cr

Milk Mantra Back In The Black

Bhubaneswar-based dairy tech startup Milk Mantra turned profitable in FY24, posting a net profit of INR 9.8 Cr as against a net loss of INR 12.3 Cr in the previous fiscal year. It is pertinent to note that the startup slipped into the red for the first time in FY23 after eight straight years of profitability. 

Operating revenue stood at INR 276.4 Cr in FY24, a marginal increase of 1.3% from INR 272.9 Cr in FY23.

 In terms of expenditure, the startup’s total cost fell a little over 7% to INR 269.1 Cr in FY24 from INR 289.5 Cr in the previous year. 

Read More: Milk Mantra Back In The Black With INR 9.8 Cr Profit In FY24, But Growth Remains Muted

Minimalist’s Profit Jumps 2X In FY24

D2C skincare brand Minimalist’s net profit more than doubled to INR 10.9 Cr in the financial year 2023-24 (FY24) from INR 5.2 Cr in FY23, on the back of a strong growth in its top line.

The Rajasthan-based startup’s revenue from operations surged 89% to INR 347.4 Cr during the year under review from INR 183.8 Cr in FY23.

Expenditure rose largely in line with the growth in its sales. Total expenses jumped 84% to INR 331.7 Cr in FY24 from INR 180.2 Cr in the previous fiscal year.

Read More: D2C Brand Minimalist’s FY24 Profit Doubles To INR 10.9 Cr, Revenue Up 1.9X YoY

Mintifi’s Profit Jumps 273%

Supply-chain financing startup Mintifi’s net profit zoomed 273% to INR 92.53 Cr in FY24 from INR 24.79 Cr in the previous year on the back of robust growth in its topline and improvement in margins.

Revenue from operations surged nearly 72% to INR 383.67 Cr during the year under review from INR 223.20 Cr in FY23. Including other income of INR 17.80 Cr, total revenue climbed almost 77% year-on-year to INR 401.47 Cr in the year ended March 31, 2024.

Mintifi’s total expenses also rose sharply to INR 276.68 Cr in FY24, up nearly 44% from 192.35 Cr a year ago

Read More: Mintifi’s FY24 Profit Zooms 273% To INR 92.5 Cr

Mokobara Halves Its Loss

D2C luggage startup Mokobara’s loss nearly halved to INR 4.24 Cr in FY24. It had posted a loss of INR 8.22 Cr in the previous fiscal year. 

Revenue from operations jumped 120% to INR 117.44 Cr from INR 53.27 Cr it reported in FY23. Total expenditure nearly doubled to INR 123.28 Cr from INR 61.85 Cr in FY23. 

Read More: Mokobara’s Revenue Surges 2.2X To INR 117 Cr In FY24

Myntra Turns Profitable 

Fashion ecommerce giant Myntra turned profitable in the fiscal year 2023-24 (FY24), posting a consolidated net profit of INR 30.9 Cr as against a loss of INR 782.4 Cr in the previous fiscal year.

The profitability came on the back of a bump in Myntra’s topline and slight reduction in its expenses in the fiscal. 

The startup’s revenue from operations stood at INR 5,121.8 Cr in FY24, up about 15% from the INR 4,465 Cr in the previous fiscal year. 

Myntra cut its expenses slightly to turn profitable in the fiscal. In FY24, the startup spent INR 5,123 Cr, down 3% from the INR 5,290.1 Cr it spent in the prior fiscal.

Read More: Myntra Turns Profitable In FY24, Revenue Soars 15%

Navi Finserv’s Operating Revenue Takes Hit 

Navi Finserv’s consolidated operating revenue fell 6.6% to INR 1,906.2 Cr in FY24 from INR 2,040.6 Cr in FY23. The startup’s profit from continued operations also slipped 41% year-on-year (YoY) to INR 155.6 Cr in FY24. 

It is pertinent to mention that Navi Finserv divested its entire holding in microfinance subsidiary Chaitanya India Fin Credit Private Ltd during the year under review. Including profit from discontinued operations, its net profit more than doubled to INR 545.1 Cr in FY24 from INR 264.2 Cr.

Total expenses saw a marginal increase to INR 1,750.4 Cr in the reported year from INR 1,743.9 Cr in FY23, with finance cost alone comprising over 37% of its total spending.

Read More: Navi Finserv FY24: Revenue Falls 6.6% To INR 1,906 Cr, Profit Down 41% YoY

Nazara’s Profit Increases By Over 20% 

Gaming major Nazara Technologies reported an operating revenue of INR 1,138.2 Cr during the year under review. This was an increase of 4.3% from INR 1,091 Cr in FY23. 

Profit jumped 21.7% to INR 74.7 Cr from INR 61.3 Cr in the previous fiscal year. 

Nazara’s total expenses stood at INR 1,112.4 Cr in FY24, an increase of 5.7% from INR 1,051.7 Cr in the previous fiscal year. 

Read More: Nazara Q4: Profit Shrinks To INR 18 Lakh, Operating Revenue Declines To INR 266.2 Cr

Nykaa Nearly Doubles Its Profit 

Fashion ecommerce startup Nykaa reported an operating revenue of INR 6,358.6 Cr in FY24, 23.6% higher than INR 5,143.8 Cr in the previous fiscal year. 

Its profit increased 89.5% to INR 40 Cr in FY24 from INR 21.1 Cr in FY23. 

The Falguni Nayar-led unicorn’s total expenditure grew 23.5% to INR 6,346.5 Cr in FY24 from INR 5,135.6 Cr in the previous fiscal year. 

Read More: Nykaa FY24: Despite Q4 Slide, Profit Rises By 80% For Full Fiscal Year

OfBusiness’ Revenue Crosses INR 19,000 Cr Mark

B2B marketplace OfBusiness’ consolidated operating revenue surged over 25% to INR 19,296.3 Cr FY24 from INR 15,342.6 Cr in the previous fiscal year. Net profit increased by over 30% to INR 602 Cr from INR 463 Cr in the previous fiscal year. 

Total expenses jumped 24.3% to INR 18,695.7 Cr in FY24 from INR 15,037.5 Cr in the previous fiscal year.

Read More: OfBusiness FY24: Profit Surges Over 30% To Cross INR 600 Cr Mark

Ola Electric Breaches INR 5,000 Cr Revenue Mark

Recently listed two-wheeler EV startup Ola Electric reported a 90% jump in its revenue to INR 5,010 Cr in FY24 from INR 2,630 Cr in the previous year, on the back of increase in sales of its EV scooters. 

The Bhavish Aggarwal-led startup also managed to cap the increase in loss ahead of its IPO. Its net loss rose 7% to INR 1,584.4 Cr in FY24 from INR 1,472 Cr in the previous year. Employee benefit expenses increased to INR 439 Cr from INR 427 Cr in FY23. 

Read More: IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%

OneCard’s Revenue Crosses INR 1,400 Cr Mark

Peak XV Partners-backed fintech unicorn OneCard’s operating revenue zoomed 163% to INR 1,425.58 Cr in FY24 from INR 541.16 Cr in the previous fiscal year. Including other income of INR 39.19 Cr, total revenue for the fiscal stood at INR 1,464.77 Cr.

The startup incurred a net loss of INR 401.15 Cr in FY24, down 1.1% from INR 405.66 Cr in the previous fiscal year.

Expenses also surged during the fiscal year as its top line grew. OneCard spent INR 1,865.92 Cr in FY24, up about 87% from INR 999.51 Cr in the previous fiscal. 

Read More: OneCard’s FY24 Revenue Surges 2.6X To INR 1,425 Cr

OPEN’s Revenue Slumps To INR 25 Cr

Neobanking startup OPEN’s operating revenue declined 17% to INR 24.8 Cr in FY24 from INR 29.9 Cr in FY23.

Including other income, the startup’s total revenue declined 13% to INR 46.1 Cr from INR 53.1 Cr in FY23. 

With the decline in revenue, the Temasek-backed startup’s net loss also reduced 30% to INR 170 Cr during the year under review from INR 242.2 Cr in the previous fiscal year.

Total expenditure fell 34% to INR 194.6 Cr in FY24 from INR 296.5 Cr in FY23. 

Read More: OPEN Spent INR 195 Cr To Earn INR 25 Cr Revenue In FY24

Oxyzo’s Profit Rises To Almost INR 300 Cr

Fintech unicorn Oxyzo, led by couple Ruchi Kalra and Asish Mohapatra, reported a 47% rise in profit to INR 290 Cr in FY24 from INR 198 Cr in the previous fiscal year. 

Operating revenue zoomed 58% to INR 903.3 Cr from INR 569.9 Cr in FY23. Oxyzo primarily earns revenue from the interest it earns by offering loans to small and medium enterprises.

Read More: Fintech Unicorn Oxyzo’s Profit Zooms 47% To INR 290 Cr In FY24

OYO Turns Profitable With INR 229 Cr PAT As Employee Costs Halve

IPO-bound OYO posted a net profit of INR 229.5 Cr during the year as against a net loss of INR 1,286.5 Cr in the previous financial year. 

However, its operating revenue remained almost flat during the year under review. Revenue from operations stood at INR 5,388.7 Cr in FY24, a decline of 1.3% from INR 5,463.9 Cr in the previous fiscal year.

The startup managed to reduce its total expenditure by 16% to INR 5,725.7 Cr in FY24 from INR 6,799.6 Cr in the previous fiscal year. 

Read More: OYO Turns Profitable With INR 229 Cr PAT In FY24 As Employee Costs Halve

Paytm’s Revenue Nears INR 10K Cr Mark

Troubled fintech giant Paytm posted a revenue of INR 9,977.8 Cr in FY24, an increase of 24.8% from INR 7,990.3 Cr in the previous year. It also managed to narrow its loss by 19.3% to INR 1,422.4 Cr from INR 1,775.6 Cr in FY23. 

However, it needs to be mentioned that the Vijay Shekhar Sharma-led company’s revenue is likely to take a hit in FY25 due to the RBI’s crackdown on Paytm Payments Bank. 

Read More: Paytm Q4: Net loss Widens To INR 550 Cr

PB Fintech Operating Revenue Crosses INR 3,000 Cr Mark

PB Fintech, the parent company of insurance tech platform PolicyBazaar, saw its revenue cross the INR 3,000 Cr mark in FY24. Its operating revenue rose 34.4% to INR 3,437.6 Cr during the year under review from INR 2,557.8 Cr in FY23. 

The company also turned profitable, posting a profit of INR 64.61 Cr during the year under review compared to a loss of INR 487.9 Cr in FY23. 

Read More: PB Fintech Stock Goes Through Market Swings After Reporting Profitable Q4 FY24

Perfios Profit Zooms Past 800%

SaaS startup Perfios saw its consolidated net profit jumping 819.2% at INR 71.7 Cr in FY24 from INR 7.8 Cr. Revenue from operations jumped 37.1% to INR 557.8 Cr during the year under review from INR 406.8 Cr in FY23.

In line with the surge in its revenue, Perfios’ total expenses zoomed 28.2% to INR 495.5 Cr in the year ended March 31, 2024 from INR 386.4 Cr in FY23.

Read More: Perfios FY24: Profit Jumps 819% To INR 71.7 Cr

PharmEasy’ Net Loss Halves

Epharmacy PharmEasy saw its consolidated net loss halve to INR 2,531.1 Cr in the financial year 2023-24 (FY24) on the back of a decline in its expenses and exceptional items. The company’s net loss declined 51.35% from INR 5,202.5 Cr in FY23.

The company, which was hit by financial and operational struggles in the recent past, also saw a 14% decline in operating revenue to INR 5,644 Cr from INR 6,643.9 Cr in FY23. 

Total expenditure declined 19.16% to INR 7,254.8 Cr in FY24 from INR 8,974 Cr in FY23

Read More: PharmEasy’s FY24 Loss Halves To INR 2,531 Cr

PhonePe’s Revenue Breaches INR 5,000 Cr Mark

Walmart-backed fintech giant PhonePe reported an operating revenue of INR 5,064 Cr in FY24, an increase of 74% from INR 2,914 Cr in the previous fiscal year. 

It also managed to reduce its net loss by 28% to bring it under INR 2,000 Cr. The company’s net loss stood at INR 1,996 Cr during the year under review as against INR 2,795 Cr a year ago. Excluding share based payment expenses of INR 2,193 Cr, PhonePe posted adjusted profit after tax of INR 197 Cr in FY24 as against a loss of INR 738 Cr in FY23.

Read More: PhonePe Narrows Net Loss To INR 1,996 Cr In FY24

Porter’s Loss Declines 45% To INR 96 Cr 

The Peak XV Partners-backed startup’s loss declined 45% to INR 95.7 Cr in FY24 from INR 174.6 Cr in the previous fiscal year. Operating revenue zoomed 56% to INR 2,733.7 Cr in FY24 from INR 1,737.4 Cr in the previous fiscal year.

The startup’s total expenditure rose 46% to INR 2,862.1 Cr during the year under review from INR 1,964 Cr in the previous fiscal year. 

Read More: Porter FY24: Loss Declines 45% To INR 96 Cr, Revenue Crosses INR 2,500 Cr Mark

Purplle’s FY24 Sales Zoom 43% To INR 680 Cr 

The Abu Dhabi Investment Authority (ADIA)-backed unicorn reported an operating revenue of INR 679.6 Cr in FY24, an increase of 43% from INR 475 Cr in the previous fiscal year.

Purplle’s total expenditure rose only 15% year-on-year. Its expenses stood at INR 849.6 Cr in FY24 as against INR 738.3 Cr in the previous fiscal year. 

Purplle managed to reduce its cash burn during the year under review, as a result of which its net loss plummeted 46% to INR 124.1 Cr from INR 230 Cr in FY23.

Read More: Purplle’s FY24 Sales Zoom 43% To INR 680 Cr, Loss Almost Halves

Rare Rabbit’s Profit Doubles 

Radhamani Textiles, the parent entity of Rare Rabbit, posted a profit of INR 74.5 Cr in FY24, up 131% from INR 32.2 Cr in the previous fiscal year

The apparel brand’s operating revenue zoomed 69% to INR 637 Cr during the year under review from INR 376 Cr in FY23. 

The startup’s expenses also increased. However, the rise in revenue was more than the increase in expenses. Total expenditure rose 60% to INR 542 Cr in FY24 from INR 339 Cr in the previous fiscal year.

Read More: Rare Rabbit’s FY24 Profit Doubles To INR 75 Cr

RateGain’s Profit More Than Doubles 

Traveltech company RateGain’s consolidated profit after tax jumped 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in FY23. Its operating revenue zoomed 69% to INR 957 Cr during the year under review from INR 565 Cr in FY23

Employee benefit expenses increased to INR 380 Cr from INR 252.7 Cr in FY23, indicating an increase in employee count. 

Read More: RateGain FY24 Results: Profits More Than Double To INR 146 Cr

Razorpay’s Profit Quadruples 

Peak XV Partners-backed Razorpay posted a profit of INR 33.5 Cr in FY24, an increase of 365% from INR 7.2 Cr in the previous year, as margins improved. 

Operating revenue rose 9% to INR 2,475 Cr from INR 2,283 Cr in the previous fiscal year. 

Total expenditure stood at INR 2,454.3 Cr, an increase of 7% from INR 2,283.1 Cr in FY23. 

Read More: Razorpay’s FY24 Profit Jumps 4.5X To INR 34 Cr

Rebel Foods’ Loss Narrows By 42%

Cloud kitchen unicorn Rebel Foods narrowed its net loss by 42% to INR 378.2 Cr in FY24 from INR 656.5 Cr in the previous fiscal year. The Faasos-parent trimmed its loss on the back of an increase in its top line and controlled expenses.

Rebel Foods’ operating revenue jumped 19% to INR 1,420.2 Cr in FY24 from INR 1,195.2 Cr in FY23. Total expenses increased marginally by 1.6% to INR 1,857 Cr from INR 1827 Cr in the previous fiscal year.

Read More: Rebel Foods FY24: Net Loss Nearly Halves To INR 378 Cr, Revenue Up 19% YoY

IPO-Bound Smartworks’ Loss Falls 51% 

IPO-bound coworking space provider Smartworks’ net loss narrowed 51% to INR 49.8 Cr in FY24 from INR 101.02 Cr in the previous fiscal year. The startup, which recently filed its DRHP to raise over INR 550 Cr via its IPO, saw its operating revenue jump 46% to INR 1,039.4 Cr during the year under review from INR 711.4 Cr in FY23. 

Total expenditure increased 34% to INR 1,180.7 Cr from INR 880.2 Cr in the previous fiscal year. 

Read More: Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark

Swiggy’s FY24 Revenue Crosses INR 10K Mark

IPO-bound Swiggy managed to narrow its loss by 44% to INR 2,350 Cr in FY24 from INR 4,179.3 Cr in the previous fiscal year. 

Operating revenue stood at INR 11,247.3 Cr, up 1.3X from INR 8,264.5 Cr in FY23. 

The IPO-bound company managed to control the rise in its expenses during the year. Its total expenditure grew a mere 8% to INR 13,947.3 Cr from INR 12,884.3 Cr in FY23.

Read More: Swiggy DRHP: Revenue Crosses INR 10,000 Cr Mark In FY24, Loss Almost Halves

Shadowfax Trims Loss To INR 12 Cr

IPO-bound Shadowfax slashed its net loss by nearly 92% to INR 11.8 Cr in FY24 from INR 142.6 Cr in the previous year, on the back of an increase in its top line and improvement in margins.

Operating revenue jumped 33.19% to INR 1,884.8 Cr during the year under review from INR 1,415.1 Cr in the previous year. 

The logistics major’s total expenses rose 21.9% to INR 1,908.3 Cr in FY24 from INR 1,565.5 Cr in the previous fiscal year. 

Read More: IPO-Bound Shadowfax’s FY24 Loss Falls 92% To INR 12 Cr

TAC Infosec Reports INR 6 Cr Profit

SaaS cybersecurity startup TAC Infosec reported a net profit of INR 6.33 Cr in the financial year 2023-24 (FY24), a 23% jump from INR 5.12 Cr in FY23. 

Operating revenue rose 17% to INR 11.84 Cr during the year under review from INR 10.09 Cr in FY23.

Total expenditure for the fiscal stood at INR 5.49 Cr, an increase of 10% from the INR 4.97 Cr in the previous fiscal year.

Read More: SaaS Cybersecurity Startup TAC Infosec’s FY24 Profit Rises 23% To INR 6.3 Cr

Tata 1mg Narrows Its Loss By 75% 

The Bengaluru-based startup’s net loss narrowed 75% to INR 313 Cr in FY24 from INR 1,254.8 Cr in the previous fiscal year. 

The startup, which primarily earns revenue from sales of medicines, and offering lab and diagnostics test services, saw its operating revenue rise 21% to INR 1,967.7 Cr during the year under review from INR 1,627 Cr in FY23.

It managed to cut its total expenditure by 20% to INR 2,302.7 Cr in FY24 from INR 2,893.6 Cr in the previous fiscal year.

Read More: Tata 1mg FY24: Loss Declines 75% To INR 313 Cr On Business Growth, Fall In Expenses

TBO Tek Posts INR 200 Cr Profit 

B2B travel portal TBO Tek, which made a strong market debut in 2024, reported a 35% increase in its net profit to INR 200 Cr in FY24 from INR 148.4 Cr in the previous fiscal year. Operating revenue jumped 31% to INR 1,392.8 Cr from INR 1,064 Cr in FY23. 

Employee benefit expense rose to INR 277.3 Cr during the year under review from INR 228.3 Cr in FY23.

TBO Tek made its public market debut in May. The stock listed at INR 1,426 on the NSE, a premium of 55% to its issue price of INR 920. Similarly, the stock listed at INR 1,380 on the BSE, a premium of 50% to its issue price.

Read More: TBO Tek Q1: Profit Jumps 29% YoY To INR 61 Cr, Revenue Up 21%

Teachmint’s Loss Reduces To INR 110 Cr

Lightspeed-backed edtech startup Teachmint’s consolidated net loss narrowed 37% to INR 110.1 Cr in FY24 from INR 180.7 Cr in the previous year, on the back of a robust growth in its top line and decline in expenses.

Operating revenue increased over 2X to INR 17.1 Cr during the year ended March 31, 2024 from INR 8.1 Cr in FY23. 

Teachmint managed to bring down its total expenses by 26.6% to INR 160 Cr during the year under review from INR 217.9 Cr in FY23.

Read More: Teachmint Cuts FY24 Loss To INR 110 Cr, Revenue Soars 111%

Tracxn’s Profit Tanks In FY24

In what was a sombre fiscal for Tracxn, the market intelligence platform saw its net profit shrink by more than 80% to INR 6.5 Cr in FY24 from INR 33 Cr in the year-ago period. 

Tracxn’s operating revenue rose nearly 6% to INR 82.70 Cr during the year under review from INR 78.10 Cr in FY23.

Tracxn FY24 Results: Profits Shrink By 80% For Full Year

Trust Fintech’s Profit Triples 

The fintech SaaS company’s net profit zoomed 210% to INR 12.5 Cr in FY24 from INR 4 Cr in the previous fiscal year, on the back of a healthy growth in its top line.

The company, which made its public market debut in April 2024, saw its operating revenue jump 55.4% YoY to INR 35 Cr during the fiscal year ended March 2024.

Trust Fintech’s Net Profit Jumps 3X To INR 12.5 Cr In FY24

Ultraviolette’s Loss Jumps 8X

EV two-wheeler startup Ultraviolette’s net loss surged 8X to INR 61.58 Cr in FY24 from INR 7.46 Cr in the previous year. Operating revenue almost doubled to INR 15.8 Cr from INR 8.67 Cr in FY23. 

The startup’s total expenses zoomed 312% to INR 106.89 Cr from INR 25.92 Cr in FY23, outpacing the increase in revenue. 

Read More: Ultraviolette’s Loss Jumps 8X To INR 62 Cr In FY24

Ustraa’s Loss Widens

Men’s grooming D2C brand Ustraa, which is owned by VLCC, saw its net loss jump 25% to INR 50.3 Cr in the financial year 2023-24 (FY24) from INR 40.2 Cr in the previous fiscal year. 

Revenue from operations declined 2.9% to INR 94 Cr during the year under review from INR 96.8 Cr in FY23. 

Despite the decline in revenue, Ustraa’s total expenses rose 5.1% to INR 144.6 Cr in FY24 from INR 137.6 Cr in FY23. 

Read More: Ustraa’s FY24 Loss Widens 25% To INR 50 Cr

Vedantu’s FY24 Loss Declines 58%

Edtech unicorn Vedantu’s net loss declined 58% to INR 157.52 Cr in FY24 from INR 372.64 Cr in the previous fiscal year on the back of growth in its top line and improvement in margins.

The startup’s revenue from operations increased 21% to INR 184.50 Cr from INR 152.59 Cr in FY23. Including another income of INR 14.73 Cr, total revenue for the fiscal stood at INR 199.23 Cr.

The startup managed to reduce its expenses by 34% to INR 367.79 Cr from INR 553.09 Cr in FY23. 

Read More: Vedantu’s FY24 Loss Falls 58% To INR 158 Cr

Whatfix’s Revenue Crosses INR 400 Cr Mark

SoftBank-backed Whatfix posted a 49% increase in its revenue from operations to INR 425 Cr in FY24 from INR 285 Cr in the previous fiscal year.

Including other income, the startup’s total revenue rose 1.5X to INR 445.3 Cr from INR 303.9 Cr in FY23.

Whatfix also managed to lower its loss. Its net loss declined 20% to INR 263 Cr from INR 328.3 Cr in FY23. Besides, the startup’s total expenses rose only 12% to INR 706 Cr from INR 631.3 Cr in FY23.

Read More: Whatfix’s Revenue Jumps 49%, Crosses INR 400 Cr Mark

WROGN’s Operating Revenue Slumps 29%

Virat Kohli and Accel-backed youth fashion brand WROGN’s operating revenue slumped 29% to INR 243.8 Cr in FY24 from INR 344.3 Cr in the previous fiscal year. Including other income, total income declined 27% to INR 264.7 Cr in FY24 from INR 361.3 Cr in FY23.

Despite the decline in revenue, WROGN’s net loss rose 28% to INR 56.8 Cr during the year under review from INR 44.3 Cr in FY23.

Read More: Virat Kohli-Backed WROGN’s FY24 Revenue Falls 29% To INR 244 Cr, Loss Up 28%

Yubi’s Loss Narrows By 22%

Lending tech startup Yubi managed to reduce its net loss by over 22% to INR 395.8 Cr in FY24 from INR 509.8 Cr in the previous year.

Operating revenue jumped 47% to INR 483.7 Cr in FY24 from INR 327.6 Cr in the previous fiscal year.

 The Peak XV Partners-backed startup’s total expenses increased marginally to INR 938.8 Cr during the year under review from INR 922.9 Cr in FY23.

Read More: Yubi Group Cuts FY24 Net Loss By 22%, Revenue Jumps 47%

IPO-Bound Zappfresh’s Profit Rises 70% 

The IPO-bound D2C meat delivery startup reported a 70% jump in its net profit to INR 4.7 Cr during the fiscal ended March 2024 from INR 2.7 Cr in FY23. 

As per its draft red herring prospectus (DRHP), Zappfresh’s operating revenue zoomed over 60% to INR 90.4 Cr in FY24 from INR 56.3 Cr in the previous fiscal year. 

Zappfresh DRHP: Revenue Surges 60% To INR 90 Cr In FY24, Profit Jumps 70%

Zepto’s Revenue More Than Doubles

Quick commerce unicorn Zepto’s consolidated revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24), on the back of growing popularity of quick commerce. The startup’s operating revenue jumped 120% during the year under review from INR 2,025.70 Cr in FY23.

Despite a surge in revenue, it managed a slight reduction in its loss to 2% to INR 1,248.64 Cr from INR 1,271.84 Cr in FY23. The startup spent INR 5,747.21 Cr in FY24, up 72% from INR 3,350.09 Cr in the previous fiscal year. 

Read More: Zepto’s FY24 Revenue More Than Doubles To INR 4,454 Cr

Zypp Electric’s Revenue Jumps Over 2.5X

The two-wheeler electric bike manufacturer saw its operating revenue surge over 2.5X in the financial year ended March 31, 2024. The Delhi NCR-based startup reported an operating revenue of INR 292.7 Cr in FY24, a jump of 168% from INR 109 Cr in FY23.

However, loss also surged over 125% to INR 91.1 Cr in FY24 from INR 40 Cr in FY23. 

Total expenditure grew 160% to INR 394 Cr from INR 152 Cr in FY23. 

Read More: Zypp Electric’s Revenue Zooms 2.7X, Nears INR 300 Cr Mark

Edited By: Vinaykumar Rai
Last Updated: 18 Jan, 8:30 PM IST

Note: This story has been edited to correct boAt’s FY24 operating revenue in the table.

The post Indian Startup FY24 Financials Tracker: Tracking The Financial Performance Of Top Startups appeared first on Inc42 Media.

Indian foodtech players have transitioned beyond simple food deliveries. From groceries to fast delivery of essentials, companies like Zomato and Swiggy have evolved to cater to the growing demand for instant gratification in accessing everyday necessities.

Last year marked a significant milestone in Swiggy’s journey. Following the footsteps of its rival Zomato, which had gone public in July 2021, Swiggy made its long-anticipated market debut with a blockbuster $1.3 Bn IPO — one of the largest public listings by a new-age tech company in India. 

While Swiggy remained loss-making according to its last financial statement, it achieved profitability in its core food delivery business on the back of measures such as the introduction of a platform fee. 

In addition, the company also increased its focus on growth avenues such as Dineout and other revenue streams, to further solidify its position. Though Swiggy paused experimenting with new verticals before its IPO, the company has resumed diversifying after its listing.

In December 2024, the company expanded its Dineout vertical by introducing Swiggy Scenes, a new feature enabling users to book parties, events, and live music experiences at partner restaurants. This move also underpinned Swiggy’s intent to not only deliver convenience but also curate experiences, further strengthening its position as a comprehensive lifestyle platform.

However, what’s interesting is that Swiggy Scenes took shape after Zomato announced the launch of District, a dedicated app for the ‘going-out’ business, in July. The app was finally launched in November last year after Zomato completed the acquisition of Paytm Insider in August. 

While Zomato launched District as a separate app, Scenes is currently available on the main Swiggy platform and is only limited to a few locations, including Bengaluru and Delhi. 

Notably, Zomato’s District app allows users to book tickets and make reservations for dining, movies, sports, and live performances, Swiggy Scenes is right now only available for booking tickets for comedy shows, live music and events at Swiggy partner restaurants. 

This raises many questions — Why has the company launched a feature when it still feels like a work in progress? Is Swiggy Scenes the byproduct of any kind of FOMO? And finally, how does Swiggy plan to capitalise on and scale this offering?

A Move To Protect Itself Against Zomato?

Speaking with Inc42, an analyst at a stock broking firm said that one of the simplest reasons for the rushed launch of Scenes could be to keep pace with Zomato.

According to the analyst, Swiggy is already under pressure from its competitors in other verticals and cannot afford to lose ground in yet another segment. From a market capitalisation and profitability perspective, Swiggy significantly lags behind Zomato, making this move even more desperate.

“It is not clear what Swiggy’s strategy is for Scenes. I don’t think it’s a competitor to the District app at this point. Zomato’s District is a fairly evolved business, especially after acquiring Insider, considering the number of events listed, the cities covered, and the types and scale of events featured. The difference is like chalk and cheese,” Shreyas Srinivasan, the former chief product officer of Paytm and founder of Insider.in said.

She added that how Swiggy is functioning right now feels like it is trying to protect itself from Zomato’s growing influence. “However, the company will have to do more than just showcase to its customers that it is on par with Zomato. For them to compete, they’ll need to expand their scope to include concerts, comedy shows, and more,” Srinivasan, who quit Paytm last year, said.

Echoing the sentiment, Nishant Kini, the founder of Bengaluru-based branding and events agency The Nishé & Co, said that Swiggy’s entry into the events segment has only been prompted by its rival Zomato but the loss-making Swiggy has played it smartly by avoiding the acquisition route, staying clear of any kind of additional strain on its cash flow.

Swiggy Needs To Play To Its Core Strengths

While industry experts are not quite confident about Swiggy making any dent of sorts in the short term with Scenes, they have also not denied its capability to create new opportunities in the segment, despite it being late to the party.

However, at a time when many experts see Swiggy getting innovative with pricing, striking lucrative partnership deals and entering unclaimed zones, Srinivasan does not see much room for expansion.

“If you look at the “going-out” segment, BookMyShow initially spearheaded it, focussing primarily on movies, followed by events. Paytm followed a similar approach by offering movies and events, directly competing with BookMyShow. Zomato expanded this concept with Dineout, bundling dining, movies, and events into a single offering, as they viewed dining as a significant category,” he said, adding that it’s hard to identify a category that Swiggy can leverage to fundamentally alter the “going-out” experience

However, he said, there still lie opportunities in creating a highly innovative membership programme, offering better access and competitive pricing — something Zomato hasn’t yet integrated across its offerings. Zomato’s apps for dining, movies, and events operate independently, with separate reward cycles and memberships.

According to Kini, Swiggy’s strength also lies in its loyal customer base, which would give it a significant advantage as it expands into the events space. While BookMyShow is an established player, there are several smaller event listing platforms that Swiggy could effectively compete with.

Swiggy’s strength lies in its rich database of existing customers and its ability to seamlessly integrate new offerings into its platform. This will help Swiggy tap into its existing user base and offer a unified experience, positioning itself as a convenient and comprehensive lifestyle platform.

For instance, when users log in to order food on Swiggy, a well-timed pop-up or notification about exclusive events and ticket sales could immediately capture attention, he added.

“Besides, Swiggy already has an established presence across A, B, and C-category towns in India. This presents a unique opportunity for curating events tailored to these segments. In A-category cities, events and live performances are already thriving, while B-category cities are seeing growth but primarily on a smaller scale compared to A-level cities. The potential for growth in C-category towns—neither fully urban nor rural—is significant,” Kini said.

If Swiggy can penetrate these areas effectively, it could unlock a wealth of opportunities in the events segment. To capitalise on this, Swiggy will have to focus more on expanding its offerings in B and C-category towns, where untapped demands await.

What’s Next For Swiggy?

While it is difficult to foresee how Swiggy Scenes will shape up going ahead, what’s definite is that the company will require a significant investment in its pursuance to fully establish itself in the realm of entertainment and “going-out” segments.

In addition, the company will have to spend time and resources to build a hefty pipeline of exclusive event rights as events and movies are often exclusive, unlike restaurants that can list across multiple platforms.

“Most major events are listed on just one platform, and large movie chains like PVR often have contracts with only one or two providers. Building a robust supply chain in this sector takes significant time and effort, which is likely why Zomato opted for an acquisition strategy over building from scratch,” he added.

However, the only grace is that customer acquisition cost is lower in this segment. The advantage of a category with exclusive supply is that the supply itself drives traffic. For instance, if someone wants to watch a specific show, they will go to whichever platform offers the tickets, regardless of whether it’s Zomato, Swiggy, or another competitor. In such cases, the priority isn’t about generating traffic first but about securing the supply, the former Paytm COO said.

All in all, Swiggy is currently on a diversification drive, and it is trying to achieve profitability by adding more revenue streams. Earlier this month, it entered the services marketplace with the launch of a new app, Pyng Professional, and introduced SNACC, an app focussed on delivering food within 15 minutes.

Imperative to mention that the foodtech major trimmed its consolidated net loss by 4.78% YoY to INR 625.53 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25). Meanwhile, operating revenue zoomed 30% year-on-year (YoY) to INR 3,601.45 Cr during the quarter under review.

Its out-of-home business, which comprises exclusive events and experiences business Swiggy SteppinOut and restaurant reservations and booking platform Dineout, is close to achieving adjusted EBITDA profitability. Swiggy made INR 60 Cr in revenue from the Out of Home Consumption vertical in Q2 FY25, up 71% from INR 35 Cr in the year-ago period. Its loss declined 79% YoY to INR 9.26 Cr.

With prospects looking promising, it will be interesting to see whether Swiggy’s aggressive expansion succeeds or ends up joining Minis, the free no-code website builder platform, in the graveyard of forgotten ventures.

[Edited By Shishir Parasher]

The post Swiggy Scenes: A High Potential Revenue Stream Or Another Experiment? appeared first on Inc42 Media.

Amid escalating climate challenges and scarce resources, cleantech startups are emerging as key drivers of innovation and change. 

These ventures are developing solutions that balance economic growth with sustainability, paving the way for a greener future.

As global efforts intensify to combat climate change and achieve sustainability goals, cleantech has become a vital innovation hub. Startups in this sector are at the forefront, transforming resource management and promoting eco-friendly practices.

In India, a rising number of cleantech startups are addressing both domestic and global environmental challenges. Their innovative practices range from rooftop solar solutions to bio-methanation technology for organic waste management, and air and water purification systems. These efforts reflect a growing commitment to reducing the environmental impact of industrialisation and urbanisation.

Inc42 has identified 63 Indian cleantech startups that are making significant impact in this sector. While their long-term impact remains to be seen, their emergence signals a promising shift in India’s business landscape towards environmental consciousness.

These startups also highlight the vital role technological innovation plays in achieving India’s clean energy goals. 

With that said, here are India’s most innovative cleantech startups that are driving meaningful change and shaping a sustainable future for India.

Editor’s Note: The list below is not meant to be a ranking of any kind. The startups have been listed alphabetically.

List Of Cleantech Startups In India

75F

• Founded In: 2012
• Founders: Deepinder Singh, Pankaj Chawla
• Funding Raised To Date: $29.75 Mn
• Investors: Siemens AG, Breakthrough Energy Ventures, Climate Initiative, Building Ventures, Revolution, Clean Energy Trust, WIND Ventures
• Headquarters: Bengaluru

75F offers smart building solutions such as wireless sensors, equipment controllers and cloud-based software, delivering predictive, and proactive building automation to save energy and reduce greenhouse gas emissions. 

75F’s products mainly predict, monitor and control hot and cold spots of a building and thus, avert damages to the edifice. In the beginning, the startup focused on the commercial real estate market but in 2015, it also started providing HVAC (heating, ventilation and air conditioning) solutions. 

It works along with facility management companies, systems integrators and energy service companies to add more properties within its umbrella. Besides, it also outsources manufacturing units in the US, India and China. 

In July 2021, it reportedly secured $5 Mn in a Series A funding round from Siemens AG. With this, the startup raised a total of $28 Mn in the Series A financing round.

Its cap table includes Breakthrough Energy Ventures, Climate Initiative, Clean Energy Trust and WIND Ventures, among others. 

Ace Green Recycling

• Founded In: 2019
• Founders: Nishchay Chadha, Vipin Tyagi
• Funding Raised To Date: $7 Mn
• Investors: Circulate Capital, Climate Angels, Newchip 
• Headquarters: Singapore

Ace Green Recycling is a battery recycling startup, which claims to have developed clean and efficient lead-acid battery recycling technology.

Its battery operates at room temperature, contains zero air emissions, and wastes and reduces heavy metal emissions, resulting in significantly lower environmental damage, the startup said. 

Further, the cleantech startup has said it is working on the commercialisation of lithium-ion battery recycling in an environmentally sustainable manner.

Battery recycling technology startup secured more than $7 Mn in a funding round led by Circulate Capital and Climate Angels in February 2022. 

Adding this round, the startup’s total fund raised stands at $10 Mn so far, according to the startup.

The startup is planning to develop its lithium reusable technology and expand the 30-member team to 50 in the coming months. The startup is also focusing on developing fossil fuel-free lithium battery recycling technology.

AirOk

• Founded In: 2015 
• Founders: Deekshith Vara Prasad, Pavan Reddy Yasa, Vanam Sravan Krishna
• Funding Raised To Date: Undisclosed
• Investors: Ncubate Capital Partners
• Headquarters: New Delhi

AirOk has developed a patented air filter called EGAPA that is capable of removing 99.7% of air pollutants from the environment. The filter is designed to target cancer cells and break down air pollutants such as viruses, VOCs, bacteria, and mold, as claimed by the company.

In addition to air filters, AirOk offers a range of products, including air purifiers, air purifier filters, face masks, purifying bags, data centre solutions, and pollution seizure solutions.

According to its financial report for FY21, the company generated operating revenue of INR 1.94 Lakh but also reported a loss of INR 2.25 Lakh.

AirOk has secured investment from Ncubate Capital Partners, a VC fund based in Gurugram.

altM

• Founded In: 2022
• Founders: Apoorv Garg, Yugal Raj Jain
• Funding Raised Till Date: $3.5 Mn
• Investors: Omnivore, Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati (OYO), Mirik Gogri (Spectrum Impact), Paula Mariwala (Aureolis Ventures)
• Headquarters: Bengaluru

Founded in 2022 by ex-Tesla employees Apoorv Garg and Yugal Raj Jain, altM is on a mission to develop sustainable materials from agricultural residue and help companies reduce their carbon footprints and increase circularity in their supply chains.

altM uses lignocellulosic agricultural residues to produce advanced materials that offer sustainable alternatives to conventional products. Lignocellulosic residue refers to dry plant waste that is left during or after the processing of crops. It includes items such as barley straw, corn stover, sorghum stalks, coconut husks, sugarcane bagasse and banana leaves.

Last month, altM secured $3.5 Mn in a seed funding round led by Omnivore. It was also featured in the 40th edition of Inc42’s ‘30 Startups To Watch’ list.

Bambrew

• Founded In: 2018
• Founders: Vaibhav Anant
• Funding Raised To Date: $9.55 Mn
• Investors: Blue Ashva Capital, Supack Industries, Mumbai Angels
• Headquarters: Bengaluru

Founded in 2018 by Vaibhav Anant, Bambrew offers sustainable alternatives for food packaging, pouches and foldable cartons, ecommerce mailer bags, and PVC. The startup uses bamboo to make its products and claims that all its products are plastic-free and made in-house.

The Bengaluru-based green packaging startup picked up $2.35 Mn in a Pre-Series A round in January 2022, which was led by Blue Ashva Capital and Supack Industries. The funding round also attracted investments from Mumbai Angels and other angel investors.

Since its funding round, Bambrew has expanded its product range to include offerings such as paper straws, cups and glasses, and wooden spoons and forks.

Bariflo Labs

• Founded In: 2018
• Founders: Mrityunjay Sahu, Anudhyan Mishra
• Funding Raised To Date: $10.00K
• Investors: CSIR, Startup Odisha, JSW, the Telangana AI Mission (T-AIM), and VIT Technology Business Incubator
• Headquarters: Bhubaneswar

Founded in 2018 by Mrityunjay Sahu and Anudhyan Mishra, and headquartered in Bhubaneswar, Bariflo Labs is a water body management and aquafarming startup. The startup has developed an Intelligent Aqua Bodies Management system using principles of fluid dynamics and deploying technologies like industrial internet of things (IIoT), AI and robotics.

The Aqua Bodies Management system works using Bariflo Labs’ India-patented sediment aeration device. This device diffuses air at the sediment level in a water body, maintaining dissolved oxygen at the sediment oxygen boundary layer. It reduces energy consumption by up to 75% and capital cost by 20%. 

The startup’s AI-based monitoring device can predict water quality parameters such as dissolved oxygen, un-ionised ammonia, phosphate, nitrite, nitrate, sulphide, pH and ORP. 

Bariflo Labs’ is backed by CSIR, Startup Odisha, JSW, the Telangana AI Mission (T-AIM), and VIT Technology Business Incubator, among others.

BatX Energies

• Founded In: 2020
• Founders: Utkarsh Singh, Vikrant Singh
• Funding Raised To Date: $6.66 Mn
• Investors: LetsVenture, JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart
• Headquarters: Gurugram

Founded in 2020 by Utkarsh Singh and Vikrant Singh, Gurugram-headquartered BatX Energies is a Lithium-ion (Li-ion) battery recycling startup. The startup works to provide battery-grade materials by recycling end-of-life batteries.

Using its proprietary process, BatX Energies extracts black mass of less than 1% impurities from used Li-ion cells. This process allows the startup to extract high-quality lithium, nickel, cobalt and manganese from black mass. The startup also produces plastics, aluminium, copper and stainless steel from recycled batteries, which it sells to recyclers.

In December 2023, BatX Energies secured $5 Mn in its Pre-Series A funding round from Zephyr Peacock, with participation from LetsVenture and existing investors, including JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart. The startup plans to deploy the fresh capital to scale up production of its recycled battery-grade lithium, nickel, and cobalt and establish a nationwide reverse logistics network for sourcing.

Buyofuel

• Founded In: 2020
• Founders: Kishan Karunakaran, Venkateswaran Selvan, Sumnath Kumar, Prasad Nair
• Funding Raised To Date: $2.18 Mn
• Investors: IPV, VCATS, Gruhas Proptech, LV, Lead Angels Fund
• Headquarters: Coimbatore

Coimbatore-based BuyOFuel aggregates, biofuel suppliers, consumers and waste generators (waste biomass is converted to biofuels).

It claims that 90% of its users are active and repeat customers, and the business has clocked a 2x increase in monthly revenue since May 2022. The cleantech platform saw transactions involving 30K million tonnes (MT) of waste and biofuels since May, substituting 10K MT of fossil fuels.

It has raised $2.18 Mn to date, from investors including IPV, VCATS, Gruhas Proptech, LV and Lead Angels Fund.

Chakr Innovation

• Founded In: 2016 
• Founders: Kushagra Srivastava, Arpit Dhupar, Bharti Singhla
• Funding Raised To Date: $5.44 Mn
• Investors: Neev Fund II, Indian Angel Network, ONGC, Parampara Capital, Globevestor
• Headquarters: Delhi NCR

Chakr Innovation offers an emission control device that checks pollution at the source and captures harmful particulate matter emissions. 

The cleantech startup claims its products are coupled with exhaust and absorb over 80% of the particulate matter emitted by diesel engines. 

Chakr Innovation’s device Chakr Shield claims to collect 90% of particulate matter emissions from the exhaust of diesel generators without causing any adverse impact on the diesel engine. The collected emissions are used to create the ink. 

According to the startup, the Chakr Shield can significantly reduce particulate matter (PM2.5 and PM10), carbon monoxide and hydrocarbon emissions after retrofitting the tailpipe of the DG set.

In 2021, Delhi’s upscale mall Select CityWalk installed Chakr Shield to reduce pollution from the DG sets by up to 80%. The shield would help reduce annually an estimated 378 kg of PM or black soot emissions which is equivalent to more than 174 tonnes of carbon dioxide emissions or the carbon sequestered by 228 acres of forest in one year alone, said Chakr’s cofounder Bharti Singhla. 

Chakr Innovation raised an undisclosed amount in the Series B round from Neev Fund II in November 2021. 

The startup has raised multiple rounds of funding, including a Series A round of INR 19 Cr led by IAN Fund and ONGC. It had also raised seed capital from Parampara Capital and Globevestor. 

Chakr Innovation will be working on other technology solutions including Metal-Air battery technology. The startup plans to scale its production and expand its operations across more than 12 cities in future.

In FY23, Chakr Innovation reported an operating revenue of INR 22.7 Cr, a 148% increase from the last fiscal year. 

Clairco

• Founded In: 2018
• Founders: Aayush Jha
• Funding Raised To Date: $572.6K
• Investors: AngelList, Max Group, Sanjiv Bajaj, Anicut Angel Fund
• Headquarters: Bengaluru 

Clairco is an Internet of Things (IoT) startup which enables air quality monitoring and purification. It uses low-drag air filters which can be retrofitted to any type of air conditioning and turn them into air purifiers. 

According to Clairco, it has developed this patent-pending air purification system in-house. It analyses air quality data of a particular premise on a real-time basis and installs ultra-low resistance air filters in existing air conditioning units. This is then converted into a smart air purification system. 

It helps businesses ensure clean air affordably and measurably by adding air purification to existing AC systems. It offers filter technology for up to MERV-13 filtration with a low-pressure drop, monitors PM2.5, PM10, CO2, VOC, and other air quality parameters, and maintains optimal health of air filters and purifiers in any season.

For its monetisation plan, Clairco charges its customers a monthly subscription fee for businesses of all sizes and scales. 

Clairco raised INR 4.2 Cr in angel funding in March 2021. The round was led by Sanjiv Bajaj (Bajaj Capital) at Anicut Angel Fund. Investors including Max Group and Angel List also participated in the round. 

The cleantech startup is looking to expand its footprint to key cities across the country. It is also looking for product development and growth.

Clean Electric

• Founded In: 2020
• Founders: Akash Gupta, Abhinav Roy, Ankit Joshi
• Funding Raised To Date: $13.98 Mn
• Investors: Info Edge Ventures, pi Ventures, Kalaari Capital, Climate Angels, LetsVenture
• Headquarters: Pune

Clean Electric develops lithium-ion batteries for electric vehicles that can be charged within 12 minutes. The startup is using nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) cells to develop 12-minute charging technology for two- and three-wheeler EVs.

Besides commercialisation of two wheelers, it is focussed on scaling the production of battery packs for three and four-wheelers. 

The battery maker currently works with 12 original equipment manufacturers (OEMs), including Bounce Infinity and Omega Seiki mobility. It is also in advanced stages of discussions with eight OEMs for the use of its batteries. 

In September last year, Clean Electric raised $6 Mn (INR 50.3 Cr) in its Series A funding round co-led by Info Edge Ventures, pi Ventures, and existing investor Kalaari Capital.

In 2022, it raised around $2.2 Mn in a seed funding round led by Kalaari Capital. Its cap table includes institutional investors such as IIM Ahmedabad, Climate Angels, and LetsVenture.

Clean Electric competes with the likes of Exponent Energy and EMO Energy in the country’s burgeoning electric vehicle market.

CleanMax Enviro Energy Solutions

• Founded In: 2011
• Founders: Kuldeep Jain, Sushant Arora
• Funding Raised To Date: $188.2 Mn
• Investors:  IFU, Warburg Pincus, UKCI, International Finance Corporation 
• Headquarters: Mumbai

Rooftop solar startup CleanMax is a sustainability partner to corporations and develops solar and wind projects under the Build Own Operate model by providing renewable electricity under long-term agreements, creating significant savings for end-users.

The startup currently serves more than 150 customers, including Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, MG Motors and others.

The Danish Investment Fund for Developing Countries (IFU) invested $34 Mn in the renewable energy startup in December 2021. 

The investment in CleanMax is IFU’s second within renewables in India, following the signing of the India-Danish Green Strategic Partnership in 2020 by Prime Minister Narendra Modi and Danish Prime Minister Mette Frederiksen.

CleanMax signed a deal with social media giant Facebook last year to co-run a portfolio of wind and solar projects across India that will supply clean energy to the electrical grid. 

In India, the startup has new investments lined up in solar, wind and wind-solar hybrid projects in states, including Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh and Tamil Nadu, to serve the needs of corporate customers.

CleanMax is planning to accelerate its growth in the commercial and industrial renewable energy space in India, as well as in the Middle East and South East Asia. 

In December 2024, Godrej Industries as per multiple reports acquired a 26% stake in Clean Max Kaze Pvt., a subsidiary of Clean Max Enviro Energy Solutions Pvt. 

Devic Earth

• Founded In: 2018 
• Founders: Shaguna Sinha, Srikanth Sola, Shivani Sinha Sola
• Funding Raised To Date: $1.36 Mn
• Investors: Blue Ashva Sampada Fund
• Headquarters: Bengaluru

Cleantech startup Devic Earth creates scalable solutions with ‘Pure Skies’, its air pollution control equipment for industries and large areas. Pure Skies improves air quality. 

The Pure Skies tech system reduces specific pollutants like particulate matter to less than 10 microns (both PM10 and PM2.5). The air quality index typically improves in heavily polluted areas in less than three months.

Pure Skies comes with an intelligent wifi-based technology to handle airborne gaseous and particle pollutants across industries, homes, and cities. A single push of a button can help remove 40-50% of nano-sized particles at <20µm.

Pure Skies has been installed with companies operating in sectors including steel, cement, hotels, mining, and manufacturing. It claims the product also addresses challenges arising out of polluting events such as crop burning, forest fires, and construction.

The green technology startup raised its first institutional funding of INR 10 Cr in 2021 from the Blue Ashva Sampada Fund.

Devic Earth is planning to expedite more growth and product roadmaps and expand its operational presence in the country and global markets.

DigitalPaani

• Founded In: 2020
• Founders: Mansi Jain and Rajesh Jain
• Funding Raised To Date: $1.2 Mn
• Investors: Enzia Ventures, Elemental Excelerator, Bharat Founders Fund, peercheque, Ashish Goel
• Headquarters: Gurugram

Founded in 2020 by the father-daughter duo of Rajesh and Mansi Jain, DigitalPaani helps resolve water asset management issues with its IoT-enabled integrated operations platform, driving operational excellence while significantly reducing costs.

Its solution operates in three key steps, beginning with a comprehensive assessment of each water asset’s needs based on its design and current operational status. The platform acts as a manager, automating processes, providing precise dosing recommendations for chemicals, guiding maintenance tasks, and facilitating troubleshooting when issues arise. DigitalPaani also recommends operational and physical improvements to enhance overall performance.

The startup raised $1.2 Mn in December 2023 in a seed round led by Enzia Ventures, and was featured in the 43rd edition of Inc42’s ‘30 Startups To Watch’.

Ecozen

• Founded In: 2010
• Founders: Devendra Gupta, Vivek Pandey, Prateek Singhal
• Funding Raised To Date: $94.80 Mn
• Investors: Omnivore, Caspian Impact Investments, Nuveen, Triodos Investment Management, Axis Bank, HDFC Bank, Maanaveeya
• Headquarters: Pune

Ecozen offers solar-powered irrigation through Ecotron and cold chain storage systems through Ecofrost. The startup claims that these offerings have impacted over 1.8 Lakh farmers across India. It claims to leverage AI and IoT to improve agriculture income while reducing greenhouse gas emissions and food losses.

The startup claims that two of its products – Ecotron and Ecofrost – have transformed the agricultural irrigation and cold chain industries, respectively, and aided in improving the income of over 1 Lakh farmers. Ecozen also claims to have cut greenhouse gas emissions by 2 Mn tonnes and prevented more than 50,000 metric tonnes of food loss.

In its latest debt round, the company secured more than $23 Mn (INR 198.6 Cr) from responsAbility Investments AG.

Ecozen indirectly competes against the likes of Pune-based Khethworks, Inficold, and Stellapps, among others. 

EcoRatings

• Founded In: 2023
• Founders: Aditi Balbir, Aqeel Ahmed, Shruti Anand
• Funding Raised To Date: $1 Mn
• Investors: We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, Google
• Headquarters: New York

EcoRatings leverages artificial intelligence (AI), machine learning (ML) and Big Data to quantify the environmental impact of products and services.

Built atop a large language model (LLM) with a RAG architecture, the startup’s unified knowledge platform helps companies achieve sustainability targets by analysing vast datasets to provide precise answers by processing contextually relevant data from internal and external sources.

It serves consultants, investment banks, large corporations, and aggregators.

The startup in May 2024 raised $1 Mn in a Pre-Seed funding round from multiple investors, including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation and Google, in a mix of equity and grants.

EcoRatings Fintech Solutions received a SEBI licence as a provider of environmental, social, and governance (ESG) ratings in November last year as per multiple reports.

EdgeGrid

• Founded In: 2020
• Founders: Sunil Talla, Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal, Vamsi TP
• Funding Raised To Date: $6 Mn  
• Investors: Lightrock India, Theia Ventures
• Headquarters: Hyderabad

EdgeGrid is a B2B cleantech platform that transits energy to last-mile customers such as households, small businesses, commercial building owners and EV charging stations.

The startup mainly uses the Internet of Things (IoT), AI and industry innovation to resolve energy-related problems in various industries. It claims that it enables customers to consume energy efficiently and also works with energy distribution companies to save costs and expand renewable energy in the ecosystem.

In March 2023, it secured $6 Mn in a fundraising round led by Lightrock India. Theia Ventures and some angel investors also participated in the round. In July 2022, it reportedly partnered with Andhra Pradesh Central Power Distribution Co Ltd to help transmission and distribution companies in the state save power purchasing costs.

Electriq

• Founded In: 2021
• Founder: Anand Thakur
• Funding Raised To Date: Undisclosed  
• Investors: Moto Business Service India
• Headquarters: Hyderabad

Founded in 2021 by Anand Thakur, Electriq is an IT, web and app-based platform that tracks electric vehicles and their drivers. Under its B2B vertical, it sells EVs to aggregators such as Zepto and Swiggy and individual customers. 

The startup’s vehicles are installed with IoT devices that share the real-time location of vehicles and vehicle drivers. Electriq’s partnership with Vodafone Idea (VI) allows it to offer connectivity electric scooters.

The startup last raised funding in October 2022 when Yamaha Motors’ subsidiary Moto Business Service India (MBSI) infused an undisclosed amount in a corporate round. That was also the first funding round the startup had raised.

Freyr Energy

• Founded In: 2014
• Founders: Saurabh Marda, Radhika Choudary
• Funding Raised To Date: $10.87 Mn 
• Investors: Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners
• Headquarters: Hyderabad 

Freyr Energy is a rooftop solar expert for residential and commercial solar solutions. It also caters to micro, small and medium enterprises (MSME) sectors, catering to customers across 22 states in India.

Freyr Energy is working to bring much-needed consolidation in the green energy sector. The cleantech startup has come with its app, SunPro+, through which it has made the process of owning a solar system simple and seamless. The entire process of owning the system including financing, execution, and after-sales service, has become easier with the app.

Freyr Energy raised INR 18 Cr as an equity investment in April 2021 from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners. The cleantech startup is working towards mass-market adoption of solar energy, and looking to accelerate growth and enhance its customer experience.

Gegadyne Energy 

• Founded In: 2015 
• Founders: Jubin Varghese, Ameya Gadiwan
• Funding Raised To Date: $5 Mn
• Investors: V-Guard, Mumbai Angels 
• Headquarters: Mumbai 

Gegadyne Energy develops eco-friendly alternatives to conventional lithium-ion batteries. Its battery consists of nano-material composites and advanced battery architectures to enable quick charging with high energy density similar to lithium-ion batteries.

Gegadyne’s batteries charge from 0 to 100% in around 15 minutes; unlike lithium-ion batteries that take hours to recharge. The price range of the battery pack will be at par with lithium-ion batteries and will drop further as the economy of scale kicks in, as per the startup.

The batteries are aimed to be a direct replacement for existing use cases and will be available in cylindrical, pouch and prismatic forms, according to the startup.

Electric vehicles are the main focus of the startup. However, these batteries can be used in any other consumer devices, telecom towers, and stationary energy storage systems.

Gegadyne Energy raised $4.5 Mn from V-Guard Industries in a Series A round of investment in January 2021. It plans to build a pilot plant to service its contract with selected OEMs.

GPS Renewables

• Founded In: 2012 
• Founders: Mainak Chakraborty, Sreekrishna Sankar
• Funding Raised To Date: $73 Mn 
• Investors: Neev Fund II, Hivos-Triodos Fund, Caspian
• Headquarters: Bengaluru 

GPS Renewables focuses on biomethanation technology to solve the organic waste management challenge, accelerate the substitution of fossil fuel with bioenergy and mitigate climate change.

The startup has a captive biogas product called the ‘BioUrja’, and GPS renewables claim to have more than 100 BioUrja installations across South Asia. GPS Renewables commissioned a BioCNG plant based on Source Separated Organics (SSO) in Indore. The plant, which is Asia’s largest in its class, was inaugurated by Prime Minister Narendra Modi in February 2022 and is set up over 15 acres of land.

The biogas plant is expected to produce 17 tonnes of bio-CNG every day from 550 tonnes of organic household waste. GPS Renewables aims to power 400 city buses in Indore with the BioCNG generated from the plant. The cleantech startup closed undisclosed funding in a Series B round in March 2022 from Neev Fund II, managed by SBICap Ventures. The startup also recently bagged a debt of $50 Mn  from a clutch of banks and NBFCs to expand its footprint, fuel expansion, and build compressed biogas plants across India.

The cleantech startup is working to complete the world’s largest BioCNG plant in Hyderabad, in partnership with development partners from Japan. It aims to accelerate the substitution of fossil fuels with bio-energy. The startup aims to expand its research and development centres and support its next phase of growth and expansion.

As per multiple reports, GPS Renewables in November last year announced its plans to form a joint venture (JV) with Oil India Ltd (OIL) to establish eight compressed biogas (CBG) plants across India. 

In October last year, GPS Renewables’ project development arm Arya raised INR 100 Cr in mezzanine financing from InCred Opportunities Fund and Spark Capital.

Greenjoules 

• Founded In: 2018
• Founders: V Radhika, VS Shridhar, S Viraraghavan, R Sethunath
• Funding Raised To Date: $4.5 Mn
• Investors:  Blue Ashva Capital 
• Headquarters: Pune

Greenjoules specialises in making renewable biofuels, which are curated entirely from agri-residue and renewable waste from agro-processing industries. 

The biofuel can be used for industrial applications (to power boilers, and gensets) and commercial applications (diesel vehicles). Greenjoules claims to utilise non-food and non-feed wastes to manufacture biofuels. The manufactured biofuel meets the same IS1460 standards that petroleum and diesel also follow.

According to Greenjoules, its biofuel can be used without any modification with the current diesel engines, gensets or boilers in use. This makes its product a direct replacement for petroleum or diesel.

The cleantech startup is serving various large enterprise customers from its biorefinery in Chakan, Pune. It now plans to significantly scale up production by setting up a large facility near Pune to cater to the increasing demand for green diesel. Greenjoules raised $4.5 Mn in its Series A funding round in June 2021 from Blue Ashva Capital. The funds raised are a combination of equity and debt.

Greenjoules will focus on growing its current product range but also on developing a portfolio of high-energy density liquid and gaseous biofuels. It will also focus on new research and development initiatives in future. 

Greenko Group

• Founded In: 2004
• Founders: Anil Chalamalasetty, Mahesh Kolli
• Funding Raised To Date: $6.7 Bn
• Investors: GIC, Abu Dhabi Investment Authority, Deutsche Bank, JP Morgan, DBS Bank, Barclays  
• Headquarters: Hyderabad

Greenko is a cleantech startup that enables sustainable and affordable energy, with a net installed capacity of 7.5 GW across 15 states in India. It provides utility-scale, clean and affordable energy to customers. 

Greenko has been opting for the green bond route in the past to raise funds for developing sustainable energy projects. It is developing state-of-the-art three multi-gigawatts scale integrated renewable energy storage projects with national grid connectivity in Karnataka, Andhra Pradesh, and Madhya Pradesh. 

Greenko has raised funding from GIC, Abu Dhabi Investment Authority, Deutsche Bank, JP Morgan, DBS Bank, and Barclays. These projects will harness the power of solar, and wind resources with digitally connected storage infrastructure to provide round-the-clock power to the grid.

In 2022, global steel and mining firm ArcelorMittal partnered with Greenko to develop a round-the-clock renewable energy project with 975 MW of nominal capacity. The project will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh. The project commissioning is expected by mid-2024.

It was reported in October last year that Singapore’s sovereign wealth fund GIC Pte is discussing options for its 50% stake in India’s Greenko Energy Holdings, possibly a sale that could be worth around $5 Bn.

h2e Power Systems

• Founded In: 2011
• Founders: Siddharth R Mayur, Amar Chakradeo, Bhavana S Mayur
• Funding Raised To Date: $200K
• Investors: Poonawalla Group
• Headquarters: Pune

h2e is an end-to-end fuel cell and electrolyser company that offers clean energy solutions, including green hydrogen and alternate e-fuels. It also offers power solutions such as energy modules and power boxes. The startup claims to have built the country’s first green hydrogen production plant.

The startup follows the CRS (conserve, replace, sustainable and scalable) programme, which is central to the system. In 2020, it acquired Swiss company Hexis AG for an undisclosed amount.

With presence in four countries, the startup claims to cater to 182 clients and has more than 25 business partners. It competes with the likes of homegrown startups such as NewTrace, Ossus Biorenewables, Hydrogen Gentech, among others.

Hygenco

• Founded In: 2020
• Founders: Amit Bansal, Anshul Gupta, Aashish Gupta
• Funding Raised To Date: $25.4 Mn
• Investors: Neev II fund
• Headquarters: Gurugram

Hygenco develops green hydrogen and green ammonia production assets for commercial purposes. 

The startup’s LinkedIn profile says Hygenco’s team holds a combined experience of more than 30 years in construction, renewables, operations & maintenance, investment banking and private equity.

In 2022, the startup received $25.4 Mn in funding from the private equity fund Neev II fund. During that time, it said that it plans to invest more than $300 Mn in developing green hydrogen projects across the country in the coming three years.

Before that, it inked an offtake agreement with Indian steel company Jindal Stainless to build a multi-megawatt green hydrogen facility. With this plant, the startup would help Jindal reduce carbon emissions by nearly 2,700 metric tonnes annually.

Illumine-I

• Founded In: 2015
• Founders: Nithish Sairam, Sudarsan Krishnan
• Funding Raised To Date: ~$2.05 Mn (INR 17 Cr)
• Investors: Anicut Capital
• Headquarters: Austin, Texas, US

Illumine-I offers structural and electrical engineering expertise for power plants, energy storage systems and distribution components. It focuses on residential, commercial, and utility-scale solar PV (photovoltaics) and energy storage systems. 

Initially, the startup solely focused on residential, commercial, and utility-scale solar PV and energy storage systems. Within four year of inception, it entered into construction engineering, offering AS MEPF Modeling, Scan to BIM, City Modeling, VR-AR-MR, and Walkthrough animation support.

It claims to be the design partner to more than 300 solar installers, developers and EPCs across 46 states in the US.

Illumine-I secured an INR 17 Cr Series A round led by Anicut Capital in 2024 and plans to use the funding to scale up operations and expand into new markets.

Inficold

• Founded In: 2015
• Founders: Himanshu Pokharna, Nitin Goel
• Funding Raised To Date: $9 Mn
• Investors: RVCF, Shell Foundation 
• Headquarters: Delhi NCR 

Cleantech startup Inficold provides cold storage solutions to its customers. The current product portfolio consists of modular cold storage and instant and bulk milk coolers. It provides round-the-clock cooling with just seven hours of grid/solar power. 

Inficold claims to have developed a retrofittable thermal energy storage technology for storing cooling in a low-cost medium such as water to ice.

The technology is designed to use solar electric energy to make ice, and later use it for cooling purposes. Inficold’s products enable the application of thermal storage for virtually any cooling needs — be it milk, cold storage, air conditioning, or vaccine refrigeration — without making any major modifications to existing cooling hardware. 

The startup raised INR 6.5 Cr in a funding round in 2021 from RVCF and other undisclosed HNIs as a part of its Pre-Series A funding round. The startup has installations in more than 17 states of India with a strong presence in northeastern states, including Assam, Meghalaya, and Tripura. Inficold claims that it is aggressively ramping up its production capacity by more than 10 times.

The increased capacity will allow it to cater to the demand with a minimised lead time for the customer, it said. 

The startup is planning to expand its overall manufacturing, sales, and servicing capabilities. It plans to penetrate dairy, horticulture, poultry, meat, cold logistics and air conditioning segments across India. 

ION Energy

• Founded In: 2016
• Founders: Akhil Aryan, Alexandre Collet
• Funding Raised To Date: $4.6 Mn
• Investors: YourNest Venture Capital, Riso Capital, Venture Catalysts, Climate Pledge Fund, Climate Capital
• Headquarters: Mumbai 

ION Energy builds advanced electronics and software platforms for new energy companies. The company’s flagship product so far has been its Battery Management System (BMS), which enables OEMs/Battery Pack Makers to deploy smart battery systems.

In 2019, the cleantech startup launched Altergo (previously called Edison Analytics), a digital twin platform for battery intelligence. Altergo now manages 700+ MWh of battery storage in the cloud.

ION currently supplies to 75+ OEMs across 15 countries including India, France, Spain and the US. Since its inception, ION Energy claims to have deployed more than 60,000 smart BMS in electric vehicles and stationary storage systems. 

The startup raised $3.6 Mn in Pre-Series A funding in July 2021 from the Climate Pledge Fund, joined by Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors. 

This startup is looking to expand its product development and software business in other countries. 

Log9 Materials 

• Founded In: 2015
• Founders: Akshay Singhal, Kartik Hajela, Pankaj Sharma
• Funding Raised To Date: $65 Mn
• Investors: Metaform Ventures, Exfinity Venture Partners, Surge Ahead, Petronas Ventures, Incred Financial, Unity Small Finance Bank, Oxyzo Financial Services, Western Capital Advisors, Amara Raja Batteries
• Headquarters: Bengaluru

Battery technology startup Log9 Materials is a graphene research and development startup that accelerates the commercialization of graphene nanotechnology. Their first developed product of this technology is ‘smoke-safe’ which is a cigarette that reduces the risk of getting cancer by 90%.

Log9 Materials has developed technology for both stationary and automotive applications such as electric vehicles (EVs). Aluminium fuel cells are aluminium-air batteries (AI-air batteries) that produce electricity from oxygen and aluminium reactions. The technology used in the battery is similar to the hydrogen fuel cell but more economical, safer and scalable.

In 2023, it secured $40 Mn funding in its Series B round led by Amara Raja Batteries Ltd. Before this, it raised $3.5 Mn funding in a Series A round led by Exfinity Venture Partners and Sequoia Capital India’s accelerator programme Surge.

In 2022, it inaugurated its indigenously developed cell manufacturing facility at Jakkuru in Bengaluru. 

It has been working on unique cell chemistry for its RapidX battery packs powered by InstaCharge technology, which offers nine times faster charging, better performance, and battery life as compared to conventional lithium-ion electric vehicle batteries.

In October last year, Jupiter Wagon’s subsidiary Jupiter Electric Mobility announced acquisition of Log9’s technology and business assets for its Railway Battery and Electric Truck Battery Divisions. 

Lohum 

• Founded In: 2017
• Founders: Rajat Verma, Justin Lemmon and Gazanfar Safvi 
• Funding Raised To Date: $44.38 Mn
• Investors: Baring Private Equity Partners, Talbros 
• Headquarters: Delhi NCR

Lohum is a lithium-ion (Li-ion) battery pack manufacturer and battery materials (cobalt, lithium, nickel, etc) recycler. 

The cleantech startup addresses battery business across three cycles, first life with new batteries for two and three-wheeler original equipment manufacturers (OEMs) and stationary applications including for UPS and telecom, second life, which enhances the life of existing batteries, and lastly, end-of-life management offering recycling solutions. 

Given the government’s focus on setting up giga factories in India, the startup sees a huge unfolding opportunity to provide the entire lifecycle management solutions.

The startup claims to generate 80% of its revenue from sales of EV batteries to solar plants, and electric two and three-wheeler companies, while 10% comes from the energy storage system (ESS) and 10% from its recycling business.   

The recycling startup Lohum raised $7 Mn in a fresh round of funding from institutional investors led by Baring Private Equity Partners in January 2021.

Lohum has plans to expand its manufacturing capacity of lithium-ion batteries from 300 MWh to 1000 MWh (1 GWh) and its recycling capacity 10 times, from 1,000 tonnes per annum to 10,000 tonnes per annum.

In November 2024, Lohum appointed Arun Mittal as the chief executive officer (CEO) of Lohum India. 

Loom Solar

• Founded In: 2018
• Founders: Amod Anand, Amol Anand 
• Funding Raised To Date: $2 Mn
• Investors: Social Investment Managers and Advisors
• Headquarters: Delhi NCR 

Loom is a B2C solar startup that offers solar panels, lithium batteries, solar inverters, solar wires, panel stands and charge controllers. It operates in both online and offline channels. 

Apart from offering solar solutions, the startup also provides a credit facility to consumers to procure products at a 0% interest rate. In January 2023, it secured $2 Mn in funding from Social Investment Managers and Advisors (SIMA) under the Energy Access Relief fund.

It operates one manufacturing unit and has a presence in 500 Indian districts. As per its website, the startup manages 100 employees. 

In FY2021, its revenue stood at INR 35 Cr and of this, 60% was accounted for solar panels. It aims to expand its energy storage solutions and grow its market share from 1% to 5% by 2025. 

It also claimed to have connected with 10,000 resellers and looks to partner with strategic investors in the future.

Metastable Materials

• Founded In: 2021
• Founders: Shubham Vishvakarma, Saurav Goyal Manikumar Uppala
• Funding Raised To Date: Undisclosed
• Investors: Sequoia Surge, Speciale Invest, Theia Ventures, Akshay Singhal, Archana Priyadershini
• Headquarters: Bengaluru

Founded in October 2021, Metastable Materials claims to have developed the world’s first, chemical-free integrated carbothermal reduction process for recycling and extracting valuable materials, such as copper, aluminium, cobalt, nickel and lithium from Li-ion batteries.

The startup opened a 21,000 sq ft urban mining facility located on the outskirts of Bengaluru in October 2022. The facility can process 1,500 tonnes of material annually, which accounts for up to 6% of India’s recycling demand for Li-ion batteries.

It has raised an undisclosed amount of funding in 2023 from Sequoia’s Surge, as part of its Surge 08 cohort. 

MYNUSCo 

• Founded In: 2015
• Founders: Mahadev Chikkanna, Shruthi Ujjani Ramesh
• Funding Raised To Date: Bootstrapped
• Investors:NA
• Headquarters: Bengaluru

MYNUSCo manufactures biocomposites that are derived from renewable and recycled materials such as bamboo waste, rice waste, wood waste, and discarded or recycled plastics.

On the D2C side, the startup operates under the brand name Eha, which sells daily-use products such as cutleries, utensils, planters, and more on its website and online marketplaces such as Flipkart and Amazon.

MYNUSCo also supplies its products to multiple companies for corporate gifting and other purposes. It also supplies raw materials to several companies, which they then use to make their products. 

The bootstrapped startup competes with the likes of Green Dot Biopak and altM.

Going forward, MYNUSCo plans to expand globally to other countries and has set its eyes on setting up the world’s first biocomposite cluster. 

MYSUN

• Founded In: 2016
• Founders: Gagan Vermani, Gyan Prakash Tiwari, Ashit Maru
• Funding Raised To Date: $9 Mn
• Investors: Tata Cleantech Capital, General Catalyst 
• Headquarters: Delhi NCR

MYSUN is a technology-backed B2B2C rooftop solar platform providing hyperlocal end-to-end solar solutions and long-term maintenance services. It provides solar energy to industries, small and medium enterprises/medium small and micro enterprises, and homes.

The cleantech startup is creating a network of clients/buildings (residential, industrial and commercial customers) across 100 cities (Tier 1/2/3). In 2021, MYSUN bagged 140-megawatt  open-access solar power projects from Uttar Pradesh Power Transmission Corp Ltd. 

Under its new asset vehicle MYSUN+, it is expanding its presence across states such as Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Tamil Nadu and Delhi NCR. The cleantech startup is already in early-stage development of more than 220 MW of projects under the captive/ open access mechanisms.

In July 2021, the firm raised INR 15 Cr from Tata Cleantech in debt funding to expand its pipeline of projects.

MYSUN is looking to improve its technology infrastructure, scale up its service offerings, and expand to newer geographies, both in India and globally, including parts of the Middle East, Asia-Pacific, and Africa.

Nepra

• Founded In: 2011
• Founders: Sandeep Patel, Dhrumin Patel, Ravi Patel
• Funding Raised To Date: $24.5 Mn 
• Investors: Aavishkaar Capital, Circulate Capital, Asha Impact 
• Headquarters: Ahmedabad 

Nepra offers an integrated, efficient and scalable waste management solution that connects all stakeholders along the value chain, from municipalities to informal waste pickers, as well as recyclers and brand owners.

The startup processes over 500 tonnes of dry waste every day across Ahmedabad, Indore and Pune with the help of 1,700 collectors. The cleantech startup claims to have positively impacted the lives of 5K people at the very bottom of the waste management industry over the last eight years.

The dry waste management startup raised $18 Mn in Series C funding from Aavishkaar Capital and Circulate Capital in 2020. The cleantech startup claims to bring transparency and scalability to the highly unorganised waste management sector in the country. 

Nepra plans to expand its capacity generation and manage dry waste across more cities in India. It plans to expand to 25 cities in India by 2025. 

NewTrace

• Founded In: 2021
• Founders: Prasanta Sarkar, Rochan Sinha
• Funding Raised To Date: $6.6 Mn
• Investors: Speciale Invest, Micelio Fund
• Headquarters: Bengaluru

Newtrace develops batteries and electrolysers for producing green hydrogen for industries. Before founding the startup, both founders had completed PhD degrees in engineering disciplines. 

In 2022, the startup secured $1 Mn in a pre-seed funding round led by Speciale Invest and Micelio Fund. Angel investors also have participated in the funding round. In 2023, the startup picked up another $5.6 Mn in seed funding. 

During that time, it wanted to build electrolyzers offering 1 megawatt (MW) by 2025 and further increase the capacity of electrolyzers to 10MW by 2027. It further looks to help varied industries such as petrochemical, ammonia, mobility, energy and steel, among others reduce their carbon footprint. 

As per the startup’s website, it is currently pilot-testing its products. Back in 2021, it tested its prototype at IIT Madras and before that, it got shortlisted for a pre-incubation programme led by NSRCEL and Maruti Suzuki. 

Offgrid Energy

• Founded In: 2018
• Founders: Rishi Srivastava, Tejas Kusurkar, Brindan Tulachan, Ankur Agarwal
• Funding Raised To Date: $1.3 Mn
• Investors: Shell Ventures, Ankur Capital, APVC 
• Headquarters: Kanpur 

Energy tech startup Offgrid has developed a rechargeable zinc-carbon battery that outperforms available battery technologies in terms of power density, life and cost. 

Offgrid has more than 15 patents, designs and trademarks to its name, with a primary focus on renewable energy storage, microgrids, electric vehicle charging and grid applications in utilities.

The startup’s flagship product, ZincGel Battery technology has energy efficiency at par with a lithium-ion battery. It has twice the life cycle and negligible operational cost — thereby saving up to 30% cost for energy storage projects. Alternatively, existing lead-acid manufacturers can make ZincGel batteries easily with available equipment.

In February 2022, Offgrid raised undisclosed funds from energy solutions giant Shell, venture capitalists Ankur Capital and APVC to take its flagship product rechargeable zinc-based battery ZincGel to the market.

The startup has previously raised a small angel round from overseas investors and was seed-funded by Shell India.

The cleantech startup plans to cater to multiple industries such as renewables, microgrids, electric vehicles and utilities through its different variants of zinc-carbon batteries.

Oorjan Cleantech

• Founded In: 2014
• Founders: Roli Gupta, Das Gautam 
• Funding Raised To Date: $450K
• Investors: Aditya Sharma, Globevestor, Nisha Pillai, Mayur Bhat, Sayandev Chakravartti
• Headquarters: Mumbai

Solar energy startup Oorjan offers solar on-grid systems, ranging from 1kWp to 10kWp, to residential, commercial and industrial use cases. Besides this, it also operates three verticals–SolarSME, Greenstitute and Greenjobs. 

Under its SolarSME, the startup helps small and medium-sized enterprises to kick start as well as promote their solar businesses. It additionally provides credit facilities to individual consumers and PPA financing to commercial customers.

Under Greenstitute, it offers certified courses on solar energy and systems to students in association with academic institutions. On the other hand, Greenjobs acts as an online job portal connecting job seekers with companies. 

In 2017, it raised $450K in seed funding led by venture capital firm Globevestor. Chakravartti, Aditya Sharma, Nisha Pillai and Mayur Bhat also participated in the funding round.

The startup claims to have served more than 1,500 customers across 15+ states of India. 

Ossus Biorenewables

• Founded In: 2017
• Founders: Suruchi Rao, Shanta Rao and Kamar Suhail Basha
• Funding Raised To Date: $2.4 Mn
• Investors: Gruhas, Rainmatter Climate
• Headquarters: Bengaluru

Founded in 2017 by Suruchi Rao, Shanta Rao and Kamar Suhail Basha, Ossus’ AI-powered bioreactors absorb carbon from wastewater produced by industries and supply them with green hydrogen gas. 

The bioreactors mainly use microorganisms sourced directly from wastewater as catalysts for green hydrogen production. The startup currently works with steel, starch and energy companies and helps them produce hydrogen gas at a cost of less than $1 per kg. 

In May 2023, Ossus secured $2.4 Mn in funding in its pre-Series A round from Gruhas, cofounded by Zerodha’s Nikhil Kamath with Puzzolana’s Abhijeet Pai, and Rainmatter Climate. The startup invested the fresh funds to accelerate the deployment of its bioreactor, OB HydraCel, across sectors like refining, foods, brewing, chemicals and pharmaceuticals.

Orb Energy 

• Founded In: 2006
• Founders: Damian Miller, NP Ramesh  
• Funding Raised To Date: $18.6 Mn   
• Investors: FMO, Bamboo Capital Partners, Rianta Capital, Acumen Capital Market Funds I, Pamiga SA
• Headquarters: Bengaluru 

Orb Energy offers solar energy solutions (solar electricity and solar water heating) to residential, commercial and industrial customers, especially small and medium-sized enterprises (SMEs). 

To enable SMEs to afford solar energy, the cleantech startup has set up an in-house finance facility to provide extended payment terms to customers. Orb also provides credit to SMEs to invest in solar panel systems.

Since its inception in 2006, Orb has sold more than 160,000 solar systems, with cumulative installations of more than 110MW of rooftop solar systems.

Further, Orb Energy manufactures its solar panels and solar water heating systems in-house to control quality and cost. 

Orb Energy raised a $15 Mn debt fund in 2019 to augment its capital base. It raised an undisclosed amount from Shell’s New Energies business by divesting an almost 20% stake in the firm in a Series C round of funding in 2019. 

Shell’s New Energies business has acquired a 20% stake in solar firm Orb Energy in a funding round in 2019. It has so far received more than $13 Mn in equity and around $10 Mn debt in Series A and Series B rounds. 

Orb is based in Bengaluru, where it runs two factories, one producing solar photovoltaic panels and the other producing solar water heating systems. Orb is looking to help more Indian SMEs to benefit from lower-cost solar power in future.

OxyGarden

• Founded In: 2019
• Founders: Anshu Gupta, Abhishek Gupta
• Funding Raised To Date: $70K 
• Investors: NA
• Headquarters: Gurugram

OxyGarden has developed Forest, an automated vertical green wall designed to purify the air in homes and commercial spaces. The green wall uses a soil and root-based filtration system to naturally purify the air, creating a forest-like environment within living spaces.

In addition to air purification, Forest helps to regulate relative humidity levels with the help of controlled transpiration in plants. The product is designed to require minimal maintenance and does not require any human intervention once installed, according to the company.

To date, OxyGarden has raised $1.7 Mn in funding from investors to support the development and growth of its product line.

Pi Green Innovations

• Founded In: 2019
• Founders: Irfan Pathan and Rizwan Shaikh
• Funding Raised To Date: $4.8 Mn
• Investors: Opus Consulting Solutions, Harshal Morde (Morde Foods) 
• Headquarters: Pune 

Pi Green Innovations creates technology-driven solutions for the reduction of particulate matter emissions at source. The startup has a patented filterless technology that converts smoke to its powder form, soot.

Some of the startup’s solutions include carbon cutter machines, filterless retrofits for diesel generators and heavy vehicles; and RepAi, a filterless ambient air-purification tower that can be installed in public spaces. 

As per the founders, the cleantech startup has developed a retrofit solution for existing conventionally-fuelled heavy vehicles, diesel-fuelled generator sets and industrial boilers to reduce and capture hazardous particulate matter (PM) emissions and pollution caused every day. 

Pi Green’s retrofit device can capture 90% of the particulate matter emitted from the genset in real-time ranging from PM2.5 to PM10. The device works on the principle of electrostatic precipitator. 

The cleantech startup secured over $4.5 Mn in Series A funding in December 2021. The round was led by the Investment Fund of Opus Consulting with a total of $4.3 Mn. 

Its plans include working on after-treatment solutions for crematoriums. A pilot run is already underway at a crematorium in Bengaluru and a heavy vehicles retrofit pilot with the Bengaluru Municipal Corporation for two buses. 

Prescinto

• Founded In: 2016
• Founders: Puneet Jaggi, Ram Menon, Sanjay Bhasin
• Funding Raised To Date: $10.10 Mn
• Investors: Mumbai Angels Network, Inflection Point Ventures, 9Unicorns Accelerator Fund, Lets Venture
• Headquarters: Bengaluru 

SaaS solar energy startup Prescinto uses Artificial Intelligence to identify the root causes of plants’ underperformance in real-time and suggest actions to improve generation in clean energy plants by 5 to 7%. It helps in reducing costs of operation and maintenance.

Prescinto has been deployed across 10,000+ MWs of solar and wind projects across 14 countries with marquee clients like SoftBank Energy, Macquarie and Radiance Renewables managing their solar and wind assets on Prescinto.

Prescinto IOT platform is designed for vendor-independent connectivity and provides insights for solar PV plants. Prescinto’s patent-pending technology buckets losses into downtime, soiling, and systemic loss and immediately converts each loss into actionable job tickets along with projected gains. 

It has customers such as Stride Climate Investments, Essel Infrastructure, and GMR, among others to achieve traction of 3X annual growth reaching over 9 Giga Watts of solar plants across more than 10 countries.

Prescinto raised $3.5 Mn in a Seed funding round in March 2021 led by Venture Catalysts. Inflexion Point Ventures, Mumbai Angels and LetsVenture also participated as part of this round.

The Bengaluru-based cleantech startup is looking to expand in international markets, primarily in the US market, and for Intellectual Property development. Prescinto aims to expand into wind and energy storage as well.

In October last year, tech giant IBM acquired Prescinto to expand its renewable energy business. 

The acquisition was aimed at enhancing the capabilities of IBM Maximo Application Suite (MAS), a solution for asset lifecycle management, and further strengthen its leadership in the energy and utility space.

Proklean

• Founded In: 2012
• Founders: Sivaram Pillai, Bala Chandrashekar, Vishwadeep Kuila
• Funding Raised To Date: $5.42 Mn
• Investors: Raintree Family Office
• Headquarters: Chennai

Founded in 2012 by Sivaram Pillai and Bala Chandrashekar, and later joined by Vishwadeep Kuila, Proklean offers non-toxic and biodegradable green chemistry solutions to clients across industries such as textiles, pulp and paper, water management and biosurfactants. 

Proklean also sells household cleaning products across online marketplaces and offline stores in Chennai. 

Proklean in 2023 raised $4 Mn as part of its strategic funding round from the Raintree Family Office in June this year. The startup claims to have turned EBITDA profitable in the financial year 2022-23 (FY23) with a revenue of INR 40 Cr.

ReCircle

• Founded In: 2015
• Founder: Rahul Nainani and Gurashish Singh Sahni
• Funding Raised To Date: Undisclosed
• Investors: Venture Catalysts, Mumbai Angels and 3i Partners 
• Headquarters: Mumbai

ReCircle is a plastic waste management startup that recycles and repurposes plastic to turn them into reusable products. The startup works as a waste collector for government bodies, global corporations, local business owners and general public. 

ReCircle has its waste recovery sites in more than 310 towns and cities with almost the same number of waste collection partners and 45 processors. 

In September last year, the startup as per multiple reports secured an undisclosed amount in a bridge funding round led by Venture Catalysts and Mumbai Angels. The funding was aimed at providing companies high-quality recycled plastic products. 

Recykal

• Founded In: 2016
• Founder: Abhishek Deshpande
• Funding Raised To Date: $44.5 Mn
• Investors: 360 ONE Asset Management, Morgan Stanley, Circulate Capital, Bank of Singapore, Triton Investment Advisors, Pidilite Industries, Vellayan Subbiah, Arun Venkatachalam
• Headquarters: Hyderabad

Founded in 2016 by Abhishek Deshpande, Hyderabad-based Recykal offers cloud-based solutions that enable transparent and traceable material flows in waste. 

The startup works with businesses to track and meet their EPR (extended producer responsibility) targets, dispose of e-waste responsibly, track their plastic footprint and offers a SaaS-based track and trace platform to monitor industrial waste and help report accurate ESG (Environment, Social and Governance)  and SDG (the United Nations Sustainable Development Goals) metrics.

In April 2024, Recykal raised INR 110 Cr (around $13.5 Mn) in funding in its Series B round led by 360 ONE Asset Management. The startup reported a net loss of INR 25.7 Cr in the financial year 2022-23 (FY23) as against a net profit of INR 1.2 Cr in FY22.

ReNew Power

• Founded In: 2011
• Founders: Sumant Sinha
• Funding Raised To Date: $4.05 Bn
• Investors: Goldman Sachs, Franklin Templeton India, JP Morgan, L&T, Sylebra Capital, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board 
• Headquarters: Delhi NCR

ReNew Power is an independent power producer (IPP) of renewable energy using clean sources such as wind, hydro and solar power. The startup can generate more than 8 gigawatts of power assets across 16 states in India, including commissioned as well as under-development projects. 

Renew Power joined the startup unicorn club in 2017 after raising $300 Mn through a rights issue. Goldman Sachs, Abu Dhabi Investment Authority, and the Canada Pension Plan Investment Board have subscribed to the issue, with each shareholder infusing $100 Mn, it said. According to its website, ReNew’s total capacity was 10.2 GW and its commissioned capacity was 7.3 GW, as of February 2022.

ReNew Energy raised $400 Mn in January 2022 at 4.5% by issuing green bonds. ReNew is setting up a joint venture (JV) with Fluence to boost the energy storage sector and meet the local needs of Indian customers. The startup has entered into a partnership agreement with Larsen & Toubro (L&T) to develop, own, execute and operate green hydrogen projects in India. 

To enable India’s decarbonisation push, Indian Oil Corporation, L&T, and ReNew Power signed a JV company on April 3, 2022. It is working to develop the green hydrogen sector in India. The cleantech startup intends to own 18 GW of renewable energy assets by FY25.

As per multiple reports, major investors in ReNew Energy are reportedly looking to acquire the publicly held shares of the company for an exit from its US listing.

rePurpose

• Founded In: 2019
• Founders: Svanika Balasubramanian, Peter Wang Hjemdahl, Aditya Siroya
• Funding Raised To Date: $142 K
• Investors: NA
• Headquarters: Bengaluru/New York City

Founded in 2019 by Svanika Balasubramanian, Peter Wang Hjemdahl and Aditya Siroya, rePurpose is a social enterprise, which also acts as a plastic credit platform. rePurpose enables individuals and businesses to become plastic-neutral and take responsibility for their plastic footprint by funding recycling the same amount of plastic waste they produce.

The startup allows companies to track their plastic footprint, offers advice on reducing their plastic footprint and works on projects related to recovering plastic waste. rePurpose claims to have recovered 22,369 tonnes of nature-bound plastic waste so far.

In its endeavour, the startup has received several accolades and has been recognised by the United Nations Environment Programme as one of the top 12 innovators in plastic recycling in the world.

Sea6 Energy 

• Founded In: 2010
• Founders: Nelson Vadassery, Shrikumar Suryanarayan, Sowmya Balendiran, Sri Sailaja Nori 
• Funding Raised To Date: $17.9 Mn
• Investors: Aqua-Spark, Silverstrand Capital, Tata Capital Innovation Fund
• Headquarters: Bengaluru 

Sea6 Energy develops technologies to convert biomass into biofuel, plant growth stimulants, plant defence products, animal feed ingredients, and other bio-renewable products to replace chemicals and plastics. 

The cleantech startup has also developed proprietary technologies to convert fresh seaweed into environmentally friendly products for a range of industries including agriculture, animal health, food ingredients, bioplastics and renewable chemicals.

Sea6 Energy exports its patented agriculture biostimulant product to countries including the USA, Indonesia, Sri Lanka and Vietnam.

The seaweed farming and processing startup raised $9 Mn in Series B funding in July 2021 led by Aqua-Spark, the Netherlands-based investment fund. Singapore-based Silverstrand Capital is the co-investor in the round.

The startup will work on additional SeaCombine systems to increase the supply of seaweed raw material and expand its processing capacity with additional facilities to produce Sea6’s agricultural biostimulant and animal health products. 

SenseHawk

• Founded In: 2018 
• Founders: Rahul Sankhe and Swarup Mavanoor
• Funding Raised To Date: $7.1 Mn
• Investors: Alpha Wave Global, SAIF Partners, Elevation Capital
• Headquarters: Bengaluru  

Cloud-based cleantech startup SenseHawk enables owners, managers and developers of solar assets to gain new insights about their plants that enable maximisation of returns. 

The initial focus of the startup is on the rapidly growing solar industry with future expansion to other similar sectors.

Its solutions combine different kinds of unmanned aerial vehicles (UAVs), sensors, data processing and planning chains to create decision-making tools that drive productivity in the energy and infrastructure industries. 

The startup claims that it has delivered data analytics for more than 28 GWs of solar assets across 15 countries worldwide, and has nearly 80 clients.

SenseHawk raised $5.1 Mn in a Series A funding round in 2020 led by Alpha Wave Incubation, backed by Abu Dhabi-based ADQ. Existing investor SAIF Partners also participated in the round.

The startup is looking to expand its presence in Abu Dhabi, and also build a team of data scientists, product managers and engineers in the region. 

It is planning to use Abu Dhabi as the global base for international expansion while targeting the Gulf Cooperation Council countries — the Middle East, North Africa and other global markets.

Skilancer Solar

• Founded In: 2017
• Founders: Manish Kumar Das, Neeraj Kumar
• Funding Raised To Date: $652K
• Investors: Boundary Holding, Venture Catalysts, IIML-Incubator, Neeraj Kumar, Dhianu Das, Alfa Ventures
• Headquarters: Noida

Skilancer Solar offers cleaning services for solar panels installed in commercial parks and other establishments. 

The startup was founded by Neeraj Kumar, who has three years of experience in the solar industry, and Manish Kumar Das, who brings ten years of experience in instrumentation engineering to the team.

Skilancer Solar’s client portfolio includes several prominent organisations such as Hindustan Petroleum, Adani, Ambit Energy, and Unilink Group. 

The startup has received over $652K in funding from a range of investors, including Boundary Holding, Venture Catalysts, IIML-Incubator, Neeraj Kumar, Dhianu Das, and Alfa Ventures.

Solar Ladder

• Founded In: 2021
• Founders: Manan Mehta, Abhishek Pillai, Farhan Ahmed
• Funding Raised To Date: $1.34 Mn
• Investors: Axilor Ventures, Titan Capital, DeVC, Stride Ventures, Varun Alagh
• Headquarters: Mumbai

Founded in 2021 by Manan Mehta, Abhishek Pillai and Farhan Ahmed, Solar Ladder is an EPC (engineering, procurement and construction) service provider in the rooftop solar energy space.

Having partnered with five NBFCs, the Mumbai-based startup offers collateral-free financing to both EPC installers and esnd users. 

Solar Ladder also offers a free SaaS tool, which integrates modules encompassing sales, marketing, installation, accounts and project management. It gives EPC installers more visibility into a business’s various functions such as ongoing projects, inventory and payments.

The cleantech startup last secured INR 11 Cr ($1.34 Mn) in funding in May 2023 to fuel its expansion plans.

SmartJoules

• Founded In: 2014
• Founders: Arjun P Gupta, Ujjal Majumdar, Sidhartha Gupta
• Funding Raised To Date: $16.99 Mn
• Investors: ADB Ventures, Sangam Ventures, Max Limited, cKinetics Accelerator, Dabur family’s Saket Burman 
• Headquarters: Delhi NCR

Energy-efficiency-as-a-service startup Smart Joules offers capital expenditure-free retrofits for commercial and industrial facilities by improving the overall design of energy-intensive systems like cooling, heating, compressed air and steam. 

The cleantech startup claims its DeJoule technology platform utilises various sensors and IoT controllers to track and control equipment and optimise overall facility performance in real-time using data. This tech platform allows SmartJoules to guarantee its clients 15% energy savings.

Its JoulePAYS service makes energy savings easy and profitable from day one with zero investment and zero risk for hospital/hotel owners under a single pay-as-you-save agreement.

Smart Joules has provided its full-stack solution for leading Indian hospital chains, including Apollo, Fortis, KIMS, Aster, and CARE, among others. 

In March 2021, Smart Joules raised $4.1 Mn in its Series A funding round from various investors, namely ADB Ventures, Sangam Ventures, and Max Limited, among others. It raised $4.9 Mn in a Series A funding round from various investors in April 2021.

SmartJoules’ plans include strengthening its energy management team, enhancing its digital technology platform, expanding its presence across hospitals and scaling its cooling-as-a-service offering for commercial buildings and industries with heavy air conditioning loads such as pharmaceuticals and data centres.

SolarSquare

• Founded In: 2015
• Founders:  Neeraj Subhash Jain, Nikhil Satejlal Nahar
• Funding Raised To Date: $60.25 Mn  
• Investors: Elevation Capital, Lowercarbon Capital, Good Capital, Rainmatter, Vidit Atrey, Sanjeev Barnwal, Maninder Gulati, Ashish Goel, Amit Kumar Agarwal, Akhil Gupta, Saurabh Garg 
• Headquarters: Mumbai

Cleantech startup SolarSquare offers rooftop solar panels for residential and commercial purposes. It also provides financing facilities to customers at a 0% interest rate. It currently has a presence in Bengaluru, Delhi, and Hyderabad as well as states including Gujarat, Madhya Pradesh and Maharashtra

Initially, the startup only provided commercial rooftop solar solutions but in 2020, it started catering to the needs of residential consumers too. During the same year, it elevated Shreya Mishra, its CEO to the position of cofounder. 

In November 2022, it raised $12.08 Mn in a Series A funding round led by Elevation Capital and Lowercarbon Capital. Good Capital, Rainmatter, Meesho’s Vidit Atrey and Sanjeev Barnwal also participated in the round. 

SolarSquare secured $40 Mn in Series B funding round led by Lightspeed last month (December 2024). Lightrock, along with existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also participated in the round.

Its cap table includes Lowercarbon Capital, Symphony Asia, OYO’s Maninder Gulati, Urban Ladder’s Ashish Goel and Nobroker founders Amit Kumar Agarwal, Akhil Gupta & Saurabh Garg, among others.

Earlier, it claimed to have served nearly 5,000 residential customers and also aimed to standardise its installation quality. 

SolarTown Energy  

• Founded In: 2012
• Founders: Vikram Dileepan, Dhanush Kuttuva 
• Funding Raised To Date: $200K
• Investors: GREX
• Headquarters: Chennai 

SolarTown Energy makes clean energy for homeowners, businesses, schools, non-profit and government organisations at low cost. 

The cleantech startup provides solutions and products for home-based systems, small and mid-size businesses, and buildings. 

SolarTown provides for the sale, lease and installation of solar rooftop systems from 1 kW to 300 kW for residential, commercial and industrial customers. SolarTown Energy claims to have installed more than 100 solar systems and counts Infosys and Renault-Nissan among its customers. 

The startup is looking for market expansion, investment in technology, international business development and working capital requirements.

Swajal 

• Founded In: 2015
• Founders: Advait Kumar, Vibha Tripathi
• Funding Raised To Date: $2.8 Mn
• Investors:  Rajasthan Venture Capital Fund, Pramod Agarwal (former CFO at Procter & Gamble), ACPL 
• Headquarters: Delhi NCR

Swajal is an artificial intelligence (AI) and Internet of Things (IoT)-enabled water purification solution that looks to enable access to clean drinking water across the socio-economic spectrum. 

The cleantech startup claims to have developed solar-energy-powered remote sensing water purification systems (also known as water ATMs) with user interfaces and payment mechanisms for airports, hotels, offices, schools and railway stations among others, where it essentially replaces the plastic, encouraging people to bring their utensils/bottles to fill water. 

Swajal also helps corporate customers move away from plastic bottles to glass bottles using its in-house water bottle washing, filling and monitoring plant (WaterCube). The startup earns revenue from consumers buying its systems or a per-litre price for the as-per-usage model.

Last year, Swajal raised $1.6 Mn in funding from the social impact fund Rajasthan Venture Capital Fund, alongside Pramod Agarwal (former CFO at Procter & Gamble), ACPL and other angel investors.

The startup is planning to further enhance its research and development capabilities, thereby making drinking water more accessible, sustainable and plastic-free in the country.

The Energy Company

• Founded In: 2021
• Founders: Prashant Rathee, Rahul Lamba, Pratik Somani
• Funding Raised To Date: Undisclosed
• Investors: LetsVenture, WeFounderCircle, SIA Angel Network, Monokeros Ventures
• Headquarters: Bengaluru

The Energy Company has developed a full-stack battery solution for EVs in India that helps B2B vehicle aggregators manage vehicle life cycles by giving them a longer-lasting battery pack via FlexiPack and better visibility on the battery life via its SaaS tool FlexiTwin.

The startup claims that its battery pack is scalable across electric two-wheelers, three-wheelers and buses and helps vehicles run for 50 km on just a 15-minute fast charge and 100 km after a 40-minute charge.

Meanwhile, The Energy company’s SaaS tool, FlexiTwin, takes inputs from the sensors installed on a battery to digitally record the battery performance, degradation and service history, with insights on battery health and ageing.

For now, the cleantech startup is in talks with five B2B clients, which have around 25,000 two-wheeler EVs. The startup also has letters of intent (LOIs) for around 2,000 electric two-wheelers.

Uravu Labs

• Founded In: 2019
• Founders: Pardeep Garg, Swapnil Shrivastav, Venkatesh R, Govinda Balaji
• Funding Raised To Date: $4.30 Mn
• Investors: Speciale Invest, Peter Yolles (EchoRiver Capital), Soren Schroder, Shigeru Sumimoto (Conselux Corporation), Tomoki Kaneko (Kaneko Cord)
• Headquarters: Bengaluru 

Watertech startup Uravu Labs builds atmospheric water generators that run on 100% renewable energy. It creates water from the air using only renewable energy sources like solar, waste heat, or biomass to produce renewable water.

Uravu’s working prototype can channel air into a chamber containing desiccants like Silica which absorb the water content in the air. Once the desiccant is fully saturated, heat is applied to it using solar energy to extract the water in liquid form, as claimed by the startup.  

The water-from-air concept is not new, as many startups already operate in the space. But unlike Uravu, most of them use refrigeration as a method to condense air in the atmosphere, which is an expensive process with high energy requirements. 

Uravu’s method uses a desiccant that is relatively less capital-intensive and energy-intensive and also requires much less maintenance. The desiccant used in the machine has a shelf life of around ten years, and the rest of the components are mostly conventional electronic components like fans and pipes, according to the startup. 

The water tech startup raised an undisclosed amount during a pre-seed funding round in December 2021 led by Speciale Invest. The startup plans to work with corporations on CSR efforts, and with government agencies like Jal Shakti, and MNRE, among others, to deliver clean drinking water to remote and rural areas in the country. 

Varaha

• Founded In: 2022
• Founders: Madhur Jain, Ankita Garg, Vishal Kuchanur
• Funding Raised To Date: $12.70 Mn
• Investors: Orios Venture Partners, Omnivore, RTP Global, Better Capital, Kunal Shah 
• Headquarters: Gurugram

Climatetech startup Varaha helps agricultural farmers adopt regenerative agricultural practices by producing carbon credits, which help grow revenue and decrease operating expenses. It has a presence in six Indian states. 

Explaining the modus operandi, the startup said it enrols agricultural farmers, quantifies greenhouse gases, verifies carbon credits, and then sells those credits to buyers. 

In December 2022, it secured $4 Mn in a seed funding round for expanding business in South Asia. The round was led by Orios Venture Partners along with participation from Omnivore, RTP Global, Better Capital and CRED founder Kunal Shah.

Earlier, it claimed to have covered an expanse of more than 1.32 Lakh acres under its agroforestry, forest conservation and reforestation activities, among others. As per its website, the cleantech startup cloistered over 3.5 Lakh tonnes of carbon emissions and saved 1.55 Lakh Mn litres of water so far.

WEGoT

• Founded In: 2015
• Founders: Abilash Haridass, Vijay Krishna, Mohideen Haja, Sundeep Donthamshetty
• Funding Raised To Date: $4.96 Mn
• Investors: GRUHAS Proptech, Rahul Talwar (DLF Family Office) Harshad Reddy (Apollo Hospitals Family), HDFC Capital Advisory Ltd, Prestige Group
• Headquarters: Chennai 

Internet of Things-based cleantech startup WEGoT Utility Solutions delivers water management solutions to clients from single houses to multi-unit apartments and commercial complexes.

The cleantech clients include Prestige Group, Godrej Properties, Brigade Group, Mahindra World City, and Brookfield among others. WEGoT’s Smart Water Meters manage water consumption and quality in real-time. Its app enables effective monitoring, control and modification of water consumption based on user insights. 

Since its inception, WEGoT has successfully implemented over 100,000 smart devices in over 30,000 homes and on over 40 Mn sq feet of commercial real estate. It has plans to scale up to one million devices in the coming months. The cleantech startup has effectively conserved over 3 Bn litres of water to date and pledges to further save 10 Bn litres in 2022, as claimed by the startup.

The startup that makes smart water meters, raised $1.5 Mn in a funding round in December 2021 led by Gruhas Proptech, a company backed by Abhijeet Pai of Puzzolana Group and Nikhil Kamath of Zerodha.

The startup plans to deploy more water management devices to houses and offices in 2022. WEGoT plans to deploy 10 lakh water management devices by the end of 2022.

WeVOIS

• Founded In: 2018
• Founders: Abhinav Shekhar Vashistha, Abhishek Gupta
• Funding Raised To Date: $4 Mn
• Investors: Innovana Thinklabs Ltd, Upaya Social Ventures, RecurClub, Sunil Kumar Singhvi, Rajendra Lora of Freshokartz
• Headquarters: Jaipur

WeVOIS is a Jaipur-based solid waste management startup offering end-to-end solutions to municipalities across the country for a circular economy and help them meet environmental development goals.

The startup offers IoT, AI and smart RFID/QR cards-based door-to-door waste collection, fleet management and user charge collection services. WeVOIS also piloted a materials recovery facility in Sikar, Rajasthan, in partnership with the town’s municipal council to enable efficient segregation.

It has also designed a route manager software that decides the optimum route for its helpers to reach customers’ doorstep and provide on time service. The route manager can be accessed by consumers via a mobile app with a well-defined alert management system that enables users to get notified every time before the scheduled pickup.

Zenatix 

• Founded In: 2013
• Founders: Amarjeet Singh, Vishal Bansal, Rahul Bhalla
• Funding Raised To Date: $1.4 Mn
• Investors: Blume Ventures, Microsoft Accelerator Bangalore, Pi Ventures,   
• Headquarters: Delhi NCR 

Energy-data startup Zenatix is a data-driven energy efficiency platform that works with banks and large retail chains. 

The cleantech startup helps organisations to save up to 10-30% on their electricity spend. The startup has deployed WattMan in over 500 retail outlets including bank branches and ATMs, across its clientele of 20 companies.

The energy-data startup raised INR 8 Cr in a Pre-Series A round of funding in 2017 led by pi Ventures. 

Zenatix (part of the $11 Bn Hero Group) expanded its operations to the UAE and the Middle East in the April 2022 region to offer organisations a robust cloud-based energy and asset management solution. 

The cleantech startup plans to deploy 2,500 WattMan in the coming months, increasing its clientele to over 50-60 companies across India, Singapore, Malaysia, Indonesia and Thailand. Based on a subscription-based model of revenues, Zenatix aims to expand more in the international markets in future. 

ZunRoof 

• Founded In: 2016
• Founders: Pranesh Chaudhary, Sushant Sachan
• Funding Raised To Date: $6.74 Mn 
• Investors: Godrej Investment Office, Intellecap Impact Investment Network, Ramakant Sharma, (Livspace); Gaurav Gupta (Dalberg Advisors); Pradeep Tharakan (Asian Development Bank); Vismay Sharma (L’Oréal); Ajith Pai (Paipal Ventures); Arun Diaz (IntelleGrow)
• Headquarters: Delhi NCR

ZunRoof specialises in solar rooftop design, installation, and management using technologies such as computer vision, AI and VR. 

The cleantech startup helps reduce its electricity bills by using unutilised rooftops for solar power generation. It also offers IoT devices for power usage monitoring through a companion app.

ZunRoof offers projects with capacity in a range between 1 kilowatt (kW) and 70 kW for residential clients, small factories, schools, hospitals and hotels. Its total installed capacity has crossed 10 Megawatt since its inception in 2016. 

The cleantech startup assessed more than 250,000 homes, designed over 30,000 rooftop solar systems in 75+ cities in India, and installed 15 MW+ of rooftop solar and 50,000+ IoT devices, as of last year.

ZunRoof Tech raised $3 Mn in a Series A round of funding from Godrej Investment Office in 2020. Godrej had invested $1.2 Mn in the startup in a Pre-Series A round in 2019. The cleantech startup entered the solar rooftop market in Bengaluru a few years ago and is planning to enter cities like Chennai, Hyderabad and Kochi in future. 

ZunRoof aims to resolve the affordability issue of solar rooftops in Indian homes. It will soon launch its service to improve the affordability of solar rooftops.

Last updated on January 18, 2025

The listicle has been updated to include two new startups – Clean Electric and ReCircle.

The post 63 Cleantech Startups Working Towards Making India’s Future Cleaner & Greener appeared first on Inc42 Media.

The provider of logistics AI solutions, Netradyne has become the first unicorn of 2025 in the Indian startup ecosystem after raising $90 Mn in its Series D funding round led by existing backer Point72 Private Investments. 

In a conversation with Inc42, Netradyne cofounder and CEO Avneesh Agrawal said that the funding round saw the startup’s post-money valuation soar to $1.34 Bn. Before this, Netradyne had last raised $65 Mn in 2022 from Silicon Valley Bank in a mix of debt and equity funding at a valuation slightly lower than $1 Bn. 

Including the latest funding round, Netradyne has raised $317 Mn across four funding rounds from the likes of Reliance, M12, SoftBank, Qualcomm Ventures, and Pavilion Capital, among others.

The unicorn milestone for the startup came in its 10th year of operation. Agrawal founded Netradyne in 2015 after spending a decade working for semiconductor major Qualcomm. Agarwal helmed research and development at Qualcomm, leading its connectivity chipset product line business. 

The Stanford PhD holder partnered with his former batchmate and Qualcomm colleague David Julian to establish Netradyne. The startup, which has offices in California and Bengaluru, aims to make roads safer via its AI-powered fleet safety and video telematics solutions. 

Netradyne provides fleets of all sizes with features such as a video safety camera and fleet performance analytics tracking, as well as driver awareness tools to help reduce risky driving behaviour and reward safe driving decision-making. Its flagship product, Driver.i, provides fleet operators the ability to visually check and assess driver behaviour. 

These visuals are analysed by the startup’s AI offering, detecting distracted driving behaviours like drowsiness, texting, or other such patterns that could lead to fatal accidents. After assessing, the system flashes an audio alert to get the driver’s attention back on the road. 

Agarwal said that Netradyne has a user base of over 3,000 and its systems monitor 700 Mn miles globally every month. He claimed that the startup’s customers see a 30-50% reduction in accidents after deploying its solutions.

With the fresh funding, the startup will continue to focus on its generative AI function and build its own foundational driving model to help identify blind spots and other difficult-to-predict scenarios. 

“We have access to a lot of GPUs because we are running hundreds of thousands of these devices at the Edge. Hence, we are training our own foundational driving model to start targeting corner case scenarios to identify difficult conditions that are hard to predict. Besides, a lot of Indian driving is difficult to anticipate and predict, but I believe that will also start to happen with GenAI models and we can get to the next level of sophistication for Indian driving conditions as well,” he added. 

On the financial front, the cofounder said that the startup clocked a revenue of $210 Mn in 2024, up 65% from 2023. With its increased focus on AI, he said Netradyne is expected to grow its top line over 50% in the short term. 

Netradyne is eyeing profitability in 2025, after which, the founder said, the startup’s board will decide if it should go for an initial public offering (IPO). 

“My goal right now is to drive revenue growth, drive to profitability. Once that is achieved, we may think of going public,” he added.

The cofounder claimed that Netradyne’s services are being utilised by businesses across India, the US, Canada, Mexico, the UK, Germany, Australia and New Zealand. With the fresh capital, Netradyne is also looking to get its services on the roads in Japan, Ireland and several other regions of Europe in the next six months.

While a large chunk of the startup’s revenue comes from the US market, the cofounder believes that the revenue from India will rise rapidly in the coming years. 

For context, the Union Minister of Road Transportation and Highways, Nitin Gadkari, recently said that about 1.8 Lakh fatalities took place in 2024 due to road accidents.

“Clearly, the accident situation in India is not good. However, I have seen positive signs like increasing awareness and interest to rectify this issue in recent times. Thus, we are beginning to get a lot more traction, especially from large enterprise customers,” Agrawal said.

He said that Netradyne has onboarded clients like Nestle, and Hindustan Unilever (HUL) in India, which augurs well for its expansion in the country.

With this, Netradyne has become this year’s first and the 119th unicorn of the world’s third-largest startup ecosystem. 

Interestingly, the deeptech startup, Netradyne, has become a unicorn at a time when there is an increased interest in the space. With an increasing number of deeptech funds being launched, policymakers are also advocating giving this space a high-octane boost in the form of fund of funds startups.

In July last year, Ganapathy Subramaniam and Mathew Cyriac floated Yali Capital, a Category 2 AIF specialising in deeptech.

With a dry powder of INR 810 Cr (around $100 Mn), the fund is focussed on investing across deeptech sector and in segments such as chip design, robotics, aerospace and defence, genomics, space, manufacturing, and the wide world of AI.  

In the deeptech space, Netradyne has joined the flock of unicorns like Krutrim.and 5ire.

[Edited by: Vinaykumar Rai]

The post Logistics AI Startup Netradyne Is The First Unicorn Of 2025 appeared first on Inc42 Media.

Known for its rich religious customs, traditions and heritage, India has witnessed an exponential rise in the number of spiritual tech startups in the last few years. Not to mention, what has fuelled the ambitions of the nation’s new-age entrepreneurs to enter this fray is the country’s lucrative spiritual market, which is expected to grow at a CAGR of 10% until 2032 from $58.56 Bn in 2023.

A prime example of this transition was witnessed last year during the consecration of the Ayodhya Temple — the event that not only gave this industry a boost but also made spiritual tech startups form a beeline with their offerings, raking in double-digit growth.

While the consecration of the Ayodhya Temple gave this sector a renewed push, this year’s Mahakumbh, being held at Prayagraj after 12 years, is all set to give the sector yet another shot in the arm.     

To conclude on February 26, the Mahakumbh is a grand confluence of faith, culture, and tradition and attracts millions of pilgrims from around the world.

The Confederation of All India Traders (CAIT) forecasts the Mahakumbh Mela 2025 to generate over INR 2 Lakh Cr in revenue for Uttar Pradesh over its 45-day duration. Of this, around INR 17,310 Cr is expected from retail spending on essentials like food, lodging, healthcare, and religious items.

Therefore, everyone ranging from spiritual tech platforms like Sri Mandir, VAMA, AppsForBharat and Astrotalk to UPI giants such as PhonePe and Paytm and food delivery startups such as WAAYU and CHUK have come forward to claim their share.

Now, let’s dive deeper into understanding what this year’s Mahakumbh means for many of these brands, all while taking a closer look at how some of these players are capitalising on this unique event.

Mahakumbh: A Startup Gold Rush?

With the rise of digital platforms and the increasing importance of consumer engagement, brands are leveraging this event to connect with their consumers in a number of innovative ways. 

While legacy players like Dabur, HUL, and P&G have partnered with restaurants to promote their products, some of them have even stocked their offerings at women’s changing rooms and baby care spaces.

While PhonePe has launched insurance for pilgrims and special QR codes to simplify financial transactions, Paytm is offering enhanced convenience with payment options, complemented by cashback and reward campaigns.

Meanwhile, smart parking management startup Park+ is leveraging AI to help pilgrims prebook spots for their vehicles. The startup is also helping them with FASTag-enabled payments, EV charging stations, and 24/7 security. 

“Our AI solutions will monitor parking fill rates, identify traffic bottlenecks, and ensure seamless FASTag-enabled entries and exits,” said Amit Lakhotia, the founder & CEO, of Park+.

The Mahakumbh is also providing opportunities to over 50,000 SMEs, boosting local vendors and artisans and positioning the event as a significant economic driver.

However, spiritual tech startups are to steal the show. Take AppsForBharat for instance. Founded by Prashant Sachan, the startup has made spiritual journeys accessible to everyone through its app, Sri Mandir. 

The app allows users to create virtual temples, perform rituals, and even get Gangajal delivered to their doorsteps, making the Mahakumbh experience available to those who cannot attend it. 

Astrotalk is another spiritual tech startup, which is enabling devotees to seek guidance from spiritual experts remotely during the event.  

Meanwhile, newcomers are also leveraging the Mahakumbh. Three-year-old WAAYU is delivering sacred Mahaprasad to homes across India. 

By partnering with ONDC buyer apps like Paytm, Snapdeal, and DigiHaat, WAAYU is ensuring that people everywhere can participate in the spiritual offerings of the event.

“With the scale of economic activities likely to be generated from this 45-day event, marketers are gearing up in full force. This event also provides many startup and service providers the chance to step up and establish themselves,” said Harish Bijoor, a business and brand strategy expert.

The primary reason brands are capitalising on this massive event is the immense growth potential it offers, particularly in terms of increased sales, user acquisition, and overall brand visibility, he added.

Giving heft to Bijoor’s statement, the cofounders of WAAYU said that they are aiming for strong brand visibility during Mahakumbh 2025. 

“While monetary ROI isn’t a focus since the Prasad is offered at cost, branding opportunities and the goal of 1 Cr orders will significantly boost user acquisition for the WAAYU app,” the founders said.

Meanwhile, eco-friendly tableware brand CHUK has already experienced a surge in demand, with orders from the event accounting for 30% of its average monthly sales. “We expect this figure to grow as the event progresses,” said Pranay Pasricha, brand and marketing head at Pakka, CHUK’s parent company.

In line with the government’s initiative to make the Mahakumbh plastic-free, the startup is offering an eco-friendly and reliable solution for food service, helping reduce waste and promoting sustainability throughout the event.

The Mahakumbh Revenue-Making Machine

While the Mahakumbh, which started January 13, has already become a significant stage for spiritual tech startups, the accommodation and tourism sector is in for a bigger blast, followed by the food and beverages (F&B).

According to data shared by CAIT, the accommodation and tourism sector is projected to generate INR 40,000 Cr while the food and beverages industry is set to contribute INR 20,000 Cr. Similarly, religious items and offerings are also expected to yield INR 20,000 Cr.

Other than the aforementioned players expected to thrive during the 45-day event, several other brands and startups are poised to capitalise on Mahakumbh’s vast audience and cultural significance.

For instance, VAMA.app is expecting a 30-50% increase in app downloads and user engagement during the Mahakumbh. It already has over 2.5 Lakh transacting users on its platform. 

Founded in 2020 by Aacharya Dev, Himanshu Semwal, and Manu Jain, VAMA.app provides digital services such as e-pujas, e-darshans, and astrology. It has partnered with over 250 temples and has a network of more than 300 astrologers. 

Sri Mandir’s Sachan mentioned that based on historical trends and current engagement, they anticipate serving an additional 3 Lakh to 4 Lakh devotees via their online devotional services. He also expects a 40-50% increase in app downloads with devotees increasingly turning to digital solutions to connect with the spiritual event.

“Furthermore, we anticipate a 30-35% increase in revenue driven by our Mahakumbh campaign, reflecting the growing trust in our platform and its offerings,” he said.

From spiritual tech platforms connecting devotees digitally to eco-conscious brands championing sustainability, the Mahakumbh is not only the cradle of tradition but also the breeding ground for innovation and inclusivity. 

With enough opportunities for businesses of all sizes, the Mahakumbh proves that age-old traditions can thrive in harmony with modern entrepreneurship, ensuring a win-win for all.

[Edited by: Shishir Parasher]

The post The Spiritual Tech Gold Rush: Startups Bank On Billion-Dollar Mahakumbh 2025 Opportunity appeared first on Inc42 Media.

Despite showing signs of a funding revival, the Indian startup ecosystem is in a peculiar place now. Most of the capital has been raised by companies in the public markets, which skewed the mergers and acquisitions (M&As) market in 2024. But will this have any ramifications on startup M&As in 2025?

With only 71 such deals recorded in 2024, it was the worst year for M&A deals in the Indian startup ecosystem over the decade. The second-lowest number in terms of M&As in the last 10 years was 82 in 2020. Post this, there was a funding revival which spurred on consolidation in key sectors like edtech, digital media and entertainment, and ecommerce.

In 2022, for instance, the number of M&As in the Indian startup ecosystem shot up to 240, before halving in 2023 and then further falling in 2024 to the nadir.

But looking beyond that, startup M&As are likely to shoot up by 58% in 2025, as more and more listed companies flex their capital. Sectors that are expected to witness the most number of M&As include — AI, edtech, ecommerce and consumer services as well as fintech.

One of the key reasons is the fact that most companies are looking to integrate automation into their operations and become AI-first, even as they experiment with new distribution channels and new products. This includes listed giants like PB Fintech, Nykaa, Paytm, Zomato, Swiggy, Nazara, Zaggle among others.

These listed new-age companies are expected to flex their muscles and dictate the terms of the M&A market in the coming year.

Listed Giants To Pursue Strategic M&As In 2025

While the trend of distress sales or fire sales will likely continue for startups that have hit hard times, one new factor could very well emerge in 2025.

That’s listed new-age companies eyeing growth-stage startups with proven business models, and a measurable revenue boost. Sectors like fintech, enterprise tech, and consumer services are most likely to see this wave of established players acquiring startups either for the tech or to add new verticals. Which is where the QIP wave of 2024 gives us a hint or two.

In 2024, Zomato raised INR 8,500 Cr through a QIP, followed by Nazara’s INR 855 Cr preferential placement, and Zaggle which netted INR 595 Cr from its QIP. In 2025, we expect several such QIPs from the cohort of startups that went public between 2021 and 2023.

Listed companies in competitive sectors such as fintech and consumer tech segments prefer QIPs for fundraising as a means to reduce the regulatory and financial burden compared to options such as debt, secondary or rights issues. For instance, a QIP round would suit companies in competitive sectors such as Paytm or Nykaa, or even those like PB Fintech which are looking to expand into new segments.

Typically, such funds are allocated to new lines of business that came up after the public listing, such as acquisitions of adjacent or new verticals, investments in technology infrastructure (AI, in this day and age) or just for customer acquisition and brand-building for the long-term.

SaaS Startups, Edtech Consolidation On The Cards

The line between traditional SaaS and AI is fast blurring, as evidenced by the transformation seen by large SaaS giants such as Salesforce, Freshworks and Zoho. Other Indian SaaS companies are also busy integrating AI capabilities across their product suites to stay relevant in 2025.

In 2025, investors expect M&As to grow for sectors such as enterprise tech which are going through the AI churn and revolution. SaaS companies are shopping for tech capabilities, focussing on IP-led tech acquisitions. Watch for consolidation in areas like cybersecurity, cloud computing, and AI-enabled enterprise applications.

The edtech sector is also expected to be in for significant consolidation in 2025, with even unicorns likely to be acquired, particularly with continued speculation around Unacademy.

The market is maturing beyond the pandemic boom, and with the focus on sustainable business models, there’s little room for the splurging VC dollars as seen in the past. Watch for interesting combinations of online and offline models, particularly in test preparation and skill development segments.

The public listing of PhysicsWallah is also likely to be preceded by a few acquisitions, especially as the edtech giant continues its multi-product strategy.

Industry watchers expect more M&As to get through in 2025 as smaller startups become streamlined thanks to the adoption of AI models and after cost-cutting in key areas.

Analysts say that the bigger companies may keep an eye out for acquisitions in niche verticals as expansion will play out majorly in 2025. However, valuations may continue to see a big downward correction, relative to 2021-2022 numbers.

“Investors are now looking for real growth metrics in any edtech up for sale instead of vanity metrics like MAUs, DAUs. They also need a track record of financial discipline over the last couple of years rather than a sudden dip in costs,” according to a partner at a Delhi-based early stage VC firm.

Will Quick Commerce Giants Acquire Competition?

Vertical-specific quick commerce models are emerging as force breakers, with companies specialising in categories like fresh meat (Meatigo, Licious), medicines (Plazza, 1MG), fashion (Myntra, Slikk, Blip), food (Swiggy, Swish, Zing). While many of these platforms have the scale to sustain these quick commerce operations, several new startups will likely be at the mercy of VC funding to scale up.

Will investors back these new QC models or will these startups just become more acquisition targets for the giants?

Within QC, the focus for major players is shifting from customer acquisition to operational efficiency and sustainable unit economics either through the right product assortment or new categories.

It won’t be a surprise if some of this consolidation happens on the brand front if and when the delivery apps push for more private labels.

Dhruv Kapoor of Anicut Capital highlighted opportunities for vertical growth in quick commerce, where players could specialise in specific categories with streamlined supply chains for faster deliveries.

He noted that investors are now cautious, prioritising differentiation over more players in an already crowded market. This could lead to increased consolidation and new business models in the ecommerce space.

Plus, we can expect a tooth-and-nail battle in India’s metros for 10-minute cafe deliveries with Blinkit Bistro, Swiggy Snacc and Zepto Cafe. But other startups are also emerging, essentially turning the cloud kitchen model on its head by going logistics first.

Expect to see AI-driven demand mapping and automation in the kitchen being billed as moats for these apps. Some of these city-specific startups could fuel the next wave of M&As for well-capitalised giants in the quick commerce segment.

The post Will 2025 Bring Springtime For Startup M&As? appeared first on Inc42 Media.

Three years after the first National Startup Day in 2022, there’s a totally different mood in the air.

Back in early 2022, we had just emerged from the peak of startup funding in 2021, which created 42 new unicorns in India. Naturally, startups grabbed the attention of everyone after that boom. The first National Startup Day then was a time to celebrate.

This period of optimism led to towering valuations but was followed by two years of correction, and many of those very startups that flourished in the easy money environment have since failed to live up to the investor faith.

So in 2023 and even in 2024, the National Startup Day was more about reflecting than celebrating.

But these difficult years have led to the startup ecosystem shedding many of its bad habits. In fact, today, there’s an acknowledgement that building profitable businesses is the only way to go and backed by positive momentum on the IPO side, startups have truly turned a corner.

Policy has played a significant role in this — measures such as allowing confidential pre-IPO filings, easing rules for promoters and investors for shareholding periods and lock-ins, and more recently discussing the possibility of easing promoter shareholding limits to allow diluted founders to also make the most of the IPO momentum.

Having said that, we must also acknowledge that this momentum has not only come because of policy. Startup founders and investors have had to change their mindset in the past two years to make the most of this opportunity.

So this National Startup Day — the fourth edition of the marquee day on the national calendar — government and policy action must recalibrate and realign with the needs of the startup ecosystem for 2025.

As in the past, Inc42 is once again playing the role of moderator, forming the bridge between startups and policymakers. The Indian startup ecosystem stands at a critical juncture where the right push can be the tailwind needed for India to become a bigger force in the global tech scene.

To do this, six major focus areas need to be addressed this National Startup Day:

Time To Fix Startup Insolvency Woes 

BYJU’S and Dunzo — two of India’s most prominent startups for very different reasons, but both caught in an insolvency crisis that is a sign of how badly India needs to fix the laws around the bankruptcy and insolvency process.

If the Jet Airways case which had dragged on for years is any indication, insolvency and liquidation of assets is not as simple as following the letter of the law, but involves many moving parts and can take several months if not years to be resolved.

Even months after investors have written off assets, startups and their employees continue to be in limbo, with no clarity on any possible solutions. Dunzo and BYJU’S are just two examples of startups where thousands of employees have gone unpaid and where vendors have been left holding dues.

While the government makes it a point to celebrate the job creation by startups, perhaps it needs to address the more severe situation around employees not being paid salaries.

Startups have always had a high rate of failure. This is true even for Silicon Valley, but jobless talent in the West gets absorbed back into the ecosystem at a much faster pace than in India. While government policy cannot hope to accelerate this, re-employment programmes can be put in place to prevent talent drain out of India.

The Idea Of An Index For Listed Tech Stocks 

Zomato made it to the BSE Sensex 30 in 2024, but the wave of new-age tech companies — with over 30 listed in the share markets today — calls for a dedicated index on the BSE or perhaps even the NSE for tech stocks.

After India’s IT services industry boom in the late 90s and early 2000s, the BSE IT Index became an analogue for the tech sector in the country. But now’s the time for the product economy to be represented as an index that spotlights the progress of Indian startups.

Overall, the market cap of listed new-age tech companies touched $84 Bn or roughly INR 7 Lakh Cr at the end of 2024. This groundswell needs a dedicated index which would add a huge measure of maturity to Indian tech and truly signal the dawn of the post-services era.

Adding An IPO Track To Startup India Arsenal

The DPIIT’s Startup India platform has been a real revelation in terms of highlighting the various startup-specific funds, grants, policies and exemptions. This was what the first decade of Startup India needed.

But the times have changed. Now, startups are on the cusp of maturity and need more support on softer but more critical aspects such as diligence and governance, financial responsibility, social responsibility, and other areas that publicly listed companies need to focus on.

This has thus far not been a big concern for Startup India — naturally, given that startups have only now reached this maturity stage. But going forward, DPIIT’s enablement needs to have a strong view on accelerating the maturity of startups to meet the expectations of the industry.

Snapdeal cofounder Kunal Bahl believes that India will have 2,500 listed startups by 2050. That’s a long way away, but it’s not a point India can reach without the right stimuli. The first stimulus needs to come today.

Channel The Reverse Flipping Sentiment

Regulatory hoops and taxes are the bane of startups looking to reverse flip to India, and we know that scores of unicorns would readily redomicile to India if some of these hurdles were cleared.

An increasing number of new-age tech companies domiciled abroad are now queuing up to return home as they look to capitalise on the boom in India’s economy, access to a bigger pool of investors, better initial public offering (IPO) prospects, and favourable government policies.

It is pertinent to mention that Walmart-backed PhonePe became the first major new-age tech company to shift its domicile back to India in 2022. However, the reverse flip cost a fortune as PhonePe’s investors had to pay INR 8,000 Cr to the Indian government.

Similarly, investors of Groww suffered a tax hit of INR 1,340 Cr in the US when the fintech unicorn returned home last year.

Amid the IPO boom, ecommerce giant Flipkart, fintech unicorn Razorpay, quick commerce unicorn Zepto and fintech company Pine Labs are eyeing redomiciling in 2025, ahead of their eventual public listings. Besides this, the list of hopefuls includes Mensa Brands, Udaan, Eruditus, CleverTap, and Freo, but many of these are considering all their options given the high tax implications and other compliance burdens.

To its credit, the Indian government removed some hurdles in the way, which has allowed companies to fast-track reverse flipping processes. But more can be done to ease the journey.

According to Inc42’s annual investor survey for 2024 “The Pulse Of Tech”, 78% of the over 75 surveyed investors said that access to the Indian public markets is the primary reason behind the ‘reverse flipping’ trend in the startup ecosystem.

Up to 33% of surveyed investors believe that lower operational costs are motivating startups to join the reverse flipping parade. While investors credited improvements in ease of doing business as a driving force, many believe that tax exemptions or deferrals could be brought in place to improve this further.

AI & Semiconductor: Focus On Homegrown Tech, Not Big Tech

Nvidia, TSMC, OpenAI, Google, Microsoft — the engines of the AI age are eerily similar to those that drove the age of the internet before that.

In the Indian context, stakeholders have called for a bigger spotlight on homegrown startups and innovation in AI — particularly on the infrastructure side — and semiconductor design and development. Many believe that India cannot let slip the opportunity to shape its own future in these critical areas that form the pillars of deeptech and frontier tech.

EaseMyTrip cofounder and CEO Rikant Pittie believes that while partnerships like Nvidia-Reliance will change the game, additional government push is a must to build India-first, AI-first infrastructure.

He also called for “grants, tax breaks, and procurement incentives” for startups to stay competitive at a global level. Promoting local manufacturing by incentivising design and research within the country, could reduce reliance on foreign tech, Pittie added in a recent interaction with Inc42.

Earlier, union minister for electronics & IT Ashwini Vaishnaw had said that a digital public infrastructure (DPI)-based approach for AI development in India would be the best way forward.  “For AI, we are taking the digital public infrastructure approach and will be investing in creating a public platform. Through this everyone will have access to high quality data sets, protocols, legal frameworks and compute power,” Vaishnaw said in July 2024, revealing plans to invest in AI computing infrastructure with 10,000 or more GPUs through a public-private partnership.

But this still does not answer the question of how India can play a more significant role in the global AI dynamics, where a lot more clarity is needed in terms of the planning and the execution. The IndiaAI Mission has a huge task ahead of it when it comes to answering these questions in the years to come, and no better time to start than now.

Clear The Backlog: Social Security Code, Ecommerce Policy

It’s hard to talk about policy without bringing in what’s been pending for years. Gig workers run some of the most prominent new-age tech giants, but the Social Security Code has been in cold storage ever since it was announced.

A similar fate has befallen the much-delayed ecommerce policy. Both these individual pieces of legislation will have deep implications on platform companies and the aggregator economy. The rise of quick commerce has complicated the situation further and muddled the lines between ecommerce marketplaces and retail businesses.

The first contours of the government’s policies for ecommerce and quick commerce in particular will likely be seen in 2025.

Then we have the much-awaited AI regulations, which will have deep ramifications for all companies in the near future. While the DPDP Act came into effect in 2023, everyone acknowledges that it will be a work in progress. The same can be said for AI regulations, and at the moment, the industry has sought a self-regulation environment to protect AI innovation.

The criticality of data in AI means that we have not even begun to scratch the surface of how AI regulations will intersect with the DPDP Act.

But before we get to these more complicated areas of policymaking, it’s pertinent to create the right framework for digital commerce and platform economy to cover the more fundamental aspects of businesses in this space.

Ecommerce policy has always been a bit of a chaos in India with Press Notes and disparate acts governing how businesses are run. For the past half a decade, stakeholders have asked for a unified policy governing the entire digital commerce value chain. Bringing this into play in 2025 will definitely be a gamechanger for ecommerce, which underpins several other sectors.

The post National Startup Day 2025: A Time To Recalibrate For The IPO Age appeared first on Inc42 Media.

India’s AI ecosystem has undergone a major shift in the last few years, especially with the advent of GenAI. The rapid evolution of this space has not only sparked innovation across industries but also raised pressing concerns about the ethical implications of the use of AI.  

Therefore, the Ministry of Electronics and Information Technology (MeitY) recently introduced AI governance guidelines as part of its ambitious INR 10,371.92 Cr IndiaAI Mission. 

Under the IndiaAI Mission, the Centre has formed an advisory group, chaired by the principal scientific advisor, to undertake the development of an ‘AI for India-Specific Regulatory Framework’. 

Under the groups’ guidance, a subcommittee on ‘AI Governance and Guidelines Development’ has been asked to provide recommendations for AI governance in India. 

Currently open for consultation, the report has called for transparency, accountability, deployment of a “fair and inclusive” AI system, and the importance of human oversight, among others.

Meanwhile, industry stakeholders Inc42 spoke with seemed cautiously optimistic. While some worry that impending regulations could stifle growth, many see these guidelines as essential for fostering innovation.

Now, before we delve deeper, let’s take a look at the recommendations:

• MeitY and the principal scientific adviser have been tasked to establish a mechanism to coordinate AI governance across sectors.
• A technical secretariat is to be established to serve as a technical advisory body and coordination focal point.
• The technical secretariat should also establish, house, and operate an AI incident database as a repository of problems experienced in the real world that should guide responses to mitigate or avoid repeated bad outcomes.
• To enhance transparency and governance across the AI ecosystem, the technical secretariat should engage the industry to drive voluntary commitments on transparency across the overall AI ecosystem.
• The technical secretariat should examine the suitability of technological measures to address AI-related risks.
• Recommendations are in place to form a sub-group to work with MeitY to suggest specific measures that may be considered under the proposed legislation like the Digital India Act (DIA) to strengthen and harmonise the legal framework.

What’s The Need?

In the AI governance guidelines report, MeitY said, “AI refers to a range of technologies which can be used for both harm and good. Governing the use of AI is driven by the need to minimise risks and harms.” 

The report also touches upon the challenges associated with governing AI. For instance, it notes that it can be difficult to understand how different components within an AI system interact with each other and which specific component is responsible for any potential harm caused. 

Building upon the various AI governance guidelines designed and suggested in India since 2016 by agencies, including NITI Aayog and Nasscom, MeitY has further proposed a list of AI governance principles in the report. 

These principles have stressed the need for transparency, accountability, fairness and non-discrimination, and inclusive and sustainable innovation, among others.

Jaspreet Bindra, CEO of AI&Beyond, sees these guidelines as a framework for enterprises to align with ethical AI practices while navigating India’s socio-economic context. However, the absence of robust laws leaves challenges like deepfakes unaddressed.

Last year’s general elections highlighted these risks, with AI-generated content spreading misinformation on social media. The report stresses the need for “digital by design” governance to modernise systems and tackle such issues effectively.

Harsh Walia, partner at Khaitan & Co, notes that the two key expectations of the report are implementing tools to enhance accountability and traceability.

Walia said that these recommendations largely align with existing industry best practices, particularly for entities that already prioritise transparency, safety, and accountability in their AI-related operations. 

As a result, these guidelines are not expected to drastically change the internal policies of these entities, but they highlight the importance of adopting proactive, ethical governance measures that align with India’s evolving AI ecosystem.

He added that the techno-legal approach, as highlighted by the government, offers advantages, including scalability and efficiency, enhanced monitoring capabilities, and risk mitigation.

Notably, India has already seen success with this approach in various sectors. For instance, SEBI employs AI tools for data analysis to improve surveillance and combat money laundering practices. Additionally, telecom service providers use AI-powered filters to detect and block spam calls and messages, protecting consumers from fraudulent activities. 

“Integrating governance technology tools, as envisioned in the report, ensures that governance frameworks are not only robust but also adaptable to emerging challenges,” Walia added.

A Sharp Focus On Copyright Protection

MeitY’s AI governance guidelines have also paid special focus on the perils of training AI models on copyrighted data, which is a major issue that the world is currently grappling with.

It is important to note that in recent years, multiple litigations have been filed by content-producing and publishing companies against top AI companies for training their models on copyrighted works. 

In 2023, the New York Times filed a copyright infringement lawsuit against Microsoft and OpenAI in the US. The bone of contention for the leading global news organisation was OpenAI’s “unlawful use” of its work to create artificial intelligence products. 

Similarly, Getty Images started legal proceedings against Stability AI last year. In addition, comedian Sarah Silverman and a few other authors sued Meta and OpenAI for using their books without permission to train AI models.

According to IndiaAI Mission’s latest report, “Given that the copyright law grants the copyright holder an exclusive right to store, copy etc., creation of datasets using copyrighted works for training foundation models, without the approval of the right holder can lead to infringement.”

However, the report also points out that since copyright protection requires ‘human authorship,’ it is unclear whether works created using foundation models are eligible for copyright under current laws.

“By proactively creating appropriate guidance, the relevant authorities (Copyright Office and the Ministry of Commerce & Industry) can provide certainty and clarity to the users as well as to other government authorities who may otherwise adopt inconsistent practices. A consultation of what would be appropriate guidance to clarify whether and to what extent creative works generated by using foundation models can be eligible for copyright protection might be useful,” the report said.

The Challenges Ahead

From identifying the issues in each stakeholder to keeping the regulations relevant in a fast-evolving ecosystem like AI, the challenges to implementing a regulatory framework around this technology are multifaceted. However, the existing IT laws can help to set a few fundamental grounds to fight against the malicious sides of the tech.

Per the report, there are existing legal safeguards/instruments to protect against the misuse of foundation models for creating malicious synthetic media. 

Depending upon the context and negative effect of the malicious synthetic media in question, multiple laws such as the IT Act, Indian Penal Code (IPC), Prevention of Children from Sexual Offences Act, 2012, Juvenile Justice (Care and Protection of Children) Act, 2015, Digital Personal Data Protection Act (DPDPA), and others can apply.

Khaitan & Co’s Walia said that one of the primary challenges in developing and deploying AI is the risk of compromising user privacy and data confidentiality, which DPDPA addressed by implementing a consent-based model for personal data processing. 

The act’s technology-neutral design makes it applicable to all emerging technologies, including AI-driven innovations, he said.

However, Walia said, “While the report acknowledges that the existing legal framework is adequate, it does not specify the measures needed to enhance its implementation. From a business perspective, although self-regulation is appreciated, businesses would benefit from clearer guidance on the practical application of regulatory norms.”

Meanwhile, the founder and CEO of GenAI startup Avaamo, Ram Menon, believes that while the initiatives by the working committee of the Indian government are noble, trying to mandate how a fast-moving technology like AI is built, created, and implemented is the wrong approach. 

“The guidelines could prove obsolete in a couple of months. The public, however, could be well served if the government focussed on how AI will impact consumers and the public,” Menon added.

He has suggested a more nuanced approach, for instance, how to handle bias in AI models when disbursing loans or other financial products. According to him, the focus should be on controlling and normalising outcomes that affect consumers due to the deployment of AI technology rather than over-regulating its development processes.

Come that as it may, as the country tries to balance innovation and regulation, these guidelines make for the essential initial first steps in ensuring that AI’s transformative potential is harnessed responsibly and sustainably.

[Edited By Shishir Parasher]

The post How MeitY’s Draft AI Guidelines Ensure A Transparent Route Towards Accountable Innovation appeared first on Inc42 Media.

Google-backed spacetech startup Pixxel is set for the launch of the first three hyperspectral imaging satellites of its Firefly constellation aboard a SpaceX rocket from California on Wednesday at midnight India time. 

The launch will be keenly watched in India as besides Pixxel, two more startups – Digantara and XDLINX – will also be reportedly launching their satellites aboard the same rocket.

The launch of Pixxel’s satellites is an important milestone for the country’s burgeoning spacetech industry, as this will be the launch of India’s first private satellite constellation.

The satellites are aimed to be placed at roughly 550 km, orbiting in a sun-synchronous orbit. As per the definition of the European Space Agency, sun-synchronous orbit (SSO) is a kind of polar orbit in which satellites are in sync with the Sun.

In an interaction with Inc42 in July 2023, Pixxel’s founder and CEO Awais Ahmed had said that Firefly is a 24-satellite constellation, of which, the first six would be launched in 2024. However, due to various reasons, the launch was delayed.

To dig deeper into the path to the launch of the first three satellites happening tonight—challenges, significance, market opportunity, and more—we spoke to Ahmed and Pixxel cofounder and CTO Kshitij Khandelwal. 

However, what intrigued us the most is that the Indian spacetech startup chose SpaceX over ISRO. What could be the reason?

Here are the edited excerpts…

Inc42: What is the significance of launching in a sun-synchronous orbit at a 550 km altitude?

Awais Ahmed: Satellites in the sun-synchronous orbit are synchronised with the Sun. In most cases, we hear about geostationary satellites, which are stationary with the Earth. These are mainly communication satellites. If we launch a geo satellite just over India, it’s always over India. It doesn’t change its location with respect to the Earth.

This also means that if I’m taking an image of Bengaluru today at 11 AM, the next time that I will take an image of Bengaluru will also be exactly at 11 AM. Similarly, if I’m taking an image of London, then that’s also going to be around 11 AM. 

So, as the satellite continues to move, its motion is synchronised with the Sun regardless of where it is taking an image. This allows the images to be always uniform, given that lighting conditions remain the same.

However, there is no particular significance of launching the satellite at 550 km altitude.

Inc42: What is the reason behind choosing SpaceX over ISRO for the launch? Also, what are the perks and challenges of working with SpaceX?

Awais Ahmed: The reason for choosing SpaceX was more from a timing point of view. Since our satellites were ready, we wanted to launch them without any delay. 

As mentioned, our satellites have to be at around 550 km altitude because that’s where it is designed for. It needs to be in a sun-synchronous orbit. 

However, ISRO has not had a launch that fits these parameters in the last year and nothing is on the cards for the next three quarters. 

SpaceX was just a convenient choice because our satellites were ready and we didn’t want to wait too long to launch them, which could have also hindered our revenue generation. 

So, the main reason was that SpaceX provided a faster launch window and was also slightly cheaper.

Inc42: Isn’t it costlier to launch with SpaceX given that your satellites are manufactured in India?

Awais Ahmed: Transportation costs make for a tiny fraction of the total programme cost and do not have any significant impact on the budget. 

Waiting for three quarters and delaying revenue generation would have cost us way more than shipping it to the US.

Inc42: How much are you spending on the launch of the first three satellites of the Firefly constellation?

Awais Ahmed: SpaceX charges about $6,500 per kg rideshare for payload. Now, each of our satellites weighs around 60 kg, making it a total payload of 180 kg. This cost involves everything from loading the satellite on the rocket to putting them in orbit.

Inc42: When we spoke in 2023, you were planning to launch these satellites in 2024. What’s the reason behind the delay in the launch?

Awais Ahmed: It’s usually hard to build things that go to space, and we can’t repair things once they are launched. Therefore, we decided to take a few additional months to test the software and hardware, keeping in mind all the contingencies that might come up. 

So, yes, initially, we were supposed to launch it around June or July of 2024, which then got shifted to around November 2024. Then, SpaceX’s launch got delayed by a couple of months. That’s why the launch is happening now in January.

Inc42: You are planning to launch three more Firefly satellites in the next two to three months. Are you expecting any hurdles? Also, could there be any deviation from the plan on January 15?

Kshitij Khandelwal: Obviously, things can go wrong at any time, but generally, we are quite prepared to handle all of them. There are a whole bunch of things that have contingency procedures when it comes to the launch. 

We have three satellites in the office today, three are on the rocket. The idea is that once the first launch happens, we will be shipping the other three satellites to the launch site. 

Then the other hurdle is fuelling the satellites and making sure all the pre-launch checks are done properly. There’s a lens cap on the satellite, we have to remove that as well. Then, after the launch, we need to ensure that we are connected to the satellite to get our images.

We have been working on these missions for more than two years now. So, there’s a lot of work that has already gone in. 

There are a bunch of tests that we have been doing for the last few months. We carried out tests at the launch site. Sometimes it depends on the weather if the launch window is met or not. But based on the current forecast, it’s quite optimistic at the launch site, so it does not look like we’ll have any deviations.

Inc42: How significant is the launch for the Indian spacetech ecosystem?

Kshitij Khandelwal: There are a lot of signs that point to the fact that in the last three to four years, the Indian space ecosystem, especially the private sector in it, has seen very different colours. 

The Indian government has been openly supportive of private companies and the successful launch is emblematic of the effort that has gone into the project in the last two to three years.

For us, it’s the start of a lot of things as a company. Being a company that employs roughly 200 people, it is definitely a moment of pride.

We are quite sure the industry needs such success stories to grow further so that more funding can make its way into the ecosystem, coupled with a more confident government about its spacetech prowess.

Inc42: How significant is the launch for the global market, given that Pixxel has competitors outside India, too?

Awais Ahmed: It is India’s first commercial constellation and also the world’s highest-resolution hyperspectral constellation. So, we are launching the world’s first truly hyperspectral satellite constellation. 

While there are competitors, what separates us is our ability to provide a 5-metre resolution. That is why it is a great moment globally as well when we compete based on the quality of our hyperspectral data. 

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Zomato and Swiggy walk into a bistro, ask to see the menu and the kitchen, have a ‘Snacc’ or two while taking a peek into the sales register, and simply walk out. That would be the beginning of a joke, except restaurants aren’t happy about being the punch line.

Even though both giants have clarified that Bistro and Snacc, their new food delivery models, are not competing with restaurants, this just masks how they both arrived at these models.

If we have to believe the claims of these two giants, they both launched identical 15-minute food delivery products without relying on the playbooks written by other restaurants that have worked with them over the years. That seems a little too hard to digest, especially as the writing was on the wall already for the past few months.

Whatever said and done, this is the new battlefield for Zomato and Swiggy, as the two companies enter another phase in their longstanding rivalry. We dive into the cafe wars this Sunday, but after a look at the top stories from our newsroom this past week:

• The Best Of 30 Startups: We covered 300 startups throughout 2024 in our 30 Startups to Watch series, and to wrap up the year, here’s a look at the best of the best from the past year. See who made the cut
• Zoomcar’s Challenge: Interim CEO & COO Hiroshi Nishijima outlined a three-pronged strategy to address Zoomcar’s woes and improve cashflow and settle debt. Can he script a turnaround?
• Fintech View In 2025: Although the fintech ecosystem jumped plenty of regulatory hurdles over the years, the sector is likely to see lesser compliance related challenges in 2025 thanks to the maturity reached in 2024

The New Face Of Food Delivery

On the face of it, the 15-minute delivery services seem new and fashionable, but in reality they have been in the making for the past year.

Swiggy and Zepto both launched ‘cafe’ services in Bengaluru and Mumbai respectively way back in 2023, but neither of these experiments took off in any meaningful manner. It was only after the success of quick commerce models after this point that added more conviction to these models.

Since mid-2024, plans for cafe delivery operations went into overdrive. Here’s a brief look at the chronology:

• Swiggy launched 10-15 minute delivery services under the name Bolt in October. But unlike Snacc or Bistro, this utilised existing restaurant partners on Swiggy’s platform
• Zepto then announced that it is separating Zepto Cafe from the main app and spinning it off to scale it up away from the quick commerce operations
• Zomato followed up with 15-minute food delivery model from restaurants in a 2 km radius similar to Bolt
• Then Swiggy launched Snacc also selling fast food, beverages and prepared meals from nearby locations
• And Zomato-owned Blinkit then did the same with Bistro, similar to both Zepto Cafe and Snacc
• Besides this, we saw the launch of individual delivery startups such as Bengaluru-based Swish, and most recently Zing in Gurugram
• Moreover, the likes of Magicpin and Ola Consumer have also launched quick food delivery leveraging the Open Network for Digital Commerce

This has created a huge groundswell for instant food deliveries and given a new headache for restaurants. Not only do they have to partner with the likes of Zomato and Swiggy, but also compete with them to a certain extent.

Swiggy claims that Bolt contributes 5% to its overall food delivery volumes with availability in over 400 cities. Zepto CEO Aadit Palicha claimed Zepto Cafe order volumes have grown from 30,000 orders per day in December to 50,000 orders in early January.

Blinkit CEO Albinder Dhindsa clarified that parent company Zomato will never launch private brands on the main app to compete with its restaurant partners, which is why the Bistro app is launched by Blinkit and is separate from the Zomato app.

Restaurants Raise Alarm Again

But this seems like a thin explanation when one considers that Zomato and Bistro are both under the same roof, and will naturally share plenty of resources and knowledge. If nothing, Bistro will benefit from Zomato’s expertise and talent depth in food delivery.

Dhindsa also claimed that the company won’t be using the Zomato app to market its newly launched 10-minute food offering Bistro.

The Blinkit CEO was responding to concerns raised by the National Restaurant Association of India (NRAI) in light of the 10-minute delivery models. The group is said to be in the process of approaching the Competition Commission of India (CCI) to seek intervention and prevent the creation of private labels by Zomato and Swiggy.

Dhindsa’s clarification is not likely to soothe these nerves. He further added, “All the companies innovating with us on Bistro also work with a number of restaurants and our success at Bistro has the potential to add value for the entire food & restaurant ecosystem.”

Just a few days ago, NRAI even requested the government of giving industry status to the food services sector, to ensure fair play for restaurants, delivery partners as well as consumers against potential exploitative practices of foodtech platforms.

The NRAI is no stranger to taking on the two giants and in the past we have seen the group rally against loyalty programmes and deep discounting. The association previously alleged that the food delivery giants engaged in anticompetitive practices such as bundling of services, exorbitant commissions, delayed payment cycle and imposition of one-sided clauses.

Now the group claims that food delivery giants have access to crucial consumer data but do not share this information with restaurant partners, and are leveraging this data to launch new verticals that compete with restaurants.

Are Zomato, Swiggy Playing It Smart?

Market analysts question the financial viability of these models, because even quick commerce as it stands today does not have a healthy track record of profitability. And that’s with groceries and essentials.

Zomato and Swiggy are betting that new-to-delivery consumers would prefer Bistro or Snacc as a quick experiment and get habituated to online food ordering and graduate to the core app eventually.

But this journey is fraught with a number of points where the consumer could just drop off and never return. Squeezing more deliveries out of potentially overworked delivery workers is also a major problem.

It might suit these companies from the point of view of unit economics, but gig workers are the backbone of delivery services, and any stress here could have a cascading effect on other delivery operations as well.

What the cafe model does offer is a way to shorten the profitabilty timelines of existing dark stores, particularly in high volume cities. As a standalone business, one foresees problems such as low average order value and low retention of users.

If this weren’t enough the three major quick commerce players — Zepto, Blinkit and Swiggy Instamart — have all come under the scanner for their rapid expansion and how this has impacted smaller grocers and retailers in metros and Tier I cities.

We foresee a slew of regulations in 2025 to address this rapid expansion and its impact on the retail FMCG space over the past years. Incidentally, some startups are currently building quick commerce platforms with different models such as a clear retail presence, that might circumvent some of these concerns.

Will the likes of Blinkit, Instamart and Zepto also resort to physical stores in the near future to mitigate the potential regulatory risks?

Sunday Roundup: Tech Stocks, Startup Funding & More

• Funding Bump: Over the past week, Indian startups saw a big uptick in capital infusion more than $432 Mn raised by startups across 20 deals, led by Innovaccer’s $275 Mn round
• upGrad Cofounder Floats New Venture: Mayank Kumar has launched a new talent mobility startup, BorderPlus. The new startup claims to help employees in India land “nursing” jobs in healthcare facilities in Germany

• Ola Electric Vs CCPA: The Central Consumer Protection Authority (CCPA) continues to tighten scrutiny around Ola Electric, and sought more information in connection with an investigation into the company
• Rishen Kapoor Returns To Peak XV: Months after the shutdown of his SaaS startup Toplyne, cofounder and CEO Rishen Kapoor has joined back Peak XV Partners to look at early stage deals

The post Zomato, Swiggy Put Cafe Wars In Overdrive appeared first on Inc42 Media.

Grappling with operational uncertainties and mounting debt, Nasdaq-listed rental car marketplace Zoomcar seems to be on track to resolve some of its troubles. In a statement on Thursday (January 9), the company claimed to have attained its “highest-ever” unaudited and unreviewed contribution profit in December 2024. 

The Bengaluru-based company claimed to have realised a contribution profit of $495K in the month, which it says was sufficient to cover its operational costs in India. The company attributed the upticks in its financials to 17% growth in bookings in December. 

It is pertinent to mention that these are Zoomcar’s estimates and are subject to revision until it reports its full financial and business results for the third quarter of the fiscal year 2024-2025 (Q3 FY25) on February 12.

Founded in 2013 by David Back and Greg Moran, Zoomcar operates a one-stop shop platform for renting self-driving cars. It connects car owners with guests, who can choose from a selection of cars for use at affordable prices. The company listed on Nasdaq in December 2023 via a SPAC deal.

In the September quarter of 2024, Zoomcar managed to cut its consolidated net loss by 72.9% to $3.35 Mn from $12.40 Mn in Q2 FY24. Meanwhile, its revenue also dipped 16.7% year-on-year (YoY) to $2.23 Mn in the quarter from $2.68 Mn in the September quarter last year.

This was the third straight quarter of decline in revenues. Besides, the company also saw significant changes in its top deck, as well as its offerings, in 2024. Things were so bad that Zoomcar said that it was unsure of its future at the end of the September quarter. 

All of these also resulted in a sharp decline in the company’s share price. On Thursday, the stock was trading at $1.78 on the Nasdaq.

So, how is the company dealing with its turmoil? In a conversation with Inc42 last month, Zoomcar’s interim CEO & COO Hiroshi Nishijima outlined a three-pronged strategy to address the challenges — improve cashflow, repay debt, and reduce expenses. 

Fixing The Financial Health

On November 14, Zoomcar informed the SEC that it has “substantial doubt” about its ability to continue as a going concern. It reasoned that it posted a loss of $5.88 Mn loss in the six months ended September 30, 2024 and had a negative working capital of $35.02 Mn. 

Further, it also pointed out its inability to pay back its financial creditors as a major concern. Nishijima, who assumed the role of CEO in June 2024, said that he has been focussing on improving the cashflow of the company by increasing the total number of transactions processed by Zoomcar. 

“I understand that we need to grow our revenues as a listed company. But from a priority point of view, the major concern is to grow the number of bookings. For this, our major strategies include slight discounts in our prices and promoting shorter duration bookings,” he said.

He added that the company’s average booking duration was about two days before June 2024, and shorter duration bookings can help make more profits.

When a car is rented for a lesser number of hours, it can cater to multiple users per day. To bring in more customers, Zoomcar has been offering different forms of discounts over the last year, including a joining discount of 10%. 

Moreover, Zoomcar has brought down the costs for short-term bookings to just INR 499 for 4 hours as opposed to an average cost of INR 3,200 for renting a car for a day. The interim CEO claimed that this helps the company build an initial connection with their customers. To build a lasting relationship, Zoomcar has introduced bigger discounts on second-time bookings. 

Meanwhile, the company has also been undertaking multiple experiments with its product stack in recent times. Last month, it forayed into ride hailing services with the pilot launch of Zoomcar Cabs in Bengaluru. In November 2024, it launched a subscription service to offer users self-drive cars for extended periods, starting with a minimum 7 days to more than 30 days.

Nishijima said that the focus on short duration bookings is only for the short term, as the company would revise the prices once it is able to cover its recurring expenses. As of December, he said that the company was making profits from every booking. 

But, he refused to give an approximate timeline by which Zoomcar can post an EBITDA positive quarter. 

Plans To Repay $35 Mn To Investors

Despite the slight uptick in its cashflow, Zoomcar’s management arrived at the conclusion in November that the company would not have sufficient funds to meet its obligations within a year if it failed to raise additional funding.

To tackle this, Zoomcar is looking to raise an external funding of $30 Mn to meet its financial obligations till November 14, 2025. Of this $30 Mn, the company raised $9.15 Mn via private placement in November 2024. 

Nishijima informed that the company was in ongoing discussions with its business partners to reschedule the debt payment in a “mutually agreeable way”. 

Zoomcar is likely to raise the remainder of the amount in tranches, the interim CEO said. The sizes of these tranches would depend on how the talks with its partners pan out. He added that the company is banking on improvement in its business for this. 

“From the business partners’ point of view, if they strongly believe that this company will turn around the situation, Zoomcar will bounce back and sustain for a long time. Given that our business has actually improved in the last six months… many of our partners, especially whose outstanding amount is big, have agreed for the discussions to reschedule payments,” he said.

Stability In The Top Deck

As its troubles rose, Zoomcar also saw a number of exits at the top level. In June 2024, its board decided to terminate the employment agreement of its cofounder and the then CEO Moran. 

“On June 20, 2024, Greg Moran, the company’s chief executive officer, was terminated from his role. Pursuant to Mr. Moran’s employment agreement, Mr. Moran is required to resign from the board of directors of the company (the “Board”) as a result of such termination,” the company said in a filing.

Following this, Moran filed a case in a US court against Zoomcar, Sternaegis Ventures and Aegis Capital Corporation, alleging that he was dismissed from his position without any specific reason. He also claimed that he did not receive the compensation due to him, which amounted to more than $238K. 

A month after Morgan’s exit, Zoomcar also bid farewell to its president Adarsh Menon. He put in his papers within six months of joining the company in July. Besides, its chief financial officer Geiv Dubash also left the company in June 2024 after a near three-year stint. 

Nishijima claimed that the two departures after Moran’s exit happened on an amicable note. Moving forward, he foresees stability in the leadership team, which would help the company improve its state of affairs. 

“Now our leadership team is shaping out to be like a long-serving, homegrown leadership team,” he said.

[Edited By Vinaykumar Rai]

The post Can Hiroshi Nishijima’s Strategy Bring An End To Zoomcar’s Financial Woes? appeared first on Inc42 Media.

When the Indian government clamped down on the crypto sector’s freewheeling spirit in 2022, several homegrown startups flocked to foreign jurisdictions such as the US, the UAE, and Singapore for better access to capital and smaller tax bills.

However, this trend, known as ‘flipping’, first began in the 2000s, when many Indian companies packed their bags and moved abroad to list on foreign exchanges like the Nasdaq, seeking higher valuations and a wider base of investors.

For the last two decades, this has been a common practice among Indian unicorns. These companies transfer ownership to a foreign entity and set up a wholly-owned subsidiary in India, while their operations and market focus remain in India.

In recent times, however, the startup ecosystem has seen the emergence of a counter-trend, known as ‘reverse flipping’. An increasing number of new-age tech companies domiciled abroad are now queuing up to return home as they look to capitalise on the boom in India’s economy, access to a bigger pool of investors, better initial public offering (IPO) prospects, and favourable government policies.

In 2024, Groww was among the biggest names to move domicile to India. This trend is expected to further accelerate in 2025 as new-age tech ventures look to expedite ‘Desh Wapsi’ plans with an eye on public listing. 

Reverse Flipping: The New Startup Normal?

Last year, 13 new-age tech companies made their Dalal Street debuts, raising a record INR 29,000 Cr+ via the Indian public markets.

Inc42 predicts that this IPO wave will continue in 2025, with at least 20 homegrown startups eyeing a public listing, including omnichannel jewellery brand BlueStone, EV maker Ather Energy, edtech company Physics Wallah, Bhavish Aggarwal-led Ola Consumer, among others.

Amid this IPO boom, ecommerce giant Flipkart, fintech unicorn Razorpay, quick commerce unicorn Zepto and fintech company Pine Labs are eyeing a ‘desh wapsi’ in 2025 ahead of their eventual public listings.

Among other homegrown players looking to move their corporate headquarters back to India from foreign countries are ecommerce major Mensa Brands, B2B ecommerce unicorn Udaan, edtech firm Eruditus, customer engagement and retention startup CleverTap, and Peak XV Partners-backed digital banking startup Freo. Many of these plans are expected to be formalised this year.

It is pertinent to mention that Walmart-backed PhonePe became the first major new-age tech company to shift its domicile back to India in 2022. However, the reverse flip cost a fortune as PhonePe’s investors had to pay INR 8,000 Cr to the Indian government.

Similarly, investors of Groww suffered a tax hit of INR 1,340 Cr in the US when the fintech unicorn returned home last year.

Why Indian Startups Are Returning Home

So, the question is what is prompting new-age tech companies to move base to India despite the high costs? According to Inc42’s annual investor survey for 2024 “The Pulse Of Tech”, 78% of the over 75 surveyed investors said that access to the Indian public markets is the primary reason behind the ‘reverse flipping’ trend in the startup ecosystem.

New-age tech IPOs are receiving a warm response in the Indian stock market and the investor base has grown considerably over the past few years. The surge in activity in the broader IPO market and the positive performance of the already listed new-age tech companies has made India a natural choice for companies to go public.

Besides, 35% of surveyed investors said that startups are considering reverse flipping as it would give them better access to their Indian customer base.

Take, for example, IPO-bound fintech major PhonePe. The digital payments giant has its largest user base in India with over 575 Mn registered users and a network of more than 40 Mn merchants. So, it made sense when the company shifted its base back to India in 2022.

Similarly, quick commerce unicorn Zepto has an active user base of over 15 Mn in the country and earned all its revenue of INR 4,454 Cr from its India operations in FY24. 

Meanwhile, 33% of surveyed investors believe that lower operational costs are motivating startups to join the reverse flipping parade. 

The overall ease of doing business has also improved in the country over the last decade, helped by reforms across sectors such as infrastructure, finance, and manufacturing. 26% of investors surveyed by Inc42 said that this improvement in ease of doing business is driving homegrown startups to relocate their headquarters back to India.

15% of surveyed investors cited regulatory hurdles in foreign jurisdictions as an enabler of the reverse flipping trend. This comes at a time when the Indian government has also fast-tracked the approval process for the merger of a startup incorporated outside into its wholly owned Indian subsidiary.

While much more needs to be done, the work undertaken by authorities on easing the reverse flipping process seems to be showing results. As such, 2025 can be a watershed year when redomiciling back to the country reaches new heights.

[Edited By Vinaykumar Rai]

The post Most Startup Investors See IPO Mania Fuelling Reverse Flipping Trend In 2025 appeared first on Inc42 Media.

Investors expect a bullish year ahead for startup funding, but that doesn’t necessarily mean a great 2025 for venture capital (VC) funds and private equity firms in India.

Our Indian Tech Outlook 2025 series has delved into individual sectors such as GenAI, fintech, edtech, ecommerce and gaming, all of which are likely to throw up a few surprises for Indian VC funds and startups investors.

The mood in the ecosystem has certainly lifted after 2024, which showed more signs of maturity in terms of public listings, a push towards profitability, the propensity of consumers to pay more for services, as well as the rapid rise of new models such as quick commerce which are giving a new lease of life to relatively older sectors such as ecommerce, logistics tech and delivery services.

But as we turn the spotlight to VC funds in India, there’s still a lot of churn in the pool. We know that the past two years have seen a number of new funds emerge, with a lot of dry powder waiting to be deployed in the Indian startup ecosystem.

VC Funds In India: The Trajectory In 2025

For one, the exodus of partners and fund managers has led to a dearth of experienced talent at some of the most prominent funds in India. As a result, a lot of the legacy funds are in the process of consolidating leadership and establishing new decision makers.

This has fuelled the launch of new funds, but most of these funds are going after the same pie — early stage bets and a sharp focus on AI. Many of these funds are built in a micro VC mould, which has created a new glut of investors in the market, and a lot of the froth will separate from this mix in 2025.

The other big hurdle of 2024 was the increased compliance burden on Indian venture capital funds — particularly with regards to the certification compliance that will come into effect from May 2025.

This has complicated operations at VC funds, as we covered towards the end of the year, but has coincided with fund closing cycles at some of the legacy firms that have been active since 2012 and 2013.

All these factors have come at a time when pre-IPO rounds and secondaries have become the flavour for larger funds. But it’s also created a tunnel vision around exits and fears around the bubble bursting.

That’s what’s bubbling on the surface — let’s dive deeper into how the VC ecosystem is changing as we step into 2025.

Pre-IPO Rounds Become Late Stage Engines 

As we have recounted in our review and outlook series for a number of sectors, the nature of pre-IPO rounds is fast evolving. In fact, at the late stage, many rounds can now be categorised as pre-IPO, seeing as they often come with exit conditions.

As per our conversations with investors, startups are now looking to raise a significant round without an eye on the valuation, with promises of an IPO in the next two years. But this means that investors are scrutinising the use of funds more closely, akin to how it happens in the public markets.

Besides being crucial liquidity events for early investors, these late stage rounds are helping companies build stronger foundations before going public.

Startups are also being compelled to be more compliant with filing and disclosure norms by investors that are infusing funds at the pre-IPO stage. This has resulted in a shift in the hiring patterns as well, with most investors now being engaged to rope in experienced finance and operations professionals, rather than splurging money on tech talent.

While earlier the likes of BYJU’S, OYO, Meesho, PhonePe, Paytm, CRED, Ola Cabs and other large unicorns raised mega rounds at Series E or Series F stages, the pre-IPO wave has all but erased these stages from the market.

Domestic Funds Turn To QIP Route

On the institutional front, QIPs are emerging as a competitive front with notable examples in 2024 —  Zomato’s INR 8,500 Cr refuel, Nazara’s INR 855 Cr preferential placement or Zaggle’s INR 595 Cr QIP.

Overall, more than INR 1 Lakh Cr was raised by listed companies through QIPs in 2024. In 2025, we expect several such QIPs from the cohort of new-age tech companies that went public between 2021 and 2023.

The primary factor is the high degree of liquidity in the mutual fund industry, which has recorded positive net equity inflows every month since March 2021. SIP contributions crossed INR 2,500 Cr mark  for the first time in October. Adding to this, the bullish market has stretched valuations, which is enabling promoters to dilute their equity for greater value than raising debt.

As of today, the market is still favourable for high valuations as indicated by the premium earned by MobiKwik, BlackBuck and Swiggy towards the end of 2024. This only adds to the notion that more companies will be lining up for the domestic institutional capital through QIPs.

Indian VC Funds See Big Spurt In Strategic M&As 

After a 20% spike in funding for the year in 2024, the next year is expected to see an even bigger jump. But when it comes to M&As the picture was bleak in 2024.

What might change in 2025 is the focus on strategic bets that could unlock value down the line for listed companies and large scaled-up startups that may have IPO plans in the pipeline.

Mergers and acquisitions fell to an all-time low since 2014, there is a consolidation wave imminent as listed new-age companies with healthy cash reserves look for the right deals. The capital flow is heavier towards public markets, which has tilted the M&A market.

Another factor that potentially adds to this notion is the rise in private equity (PE) activity in India. Between January and November 2024, the total PE inflow nearly touched $31 Bn across more than 1,000 deals. Startups in healthcare, green energy and manufacturing sectors are said to be on the radar of PE-backed corporations and conglomerates.

No Stemming The Secondary Deals Wave

The year 2024 witnessed a wave of secondary deals in the Indian startup ecosystem as VCs offloaded stakes via such deals in multiple startups like Capillary, ixigo, Urban Company, Porter, Pocket FM, among others.

Amid the increase in secondary transactions, startup founders also saw a jump in the interest in secondary deals. As per Inc42’s annual survey, 60% of the 100+ surveyed founders revealed that investor interest in secondary transactions “increased” in 2024.

Up to 35% of the surveyed founders said they see a “moderate” increase in interest for secondary transactions, 25% saw “significant increase” in interest from investors for such deals. This indicates that VC and PE firms are keen on backing well-established new-age tech companies and don’t mind entering the cap table later in the game.

Expect more such deals as funds from the 2012-2013 vintage reach expiry dates in 2025, and VCs look to offload their portfolio to return funds to the LPs.

New Models, Structures In The AIF Cupboard

When Peak XV Partners announced a new fund called Peak XV Anchor Fund with capital from its internal balance sheet, many saw it as a signal of how things will evolve for some of the more mature VC firms in India.

In Peak XV’s case, the launch of the evergreen or rolling fund allows the firm to stretch beyond its current mandate of focussing only on India, and allows it to pursue a legacy even more removed from Sequoia Capital in the US after the two entities separated in 2023.

It would not be a surprise to see other legacy firms pursue a similar structure to launch rolling funds, especially after realising gains from exits from IPOs in 2024.

Rolling funds reduce the burden on fund managers to raise new funds and engage with LPs as the firm invests through its own profits, and makes it easier for funds to find coinvestment partners in non-core sectors or geographies.

In addition to new structures, some funds in India have also implemented unique fee models more suited for the needs of the Indian market and Indian LPs. Expect more such models to come to the market as funds try to build competitive moats to raise funds from LPs.

Niche, Micro VC Funds To Continue Chasing AI High

The AI boom has not only turned the heads of entrepreneurs, but also experienced (and not so experienced) general partners (GP) and fund managers.

Typically speaking, micro VC funds are set apart by the fact that they have a special focus or a highly evolved thesis, thanks either to the fund manager’s expertise in a particular niche or whitespaces in the market. In 2025, AI is still a white space, given that there’s still plenty of headroom for innovation and maturity, especially in India.

Data shows that the number of new funds in India has seen an exponential growth over the past three years, and a lot of the activity is geared towards the early stage, where micro VC funds have become a distinct category similar to angel funds.

A lot of this is down to the all-new opportunity that’s opened up in the wave of the GenAI revolution, but it’s not just native AI companies raising the funds. Those with a data advantage are leveraging investor interest to pitch niche models that could solve vertical-specific challenges or target non-sophisticated consumers.

AI’s spillover impact will also be seen in fintech, SaaS, ecommerce, consumer services and healthcare, and startups in every sector are now looking to position themselves as AI-first.

With the micro VC boom, have come fears of a frothy market, where inexperienced GPs are looking to cash in on the buzz. While we are not yet in a bubble, having a glut of investors and not enough depth in the market could result in a few issues around due diligence towards the end of 2025.

The post Indian VC Funds In 2025: New Faces, New Models And New Horizons   appeared first on Inc42 Media.

Where do the events of 2024 leave India’s fintech ecosystem? 

While the fintech opportunity is said to have grown 6X in the past ten years, the incessant regulatory challenges as well as concerns around profitability have hamstrung even the most scaled-up and capitalised companies. 

Prominent examples from the past year include the derailing of Paytm’s banking arm after the RBI intervention on compliance lapses, while Sachin Bansal’s Navi Finserv saw a disruption in its lending business due to similar action against digital lenders.

On the other hand, changes by SEBI left the likes of Groww and Zerodha staring at a bearish future. 

When it comes to the fortunes of PhonePe, CRED, Google Pay and others, profitability is the single-biggest hurdle in the way, even as the UPI opportunity has grown beyond Indian territory and expanded overseas. 

Fintech Predictions For 2025

Considering the mixed bag that was the past year for Indian fintech, will we see the scales tilt towards a particular outlook in 2025? Will fintech startups make the most of the IPO opportunity, and which areas will see the biggest disruption from AI?  

These are some of the most pressing questions for fintech startups today — especially as they deal with the entry of giants such as Jio Financial Services, and competition from regulated banks also eyeing super app success.

More Reverse Flipping & IPOs In Store For Fintech

The bull run for the Indian public market in the past few years has opened the doors for more new age tech stocks listings in the coming year, with the fintech ecosystem expected to take the front seat.

Last year, we saw MobiKwik join Paytm, Fino and PB Fintech in the public markets, and now the likes of Pine Labs, Groww, Razorpay among others are looking to get there too. Besides NBFCs Aye Finance and Avanse Financial Services who have already filed for IPOs, we can potentially see listings of PayU, InCred and Pine Labs this year.

As a result, several of these startups are in the process of flipping back to India, while Groww has already redomiciled to India from the US. 

“For fintechs with a majority India market focus, it is definitely pragmatic to be domiciled in India and debut their listings here first. We are seeing some of India’s largest private fintechs in the process of changing their domicile for this purpose, and this re-shoring is a sound strategy for them to continue building for the long term. Their future will be India first,” 3one4 Capital’s founding partner Pranav Pai opines. 

Meanwhile, lendingtech startup Fibe’s cofounder and CEO Akshay Mehrotra sees more fintech listings towards the second half of 2025. 

Regulatory Challenges For Fintech To Ease Off In 2025

In the past year, the RBI was particularly active when it came to curtail the rapid expansion of fintech in India. Key actions included tightening norms for P2P lending, establishment of independent self regulation organisations to ensure compliance, as well as startup-specific intervention.

Needless to say, some of these regulatory challenges have caused significant distress within the fintech ecosystem. Recounting the tough regulatory times, Fibe’s Mehrotra joked, “Compliance cost is $20 Mn so early stage startups are going to be tougher to do.” 

In a similar vein, others pointed out that it is near impossible to build long term enduring value in any environment when the rules change this often. “While there are certainly some fintechs that have been careless with the existing regulations, the shifting boundaries due to such rapid regulatory change is definitely causing deep distress amongst India’s innovators,” 3one4Capital’s Pai added.

At the end of the year, Sanjay Malhotra replaced Shaktikanta Das as the new governor of the RBI. In his first media interaction since taking up the role, Malhotra placed emphasis on technology and innovation shaping the future of the financial services industry. 

Moving forward, Fibe’s Mehrotra foresees more mature businesses taking up the centre stage with many of the recent regulatory checks and balances in place.

“With the regulatory systems in place, it is now tougher to be in the industry and we are more likely to see only serious players emerge and continue to grow. Moving forward, I don’t see many hiccups from a regulatory front for the fintech ecosystem,” Mehrotra said. 

Focus Will Shift To Profitability

The fintech sector has been an investor favourite over the past few years. The past year was also the same as fintech took about 21% of the total $12 Bn Indian startup funding pie. However, investor interest in the sector has slid in the past couple of years — the total tally of $2.5 Bn last year was 19% lower than 2023. 

Despite this, multiple investors Inc42 spoke to are bullish on fintech investments in 2025. A key reason for this uptick is the increasing focus for fintech companies to become profitable. “Fintechs will surprise the ecosystem in the next cohort on this metric, and the promise of the Indian ecosystem in this sector will be interesting when it expresses this way,” Pai said. 

Investors see breakeven or profitability happening far earlier than expected for the next cohort of fintech entities. Further, valuations of startups, which jumped up in 2022, have also come down to more realistic numbers. 

VC firm Playbook Partners’ managing partner Dushyant Singh foresees better funding for growth or late stage fintech companies particularly, especially since this group of startups is focussed on unit economics and profitable growth. He is particularly bullish about backing startups at these stages operating in the wealthtech space. 

The Super Apps Race: Competing With Adani, Reliance In 2025

As predicted last year, we saw multiple large umbrella fintech entities gain prominence by offering multiple products to end users in a single platform. 

While UPI-leader PhonePe was able to zoom its revenue past the INR 5,000 Cr mark on the back of its super app play, other new emerging players also made headlines for their offerings in 2024. 

A prominent new name in 2024 was Flipkart-backed super.money. After a beta launch in the middle of the year, the super app has been able to aggregate a significant user base for its credit offerings and UPI payments business. 

Here it’s important to point out that deep pocketed conglomerates like Adani and Reliance have been bolstering their fintech play over the past couple of years.

In the past year, Adani Group’s super app Adani One launched co-branded credit cards as well as opening doors to entry in the ecommerce and payments space on the back of government-backed ONDC. 

Meanwhile, Reliance-backed Jio Financial Services also launched its super app ‘JioFinance’ in 2024, offering digital banking, UPI transactions, bill settlements, and insurance advisory.

Both these conglomerates are expected to deepen their fintech offerings, so we foresee a new dimension to the super app discourse in 2025, however, their success will depend largely on how well they capitalise on UPI payments at the top of the acquisition funnel.

Despite larger players on the prowl to capture a piece of the fintech pie, industry experts believe that it is not a sign of threat for startups but rather an opportunity. 

“Entrance of big players in the super app space is more of an affirmation of an intrinsic opportunity in the ecosystem. There is a lot of scope of penetration of financial products in India, serving enough headroom for all to grow. While there will be more intense competition from these new big players, the market is unlikely to see dominance from any one particular entity,” Playbook Partners’ Singh added.

AI To Become A Fintech Necessity In 2025

The past year, we have seen all sorts of headlines emerge from the heated conversation around the use of AI. Fintech companies have also begun the journey looking to optimise costs and make more efficient systems. 

A glaring example was Paytm where CEO Vijay Shekhar Sharma said the company leveraged automation and AI to trim its workforce. As a result, the customer support costs declined by 60% in the first two quarters of FY25 

Fibe’s Mehrotra believes that companies need to critically analyse the applicability of AI for their operations and build or get external help to build their AI tech stack in order to survive. 

Despite this, a large majority of companies are either looking to partner with established AI vendors or utilise a hybrid approach (a combination of build and buy) to build their tech stack. 

This presents the opportunity for new companies to build fintech-specific AI products. Early stage startups like OnFinance AI are looking to change the financial industry’s workflow efficiency through the power of AI in recent times. 

In particular, B2B models are coming up to help businesses in underwriting insurance, personal investment advisories, content marketing, among others. 

Investors are particularly bullish on early stage AI-based fintech players. Speaking with Inc42, 100X.VC’s partner Ninad Karpe said that AI has now emerged as a key governing factor for the VC firm’s early stage fintech investments. 

While the firm is planning to back 60-80 startups in 2025, a key chunk of these investments will be for startups offering fintech products and services, he added.

Respite On The Cards For Indian Crypto Ecosystem? 

Despite taxing crypto gains, the government has not come close to regulating cryptocurrencies in any way, but the WazirX crypto heist and major losses for investors might force the regulatory hand in 2025.

Plus, there seems to be a ray of light of hope for the Indian crypto ecosystem. India reaffirmed its leadership position in terms of the global cryptocurrency adoption for the second consecutive year in 2024. The country is now home to 11.8% of crypto developers and 5.4% of Web3 creators worldwide.

Trading volumes have gone up in sync with the skyrocketing Bitcoin value. 

In this year, the cryptocurrency ecosystem is poised to get a major boost from the US federal government. Industry experts are anticipating more clarity on the crypto front from the regulator, given the recent push of the RBI on launching its crypto-based Central bank Digital Currency (CBDC).

To expand its business scope in India, crypto major Binance has plans to make crypto trading more secure and robust. 

“Looking ahead to 2025, the focus will be on increasing knowledge and trust within the crypto community, fostering stronger collaborations with authorities, and enhancing blockchain utility to address real-world challenges,” Vishal Sacheendran, head of regional markets at Binance, said. 

VC interest is also expected to return to crypto startups focussing on infrastructure and enterprise applications, rather than just trading platforms. 

[Edited by: Nikhil Subramaniam]

The post What’s In Store For Indian Fintech Ecosystem In 2025? appeared first on Inc42 Media.

From Ola’s Roadster and Honda’s Activa EV in the two-wheeler (E2W) segment to Mahindra’s BE 6, XEV 9E, Tata’s Curvv EV, and MG’s Windsor in the four-wheeler (E4W) category, 2024 saw the launch of several cutting-edge electric vehicle models, with new-age features like ultra-fast charging and AI-assisted driving. 

This helped the Indian market keep pace with the surging EV wave globally, even though the pace of EV adoption in 2024 slowed down in comparison to 2023.

With over two million EVs sold across various categories, new schemes like EMPS (worth INR 770 crore) enabling the sale of 5,60,769 vehicles, and the PM E-DRIVE scheme (worth INR 10,900 crore) projected to support the sale of 2.88 Mn vehicles over the next two years, India has showcased its commitment to going green. 

This shift is further amplified by a growing charging station network spanning urban and rural areas.

On the infrastructure side, integrating renewable energy into EV charging grids reached new milestones, making EV ownership more sustainable. Venture capital investments further accelerated the momentum, particularly in startups focused on battery technology and recycling, reinforcing India’s potential as a global EV leader.

What’s In Store For EVs In 2025?

As 2024 concludes, the outlook for 2025 is even brighter. Elon Musk has announced Tesla’s plans to manufacture a $25,000 (INR 21 Lakh) electric car in India by 2025. Additionally, BYD is set to launch models like the BYD SEAL and BYD Seagull.

Will affordable EVs dominate, or will premium, tech-laden models capture the market? How will policies, technological innovations, and evolving consumer preferences shape the landscape? 

Let’s explore the trends and possibilities set to define India’s EV journey in 2025.

EV IPOs Will Grab The Attention

While Ola Electric successfully debuted on the bourses in 2024, other players are gearing up to go public in 2025. Among them, Ather Energy and Ampere Electric (Greaves Electric Mobility)—two of India’s top five electric two-wheeler manufacturers— are expected to land on the stock exchanges before the rest. 

Ather Energy’s IPO will be keenly watched as the company is widely believed to be a pioneer in India’s EV ecosystem. However, the company’s slow sales growth is a major hurdle, as we have written over the past year. 

Despite the overall growth in the market, Greaves Electric Mobility (GEM) witnessed a steep decline in market share, dropping from 12% in FY23 to just 3% in FY25 (till December 2024). In comparison, Ather’s market share was 10% in this period, down from 12% in FY24.

Discussing the upcoming IPOs, Ajesh Saklecha, co-founder of Ozone Motors, remarked, “The IPO momentum and subscription levels are high in the current stock market, and both companies are likely to achieve strong listings. However, in terms of performance, Ather holds an edge due to its high-performance scooters, in-house developed technology, and superior product quality. While their premium pricing may limit adoption in the short term, it positions them well for long-term growth.”

Saklecha also warned that both Ather and Ampere need to watch out for competitors like TVS and Bajaj, who are operating in stealth mode. “I remain neutral on both companies’ mid-term stock performance,” he added.

Key M&As: What The Honda-Nissan-Mitsubishi Merger Means For India

Key automakers Honda, Nissan, and Mitsubishi are in advanced discussions to merge under a joint holding company, aiming to establish the world’s third-largest automaker by 2026. 

This alliance seeks to optimise shared resources and technologies, with a particular focus on electric vehicle (EV) development and carbon neutrality. The collaboration is designed to enhance competitiveness against industry leaders such as Toyota and Tesla. 

The merger is also expected to accelerate EV plans for these brands and their sister brands globally, including in India. Honda has already launched the Activa EV two-wheeler, and plans to roll out the Elevate EV by 2026. The company is investing in battery-as-a-service (BaaS) infrastructure, with plans to establish 250 battery-swapping stations in Bengaluru, 150 in Delhi, and 100 in Mumbai by March 2026. Honda aims for 40% of its global sales to come from EVs and fuel cell electric vehicles (FCEVs) by 2030, scaling to 100% by 2040.

Randheer Singh, former director at NITI Aayog, noted that the merger could intensify competition in India’s EV market. While these companies currently have a limited EV presence in India, they bring robust engineering capabilities and combined resources. Singh told Inc42 that the collaboration could accelerate EV launches, leveraging shared platforms and technologies to deliver competitive pricing and expedite the deployment of hybrid-electric and battery-electric vehicles in India.

How The EV Infrastructure Landscape Will Shift In 2025

As of November 2024, India has installed 25,202 public electric vehicle (EV) charging stations with Karnataka leading the count at 5,765 stations, followed by Maharashtra with 3,728 and Uttar Pradesh with 1,989. This marks a significant increase from 12,146 public EV charging stations in January 2024, effectively doubling the infrastructure within a year.

The PM E-DRIVE scheme aims to further boost this momentum with a INR 2,000 Cr allocation for establishing additional public charging infrastructure across various vehicle categories. India’s largest E2W manufacturer, Hero Electric, has partnered with the leading EV charging network BOLT to set up 50,000 charging stations by 2025. Under this collaboration, BOLT chargers will be installed at more than 750 Hero Electric touchpoints nationwide, benefiting over 4.5 lakh customers.

Sandiip Bhammer, founder and managing partner of Green Frontier Capital, predicts that public-private collaborations will drive advancements in EV infrastructure in 2025. Developments such as ultra-fast charging networks, interoperable stations, and AI-optimised power grids will be key for infra penetration. 

Ozone’s Saklecha believes that rapid and high-speed charging facilities will emerge along national highways and popular tourist destinations, including hotels. He also anticipates advancements in urban battery-swapping facilities and connected vehicle technology to provide actionable data for predictive and preventive maintenance.

Experts further suggest that battery-as-a-service (BaaS) models will gain significant traction in 2025. These models allow users to swap depleted batteries for fully charged ones, reducing EV acquisition costs and mitigating range anxiety. Honda’s Activa, India’s top-selling scooter for years, is expected to attract more buyers to the electric two-wheeler (E2W) segment with the launch of its Activa EV. 

However, unlike competitors such as Ather and Ola, Honda has opted exclusively for battery-swapping technology in the Activa EV, without offering traditional charging options.

A senior executive at Honda Motorcycle & Scooter India told Inc42, “For E2Ws and E3Ws catering to micro-range mobility requirements, BaaS is the only viable solution. Spending four to five hours charging at home for a one-hour journey simply doesn’t make sense.”

New Launches: Mahindra, Hyundai, and Maruti Gear Up 

2025 is set to be a game-changing year for EVs in India, according to industry experts, particularly when it comes to electric cars. 

Mahindra recently unveiled two EV models, the BE 6 and XEV 9E, which are expected to hit dealerships by late January 2025, with customer deliveries scheduled between February and March. In addition to these, Mahindra plans to launch three more models—XEV 4E, XEV 7E, and BE 7—later in the year.

Suzuki and Hyundai are gearing up to introduce the e-Vitara and Creta EV, respectively, which are positioned as mass-market vehicles catering to Indian consumers. Tata Motors, the country’s leading EV maker in the four-wheeler segment, is also preparing to launch the Harrier EV and Sierra EV early next year.

In the E2W segment, several mass-market vehicles are slated for launch in 2025, including the Suzuki Burgman Electric, Activa E, Ola Adventure, Ola Cruiser, and the Chetak 35 series.

Former Niti Aayog official Singh highlighted three highly anticipated four-wheeler launches for 2025 that could change the EV game:

1. Tata’s Harrier EV: Known for its safety, road presence, and features, the Harrier is expected to extend these strengths to its electric version while emphasizing sustainability.
2. Hyundai’s Creta EV: As the EV counterpart to one of India’s highest-selling SUVs, the Creta EV has the potential to redefine consumer preferences in the segment.
3. Maruti Suzuki’s eVX (Vitara): This launch marks Maruti’s long-awaited entry into the EV market. With its extensive dealership network and a focus on affordability, the eVX is poised to accelerate EV adoption in the mass market while supporting the expansion of charging infrastructure.

In the two-wheeler segment, Singh said, “I am closely watching Ola Electric’s upcoming lineup and Hero MotoCorp’s plans to leverage their brand name and extensive dealership network, particularly in rural areas.”

The line up could get much more interesting with Tesla set to make a significant push into the Indian market by 2025, focusing on affordability and local manufacturing. The company plans to introduce a mass-market electric vehicle, codenamed “Redwood,” targeted at Indian consumers. 

Meanwhile, BYD is also bolstering its position in India’s EV market with plans to establish a local manufacturing facility by 2025. The company is gearing up to launch a sub-compact electric SUV priced at around INR 2 Mn, directly challenging models like the Hyundai Creta EV and Maruti Suzuki eVX. BYD will also showcase its global portfolio, including the BYD eMAX 7 and BYD SEAL sedan, at upcoming events like the Bharat Mobility Global Expo 2025. 

However, regulatory challenges remain, as India’s stringent stance on Chinese investments has delayed BYD’s proposed $1 billion investment in the country. Despite hurdles, BYD’s strategy reflects its ambition to tap into India’s growing demand for advanced and affordable EVs.

Backed by PM E-DRIVE, experts believe new vehicles will play a critical role in establishing a long-term EV foothold in the Indian market. 

Green Frontier Capital’s Bhammer asserted, “These vehicles will address untapped demographics, driving greater adoption. Coupled with advancements in battery technologies and extended driving ranges, these launches are likely to reshape consumer expectations and push legacy automakers to innovate more aggressively.”

The post EVs In India In 2025: On The Cusp Of An Inflection Point appeared first on Inc42 Media.

The year 2024 was upbeat on the funding front for the Indian semiconductor space. What pushed the envelope last year was robust government support for the sector and a strengthened policy framework.

According to the data compiled by Inc42, at least seven semiconductor startups raised funding worth more than $28 Mn last year, compared to a little over $5 Mn raised by two startups the year before.

Given that India already has top design engineers and a large number of startups in the chip design space, most VC investments flowed into this category last year. Some ventures that kept investors engaged during the year were Mindgrove Technologies, FermionIC, and BigEndian Semiconductors. 

While Mindgrove Technologies topped the funding charts, bagging $8 Mn, FermionIC took the second spot and raised $6 Mn during the year. Further, C2i Semiconductors, AGNIT Semiconductors and BigEndian raised $4 Mn, $3.5 Mn and $3 Mn, respectively, during the year.

Notably, funding raised by gallium nitride (GaN) wafer developer AGNIT Semiconductors and many-core processor developer Morphing Machines ($2.76 Mn) is emblematic of the fact that the Indian semiconductor space is maturing.   

What’s also worth mentioning is that while semiconductor design startups in India have existed for decades, most of them relied on government support or limited private market investment until a few years ago. 

However, this trend is now changing with India becoming a crucible for an increasing number of tech-capable ventures. Not to mention, many fabless semiconductor companies, such as Sankalp Semiconductor, Beceem Communications, and Cosmic Circuits have also been acquired by larger international players over the years.

Apart from the Indian semiconductor industry moving closer to maturity in 2024, several factors boosted venture capital (VC) activity in the sector. Some of these are the establishment of fabrication plants, government initiatives like design or production-linked incentives, and the advantages gained from the China+1 strategy.

Decoding The Funding Equation

Now, before diving into decoding the funding paradigm in the space, it is crucial to understand that semiconductor is a sunrise sector, therefore the amount of funding in the space is currently on a steady pace. 

Other factors that often have a direct bearing on the funding quantum include capex-heavy business models and the development of technologies that have too long gestation time.      

Not to mention, private funds, particularly venture capital, are more interested in fabless semiconductor companies that are into designing chips or creating IPs. This is because such ventures do not need much capital and have a shorter gestation period compared to manufacturing versus corporations engaged in manufacturing. 

Despite this, the fund allocation in terms of ticket size is still far away from being on par with the amount of capital that is required to back chip manufacturers.  

However, the year 2024 paved the way for more hope. Several glimmers of hope emerged with the launch of new funds aimed at serving the sector.

A key example is Yali Capital, an INR 810 Cr fund launched by Ganapathy Subramaniam and Mathew Cyriac. Floated in July last year, the fund invests across deeptech sector and in segments such as chip design, robotics, aerospace and defence, genomics, space, manufacturing, and the wide world of AI.   

Besides, existing deeptech-focussed VCs and other sector-agnostic ones have increased their focus on semiconductors. For instance, growX Ventures floated its second fund with a target corpus of INR 400 Cr with semiconductor startups being a key focus. Similarly, 3one4 Capital made its first semiconductor investment in AGNIT last year.

Interestingly, 20-year-old Morphing Machines raised INR 23 Cr in seed funding last year from deeptech VC firm Speciale Invest, IvyCap Ventures, and others. 

This 2005-founded company received VC attention in recent times its processor, REDEFINE, which is being touted as one of the few many-core processors in the world that integrates various domain-specific architectures (DSAs) on a single chip.

“Over the last many decades in the semiconductor industry, the problem of building multicore, multi-application, reconfigurable compute chips has not been fully solved. This is a massive problem that Morphing Machines has been trying to solve through years of research, and over the last two or three years this research has culminated to being very close to a product in reality,” said Speciale Invest’s Partner Arjun Rao, speaking on the rationale behind investing in the company.

Meanwhile, investors have started showing a lot of interest in startups that are into chip designing, particularly the ones building for artificial intelligence (AI) applications.

According to Rao, activity in specialised chip designing for niche applications with AI is increasing. The ones making for automotive, household devices, and manufacturing will emerge as the winners. Rao added that with AI adoption rising, the demand for AI-enabled data centres will explode. 

“The semiconductor technology for the data centre ecosystem is set to undergo significant innovation. Speciale is particularly excited about advancements in areas such as silicon photonics, optical interconnects, in-memory and flexible compute architecture, analogue AI compute, and more,” Rao said.

The Centre’s Shot In The Arm For Semiconductor Startups

It is to be noted that the Indian government has significantly increased land allocation and funding to Indian and international semiconductor players to set up their fabrication plants. 

At the beginning of 2024, Prime Minister Narendra Modi inaugurated three semiconductor plants worth over INR 1.25 Lakh Cr. 

These factories included CG Power and Renesas Electronics’ INR 7,600 Cr chip project facility, Tata and Powerchip Semiconductor Manufacturing Corp’s (PSMC) chip foundry worth INR 91,000 Cr, and the Tata OSAT facility worth INR 27,000 Cr.

Last year, the Centre initiated the disbursement process for US-based chipmaking giant Micron under its $10 Bn PLI scheme to support the establishment of the company’s assembly, testing, monitoring, and packaging (ATMP) plant in Gujarat.

Besides, in the second half of the year, the union cabinet approved Kaynes Semicon’s proposal to set up its outsourced semiconductor assembly and testing (OSAT) facility in Gujarat with an investment of INR 3,300 Cr. 

Last month, the Karnataka government approved Zoho-backed Silectric’s proposal to set up a semiconductor INR 3,425.6 Cr manufacturing unit in the state.

“The huge local market opportunity, intense push by the government, and availability of government incentives such as DLI and PLI are all contributing to the VC interest in semiconductor,” Subramaniam said.  

Investors also believe that the funding landscape will only improve as the sector matures, with more entrepreneurs rising and ventures making more innovative products.

However, there is a twist in the Indian semiconductors tale. In December last year, the Ministry of Electronics and IT (MeitY) was questioned by a parliamentary panel for surrendering 55% of the funds allocated for semiconductor and display manufacturing projects in 2023-24. Arguably, MeitY spent only INR 681.11 Cr out of the total allocation of INR 1,503.36 Cr as of March 31, 2024.

What’s Ahead For Indian Semiconductor Space 

As per Inc42’s Indian Tech Startup Funding Report, 2024, deeptech investments is a top priority among VCs currently. 

Even as the startup ecosystem battled with funding winter, more than $460 Mn was raised by over 73 deeptech startups in 2024 as against $496 Mn raised by 61 startups a year before. 

Investor interest in deeptech is projected to remain strong in 2025, driven by the GenAI boom. According to the report, early-stage investments are expected to focus on emerging sectors like vertical AI, AI infrastructure, and semiconductors. Notably, a survey conducted by Inc42 revealed that 22% of VCs identified semiconductors as their top investment priority for 2025.

“We think there will be more quality founders who will be starting companies in this sector, building for Indian and global markets from India. Therefore, the capital providers will have more opportunities to invest in,” Speciale’s Rao said.

Echoing a similar sentiment, Yali Capital’s Subramaniam said, “In the next 5-10 years, we should see improved growth. The success of the first few companies will further decide the rate of growth in funding.”

Meanwhile, AI chips and edge AI chips are key areas that are getting stronger and attracting investors globally. In a recent development, Apple is working with Broadcom to develop its first server chip designed for AI processing. However, India might not catch up to this fever soon.

Subramaniam said, “Some of the AI Chips in the latest technology nodes will need between $500 Mn to $1 Bn in funding. India, in my opinion, will start with analogue semiconductors like power controllers, motor drivers, audio chips, and maybe Edge AI and surveillance ICs in digital semiconductors before venturing to other areas.”

Overall, more funding is expected in the sector as India prepares to start the production of chips to cater to the growing demand for various consumer electronics devices in the country and globally. 

Moving on, India may see a spurt on the mergers and acquisitions (M&As) front as large global firms will try to enter the space and smaller semiconductor players with strong technology capabilities will increase in number.

This has started to happen already. Last year, construction giant L&T’s semiconductor arm, L&T Semiconductor Technologies, acquired Indian semiconductor design startup SiliConch Systems for INR 183 Cr.  

IT services major Accenture also acquired India- and US-based Cientra, a silicon design and engineering services company, last year. Infosys, too, completed the acquisition of semiconductor design and embedded services provider InSemi for INR 280 Cr last year.

In the coming days, consolidations are expected to increase in the country not only in the semiconductor space but also in the broader technology ecosystem. It is pertinent to note that more global players are getting active in the country in chip design and manufacturing space on the back of the Centre’s ‘Make in India’ initiative. 

Dutch semiconductor design player NXP plans to invest over $1 Bn in the country in the next few years to focus more on R&D. Apple is also increasing its manufacturing capabilities in the country.

[Edited By Shishir Parasher]

The post Semiconductor Startups Raise Over $28 Mn In 2024; Will This Year Be Any Better? appeared first on Inc42 Media.