Agritech startup Arya.ag has secured a $30 Mn (around INR 259.4 Cr) debt funding from financial services major HSBC. The debt was guaranteed by GuarantCo, a financial institution under the Private Infrastructure Development Group (PIDG).

GuarantCo provided two partial guarantees to HSBC India for the loan given to Arya.ag.

The startup will use the capital for providing post-harvest liquidity to farmers, farmer producing organisations (FPOs) and small agri-enterprises.

Founded in 2013 by Prasanna Rao, Anand Chandra, and Chattanathan Devarajan, Arya.ag is a grain commerce platform that offers storage as a service to farmers and their organisations to choose when and to whom to sell their produce after harvest. 

Arya.ag has three verticals – Arya Collateral, Aryadhan, and Aryatech. The Mumbai-based startup claims to work with about a Mn of farmers who are members of 800 FPOs, and also work with more than 5,000 aggregators on the supply side, while on the demand side, it is connected with about 2,000 millers and major corporates on its platform.

Rao told Inc42 that it is operational in 60% of 21 Indian districts that it is present today. He further added that of all states, Bihar has one of its largest client base, which constitutes 26-30% of its revenue.

Prior to the current debt round, Arya.ag secured a commitment of $19.8 Mn (INR 166.4 Cr) from US International Development Finance Corporation (DFC) to extend a debt facility for its agri commerce subsidiary Aryatech, in October last year.

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Union Minister Ashwini Vaishnaw has reportedly said that the first ‘Made in India’ chip will be rolled out this year.

“Now we are looking at the next phase, where we can get equipment manufacturers, material manufacturers and designers in India,” the minister was quoted as saying in a Mint report.

He was addressing the World Economic Forum in Davos, Switzerland.

Vaishnaw said that stakeholders have shown solid confidence in the Centre’s semiconductor programme, adding that the industry is working to achieve the huge transformative changes in the process of the multiple levels of materials’ purity.

The central government has been directing its focus greatly into the semiconductor industry, where one of its initiatives the Semicon India programme, launched in 2021 has provided subsidies to companies engaged in semiconductor fabs, display fabs, chip packaging, sensors and semiconductor design, among others.

Notably, Vaishnaw, in the Semicon India 2024 event in September last year, said that India aims to launch 3-4 major products in the semiconductor space in coming years.

This development also comes at a time when numerous global and domestic companies have been working to build chips in India, with the resources and the innovative tech advancements.

For instance, in September last year, Tata Group-owned Tata Consultancy Services (TCS) was known to be working with group peer Tata Electronics to roll out first made-in-India chips by 2026, where the first chip from Assam will roll out by late 2025 or early 2026, as per reports.

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Telecommunications service provider Tata Communications is reportedly looking to launch an AI Studio platform-as-a-service by March.

As per Mint, citing A S Lakshminarayanan, the managing director and chief executive of the company, this platform will be built on top of the AI Cloud it introduced in partnership with Nvidia late last year.

Inc42 has reached out to Tata Communications for comments on the development. The story will be updated based on the response.

The platform will offer services including data management, multimodal retrieval augmented generation (search using text, photo, video, etc) and machine learning operations capabilities.

The Tata Group-owned company aims to generate revenue by providing these services on a subscription basis to benefit hyperscalers (large cloud service providers), enterprises, startups as well as government bodies.

“We are in early-stage trials of AI Studio with some customers. The launch, we expect it to happen later during this quarter,” Lakshminarayanan was quoted as saying in the report.

He also said, “We believe that the first take up would be with a lot of people who are investing in model building, that are currently mostly startups.”

This development comes a day after the Centre selected ten tech giants for the final bidding process to procure 10,000 graphic processing units (GPUs) under the IndiaAI Mission, of which Tata Communications was one among the shortlisted names, as per reports.

Earlier this month, listed drone solutions provider DroneAcharya announced securing an order from Tata Communications to build a customised drone solution (static drone) for their experience centre.

Meanwhile, AI has been chased by numerous brands to strengthen their market position, as AI assisted offerings are highly desired among various industries and investors today. 

For instance, in an Inc42 survey of more than 50 VCs about GenAI adoption by non-GenAI startups in their portfolios, 43% said that AI or GenAI is now a key part of their product and service roadmap.

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Andhra Pradesh’s chief minister N Chandrababu Naidu has reportedly urged Alphabet-owned Google to consider Visakhapatnam for its manufacturing unit and designing chips.

Naidu proposed Visakhapatnam as an ideal location for the tech giant to set up its chip design centre, while speaking at the World Economic Forum in Davos, Switzerland, PTI reported.

Inc42 has reached out to Google for comments on the development. The story will be updated based on the response.

“Naidu requested Google Cloud CEO Thomas Kurian to explore opportunities in Visakhapatnam for a chip design centre, as Google is now manufacturing its chips for server operations,” the report quoted an official statement as saying.

The report further added that Kurian was also requested to establish a chip manufacturing unit in the state, integrating it into the Google Cloud server supply chain, and Naidu expressed his desire for Andhra to become a hub for Google’s server operations.

Naidu also took the update to X saying, “Had an engaging discussion with Thomas Kurian, CEO of Google Cloud, and Andre Nakazaw, manager of International Organization at Google. We explored the latest advancements in technology and the incredible opportunities in Andhra Pradesh. With our exceptionally talented youth, we’re poised to redefine the future of tech!”

This development comes at a time when Google has been expanding its base in India by working to establish its base in Tamil Nadu.

Earlier in May last year, the Sundar Pichai-led company was said to be working on manufacturing drones at a unit in Tamil Nadu, through its subsidiary Wing LLC, to capitalise on the liberalised drone policies.

Months after that, the Tamil Nadu government signed a memorandum of understanding (MoU) with tech giant Google to set up ‘Tamil Nadu AI Labs’ in Chennai.

Furthermore, Gemini owner also inked a pact with the Tamil Nadu government to explore manufacturing of its ‘Made in India’ Pixel 8 smartphones, skill development and build an industrial ecosystem, enabling MSMEs to create scalable AI solutions, in September 2024.

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Shares of foodtech major Swiggy nosedived nearly 11% to hit an 8-week low of INR 427.20 apiece on the BSE during early trading hours today (January 21).

However, the stock recouped some of its losses later and was trading 7.72% lower at INR 442 at 1:17 PM.

Amid the fall in its share price, the Instamart parent’s market capitalisation declined to INR 98,379.76 Cr (around $11.4 Bn).

The decline in Swiggy’s share price came a day after its rival Zomato posted weak Q3 FY25 results, raising concerns among investors.

Zomato’s consolidated net profit declined over 57% year-on-year to INR 59 Cr in the third quarter of the ongoing fiscal year due to a slowdown in the food delivery segment and rising competition in the quick commerce market.

Meanwhile, Zomato’s quick commerce arm Blinkit saw its adjusted EBITDA loss zoom nearly 13X to INR 103 Cr in the December quarter on a sequential basis.

Following the weak set of numbers, brokerages such as Nomura and Jefferies cut their target price for Zomato. The negative sentiment appears to have spilled over to Swiggy.

Swiggy’s share price has slipped over 6% in the last trading session and crashed almost 24% in the past month. 

It must be noted that Swiggy went public on November 13, with its shares listing at INR 412 apiece on the BSE, a premium of almost 6% to its IPO issue price.

Last month, JP Morgan initiated coverage on the foodtech giant with an ‘overweight’ rating and set a target price of INR 730. Axis Capital has a ‘buy’ recommendation for the stock and a target price of INR 640.

Swiggy has been ramping up its efforts to expand its quick commerce reach into newer regions, while also entering new segments of the market.

For instance, earlier this month, Swiggy received approval from the corporate affairs ministry (MCA) to incorporate its sports arm, Swiggy Sports Private Limited. Before that, it entered the services marketplace segment with the launch of a new app called Pyng Professional. 

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Coliving PG startup Settl has reportedly been alleged of delaying refund of security deposits to multiple former tenants in Bengaluru, Hyderabad, Gurugram, and Chennai.

As per TOI report, some of the cases have been dragging since January 2024, where the amounts owed are said to be as high as INR 80,000, in some cases. There have been about 50 refund requests.

Inc42 has reached out to Settl cofounder Bharath Bhaskar for comments on the development. The story will be updated based on his response.

Founded in 2020 by former Nestaway executives Bhaskar, Abhishek Tripathi, and Ashok Reddy, Settl is coliving accommodation provider in the form of PGs, and furnished houses in four metro cities across the country. The company has raised more than $1.7 Mn in funding, so far.

“The company keeps telling us that they will pay on the 10th of a month but never honour these promises. The customer care has blocked some of us,” the report citied a source as saying.

Based on the report, the startup has responded to the worried tenants that the delays were due to internal discrepancies or banking issues.

Settl shares the market with brands such as Stanzaliving, Zolostays, Isthara, among others.

It is to note that the hospitality industry faced significant setbacks during the pandemic, with challenges intensifying due to the subsequent funding freeze. 

However, the sector did recover along with other industries in the market post Covid.

For instance, in May last year, Gurugram-based Stanza Living raised INR 100 Cr as part of its ongoing funding round, and the raise was a part of its larger commitment to raise INR 200 Cr backed by its existing investors, as per reports.

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Mumbai-based quick service platform Snabbit has secured $5.5 Mn (around INR 47.6 Cr) in a Series A funding round led by Elevation Capital.

The round also saw participation from its existing investor Nexus Venture Partners, along with a host of angel investors, including Meesho cofounders Vidit Aatrey and Sanjeev Barnwal;  Unacademy cofounder Gaurav Munjal and Spinny’s founder Niraj Singh.

Snabbit’s founder and chief executive Aayush Agarwal told Inc42 that the funds will be deployed for opening new micro markets in Mumbai over the next six to nine months and expanding its customer base.

Founded by Zepto’s former chief of staff Agarwal last year, Snabbit is a quick service platform that offers domestic services such as general cleaning, laundry and similar others on demand.

The company does not operate on a subscription basis, however, tends to the momentary demands that are infrequent in nature.

Snabbit’s application has more than 10K downloads on Google Play Store, as of now.

Agarwal said, users can book slots from three days in advance to claim a service to a last moment reservation that would be available at a notice of 10 minutes in the locations it is active, currently.

Snabbit said in a statement that earlier last year it secured $1 Mn as a part of its seed funding round from Nexus Venture Partners.

The funding comes at a time when there is comparatively lesser competition present in the quick services market with a few established players leading the game with their unique offerings.

Such players include hyperlocal services startup Urban Company, which offers home cleaning, appliance salon and massage, repair services and painting, among others, while salon-at-home startup Yes Madam is known for its offerings such as massage, spa, therapies, hair treatments and male grooming services at user’s convenience.

However, it is to note that earlier last week, Urban Company was looking to file draft papers for its INR 3,000 Cr initial public offering (IPO) before the end of March, as per reports. Previously, it also entered into a joint venture with SMASCO (Saudi Manpower Solutions Company) to roll out a new home services platform in Saudi Arabia, in October 2024.

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Omnichannel farm-to-fork startup KisanKonnect has bagged $4.5 Mn (around INR 39 Cr) in a Series A funding round led by Mistry Ventures.

The fundraise also saw participation from Times Group’s Brand Capital, VC-Grid, Desai & Diwanji’s managing partner Vishwang Desai and other prominent family offices. Besides, its existing investor Shilpa Shetty also invested in the round.

The Mumbai-based startup plans to deploy the fresh proceeds to strengthen its tech infrastructure, scale up operations while also expanding its presence in key urban markets.

KisanKonnect also aims to enable use of artificial intelligence on the farm sourcing and supply-chain to enhance efficiency and effectiveness.

Founded in 2020 by Vivek Nirmal and Nidhi Nirmal, KisanKonnect sources food directly from its network of farmers through its village-level collection centres, and with no interference from the middlemen, delivers the produce to the consumers. 

The company claims to have built a network of more than 5,000 farmers, with sustainable farming practices and regenerative agriculture methods.

“Our D2C model, combined with a highly specialized, tech-enabled, and temperature-controlled supply chain, not only meets this demand but also offers complete traceability for consumers. This approach has earned Kisankonnect the trust of our markets, making us the preferred brand for fresh produce,” Vivek said.

With the quick commerce potential being challenged by new players entering the market, KisanKonnect has also joined the bandwagon.

Nidhi added, “We started with a 48-hour delivery model just four years ago. Today, we deliver within 4-6 hours across Mumbai and Pune. Our recent pilot for 30-minute delivery has been highly appreciated by consumers seeking convenience without compromising on quality and variety.”

It is evident that the investors are betting on KisanKonnect’s innovative approach to fresh produce supply chains.

In January last year, the company raised INR 31 Cr (around $3.7 Mn) as a part of its Pre-Series A funding round to increase its activities in climate-smart agriculture interventions, strengthen its fresh-produce supply chain technology and add new farm stores to the existing ones in Mumbai and Pune.

This investment comes at a time when agritech startups have been pooling funds to back their tech abilities.

For instance, last week, agritech startup Fambo secured INR 21 Cr (around $2.4 Mn) in a seed funding round to scale up its operations across India, establish an export vertical, invest in technology and grow its network of partner farms. 

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Edtech startup BrightCHAMPS has bought Mumbai-based K12 education platform Edjust in a cash and stock deal, marking its fourth acquisition.

However, the company did not disclose the financial terms of the deal.

“This acquisition is a particularly exciting milestone because it is a clear financial indicator of our priorities and our strategy for growing the company in a sustainable manner. It is our view that high customer satisfaction and net promoter scores are critical to the long-term success of a product like edtech with far-reaching impact spanning decades in its customer’s life,” said Ravi Bhushan, founder and chief executive at BrightCHAMPS.

Edjust, founded by Sanjay Panikar, Dushyant Panchal and Anmol Mittal in 2022, is a platform designed for parents with its comparison metrics, transparent reviews secured by blockchain, and innovative tools to choose the best fit for their ward’s needs. 

The company caters to audiences spanning the United States, Europe, Middle East, and Asia Pacific region.

Post the acquisition, Edjust is set to refine its sales model while also expanding its presence across 30 geographies, introducing parents to immersive digital experiences and ensuring a 360-degree view of their child’s learning journey.

Furthermore, it was revealed that Edjust is in plans to launch a new distribution channel to deliver learning in academic subjects like Maths, Science, and English for students’ all-round success and future readiness.

In April 2023, BrightCHAMPS acquired Hyderabad-based edtech startup Metamorphosis Edu in a cash and stock deal.

This development comes at a time when the edtech sector has been gaining confidence from investors, where two giant deals were struck by the edtech players Physics Wallah and Eruditus, last year.

As per Inc42’s Annual Funding Report 2024, Indian edtech startups raised more than $568 Mn in 2024, up from $283 Mn in 2023.

For instance, Kreedo Early Childhood Solutions raised INR 10 Cr ($1.2 Mn) in debt funding from Recur Club, about a month ago, to boost its product offerings and expand operations.

Meanwhile, Bhanzu secured $16.5 Mn (around INR 139 Cr) in its Series B funding round for further expanding its presence in the US, previously. 

Updated at 12:40 PM

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EV charging infrastructure provider Bolt.Earth has secured $5 Mn (about INR 43.3 Cr) in a Series A+ funding round led by Version One Ventures, along with participation from its existing investors Union Square Ventures and Prime Venture Partners.

The company plans to use the fresh capital for scaling up its business operations, besides developing fast-charging solutions for the primary vehicle categories, including two, three and four wheelers.

Apart from that, the proceeds will be deployed to channel Bolt.Earth’s expansion plans, along with development of next-gen LEVDC (light electric vehicle direct current) fast chargers for two and three wheelers, as well as DC (direct current) ultra fast chargers of up to 240kW for 4 wheelers.

On the back of it, the Bengaluru-based startup has also elevated its chief operating officer Raghav Bharadwaj to the role of chief executive, succeeding Jyotiranjan Harichandan.

As per his LinkedIn profile, Bharadwaj has been working with the company under various leadership positions since May 2022. 

Prior to that, he has worked with brands such as Genpact Digital and Emerj Artificial Intelligence Research among others too. He holds an overall industry experience of 12 years in market research and management.

Founded in 2017 by Harichandan and Mohit Yadav, Bolt.Earth offers electric vehicle charging solutions for businesses, individuals, real estate companies, fleet operators, and the government. The company claims to work with brands such as Bajaj, Mahindra, Ather, Piaggio, Siemens, SAP, American Express and Brigade Group. 

Harichandan will transition to the role of head of strategic partnerships, while Yadav will take over as chief technology officer, with an aim to drive the company’s growth.

The charging infrastructure provider last raised a funding of $20 Mn in October 2023, to expand its charging network, and for product enhancement, talent acquisition, among others.

This development comes at a time when the EV sector has been in the limelight of the Indian government as well as investors to back their expansion plans aside and strengthen their product offerings.

For instance, earlier this year, Mumbai-based electric vehicle startup BGauss raised a funding of INR 161 Cr (around $18.6 Mn) from Bharat Value Fund (BVF) to strengthen its footprint in both domestic and international markets.

Weeks before that, EV tech startup Naxatra Labs secured an undisclosed amount in its seed funding round to support its plans to push manufacturing and technology. 

EV intelligence startup Vecmocon Technologies bagged $10 Mn (around INR 84.4 Cr) in its Series A funding round to expand into other segments, including electric two-wheeler, three-wheeler, light commercial vehicle (LCV) and bus, in November last year.

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Zomato-owned quick commerce platform Blinkit has set up a temporary store to deliver the essential needs of pilgrims and tourists attending the Maha Kumbh Mela at Prayagraj.

The company has built a 100 sq feet store to deliver essential goods to certain key pockets of the Mela.

In a post on LinkedIn, Blinkit’s cofounder and CEO Albinder Dhindsa said, “This one is a 100 sq ft store which will be delivering in Arail Tent City, Dome City, ITDC Luxury Camp, Devrakh, and other key areas of the Maha Kumbh Mela.”

Dhindsa also added that this store will be delivering specially curated assortment like pooja needs, milk, curd, fruits and vegetables, chargers, power banks, towels, blankets, bedsheets and more.

This development comes as a consecutive measure of Blinkit to stay ahead of its competitors in the quick commerce sector.

Recently, the company extended product lines offered in its platform by including electronics offerings like laptops, monitors and printers, by partnering with hardware brands such as HP, Canon, Lenovo, Zebronics, and MSI.

It was then said that these offerings will be delivered by the company’s large order fleet in cities such as Delhi NCR, Pune, Mumbai, Bengaluru, Kolkata and Lucknow.

Prior to that, the company also expanded its quick commerce business to parts of Jammu with three new dark stores to serve nearby areas.

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Quick commerce is a rapidly growing sector within the consumer market. Initially focussed on delivering daily essentials to doorsteps, it is now evolving to influence consumer behaviour by offering a wide range of products, beyond just groceries, with extremely short delivery times.

This shift has not only transformed the nature of quick commerce but has also pushed established players like Zepto, Swiggy Instamart, and Zomato’s Blinkit to broaden their offerings. These companies are now venturing into electronics, clothing, and footwear, while also launching platforms for quick food delivery.

Notably, the three giants together reported over $1 Bn in revenue in FY24 while a report estimates that the quick commerce industry in India has seen a sales surge of 280% in the last two years.

Such has been its sudden rise that many project quick commerce platforms to eventually eat into the market share of traditional ecommerce platforms. 

Fearful of missing this opportunity, Flipkart has already entered the burgeoning space with “Minutes” and Amazon has begun piloting its quick commerce offerings under a new label called Tez. 

In addition to established ecommerce brands, a wave of new startups and conglomerates has entered the market, eager to replicate this success and claim their share of the quick commerce space. 

While Nykaa and Myntra have been experimenting with this for apparel deliveries, Swish wants to utilise the model to bring piping hot quick-to-prepare dishes to users within “10 minutes”. And this is just the tip of the iceberg as many new players in the ecosystem are now looking to emulate the growth trajectory of the “Trinity”.

As a new wave of quick commerce players and adopters continue to spawn, we thought of curating a list of companies planning to ace the “10-minute” delivery game in the country. Without further ado, here’s a look at the Indian quick commerce landscape outside of the Blinkit, Instamart and Zepto universe. 

Editor’s Note: This is neither an exhaustive list nor a ranking of any kind. We have listed the startups alphabetically.

Meet India’s New Quick Commerce Brigade 

1. Amazon India

The Indian arm of the US-based ecommerce giant has been slow to jump on the quick commerce bandwagon. Despite the rising competition, Amazon plans to roll out its quick commerce vertical in the first quarter of 2025, even though its closest rival, Flipkart, already has made its foray into the segment. 

Amazon claims to be already building up to the launch, saying that it is strengthening its supply chain for grocery and essentials through Amazon Fresh and is currently targeting deliveries within 20 to 30 minutes.  

Earlier this year, its grocery delivery arm expanded its footprint to 130 cities, including Ambala, Aurangabad, Hoshiarpur, Dharwad, and Una, doubling its presence from about 50 Indian cities a year ago. 

Alongside, Amazon India has also been pushing for same-day deliveries across various product lines for its Prime membership customers as it lines up quick commerce foray.

2. Blinkit Bistro

Being one of the biggest players in the quick commerce game, it was only natural progression for Zomato-owned Blinkit to foray into the quick food delivery space. As part of its expansion plan to boost the top line, the Albinder Dhindsa-led company spun off a new app, called Bistro, in December 2024.

Currently in its pilot phase and catering to select pincodes in Gurugram, Blinkit’s Bistro delivers meals, snacks, and beverages like tea and coffee in up to 15 minutes.

Notably, Bistro’s launch came just days after Zepto also launched a separate Zepto Cafe app to deliver beverages and snacks within 10 minutes. 

3. BBnow

Tata’s BigBasket is arguably one of the biggest competitors to the three incumbents in the Indian quick commerce arena. Having already experimented with 30-minute deliveries for some products for the past few years, BigBasket, as a natural extension, became a full-scale quick commerce platform earlier this year. 

BigBasket’s quick commerce strategy will see the deployment of 500-600 dark stores nationwide, which will work alongside its 56-60 large warehouses. It plans to link clusters of dark stores with these warehouses to streamline the delivery of both popular grocery items and non-grocery products. 

As per reports, BigBasket has set its eyes on generating $1 Bn out of its projected $1.5 Bn sales for the ongoing financial year 2024-25 (FY25) through the quick commerce vertical.

4. FirstClub

Founded by former Cleartrip’s chief executive Ayyappan R, FirstClub aims to establish itself as a Costco for India. The startup is said to be in talks with Accel and RTP Global to raise capital for the quick commerce-centric retail venture.

FirstClub will likely focus on delivering a curated selection of premium products in a timeline of 20 to 30 minutes. This quick commerce offering will also uniquely feature an offline retail presence, which is why large VCs are in talks for the seed round.

This platform is looking to offer consumers a variety of products, including unbranded goods like dry fruits and freshly ground atta, along with premium food items such as blueberries and avocados.

5. Flipkart Minutes

In what has been touted as Flipkart’s biggest bet in years, Minutes was first piloted by the ecommerce major in parts of Bengaluru in August. Subsequently, the company expanded its quick commerce offerings to Delhi NCR.

Modelled after giants like Blinkit, Instamart and Zepto, Minutes sells an assortment of grocery and non-grocery products within “10-minutes”. 

What sets it apart from competitors is the company’s claim that its users can cancel or refuse to collect their orders if the experience does not “meet expectations”.

6. JioMart

Reliance Retail-owned JioMart has also made a comeback in the quick commerce arena by piloting instant delivery of groceries and fast-moving consumer goods (FMCG) in some parts of Mumbai and Navi Mumbai.

The service went live on the JioMart app under the ‘hyperlocal delivery’ section and is said to deliver orders within an hour in the initial stages. 

The retailer, however, plans to reduce the delivery time between 30 and 45 minutes during the later stages, while also expanding its product categories to include apparel and electronic items.

JioMart will bank on Reliance Retail’s network of over 18,000 stores across the country to fulfil its orders.

Reliance Retail previously operated its quick commerce venture under a pilot called JioMart Express, which was shut down in early 2023.

7. magicNOW 

Having experimented with state-backed ONDC for some time now, hyperlocal delivery platform Magicpin, too, took the quick commerce plunge in December last year with the launch of magicNOW, a 15-minute food delivery service.

Taking on the might of Blinkit, Swiggy and Zepto, Magicpin appears to have been experimenting with quick delivery for some time now. Before the full rollout in December, the Delhi NCR-based startup claims to have completed 75,000 deliveries during its pilot in select localities of Delhi NCR and Bengaluru. 

Operating within a 1.5km to 2 km delivery radius, magicNOW directly partners with restaurants to offer freshly cooked food to its customers. It has partnered with over 2,000 QSR brands including Chaayos, Faasos, Wendy’s, Burger King, McDonald’s, Taco Bell and more than 1,000 local restaurants.

The new service will be powered by Magicpin’s Velocity service, which aggregates third-party logistics providers, including Shadowfax, Dunzo, Rapido, Porter, Ola, and Zypp. 

It plans to expand to Chennai, Hyderabad, Mumbai and Pune in the near future. 

8. Myntra

2024 was all about Flipkart-owned Myntra’s experiments with quick delivery. It became one of the first fashion and lifestyle ecommerce platforms in India to jump onto the quick commerce bandwagon last year. 

Even though Blinkit, Zepto and Swiggy have added fashion SKUs in the past few years, Myntra is the first dedicated player in this space. In September, the ecommerce major piloted a four-hour delivery service in some parts of Bengaluru and Delhi.

Following the experiment, the company, in November 2024, began rolling out its “M-Now” offering, which offers a 30-minute to 2-hour delivery feature in some parts of Bengaluru. 

Notably, an internal assessment conducted by the company also showed a significant increase in consumers’ propensity to complete purchases when offered shorter delivery times. Earlier, Myntra’s ‘M-Express’ service delivered orders in a 24 to 48-hour window to select cities.

9. Nykaa

Listed beauty marketplace Nykaa, too, has been experimenting with a quick commerce pilot in the financial capital of the country. In October 2024, Nykaa launched a 10-minute delivery pilot in select parts of Mumbai, covering 5% of its SKU base. 

However, brokerages expect Nykaa to witness higher fulfilment costs due to its ambition of fast deliveries, adversely impacting its EBITDA margin.

10. Ola Food Delivery

To cash in on the 10-minute food delivery segment, Bhavish Aggarwal-led Ola Consumer began piloting quick food deliveries in some parts of Bengaluru in December last year. 

The offering, which was rolled out on the native Ola Cabs app, claims to deliver food items from various restaurants within 10 minutes. This marks yet another attempt from the company to disrupt the food delivery segment via Open Network For Digital Commerce (ONDC).

Previously, the company ventured into quick commerce under the label Ola Dash in 2015. However, Ola pulled the shutters down on Dash in mid-2022 to channel its focus on its electric vehicles and mobility businesses.

11. Ola Grocery Delivery

A week after Ola Consumer began piloting quick food deliveries in December 2024, the Bhavish Aggarwal-led company also rolled out a 10-minute grocery delivery service in select pin codes in Bengaluru.

The launch officially marked Ola Consumer’s foray into the quick commerce segment even though the mobility major has been experimenting with grocery deliveries on ONDC for some time now. 

Via this new offering, Ola will deliver grocery and kitchen staples such as fresh fruits, vegetables, and dairy items, along with home care and personal care products, to customers in select parts of Bengaluru.

12. Slikk

Slikk is one of the newest entrants in the quick commerce space, having been founded in August 2024 by Akshay Gulati, Om Swami and Bipin Singh. Earlier this year, it raised INR 2.5 Cr in a pre-seed round led by Better Capital, with additional participation from Untitled Ventures.

The fashion ecommerce platform claims to deliver branded apparel items within 60 minutes in select locations of Bengaluru and claims to be catering to about 100 users per day. 

Slikk claims to have implemented algorithms and machine learning to gauge customer preferences and shopping behaviours to personalise its app.

13. Swiggy SNACC

Amid the increasing cut-throat in the quick commerce arena, Swiggy launched a new 15-minute food delivery app on January 8. Called SNACC, the app currently delivers to only a select few places in Bengaluru.

The platform offers quick delivery of various food options, including “homestyle meals”, meal bowls, beverages and quick bites to its users.

It is pertinent to note that in September 2024, the foodtech major experimented with the ‘Cafe’ option to deliver snacks and beverages in 15 minutes. However, instead of launching a separate application, this option was integrated into Swiggy’s food delivery app.

Furthermore, Swiggy has also launched a new service, Swiggy Bolt, to deliver quick-to-prepare dishes in 10 minutes from popular restaurants and QSR chains within a two-kilometre radius of consumers.

14. Swish

Founded in August 2024 by Aniket Shah, Ujjwal Sukheja and Saran S, Swish offers 10-minute food delivery services in select parts of Bengaluru. The startup delivers a range of fast food offerings in just 10 to 15 minutes via its application. 

Swish operates as a vertically integrated startup that controls all aspects of operations in-house, including food preparation, delivery and supply chain. While it currently operates just one cloud kitchen, it caters to nearly 150-200 orders daily, with an average order value in the range of INR 250 to INR 300. 

In the near future, it plans to set up 45 cloud kitchens to cater to the “most high-demand areas of Bengaluru”, and expand outside the startup hub in due course of time.

15. WAAYU

Founded in 2022 by childhood friends Mandar Lande and Anirudha Kotgire, WAAYU is a quick food delivery platform, which claims to serve fast and nutritious food to customers. 

Taking a different route than established giants in the space, WAAYU is looking to make a dent in the quick food delivery space with its zero-commission fee model. Unlike its rivals, WAAYU operates on a subscription model, which is designed to be affordable and easily accessible for restaurants. 

It charges a one-time setup fee of INR 4,650 and a monthly subscription fee of INR 1,200 from individual restaurants, freeing them from giving commissions on every order. For deliveries, it partners with third-party logistics platform for last-mile operations. 

On the B2C side, it claims to have achieved 25,000+ app downloads and was able to acquire 1-1.5 Lakh users on its app till September 2024. Afterwards, it joined the ONDC as a seller app and, as a result, the number of users on its platform grew 10 Lakh. 

On the financial front, the startup reported a revenue of INR 75 Lakh+ in FY24 and is looking to generate around INR 2 Cr in FY25, as per the cofounder.

16. Zing

Quick commerce has revolutionised how Indians shop online. With 10-minute deliveries becoming a norm, Indian foodtech startups are leaving no stone unturned to capitalise on customers’ growing penchant for fast deliveries. 

While there is no dearth of deep-pocketed rivals in the space, the competition has not stopped new startups from entering the fray and Zing is the latest player in the game. Founded in 2024 by Tarun Arora and Rachit Sahi, Zing offers 10-minute food deliveries.

Its unique selling proposition lies in delivering freshly made meals while its competitors are focussing more on ready-to-cook food items, its founders claim. What also sets Zing apart is that it does not partner with third-party restaurants and has set up its own cloud kitchens. 

The hyperlocal cloud kitchen startup claims to handle over 100 orders daily, with an average order value of INR 220. 

Going forward, the startup has set its eyes on scaling up its operations to 100 kitchens in the next one year and entering Bengaluru and other cities in the Delhi NCR. Alongside, it also plans to work on turning its initial four to five kitchens profitable by 2026.

Updated | January 17, 2025 | The listicle has been updated to include five more names.

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The Delhi NCR-based startup plans to use the fresh capital to develop the brand as well as to scale up its business and marketing operations.

Founded in 2024 by Vanya Mishra and Hatim Kantawalla, AstroSure is a platform that combines knowledge of vedic astrologers and skills of technology experts to offer spiritual and astrological predictions to users. The company has a virtual assistant named Agastyaa, that helps users communicate regarding their doubts.

“Our beta phase attracted over 150K users, demonstrating the demand for a trustworthy, consistent, and reliable astrological platform. This has given us the confidence that Astrosure.ai will restore faith in this age-old Vedic science that has been enhanced with the power of AI,” said Mishra.

This funding comes at a time when India’s online astrology space is gaining a lot of traction from investors.

Notably, the Indian religious and spiritual market, which stood at $58.56 Bn in 2023, is expected to clock a CAGR of 10% until 2032.

On the other hand, astrology and spiritual offerings’ migration to online platforms has more than just made their services easily accessible but has also opened up a world of possibilities for GenZs. This shift towards richer engagement on streaming platforms is redefining how astrology is consumed and experienced. 

Betting on this opportunity, earlier this month, Mumbai-based audiobook platform Kuku FM is launching a separate spiritual app, Bhakti, as a part of its effort to expand service offerings. 

Prior to that, short-video sharing platform Chingari’s parent Tech4Billion Media forayed into the spiritual tech market with the official launch of its new app AstroLive, in December last year.

Updated at 05:40 PM

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Agritech startup Fambo has secured INR 21 Cr (around $2.4 Mn) in a seed funding round led by EV2 Ventures.

The round also saw participation from GSF Accelerator’s founder and chief executive Rajesh Sawhney and several ultra high net worth individuals (UHNIs). 

The company is planning to use the fresh capital to scale up its operations across India, establish an export vertical, invest in technology and grow its network of partner farms. 

Founded in 2022 by Akshay Tripathi and Sudarshan Satle, Fambo is a platform that connects farmers directly with quick service restaurant (QSR) chains, hotels, and cloud kitchens,  to sell fresh produce, minimizing waste, and maintaining quality.

Its AI-powered platform helps restaurants manage provisions, purchase ingredients, and ensure a reliable supply chain with traceability.

The Noida-based startup claims to serve more than 500 QSR chains and cloud kitchens, including major brands like Burger King, McDonald’s, California Burrito, Burger Singh, Farzi Café, and Barbeque Nation.

“We’ve achieved less than 1% waste by effectively matching demand and supply and implementing tech-enabled agricultural practices, helping partner farms increase yield and reduce waste, thereby boosting their income,” said Satle, cofounder and chief operating officer of Fambo.

This development comes at a time when agritech startups have been gaining funds to back their tech abilities.

For instance, agritech startup AGRIM raised $17.3 Mn (around 145 Cr) in its Series B funding round to strengthen its tech stack, enhance offerings and scale up its operations, about four months ago.

Meanwhile, Bengaluru-based B2B agritech company Agrizy secured $9.8 Mn (INR 82 Cr) in a Series A funding round to expand into new products and regions, in August 2024.

Prior to that, Two Brothers Organic Farms bagged INR 58.25 Cr (around $7 Mn) in a Series A funding round to support its business growth in India and the US, while also exploring demand side opportunities and expanding supply side operations, in June last year.

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Reliance Industries’ Jio has partnered with Sandeep Nailwal-led Polygon Labs to bring Web3 capabilities to some of its existing applications and services.

“Joining forces with Polygon Labs marks a significant milestone in Jio’s journey towards digital excellence. We are excited to explore the boundless possibilities of Web3 and bring unparalleled digital experiences to our users,” said Kiran Thomas, CEO at Jio Platforms.

Launched in 2017 by Sandeep Nailwal, Jaynti D Kanani and Anurag Arjun, Polygon intends to offer a comprehensive suite of solutions for developers and users to meet the requirements of Web3 and aims to become the AWS of the Web3 space.

Aishwary Gupta, global head of payment and fintech and ecosystem business development for India at Polygon Labs told Inc42, “The idea for us is to get people in India to leverage the blockchain technology on Polygon and add additional functionalities to the existing product suite of Jio to make it better and rewarding for the users.”

This development comes at a time when Jio Platforms has scaled up its digital play in the past year by launching a clutch of new offerings, including AI cloud services, 4G feature phones and Bluetooth tracker JioTag Go.

To note, earlier this week, telecom giant Reliance Jio also rolled out its 4G and 5G services at the Siachen glacier. 

Furthermore, there has been a growing interest in forging partnerships with blockchain and Web3 startups for the innovation of new tech advancements, where artificial intelligence is overtaken by generative AI and Web3 ecosystem.

A month ago, gaming giant Nazara Technologies and blockchain startup Lysto signed a letter of intent to launch ‘The Growth Protocol’, a blockchain-focused protocol for digital marketing and growth applications in the Web3 ecosystem.

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Pune-based deeptech startup Ecozen has secured more than $23 Mn (INR 198.6 Cr) in a debt round of funding from responsAbility Investments AG. 

The round also saw participation from a host of investors, including Northern Arc Capital Limited, Maanaveeya Development and Finance Private Ltd among others.

The startup plans to use the newly raised capital in scaling up its current businesses while strengthening its position in sustainable technologies.

Founded in 2010 by Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen offers solar-powered systems to small and marginal farmers. The company claims to have manufactured more than 300,000 Ecotron solar pump controllers so far, with 100,000 units produced between March and December 2024 alone.

“This funding will help us reach more people, expand our operations, and strengthen our impact in India and beyond. Our focus has always been on empowering our customers and providing them with the tools they need to thrive in a changing world,” said Gupta.

This development comes at a time when homegrown deeptech startups have begun to gain the likes of investors across sectors such as healthcare, biosciences, clean energy and space.

For instance, deeptech neuroscience startup BrainSightAI secured $5 Mn (around INR 43 Cr) in a Pre-Series A funding round to expand BrainSightAI’s presence in India, increasing its reach in Tier I cities while also extending to Tier II cities.

Meanwhile, Delhi NCR-based deeptech startup Proxgy bagged fresh capital from Indian cricketer Anjikya Rahane as part of its ongoing $3 Mn (around INR 25.6 Cr) Series A funding round to scale operations, further expand its product portfolio and solidify its footprint in the international markets.

On the other hand, early stage venture capital firm Riceberg Ventures launched a $20 Mn (around INR 173.4 Cr) fund to invest in deeptech startups, earlier this week.

The post Ecozen Nets $23 Mn In Debt To Scale Up Its Existing Product Portfolio appeared first on Inc42 Media.

Days after Mark Zuckerberg’s remark in a podcast that the incumbent government in India lost power in the 2024 elections, held after the Covid-19 pandemic, Meta apologised for the comments, citing it as an “inadvertent error”.

Shivnath Thukral, Meta India’s vice president of public policy, via a post on social media platform X, said, “Dear Honourable Minister @AshwiniVaishnaw, Mark’s observation that many incumbent parties were not re-elected in 2024 elections holds true for several countries, but not India.”

“We would like to apologise for this inadvertent error. India remains an incredibly important country for Meta and we look forward to being at the heart of its innovative future,” he added.

The apology by Meta India’s vice president comes a day after BJP MP Nishikant Dubey, who heads the parliamentary panel on IT, said it would summon the company’s officials over the remark.

Appearing on the Joe Rogan podcast, Zuckerberg had said that in elections around the world in 2024, most incumbent governments, including the one in India, had been voted out of power.

Lately, the Facebook parent has been facing a host of regulatory issues with the Indian government.

To note, a bench of the National Company Law Appellate Tribunal (NCLAT) is set to hear on January 16 a plea by Meta platforms against an order by the Competition Commission of India (CCI), which asked the company to pay a penalty for abusing its dominant position.

In November last year, the competition watchdog initially slapped a penalty of INR 213.14 Cr on its parent Meta, pertaining to WhatsApp’s 2021 privacy policy case.

The post ‘Inadvertent Error’: Meta Apologises For Zuckerberg’s LS Elections Remark appeared first on Inc42 Media.

Flying taxi startup Sarla Aviation has secured $10 Mn (around INR 86.5 Cr) in a Series A1 funding round led by Accel.

The round also saw participation from angel investors, including Flipkart cofounder Binny Bansal, Zerodha cofounder Nikhil Kamath, Swiggy cofounder Sriharsha Majety, Urban Company’s cofounder and chief executive Abhiraj Singh Bhal and Tracxn cofounder Abhishek Goyal.

Additionally, cofounder and operating chief of LivSpace Ramakant Sharma, Udaan cofounder Sujeet Kumar, elder council member at Kratos Gaming Manish Agarwal and Polygon founder Sandeep Nailwal also joined the cap table.

The company is looking to deploy the newly raised capital into growing its operations, setting up a research and development centre, expanding workforce, while also launching its flying prototype.

The prototype is expected to be unveiled on Friday (January 17), at the Bharat Mobility Global Expo 2025, Delhi NCR.

Founded in October 2023 by Rakesh Gaonkar, Shivam Chauhan, and Adrian Schmidt, Sarla Aviation is working to make flying taxis a part of reality. The company, as featured in Inc42’s 30 Startups To Watch In October 2024, aims for its first commercial flight by 2028, the founders see their service as a cleaner, quieter, and more affordable alternative to traditional helicopter taxis.

“We plan to launch a free-of-cost air ambulance service, addressing the urgent need for rapid medical response and saving countless lives by eliminating traffic-related delays. By prioritizing simplicity and affordability, we aim to create a scalable solution that meets the needs of tomorrow’s Viksit Bharat and fuels the country’s ambition to become a global superpower,” Schmidt, cofounder and chief executive of Sarla Aviation said.

This development comes at a time when sustainable air mobility has gained significant attention from investors and commercial airline companies to back startups.

For instance, The ePlane Company bagged $14 Mn in its Series B funding round to obtain global regulatory certifications and advance its commercialisation plans, while also a part of the funds was poured into developing and certifying its manned aircraft, in November last year.

Prior to that, airline major Indigo received the market regulator Securities and Exchange Board of India’s (SEBI) nod to float its venture capital (VC) arm IndiGo Ventures to invest in startups by the end of the financial year 2024-25 (FY25). 

The post Sarla Aviation Nets $10 Mn To Build Flying Taxis appeared first on Inc42 Media.

Diageo India has appointed Praveen Someshwar as its CEO-Designate and will replace the current managing director and chief executive Hina Nagarajan.

Nagarajan will transition to a new role within Diageo’s global executive committee.

Someshwar served as the chief executive and managing director of HT Media Ltd for over six years, as per his LinkedIn profile. Prior to that, he had worked with PepsiCo as senior vice president for nearly five years. In all, he has worked with PepsiCo for about 24 years, under various leadership positions.

Diageo Plc’s subsidiary said in a statement that under necessary approvals, Someshwar will join the Diageo executive committee from April 1.

“Under Hina’s leadership, Diageo India has combined strong top-line growth and margin expansion with impactful strategic initiatives, reshaping and premiumising our portfolio and positioning Diageo India as an innovative leader in the AlcoBev industry,” said Diageo Plc’s CEO Debra Crew.

Crew added, “Someshwar joins us with an outstanding track record of leading consumer businesses, with a passion for both strategy and executional excellence that will serve us well as we plan for the next phase of Diageo India’s exciting growth story.”

This development comes at a time when there are multiple leadership changes seen across various sectors in India. 

Earlier today, listed online stock broking major Angel One roped in former Google Pay executive Ambarish Kenghe as its new group chief executive officer, effective March 6.

Meanwhile, AceVector Limited appointed Achint Setia to lead Snapdeal as its CEO, while Himanshu Chakrawarti will transition to the role of chief executive of Stellaro Brands, a week ago.

The post Diageo India Ropes In HT Media’s Praveen Someshwar As New CEO appeared first on Inc42 Media.

Update | January 14, 18:35: The original report by The Arc has been taken down. We have updated the copy to add denial from sources close to Reliance Retail.

Original Story | January 14, 10:18

Walmart-owned ecommerce company Flipkart is reportedly in discussions to rope in Reliance Digital Retail’s chief executive officer Brian Bade as its senior vice president for electronics segment.

At Flipkart, Bade will work with Ajay Yadav, who looks after strategy and growth of smartphones and appliance sales, The Arc reported. However, sources close to Reliance rubbished the report and said Bade will continue to lead the operations at Reliance Digital.

Inc42 has reached out to Flipkart and Bade for comments on the development. The story will be updated based on their response.

Bade, as per his LinkedIn profile, has been working with Reliance Digital Retail as the chief executive since August 2010, overseeing the growth, sales, distribution, marketing, and service of the company. Prior to that, he worked with other retail brands such as Big Lots and Circuit City.

The development comes at a time when Flipkart is facing increasing competition in the electronics and appliances segments.

Ecommerce brands like Flipkart and Amazon are also working to retain their consumers, given the rising popularity of quick commerce in the country. To counter this, Flipkart and Amazon have also ventured into quick commerce with ‘Flipkart Minutes’ and ‘Tez’, respectively. 

This development comes days after sources told Inc42 that Dunzo cofounder Kabeer Biswas is slated to join Flipkart Minutes to lead the operations of the ecommerce player’s quick commerce vertical. However, the company has not confirmed the effective date of his appointment yet. 

Furthermore, the ecommerce major is in talks to lead a $35-40 Mn funding in its fintech startup super.money, as per reports, with participation from external investors for the first time.

Notably, super.money roped in tech veteran Kaushik Mukherjee as its chief technology officer (CTO), a few weeks ago.

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Joining the trail of startups eyeing to get listed in the exchanges, fintech giant Groww is reportedly gearing up to file for an initial public offering (IPO) in the next 10-12 months.

As per TechCrunch report, citing sources familiar with the matter, the company is seeking a valuation between $6-8 Bn.

Groww has declined to comment on the Inc42’s queries pertaining to the development.

Sources also said that the valuation sought by the company is subject to change, as per the report.

Groww was last valued at $3 Bn following its last funding of $251 Mn in October 2021, from ICONIQ Growth, Alkeon, Lone Pine Capital, Steadfast and its existing investors.

However, reports from last November revealed that the fintech player saw its fair market valuation being slashed to under $2 Bn after Groww shifted its domicile from the US to India in May 2024.

The digital investment platform completed its reverse flip, shifting its domicile to India, with its only registered entity as Billionbrains Garage, headquartered in Bengaluru.

Groww has begun talks with investment banks and will soon choose advisers for the IPO, the report said citing sources. 

Founded in 2017 by Keshre, Harsh Jain, Neeraj Singh, and Ishan Bansal, Groww enables users to invest in stocks, exchange-traded funds (ETFs), and IPOs. 

The company counts Peak XV Partners, Ribbit Capital, YC Continuity, Tiger Global and Propel Venture Partners, among its investors.

On the financial front, the Bengaluru based fintech company Invest Tech, which operates online stock broking giant Groww, reported 119% growth in its revenue to INR 3,145 Cr in FY24, from INR 1,435 Cr in FY23.

Notably, Groww maintained its operational profitability of INR 535 Cr for FY24 compared with INR 458 Cr, a year ago.

Meanwhile, as per the latest data from NSE, Groww added 2.82 Lakh new users in November, taking its active client base to 1.29 Cr, beating its competitor Zerodha, which had its active user base standing at 81.25 Lakh.

Updated at 01:38 PM

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Electric vehicle startup Ather Energy is reportedly eyeing for $2.4 Bn valuation for its upcoming initial public offering (IPO) this year.

As per ET’s report, citing sources, the new valuation is a premium of over 80% from its last round of funding.

Inc42 has reached out to the cofounder and chief executive of Ather Energy for comments on the development. The story will be updated based on the response.

The report further said that the startup will send its final clarifications to the markets regulator Securities and Exchange Board of India (SEBI), and will file its updated draft red herring prospectus (DRHP) by the end of January or the early weeks of the following month.

As per its initial DRHP filed in September, Ather planned to use INR 750 Cr, or 25% of the fresh issue portion of the INR 3,100 Cr IPO, for research and development (R&D). Also, a sum of INR 927 Cr will be allocated for setting up a new plant in Maharashtra.

Reports then suggested that the emobility unicorn was eyeing a valuation of around $2.5 Bn for its IPO.

To note, this development comes weeks after SEBI gave the green light to Ather’s plans to go public. As per SEBI website, Ather received the observation letter from the markets regulator on December 23.

Founded in 2013 by Mehta and Swapnil Jain, Ather Energy manufactures electric two-wheelers and battery packs and also has its own charging infrastructure. After building its market on its 450 series of ebikes, the company recently launched a family escooter series Rizta and forayed into the smart helmet category.

The EV giant entered the unicorn club after it raised INR 600 Cr from its existing investor NIIF at a post-money valuation of $1.3 Bn, in August 2024.

On the other hand, Ather Energy saw a decline of about 19% in its vehicle registrations to 10,429 units last month from 12,909 units in November, hurt by the slowdown in the units sold in the wider EV market.

The post Ather Energy Eyes $2.4 Bn Valuation For IPO: Report appeared first on Inc42 Media.

Drone manufacturing startup ideaForge has approved the allotment of 8,198 equity shares under its existing employee stock option plan (ESOP).

Based on the stock’s closing price yesterday (January 9), the newly allotted equity shares are worth INR 49.3 Lakh.

In an exchange filing today (January 10), the startup said that its board approved the allotment of 8,198 equity shares at a face value of INR 10 each to eligible employees upon exercise of vested options under the ideaForge Employees Stock Option Scheme, 2018.

After the fresh allotment, the issued and paid-up equity share capital of the drone maker has increased to INR 43.04 Cr from INR 43.03 Cr earlier.

Shares of ideaForge fell as low as 3.4% to INR 581 apiece during the intraday trading session on the BSE today. Its shares were trading 2.5% lower at INR 586.2 at 2.23 PM IST.

ideaForge shares are set to end in red for the third straight session if the losses hold.

Founded in 2007 by Ankit Mehta, Ashish Bhat, Rahul Singh, and Vipul Joshi, ideaForge makes unmanned aerial vehicle (UAV) systems for inspection, surveillance and mapping. Its offerings span across sectors such as defence, construction, mining and agriculture.

The Mumbai-based company recently allotted 4,126 equity shares under the same ESOP plan in December 2024.

Prior to that, ideaForge also allotted 2,608 equity shares in November, 1,450 shares in October and 3,936 shares in September, respectively.

The drone manufacturer reported a consolidated net loss of INR 13.7 Cr in the quarter ending September 2024 (Q2) as against a net profit of INR 89.20 Lakh in the year ago period. 

Its operating revenue rose about 56.52% to INR 37.1 Cr during the quarter from INR 23.7 Cr in Q2 FY24.

This development comes at a time when numerous startups have been allotting ESOPs in the past few months to retain their employees, where companies like Paytm, Zomato and Delhivery have introduced multiple rounds of stock options.

Earlier this month, fintech giant Paytm allotted 1.48 Lakh equity shares to its eligible employees under its various ESOP schemes.

Meanwhile, Peak XV Partners-backed fintech unicorn Razorpay announced the allocation of ESOPs worth INR 1 Lakh to each of its current employees to mark its 10th anniversary, last month.

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The Ministry of Electronics and Information and Technology (MeitY) has reportedly received offers for 20,000 graphics processing units (GPUs) to build artificial intelligence (AI) computing capacity.

The offers were from companies that bid under the INR 10,370 Cr IndiaAI Mission, Business Standard reported.

This is twice of what was initially proposed for empanelling companies.

Last October, the government also eased the eligibility criteria for the procurement of 10,000 GPUs under the IndiaAI mission to allow more participation of smaller companies and startups.

“We were looking at 10,000 GPUs … but we have received offers for over 20,000. We are evaluating them, and after that we will take a call, which will take some time. There is enthusiasm among companies,” a senior MeitY official was cited as saying in the report.

The ministry revealed that its aim was to create affordable AI infrastructure, to support startups, academics, and research agencies, among others, as per the report.

As many as 28 companies have shown their interest where 19 bid for empanelment, which is for 36 months and can be extended by another 12 months.

This development comes a day after an advisory panel, formed under the IndiaAI Mission, suggested sweeping reforms to the regulatory landscape to govern AI systems in India.

The draft report says that the proposed coordination committee should be headed by the principal scientific advisor, adding that its members should include representatives from the Reserve Bank of India (RBI), MeitY, NITI Aayog, other relevant departments, and industry stakeholders. 

Meanwhile, IndiaAI Datasets Platform, a part of the IndiaAI Mission, is expected to go live by this month, based on the recent statement of National eGovernance Division (NeGD) chief executive Nand Kumarum.

This platform is aimed at streamlining access to high-quality, non-personal datasets that can facilitate AI innovation.

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