The National Company Law Appellate Tribunal (NCLAT) has reportedly granted interim relief to Meta platforms by staying the five-year ban imposed by the Competition Commission of India (CCI) on WhatsApp’s data sharing policy.

As per Reuters, the ban “may lead to a collapse” of WhatsApp’s business model, the appeals tribunal noted.

In its challenge to the ban, Meta told the appeals tribunal that WhatsApp would need to ‘roll back or pause’ some features in India and curb its ability to offer users personalised ads on Facebook and Instagram, the report said.

Under the order on Thursday, WhatsApp will have to provide an opt-out option to users from a 2021 privacy policy update in line with the November antitrust order.

In November, the CCI imposed a INR 213.14 Cr penalty on Meta for abuse of dominant position. The watchdog said the data sharing between WhatsApp and Meta would create entry barriers for competitors.

The case originated from a 2021 Delhi High Court petition where two individuals challenged WhatsApp’s policy update, citing privacy concerns.

This development comes amid Meta’s ongoing challenges in India. On January 15, the company apologised for CEO Mark Zuckerberg’s comments about Indian elections made during a Joe Rogan podcast.

The apology followed BJP MP Nishikant Dubey’s announcement that the parliamentary panel on IT would summon Meta officials over the remarks. Dubey, who heads the panel, said the company would need to apologise to the Indian Parliament and people for spreading misinformation.

Meta also  faces other regulatory challenges in India, including issues with service reliability and addressing fake news on its platforms. Last month, the Delhi High Court directed the company to remove deepfake content featuring journalist Rajat Sharma from its platform.

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Specialty coffee brand Blue Tokai Coffee Roasters’ operating revenue zoomed 69% to INR 215.8 Cr in the financial year 2023-24 (FY24) from INR 127.5 Cr in the previous fiscal year. 

The startup earned INR 201 Cr from the sale of coffee and food items in the fiscal, while its bakery business contributed INR 15 Cr. 

Total revenue, including other income, grew 72% to INR 221.1 Cr in FY24 from INR 128.7 Cr in FY23. Other income, including interest and mutual fund returns, amounted to INR 5.4 Cr.

However, the Delhi NCR-based coffee chain’s loss widened 46% to INR 62.9 Cr in FY24 from INR 43 Cr in FY23 due to rising operational costs and aggressive expansion.

Founded in 2012 by Matt Chitharanjan, Shivam Shahi and Namrata Asthana, Blue Tokai operates over 100 stores across India and recently expanded its presence in Japan through a joint venture. 

Where Did Blue Tokai Spend?

The startup’s expenses jumped 66% to INR 285 Cr in FY24 from INR 172 Cr in FY23. Here’s a breakdown of the expenses:

Procurement Costs: This was the largest expense for the startup. At INR 88 Cr, it accounted for 41% of the revenue. 

Employee Benefit Expenses: The startup’s expenses under the head zoomed 94% to INR 84 Cr from INR 43 Cr in FY23. 

Rent Expenses: The spending under the head surged 90.4% to INR 33.02 Cr in FY24 from INR 17.34 Cr in FY23

Besides, advertisement costs increased 33% to INR 7.74 Cr in FY24 from INR 5.81 Cr in FY23

The coffee chain’s EBITDA margin improved to -19.7% in FY24 from -23.2% in the previous year.

In August last year, Blue Tokai raised $35 Mn in a Series C round led by Verlinvest at a valuation of approximately INR 1,500 Cr ($180 Mn). This followed its $30 Mn Series B round led by A91 Partners in January 2023. 

Overall, it has raised about $78 Mn to date.

The startup competes in India’s growing specialty coffee market, alongside venture-backed players like Third Wave Coffee Roasters, which raised $35 Mn in September 2023. Other key competitors include SLAY Coffee, Rage Coffee, and Sleepy Owl Coffee. 

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Shares of Zomato plunged 5.05% to hit an intraday low of INR 203.80 on the BSE today (January 22), extending their losses for the fourth consecutive day.

At 1:36 PM, the stock was trading at INR 210.25, down 1.05% from its previous close.

At the time of writing, Zomato’s market capitalisation stood at INR 2,02,898.62 Cr (about $23.44 Bn). 

In the last five trading sessions, Zomato’s share price has tanked over 12% with the stock now trading 31% below its 52-week high of INR 304.50.

The decline in the share price comes after the company reported subdued financial numbers for the quarter ended December 31, 2024. Zomato’s consolidated net profit declined 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the year-ago quarter. On a sequential basis, profit slumped 66% from INR 176 Cr in Q2 FY25.

While operating revenue surged 64% to INR 5,405 Cr, the company’s core food delivery business showed signs of slowdown with GOV growing 17% YoY to INR 9,913 Cr, below its target of 20%+ growth.

The quick commerce unit Blinkit saw its adjusted EBITDA loss surge over 13X to INR 103 Cr in Q3 from INR 8 Cr in Q2 FY25 amid rising competition and accelerated investments in dark store expansion.

In a recent note, ICICI Securities analysts noted that Zomato may have lost some market share in food delivery during Q3 as competitors scaled up 10-15 minute delivery services faster, though Zomato CFO Akshant Goyal downplayed the impact of rising competition during the earnings call.

“I don’t think any of this has so far had a material impact on Zomato restaurant aggregation food business…any form of 10-minute delivery is at a very early stage and will not move the needle at all even if you put it together,” said Goyal. 

It is to be noted that Zomato recently began offering a 15-minute food delivery service on its app while its quick commerce arm Blinkit has rolled out a 10-minute delivery service called ‘Bistro’.

Its direct competitor Swiggy has rolled out similar offerings – Bolt & SNACC — while Aadit Palicha-led Zepto offers a similar offering under Zepto Cafe.

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Shares of Swiggy dropped 3.88% to hit an intraday low of INR 423.20 apiece on the BSE today (January 22), extending their losses for the second consecutive day.

At 12:06 PM, the stock was trading at INR 425, down 3.47% from its previous close.

At the time of writing, Swiggy’s market capitalisation stood at INR 94,966.13 Cr (about $10.97 Bn). 

The decline in Swiggy’s share price came after its rival Zomato reported lower-than-expected December quarter earnings, dampening investor sentiment.

The foodtech major trimmed its consolidated net loss by 4.78% to INR 625.53 Cr in Q2 FY25 from INR 657 Cr in the year-ago period, while operating revenue zoomed 30% to INR 3,601.45 Cr. 

Its food delivery business turned profitable with INR 121.93 Cr profit versus a loss of INR 43.78 Cr year ago, while quick commerce revenue grew 114% YoY to INR 513 Cr. 

The company expects its quick commerce business Instamart to achieve contribution breakeven by Q3 FY26 and adjusted EBITDA breakeven by Q2 FY27.

In the last five trading sessions, Swiggy’s share price has tanked nearly 13% and is currently hovering around its listing price of INR 412 on the BSE.

The post Swiggy Shares Extend Losses For Second Day, Drop 4% To INR 423.20 appeared first on Inc42 Media.

IndiaMART InterMESH Limited has roped in serial entrepreneur Manish Vij as an independent director and also elevated its legal head Manoj Bhargava to a full-time director role. 

The company has also appointed Vasudha Bagri as its new compliance officer.

In a filing, the B2B marketplace announced that Vij joined its board as a non-executive independent director for a three-year term, effective today (January 21).

With over 25 years of experience across internet and digital businesses, Vij founded multiple ventures, including digital media agency Quasar and adtech company SVG Media.

Currently serving as managing partner at Smile Group, Vij has been instrumental in establishing and scaling ventures in digital media, ecommerce and gaming. His portfolio includes exits like the sale of Letsbuy.com to Flipkart and partnerships with global players like WPP.

The company has also elevated its group general counsel and company secretary Bhargava to the position of whole-time director for a five-year term. 

Bhargava, who joined IndiaMART in 2017, has played a crucial role in the company’s key milestones, including its IPO, QIP, bonus issues and acquisitions.

Recently, Aakash Chaudhry has stepped down as independent director, citing personal reasons. The company has appointed Bagri as its new compliance officer effective January 22, 2025. Bagri, a qualified company secretary with 13 years of experience, joined IndiaMART in 2021.

The B2B marketplace saw its Q3 FY25 profit rise 48% to INR 121 Cr from INR 81.9 Cr in the year-ago period, driven by revenue growth and improved EBITDA margins. However, net profit declined 10.4% sequentially from INR 135.1 Cr in Q2.

Revenue from operations grew 16% year-on-year to INR 354.3 Cr, while EBITDA increased 61% to INR 138 Cr. The company’s collections from customers rose 10% to INR 363 Cr during the quarter, primarily comprising standalone collections of INR 341 Cr and Busy Infotech’s collections of INR 17.6 Cr.

They also announced plans to acquire additional stake in Mobisy Technologies for INR 14.3 Cr through purchase of 100 equity shares and 91,804 compulsory convertible preference shares. Post-transaction, IndiaMART’s stake in the SaaS startup will increase to 31.33% from 27.21%.

Shares of IndiaMART closed at INR 2,293.40 on BSE, up 1.10%.

The post IndiaMART Boosts Leadership Team With Key Appointments appeared first on Inc42 Media.

Global technology consulting company LTIMindtree’s wholetime director and president of markets, Sudhir Chaturvedi has stepped down from his role to “explore new opportunities”. 

His last day with the company will be on January 27.

Chaturvedi joined LTIMindtree (then LTI) in 2016 as president and executive board member and continued in an expanded role after the merger with Mindtree. 

During this period, he led the company’s global markets strategy and oversaw key client relationships across North America, Europe and other emerging markets. 

Before LTIMindtree, he served as chief operating officer at NIIT Technologies Limited and held several leadership positions at Infosys, including senior vice president and head financial services – Americas.

LTIMindtree CEO and MD Debashis Chatterjee said, “Chaturvedi’s ability to lead with vision and foster meaningful relationships has left a profound impact on the organisation.”

The company, a Larsen & Toubro Group subsidiary, serves as a digital transformation partner to more than 700 clients globally and is powered by more than 86,000 professionals across 40 countries.

LTIMindtree, formed through the merger of L&T Infotech and Mindtree in November 2022, is an IT services provider. Recently, the technology consulting firm partnered with GitHub to accelerate AI-driven software engineering by integrating advanced DevOps tools and Generative AI capabilities.

Shares of LTIMindtree closed at INR 5827.45 on the BSE today (January 21), down 0.01% from its previous close.

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Shares of Zomato fell as much as 12.78% to INR 210.15 during intraday trading on the BSE today (January 21) after the company announced its third-quarter results for financial year 2024-25. 

However, the shares shed some loss to trade 8.6% below at INR 220.20 at 12:20 PM.

The stock opened the day’s trade 7.4% lower at INR 223.10 per share today. 

Today’s slump follows yesterday’s dip of  8.02% post announcement of the result. The company’s net profit for Q3 FY25 was INR 59 Cr, a considerable decrease from the INR 138 Cr reported in the same quarter of the previous year. 

This also represents a 66% decline compared to the previous quarter’s profit of INR 176 Cr. 

Zomato’s market capitalisation was at INR 2,10,618.90 Cr at 12:20 PM with nearly 23 Cr shares of the company trading hands by then. 

The stock price has tumbled around 20.81% in the last one month from the current market price. However, it has maintained a handsome return of 66.64% over the last one year for its investors. 

The food technology company reported a significant 57.2% year-on-year drop in consolidated net profit, triggering a negative market reaction.

Despite this, its operating revenue climbed to INR 5,405 Cr in Q3 FY25, a 64% increase from INR 3,288 Cr in the corresponding quarter of the previous fiscal year. Sequentially, operating revenue rose 12.6% from INR 4,799 Cr.

Total revenue for the quarter, which includes other income of INR 252 Cr, was INR 5,657 Cr, compared to INR 3,507 Cr in Q3 FY24.

Consolidated adjusted EBITDA, excluding ESOP costs, soared 120% year-on-year to INR 285 Cr. The improvement was driven primarily by a higher food delivery adjusted EBITDA margin, which grew to 4.5% from 3% a year ago. 

This was partially offset by a 14% quarter-on-quarter decline in consolidated adjusted EBITDA, mainly because of accelerated investments in the expansion of its quick commerce dark store network.

The post Zomato Shares Drop 12.78% After Q3 Results appeared first on Inc42 Media.

Cloud infrastructure provider Sify Technologies is reportedly aiming to invest $5 Bn in India over a period of five years. The company will be using these funds to build smaller AI inferencing facilities in 20 tier-II cities.

Sify offers a comprehensive suite of services including telecom services, data centre services, cloud and managed services, and digital transformation solutions. It operates across more than 1,600 cities in India and runs 11 data centres.

As per ET’s report, citing Sify chairman and managing director Raju Vegesna, India is expected to be among the largest markets of AI services and inferencing rather than training. 

“We are going to invest in data centres not only in the 6-7 metros but in the next 10-20 tier-2/tier-3 cities like Lucknow, Chandigarh, Nagpur with small capacities of around 10 megawatts to create these AI factories,” Vegesna said.

This initiative comes on the premise that Special Economic Zones are moving to tier II cities. All IT resources and IT outsourcing companies are also expanding there. 

“We need to take the current IT resources to the next level with AI,” he added.

Sify Technologies is also looking to expand data centres, modernise internal systems with AI Ops, its cloud platforms and GPUs. With this it aims to compete with large data centre and telecom incumbents.  Last year, they announced GPU-as-a-service last year and are currently running several proof-of-concepts.

In September 2023, it raised INR 600 Cr from the Kotak Data Centre Fund. 

The company’s expansion aligns with India’s AI mission, launched in July 2023 with an INR 10,372 Cr allocation.

The government has earmarked INR 4,563 Cr for building compute capacity of 10,000 GPUs under this mission. Another INR 1,971 Cr has been set aside for the new IndiaAI Innovation Centre.

The post Sify Betting Big On India, To Invest $5 Bn In Data Centres: Report appeared first on Inc42 Media.

Jaipur-based waste management startup WeVOIS has secured INR 36 Cr (about $4.3 Mn) in its Series A funding round led by Negen Capital and Vyom Wealth. The round also saw participation from Venture Catalysts, SN Capital, Warmup Ventures, and Marsshot Ventures.

The startup plans to use the fresh capital to establish a Centre of Excellence for advanced waste processing and scale its operations across India.

Founded in 2018 Abhishek Gupta and Abhinav Vashistha, WeVOIS leverages IoT and AI-powered analytics to optimise waste collection and processing. The startup currently works with more than 1,500 sanitation workers and has partnerships with over 20 municipal bodies.

“Our goal is to establish 100 zero-waste cities in the next five years,” Gupta, cofounder and CEO of WeVOIS, told Inc42.

The startup is setting up textile waste recycling facilities and bio-CNG plants to convert wet waste into clean energy. WeVOIS has developed proprietary technology for waste management, focusing on optimising material flows and reducing carbon emissions.

“We will use this funding to establish a state-of-the-art Centre of Excellence for advanced waste processing, a first-of-its-kind facility in India. Our prototypes are ready for commercialisation, allowing us to reduce waste and its environmental impact drastically,” said Vashistha, cofounder and CTO of WeVOIS.

The investment comes amid growing investor interest in India’s cleantech and waste management sector. In September 2024, RecommerceX raised $3.6 Mn (INR 30.23 Cr) in a seed round co-led by Accel and Kae Capital, while Attero expanded into the D2C space with its e-waste consumer take-back platform Selsmart. 

In May 2024, BizDateUp acquired a 20% stake in wet waste management startup Duro Green, and in April, cloud-based waste management startup Recykal secured INR 110 Cr from 360 ONE Asset.

As per Mordor Intelligence, India’s waste management market is projected to reach $17.30 Bn by 2029. The sector has seen increased activity following government initiatives like the Battery Waste Management Rules, 2022, which mandate extended producer responsibility for manufacturers and importers.

The post WeVOIS Raises INR 36 Cr To Scale Waste Management Operations appeared first on Inc42 Media.

Bengaluru-based seafood startup Captain Fresh has secured INR 20 Cr ($2.3 Mn) in debt funding from VentureSoul Partners, marking its third investment from maiden debt fund.

The investment is a part of a larger funding round comprising both equity and debt components. 

Captain Fresh has declined to comment on Inc42’s queries on the development.

“Captain Fresh has demonstrated an ability to successfully integrate large acquisitions. With access to multiple products and presence across multiple geographies, they are poised to break out both on revenue and profitability,” VentureSoul Partners’ cofounder and managing partner Kunal Wadhwa told Inc42.

He added that the startup’s promoter and management teams stand out as one of the most critical aspects of credit assessment.

Founded in 2020, Bengaluru-based Captain Fresh operates as a tech-led, vertically integrated seafood company. The startup’s brand portfolio includes CenSea in the US, Koral in Europe and Senecrus in France.

It plans to deploy the fresh capital for business expansion and growth initiatives.

Captain Fresh counts Accel, Prosus, Matrix Partners, Tiger Global, SBI Japan, Ankur Capital, British International Investment (BII) and Nekkanti Group among its marquee backers.

Prior to this, the startup raised $12 Mn from Motilal Oswal Alternates in December 2024. Prior to that, in February, it raised $32 Mn from British International Investment (BII) and Nekkanti Seafoods Group. 

Founded in 2019 by Utham Gowda, Captain Fresh operates as a farm-to-retail platform for fish, seafood and shrimp. While the startup initially focused on B2B and B2B2C channels in India, it has reportedly discontinued B2B operations in most cities, with B2B2C operations now limited to a few locations. 

The company is currently expanding its presence in international markets, with offices across India, the US, Dubai, Paris, Oslo, Amsterdam and Madrid.

The post Captain Fresh Raises INR 20 Cr Debt From VentureSoul Partners appeared first on Inc42 Media.

Amid the ongoing boom in the new-age tech IPOs in the country, Peak XV Partner’s managing director Mohit Bhatnagar has said that public markets demand high standards which not all startups can meet.

Speaking at the India Digital Summit 2025, Bhatnagar said, “Not every company deserves to go public. There is a high bar for a public company.” 

He outlined two critical requirements for IPO-bound startups – profitability or at least a well-spelled out path to profitability, and predictability of business to give forward guidance.

It is pertinent to note that 13 new-age tech companies, including Swiggy, MobiKwik, Ola Electric, among others, listed on the bourses in 2024, while more than 20 such companies are expected to go public this year.

However, Bhatnagar voiced concerns about younger companies rushing to market, particularly those with revenue of $100 Mn or less. While they might find initial success through support from investment, he warned that these companies risk facing an illiquid stock post-listing.

Overall, the Peak XV MD is optimistic about startup listings. He said that while startups currently account for only “about 3% of the Indian public markets”, this figure “will reach double digits on the back of all these very interesting companies” going public. 

Bhatnagar said that a few Indian new-age tech companies like Zomato, Swiggy, Info Edge, PB Fintech, and MakeMyTrip already have a market capitalisation of over $10 Bn and many more startups have the potential to join this club in the future. 

For founders contemplating taking the public route, Bhatnagar stressed the importance of building enduring institutions rather than seeking quick exits. “Someone who is building a company to flip it for M&A is probably not as attractive as someone who says I want to one day go public,” he said, adding that going public allows founders “to dream of a company that endures, that outlasts you”.

The comments come days after Snapdeal cofounder Kunal Bahl told Inc42 that he envisions 2,500 listed startups in the country by 2050.

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Early stage debt marketplace Recur Club has launched a INR 150 Cr ($17.46 Mn) fund to accelerate the growth of D2C brands in the quick commerce sector. 

The fund, announced on National Startup Day, will provide financing to 80-100 D2C brands with ticket sizes ranging from INR 80 Lakh to INR 10 Cr.

“The Indian quick commerce market is expected to expand at a CAGR of more than 25% leading up to 2030. The D2C sector is anticipated to reach beyond $60 Bn by 2027. In recent months, we have seen a tripling in demand for debt financing, largely due to the burgeoning quick commerce sector outstripping traditional ecommerce,” Eklavya Gupta, CEO and cofounder of Recur Club, told Inc42.

The company will evaluate brands based on three key criteria – minimum annualised revenue of INR 5 Cr, presence on quick commerce platforms, and at least 10% quarter-on-quarter growth. With a seven-day disbursal timeline, the fund aims to provide financing equivalent to 2-3 months of inventory plus one month of receivable cycles.

Speaking about the performance of their portfolio, Gupta said that several D2C brands have seen 3-4X growth in monthly sales through quick commerce channels, with some scaling from INR 50 Lakh to INR 3-4 Cr in monthly revenue. 

“Some brands have actually grown to INR 70 Cr in monthly sales. From our portfolio, food and snacks brands, including healthy food segments, and beauty brands have seen phenomenal growth on quick commerce platforms,” he added.

Recur Club has funded more than 750 companies, including 300 D2C brands, with more than half utilising quick commerce platforms.

Founded in 2021 by Eklavya Gupta and Abhinav Sherwal, the New Delhi-based fintech operates as a debt marketplace for startups and SMEs. The company claims to have funded more than 750 companies, including 300 D2C brands, with more than half utilising quick commerce platforms. 

The new fund is part of Recur Club’s broader strategy outlined in FY24 to provide INR 2,000 Cr through ‘Recur Scale’ and INR 1,000 Cr through ‘Recur Swift’. The company, backed by InfoEdge Ventures, Village Global, LC Nueva, and Titan Capital, has already disbursed INR 500 Cr to D2C businesses, comprising 30% of its overall portfolio.

This development adds to the recent surge in fund launches within the Indian startup ecosystem. Earlier this week, Riceberg Ventures announced a $20 Mn fund targeting deeptech startups across spacetech, medtech, and AI sectors.

In December 2024, Warmup Ventures unveiled its second fund with a INR 300 Cr corpus, aiming to back 25-30 early stage startups in deeptech and climate tech. This followed Capital A’s September announcement of its INR 400 Cr Fund II focusing on manufacturing and deeptech sectors, with plans to invest $2-3 Mn across 17-20 startups.

Zerodha launched FLOSS/fund in October to support open-source software projects globally with an annual commitment of $1 Mn, highlighting the diverse funding opportunities emerging in India’s startup landscape.

The post Recur Club Floats INR 150 Cr Fund To Fuel Growth Of D2C Brands In Quick Commerce Space appeared first on Inc42 Media.

Mumbai-based D2C skincare brand Foxtale has secured $30 Mn (around INR 259 Cr) in its Series C funding round led by KOSÉ Corporation, along with participation from existing investors Panthera Growth Partners, Z47 and Kae Capital.

The startup will use the fresh capital to strengthen its R&D capabilities and deepen its footprint in existing markets. The startup aims to focus on creating efficacious skincare formulations and expanding its product innovation capabilities.

Founded in 2021 by Romita Mazumdar, Foxtale develops skincare products using modern science and technology. The startup claims to have served more than 15 Lakh customers through its portfolio of 20 SKUs.

“This funding by KOSÉ Corporation will enable us to scale faster, innovate deeper, and bring effective and accessible skincare to even more people across India,” Mazumdar said.

“Foxtale’s rapid growth is driven by product development that places importance on dialogue with customers, cutting-edge digital marketing, and strong sales capabilities that are closely aligned with business partners,” said Kazutoshi Kobayashi, president and CEO of KOSÉ Corporation.

The startup claims to have achieved 150% growth in FY25, with its D2C channel contributing 50% to the brand’s revenue. It maintains a 50% repeat rate and aims to achieve profitability by the end of the next financial year.

In 2022, Foxtale secured $4 Mn in its Pre-Series A funding round led by Matrix Partners India. Following that, last year, the company bagged INR 119 Cr led by Panthera Growth Partners. 

According to Inc42’s Indian Tech Startup Funding Report, 2024, the ecommerce sector emerged as the most funded sector in 2024, with D2C startups securing the highest number of deals among its subsectors.

The Indian beauty and personal care (BPC) market has witnessed significant activity in recent months. Earlier this month, RAS Luxury Skincare secured $5 Mn from Unilever Ventures and Amazon Smbhav Venture Fund. In November 2024, Nykaa acquired a majority stake in Earth Rhythm, following its 18.6% stake purchase in 2022. ClayCo Cosmetics raised $2 Mn from Unilever Ventures in October 2024, while Pilgrim secured $9 Mn in August 2024, led by Fireside Ventures and Vertex Ventures.

The BPC market in India is expected to reach $28 Bn by 2030, accounting for 7% of the overall ecommerce market. The sector has attracted more than $1 Bn in funding between 2014 and H1 2024, driven by high margins and innovative product offerings.

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Mumbai-based 3D visualisation startup Eccentric (formerly Eccentric Engine) has raised $5 Mn (INR 43.26 Cr) in a Pre-Series A funding round co-led by Exfinity Venture Partners and Arkam Ventures.

The company plans to use the fresh capital to shore up the development of its proprietary One3D platform and expand its global footprint. 

“With groundbreaking advancements in hardware and AI, the scale of the opportunity has never been greater. The funds will be pivotal in advancing our product tech and driving international expansion, bringing this visualisation movement from India to the world,” Eccentric cofounder and CEO Varun Shah told Inc42.

Managing director at Arkam Ventures Rahul Chandra added, “… Eccentric, with its cutting-edge One3D platform, has the edge to lead the charge in this space by addressing critical challenges of scalability, cost-efficiency, and accessibility, empowering automotive OEMs to redefine how they engage with customers”.

Founded in 2012 by Gaurav Rane and Varun Shah, Eccentric offers real-time 3D rendering solutions for automotive retail. The startup’s One3D platform converts CAD models of original equipment manufacturers (OEMs) into interactive retail experiences.

The company claims to serve as a visualisation partner for major automakers such as Maruti Suzuki, Tata Motors, Toyota, Hyundai and Stellantis in India. It also has operations in countries like South Africa, Japan, Korea, Australia, Malaysia and Indonesia among others.

Eccentric claims that its One3D platform has helped OEMs and dealerships achieve 2X to 3X increase in customer intent-to-purchase and 40% reduction in purchase timelines. 

Going forward, the startup has set its eyes on further strengthening its research and development (R&D), ramping up go-to-market (GTM) strategy and unveiling an advanced version of its One3D platform by mid-2025.

The company also plans to expand across six continents by 2026 with a specific focus on the US and Europe.

It is pertinent to note that the latest investment marks Arkam’s second bet in the immersive technology space, following its INR 29 Cr ($3.5 Mn) investment in VR-based industrial skilling startup Cusmat in February 2023.

Eccentric competes with the likes of homegrown players such as PreImage, BigThinx, Foyr, Furdo, among others across various categories. The startup operates in the larger global 3D visualisation and rendering software market, which is projected to become a $24 Bn opportunity in the next decade.

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Shares of DroneAcharya Aerial Innovations surged as much as 6.26% to INR 107.75 during the intraday trading session on the BSE today (January 14) after the company announced securing an order from Tata Communications. 

However, the stock shed some of its gains later and ended today’s trading session 3.55% higher at INR 105 on the BSE. 

DroneAcharya’s market capitalisation stood at INR 251.88 Cr (around $29.1 Mn) as of the market close today.

The rally in the stock’s price came a day after DroneAcharya informed the bourses that it has secured an order worth INR 5.5 Lakh from Tata Communications Limited for building a customised drone solution (static drone) for their experience centre.

Founded by Prateek Srivastava in 2017, DroneAcharya offers an array of drone solutions for multi-sensor drone surveys, pilot training and data processing among others. The startup forayed into the spacetech industry in 2023.

Last month, the company set up a wholly-owned subsidiary in the UAE, expanding its footprint in the middle east. 

Recently, it also entered into a strategic partnership with Canada’s Volatus Aerospace for manufacturing drones in India.

This partnership includes manufacturing the Condor drone, which has a payload capacity of 180 kg and is aimed at redefining cargo delivery in India. Under the agreement, DroneAcharya will lead business development efforts while Volatus provides technical support.

In August last year, DroneAcharya bagged an exclusive contract from Krattworks to facilitate local production and distribution of the Estonia-based company’s defence drone products under the ‘Make in India’ initiative.

On the financial front, DroneAcharya’s consolidated profit after tax (PAT) plunged 62.1% to INR 1.50 Cr during the six months ended September 2024 (H1 FY25) from INR 3.96 Cr in the same period last year. 

However, the company’s revenue from operations went up 28.8% to INR 26.90 Cr during the year under review from INR 20.88 Cr in the first half of FY24.

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Early stage venture capital firm Riceberg Ventures has launched a $20 Mn (around INR 173.4 Cr) fund to invest in deeptech startups.

The VC firm will back 25-30 startups, across the globe, with an average cheque size of $500K.

Riceberg focuses on deep technology startups in Europe, the US and India, investing in categories such as spacetech, medtech, cybersecurity, AI, robotics, novel energy, semiconductors and quantum computing.

The VC firm’s portfolio includes startups such as Manastu Space, Signatur Biosciences, EtherealX, Keyron Medical, and Arch0.

Founded in 2023 by Ankit Anand, Mredul Sarda, Shubham Raj and Lino Gandola, Riceberg Ventures aims to address the funding gap in the deeptech sector by providing early stage capital and hands-on support to startups.

“Deeptech has always been at the forefront of industry-defining innovations. While it’s a buzzword today, we began our journey before it gained mainstream recognition,” Anand, founding partner at Riceberg Ventures, told Inc42.

The development comes amid growing government support for India’s deeptech ecosystem. The Centre has launched initiatives including a startup fund of funds worth INR 10,000 Cr and the National Research Foundation worth INR 50,000 Cr.

In collaboration with E2MC Ventures, Riceberg operates KickSky, India’s first dedicated spacetech accelerator. The programme recently launched its second cohort, set to go live in January 2025.

This launch follows several fund announcements in recent months. In October 2024, fintech unicorn Zerodha launched FLOSS/fund to support open-source projects globally with annual funding of $1 Mn.

In September 2024, Capital A launched its Fund II with a target corpus of INR 400 Cr, focusing on manufacturing, deeptech, climate tech, and fintech sectors.

Earlier in May 2024, 360 ONE Asset launched a INR 4,000 Cr secondaries fund to invest in late stage startups.

The post Riceberg Ventures Floats $20 Mn Fund For Deeptech Startups appeared first on Inc42 Media.

Edtech unicorn Physics Wallah (PW) has appointed Ajinkya Jain as group general counsel, company secretary and compliance officer to strengthen its leadership team ahead of its planned initial public offering (IPO).

The appointment comes as PW gears up for a potential $400 Mn to $500 Mn public listing in 2025. The company has already finalised Axis Capital, Kotak Mahindra Capital, Goldman Sachs, and JP Morgan as bankers for the proposed IPO.

“Jain’s experience in legal and corporate governance will be invaluable as we expand and innovate in the education space,” PW CEO Alakh Pandey said.

Before joining PW, Jain led the IPO of Unicommerce eSolutions in August 2024 and served as key managerial personnel at AceVector (formerly Snapdeal). He played a crucial role in merger and acquisition activities at PharmEasy, including the Medlife and Thyrocare acquisitions.

The appointment follows PW’s recent $210 Mn funding round led by Hornbill Capital, which doubled its valuation to $2.8 Bn. The edtech unicorn has raised $310 Mn till date from investors including Lightspeed Ventures, WestBridge and GSV Ventures.

PW has been strengthening its leadership team, having recently appointed former Blinkit executive Amit Sachdeva as CFO in November 2024. 

The company has also been expanding its operations. In December, it partnered with the Andhra government to establish a deeptech and AI-focused Institute of Eminence, with plans to invest nearly INR 1,000 Cr through GSV Ventures and other investors.

Founded in 2020 by Pandey and Prateek Maheshwari, PW offers education through online, offline and hybrid modes across 105 cities. The company provides free education to more than 46 Mn students through 112 YouTube channels in five vernacular languages.

However, PW reported a consolidated net loss of INR 1,131.2 Cr in FY24, up from INR 84.06 Cr in FY23. Its revenue from operations grew 2.6X year-on-year to INR 1,940.4 Cr during the same period.

The edtech unicorn recently launched PW School of Startups with an INR 100 Cr fund to back more than 100 startups. The initiative offers three programmes – Aarambh, Prarambh and Hopes Alive – tailored for different stages of entrepreneurial journeys.

The post Physics Wallah Ropes In Ajinkya Jain As Group General Counsel, Company Secretary appeared first on Inc42 Media.

Logistics unicorn Delhivery has allotted 7.71 Lakh equity shares under its various employee stock option (ESOP) schemes.

The company informed the bourses on December 8 that its shareholders approved the allotment of 7,71,269 equity shares with a face value of INR 1 each fully paid up against the exercise of vested options.

The listed logistics giant allotted 1.58 Lakh shares under Delhivery ESOP 2012, 5.59 Lakh shares under ESOP II 2020 and another 64.2K shares under ESOP III 2020.

Following this allotment, Delhivery’s paid-up share capital increased to INR 74.35 Cr from INR 74.28 Cr earlier.

Shares of Delhivery ended Friday’s trading session 0.97% lower at INR 333 apiece on the BSE. As per the stock’s closing price today, the newly-allotted shares are worth INR 25.68 Cr.

This development comes two days after the company granted fresh stock options. On January 6, Delhivery’s Nomination and Remuneration Committee approved granting 1,15,829 stock options under ESOP 2012 to eligible employees.

The newly granted options will vest over four years for most recipients, with 10% vesting after 12 months, 30% after 24 months, and the remaining at 15% every six months thereafter. A smaller portion of 4,954 options follows a different schedule with 50% vesting after 12 months, 25% after 17 months, and 25% after 23 months.

The company recently strengthened its leadership team with two key appointments. Navneet Kumar joined as head of supply chain services division while Yubi Surajit Das was appointed to lead its logistics platform OS1. 

Delhivery posted a consolidated net profit of INR 10.2 Cr in Q2 FY25 against a loss of INR 102.9 Cr in the year-ago quarter. Revenue from services jumped 13% to INR 2,189.7 Cr in the quarter under review from INR 1,941.7 Cr in the year-ago period.

The development comes at a time when several new-age tech companies are expanding their ESOP pools to retain talent. Last month, companies, including ixigo, Zomato, and Paytm announced significant ESOP allotments to their employees, with valuations ranging from INR 23 Cr to over INR 13,000 Cr.

The post Delhivery Allots Shares Worth INR 25.6 Cr Under ESOP Schemes appeared first on Inc42 Media.

Games24x7 has announced the final cohort for its TechXpedite Accelerator Programme, selecting 17 startups from across India, with a maximum representation from Maharashtra.

The accelerator programme, launched in October last year, attracted over 330 applications across three key focus areas: gaming, AI and impact-driven inclusive technology. 

The selected startups will participate in the programme designed to boost their growth and market presence.

These startups will benefit from a support package, including masterclasses, networking opportunities, expert mentorship and technology credits worth over $500,000 from more than 30 technology partners, the company said in a statement.

“The sheer quality and diversity of entries we received for TechXpedite highlight the immense talent within India’s startup ecosystem,” said Trivikraman Thampy, cofounder and Co-CEO, Games24x7.

Here is the list of all  the17 startups selected for the TechXpedite Accelerator Programme:

Arficus 

Founded in: 2019

Founded by: Sandeep Sinha

Headquarter: Bengaluru, Rajasthan

Arficus develops an AI-powered diagnostic platform called ‘MEDHINI’, designed to detect complex, chronic and sporadic diseases in areas like oncology, pulmonology, neurology, nephrology and cardiology. 

It uses computer vision and natural language processing (NLP) to diagnose over 13 diseases without physical contact with patients, aiming to improve health outcomes through non-invasive diagnostics. 

BeAble Health

Founded in: 2017

Founded by: Habib Ali and Sreehari KG

Headquarters: Hyderabad

BeAble Health develops devices for neuro and motor rehabilitation. Their product, ArmAble, is a game-based therapy device for patients with upper limb disabilities caused by stroke, traumatic brain injury, cerebral palsy, fractures, or other conditions. 

It tracks patient progress, provides analytics, and offers telerehabilitation tools to connect with therapists, enabling therapy at home without compromising care.

Cairovision

Founded in: 2023

Founded by: VP Singh

Headquarter: Bengaluru

Cairovision provides AI-based video analytics solutions for various sectors. These include automation and monitoring for solar and wind energy plants, security and traffic management in smart cities, and operational analytics for industries like manufacturing, logistics and hospitality. 

The platform also offers solutions such as facial recognition, vehicle tracking, material tracking, and process automation for industries and law enforcement.

Chittoo

Founded in: 2021

Founded by: Angana Saikia and Gaurav Dobhal

Headquarter: Bengaluru

Chittoo Tech develops AI-powered tools to teach English to Hindi speakers. Their flagship app, “Chittoo,” focuses on improving conversational English, grammar and speaking skills using personalised AI-driven lessons. It includes interactive conversations, tailored grammar exercises, and progress tracking. 

The platform also provides a chatbot for learning through Facebook Messenger, which uses natural language processing to correct grammar and understand user inputs. 

​​Choira

Founded in: 2021

Founded by: Vivart Rangari and Tanmay Kathane

Headquarter: Mumbai

Choira provides tools and platforms for musicians to create, collaborate, and explore music. Their offerings include a 5G low-latency jamming tool for real-time remote collaboration, a music generator for composition, and an online booking app to connect musicians with studio spaces. 

The platform fosters creativity by enabling seamless music production and collaboration across locations.

Gabify

Founded in: 2024

Founded by: Prachi Sood andSahil Chopra

Headquarter: Delhi

Gabify is an AI-powered platform that provides speech therapy for adults and children. It offers personalised therapy for speech delays, voice disorders, aphasia, autism spectrum disorders, and accent modification. The platform uses AI to deliver tailored exercises, making therapy accessible and effective for improving communication skills.

Glovatrix

Founded in: 2021

Founded by: Aishwarya Karnataki and Parikshit Sohoni

Headquarter: Pune

Glovatrix designs wearable technology to help people with speech and hearing impairments communicate effectively. The company focuses on creating high-quality, affordable devices that improve accessibility and communication for its users.

HomeGround Sports Analytics

Founded in: 2020

Founded by: Santosh Vuppala and

Headquarter: Hyderabad

HomeGround is an AI-powered platform that provides cricket training and analytics for players and coaches. Using its mobile app, users can record training sessions to receive real-time metrics, expert feedback, and personalised training plans. 

The platform also offers tools to analyse cricket games by reviewing game videos, providing ball-by-ball analytics, personalised highlights, and match summaries. HomeGround aims to improve cricket skills through accessible, high-quality coaching and detailed performance insights.

LiaPlus AI

Founded in: 2023

Founded by: Shailesh Jaiswal and Smridhi Seth

Headquarter: New Delhi

LiaPlus AI provides AI-powered customer support solutions for businesses. Their AI employees handle tasks such as customer support, lead generation, and user engagement across 18 languages. 

These AI employees can also send emails and WhatsApp messages after calls, helping businesses manage large volumes of calls quickly. 

mple

Founded in: 2023

Founded by: Ameet Verma and Riddhesh Ganatra

Headquarter: Mumbai

mple.ai provides an AI-powered platform for sales training. It uses AI-driven role-play scenarios with lifelike avatars to help sales teams practice and improve communication skills. The platform offers personalised feedback, call analysis, and performance tracking across 60+ metrics. 

Noha

Founded in: 2024

Founded by: Arun Panayappan and Ramakrishnan 

Headquarter: Bengaluru

Noha.ai is an AI-driven platform that automates technical interviews by simulating human-like interactions tailored to a company’s specific requirements. It generates customised questions, evaluates candidates, and provides consistent, objective assessments. 

The platform streamlines the recruitment process, reduces interview time, and helps organisations make better hiring decisions while improving workforce quality.

Qlan

Founded in: 2021

Founded by: Sagar Nair, Navin Talreja

Headquarter: Mumbai

Qlan is an AI-powered social networking app for gamers. It helps users find and connect with other gamers, build squads, and collaborate through chat and matchmaking features. 

Users can create custom profiles, sync in-game statistics, and share gaming content. The platform also supports game studios and businesses by facilitating community-led testing, engagement, and content creation. Qlan is available on Android and iOS.

Skitii

Founded in: 2022

Founded by: Darshana Jain and Chirag Jain

Headquarter: Mumbai

Skitii uses computer vision and AI to analyse emotions and focus levels in real time. It provides insights by processing data from webcams or CCTV cameras, offering applications for personal and professional settings. The platform also incorporates EEG-based music selection to enhance mood and improve emotional understanding.

Spoda

Founded in: 2024

Founded by: Vibhu Pillai, Vivek AV, Debsourabh Ghosh

Headquarter: Ahmedabad

Spoda AI is an artificial intelligence platform built to analyse cricket matches. It uses a large language model (LLM) trained on cricket data to provide insights and predictions about matchups. Users can interact with Spoda AI through a conversational interface to access critical cricket data quickly and easily. The platform is currently in its beta phase.

Tuttifrutti Interactive

Founded in: 2006

Founded by: Ajish G Habib and Bijish G Habib

Headquarter: Kakkanad

TuttiFrutti Interactive is a game development studio that creates premium games for mobile, PC, and Mac platforms. They offer services in game design, art, animation, cross-platform development, and testing. 

Their in-house team has worked on over 100 titles, including collaborations with companies like Electronic Arts and Bigfish Games. The studio also delivers complete game IPs, and specialise in both 2D and 3D art and animations, catering to diverse client needs.

VocBot

Founded in: 2021

Founded by: Gursimranjeet Singh Ajimal 

Headquarter: Indore

VocBot develops AI powered voice solutions for customer service. Their platform helps contact centers resolve customer queries, be more efficient, reduce wait times and lower operational costs. 

Zeuron

Founded in: 2019

Founded by: Siddharth Nair and Suramya Asthana

Headquarter: Bengaluru

Zeuron.ai develops brain-inspired AI technologies for healthcare and other industries. The platform focuses on neurocomputing to create intelligent systems that learn, reason and adapt. 

It works on applications like disease detection, drug discovery, and personalised treatment plans, particularly for neuro and musculoskeletal disorders. Through tools like phygital games, it analyses brain, body, and behavior for therapeutic and diagnostic purposes. Zeuron.ai also provides a platform for researchers, developers, and hobbyists to explore neurotechnology.

The post Meet The 17 Startups Selected For Games24x7’s TechXpedite Accelerator Programme appeared first on Inc42 Media.

Foodtech major Swiggy has announced the expansion of its quick commerce vertical Instamart to 76 cities across India, and the platform will soon also be available as a standalone app.

As one of Swiggy’s flagship services, Instamart will continue to be accessible via its unified platform, the company said in a statement.

Swiggy Instamart was launched in August 2020, during the COVID-19 pandemic. It was conceived as an extension of Swiggy’s food delivery. The service initially promised delivery within 30-45 minutes.

The standalone Instamart app aims to provide users with direct access to Swiggy’s quick commerce offering, building on the success of its Android PlayStore shortcut. 

The move follows Swiggy’s recent launches, including SNACC for 15-minute food delivery and Pyng for professional services.

Sriharsha Majety, MD & Group CEO at Swiggy, said, “While it’s been clear for a while now that Swiggy Instamart is set to match Food delivery in size, recent developments show it’s on track to surpass Food delivery in both penetration and scale. The positive reception in new cities and categories suggests Instamart could achieve far greater user adoption, going well beyond 100 Mn users.”

Previously, Swiggy experimented with standalone apps, including Dineout for restaurant reservations and InsanelyGood. All Swiggy One, One Lite, and One BLCK benefits will be applicable across both the unified and standalone Instamart apps.

Amitesh Jha, CEO of Swiggy Instamart, said “Swiggy Instamart is on a rapid growth trajectory, offering a compelling value proposition with 10-minute deliveries and an expanding range of nearly 50,000 products.”

The development comes as Bernstein initiated coverage on Swiggy with an ‘outperform’ rating and a target price of INR 635. 

The quick commerce vertical has shown strong momentum, with Instamart’s operating revenue surging 135.7% YoY to INR 490 Cr in the quarter ended September 2024 (Q2 FY25) from INR 208 Cr in the year-ago period.

The post Swiggy Instamart Expands To 76 Cities, To Launch Standalone App appeared first on Inc42 Media.

Shares of foodtech major Swiggy snapped up their four-day losing streak and jumped 6% to INR 520.70 apiece on the BSE during the intraday trading today (January 9).

The rally in the stock came a day after Swiggy rolled out a new app ‘SNACC’ targeting 15-minute food delivery in select areas of Bengaluru. This puts Swiggy in direct competition with Zepto Cafe and Zomato’s Bistro in the quick commerce space.

Additionally, the company launched Pyng, a services marketplace platform enabling professionals such as nutritionists, yoga instructors, and life coaches to list their services.

These developments come against the backdrop of Bernstein initiating coverage on Swiggy with an ‘outperform’ rating. The brokerage has given the stock a target price of INR 635, which implies a potential upside of almost 30% from its previous close. 

Analysts at Bernstein expect Swiggy to maintain its market share at about 42% in food delivery despite rising competition.

“While competitive intensity is increasing from ecommerce players (Amazon, Flipkart), we expect incumbents (Swiggy, Zomato) to hold market share in quick commerce,” they said. 

The brokerage projects Instamart to reach adjusted EBITDA breakeven by mid-FY27 and 3-4% by FY30.

Swiggy narrowed its consolidated net loss by 4.78% to INR 625.53 Cr in the September quarter (Q2) of the financial year 2024-25 (FY25) from INR 657 Cr in the year-ago quarter. 

Operating revenue zoomed 30% to INR 3,601.45 Cr during the quarter under review from INR 2,763.33 Cr in the year-ago period. 

In its shareholders letter, the company said it expects to attain adjusted EBITDA profitability on a consolidated level by Q3 FY26, with its quick commerce vertical projected to break even by Q2 FY27.

It is pertinent to note that Swiggy made its stock market debut last year, with its shares listing at INR 412 apiece on the BSE, a 6% premium over its IPO price of INR 390. 

The stock has given an upward run of 19% since its public listing.  

At 1:47 PM, shares of Swiggy were trading 2.21% higher at INR 501.40 apiece on the BSE.

The post Swiggy Shares Surge 6.1% After New Apps Launch appeared first on Inc42 Media.

The Competition Commission of India (CCI) has approved Tata Electronics Private Limited’s (TEPL) proposal to acquire a majority stake in Pegatron Technology India.

“Commission approves the acquisition of certain shareholding of Pegatron Technology India Pvt Ltd (Pegatron India) by Tata Electronics Pvt Ltd (TEPL) and the transfer of TEL Components Pvt Ltd (TEL) business undertaking to Pegatron India,” the regulator announced on its official X handle.

The acquisition will take place in two tranches, as per CCI statement. Additionally, the antitrust regulator has approved Tata Electronics’ plan to transfer the business undertaking of TEL Components, a wholly-owned subsidiary of TEPL, to Pegatron India.

Pegatron India, a subsidiary of Taiwan’s Pegatron Corporation, currently operates a factory in Chennai with an annual production capacity of approximately 5 million iPhones. The facility employs around 10,000 workers and manufactures smartphones for both domestic and export markets across North America, Asia, and Europe.

This acquisition represents a significant expansion of Tata’s presence in Apple’s manufacturing ecosystem in India. TEPL, a wholly-owned subsidiary of Tata Sons specializing in high-precision components manufacturing, already operates in the electronics manufacturing services (EMS) sector through Tata Electronics Systems Solutions (formerly Wistron Infocomm Manufacturing India).

The deal follows Tata’s previous strategic move which was approved by the CCI in January last year, when it acquired Wistron’s iPhone manufacturing unit in Bangalore for USD 125 million. With this latest acquisition, Tata Electronics will control its third iPhone manufacturing facility in India.

The CCI’s approval was necessary as the deal’s size exceeded the regulatory threshold that requires clearance from the competition watchdog, which monitors unfair business practices and promotes fair competition in the marketplace.

The development is expected to create more jobs and contribute to India’s economic growth while enhancing the country’s role in the global electronics supply chain.

The post Tata Electronics Gets CCI Nod To Acquire Majority Stake In Pegatron India appeared first on Inc42 Media.

Bengaluru-based electric tractor startup Moonrider has secured $2.2 Mn (INR 19 Cr) in a seed funding round co-led by AdvantEdge Founders and Micelio Fund, along with participation from angel investors.

The startup plans to l deploy the fresh capital to strengthen its capabilities in vehicle engineering, vehicle software and battery technology. 

Founded in 2023 by former Volvo executives Anoop Srikantaswamy and Ravi Kulkarni, Moonrider leverages their combined experience of over 30 years in vehicle engineering and electric vehicle R&D from companies like Volvo Group, Ola Electric and Olectra BYD.

“We have been in the EV segment for more than eight years. We have built two wheelers, three wheelers, buses and trucks, and understand the complete ecosystem,” Kulkarni told Inc42. 

The startup has developed proprietary battery technology aimed at reducing costs. “If we take a battery pack from a supplier, they will charge INR 100 with profit margins. By manufacturing in-house, we can do it for INR 60 and transfer the INR 40 benefit to customers,” Kulkarni explained.

Unlike premium EVs that typically cost 1.5-2x their ICE counterparts, Moonrider’s electric tractors maintain price parity with diesel variants. The operational cost benefits are substantial. “For a 75 HP tractor, farmers currently spend between INR 1,000-1,500 per hour on diesel, whereas with our electric tractor, it costs only around INR 300,” Kulkarni added.

Moonrider offers three charging options – normal home charging, AC fast charging and rapid charging that takes 30-60 minutes. Additionally, farmers in many states can leverage free electricity for agricultural use.

The startup has established partnerships with major NBFCs and aggregators in India, securing demand for the next 2-3 years. “Our focus now is to bring the product to market at the earliest and begin deployment,” Kulkarni said.

“Electric tractors are the need of the hour with rising diesel prices and low farmer profitability. Rather than spending on core agriculture, farmers are burdened with operational costs. We expect farm mechanisation to improve significantly in India over the next 3-5 years as operational costs decrease while maintaining price parity with diesel tractors,” Kulkarni said.

Looking ahead, Moonrider aims to expand its presence while continuing to innovate in sustainable farming solutions, focusing on its mission to help farmers “save more, earn more, and produce more.”

This comes at a time when India’s EV sector continues to attract substantial investments across segments. Recently, Oben Electric raised INR 50 Cr in Series A funding for its electric motorcycle business. Earlier in 2024, River raised $40 Mn led by Yamaha Motor Co., and Matter secured $23 Mn in its Series B round.

According to Inc42’s State of Indian Startup Ecosystem Report 2024, the EV sector saw investments worth $1.2 Bn in 2023, with the two-wheeler segment leading adoption.

The post Electric Tractor Startup Moonrider Bags $2.2 Mn From Micelio Fund, Others appeared first on Inc42 Media.

Technology-focused venture capital firm Inflexor Ventures, which has backed companies like Kale Logistics, Atomberg, PlayShifu, ClickPost and BioPrime among others, has strengthened its leadership team with two elevations.

The VC firm has promoted Harsha Mundhada and Murali Krishna Gunturu as partners. The duo joins existing partners Venkat Vallabhaneni, Jatin Desai and Pratip Mazumdar on the investment side.

“We are delighted to elevate Mundhada and Gunturu as partners. Their dedication, strategic acumen, and deep engagement with founders have been invaluable to our fund’s growth,” Vallabhaneni said.

Mundhada, joined Inflexor in 2016. Prior to that, she worked with Deloitte, Ernst & Young and PricewaterhouseCoopers in their transaction advisory departments. She has led investments in Atomberg, Chakr, Kale Logistics, A5G and SecureThings.

Gunturu is a founding member of Inflexor. Before that, he worked with Ernst & Young and served as a virtual CFO for several SMEs. His investment portfolio includes PlayShifu, Bellatrix Aerospace, CredFlow, ClickPost, NoPo Nanotechnologies and CloudSek.

This comes days after Inflexor marked the first close of its Opportunities Fund at INR 280 Cr, with HDFC AMC as the lead investor. The fund, which has a target corpus of INR 350 Cr, will acquire the entire investment portfolio of Inflexor’s first fund.

The VC firm is also preparing to raise its third blind pool corpus of INR 1,250 Cr in FY26.

Founded by Vallabhaneni, Desai, and Mazumdar, Inflexor focuses on deep and emerging technology startups from seed to Series B stages. The firm currently manages assets worth INR 1,000 Cr and has invested in 26 technology companies across sectors including cybersecurity, artificial intelligence, augmented reality and space tech.

The VC firm recently exited its second fund portfolio company Steradian Semiconductors through a sale to a Tokyo-listed Japanese company.

The post Inflexor Ventures Elevates Harsha Mundhada And Murali Krishna Gunturu As Partners appeared first on Inc42 Media.