AI-based business journey observability provider VuNet Systems has raised INR 60 Cr (around $6.94 Mn)  in the first close of its Series B funding round led by Pravega Ventures.

The round also saw participation from Kotak securities, along with a host of existing investors, including Mela Ventures, Athera Venture Partners, Dallas Venture Capital and TVS Capital Funds.

The company plans to use the fresh proceeds for global expansion and accelerate its growth in India. 

Alongside it will also improve the product stack and enhance sales and marketing.

Founded in 2014 by Ashwin Ramachandran, Bharat Joshi and Jithesh Kaveetil, VuNet helps financial institutions monitor and optimise their information technology operations and customer journeys. Its platform provides real-time insights by analysing data from various systems, enabling enterprises to streamline critical processes like digital transactions and deliver end-to-end visibility across complex IT ecosystems, enhancing both operational performance and customer experience.

“This funding milestone marks an exciting step forward as we expand globally and pioneer a new category of business journey observability. By further integrating advanced AI, including GenAI, across all workflows of our platform”, said Ramachandran.

The funding comes at a time when AI has taken the world, including India, by storm. AI adoption is on the rise and this has resulted in the emergence of a number of AI-focussed platforms in the country. Not just this, these startups are also witnessing a lot of investor interest.

For instance last week, Bengaluru-based Quash raised $635K in its pre-seed funding round led by Arali Ventures.

Similarly in October 2024, Febi.ai raised $2 Mn from Lumis Partners, former JP Morgan executive Virender Rana, and Lenskart cofounder Amit Chaudhary.

In September 2024, Jhana.ai also raised $1.6 Mn in its ongoing maiden funding round. 

According to an Inc42 report, more than 100 GenAI startups call India their home. These startups have cumulatively raised more than $600 Mn since 2019. Overall, the homegrown GenAI market is expected to see a major boom in the coming years and is projected to cross the $17 Bn mark by 2030.

The post VuNet Pockets INR 60 Cr To Help Enterprises Streamline Digital Transactions appeared first on Inc42 Media.

Healthcare-focused omnichannel startup Zeelab Pharmacy has reportedly raised $2.4 Mn (around INR 21.7 Cr) in its maiden funding round led by OTP Ventures.

As per ET, the Delhi-based company will deploy the fresh proceeds to expand its retail network and further develop a 60-minute delivery service across metro and non metro cities.

Founded in 2020 by Rohit Mukul, Zeelab Pharmacy sources medicines from a network of over 2,500  stores and delivers medicines ensuring access and convenience. The company claims to further expand its operations in tier II cities.

“This funding will serve as a catalyst for our growth plans, enabling us to entrench our retail presence further, bolster our delivery infrastructure, and fortify our omnichannel ecosystem. We believe this partnership will be instrumental in propelling our mission forward and creating a more inclusive and equitable healthcare ecosystem in India,” Mukul was quoted as saying in the report.

In healthcare it competes with the likes of Medkart, PharmEasy, Apollo Pharmacy and Netmeds among others.

The healthcare space has seen a host of developments recently.

For instance, two days ago four cofounders of online pharmacy PharmEasy – Dharmil Sheth, Dhaval Shah, Hardik Dedhia and Harsh Parekh stepped down from their executive roles at the startup

In August last year, healthcare financing startup HealthCRED raised $1.2 Mn in a seed funding round co-led by venture capital firms Antler India, TRTL VC and iSeedVC.

Similarly in July 2024, healthcare startup Icanheal raised INR 15 Cr in a seed funding round led by IvyCap Ventures.

According to Inc42’s ‘The State Of Indian Startup Ecosystem Report‘, healthtech startups raised a little over $7 Bn between 2014 and H1 2024 in 886 deals. 

In comparison, the cumulative funding raised by Indian startups during this period crossed the $150 Bn mark across 10,500 deals. 

The post Zeelab Pharmacy Bags $2.4 Mn To Expand Retail Network appeared first on Inc42 Media.

Deepak Agarwal has joined back LinkedIn as its chief AI officer, marking his second stint with the professional networking platform. 

“I am thrilled to share that I’m joining LinkedIn as the company’s chief AI officer. This is my second stint leading AI at LinkedIn, with my last tour being VP of AI for 8 years where our team developed remarkable innovations at massive scale that serve as the foundation for much of the company’s AI efforts today,” Agarwal said in a LinkedIn post.

With over 24 years of experience, his AI roles span across companies like Pinterest and Yahoo.

Previously, Agarwal served at LinkedIn for around 8 years as VP of engineering and artificial intelligence.

This development comes a week after the Advertising Standards Council of India (ASCI) issued an advisory urging LinkedIn influencers to abide by the norms requiring disclosure of material connections with brands, services or advertisers they promote.

It is pertinent to note that unlike other social media platforms, LinkedIn does not provide platform disclosure tools. In such a case, the influencers themselves have to display the permitted disclosure terms like “Ad” or “partnership” among others.

LinkedIn has been home to one of the largest job seeking portals. With the space to share knowledge, work updates, job history, take up courses, keep up with daily news and newsletters and make official announcements, where the platform has expanded to more than just seeking jobs, backed by the strong user engagement.

In July, last year,  the platform even rolled out its video offering in India, to tap into the growing opportunity in the short-form video market.

Many companies have seen some key appointments in the recent past.

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

Similarly IPO-bound B2B marketplace Zetwerk appointed manufacturing industry veteran Vadim Yakubov as the CEO of its US subsidiary Unimacts in a bid to double down on its US market expansion.

The post Deepak Agarwal Returns To LinkedIn As Chief AI Officer appeared first on Inc42 Media.

Enterprise managed workspace Table Space has appointed its cofounders Karan Chopra and Kunal Mehra as co-CEOs.

Additionally, Chopra will be the company’s chairman and Mehra the president, the company said in a statement.

Former Taj hotel manager Mehra has been working with Table Space for over five years now before taking up the role of co-chief executive officer. He has also served as an associate director at JLL for over six years.

Chopra, on the other hand, Chopra  comes with an experience of over five years at BoxofE and as the cofounder and managing director at PurpleYo Technologies before taking up the role of cofounder at Table Space.

“As we shape the future of enterprise workspaces, our focus remains on delivering growth, exceptional customer value and strengthening Table Space’s position as one of India’s leading enterprise workspace providers,” said Mehra.

“Table Space stands at the forefront of reimagining how enterprises work and grow. The foundation we have built over the past eight years uniquely positions us to shape the future of workspace solutions while delivering exceptional value to our customers,” said Chopra.

Founded in 2017, Table Space offers customised coworking spaces to companies across India. Currently, it offers services to over 150 clients, including Dell, Fujitsu, AMD, EY, GKN Aerospace, Shell, JCI and Analog Devices, among others, according to its LinkedIn profile. 

In India it competes with the likes of Innov8, WeWork India, Awfis Space Solutions and 91Springboard, among others.

Post-pandemic, the space sector has seen significant growth driven by the return to office.

As companies struggle to find affordable and suitable office spaces, the demand for flexible, cost-effective coworking solutions has surged. 

This supply-demand gap has fueled the expansion of such startups, with companies like Awfis, SmartWorks, and DevX making successful IPOs, and others like Indiqube and WeWork India preparing to go public.

For instance, yesterday, office space management startup Workie raised INR 13 Cr ($1.5 Mn) in an equity funding round to fuel its expansion plans and strengthen market leadership.

In November last year, Innov8 sought to raise INR 100 Cr ($11.9 Mn) in a funding round at a valuation of INR 1,200 Cr ($142.2 Mn).

Prior to that, SmartWorks raised $12 Mn (around INR 100 Cr) led by Ananta Capital.

The post Table Space Appoints Karan Chopra, Kunal Mehra As Co-CEOs appeared first on Inc42 Media.

Beauty and fashion major Nykaa has allotted more than 56,000 equity shares to its eligible employees under various employee stock option plan (ESOP) schemes.

The company’s nomination and remuneration committee has approved “a total of 56,750 equity shares under Employee Stock Option Schemes of the Company,” as per its BSE filing.

These equity shares are allotted pursuant to the exercise of vested stock options by the employees under Employee Stock Option Schemes of the Company.

Nykaa’s shares were trading 3.44% lower at INR 166.60 during intraday on BSE today (January 20). rHowever, the stock recouped some of its losses later in the day and was trading at INR 170.95 at 1:54 PM. 

This development comes after brokerage firm InCred Equities  initiated coverage on beauty and fashion ecommerce major Nykaa’s parent company FSN E-Commerce Ventures Ltd with ‘reduce’ rating. 

Nykaa projected a strong performance in Q3 FY25 with consolidated net revenue growth likely to be higher than mid-twenties.

Nykaa’s consolidated net profit surged 66.3% to INR 12.97 Cr from INR 7.8 Cr in the year-ago period, as the beauty and personal care (BPC) vertical delivered strong growth. 

Nykaa has been seeing a host of activities for quite some time now.

For instance, in December in a major top-level reshuffle, Nykaa Fashion’s chief executive officer (CEO) Nihir Parikh quit the company

Similarly in November,  the company said that instead of focusing on 10-minute deliveries, the company is targeting a delivery window of 30 minutes to 2 hours for select, high-demand beauty products.

It also completed acquisition of a majority stake in D2C skincare and beauty brand Earth Rhythm.

In the same month the company allotted 1.80 Lakh equity shares to its employees under Employee Stock Option Plan (ESOP).

The post Nykaa Allots Over 56K Shares Under ESOP Schemes appeared first on Inc42 Media.

Mumbai-based restaurant chain Burma Burma has raised INR 25.46 Cr (around $3 Mn) in a fresh funding round led by Negen Capital, along with participation from NV Alpha Fund Management and a host of high net worth individuals (HNIs).

The company plans to use the fresh capital to expand its footprint over the next 15 months, aiming to increase its restaurant portfolio to 24 by the end FY26.

Founded in 2014 by Ankit Gupta and Chirag Chhajer, Burma Burma offers Burmese cuisine. It operates 12 restaurants and delivery kitchens currently in key cities like Delhi NCR, Mumbai, Bengaluru, Hyderabad, Kolkata and Ahmedabad.

“The focus is to take the company to Rs 300 crores in revenue within two financial years while achieving more than 18% EBITDA margin. This funding will be a catalyst in bringing our vision to life as we aim to be IPO-ready by 2027,” said Chhajer.

This funding comes months after Burma Burma Restaurant and Tea Room raised a funding of $2 Mn from several family offices, including existing investor Negen Capital.

In the broader foodtech segment there have been a host of developments in the recent past.

For instance, two days ago Zomato has infused around INR 500 Cr in its quick commerce arm Blinkit. 

Similarly in the same month continuing its spree of launches, Swiggy forayed into  services marketplace segment with the launch of a new app, Pyng Professional. 

Recently brokerage JM Financial reiterated its ‘buy’ rating on the foodtech major Zomato.

The post Burma Burma Nets INR 25.46 Cr To Expand Its Restaurant Portfolio appeared first on Inc42 Media.

Homegrown early stage venture capital firm 100X.VC has invested INR 23.3 Cr ($2.7 Mn) in 18 startups as part of its 12th cohort.

For this cohort, 100X.VC picked 18 startups out of 304 shortlisted from a pool of more than 1,900 startups.

The portfolio includes companies such as Cellarim Labs, Clodexa, Currychief, Dualite, Famyo, Gape Labs and Numberlabs among others.

The VC fund claims to have made a total of 180 investments since its launch in July 2019.

Founded by Sanjay Mehta, Ninad Karpe, Shashank Randev, Yagnesh Sanghrajka and Vatsal Kanakiya, 100X.VC is a sector agnostic fund that invests in early stage startups.

Following the investment, 100X.VC provided each startup with over 100 hours of mentorship, which involved close collaboration with the founding teams to enhance their product offerings and go-to-market strategies.

These portfolio companies are based in 8 cities, including  Bengaluru, Chennai, Kolkata, Gandhinagar, and Gurugram among others.

Ninad Karpe, founder and partner at 100X.VC, said, “We are excited to unveil our newest cohort, Class 12, which comprises 18 groundbreaking startups. With these additions, our portfolio now has investments in 180 early-stage startups. In this cohort, our startups span diverse sectors such as B2B SaaS, Gaming, RegTech, Textile, Consumer, and Bio Tech. We are confident that India’s early-stage startup ecosystem is brimming with transformative potential, and the startups in Class 12 exemplify these promising opportunities.”

Over 400 investors such as high net worth individuals (HNIs), family offices, venture capital funds, and corporations, were also present at the VC pitch day held in Mumbai.

Here are the brief profiles of the 18 startups of Class 12:

Cellarim Labs

• Founded In : 2024
• Founder : Nisa Mehreen, Hitesh Rafalia
• Headquarters : Bengaluru
• Sector : B2B

Cellarim Labs is a chemical manufacturing company in Bengaluru that develops biomanufacturing solutions.

Clodexa 

• Founded In : 2024
• Founder : Rachit Sharma, Shravan Chaudhary
• Headquarters : Bengaluru
• Sector : B2B, SaaS

Clodexa is an AI-powered sales automation platform designed to transform the way businesses generate, qualify, and convert leads.

CurryChief

• Founded In : 2022
• Founder : Tamil Kumaran Govindrajan
• Headquarters : Chennai
• Sector : D2C, F&B

CurryChief sells cooking kits and pastes for regional Indian dishes in the D2C and F&B segment.

Dualite

• Founded In : 2021
• Founder : Rohan Singhvi, Prakhar Sharma
• Headquarters : Jodhpur
• Sector : SaaS

Dualite is a designing tool that will convert Figma static and interactive designs animations into quality code, effectively taking companies faster into production.

Famyo

• Founded In : 2023
• Founder : Karishma Seetharaman, Ritvik Raj
• Headquarters : Bengaluru 
• Sector : Technology, Information and Internet

Famyo works in the furniture space looking to expand into a wider range of home furnishing products designed exclusively for children, providing parents with thoughtfully curated options to create cohesive and joyful spaces.

Gape Labs

• Founded In : 2023
• Founder : Naren Budhwani
• Headquarters : Bengaluru 
• Sector : Gaming, Entertainment

Gape Labs is a technology company that aspires to create meaningful and memorable digital experiences that influence and touch millions of hearts. 

Numberlabs

• Founded In : 2023
• Founder : Mohammad Abbas, Harsh Narang 
• Headquarters : Bengaluru 
• Sector : AI and Finance

NumberLabs offers a comprehensive and robust technology stack that helps to extract insights from complex payments data that is typically hard to access.

NuMode

• Founded In : 2017
• Founder : Ayyapan Lakshmanan, Venkatesh Gopalaiah
• Headquarters : Bengaluru 
• Sector : B2B, Industrial Apparel 

NuMode specializes in work uniforms, workwear, and protective apparel. Customized polo for team, customized hoodies for offsite, comprehensive work uniform program for  businesses.

PiePay

• Founded In : 2023
• Founder : Utkarsh Murari, Rishabh Jain, Ajay Kumar
• Headquarters : Gurugram
• Sector : Digital Payment Solutions 

PiePay offers discounts, offers, deals, online shopping, credit cards, and credit card benefits in the digital payments solution space.

PlaySuper

• Founded In : 2024
• Founder : Upmanyu Chatterjee, Shouradeep Chakraborty, Abhir Das 
• Headquarters : Mumbai 
• Sector : Gaming 

PlaySuper, is into  mobile gaming and brand engagement using white-labeled SDK/API empowers Hyper-Casual, Casual, and Mid-Core game studios to enhance user retention, increase ad revenue, and unlock new monetization opportunities.

Propall

• Founded In : 2022
• Founder : Sanjeev Vashist, Aniket S Hegd
• Headquarters : Bengaluru
• Sector : B2B, SaaS

Propall is a B2B SaaS company built for architects and construction companies to generate hyper-realistic 3D walkthroughs of unbuilt real-estate instantly using AI.

Scoutflo

• Founded In : 2023
• Founder :  Kalpesh Bhalekar, Vedant Vyawahare
• Headquarters : Thane
• Sector : SaaS

Scoutflo offers an automated GitOps platform for deploying and managing open-source apps on Kubernetes, reducing DevOps dependencies.

 Selkea

• Founded In : 2024
• Founder : Abhishek Mishra, Varun Menon
• Headquarters : Bengaluru
• Sector : Compliance Automation 

Selkea.ai is a compliance platform that simplifies and automates compliance processes. It leverages advanced AI and machine learning technologies to help our clients stay ahead of ever-changing regulations

Supaboard

• Founded In : 2023
• Founder : Arita Ghosh, Subrajyoti Modak
• Headquarters : Bengaluru
• Sector : AI analytics

Supaboard helps businesses manage their data and generate dashboards and tools using plain English.

Trado 

• Founded In : 2023
• Founder : Shubhendra Gautam,  Adarsh Kumar,  Ashish Bedi, Vivek Yadav
• Headquarters : Gandhinagar
• Sector : B2B

Trado is a B2B trading company offering tools in the trading space for retailers.The current Trading Terminal has MTM Tgt/SL, One-click trades, Close All Position, Manual Tgt/SL, live MTM updates, predefined Auto Tgt/SL, automatic Limit and SL-Limit orders,  Order Slicing & instant market orders on options.

 Loomiz

• Founded In : 2024
• Founder : Manish Reddy Kethireddy, Gagan Sanghvi, Shanmukh Poladii
• Headquarters : Faridabad
• Sector : Fashion Manufacturing

Loomiz integrates technology and expertise to simplify  global fashion brands design and manufacture their products. 

Troak

• Founded In : 2023
• Founder :Ronak Dodiya, Ankita Banerjee 
• Headquarters : Bengaluru
• Sector : Entertainment and Media 

Trado is a platform for creating, discovering and playing interactive stories.

Zenma

• Founded In : 2023
• Founder : Sheena Khurana, Karan Khurana 
• Headquarters : Gurugram 
• Sector : D2C, Beverages 

Zenma is a manufacturer and supplier of frozen espresso shots designed to simulate the flavour of freshly brewed coffee.

The post Meet The 18 Startups Backed By 100X.VC In Its 12th Cohort appeared first on Inc42 Media.

Spencer’s Retail, the retail arm of the RP Sanjiv Goenka group, has reportedly forayed into the quick commerce segment with the roll out of a new app Jiffy.

As per PTI, the current online ordering app will be transitioned to a new app named Jiffy for smoother operations in the quick commerce segment. 

The report further said that the quick commerce will be piloted in Kolkata, with the company seeking to deliver items in 20-30 minutes while leveraging its existing network.

“Our 89 stores, including 47 in Bengal, will cater to the quick commerce segment without any additional capital expenditure. A third-party delivery system will manage logistics, and we will evaluate the need for dark stores if demand warrants,” Spencer’s retail chairman Shashwat Goenka was quoted as saying in the report.

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

The company retails in various sectors, including FMCG, fashion, food, staples, general merchandise, personal care, home essentials, electrical and electronics items for consumers.

It is also planning to expand the quick commerce initiative to Uttar Pradesh, aligning with its strategy to focus on core markets after exiting the South and the NCR regions. It has closed over 40 stores in these markets, the report added. 

This development comes at a time when many Indian corporates and ecommerce companies are foraying into the quick commerce space.

For instance, earlier this month ecommerce giant Amazon began testing its quick commerce delivery service ‘Tez’ with its employees in select pincodes of Bengaluru.

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.

Notably, the three giants namely, Blinkit, Zepto and Swiggy Instamart  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.

The post Spencer’s Retail Ventures Into Quick Commerce Space appeared first on Inc42 Media.

Logistics unicorn Delhivery’s shares rallied 3.02% to INR 335 apiece during the intraday trading session on the BSE today (January 16) after it launched a two hour delivery service for brands.

The pilot programme was first launched in Bengaluru, already processing over 300 orders daily.

With the surge in share price, the company’s market capitalisation stood at INR 24,660 Cr, with 15.42 Lakh trading volume at 1:40 PM. 

Founded in 2011 by Sahil Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati, Delhivery is a transportation, supply chain and logistics company. The logistics giant competes against the likes of Xpressbees, Blue Dart, Flipkart’s Ekart Logistics and Amazon Shipping.

“With rapid commerce, leading D2C brands can create a superior direct experience and greater control over customer loyalty. Brands can provide consumers faster access to a vast catalogue of products at efficient costs by using our network of shared in-city Rapid Stores, ” said Ajith Pai, chief operating officer at Delhivery.

The startup is also planning to expand its rapid commerce across other metro cities, including Hyderabad, Chennai, NCR, Mumbai, Pune and Ahmedabad in the coming months.

The service addresses needs of brands across categories such as beauty and personal care, apparel and fashion, electronics and accessories, which are reliant on standard ecommerce delivery timelines, to reach consumers within hours of the order being placed on their platform. 

This development comes after Logistics major Delhivery expanded the pool size of its employee stock option plan (ESOP) with a fresh allotment of 4.90 Lakh stock options.

In the same month the company  granted 11,21,541 stock options to eligible employees under its three different employee stock option plans (ESOP).

Meanwhile in August last year, Delhivery planned to launch a network of multi-tenant dark stores for “rapid in city delivery” for ecommerce companies.

The post Delhivery Shares Rally Over 3% After It Rolls Out Two Hour Delivery Service For Brands appeared first on Inc42 Media.

The National Payments Corporation of India’s (NPCI) international arm, NPCI International Payments Limited (NIPL) has partnered with Middle East-based payment solution provider Magnati to expand  QR based Unified Payments Interface (UPI) merchant payments in the UAE.

The collaboration aims to expand the QR based merchant payment network in the UAE by enabling more merchants to provide UPI as a payment method to Indian travellers.

With this partnership, NIPL can provide seamless payment options to more than 12 Mn Indians travelling to Dubai and the UAE annually.

“The partnership with Magnati is a strategic step towards expanding UPI acceptance in the UAE. It offers Indian travellers a seamless and familiar payment experience at premier destinations like Dubai Duty-Free,” said Ritesh Shukla, chief executive officer at NPCI International.

The developments come at a time when UPI transactions continue to scale. The number of UPI transactions jumped 37% year-on-year to 15.48 Bn in November. 

Meanwhile, the regulatory push to further expand UPI transactions continues unabated. While India is in talks with a number of countries to expand UPI payments, the central bank has also been taking a number of steps to give further impetus to the digital payments ecosystem.

Recently, the Reserve Bank of India (RBI) allowed fully KYC-compliant prepaid wallets to make UPI payments through third-party apps.

In September last year, NPCI India was reportedly in discussions with countries in Africa and South America to help them build digital payment systems akin to its UPI.  

Prior to that, India and Maldives  inked a pact to roll out Unified Payments Interface (UPI) in the Indian Ocean archipelago as external affairs minister S Jaishankar said that the move will have a positive impact on the tourism sector.

On the same lines in July, NPCI international arm, NPCI International Payments Limited (NIPL), forayed into Qatar after partnering with Qatar National Bank (QNB).

The post NPCI Partners Magnati To Expand UPI Play In UAE appeared first on Inc42 Media.

Coworking major WeWork has raised INR 500 Cr (around $57.7Mn) through rights issue, nearly two months after it bolstered its leadership team with key appointments to its board of directors.

The funds will be used to repay debt, support the company in becoming debt-free and lowering the cost of capital.

“Over the past eight years, we have been focused on long-term, sustainable growth. With the recent successful completion of our rights issue, we are on the path to being debt-free. This underscores the trust and confidence our investors/shareholders have in our vision and strategy in India”, said Karan Virwani, managing director and chief executive officer at  WeWork India.

WeWork India continues to expand its presence across the country. Earlier, last year, the company entered the Chennai market with the launch of ‘Olympia Cyberspace’ facility, marking its presence in eight major Indian cities. 

The company has a portfolio of over 6.5 Mn sq. ft across 44 locations in Delhi NCR, Mumbai, Bengaluru, Pune and Hyderabad. 

In June last year, WeWork India roped in Janak Malkani as the head of managed office for the country and sales lead for the West region. 

The company competes with other major players in the Indian coworking market, including 91Springboard, Awfis, The Hive, and Mumbai Coworking. 

In September 2024 US-based coworking major WeWork Inc’s plan to sell the entire 27% stake in its Indian unit and exit the country reportedly collapsed, months after the Competition Commission of India (CCI) approved the proposal.

The coworking space in India has seen a host of developments in recent times.

For instance, in November, Coworking startup Innov8 was in talks with investors for a primary funding round as it looks to fuel its expansion plans.

Similarly in July, Incuspaze bagged $8 Mn (around INR 67 Cr) in its maiden funding round led by India Inflection Opportunity Fund and other financial institutions

The Indian coworking space market is experiencing significant growth. The market is projected to reach  $1.94 Bn in 2024 and grow to  $2.72 Bn by 2029, with a CAGR of 7% during the forecast period.

The post WeWork India Raises INR 500 Cr Via Rights Issue appeared first on Inc42 Media.

The Reserve Bank Innovation Hub (RBIH) in partnership  with IIMA Ventures have jointly launched the third cohort of women-focused fintech programme in India.

SwanariTM TechSprint 3.0 provides a platform for fintech innovators to conceptualize, develop, and scale solutions that address the unique financial needs of women.

“By fostering innovation and empowering fintech startups, we aim to amplify impactful solutions that not only enhance women’s financial inclusion but also drive their economic empowerment.” said Aakarsh Naidu, head of fintech and startups at Reserve Bank Innovation Hub.

In collaboration with IIMA Ventures, RBIH aims to strengthen fintech startups to create solutions that will help women’s financial inclusion in India. It aims to impact 556 Mn women under the programme.

The past winners of the programme include startups like Kaleidofin, Merakal, Vitto, Anniyam Payment, MaksPay and Manipal Business Solution among others.

In recent times the fintech space has seen a host of developments.

For instance, in December, digital payment aggregator PayU in partnership with Amazon Web Services (AWS) launched the second cohort of their fintech-focused accelerator programme, inFINity 2.0, for early stage Indian startups.

In the same month Startup nurturing platform India Accelerator launched its Cohort’25 for tech startups and plans to invest $ 8-10 Mn in the flagship programme.

Earlier in September, Multi-stage venture capital firm Accel, which counts Moneyview, Flipkart, Swiggy and Moglix among its unicorns portfolio, had announced the fourth cohort of its flagship pre-seed investment programme Atoms. 

As per Inc42’s Annual Funding Report, 2024, funding raised by homegrown fintech ventures plunged 19% to $2.5 Bn in 2024 compared to $3.1 Bn in the year-ago period. 

The post RBIH, IIMA Ventures Launch Third Cohort Of Women-Focused Fintech Programme appeared first on Inc42 Media.

Over the years, the Indian startup ecosystem has outgrown the grips of the traditional business epicentres like Bengaluru, Delhi NCR and Mumbai, with tier II and III cities becoming the new breeding grounds for entrepreneurship and innovation.

According to Inc42’s Annual Funding Report 2024, Hyderabad, Pune and Chennai are the frontrunners of the emerging startup hub race. While Hyderabad claimed the top spot on the back of the total number of deals secured since 2014 (at 384+), Pune and Chennai secured second and third places, with 382+ and 379+ deals, respectively. Interestingly, with $4.7 Bn+ each, Pune and Chennai outranked Hyderabad in terms of total funding, which has been able to net $3 Bn+ since 2014.

Moving on, some of the other top emerging startup hubs identified in the Inc42’s latest report are Ahmedabad, Jaipur, Kolkata, Indore, Kochi, Chandigarh and Vadodara. Overall, the top 10 emerging startup hubs have secured a total funding north of $15.5 Bn in more than 1,570 deals since 2014.

Notably, investors like 3one4 Capital Peak XV, Accel, Chiratae and SoftBank, among others have been the main driving force helping Hyderabad, Pune and Chennai bag the coveted tag of emerging startup hubs in India. 

It is also worth mentioning that while Hyderabad has cemented its position in sectors like logistics, pharmaceuticals and biotechnology, Pune has built a strong base in enterprise tech, SaaS, and fintech, changing its perception of the back office to make itself appealing to investors as an emerging startup powerhouse. Meanwhile, cities like Ahmedabad and Jaipur have largely seen entrepreneurs focussed on fintech and edtech sectors.

However, much has yet to be done and miles to be walked before toppling Bengaluru, Mumbai and Delhi NCR, the crown jewels of the Indian startup ecosystem, from their respective positions. 

This year, Mumbai became the most-funded startup hub with $3.67 Bn raised across 175 deals. The country’s financial capital was followed closely by Bengaluru, which raked in $3.4 Bn in total startup funding this year alone across 249 deals. Meanwhile, startups based in Delhi NCR raised $2.3 Bn across 252 deals in the year.

While Rome was not built in a day, the rise of the tier II and III cities on India’s startup map is only emblematic of the fact that investors have started to take cognisance of entrepreneurs that exist sans the gleam of flashy metropolises.

With that said, let’s steal a glance at the top five emerging startup hubs that have played a crucial role in making India the startup powerhouse that it is today.

Note: Cities are ranked by the number of deals closed between 2014 and 2024. Other than the top five emerging startup hubs, Hyderabad, Pune, Chennai, Ahmedabad and Jaipur, startups in the remaining cities have secured fewer than 100 deals since 2014.    

Hyderabad

At the top of emerging startup hubs, Hyderabad has seen the highest number of startups that gained investor interest in the past decade. This year, startups based in Hyderabad raised $296 Mn via 46 deals.

Between 2014 and the end of 2024, it has already raised startup funding in excess of $3 Bn in more than 384 deals. Notable investors partaking in the blossoming startup ecosystem of the city include the likes of Peak XV, 3one4 Capital, Hyderabad Angels and T-Hub. 

Hyderabad’s startup ecosystem flourished on the back of key sectors like enterprise tech and fintech. Not just this, the city has also recorded 32 ecommerce deals and 35 edtech deals since 2014. It has raised more than $7 Mn in the ecommerce space. 

The city is also home to listed new-age tech company Zaggle, HRtech major Darwinbox and a plethora of spacetech startups, including XDLinx, and Skyroot, among others.

With a robust entrepreneurial culture and increasing investor interest, Hyderabad is emerging as one of the top destinations for startups looking to scale. Hyderabad startups secured $129 Mn in 27 deals last year.

The city’s ecosystem continues to evolve, making it an exciting region for innovation and business development, solidifying its place among India’s most vibrant startup hubs.

Pune 

Pune has rapidly emerged as a prominent startup hub in India, with a growing reputation for innovation across various sectors. Closing 2024, the city has seen startups bag over $4.7 Bn across 380 deals since 2014. This year, startups based in Pune raised $439 Mn via 33 deals.

Pune emerged as a significant startup destination, recording 52 deals in the ecommerce sector and 23 deals in edtech between 2014 and 2024. The city secured $104 Mn in ecommerce funding during this period.

Among the standout deals of 2024, foodtech startup Rebel $210 Mn in December. Besides, lending tech startup Fibe raised $90 Mn in fresh capital in 2024.

The city, which is also popularly known as the “Queen of the Deccan”, is also home to multiple prominent startups like listed babycare brand FirstCry, DroneAcharya, fintech unicorn OneCard, and XpressBees, among others. 

Chennai 

Chennai has firmly positioned itself as one of India’s leading startup hubs, attracting significant attention and investments in 2024. 

Chennai-based startups net more than $4.7 Bn across 379 deals between 2014 and 2024. This year, startups based in Chennai raised $472 Mn via 27 deals.

Known for its roots in manufacturing, automotive, and IT industries, the city has evolved into a dynamic and diverse ecosystem, fostering innovation across enterprise tech, AI, logistics, and fintech sectors. Chennai maintained steady growth with 37 ecommerce deals and 21 edtech deals. The city’s startups raised $13 Mn in edtech funding between 2014 and 2024.

In the first half of 2024 alone, Chennai-based startups raised $250 Mn, underscoring the city’s growing prominence in the national startup landscape.

The support of prominent investors like Peak XV, Accel and Chiratae Ventures has played a crucial role in enabling these startups to scale and compete on a global level.

Chennai’s investment success highlights its unique advantages, including a robust talent pool, a strong focus on innovation, and increasing diversification across industries.

As investors increasingly turn to cities beyond the traditional startup hubs of Bengaluru, Delhi NCR, and Mumbai, Chennai has emerged as a key destination for future growth and entrepreneurial activity. 

Ahmedabad

Ahmedabad has quickly emerged as a prominent force in India’s expanding startup ecosystem, reflecting the entrepreneurial spirit of Gujarat, which has been recognised as a ‘Best Performer’ in the Department for Promotion of Industry and Internal Trade’s (DPIIT) state-wise ranking for the startup ecosystem four times in a row since 2018. 

The city’s transformation from a hub for manufacturing and textiles to a thriving centre for fintech, SaaS, healthtech, and edtech showcases its growing diversity and innovation across multiple sectors.

Between 2014 and 2024, Ahmedabad-based startups raised $930 Mn in around 160 deals. This year, startups based in Hyderabad raised $92 Mn via 19 deals.

This rise is largely attributed to the city’s expanding ecosystem, supported by a strong talent pool and an entrepreneurial culture that encourages new ventures. 

Ahmedabad’s startups are attracting attention from both local and international investors, with key players such as Alteria Capital, Lightspeed Venture Partners, Alkeon Capital, and Ah Ventures fueling the growth of emerging startups.

Jaipur

Jaipur has quickly become a rising star in India’s startup ecosystem, attracting increasing attention from investors and entrepreneurs alike. Known for its rich cultural heritage, the city is now transforming into a vibrant hub for ecommerce, fintech, healthtech, and edtech startups.

With a growing network of incubators, accelerators, and venture capital firms, Jaipur is fostering an environment ripe for innovation and growth.

Between 2014 and 2024, Jaipur-based startups raised $1.4 Bn in 108 deals, marking a significant milestone in the city’s entrepreneurial journey. This year, startups based in Jaipur raised $289 Mn via 14 deals.

The influx of investment highlights investors’ confidence in Jaipur’s rapidly evolving ecosystem. Key investors like iStart, Indian Angel Network, and Peak XV are fuelling the city’s growth, providing the necessary capital and expertise to scale emerging ventures.

Jaipur’s growing prominence as a startup hub can be attributed to its supportive infrastructure, a skilled talent pool, and a thriving community of entrepreneurs. 

As more investors turn their attention to emerging cities, Jaipur is becoming a key destination for those looking to tap into India’s next wave of innovation. With its unique blend of traditional business practices and forward-thinking tech ventures, Jaipur is well-positioned to continue its ascent as one of India’s most exciting startup hubs.

The post From Hyderabad To Jaipur: Here Are The Top Emerging Indian Startup Hubs appeared first on Inc42 Media.

US President-elect Donald Trump has appointed Indian-origin entrepreneur Sriram Krishnan as senior White House policy advisor on artificial intelligence. 

“Sriram Krishnan will serve as the senior policy advisor for artificial intelligence at the White House Office of Science and Technology Policy,” Trump shared in a post on Truth Social, as he announced a slew of appointments on AI.

“Working alongside David Sacks, Krishnan will focus on ensuring the continued leadership of the United States in AI, and on shaping and coordinating AI policy across government, including with the President’s Council of Advisors on Science and Technology,” Trump stated. 

Responding to Trump’s announcement, Krishnan in a post on X, wrote, “I’m honored to be able to serve our country and ensure continued American leadership in AI. Thank you, Donald Trump, for this opportunity.” 

Krishnan has served in the product design space for over two decades. He has held key positions in firms, including Microsoft where he began in the year 2005, later moved to Facebook for around 3 years, leading the product strategy.

He has also served at Snap and Twitter leading consumer product teams.

In his personal capacity he has been an advisor to firms such as Figma, Notion, Cameo, Coda Scale.ai, Elon Musk’s  SpaceX and CRED among others.

This comes at a time when there were other key appointments made recently.

For instance, early this month venture capital and growth equity investment firm Elevation Capital  roped in former Meta executive Krishna Mehra as partner to lead SaaS and AI investments for the fund. 

In the same month Gurugram-based digital marketing startup iCubesWire roped in digital and entertainment industries veteran Kushal Sanghvi as its  chief revenue officer (CRO).

Similarly, Flipkart-backed fintech super app super.money roped in tech veteran Kaushik Mukherjee as its chief technology officer (CTO).

In October, Paytm appointed its CTO Manmeet Dhody as “AI Fellow” to drive its projects related to AI innovation in business. 

The post Donald Trump Appoints Indian-Origin Entrepreneur Sriram Krishnan As Senior AI Policy Advisor appeared first on Inc42 Media.

Healthtech startup Confido Health has secured $3 Mn (around INR 25.5 Cr) in its seed funding round led by Together Fund.

The round also saw participation from MedMountain Ventures, Rebellion VC, DeVC, Operators Studio and a host of other healthcare operators. 

The startup plans to use the fresh capital to improve its AI tech stack and broaden its reach across specialties such as surgery, orthopedics, dental and pediatrics. 

Besides, it also plans to scale up growth by fostering enterprise partnerships.

Founded in 2022, by Chetan Reddy and Vichar Shroff, Confido Health assists healthcare providers in minimising administrative tasks using AI-driven automation.

The platform enables AI workers to manage tasks such as appointment scheduling, insurance verification, and care coordination. These digital workers integrate with existing healthcare systems in less than five minutes through no-code deployment, providing seamless end-to-end task automation.

“When building Confido Health, we focused on what healthcare providers truly need: tools that don’t just automate tasks but take on the operational burden entirely,” said Reddy.

It claims to serve customers in more than 50 locations reaching over 50,000 patients monthly.

The development comes at a time when a number of healthtech startups have seen a host of funding activities lately.

For instance, in October, Bengaluru-based healthtech startup Healthify (formerly HealthifyMe) raised an additional $20 Mn to close its Pre-Series D round at $45 Mn. 

In September, medtech startup Qure.ai reportedly raised $65 Mn (INR 543 Cr) in a Series D funding round co-led by Lightspeed Venture Partners and 360 ONE Asset Management. 

In August, medtech startup SigTuple raised $4 Mn (over INR 33.5 Cr) in an extended Series C funding round led by Sidbi Venture Capital to ramp up its product portfolio and expansion efforts.

In the same month, online healthcare service provider Visit Health secured INR 250 Cr (nearly $29.8 Mn) from PB Fintech’s arm, Docprime Technologies, through a mix of capital infusion and secondary share purchase.

Meanwhile, healthtech unicorn Innovaccer was in talks with the US-based health and insurance major Kaiser Permanente to raise a funding in the range of $200 Mn-$250 Mn, in a mix of primary and secondary capital.

According to Inc42’s ‘The State Of Indian Startup Ecosystem Report‘, healthtech startups raised a little over $7 Bn between 2014 and H1 2024 in 886 deals. 

The post Healthtech Startup Confido Pockets $3 Mn To Fuel Its AI Stack appeared first on Inc42 Media.

Revenue-based financing platform Velocity has launched an INR 200 Cr (around $23.5 Mn) fund to boost growth of India’s restaurant and cloud kitchens selling on food aggregator platforms.

With this fund, Velocity aims to empower food and beverage (F&B) brands by offering fast, scalable and flexible financing solutions tailored to their growth needs, it said in a statement.

Founded by Abhiroop Medhekar, Atul Khichariya and Saurav Swaroop in 2020, Velocity offers revenue-based financing to Indian direct-to-consumer (D2C) and ecommerce platforms. Besides this, the startup also offers these businesses credit cards and payment solutions. 

“The growing appetite of Indian consumers for diverse culinary experiences, combined with the convenience of online food delivery, is driving remarkable growth in the F&B sector. This shift is also fueling a premiumization trend, as consumers increasingly seek high-quality food and beverage options, reflecting their willingness to spend and indulge in unique dining experiences”, said Khichariya.

Since its inception, the Bengaluru-based startup has backed various F&B brands, including IDC Kitchen, Smoor, Daily Sushi, Brahma Brew Works, Milano Ice Cream, Imperio, Amore Gelato  and Babas Chicken. 

These brands have used the funding to expand their operations, strengthen supply chains, and boost marketing efforts.

The company claims to have disbursed over INR 1,000 Cr, enabling over 1,200 digital-first businesses, to overcome working capital challenges.

This comes at a time when the Indian startup ecosystem has witnessed a slew of new fund launches in the recent past. 

For Instance, this week micro venture capital firm Warmup Ventures, which has backed startups like Boba Bhai, Nitro Commerce, MiniMines and RocketPay among others, has floated its second fund, with a target corpus of INR 300 Cr (around $35.3 Mn).

In October, fintech unicorn Zerodha launched a new fund to support Free/Libre and Open Source Software (FOSS) projects globally. 

Similarly in September, early stage venture capital  firm Capital A launched its Fund II with a target corpus of INR 400 Cr (about $48 Mn).

In the same month,  the union agriculture ministry launched an INR 750 Cr ‘AgriSURE’ fund (Agri Fund for Start-ups & Rural Enterprises) to back agritech and rural area-focussed startups. 

Earlier in May, Asset management company 360 ONE Asset  launched a secondaries fund, ‘Special Opportunities Fund-12’, with a target corpus of INR 4,000 Cr to invest in late-stage startups.  

The post Velocity Floats INR 200 Cr Fund To Boost Growth Of Cloud Kitchens appeared first on Inc42 Media.

Micro venture capital firm Warmup Ventures, which has backed startups like Boba Bhai, Nitro Commerce, MiniMines and RocketPay among others, has floated its second fund, with a target corpus of INR 300 Cr (around $35.3 Mn).

The Warmup Fund II, a SEBI registered category II AIF, seeks to sharpen its investments in areas such as deeptech, climate and sustainability. It aims to back 25-30 early-stage startups with an average ticket size of INR 5-7 Cr.

Founded by Sharad Bansal, Rajendra Lora and Yogesh Chaudhary in 2023, Warmup Ventures helps entrepreneurs in scaling up their businesses, raising capital and fostering strong core teams and cultures.

“Having experienced the founder’s journey ourselves, we deeply understand the importance of the right capital in driving a venture’s success. At Warmup, we are dedicated to going beyond funding by equipping early-stage founders with the knowledge and networks to make informed decisions and scale faster”, said Bansal.

The Jaipur-based VC firm claims to have invested in over 15 startups, and plans to continue supporting early stage startups.

This comes at a time when the Indian startup ecosystem has witnessed a slew of new fund launches in the recent past. 

For instance,in October, fintech unicorn Zerodha launched a new fund to support Free/Libre and Open Source Software (FOSS) projects globally. 

Similarly in September, early stage venture capital  firm Capital A launched its Fund II with a target corpus of INR 400 Cr (about $48 Mn).

In the same month,  the union agriculture ministry launched an INR 750 Cr ‘AgriSURE’ fund (Agri Fund for Start-ups & Rural Enterprises) to back agritech and rural area-focussed startups. 

Earlier in May, Asset management company 360 ONE Asset  launched a secondaries fund, ‘Special Opportunities Fund-12’, with a target corpus of INR 4,000 Cr to invest in late-stage startups.  

The post Boba Bhai Backer Warmup Ventures Launches INR 300 Cr Second Fund appeared first on Inc42 Media.

Gurugram-based digital marketing startup iCubesWire has roped in digital and entertainment industries veteran Kushal Sanghvi as its  chief revenue officer (CRO).

In his new role, Sanghvi will focus on driving the company’s revenue strategies globally.

With over 27 years of experience that spans across India, Asia and Pacific, Middle East and North African markets, he had previously worked with companies, including Reliance Digital and Entertainment, Citrus Ad, Havas Group, Publicis Groupe and Integral Ad Science among others.

“I am excited to start this new journey with iCubesWire. The company has been doing some incredible work in shaping the future of ad tech not just in India but across several other global markets. I am looking forward to contributing my experience to drive innovation and growth as part of this team”, said Sanghvi.

Founded in 2010,by Sahil Chopra, iCubesWire provides clients with 360-degree digital marketing solutions. Catering to more than 500 brands in ecommerce, automobile, technology, financial services, travel, hospitality and others, the company offers a range of services in performance and social marketing.

The client list of iCubesWire includes big names like P&G, Amazon, Flipkart, Go Air, Qatar Airways, Etihad, Air Asia, Axis Bank, ICICI Bank, Standard Chartered, Kotak Group, HDFC Bank, Ford, Honda, Skoda, American Express, NIIT, Tata Group, Dominos, and McDonald’s.

This comes at a time when most of the startups in India are bolstering their leadership team to drive growth.

For instance, Flipkart-backed fintech super app super.money roped in tech veteran Kaushik Mukherjee as its chief technology officer (CTO).

In October, Paytm appointed its CTO Manmeet Dhody as “AI Fellow” to drive its projects related to AI innovation in business. 

According to Inc42’s Indian Startup Founder Sentiment Survey 2023, 76% of the 400+ Indian startup founders surveyed by Inc42 plan to raise their advertising spending by 20-30% in FY25. Another report estimates that the digital marketing sector is bound to be worth over $500 Bn. 

The post iCubesWire Names Former Reliance Digital Executive As Chief Revenue Officer appeared first on Inc42 Media.

Venture capital and growth equity investment firm Elevation Capital has roped in former Meta executive Krishna Mehra as partner to lead SaaS and AI investments for the fund.

In his new role, Mehra will be based out of Silicon Valley and will further help the VC firm to sharpen its focus on the India-US corridor.

His appointment will also aid Indian SaaS and AI founders who are aiming for global markets and deepen the firm’s engagement with Indian diaspora founders, who are leveraging talent and innovation across both ecosystems, Elevation said in a statement.

“Mehra carries an exceptional track record as a founder, operator, and investor. And his values deeply resonate with us – his humility, long-term thinking, hands-on and empathetic approach to working with founders, and missionary zeal to help them succeed, align perfectly with our philosophy at Elevation,” said Mukul Arora, co-managing partner at Elevation Capital.

Earlier, Mehra led engineering for messaging ads at Meta, where he drove more than $10 Bn in revenue through AI-powered products and deployed some largest machine-learning models, including early adoption of Meta’s Llama. 

Prior to that, he architected enterprise-grade and exabyte-scale cloud systems at Cohesity. In 2008, he co-founded Capillary Technologies, helping establish India’s early SaaS landscape and scaling the company to serve 300 Mn consumers globally.

He also co-founded a marketplace and subscription commerce startup Taro, which was later bought by EAT Club.

Elevation Capital provides seed and early-stage capital for emerging companies in India. Having invested in the country since 2002, the firm claims to have deployed more than $2.6 Bn of capital in over 190 companies. It announced its eighth pool of capital of $670 Mn in April 2022. 

Co-led by managing partners Ravi Adusumalli and Mukul Arora, along with partners Mridul Arora, Mayank Khanduja, Vaas Bhaskar and Chirag Chadha, the VC firm claims to have a portfolio of over 200 companies including 14 unicorns and 9 publicly listed startups. Its key investments include companies like Swiggy, Meesho, ShareChat, and Urban Company, among others.

This appointment comes over a month after the venture capital firm has strengthened its leadership team with three elevations. In October, Elevation promoted its principals Vaas Bhaskar and Chirag Chadha to the positions of partners and vice president Ashray Iyengar to principal. 

The VC firm also made various key investments and exits this year.

For instance, the VC firm recently led the seed funding round of  $3.6 Mn at wealthtech startup Infinyte.Club.

In June, Elevation Capital was in talks to join Gold loan provider Rupeek’s cap table as a part of INR 200 Cr funding round.

Not just this, the investment company also led a $5 Mn funding round at D2C sneaker brand Comet.

Talking on the exit front, Elevation Capital exited online travel aggregator ixigo with 13X returns ahead of the startup’s IPO in June

The post Elevation Capital Ropes In Former Meta Executive Krishna Mehra As Partner appeared first on Inc42 Media.

The newly incorporated joint venture firm Jio BlackRock Asset Management Company has named company insider George Heber Joseph as its first chief investment officer.

According to his LinkedIn profile, Joseph has been associated with Jio Financial Services since March last year as head of special projects. 

“I am happy to share that I am starting a new position as chief investment officer at Jio BlackRock Asset Management Company Private Limited!,” Joseph said on his LinkedIn post.

Prior to this, he served at ITI Mutual Fund as the chief investment officer for over three years. Earlier he served as the senior fund manager for over a decade with ICICI Prudential MF.

BlackRock is a global asset manager and technology provider dedicated to helping people with financial understanding.

In April, Reliance’s Jio Financial Services (JFS)  signed a joint venture (JV) with investment giant BlackRock to float its wealth management and brokerage ventures. 

Joseph’s appointment is among the first in the key positions of the AMC. The company is yet to announce a chief executive officer.

This development comes months after BlackRock, was  reportedly in discussions with Jio Financial Services (JFS) to establish a private credit venture. 

Interestingly in the same month, Jio Financial Services and BlackRock  received in-principle approval from the Securities and Exchange Board of India (SEBI) to set up their proposed mutual fund business.

From digital lending, banking and insurance to broking and asset management, JFS aims to disrupt the fintech sector in the country by leveraging technology and Jio’s wide customer base.

On the financial front, JFS’ net profit declined 5.7% to INR 313 Cr in Q1 FY25 from INR 332 Cr in the year-ago quarter. Operating revenue rose slightly to INR 418 Cr from INR 414 Cr in Q1 FY24. 

The post Jio BlackRock Names George Heber Joseph As Its First Chief Investment Officer appeared first on Inc42 Media.

India’s thriving new-age tech ecosystem is no longer exclusive to elite business school graduates. Over the past decade, celebrities have increasingly tapped into the growth of the world’s third-largest startup landscape.

The trend continued in 2024 as well, as many Indian celebrities, from film stars to sports stars, formed a beeline to become a part of this thriving landscape. 

Notably, Bollywood stars, athletes, and digital creators actively contributed to the funding momentum and built new businesses. This is emblematic of the fact that celebrities are now moving beyond endorsements into active business roles. 

Pioneers like Amitabh Bachchan, with his early investment in JustDial, and Shah Rukh Khan, through Red Chillies Entertainment, laid the groundwork for this trend, although these were not startups in the modern sense.

What was once rare is now a booming phenomenon, with celebrities diving into entrepreneurship and leveraging their influence and capital to back ventures.

From Deepika Padukone’s investments in lifestyle ventures to MS Dhoni’s support for tech-driven platforms, these prominent figures are reshaping India’s entrepreneurial landscape.

As startup investments revive and the Indian startup ecosystem matures, 2024 marks yet another milestone year for high-profile celebrity founders and investors.

With that, here is the list of Indian celebrities who made waves in the Indian startup ecosystem this year.

Editor’s Note: This is not a ranking of any kind, and the celebrities have been listed alphabetically.

From Screen To Sports: Here Are The Celebs Who Backed Startups In 2024

Deepika Padukone 

Having made a significant mark in the film industry, Bollywood actress Deepika Padukone ventured into the world of startups a few years ago. 

This year, Padukone’s personal care brand 82°E was to raise INR 50 Cr (around $6 Mn) as a part of its extended seed funding round.

Padukone cofounded 82°E in 2021 alongside Jigar Shah. Launched in November 2022, the D2C brand focusses on skincare and recently expanded to include a dedicated men’s personal care line, 82°E Man.

Beyond 82°E, Padukone has diversified her investment portfolio with ventures such as Epigamia, Furlenco, Atomberg, Mokobara and Nua.

In December 2022, 82°E secured $7.5 Mn in seed funding from DSG Consumer Partners, IDEO Ventures, and UHNIs, with Padukone’s family office also contributing. 

Hardik Pandya 

Cricketer Hardik Pandya has expanded his horizons beyond the cricket field by venturing into the business world. In a strategic move, Pandya partnered with FanCode Shop in July this year to launch his personalised sportswear brand.

Under the deal, FanCode will design, manufacture, and market products under the Hardik Pandya brand in a revenue-sharing partnership. 

Launched in 2020, FanCode Shop is an online sports fan merchandising store, which provides easy access to a range of authentic sports brands. This collaboration also marks Pandya’s debut in licensing, a shift from his earlier focus on brand endorsements.  

On the cricketing front, Pandya has solidified his reputation as an all-rounder known for his explosive batting, effective bowling, and sharp fielding skills.  

Harsha Bhogale 

After spending four decades in the cricket broadcasting space, Harsha Bhogle ventured into the startup world. This year, he invested an undisclosed amount in Hitwicket, an online cricket gaming startup. 

The investment follows the company’s $3 Mn funding round led by Prime Venture Partners in 2022. 

Hitwicket plans to leverage Bhogle’s deep cricketing insights and vast fanbase to enhance its global presence.  

However, this isn’t Harsha Bhogle’s first foray into Indian startups. He previously invested in fantasy sports platform Fantasy Akhada in 2020 and backed online gaming startup Bowled.io in January 2023.

Karan Johar 

In August this year, Fashion Entrepreneur Fund (FEF) roped in filmmaker Karan Johar as an investor and promoter, bringing his mentorship and financial backing to the platform. 

Known for blending storytelling with style, his keen eye for fashion has made him a cultural trendsetter. With FEF, Johar is now set to extend his creative influence into empowering the next generation of fashion entrepreneurs.

According to an Inc42 report, India’s fashion ecommerce sector is set to grow at a CAGR of 25% to reach a size of $112 Bn by 2030.

K L Rahul

Indian cricketer KL Rahul is actively diversifying his investment portfolio by supporting innovative brands.  

He started his entrepreneurial journey in 2024 with investments in versatile brands and startups, including fitness brand Boldfit and a mixed reality startup Flam. He also took the role of the brand ambassador at Boldfit.

Earlier, in April 2022, Rahul invested in Surat-based men’s apparel brand XYXX, which specialises in premium innerwear and casual wear. 

Rahul mirrors the entrepreneurial spirit of sports legends like MS Dhoni, with his investments across multiple startups including Emotorad, and Yuvraj Singh, who started the trend with his startup YouWeCan ventures.

Mahesh Babu 

Telugu actor Mahesh Babu known for his iconic roles has expanded his entrepreneurial portfolio by investing in omnichannel nutraceutical startup Fitday through his firm, GMB Entertainment.

This partnership is expected to bolster Fitday’s retail presence and facilitate its expansion into new markets, including national retail chains, corporates, and educational institutions.  

He is not only a superstar on screen but also a savvy entrepreneur. With investments in real estate and wellness ventures, he has been steadily building a diverse portfolio. 

His latest collaboration with Fitday reflects his commitment to promoting health and wellness, addressing critical issues like malnutrition and vitamin deficiencies through innovative products like vitamin gummies and protein bars. 

As Mahesh Babu continues to support impactful startups, he cements his role as a forward-thinking investor in India’s evolving entrepreneurial ecosystem.

M S Dhoni 

MS Dhoni, the former captain of the Indian cricket team, is widely regarded for his calm demeanour and strategic approach on the cricket field. 

Beyond his cricketing career, Dhoni has successfully ventured into entrepreneurship, showcasing the same forward-thinking mindset that defined his cricketing success.

One of his recent investments in Garuda Aerospace strengthens his commitment towards startups.

Dhoni has always been passionate about business and technology, making strategic investments in various sectors, including sports, fitness, and technology.

Alongside, a Pune-based electric vehicle startup, EMotorad, roped in Dhoni as an equity investor in April this year. He has also taken on the role of brand ambassador for the company.

His other investments include Tagda Raho, Khatabook, Cars24, 7InkBrews, Homelane, Shaka Harry and Rigi, just to name a few.

Nayanthara 

Tamil cinema icon Nayanthara is now expanding her career beyond acting by venturing into the startup world. 

Along with her husband, director Vignesh Shivan, she has invested in Ticket9, an event tech startup. Though the investment amount remains undisclosed, the funds will help enhance the company’s technology, user experience, and market reach.

The move highlights Nayanthara’s entrepreneurial spirit as she diversifies into tech and digital platforms, joining a growing trend of celebrities exploring business opportunities.

By balancing her acting career with business ventures, Nayanthara is positioning herself as a key figure in the emerging celebrity-driven startup space, likely inspiring others in the film industry to follow suit.

Pullela Gopichand 

Pullela Gopichand, India’s chief badminton coach, known for his outstanding contributions to Indian badminton, including coaching Olympic medalists like PV Sindhu, expanded his influence beyond the court by investing in Game Theory, a sports tech platform designed to enhance athletic performance through data analytics and technology.

With decades of experience as both a player and coach, Gopichand understands the importance of precision and innovation in sports.

Game Theory uses technology to provide detailed insights and performance analysis for athletes, helping them optimise their training. 

Through this venture, Gopichand aims to provide athletes with cutting-edge tools to elevate their game, extending his legacy as a mentor in sports. Athletic professionals have been active in backing growing startups in the country.

PV Sindhu 

Olympic silver medalist PV Sindhu, one of India’s most successful badminton players, is now making waves in the business world with her investment in Greendays, a health-focussed FMCG brand.

Sindhu’s passion for fitness and wellness has always been evident, and her investment in Greendays marks her commitment to promoting healthier lifestyles.

As a global sports icon, Sindhu’s involvement in this brand will not only boost its visibility but also bring attention to the importance of health-conscious choices, a message she has consistently championed throughout her career.

Ranveer Singh

Bollywood icon Ranveer Singh has moved into the tech world with his investment in boAt, one of India’s fastest-growing audio brands.

Known for its stylish, high-quality, and affordable audio gadgets, boAt perfectly complements Ranveer’s vibrant and energetic image, making this collaboration a natural fit.

But Singh’s role goes beyond just being an investor; he’s the face of the brand, channeling his immense popularity and passion for music, fashion, and technology to drive boAt’s appeal. 

Ranveer’s involvement in boAt signals a shift in his career, showing his growing interest in tech and consumer goods. 

This alliance also unveils Ranveer Singh’s pivotal role in boAt’s upcoming campaign for the Nirvana series.

This investment marks the start of an exciting new chapter for the actor, proving that his dynamism extends far beyond the film industry.

Rishabh Pant

Indian cricketer Rishabh Pant made a bold investment of INR 7.40 Cr in the software aggregator platform Techjockey in September this year. Known for his fearless approach on the cricket field, Pant is now channeling that same energy into building his presence in the startup ecosystem.

Founded in 2017 by former Zomato executive Akash Nangia and former McKinsey executive Arjun Mittal, Techjockey is a software aggregator startup which connects software vendors with small businesses across India.

By supporting this innovative startup, Pant is stepping into the world of digital transformation, highlighting his forward-thinking business mindset.

His investment in Techjockey reflects his belief in technology’s potential to drive efficiency and innovation across industries. With this strategic move, Pant is expanding his career and leveraging his influence to support India’s growing digital ecosystem

Samantha Prabhu

Actress Samantha Prabhu made another foray into the Indian startup ecosystem by investing in D2C wellness brand Secret Alchemist in October this year. As part of the deal, she also joined the company as a cofounder.

While the financial details of the investment remain undisclosed, the startup revealed that the fresh capital will be utilised to enhance its marketing efforts, strengthen its brand presence, and expand its customer reach.

Founded in 2021 by Ankita Thadani and Akash Valia, Secret Alchemist is an aromatherapy-based wellness brand that claims to offer products centred around holistic well-being. 

Known for her commitment to fitness and well-being, Samantha’s investment in Secret Alchemist is a reflection of her personal values. The startup aims to create products that support self-care, fitness, and mental health, all of which Samantha has openly advocated for throughout her career. 

Shilpa Shetty 

Known for her dedication to fitness, Bollywood actress and fitness enthusiast Shilpa Shetty led Alpino’s first funding round of $1.2 Mn in September. With this, Shetty also became the brand ambassador for the D2C health foods brand.

Shilpa has always been a vocal advocate for fitness and healthy eating, frequently sharing her wellness journey with her followers. Her investment in Alpino is a natural extension of her personal brand, which centres on balanced living and maintaining a healthy body.

 Founded in 2016 by Chetan Kanani, Hiren Sheta, Umesh Gajera, Priyank Vora, Milan Gopani and Mahatva Sheta, Alpino offers a range of peanut-based products, including peanut butter, super rolled oats, super muesli, and peanut protein isolate powder. It aims to launch over 20 new products in the next two years.

Shraddha Kapoor 

Shraddha Kapoor, celebrated for her graceful and understated style, was seen expanding her career into the world of luxury jewellery with Palmonas, a brand which roped her in as a cofounder in March this year. 

Palmonas creates contemporary, elegant pieces that blend traditional techniques with modern design sensibilities. 

This new venture highlights Kapoor’s growing interest in fashion and entrepreneurship, reflecting her desire to offer accessible luxury jewellery that resonates with modern consumers. 

By taking on this entrepreneurial role, Shraddha is not only showcasing her business acumen but also positioning herself as a creative force in the fashion industry.

Through Palmonas, Kapoor aims to offer accessible luxury jewellery, combining her passion for design with a business model that resonates with modern consumers.

Similarly, Kareena Kapoor has also taken on the role of cofounder at Quench Botanics, a Korean skincare brand associated with SUGAR Cosmetics.

Suniel Shetty emerged as a noteworthy name in the startup ecosystem. In 2023, he diversified his investment portfolio by supporting startups across various industries. The trend extends beyond Bollywood, with figures from the music industry, such as The Chainsmokers and comedians like Zakir Khan and Tanmay Bhat, making strategic investments.

Shreyas Iyer

A talented Indian cricketer known for his strategic mindset on the field, Shreyas Iyer invested in Curelo, a healthtech startup, in April this year.

His investment was part of a larger INR 10 Cr round, which also saw participation from IIMA Ventures, family offices, and Zee5 cofounder Tarun Katial.

Founded in 2022 by Arpit Jayswal, Curelo aggregates diagnostic labs across the country and offers a one-stop solution for home sample collection for lab tests. Prior to this funding round, the startup raised $100K from IIMA Ventures in October 2023. 

Sonu Sood

Actor and philanthropist Sonu Sood invested in Explurger, a social media platform that is aimed at offering users a more authentic way to share and connect.

After being widely praised for his humanitarian efforts during the Covid-19 pandemic, Sood’s transition into the digital space with Explurger reflected his desire to create a positive and impactful community.

Explurger is designed to encourage meaningful connections by focussing on real-life experiences and creating a space where people can share memories and interact in a less superficial way than traditional social media platforms. 

Sood’s investment in Explurger shows his passion for leveraging technology for social good. His values of kindness and empathy align well with the platform’s mission.

Vindu Dara Singh 

Earlier this year, Abhay HealthTech has roped in Indian actor Vindu Dara Singh as an investor. However, the company did not disclose the financial terms of the deal. 

His commitment to maintaining a healthy lifestyle naturally aligns with the startup’s ambition to improve healthcare through technology. Through his investment, Vindu sought to contribute to the growing digital health revolution in India while helping consumers prioritise their well-being. 

Founded by Apurv Abhay Modi and Sougat Chatterjee, Abhay HealthTech offers various products and services, including home diagnostics, rapid testing kits and OTC medicines as well as ayurvedic well-being products. 

The company also offers services, including hospital management ERP, CRM, hospital management consulting and healthcare business advisory.

Virender Sehwag

In July this year, Jaipur-based fintech startup Getepay roped in former cricketer Virender Sehwag as its investor. While the company did not disclose the funding amount, it planned to deploy the fresh capital to expand its payment and digital services to 2.5 Mn merchants by 2025.

Founded by Pravin Sharma in 2016, Getepay offers customised digital payment and commerce solutions to merchants. The company facilitates merchants with transaction, website and payment management options on its platform.

Meanwhile, Sehwag’s investment reflects his interest in the rapidly growing fintech space. His business acumen, combined with his understanding of how digital platforms can transform industries, makes Sehwag a key player in the fintech space.

[Edited By Shishir Parasher]

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Shares of online travel aggregator Ixigo rallied over 10% to INR 159.60 apiece on BSE during the intraday trading today (December 11).

However, the stock pared some of the gains later and was trading 9.25% higher at INR 157.60 at 3:28 PM.

The stock has ended in red in 8 out of the last 11 trading sessions. On a year-to-date basis, the stock has plunged over 5%.

The Delhi NCR-based startup made its stock market debut in June this year. 

At the time of writing, the market capitalisation of ixigo stood at INR 6,084.13 Cr (around $717 Mn).

This comes after Ixigo acquired a 51% stake in train food delivery platform Zoop Web Services Pvt Ltd for INR 12.54 Cr ($1.4 Mn) through a combination of primary and secondary share purchases a few weeks ago. 

The company’s consolidated net profit nearly halved to INR 13.08 Cr from INR 26.70 Cr in the second quarter (Q2) of the financial year 2024 (FY24). The decline was majorly led by the rise in company’s total tax expenses, which stood at INR 5.26 Cr during the quarter under review.

In the quarter under consideration, Ixigo’s revenue from operations rose 26% to INR 206.47 Cr from INR 163.91 Cr in the corresponding quarter last year.

The company’s adjusted EBITDA (excluding ESOP expenses) rose 326% to INR 20.99 Cr from INR 4.92 Cr in Q2 FY24. 

Ixigo made a strong market debut on June 18, with its shares listing at a premium of more than 45% on the BSE. The stock debuted at INR 135 apiece as against an issue price of INR 93.

In October, the Gurugram-based company allotted 17.57 Lakh stock options under its employee stock option plan (ESOP) 2024. 

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Semiconductor startup Netrasemi has raised INR 10 Cr (around $1.2 Mn) in a Pre-Series A funding round from Unicorn India Ventures.

The Thiruvananthapuram-based company will use the fresh capital for fabrication of two ML SoC chips –  Netra A2000 and Netra R1000.

Founded by Jyothis Indirabhai, Sreejith Varma and Deepa Geetha in 2020, Netrasemi is an Indian Edge AI semiconductor technology company building system-on-chips (SoCs) to enable the new age need for optimal computing for smart IoT products.

“Netrasemi family of chips will be the first AI/ML SoCs from India for intelligent edge devices, with a full array of digital IPs inhouse developed,” said Indirabhai.

Its key target segments include surveillance, smart sensors, smart infrastructure, machine vision and industry 4.0, robotics, drones and autonomous vehicles, among others.

The company’s domain-specific architecture (DSA), SoCs, AI development tools,  flexible SDKs and platform reference designs help IoT product and solution makers to go to market with cost effective and power efficient advanced AI chipsets catering to their specific domains.

The development comes at a time when India is ramping up efforts to position itself as a semiconductor hub. The government has already approved five semiconductor plants under the India Semiconductor Mission, which are expected to bring in investments worth INR 1.52 Lakh Cr.

India’s semiconductor startups have seen a host of funding developments recently.

For instance, in October, Bengaluru-based AGNIT Semiconductors secured $3.5 Mn (INR 29.4 Cr) in a seed funding round co-led by 3one4 Capital and Zephyr Peacock.

Similarly in September, fabless semiconductor startups such as FermionIC Design and BigEndian Semiconductors secured funding from various investors to boost their product expansion and reach overseas markets.

India is currently home to over 100 semiconductor startups and the country’s semiconductor industry is expected to become a $150 Bn opportunity by 2030 from $33 Bn in 2023, as per Inc42.

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Education-focussed non-banking financial company (NBFC) Varthana has raised INR 120 Cr (around $15 Mn) debt from BlueOrchard Microfinance Fund.

In a statement, the company said that the funding was raised through an external commercial borrowing framework.

The fresh proceeds will be used to expand its lending portfolio to provide private schools and vocational students in Tier II & III cities with financial support for infrastructure enhancement and skill-based learning initiatives, respectively.

Founded in 2013 by Brajesh Mishra and Steve Hardgrave, Varthana offers low-cost, collateral-free loans with customised EMI options to private schools and students. 

Under its student loan offering, it provides loans of up to 5 Lakh for degree and PG courses, two-year pre-university college degrees, certification courses and skill enhancement courses. 

With a presence in 16 states and union territories and 40 branches, Varthana claims to have financed over 11,000 private schools and provided over 16,500 loans till date. 

“We are thrilled to receive this second round of funding from BlueOrchard Microfinance Fund, which strengthens our commitment to transforming education in underserved communities”, said Hardgrave.

The company has raised funding from multiple investors in different rounds this year. In  May, it raised INR 27 Cr (around $3.2 Mn) from Netherlands-based impact investment fund Triodos Investment Management via non-convertible debentures.

Prior to that, it raised a debt funding of $10 Mn (about INR 83.4 Cr) from impact investor BlueOrchard Finance. In January, the NBFC secured $14 Mn (about INR 116 Cr) from Blue Earth Capital. 

Overall, Varthana has raised a capital of over $135 Mn till date.

In the student loan category, it competes with the likes of Leap Finance and Eduvanz. In the educational infrastructure loan space, it competes with players such as Auxilo, Ugro Capital, EnableCap, IFSC, among others. 

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