Vutto, a Used Two-Wheeler Marketplace, Raises $7 Million

The used two-wheeler marketplace Vutto has raised $7 million, or around Rs 61.4 crore, in a Series A fundraising round that was headed by RTP Global and included Blume Ventures, an existing investor. The Delhi-based business had already collected $1 million in seed money from Blume Ventures and other angel investors before this investment round. According to a news statement from Vutto, the money raised will be used to increase the company's presence throughout Delhi NCR, penetrate new markets, and improve its core competencies in areas like supply, renovation, and customer support.In 2024, Rohit Khurana and Sitaram Ankilla co-founded Vutto, a full-stack platform for secondhand two-wheeler buying and selling. Users can acquire two-wheelers that come with a six-month guarantee and assistance with paperwork, insurance, and finance, as well as explore certified automobiles online and test drive them in-store. A market study estimates that about 9 million used two-wheelers were sold in India in FY24, bringing in an estimated $3.8 billion in income. In the first year of its launch, Vutto says it sold 1,500 cars. According to the firm, which has three shops in Delhi, cars listed on its platform usually sell within 12 days. Additionally, it says that it has partnered with banks and other financial institutions to sell two-wheelers that have been repossessed.A similar firm, BeepKart, recently ceased operations after operating for over five years. In October of last year, its competitor CredR ceased operations, and Cars24 also departed from its Moto company, which was in a similar vertical. RoamPrime, Bikewale, and BikeDekho are the other prominent participants in this market.    

FanCode Owned by Dream Sports to Close Sports Merchandise Business

By October of this year, Dream11Dream11 Datalabs_in-article-icon parent Dream Sports' sports media company FanCode plans to close its online sports goods store, FanCode Shop. According to a statement from FanCode, the startup chose to close its sports merchandise division in June and reallocate funds to its main content business. This will enable us to concentrate on the things that are expanding the quickest and providing our users with the greatest value. A FanCode representative stated, "FanCode Shop will remain open until October and we will complete all orders placed during that time."ET was the first to report on the development. According to a report by the journal, the merchandise industry is facing ongoing challenges with profitability and the unregulated spread of fake goods, both of which have very little room for expansion. With relationships with IPL teams, the NBA, international cricket organizations, and top football clubs worldwide, FanCode Shop, which debuted in 2020, sells official sportswear, fan gear, and collectibles. It was designed to give FanCode, a company that provides live sports streaming, analysis, and commentary, another source of income. This comes shortly after Dream Sports closed its actual gaming operations after the Parliament passed the "Promotion and Regulation of Online Gaming Bill, 2025."According to Dream11 CEO Harsh Jain, the startup's 95% revenue vanished overnight as a result of the real money gaming ban. The startup will now concentrate on FanCode, the recently launched investment tech product Dream Money, the online game DreamCricket, and the sports hospitality brand DreamSetGo rather than contesting the Bill in court.  

The first global short drama championship is launched by WinZO.

With 250 million users using its rich platform, which includes over 100 competitive esport and social games in 15 languages, WinZO, India's largest domestic interactive entertainment platform, today announced the launch of the WinZO Short Drama Championship, the first-ever global competition created to provide microdrama creators with a worldwide platform and audience.Together with long-term collaborations to create original content for WinZO TV, the company's recently created microdrama platform, the victors will land production deals and a 100% sponsorship to commission the project. In addition to monetary rewards, competitors will get the chance to attend prestigious events and connect with WinZO's 250 million global audience. The final winners will be chosen using audience engagement analytics, and submissions will be evaluated on their uniqueness and narrative power. Additionally, WinZO will collaborate with them to promote and broadcast their content and tell their tales at important events.We at WinZO have long thought that India's greatest export is its cultural capital. First in gaming and now in narrative, we created WinZO as a platform to democratize possibilities for creators. India is capable of spearheading the worldwide microdrama revolution due to its talent, artistry, and size. With the platform, the resources, and the audience, it is our responsibility to empower them," stated Paavan Nanda, WinZO co-founder. WinZO has been at the forefront of interactive entertainment since its launch in 2018, giving developers and creators the opportunity to reach hundreds of millions of consumers and make large profits. With more than 250 million users in the US, Brazil, and India, as well as a portfolio of more than 100 games, WinZO has become the go-to platform for international developers and the face of India's exports of digital entertainment.The firm is expanding its aim beyond games to include tales with the debut of WinZO TV on August 24, 2025, opening up a new type of mobile-first, vernacular entertainment. The WinZO Short Drama Championship is the first daring step toward creating the greatest microdrama content collection in the world, sourced from a variety of Indian and international creators. The goal of the WinZO Short Drama Championship is to seize this opportunity by providing creators with funding to realize their ideas, international recognition, and—above all—the opportunity to pen India's next major cultural export tale.  

Moglix FY25 Loss halves as revenue approaches the $700 million mark.

The operating sales of B2B e-commerce company Moglix approached $700 million in the fiscal year that concluded in March 2025. According to its Singapore filings, the Bengaluru-based business generated operational revenue of $681.5 million in FY25, up 15% from $591 million the year before. The startup's overall revenue, including other income, increased from $601 million in FY24 to $692.8 million in the reviewed year.On the strength of improved margins and a restrained increase in spending, MoglixMoglix Datalabs_in-article-icon saw its loss almost halve to $11.3 Mn in FY25 from $21.7 Mn in the prior fiscal year. Moglix, which was founded in 2015 by Rahul Garg, supplies a variety of industrial tools and equipment to customers in the metals, mining, oil and gas, consumer durables, FMCG, cement, automotive, and pharmaceutical industries. The firm has established a manufacturing facility to create a variety of bitumen products as part of its entry into the energy industry. Additionally, INR 600 Cr was set aside for the purchase of a space company.India is where Moglix makes the most money. With 3% of the unicorn's revenue in FY25, the UAE came in second. Cost of Sales: The startup spent the most money under this heading, mostly for other operating costs and procurement costs. The cost of sales increased 14.7% from $561 million to $644 million over the reviewed year. Employee Benefit Costs: In FY25, employee costs increased 5.8% from $25.8 million to $27.3 million. Advertising Expenses: Moglix's advertising expenses decreased by 12% to $2.9 million in the year under review from $3.3 million in FY24, perhaps in an effort to boost its bottom line.  

97% of the Chip Manufacturing Fund is Committed by the Government: Report

According to reports, the government has allocated approximately INR 62,900 Cr, or nearly 97% of the INR 65,000 Cr, for incentives related to semiconductor manufacturing. Only minor projects can be funded with the remaining monies, according to a PTI article that quoted Electronics and IT Secretary S Krishnan. He added that INR 65,000 Cr was set aside for chip manufacturing, INR 10,000 Cr for the modernization of the Semiconductor Laboratory in Mohali, and INR 1,000 Cr for the design-linked incentive program under the INR 76,000 Cr India Semiconductor Mission. This follows reports that Jitin Prasada, the Minister of State for Electronics and Information Technology, stated that the nation's first indigenous chip would be released by the end of this year. According to an ANI report, the minister stated that the first packaged chip would be available by December 2025. Prasada He went on to say that the government has mapped out a plan for India to become a worldwide center for chips, incorporating every step of the supply chain, from design and assembly/testing to imports and production.During his speech at the World Economic Forum in Davos in January, Union Minister Ashwini Vaishnaw presented the idea for a "Made in India" chip, highlighting the nation's goal of releasing its first chip by the end of the year.  

GIVA Raises ₹530 Cr in New Funding Round Led by Creaegis

Bengaluru-based jewellery startup GIVA has raised ₹530 crore in a fresh funding round led by Creaegis, with participation from Premji Invest, Epiq Capital, and Edelweiss Discovery Fund. The round values the company at $374 million, up from $254 million in October 2024. GIVA plans to use the new funds to grow both its retail and online presence, improve its tech-driven supply chain, and expand its lab-grown diamond collection. It also aims to launch new jewellery categories and open 145 to 150 additional stores, focusing on tier II cities. The brand currently operates over 240 outlets across India. GIVA competes with Tata Group-owned CaratLane, Kushal’s, Palmonas, Voylla, among others, in the Indian online jewellery market. Recently, Tiger Global-backed wealthtech startup Jar also launched its D2C jewellery brand Nek. The company said the fresh funds will be used to strengthen its retail and online footprint, upgrade its technology-led supply chain, and deepen its focus on lab-grown diamond jewellery. GIVA also plans to enter new product categories as part of its long-term growth strategy. Founded in 2019, GIVA has grown quickly by offering modern jewellery designs in silver and lab-grown diamonds, catering especially to younger consumers. The company’s blend of affordability, design, and direct-to-consumer approach has helped it stand out in a competitive market. To support this expansion, GIVA is planning to open new stores across India, with a strong focus on tier II, aiming to reach more customers through a mix of offline and digital channels.   In addition to the funding news, GIVA also announced the elevation of its Chief Operating Officer, Aditya Labroo, to the role of cofounder. The move reflects his growing leadership role and contribution to the brand’s rapid growth.

KiranaPro Purchases Likeo To Support Its Gen Z Fashion App Users' Virtual Trial Room Experience

KiranaPro wants to give its clients an immersive trial room experience by integrating Likeo's products with its online fashion marketplace BLACK. On May 16, 2025, the fast commerce platform debuted its fashion marketplace, which is accessible on the Google Playstore. Saurav Kumar, the creator and CEO of Likeo, will join KiranaPro to spearhead BLACK's advancement in AI and visual computing.KiranaPro is a quick commerce platform.In an all-stock transaction, KiranaPro Datalabs_in-article-icon acquired Likeo, an AI-powered platform that specializes in virtual try-on technology powered by its augmented reality tech stack. The agreed upon price was $1 million (INR 8.55 crore). Through this acquisition, Kerala-based KiranaPro hopes to give its clients an immersive trial room experience by fusing Likeo's products with its online fashion marketplace BLACK. Products from the clothing, jewelry, and eyewear categories will be able to use the function. On May 16, 2025, KiranaPro released its fashion marketplace, which is accessible on the Google Play Store.  

BlackBuck Reports Q4 Tax Credit Profit of INR 280 Cr

BlackBuck would have reported a profit of roughly INR 35.1 Cr in Q4 FY25 if the tax credit of INR 245 Cr had been excluded. In Q4 of FY25, operating revenue increased by 30.6% to INR 121.8 Cr from INR 93.2 Cr in the same period the previous year. BlackBuck reported a net loss of just INR 8.6 Cr for the entire fiscal year FY25, with the assistance of an INR 244.6 Cr tax credit.BlackBuck BlackBuck Datalabs_in-article-icon, a logistics company, reported a consolidated net profit of INR 280.1 Cr in Q4 FY25, compared to a net loss of INR 90.8 Cr in the same quarter last year. In the prior quarter, the company posted a net loss of INR 48 Cr. However, a tax credit of INR 245 Cr was one of the main drivers of the earnings in Q4. Without it, BlackBuck would have reported a profit for the reviewed quarter at roughly INR 35.1 Cr. In Q4 of FY25, BlackBuck's operating revenue increased by 30.6% to INR 121.8 Cr from INR 93.2 Cr in the same period the previous year. It increased 6.9% sequentially from INR 113.9 Cr.  

Operations at Zepto Cafe Are Halted in Several Cities

Zepto Cafe, the company's rapid meal delivery division, has temporarily ceased operations in a number of minor cities, primarily in northern India. Over 400 workers have been impacted by the 44 eateries that have suspended operations. By the conclusion of the upcoming quarter, the business now anticipates starting up again in these areas.Platform for rapid trade According to persons familiar with the situation, Zepto has suspended operations of its 10-minute food delivery vertical, Zepto Cafe, in a number of locations, including Delhi, Agra, Chandigarh, Mohali, Amritsar, and Meerut, because of supply chain problems, ETtech reported. This will affect how 44 Zepto Cafe locations operate.Platform for rapid trade Zepto has suspended Zepto Cafe, its 10-minute meal delivery service, in several North Indian towns. The company has temporarily halted the services because of supply chain problems, according to a report by Economic Times. According to the article, 44 Zepto Cafe locations in the area will be impacted by the company's decision. About 700 gig workers have been impacted by the company's decision to stop providing the service. According to the Economic Times, Zepto Cafe's services were suspended in April of this year because the company was unable to meet quality standards due to the spike in demand. Zepto Cafe received greater demand than anticipated, hence the decision was made to halt operations in these cities. Meeting the volumes without sacrificing quality proved challenging, the individual with knowledge of the situation told ET.  

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Exclusive: Avanse Names New Independent Director and Strengthens Board Before IPO

Focused on education loans Rakesh Bhatt, the former COO of Bajaj Finserv, has been named as an independent director of NBFC Avanse Financial Services in advance of the company's INR 3,500 Cr initial public offering (IPO).According to Avanse's regulatory report, "it was proposed to onboard one more independent director in order to further strengthen the board, given the growth trajectory."Avanse has delayed to submit its red herring prospectus (RHP) more than six months after receiving SEBI's approval for its first public offering (IPO). A number of fintech companies are preparing for a public offering in the near future, and the new-age tech IPO season is well underway. Razorpay and PhonePe became public companies in April prior to their listing in India.has named Rakesh Bhatt, a former COO of Bajaj Finserv, as an independent director of the business in advance of its INR 3,500 Cr IPO.  

In preparation for its IPO, Pine Labs becomes a public entity.

On May 16, shareholders approved the fintech unicorn's name change from "Pine Labs Private Limited" to "Pine Labs Limited." Amrita Gangotra and Smita Chandramani Kumar have also been named as independent directors of Pine Labs in anticipation of its first public offering. According to estimates, Pine Labs plans to launch a $1 billion initial public offering (IPO) in the second half of 2025. Pine Labs becomes a public company in preparation for its initial public offering (IPO). According to its regulatory papers, which Inc. was able to access, Pine Labs' shareholders approved the proposal on May 16 to rename the firm from "Pine Labs Private Limited" to "Pine Labs Limited."42.2 hours prior  

Oxyzo Collects Neo Group and Other Debt for INR 533 Cr

The money will be used for the fintech unicorn's daily operations, which will include lending to small and medium-sized businesses. Oxyzo offers loans to modern tech startups in a variety of industries, including logistics, agritech, mobility, and climate tech, as well as to SMEs for the purchase of raw materials. According to earlier reports, Oxyzo was considering an IPO, just like its parent company, OfBusiness. But there haven't been any new developments on the NBFC's public issue.As the startup's problems worsen, Oxyzo and HSBC are thinking of taking legal action against the financially stressed Good Glamm Group (GGG) to recoup unpaid debts, insiders informed The IndianStartupNews (ISN). Companies who provided loans to GGG, Oxyzo and HSBC, are now thinking about suing the business. One of the sources mentioned above told ISN, "Oxyzo is dragging GGG to the National Company Law Tribunal (NCLT) to recover pending dues worth Rs 2.5 crore." The first significant business to bring Accel-backed GGG before the NCLT is Oxyzo. Another major lender, HSBC, is probably going to take Oxyzo's lead and collect its outstanding debts.Funding for Velocity fails Problems are getting worse for GGG at a time when it is struggling financially and its most recent funding source, which was its only hope, is about to fail. In order to revitalize its company and maintain the viability of brands like Sirona and others, GGG was in negotiations to obtain Rs 150–200 crore from Veloce, a Gujarat-based debt provider and investment broker. A second source told ISN that "Rs 150 crore would have solved 90% of GGG's current issues as all creditors would have been repaid their pending dues." But because Veloce has withdrawn, it is extremely doubtful that the business will now receive any compensation.  

Peak XV Scores From Porter Exit Nearly 10X Return

According to sources who spoke to Inc42, Peak XV left with a payout of over INR 1,200 Cr on an investment of about INR 116 Cr. Porter became a unicorn a few days ago after raising $200 million in a financing round. Approximately $120 to $150 million of the total funds were raised through secondary share sales, which were mostly carried out by investors such as Peak XV and Kea Capital.Mumbai: According to a person acquainted with the situation, Peak XV Partners made more than ₹1,200 crore after withdrawing its investment in the most recent funding round for logistics startup Porter. In several rounds during the previous ten years, the profit was more than eleven times the return on investments of ₹116 crore. Mumbai: According to a person acquainted with the situation, Peak XV Partners made more than ₹1,200 crore after withdrawing its investment in the most recent funding round for logistics startup Porter. In several rounds during the previous ten years, the profit was more than eleven times the return on investments of ₹116 crore.  

Groww settles a case with SEBI over security lapses by paying INR 48 lakh.

SUMMARY In its May 14 ruling, SEBI claimed that Groww had broken several securities contract and stock broker regulations, among other rules. Additionally, SEBI stated that the investment tech startup's trading app offered non-securities services like bill payment, loans, and UPI payments, potentially exposing users to personal financial risk. This comes a day after Groww settled a separate dispute with SEBI for INR 34.12 Lakh, alleging that a technical issue on the site prohibited users from placing transactions.Groww Invest Tech paid Rs 47.85 lakh towards the settlement sum on Wednesday, resolving a complaint concerning the purported breach of stock brokers' regulations and other standards. The order followed the broking firm's application to Sebi "without admitting or denying the facts and conclusion of law" through a settlement order. "The adjudication proceedings initiated against the applicant via SCN dated November 25, 2024, are disposed of in view of the acceptance of the settlement terms," stated Amit Kapoor, the adjudicating officer for Sebi. Groww Invest Tech (previously Nextbillion Technology Pvt Ltd) was the subject of a thorough inspection that led to the case.Groww was accused of breaking numerous securities contracts (regulation) requirements, Sebi circulars, and stock broker rules by the Securities and Exchange Board of India (Sebi).  

Paytm's Q4 Loss Flat Was INR 545 Cr Due to the Decrease of Exceptional Items

In Q4 FY25, Paytm recorded a consolidated net loss of INR 544.6 Cr, with unusual items burdening its bottom line by INR 522.1 Cr. Paytm would have reported a loss before tax of INR 19.9 Cr instead of INR 536.4 Cr in the previous year if these costs hadn't been incurred. In the meantime, the company's operational revenue decreased 19% from INR 2,267.1 Cr in Q4 FY24 to INR 1,911.5 Cr in the current quarter. PaytmPaytm Datalabs_in-article-icon, a leading fintech company, recorded a consolidated net loss of INR 544.6 Cr in the March quarter (Q4 FY25), which is 1% less than the INR 550.5 Cr loss it suffered in the same quarter last year. The company's loss increased sequentially from INR 208.5 Cr to 118%.INR 545 Cr Paytm Q4 Loss Flat Due to Exceptional Items Purchased In the March quarter (Q4 FY25), Toll. recorded a consolidated net loss of INR 544.6 Cr, which was 1% less than the INR 550.5 Cr loss it had in the same period the previous year. The company's loss increased sequentially from INR 208.5 Cr to 118%.  

"Deciphering the India Playbook of UK-Based Fintech Revolut "

Revolut is scheduled to launch its products in October of this year after obtaining its prepaid payment instrument (PPI) license from the Reserve Bank of India to provide prepaid cards and prepaid wallets with UPI payments. Nik Storonsky and Vlad Yatsenko founded Revolut in 2015 as a forex payments platform, but it has now evolved into a fintech mega app. The London-based business will enter the UPI and quick international payments markets in India. According to the British neobank, 300,000 Indians have already joined its pre-enrollment waiting list. In the future, Revolut hopes to have 25 million Indian customers by 2030.When Revolut, the biggest neobank in Europe, announced its 2021 entry into India, it generated a lot of excitement. It was hailed at the time as a possible rival to some of the nation's largest fintech companies.In the future, Revolut hopes to have 25 million Indian customers by 2030. Revolut's intentions to expand in India are centered on the country's burgeoning fintech sector, which has drawn over $25.8 billion in investments and is home to 22 unicorns and 33 soonicorns.  

PM Modi declares WAVES 2025 to be a worldwide celebration of creativity at the ideal moment to "create in India, create for the world."

At the WAVES summit on Thursday, May 1, 2025, Prime Minister Narendra Modi emphasized "creative responsibility," stating that we must protect the next generation from notions that are anti-human. He stated that as the world is searching for fresh approaches to storytelling, this is the ideal moment to "create in India, create for the world."At the Jio World Convention Centre in Mumbai, the Prime Minister opened the World Audio Visual and Entertainment Summit (WAVES) 2025, describing it as a transformative platform that brings together global innovators, storytellers, producers, and policymakers. Speaking in Mumbai at the @WAVESummitIndia. It showcases India's artistic prowess on a worldwide scale. This link: https://t.co/U4WQ4Ujv8q — May 1, 2025, Narendra Modi (@narendramodi)"Today, artists, innovators, investors, and policy makers from more than 100 nations have gathered under one roof," Mr. Modi said in a keynote speech to a crowded auditorium of international delegates from as many as 30 countries. We are establishing the groundwork for a worldwide talent and innovation ecosystem. Every artist and creative has access to WAVES, which is such a global platform.  

Adjusted EBITDA Loss at Blinkit Q4 Increases 381% Year Over Year to INR 178 Cr

SUMMARY Blinkit's adjusted EBITDA loss increased by over 73% from INR 103 Cr to INR 103 Cr on a quarterly basis. In Q4 of FY25, Blinkit recorded operational revenue of INR 1,709 Cr, a 122% increase over INR 769 Cr in the same period last year. The impact of faster store expansion in quick commerce caused Eternal to report a 15% year-over-year fall in its adjusted EBITDA profit to INR 165 Cr in Q4 FY25.In the March quarter of the fiscal year 2024-25 (Q4 FY25), Blinkit's adjusted EBITDA loss increased by more than 381% to INR 178 Cr from INR 37 Cr in the same quarter last year due to fierce competition in the rapid commerce sector. The adjusted EBITDA loss increased by over 73% from INR 103 Cr to INR 103 Cr on a quarterly basis.In the March quarter of the fiscal year 2024-25 (Q4 FY25), Blinkit's adjusted EBITDA loss increased by more than 381% to INR 178 Cr from INR 37 Cr in the same quarter last year due to fierce competition in the rapid commerce sector.