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.  

After Adani, Zoho Shelves Its $700 Mn Semiconductor Plan

OVERVIEW Zoho has halted its $700 million attempt to enter the silicon industry. According to Sridhar Vembu, the creator of Zoho, the board has chosen to halt chipmaking efforts until a more effective technological solution is found. Last year, the SaaS unicorn requested permission from the Center to establish a chip manufacturing plant and receive incentives under the production-linked incentive system.Tamil Nadu-based software-as-a-service firm Zoho Corporation has postponed its intention to develop a $700-million compound semiconductor fabrication unit, the company’s founder Sridhar Vembu stated.“On our semiconductor fab investment plan, since this business is so capital-intensive, it requires government backing. We wanted to be completely sure of the technology path before we take taxpayer money. On social media platform X (previously Twitter), Vembu stated, "Our board decided to put this idea on hold for the time being, until we find a better tech approach, because we did not have that confidence in the tech."The company applied for government incentives under the India Semiconductor Mission (ISM) in June of last year in order to construct a facility for the manufacture of compound semiconductor chips. For this reason, the SaaS company also established Silectric Semiconductor Manufacturing.Vembu has previously disclosed Zoho's intentions to establish a semiconductor design project in Tenkasi, Tamil Nadu, prior to submitting an application for incentives to construct a chip manufacture plant under ISM. a

Amazon, Flipkart Probe: CCI Requests Apple, Xiaomi Sales Data

OVERVIEW As part of its continuing investigation against e-commerce giants Amazon and Flipkart, the ED has requested that Apple and Xiaomi disclose sales data and other documents. The ED is looking into whether the two e-commerce giants violated Indian law by influencing pricing and managing inventory, which is already prohibited for foreign-owned platforms. However, phone companies were not the probe's goal; they were contacted merely for information. As part of its ongoing investigation into Amazon and Flipkart, the Enforcement Directorate (ED) has requested sales data and other documentation from smartphone manufacturers like as Apple and Xiaomi.As part of a probe into Flipkart, which is owned by Amazon and Walmart, India's financial crime agency has secretly requested sales data and other papers from smartphone companies such as Apple and Xiaomi, according to people familiar with the situation who spoke to Reuters.  

Mugafi Makes $3 Million Using AI to Assist Filmmakers With Script Writing

OVERVIEW In addition to StartupXseed, Auxano, Proneur Network, Mars Shot Ventures, Beyond Venture Partners, and We Founder Circle participated in the fundraising round. The money will be used by Mugafi to improve its technology stack, hire personnel, and enter new markets. Ved, Mugafi's main AI bot, helps authors with concept generation, plot structure, character development, and dialogue composition. Mugafi Earns $3 Million By Using AI To Assist Filmmakers With Script Writing. has secured $3 million, or roughly INR 25.5 crore, in its initial funding round, which was spearheaded by StartupXseed.  

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The Q4 profit of PharmEasy-Owned Thyrocare increases by 25.6% to INR 21.6 Cr.

Thyrocare, a diagnostics platform owned by PharmEasy, saw a 25.6% increase in consolidated net profit from INR 17.2 Cr in the previous quarter to INR 21.6 Cr in the fourth quarter of the fiscal year that ended in March 2025 (Q4 FY25).Thyrocare, a diagnostics platform owned by PharmEasy, saw a 25.6% increase in consolidated net profit from INR 17.2 Cr in the previous quarter to INR 21.6 Cr in the fourth quarter of the fiscal year that ended in March 2025 (Q4 FY25). Profit rose 14% sequentially from INR 18.95 Cr.46 minutes agoAccording to a recent consumer survey conducted by Counterpoint Research in collaboration with OnePlus, young professionals in India are becoming more interested in small smartphones, but they are also becoming frustrated with the market's lack of options. Because of its mobility and ease of use, 74% of poll participants said they prefer compact telephones. However, according to 68% of respondents, there aren't enough high-quality options in this market, particularly when it comes to flagship-level performance.  

Kilo will acquire the majority stake in Biryani from Devyani International.

OVERVIEW In an exchange filing, Devyani International stated that its board has suggested approving the final contract and issuing equity shares that are due for the purchase. The deal's financial specifics were not made public. This comes after Pulsar Capital, an investment group located in Dubai, contributed $2 million to Biryani By Kilo.Biryani By Kilo, a cloud kitchen business, is about to acquire controlling holdings from Devyani International, which operates QSR franchises like KFC through franchise agreements. The deal's financial specifics, however, have not been made public. The formal agreement and issuance of equity shares due for the acquisition will be discussed and approved by the board at Devyani's April 24 meeting, the company announced in an exchange filing. The filing also stated that an extraordinary general meeting of the firm must approve the issuing of equity shares. Nearly five months have passed since Biryani By Kilo Datalabs_in-article-icon raised $2 million from Pulsar Capital, an investment firm located in Dubai. The startup was valued at $100 million at the time of the fundraising, according to Inc42's estimations. Established in 2015 by Kaushik Roy and Vishal Jindal, Biryani By Kilo is well-known for its biryanis but also offers its patrons kebabs, kormas, and desserts. It has raised $52 million to date and has investors such as IvyCap Ventures and Falcon Edge Capital.  

Mahadev Betting Case: ED Raids Locations Associated With Nishant Pitti of EaseMyTrip

OVERVIEW The ED conducted nationwide raids at multiple sites connected to Nishant Pitti, cofounder and promoter of EaseMyTrip. The agency's continuing money laundering investigation into the Mahadev online betting and gambling app case includes the searches. The ED has previously claimed that its investigation into the Mahadev betting case exposed the involvement of a number of prominent Chhattisgarh politicians, including former chief minister Bhupesh Baghel.As part of its ongoing money laundering probe into the Mahadev online betting and gaming app case, the Enforcement Directorate (ED) is reportedly conducting raids nationally at multiple sites connected to Nishant Pitti, cofounder and promoter of online travel aggregator EaseMyTrip. According to CNBC TV-18, which cited sources, the raids are presently taking place in 15 different places in India, including Delhi NCR, Mumbai, Chandigarh, Ahmedabad, Indore, Jaipur, Chennai, and Sambalpur. According to the ED's inquiry, Chandrakar and Ravi Uppal operated the Mahadev app, which let users to place real-time bets on sports like tennis, football, and cricket. The ED previously claimed that the creators of the Mahadev app had paid Bhupesh Baghel, the former chief minister of Chhattisgarh, almost INR 508 crore. Baghel, however, denied these claims, calling them attempts to damage his reputation.  

Discussing Raising $150–180 Million, Ropes in Avendus: Report

MoEngage is a customer engagement platform.According to reports, MoEngage Datalabs_in-article-icon wants to fund $150–180 million through a combination of primary and secondary transactions. The Goldman Sachs-backed business is in talks with both new and existing backers for the next fundraise, which will value it between $800 and 850 million, according to a Mint article that cited people with knowledge of the situation.The report further added that the company has also roped in Mumbai-based investment banking and asset management firm Avendus Capital to help with the mission. MoEngage has been contacted by Inc42 to provide feedback on the development. The response will be used to update the story. The business intends to use the additional funding to grow its marketing activities in the US, Europe, the Middle East, and Asia. Additionally, it seeks to penetrate more recent markets including Australia and Latin America. There may also be acquisitions planned to expand current offerings. Nearly a year has passed since it was revealed that Goldman Sachs intended to purchase shares of some of the company's original investors for between $30 and $35 million through a secondary deal. MoEngage is a SaaS-based corporate tech platform that was founded in 2014 by Raviteja Dodda and Yashwanth Kumar. It gives product managers and marketers statistics and insights to help them better understand their customers. It enables users to analyze consumer behavior and interact with them through individualized email, mobile, and web interactions.The firm secured its last Series E fundraising round of $77 Mn co-led by Goldman Sachs and B Capital Group back in 2022. Among its other investors are companies like Z47, Multiples Alternate Asset Management, Eight Roads Ventures, and Steadview Capital. Flipkart, BigBasket, and Airtel are just a few of its clients, and it says it serves over 1,000 customers. The development also occurs at a time when the business is considering moving its headquarters to India and considering listing on Indian stock exchanges. On the other hand, its rival CleverTap is also in the midst of transferring its base to India and just finalized the acquisition of rehook.ai in an undisclosed transaction.  

Funding for NOTO Bags to Increase Offline Presence Backed by John Abraham

LetsVenture and the JITO Incubation and Innovation Foundation participated in the investment round, which was led by Inflection Point Ventures. Among other things, the business intends to use the funds to grow in Tier I and II cities, promote product innovation, and boost brand recognition by expanding its offline presence. The firm raised INR 4 Cr in its pre-Series A round before this fundraising round.In a funding round headed by the Equentis Angel Fund and included Jito, IPV, and others, the ice cream company Noto has raised ₹21 crore. Deeper market penetration, offline store openings, and product expansion will all be aided by the funding. Noto provides vegan, sugar-free, and low-calorie treats. February 20, India -- The D2C ice cream company NOTO, which is supported by actor John Abraham, has raised INR 15 Cr (about $1.7 million) in an investment round headed by Inflection Point Ventures. LetsVenture and the JITO Incubation & Innovation Foundation also participated in the round. The business stated in a statement that it will use the funds to, among other things, expand offline to raise brand recognition, promote product innovation, and expand in Tier I and II cities. NOTO is a low-calorie ice cream company that was founded in 2019 by Varun and Ashni Sheth, a husband and wife team. According to the firm, their ice creams are low in sugar and high in protein.  

Ankur Capital and Others Give INR 25 Cr to Nanotechnology Startup Vimano

Additionally, eight unknown investors participated in the round, a company spokeswoman told Inc42. Vimano intends to use the additional funding to accelerate its energy transformation, launch energy ecosystem pilot projects, and grow its workforce. The startup faces competition from firms like Log9 Materials, ION Energy, and Gegadyne Energy, among others, in the cleantech industry.Vimano Secures INR 25 Crore in Ankur Capital-Led Seed Round With the new funding, Vimano will be able to continue pilot initiatives with partners in the energy industry. Additionally, it will help with employment initiatives and the development of scalable production capacity for its in-house membranes.Vimano, a business focused on nanotechnology and innovative materials, has raised INR 25 crore in its seed round, which was headed by Ankur Capital. This is the first investment made by Ankur Capital from its recently established third fund. With Vimano's membranes acting as essential backbones for redox flow batteries, electrolyzers for the creation of green hydrogen, and PEM fuel cells, the money will help the company fulfill its aim to power the energy transformation.The high cost of creating green hydrogen and the dearth of affordable long-duration energy storage (LDES) options are two of the major technological challenges that still exist even though the global energy transition is well underway and driven by the steadily declining cost of solar energy. These disparities are significant barriers to the transition to a grid powered entirely by renewable energy sources and the decarbonization of heavy manufacturing sectors.Vimano was established in 2019 by materials scientists Dr. Nagesh Kini (CTO) and Murari Ramkumar (CEO), who believed that innovative materials may usher in a new era of energy storage. The development of membranes that drastically reduce the cost of electrolyzers—which are utilized in the production of green hydrogen and other LDES systems—has been made possible by its tunable ion-conductive membrane platform. The major challenge of improving membrane performance and conductivity while preserving high efficiency, minimal crossover, and extended life has been resolved by Vimano during the course of the last five years of study.  

Before the IPO, Groww Founders Give Up Their Differential Voting Rights

SUMMARY: Groww cofounders Harsh Jain, Lalit Keshre, Neeraj Singh, and Ishan Bansal will also lose their differential voting rights as a result of the deal. The amount of bonus CCPs given to Groww's investors was unclear, even if they were given to current backers at no additional expense. This almost immediately follows rumors that Groww plans to submit its DRHP for a $1 billion initial public offering (IPO) to SEBI by April or May of this year. All current equity shareholders, including Peak XV, Ribbit Capital, YC Holdings, Tiger Global, and others, will get bonus compulsorily converted preference shares as part of the proposed deal, which also eliminates the founders' unequal voting rights.Groww, also known as Billionbrains Garage Ventures Private Limited, has undergone a major restructure that has been approved by the Competition Commission of India (CCI). The decision authorizes the issuing of bonus compulsorily convertible preference shares to all current Groww equity owners and permits some shareholders to obtain additional voting rights.  

BorderPlus, Mayank Kumar's first acquisition with a German company

                SUMMARY: BorderPlus, a talent mobility startup founded by Mayank Kumar of upGrad, has made its first acquisition, purchasing German healthcare recruitment company Onea Care, just days after receiving its first round of funding. Kumar stated that the buyout will aid in growing the startup's activities in the nation, albeit without disclosing the deal's financial details. In a statement, BorderPlus stated that as part of its mergers and acquisitions (M&As) strategy, it intends to put aside $10 million (INR 85.5 crore) to strengthen its position in regions such as Germany and India.UpGrad cofounder Mayank Kumar's talent mobility business BorderPlusBorderPlus Datalabs_in-article-icon has made its first acquisition, purchasing German healthcare recruitment firm Onea Care, only days after receiving its first round of funding. Kumar stated that the buyout will aid in growing the startup's activities in the nation, albeit without disclosing the deal's financial details. As part of its mergers and acquisitions (M&As) strategy, BorderPlus stated in a statement that it intends to put aside $10 million (INR 85.5 crore) to strengthen its position in markets such as Germany and India. In order to streamline its operations, including employment, language training, and the smooth integration of healthcare experts, the business also hopes to power its digital first solutions.BorderPlus is a talent mobility platform that provides Indian blue-collar workers with worldwide employment prospects. It was launched last year by Kumar and Ayush Mathur, the former head of European operations for OYO. The company began by giving Indian nurses employment possibilities in German healthcare facilities.Owl Ventures led the startup's initial $7 million investment round in February, with involvement from angel investors such as Ritesh Agarwal, the creator of OYO, and Binny Bansal, the founder of Flipkart. In October of last year, Kumar left his position as managing director of upGrad to start his business.Owl Ventures led the startup's initial $7 million investment round in February, with involvement from angel investors such as Ritesh Agarwal, the creator of OYO, and Binny Bansal, the founder of Flipkart. In October of last year, Kumar left his position as managing director of upGrad to start his business.  

In 2025, Foxconn plans to increase its production of iPhones in India.

Foxconn is eyeing doubling iPhone production to 25-30 Mn units from last year’s 12-13 Mn at its India facilities in the ongoing calendar year The manufacturer is betting on its Bengaluru unit to add to the production push Foxconn’s bid to deepen its India presence is in-line with Apple’s plans to produce its products in India, as the Tim Cook-led company looks to diversify its supply chain and reduce dependence on ChinaThe firm has spent the last three to four months conducting limited testing activities at its new Bengaluru location, according to an ET article. According to a source who spoke to the journal, the tests are being carried out to see if the facility can manufacture Apple's flagship product on a large scale without compromising quality standards."The company assembled roughly 12 million iPhones in India last year. However, they have set much greater goals in keeping with Apple's drive to increase their footprint in India, especially since their Bengaluru plant is soon to be built," the person continued. In 2023, the Taiwanese electronics company purchased a 300-acre property close to Bengaluru airport. The project's establishment has been funded by INR 25,000 Cr from the firm. When finished, the facility would be able to produce 20 million smartphones a year, making it Foxconn's largest operation in India and the second largest globally. The state government will give Foxconn an incentive of INR 6,970 Cr for its Bengaluru facility under the state's Electronics System Design and Manufacturing (ESDM) policy, Karnataka Chief Minister Siddaramaiah announced earlier this month.It is important to note that throughout the past few months, the Taiwanese corporation has been aggressively expanding in the nation. According to a report last week, the corporation and its joint venture partner HCL are negotiating the establishment of an outsourced semiconductor assembly and testing (OSAT) facility in the state of Uttar Pradesh with Taiwanese construction engineering firm CTCI and Larsen & Toubro (L&T).Additionally, it is rumored to be in talks with the Tamil Nadu government to establish a battery manufacturing facility on roughly 200 acres of state property.