Perfios FY25 Revenue Exceeds ₹700 Cr, Profit Soars 46% To ₹104 Cr

In the fiscal year that concluded in March 2025, Perfios had a 46% YoY increase in its consolidated net profit of ₹104.3 Cr. For the fiscal year under review, operating revenue increased by 20% to ₹669.5 Cr in FY25 from ₹557.8 Cr in FY24. India continued to be Perfios' top market geographically, with domestic revenue rising 14% from ₹505.5 Cr in FY24 to ₹575 Cr in FY25.PerfiosPerfios Datalabs_in-article-icon, a B2B fintech SaaS unicorn, reported a 46% increase in its consolidated net profit for the fiscal year FY25, reaching ₹104.3 Cr from ₹71.7 Cr in FY24. The Bengaluru-based firm reported its first profit of ₹7.8 Cr in FY23, and this was its third consecutive year of profitability.B2B financial SaaS unicorn Perfios reported a 46% growth in consolidated net profit in the fiscal year ended March 2025 (FY25), hitting ₹104.3 crore from ₹71.7 crore in FY24. According to regulatory records, the company's overall revenue for the period exceeded ₹700 crore, particularly hitting ₹709 crore.  

DrinkPrime, a D2C water purifier brand, increases its valuation by ₹20 Cr to $36.8 million.

In its extended Series A round, DrinkPrime raised ₹20 Cr, or around $2.2 million, in addition to an unknown debt. New investors Artha India Ventures and Mirabilis Investment Trust participated in the round. According to DrinkPrime, the additional funding will be used to expand its field service infrastructure and improve its IoT and data capabilities.Drinkprime is a brand of water purifier. In addition to an undisclosed debt, Datalabs_in-article-icon has raised ₹20 Cr (about $2.2 Mn) in its extended Series A round. New investors Artha India Ventures and Mirabilis Investment Trust participated in the round. In a funding round headed by Artha Venture Fund and Mirabilis Investment Trust, Bengaluru-based D2C water purifier business DrinkPrime raised ₹20 Cr, increasing its worth to approximately ₹340 crore ($36.8 million). With a 30% valuation premium and a 54% increase in FY25 sales to ₹72.13 crore, the firm provides IoT-enabled RO purifiers on a subscription basis.Important Information about DrinkPrime's Capital and Development: Funding Amount: ₹20 Crore ($~2.4M), with Mirabilis Investment Trust and Artha Venture Fund among the partners. Valuation Jump: Compared to its prior valuation of ₹261 crore, the new investment represents a 30% rise to around ₹340 crore (~$36.8 million-$37 million). Performance: In FY25, the startup's sales increased to ₹72.13 crore while its losses decreased from ₹14.14 crore to ₹11.53 crore. Model: DrinkPrime offers IoT-enabled, on-demand RO water purifiers that track water quality and usage in real time for subscription invoicing. Use: The money raised will be utilized to grow the company's smart water purifier subscription service and increase its market share throughout India.    

Before going public, Flipkart completes a reverse flip to India.

According to ET, which cited persons with knowledge of the situation, e-commerce platform Flipkart has finished its reverse flip, moving its headquarters back to India from Singapore. The National Company Law Tribunal had approved the Walmart-owned business in December, but it was still awaiting central government approval in accordance with Press Note 3 regulations. Now that the reverse flip is finished, the online retailer may proceed with its intentions to list in India.As part of the process, Flipkart has already started meeting with merchant bankers. As it gets ready for the prospective IPO, it hopes to file its draft prospectus later this year. Flipkart is able to align its corporate structure with its main business operations, which are mostly based in India, and move its holding company domicile there thanks to the reverse flip. As it gets ready for a possible public listing, the company has previously stated that the change was a part of a larger effort to streamline its organizational structure. The procedure entails local group structure consolidation and the transfer of ownership of the foreign holding entity to an Indian entity.Several Singapore-incorporated companies with operations in fashion, logistics, and payments will be combined into Flipkart Internet, the operating entity with its headquarters located in Bengaluru, as part of the previously described restructuring. The group's main holding company in India will be Flipkart Internet, which will merge with the Singapore-based holding firm in the next phase.  

Revenue Increases 90% While GIVA's Loss Widens 23% to ₹72 Cr in FY25

In the fiscal year that concluded in March 2025, GIVA's operating revenue increased from ₹273 Cr to ₹518 Cr. The cost of materials increased by over 97% year over year to ₹226 Cr, the startup's largest expense for the quarter. The D2C jewelry company is reportedly on pace to report a revenue of ₹800–₹850 Cr in FY26 and is currently in negotiations to raise ₹150–₹200 Cr.GIVA generates revenue by selling jewelry items through its network of physical and online retailers. The company started off specializing in silver jewelry but has since moved into the gold and lab-grown diamond markets. With each channel accounting for almost half of total income, the company reported an almost equal distribution across online and offline channels. Over the course of the year, GIVA surpassed the 200-store mark and is getting close to 300 locations. With the opening of its first store in Sri Lanka, the company has ventured into foreign markets, generating Rs 10.7 crore in FY25 sales. During that time, the company's total revenue was Rs 523 crore.The biggest expense component for Giva, the cost of materials, increased by 97% to Rs 227 crore, or 38% of total costs. The company's inventory increased 108% to Rs 100 crore in FY25 as a result of the increased buying activities. From Rs 50 crore in FY24 to Rs 91 crore in FY25, its employee benefit costs increased by 82%.  

Mojro, a SaaS startup, raises $3 million to expand its AI-powered logistics platform.

IAN Group's IAN Alpha Fund spearheaded the investment round, with 1Crowd and a few current investors also taking part. Mojro works with companies in a variety of industries, including retail, package delivery, courier services, and more, to help mid- to big firms optimize their supply chains. The logistics software as a service business intends to utilize the funding to build its platform, bolster its workforce, and increase its footprint in the US and Southeast Asia.With the help of 1Crowd and previous investors, the B2B SaaS platform Mojro has raised $3 million in a fundraising round led by IAN Alpha Fund. The funds will be utilized to improve its AI-driven optimization platform, bolster its product, engineering, and sales teams, and grow in the US and Southeast Asia. Mojro is a B2B SaaS platform for logistics planning and optimization that was founded in 2016 by Kishan Aswath, Amit Kulkarni, and Ranganath Seetharamu. It provides services to mid-sized to large businesses in the retail, dairy, e-commerce, courier, and CPG industries. The software assists users in managing delivery restrictions, streamlining routes, and cutting logistical expenses.Over 60% of Mojro's revenue comes from overseas countries, such as the US, Malaysia, Singapore, and the Philippines, and the company uses a usage-based SaaS model. In order to increase client acquisition, it has formed alliances with US technology and consulting organizations. PlanWyse and ExecuteWyse, two of its products, provide supply chain optimization and real-time execution solutions. According to the company, after 90 days of deployment, clients can observe quantifiable results and save up to 20% on logistical expenses.  

SNACC, RIL's $110 billion AI war chest, and more are axed by Swiggy.

In the 12 months since inception, Snacc had only been running as a pilot in Bengaluru and Gurugram and had not grown much. In certain subcategories, the app partnered with businesses like The Whole Truth to serve Indian breakfast, coffee, bakery goods, beverages, eggs, and protein; the remaining items were supplied from outside food suppliers.Order numbers and app revenue have not been disclosed by the company.At a time when 10-minute meal delivery was becoming popular, Snacc was introduced in January 2025. Accel-backed Swish was also gaining popularity among investors and customers, while rivals Blinkit and Zepto introduced rival products, Bistro and Zepto Cafe, respectively.The closure follows Swiggy's recent quarterly losses, which prompted the company to raise additional funds through a Rs 10,000 crore qualified institutional placement (QIP) in the face of growing competition in rapid commerce.    

Exclusive: Kutumb, supported by Tiger Global, joins the homosexual dating scene with Polo

With the release of Polo, a specialized gay dating app that is now accessible on the Google Play Store, Bengaluru-based community platform Kutumb has entered the online dating market. Polo has features including smart matchmaking, audio and video calling, instant messaging, and selfie-based profile verification, according to its Play Store listing. Users can also employ interest-based filters, such as age and geography, and make private photo albums. The launch has not been formally announced by the company. Polo's release coincides with Kutumb's ongoing efforts to expand its consumer internet offerings outside its primary community-focused social networking platform. In addition to Polo, Kutumb runs a number of consumer apps in the astrological, lifestyle, social, and utility sectors. Tarot99, Astro99, Digi God, Piku AI, Zuno, Zumo, and Digital Baby are a few of these. In a Series A investment round led by Tiger Global and including Quiet Capital, Rocketship VC, Nirman Investments, AngelList Syndicate, and angel investors, Kutumb raised $26 million in June 2021.Kutumb's operating revenue climbed 173% year over year to Rs 128.6 crore in FY25 from Rs 47.2 crore in FY24. In the fiscal year, the company claimed a net profit of Rs 12 crore, but in FY24, it reported a loss of Rs 3 crore. Polo is reportedly making about Rs 5 crore a month, according to sources. Kutumb did not immediately respond to inquiries. Polo joins the LGBTQ+ dating scene in India, where sites like RainbowLuv, u2nite, ROMEO, Grindr, and HiMoon are already popular. Despite being smaller than popular dating applications, the market is expanding gradually, mostly in cities. Because worries about harassment, phony accounts, and data security can have a direct impact on user trust and retention, user safety, privacy, profile verification, and moderation are crucial.  

TBO Tek Q3: 7% YoY Profit Growth to ₹54 Cr

In the third quarter of FY26, TBO Tek's profit climbed 7% to ₹53.7 Cr from ₹50 Cr during the same period in the previous fiscal year. The company's PAT decreased by 21% on a sequential basis from the ₹67.5 Cr recorded in the prior quarter. From ₹422.1 Cr in Q3 FY25 to ₹784.3 Cr in the reviewed quarter, operating revenue increased by 86%. It increased 38% sequentially from ₹567.5 Cr. The travel tech company's overall revenue for the third quarter was ₹796.6 Cr, including ₹12.3 Cr in other income. In comparison to the Rs 87 crore net profit recorded in Q3 FY25, IRCON International reported a consolidated net profit of Rs 101 crore for Q3 FY26, representing a 16% YoY increase. Meanwhile, the company's operating revenue dropped to Rs 2,119 crore. Additionally, the business declared an interim dividend for FY26 of Rs 1.2 per equity share. February 17 has been designated as the record date for determining which stockholders are eligible to receive the payout.  

OYO Pre-Files DRHP for IPO of INR 6,650 Cr.

Days after getting shareholder approval for its third attempt at a public listing, PRISMPRISM Datalabs_in-article-icon, the parent company of hospitality upstart OYO, pre-filed draft documents for an IPO.As part of the IPO, which is anticipated to include an offer-for-sale component, the business hopes to raise INR 6,650 Cr through a new issuance. The company is aiming for a valuation of $7 billion to $8 billion for the public offering, according to sources who spoke to Inc42. Bankers from ICICI Securities, Axis Capital, Goldman Sachs, and Citibank have been selected as the book running lead managers for the initial public offering.The INR 6,650 Cr IPO was authorised by PRISM's shareholders earlier this month at an extraordinary general meeting (EGM). In addition, a bonus issue of shares in the ratio of 1:19—that is, one fully paid equity share for every 19 shares held—was approved by the shareholders. In September 2025, it also authorised the issuance of a 1:1 bonus. Interestingly, OYO initially submitted draft documents for an IPO in 2021 but then withdrew them due to market instability. Later, it pre-filed its DRHP but withdrew it last year, opting instead to refinance its $1.2 billion term debt from 2021 through a private capital deal.It is anticipated that the corporation will utilise a sizable portion of the money received from the new IPO to pay down debt. For more than a year, the business has been methodically getting ready to go public. It improved its profitability, expanded its premium range in India and outside, and changed the parent company name from OYO to PRISM earlier this year.  

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Key Certification for Ola Electric's 4680 Bharat Cell-Powered Roadster X+

Ola Electric, an EV manufacturerThe government has certified Ola Electric Datalabs_in-article-icon's Roadster X+ (9.1 kWh) electric motorcycle, which is powered by an internal 4680 Bharat Cell battery pack. The International Centre for Automotive Technology (iCAT) approved the Roadster X+ in accordance with the Central Motor Vehicle Rules (CMVR), 1989, the firm reported to the stock exchanges. The Roadster X+, which Ola Electric claims is the first electric motorcycle in India to be certified with a wholly in-house built battery pack, would then start to be delivered. The Automotive Research Association of India (ARAI) certified the Bhavish Aggarwal-led company's 5.2 kWh configuration variant of their battery cell pack a few months prior to this breakthrough.Interestingly, the 9.1 kWh battery pack has also been certified by ARAI. The starting prices for the Roadster X series are INR 74,999 for the Roadster X, INR 1,04,999 for the Roadster X+ 4.5kWh, and INR 1,54,999 for the Roadster X+ 9.1kWh, which has a 501 km/charge range. With the most recent approval, Ola Electric will be able to use its 4680 Bharat Cell technology in all of its two-wheeler products, including electric bikes and scooters. The company's next battery energy storage system (BESS), called "Ola Shakti," will also use the same cell platform. The heavy industries ministry recently issued an order authorizing Ola Electric to release INR 366.78 Cr in incentives under the production-linked incentive program.The EV major has been attempting to put out fires on several fronts at this time. For the majority of 2025, the company was under pressure due to high losses, falling revenues and market share, and regulatory issues.  

Medibuddy reports FY25 revenue of Rs 725 Cr, reducing losses by 37%.

MediBuddy, a digital healthcare platform, reported a little increase in its operational scale in FY25 after growing by more than two times in the fiscal year that ended in March 2024. Nonetheless, the business was able to reduce its losses by 37% over that time. According to MediBuddy's annual financial records submitted to the Registrar of Companies (RoC), the company's operating revenue increased 12.3% year over year to Rs 724.6 crore in FY25 from Rs 645.4 crore in FY24.MediBuddy is a digital healthcare business that offers insurance services, lab testing, procedures, online and offline medical consultations, and medication delivery. Together, these services' revenue of Rs 722 crore continued to be the company's main source of income, with additional operating sources contributing Rs 2.5 crore. The company's total income in FY25 was Rs 743 crore after earning Rs 18.42 crore from non-operating sources, such as interest on current assets and fixed deposits, written-off liabilities, and other miscellaneous income.The cost of materials, which was Rs 333 crore in the previous fiscal year, accounted for the highest portion of total expenses at 38%. Employee benefits costs came next, rising slightly by 8% to Rs 176.8 crore, which included Rs 6 crore in ESOP costs. During the year, sales payout expenses, which include commissions paid to selling agents, decreased by 7% to Rs 155.47 crore. Additionally, the corporation spent Rs 32.5 crore on information technology and Rs 42.5 crore on safety and security. In FY25, additional overheads totalling Rs 138.7 crore included advertising, legal and professional fees, depreciation and amortisation, and financing charges.In the previous fiscal year, the Bengaluru-based company's total expenses stayed constant at Rs 879 crore. The company's losses were reduced by 37% to Rs 137 crore from Rs 215.7 crore in FY24 thanks to controlled spending and a 12% increase in sales.  

Urban Company Receives Penalty Notice and INR 56 Cr GST Demand

GST regulators believed that the startup's services, such painting and appliance repair, were within Section 9(5) of the CGST Act and would need to be taxed appropriately. Urban Company, which intends to challenge the ruling, further asserted that the demand notice will not affect the business's operations or finances. In addition, the GST authorities of Tamil Nadu, Maharashtra, and Haryana have sent the corporation at least three further demand notifications totalling INR 51.3 Cr.Unicorn Urban Company's hyperlocal servicesMaharashtra goods and service tax (GST) authorities have sent Urban Company Datalabs_in-article-icon a tax demand and penalty notice amounting INR 56.4 Cr.Unicorn hyperlocal services Maharashtra GST authorities have sent Urban Company a ₹56.4 crore tax demand and penalty notice for the April 2021–March 2025 period. The notice relates to alleged non-payment of GST on reimbursements to service providers, particularly over services like painting and appliance repair, and contains a primary tax of ₹51.3 crore and a penalty of ₹5.13 crore. Urban Company intends to file an appeal, claiming that the demand won't affect its business operations and that it has a compelling argument. This comes after several tax complaints from several states totalling ₹51.3 crore.  

The founder of Organic Harvest introduces the multi-brand venture RASA Group.

Former D2C brand Organic HarvestOrganic Harvest Datalabs_in-article-icon founder Rahul Agarwal has introduced his new multi-brand company, RASA Group. At the moment, RASA Group runs six verticals:Avani Infratech is a high-end, sustainable real estate and commercial infrastructure developer in Goa and Delhi-NCR. Agarwal told Inc42 that it began approximately four and a half years ago and is currently operating at INR 100 Cr ARR. Sarvagun: It specialises in providing ayurvedic therapies that are supported by evidence. RASA Group operates a boutique hospital in Vasant Kunj under this vertical, and it intends to grow throughout Delhi-NCR and beyond. AdventX is a Jim Corbett adventure vertical that now provides mild adventure activities for all ages, including paragliding and hot air ballooning. In Mahabaleshwar, a second site is under development. Friday Night Cars: It imports luxury American vehicles, changes their left-hand drive to right-hand drive, and then sells them to Indian HNIs.Jee Bhar Ke is a food and beverage vertical with four locations, rapid commerce, and a central kitchen. NexGen Drycleaners: Using a hub-and-spoke architecture, it seeks to organise the historically unstructured dry cleaning industry so that clients can track clothing and manage orders via the app for a more efficient experience.Each of these verticals was added at a different time. Sarvagun is the newest vertical introduced by the RASA Group, whereas Avani Infratech is the oldest. "I've been working on this informally for the past four years, and each brand began at a different moment. However, all of the brands were recently consolidated under one roof, according to Agarwal. Avani Infratech, Jee Bhar Ke, and NexGen Drycleaners are currently the main emphasis since they can be quickly scaled up, Agarwal said, adding that all the verticals are commercially functioning.  

[Update] Aequs IPO: Issue Subscribed 3.4X On Day 1

Aequs’ IPO opened to robust demand on Day 1 with the issue getting oversubscribed 3.4X. Investors placed bids for 14.4 Cr shares against the 4.2 Cr shares available. The strong subscription came from retail investors, who oversubscribed their allotment 11.46X. These investors submitted bids for 8.81 Cr shares against 76.91 shares reserved for them. The non institutional investor (NII) part was oversubscribed 3.4X, with these investors submitting bids for 3.92 Cr shares against 1.15 Cr shares on offer. Within this, investors with a bidding sum of over INR 10 Lakh applied for 2.2 Cr shares, while those bidding for shares between INR 2 Lakh to INR 10 Lakh applied for 1.7 Cr shares.Meanwhile, the qualified institutional buyers (QIBs) were also active on day one, subscribing their quota by 66%. In contrast to the 2.26 Cr shares set aside for them, these investors bargained for 1.5 Cr shares. Foreign institutional investors bid for 1.48 lakh shares under the QIB segment. The employee quota was exceeded 6.7X, garnering bids for 12.57 shares against 1.87 Cr shares authorised for them.Contract manufacturing company AequsAequs Datalabs_in-article-icon initial public offerings (IPO) launched on a strong note today, getting oversubscribed within hours of opening. As of 13:15 IST, the offering received bids for 7.32 Cr shares against the 4.20 Cr shares available for subscription. This corresponds to an oversubscription of 1.72X. Leading the way were retail investors, who bid for 5.54 Cr shares instead of the 76.92 Lakh allotted for them, oversubscribing their quota 7.2X. Additionally, non-institutional investors (NIIs) overloaded their stake by 1.63X, placing bids for 1.88 Cr shares as opposed to the 1.15 Cr shares that were set aside for them. Employees of the company have also placed bids for 8.21 lakh shares, exceeding their stake by 4.42 times.As is customary with IPOs, qualified institutional buyers’ (QIBs) showed the least interest in Aequs’ public float on day one. These investors bid for 1.09 Cr shares against the 2.26 Cr shares on sale, equivalent to a 48% subscription. Aequs’ IPO contains a fresh issue of shares worth up to INR 670 Cr and an offer for sale (OFS) component of up to 2.03 Cr shares. Through OFS, investors like Amicus Capital, the Dempo family trusts, Ravindra Mariwala, and Raman Subramanian will sell their shares. Yesterday, December 2, the contract manufacturing company raised INR 413.9 Cr from anchor investors. As many as 33 investors subscribed to 3.3 Cr equity shares, of which around 57% shares were lapped by domestic mutual funds.  

Eternal Q2: Revenue Up 183% YoY, Profit Drops 63% YoY To INR 65 Cr

The combined profit for Q2 FY26 of Zomato and Blinkit parent company Eternal fell 63% to INR 65 Cr from INR 176 Cr in the same quarter last year. On a sequential basis, the company’s profit jumped 160% from INR 25 Cr PAT reported in the previous quarter.For the second quarter (July-September) of FY26, food delivery business Eternal, formerly known as Zomato, reported a dramatic 63% year-over-year fall in its consolidated net profit, which came in at Rs 65 crore as opposed to Rs 176 crore in the same quarter the previous year. The company's net profit, however, improved sequentially from Rs 25 crore during the April–June quarter.Eternal's operating revenue increased by an astounding 183% year over year to Rs 13,590 crore in Q2FY26 from Rs 4,799 crore in the same period of the previous fiscal year, despite the decline in profitability. However, the topline decreased by about 90% sequentially from the Rs 7,167 crore recorded in Q1FY26.The business blamed strategic expenditures meant to propel long-term growth, especially in its rapid commerce division, Blinkit, for the sequential impact on margins and topline. Although absolute losses decreased, Eternal pointed out that the rate of margin improvement was slower than anticipated, mostly as a result of aggressive spending in crucial areas including infrastructure, store expansion, and marketing.  

To go outside of Delhi NCR, HouseEazy has raised INR 150 Cr.

The proptech business HouseEazyHouseEazy Datalabs_in-article-icon has recently announced raising INR 150 Cr ($16.9 Mn) in its Series B investment round, almost six months after Inc42 reported that the company was in advanced talks with investors to seek fresh funds. Accel led the round, with a few unnamed investors joining in addition to current investors Chiratae Ventures and Antler.The proptech business, which was in advanced talks with investors to secure more funds, has today announced that it has raised INR 150 Cr ($16.9 Mn) in its Series B fundraising round. Accel led the round, with a few unnamed investors joining in addition to current investors Chiratae Ventures and Antler. According to OpenAI, prejudice erodes trust, which is why it wants ChatGPT to be "objective by default." There is presently no industry-wide definition of political bias in AI, nor is there a technique that can totally eradicate it, according to the company's description of political and ideological bias in big language models as an open research challenge in this study.  

In negotiations to raise $100 million in a round headed by General Atlantic, Snapmint

Snapmint is in advanced negotiations with General Atlantic to raise around $100 million, or INR 886 crore, in a fresh investment round. There will be primary and secondary components to the financing, and some early angel investors may partially withdraw. A few early angel investors are probably going to partially depart the round, which will have both primary and secondary components.Mumbai: According to four persons with knowledge of the situation, consumer lending platform Snapmint is currently gathering $100 million in a funding round headed by General Atlantic and involving current backers Elev8 Venture Partners and Kae Capital.Snapmint is in advanced negotiations with General Atlantic to raise around $100 million, or INR 886 crore, in a fresh investment round. There will be primary and secondary components to the financing, and some early angel investors may partially withdraw.is in advanced discussions to raise over $100 million (roughly INR 886 crore) in a fresh investment round headed by General Atlantic, according to sources.    

Eternal Shares Reach New 52-Week High Following Citi's Target Price Increase

Shares of Eternal and SwiggySwiggy Datalabs_in-article-icon rose during the intraday trading on the BSE today after brokerage Citi raised the target price (TP) for both the companies.During intraday trading, Eternal reached a new 52-week high of INR 347.50 after Citi elevated its target price for the stock from INR 320 to INR 395. Citi reports that the growth momentum for Eternal's quick commerce business, Blinkit, remains impressive, and the increase in app traffic indicates a focus on user acquisition. Citi raised the target price for Swiggy from INR 465 to INR 495, representing a 17% upside from yesterday’s close of INR 421On the BSE, shares of Eternal rose to a 52-week high of Rs 347.50 on Thursday, increasing by as much as 1.7%. In 2025, the stock has risen by almost 25%, and over the last month, it has increased by approximately 6%. Citi kept its 'buy' rating for Zomato while changing the target price from Rs 320 to Rs 395 per share. The share price of Eternal Ltd. was bolstered by research firm Citi, which raised the price target from Rs 320 to Rs 395 while keeping a 'buy' rating on the stock. The 23% increase is mainly fueled by the impressive growth momentum and robust market leadership of its Quick Commerce business—Blinkit. The brokerage has raised its valuation multiple significantly and has increased its