PharmEasy Can Raise Debt of INR 1,700 Cr

This Sunday, here's an interesting thought for you: Startups that buy up larger companies or legacy firms typically don't end up successful. Consider the billion-dollar agreement between BYJU'S and coaching behemoth Aakash, which has largely fallen through due to BYJU's issues. Or Ola, a ride-hailing firm that spent around $200 million to buy FoodPanda and go into the food delivery business before realizing it was more than just buying a business.In June 2021, PharmEasy went one step further and became the first startup to purchase Thyrocare, a publicly traded firm, for INR 4,440 Cr (about $600 million at the time), a 9X revenue multiple.Although the company's FY25 loss of INR 1,517 Cr was 40% lower than FY24, its top line remained nearly unchanged, so this was not a significant improvement. Nevertheless, that is better than the 15% drop in revenue in FY24. Before delving further into the problems facing B2B and B2C pharmaceutical companies, let's take a look at this week's top stories from our newsroom:PhysicsWallah's Litmus Test for IPOs: The edtech giant submitted its revised DRHP earlier this week in an attempt to raise INR 3,820 Cr through an IPO. The ranking might be a welcome change in the deteriorating situation of Indian edtech. However, is the lauded listing from PW more smoke than fire? The Goldmine of Q-Commerce Ads: The world of rapid commerce has become a battlefield for marketers. What began as a convenience play has developed into the newest advertising goldmine in India, posing a threat to Meta and Google. The Premium Q-Comm Sizzle from FirstClub: The firm offers "high-quality" daily necessities and lifestyle items at reasonable costs, in contrast to other fast commerce companies. Can it compete with industry titans like Zepto, Blinkit, and Instamart with its premium-focused model?Building a comprehensive health and wellness platform that could source, prescribe, and sell medications through both online and offline touchpoints was the goal of Siidharth Shah, his close friends Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia. Before losing steam, the startup managed to get halfway there. In order to expand verticals such pharmaceutical supply chain, health consultations, diagnostics, and testing, it purchased Aknamed in 2018, Thyrocare, and B2C pharmacy Medlife in 2021. During the pandemic, when the fiscal policy of zero interest rates was in effect, the corporation also took on a lot of debt. Although it was simple to raise these cash, PharmEasy found that repaying them grew increasingly expensive.Except for Thyrocare, cashburn was the cause of any growth at this point. Five years after that well-known transaction, PharmEasy, which was once valued at $5 billion, is having trouble turning a profit. The $300 million (INR 2,220 cr) loan from Goldman Sachs, which ultimately resulted in an annual interest rate of 17–18%, has been the primary cause of its difficulties.  

Real Money Gaming Ban: Zupee Axes 170 Jobs and Joins Peers

Following India's passage of a bill in August that outlawed online games involving money, Zupee announced on Thursday that it will lay off 170 workers, or around 30% of its workforce. Zupee is the latest real-money gaming (RMG) company to fire staff following the ban, including Games24x7, Baazi Games, and Mobile Premier League. "We had to make this difficult decision in order to adjust to the new legal framework. We will always be grateful for the contributions of our departing colleagues, who have played a crucial role in Zupee's development," stated Dilsher Singh Malhi, the company's founder and CEO. "We had to make this difficult decision in order to adjust to the new legal framework. We will always be grateful for the contributions of our departing colleagues, who have played a crucial role in Zupee's development," stated Dilsher Singh Malhi, the company's founder and CEO.Based in Gurugram According to Zupee, the company is providing the 170 workers with "additional financial support linked to years of service" in addition to money in place of the notice period. After the impacted employees depart the organization, their health and insurance coverage will remain in effect for the duration of their employment."To ensure that no one feels unprotected as they pursue their next opportunity, we have also established a medical support fund of Rs 1 crore," the statement added. When new positions become available, the organization will give priority to rehiring its employees. Zupee intends to concentrate on online social gaming and entertainment items, and it now has 150 million registered members.  

In FY25, Avanse's net profit increased 47% to INR 502 Cr.

The combined net profit of NBFC Avanse Financial Services, which focuses on educationIn the fiscal year that concluded on March 31, 2025 (FY25), Avanse Financial Services Datalabs_in-article-icon increased 46.6% to INR 502 Cr from INR 342.4 Cr in the prior fiscal year. The operating revenue of the IPO-bound NBFC increased by 36% from INR 1,727 Cr in FY24 to INR 2,347 Cr.In FY25, the company's total asset under management (AUM) climbed from INR 13,303 Cr to INR 18,985 Cr, a YoY rise of 1.4X. In the meantime, loan disbursement increased by 9% to INR 6,914 Cr in FY25 from INR 6,335 Cr the year before. Avanse, which was founded in 2013 by Amit Gainda, provides education loans to students who wish to study in India or outside. Additionally, it makes it easier for educational establishments like schools to obtain funding for the construction of infrastructure. The majority of the business for the Mumbai-based NBFC comes from Indian students who want to study overseas. During the year, loan disbursements totaled INR 5,152 Cr, while the segment's AUM was INR 15,275 Cr. The sector that serves educational institutions came next, with an AUM of INR 3,068 Cr and a total loan disbursement of INR 1,501 Cr in FY25.According to the company's annual report, the number of Indian students studying overseas has skyrocketed and continued to rise over time. From 9 Lakh in CY22 to 13.3 Lakh in CY24, this figure has increased by 48%. Additionally, India's education system is undergoing significant transformation as a result of its increased emphasis on providing pupils with comprehensive learning and development. This has forced them to spend money on edtech, labs, digital classrooms, and sports facilities for after-school activities.A significant portion of the lending major's revenue came from interest income, which rose 39.5% from INR 1,443.7 Cr in the prior fiscal year to INR 2,014.4 Cr in FY25. In FY25, revenue from fees and commissions increased by 23% year over year, while net gain on fair value charges increased by 10.6%. During the year, net gain on fair value charges was INR 14.6 Cr, despite fee and commission revenues totaling INR 227 Cr. The net benefits from the company's financial instrument derecognition increased its top line by INR 91 Cr in FY25, a 6% increase from INR 85.6 Cr the year before.  

Center Considers $20 Billion in Semiconductor Mission 2.0 Incentives

The Center is proposing a $20 billion package to boost the India Semiconductor Mission, which may greatly accelerate India's desire to become a semiconductor powerhouse. In order to increase the current incentives under ISM, the Ministry of Electronics and IT (Meity) has submitted a proposal to the finance ministry for approval. By December, the Union Cabinet is expected to give its final approval.Officials claim that Meity is working on an economic forecast study that will compare the first phase of ISM to other comparable international programs, such as those in the US, EU, and East Asia, and demonstrate the program's success and returns. While the EU has raised over €43 billion and nations like the US have implemented subsidies totaling $52 billion under the Chips Act, India wants to create a full-stack semiconductor ecosystem via design, production, and packaging. The government has so far approved billion-dollar projects under ISM, including those from CG Power-Renesas, HCL-Foxconn, Micron, TSAT, and Tata Electronics-PSMC. It is anticipated that the first fabs would go online in 2025. Stronger incentives for design-linked schemes are anticipated to be introduced in the second phase to support domestic participants and to draw in foreign investors by creating a stable policy environment.Although India has made positive strides, industry analysts point out that chipmaking is still very competitive and capital-intensive. In order to secure their places in the semiconductor supply chain, multinational corporations from China, Japan, and South Korea are also spending billions of dollars through grants, tax exemptions, and direct funding.  

PayU wants to raise $300 million before going public.

PayU, a payments business funded by Prosus, is reportedly looking to generate $300 million by selling off a minority stake. The company has enlisted HSBC as its financial partner for the project, which is still in its early stages, according to a Moneycontrol story. The minority share sale is intended to determine investor demand and provide a benchmark valuation for PayU's initial public offering (IPO), which is anticipated to take place in 2026. The fundraising effort precedes a plan to list on Indian stock exchanges.PayU purchased a 43.5% strategic investment in Mindgate Solutions, a company that develops real-time payment technology, in March. The business collaborates with the top banks in the nation and is among the biggest UPI technology service providers in the sector. Prosus is still a major shareholder in PayU, and it recently supported the Mindgate investment and invested $35 million in the company's credit division. Through a gateway that accepts cards, UPI, wallets, EMIs, and QR codes, PayU India assists companies in accepting digital payments. It provides no-code features like payment linkages and invoicing to make setup easier for its half a million businesses. Additionally, the business provides value with enterprise-grade capabilities including split payments, analytics, tokenization, fraud protection, and AI-driven recommendations.In terms of lending, PayU offers loans to people and companies that are underserved by conventional banks. With an NBFC license recognized by the Reserve Bank of India, it provides "buy now, pal later" options, EMIs, and quick loans.Transaction fees from its payments division and interest or processing fees from its loans division are how PayU makes money. PayU's overall revenue increased 21% to $669 million for the fiscal year that ended in FY25, while its India payments business climbed 12% to $498 million.  

In FY25, Apple's sales in India reached a record $9 billion.

With the establishment of multiple new retail locations, the Cupertino-based computer giant is rapidly growing its presence in India. The company most recently opened Apple Koregaon Park in Pune and Apple Hebbal in Bengaluru. According to Bloomberg, the business generated yearly sales revenue of around $9 billion in the most recent fiscal year, which is consistent with this development. The numbers show that as Apple continues to expand its retail presence in India, there is an increasing demand from consumers for its products.According to a private source cited by Bloomberg, Apple's income increased by roughly 13% in the 12 months ending in March, from $8 billion in the same period last year. Although MacBook Macs were also well-liked during this retail push, iPhones accounted for the majority of purchases. There are currently four authorized Apple stores in the nation, and more are on the horizon. This week, the business opened Apple Hebbal in Bengaluru and Apple Koregaon Park in Pune, joining its two existing locations, Apple BKC in Mumbai and Apple Saket in New Delhi. Both locations satisfy the company's international quality standards and have the same amenities as the other two. Every store features a dedicated pickup area for online orders, an Apple Genius Bar for product support, daily Today at Apple events to teach customers about gadgets and subjects like artificial intelligence and photography, and Business Pros to assist businesses in expanding.The two new Apple stores are carbon neutral and run entirely on renewable energy, much like all Apple locations in India and outside. According to reports, Apple has plans to open more stores in Mumbai and the National Capital Region in the near future. This growth is consistent with a Bloomberg report that indicates Apple's revenue in India is still increasing, indicating that the company's retail and sales strategy are working together.  

Amazon Completes Acquisition of Fintech Startup Axio

Eight months after reaching a final agreement, e-commerce behemoth Amazon has finally acquired digital lending firm Axio (previously Capital Float). Amazon announced in a statement that the deal was finalized after receiving RBI regulatory approval. Axio will help Amazon expand its buy now, pay later (BNPL) product line in India. Notably, in 2018, Amazon used its Sambhav Venture Fund to make its first $22 million investment in Axio. Before ultimately choosing to buy it in January, it doubled down on the wager by investing an additional $20 million in the firm.Our collaboration with Axio has allowed us to unlock credit for over 10 million customers over the last six years. In the upcoming years, we will be able to extend responsible lending to millions more customers and small companies thanks to Axio's experience in digital lending, Amazon's reach, technological know-how, and bank partnerships," stated Mahendra Nerurkar, vice president for payments for emerging markets at Amazon. Amazon described the deal as "one of the company's largest" in the nation, although it did not provide the transaction's financial details. According to sources cited in an ET report, the deal was valued at approximately $200 million (INR 1,762 crore). Amazon refused to respond to Inc42's inquiries regarding the acquisition price. Axio, which was founded in 2013 by Gaurav Hinduja and Sashank Rishyasringa, offers solutions for managing personal finances, credit, and pay later.Axio states that it has managed assets worth INR 2,200 Cr and has served around 10 million users to date. Since its founding, the Bengaluru-based firm has raised over $200 million from investors such as Elevation Capital, Peak XV Partners, and Lightrock. Amazon has been promoting the expansion of its fintech division at the time of the development. To take advantage of India's fintech market, it invested INR 350 Cr in Amazon Pay in April.  

Acceleration and Elevation will receive huge returns on Dalal Street from the Urban Company's IPO.

An important milestone for the Gurugram-based home services market and a significant payout for its investors are anticipated from Urban Company's Rs 1,900 crore IPO. The company is worth about Rs 15,000 crore ($1.7 billion) at the highest price range of Rs 103 per share. This gives its initial supporters multi-bagger returns while providing late-stage funds with large liquidity.At 10.84%, or around Rs 1,626 crore, Elevation Capital owns the single-largest institutional position. The fund is resting on a 19x paper return, with an average purchase cost of Rs 5.39 per share. Accel India owns Rs 1,576 crore, or 10.51% of the company. According to DRHP, the venture firm is the largest winner by multiples with a 28x return, while having an average CoA of only Rs 3.61 per share.Strong returns will also be made by Vy Capital, which made an investment later at a CoA of Rs 20.4. With a 5x return, its 9.18% stake is equivalent to roughly Rs 1,377 crore. The respective 6.8% shares held by Steadview Capital and Prosus will be valued at around Rs 1,020 crore. They rank among the biggest benefactors on paper due to the sheer value of their holdings, even if their entrance costs are not revealed in the DRHP.Tiger Global's 4.73% stake, in stark contrast, is worth almost Rs 710 crore. The New York-based investor will only receive a 70% return, though, which is small in comparison to the early backers, given the average entry fee of Rs 60.25 a share. The forthcoming offering expands on pre-IPO secondary deals worth Rs 1,395 crore that were completed between late 2024 and early 2025. About Rs 780 crore worth of shares were sold by the company's founders, Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, mostly to pay off debt from a partially completed rights issue in 2019. Prior to the public offering, early investors Accel, Bessemer, and Tiger Global also sold shares to Prosus, Vy Capital, and others for a total of Rs 615 crore.Earlier this week, SEBI approved the company's first public offering (IPO). In terms of finances, Urban Company's revenue increased by 38% year over year to Rs 1,144 crore in FY25, with profits of Rs 28.5 crore. With the promoters not taking part in the share sale, the IPO will see a new issue of Rs 429 crore and an offer for sale of Rs 1,471 crore. As one of the first significant consumer internet listings in FY26, Urban Company's market debut will be closely observed.  

At $150 million, Venturi Partners announces the first close of its second fund.

Venturi Partners, a consumer-focused venture capital firm, closed its second fund at $150 million, or roughly INR 1,300 crore. The fund aims to raise $225 million, or roughly INR 2,000 crore. In March of this year, the venture capital firm opened its second fund to support entrepreneurs in India and Southeast Asia that are involved in the retail, education, healthcare, and fast-moving consumer goods sectors. With an average ticket size of $15 million to $40 million, it intends to invest in 10 businesses in these industries.Venturi Partners is a platform for family offices seeking to engage in consumer-led businesses in Asia. It was founded in 2020. The company participates in the Series B to Series D rounds of consumer-focused growth stage companies. With a corpus of $175 million, it established its first fund in 2022 and made investments in seven businesses in industries like retail, education, cosmetics, and home furnishings. Three pillar limited partners (LPs) supported the fund: Frederic De Mevius, Ackermans & Van Haaren, and Peugeot Invest. The fund also included family offices from Asia and Europe.Among the startups in its portfolio are Cult.fit, Livspace, Country Delight, and K-12 Techno Services. At a time when the ecosystem has expanded significantly over the last ten years, the venture capital company is stepping up its efforts to support India's consumer-focused startup story. The consumer-focused startup ecosystem is home to several unicorns, such as Zepto, Meesho, Mamaearth, Blinkit, Lenskart, and Swiggy, due to the growth of direct-to-consumer (D2C) businesses, the rapid adoption of digital technology, and steady inflows of both domestic and foreign investment.Due to advancements in the nation's digital infrastructure, rising smartphone usage, and a new generation of digital-first consumers looking for convenience and specialty goods, the D2C industry alone is expected to grow into a $300 billion opportunity by 2030. Additionally, the fund's initial close coincides with the rapid expansion of the Indian startup ecosystem as a whole. As a result, several new funds have been established by businesses to support startups. A99 announced its third fund this week with a $100 million corpus to support 12–15 entrepreneurs in the infrastructure and manufacturing industries. Elevation Capital also announced the opening of its $400 million fund to support companies aiming to go public that same week.  

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50% of PokerBaazi's employees will be let go after the MPL.

The online gaming sector in India is experiencing new challenges, as Mobile Premier League (MPL), a major gaming platform in the nation, is set to dismiss around 480 employees, representing nearly 60% of its workforce in India. The severe action is a reaction to a recent government prohibition on online gambling, which has greatly affected the company's primary business activities.The job cuts result directly from a legislative reform that gained parliamentary approval on August 22, which effectively prohibits all cash-based online games. As a result, MPL has halted all such services on its platform. Although free-to-play games continue to operate, the regulatory changes have significantly affected the company's revenue model, much of which depended on real-money gaming in India.This isn't MPL's initial series of layoffs caused by policy adjustments. In August 2023, the firm dismissed 350 staff members after the GST Council suggested a 28% tax on all real-money games, a regulation that became effective in October 2023.Earlier this month, the Indian government prohibited paid online games because of worries regarding financial dangers and addiction in youth. This action has resulted in the shutdown of numerous gaming applications that provide fantasy cricket, rummy, and poker games. The sector was expected to attain a worth of $3.6 billion by 2029 prior to the prohibition.MPL is not alone in facing the consequences of the regulatory clampdown. Leading gaming firms like Dream Sports (Dream11), Gameskraft, Zupee, and Moonshine Technology (PokerBaazi) have also accepted the government's decision without legal contest.  

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.