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.  

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.  

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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.  

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.