AI search engine Perplexity founder and CEO Aravind Srinivas believes India is on the wrong path when it comes to building AI models. 

Taking to X, Srinivas said, “Re India training its foundation models debate: I feel like India fell into the same trap I did while running Perplexity.” 

Notably, Perplexity AI uses almost all of the major foundational models to provide real-time answers to users’ queries on the platform. 

Srinivas believes that instead of finetuning a foundational model, Indian companies should focus on training their models from scratch.

He said that while the thinking models are going to be costly to train, India “must show the world that it’s capable of ISRO-like feet (sic) for AI”. 

“I think that’s possible for AI (to train models frugally), given the recent achievements of DeepSeek. So, I hope India changes its stance from wanting to reuse models from open-source and instead trying to build muscle to train their models that are not just good for Indic languages but are globally competitive on all benchmarks,” he added. 

DeepSeek is a China-based AI company that develops large language models (LLM). On (January 20), the company launched its latest reasoning models, DeepSeek-R1 and DeepSeek-R1-Zero, to take on platforms like OpenAI-o1.

DeepSeek, which has raised a little over $4 Mn, is being touted as a competitor to OpenAI. 

“I’m not in a position to run a DeepSeek-like company for India, but I’m happy to help anyone obsessed enough to do it and open-source the models,” said Srinivas. 

Currently, majority of the Indian AI companies are pushing for a product finetuned on open sourced foundational models. However, few of the notable exceptions include Ola’s Krutim AI and the Indian-government backed BharatGen. 

It is pertinent to note that Infosys cofounder Nandan Nilekani, in October last year, said that Indians shouldn’t be focusing on building foundational models from scratch. Instead, they should create synthetic data and smaller models quickly. 

“We will use it (open-source foundational models) to create synthetic data, build small language models quickly, and train them using appropriate data,” he said at the time. 

One of the major AI companies in India probably following his advice is Sarvam AI. The Lightspeed-backed startup is focusing on training its AI models using synthetic data. 

However, Srinivas doesn’t agree with Nilekani. “… He’s (Nilekani) wrong in pushing Indians to ignore model training skills and just focus on building on top of existing models. (It is) essential to do both,” Srinivas wrote in a separate post.

Industry veterans like Google India research director Manish Gupta also shared similar opinions previously, saying that India will benefit from building foundational models.

The post India On Wrong Path, Should Build Foundational Models: Perplexity CEO appeared first on Inc42 Media.

The Bharat Mobility Global Expo 2025, which began on January 17, was anything but your everyday conventional expo. Most auto expos show us a glimpse of the future of mobility, and the 2025 edition clearly laid out the path ahead for the Indian automobile and mobility sector.

If we were to sum it up in one word, it would be: electric!

From rapid charging solutions to revolutionary launches, the Bharat Mobility Global Expo underscores India’s EV ambitions and the thriving market.

On the ground, foldable electric scooters, hydrogen-powered trucks, air taxis jostled for space with electric two-wheelers, cars and trucks and buses, highlighting the diverse and dynamic future of mobility.

The number of EV makers at the expo also clearly showed the direction in which Indian mobility is heading. From cars to two wheelers to commercial vehicles, everything is driving towards clean mobility. 

This is in line with the Indian government’s commitment to achieve net-zero emissions by the year 2070. For which the government has already launched a slew of initiatives. 

For instance, in September 2024, the Indian government introduced the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme to accelerate the adoption of electric vehicles (EVs) across the country.

Replacing the FAME scheme, PM E-DRIVE comes with an increased outlay of INR 10,900 crore over two years, surpassing the initial allocation of INR 10,000 crore under the FAME-II scheme. 

Complementary initiatives, such as the expansion of EV charging infrastructure and collaborations with industry leaders, are further bolstering this transition. 

Here’s a closer look at some of the most intriguing vehicles featured at the Bharat Mobility Global Expo:

Two Wheeler EVs Ride On 

The two-wheeler EV segment in India is already driving significant growth in the EV market, with companies like Ola Electric and Ather leading the charge. 

This time, however, several new entrants showcased their products, vying for a slice of the burgeoning two-wheeler EV market in India.

For instance, Clean Electric unveiled its 15-minute rapid charging technology, slated to enter mass production in March 2025.

“We have launched our 40-kilowatt DC chargers here, which will be ready for deployment from March 2025. These chargers are interoperable, meaning they can be used to charge a variety of electric vehicles, including two-wheelers, three-wheelers, and four-wheelers,” Akash Gupta, founder of Clean Electric, told Inc42.

According to Gupta, the 40 kW DC chargers drastically reduce charging times from around four hours to just 10-15 minutes. “While a battery swap typically offers a 40-60 km range, a single charge via our DC charger provides a range of up to 120 km,” he added.

The startup has partnered with Bounce Infinity and Omega Seiki Mobility for this technology. Bengaluru-based Bounce’s latest model, for example, now features Clean Electric’s lithium iron phosphate (LFP) batteries, which boast a full recharge time of just 15 minutes.

Bringing the competition to the likes of Ola Electric, Ather, TVS and others, Hero Vida launched the family-oriented Vida Z electric scooter. 

This scooter features a spacious floorboard, a large seat, and a removable battery pack. According to Hero MotoCorp, Vida Z could accommodate battery packs with capacities ranging from 2.2 kWh to 4.4 kWh.

Meanwhile, Bengaluru-based Ampere EV showcased its Xpress electric scooter designed for commercial use. The scooter offers a payload capacity of 230 kg and comes with a battery warranty of five years or 75,000 km, ensuring reliability for business users.

One of the most interesting ones to come into the Indian market this year is Vinfast. While the Vietnamese auto major entered the Indian market with its EVs, the company is set to make a dent in the E2W (electric two-wheeler) space as well. 

It showcased four two-wheeler EVs at the expo, namely, retro styled Evo200, family oriented Klara S, Theon S, and Feliz S. The company also showcased an electric bike named DrgnFly. AOKI Mobility also launched three new ebikes at the expo. 

What’s Happening With Electric Cars? 

The big focus for auto OEMs this year has been on electric cars, with the likes of Hyundai, Mahindra and Tata all unveiling new models in recent months. But other OEMs are also lining up with concept cars and upcoming products. 

Maruti Suzuki, for instance, introduced the first EV in its lineup – e-Vitara; launching it with two battery options, 49 kWh and 61 kWh. The car will be launched in March 2025 in India and will have a range of over 500 km. 

Meanwhile, Tata showcased the Avinya concept at the Bharat Mobility Global Expo, which is set to launch in 2026. The car is built on the JLR EMA platform and claims to have promised a range of more than 500 km. 

Another interesting launch was Vision 7S from Skoda, a rugged concept with an 89 kWh battery and 600 km range. It is set to hit roads by 2026 and claims to have fast charging at 200 kW. 

Chinese car major BYD also launched Sealion 7 in the expo with a dual-motor setup. The car has a battery of 82.56 kWh battery, supporting a range of 567 km. 

Besides two-wheelers VinFast also showcased its range of electric cars at the expo, from the compact VF 3 with a 215 km range to the premium VF 8 with 480 km range and advanced tech like panoramic sunroofs and heated seats.

Brave New EVs At Bharat Mobility Expo

The expo was not just about the conventional. One of the fresh new concepts unveiled was by Honda, which showed off its MotoCompacto, a foldable e-scooter with a 0.748kWh battery. 

When folded, it looks like a suitcase. But when fully opened, it is a small unit with 490W peak output, 24.14km/h top speed, and an 18kg weight. While fun, it’s currently not road legal in India. 

Meanwhile, Kolkata-based Motovolt Mobility launched a hybrid digital pedal motorbike named Hyper One.  The company claims it to be India’s first digital pedal motorbike with a 105km range. It’ll have about 110km/h top speed. 

Motovolt claimed that it has paired propulsion from a foot-operated digital pedal with a powerful 5 kW motor, delivering acceleration from 0-40 km/h in seconds. 

The startup also launched CLIP, a portable electric conversion kit that transforms any bicycle into an electric cycle. 

Suzuki, meanwhile, showcased a flying car concept, in partnership with Skydrive. This is after the Japanese car manufacturer signed the agreement with Skydrive in 2023 to produce the flying car in Suzuki Group’s manufacturing plant. 

The company has already begun manufacturing the said car, but it is yet to be known if the company will be launching it in India anytime soon. 

It was not the only flying car on the show floor. Bengaluru-based aerospace startup Sarla Aviation launched its prototype air taxi, Shunya at the expo. Notably, Piyush Goyal, the Union Minister of Commerce and Industry, was on ground testing out the Sarla Aviation prototype. 

The 8 seater Shunya, which is capable of 680 kg of maximum load, is set to be launched in Bengaluru by 2028.

Besides these launches, new EV brands made a splash at the expo with innovative products. One such startup is AOKI Mobility which has rolled out its flagship product Flex, a folding electric bicycle, with a range of 80 km per charge, alongside a few other models too.

“At AOKI, our focus is on creating state-of-the-art, ergonomically designed e-bicycles that empower individuals while reducing carbon footprints,” AOKI cofounder Randheer Singh said.

Focus On Commercial Mobility

This edition of the Bharat Mobility Expo also heavily promoted the EV vehicles in the service sector, aligning with the centre’s push for EV adoption in the commercial/public transportation in the country. 

For instance, Hyundai launched a three and four wheeler concept electric vehicle with a TVS Motors collaboration, to take on the conventional auto rickshaws.  

Meanwhile Surge Automobiles also caught attention with its hybrid products. The company’s offering– Surge S32, allows users to switch between a three-wheeler and a two-wheeler configuration within 3 minutes. Notably, the startup was incubated under the Hero Hatch program.

On the other hand, US based Cummins launched a hydrogen fuel delivery system, which comprises Type IV on-vehicle storage vessels with an innovative B6.7N natural gas engine. Tata also launched its hydrogen-powered truck, the Tata Prima H.28 in the expo.

The maturity of the EV ecosystem in India where startups are competing with legacy OEMs means that even the central government has reduced the reliance on subsidies for growth. 

The Bharat Mobility Expo 2025 is another indication that the Indian automobile sector is ready to make the switch towards clean mobility, connected vehicles and innovative products. It also highlights the growing competition within the EV ecosystem, as global players look to launch products made for the Indian market.

[Edited by Nikhil Subramaniam]

The post From Suitcase Scooters To Flying Taxis: EV Makers Descend On Bharat Mobility Global Expo appeared first on Inc42 Media.

Stock broking major Zerodha has now over 1.6 Cr users who trade and invest through its platform, managing assets worth INR 6 Lakh Cr.

Taking to a LinkedIn post, Zerodha founder Nithin Kamath said that the company has reached this scale without spending on advertising, adding that the approach aligns with the company’s philosophy of not encouraging excessive trading or spamming users.

“We may be the only B2C company to have reached this scale without ever advertising. In hindsight, not advertising has helped us stay true to our philosophy of not pushing people to trade, no spam, etc,” he said. 

Notably, 30% of its users came via referrals from existing customers.

Kamath also highlighted that avoiding advertising has helped Zerodha retain profits in a challenging market, steering clear of spending large sums on platforms like Google and Meta.

“India is a very tough market to earn in, and even if we had advertised, we would have given up a lot of our profits to Google, Facebook/Meta, etc.” 

However, as of December 2024, Zerodha trailed behind its direct competitor Groww. The company had an active investor count of 81.2 Lakh on its platform as against 1.32 Cr investors on Groww. 

This comes as the company recently saw its asset management (AMC) subsidiary, Zerodha Fund House, moving past INR 4,000 Cr total asset under management (AUM) with over 4 Lakh investors across its funds. 

Recently the company also moved into the debt segment with “India’s first Growth-NAV-based Liquid ETF” named LIQUIDCASE, Gold ETF, Gold FoFs and launched two equity ETFs as well. 

On the financial front, Zerodha’s net profit surged 88.95% to INR 5,496.3 Cr in the financial year ending March 2024 (FY24) from INR 2,908.9 Cr in FY23.

 Its consolidated revenue also increased 37.16% to INR 9,372.1 Cr from INR 6,832.8 Cr in the previous fiscal.   

The post Zerodha Now Has Over 1.6 Cr Users Without Advertising: Nithin Kamath appeared first on Inc42 Media.

Large cities continue to bring in the largest chunk of revenue for Blinkit, but foodtech major Zomato is now looking to open more dark stores for its quick commerce arm in smaller cities over the next year.

In a post-earnings call, Zomato CEO Deepinder Goyal said that the company believes that smaller cities are attractive on a RoI basis for Blinkit.

As a result, the quick commerce arm, which is on a store expansion spree, will see a large portion of its new dark stores come up in smaller cities in the next year or so.

“… I think once we build some fair bit of density in these smaller cities, we would (be in a position) to publicly share more data about how these cities are any different, if at all, from the larger cities,” quipped Goyal. 

Notably, 80% of the company’s business comes from the top eight cities, according to Goyal. 

For the quarter ended December 2024 (Q3 FY25), Blinkit saw its adjusted EBITDA loss increase 13X to INR 103 Cr from INR 8 Cr in Q2 FY25. 

On a YoY basis, the adjusted EBITDA loss increased 5.7% from INR 89 Cr. 

According to Goyal, the quarter under review was one of the most “intense quarters” compared to previous 10 quarters, which also led to more marketing expenditure by the end of the quarter due to high competition in the market. 

In the company’s shareholders’ letter, Blinkit chief Albinder Dhindsa said that “the biggest impact of the intensifying competition has been the acceleration in customer awareness and adoption of quick commerce”.

Dhindsa further explained that the company noticed a similar trend in the initial days of the food delivery business as well. According to him, the high competition converts to higher investments in customer acquisition across the industry as a whole. 

“This eventually (disproportionately) benefitted players with sustained good quality execution,” said Dhindsa. 

Further, he said that the high competition led to a pause in margin expansion in the business during the quarter under review. However, he called it a temporary phenomenon. 

“So far, we have not seen any attrition of our core customers which tells us that customers are continuing to choose Blinkit over other options,” he added. 

Notably, Blinkit’s customer retention rate has remained almost flat over the past eight quarters, ranging from 42% to 44%. 

Meanwhile, Zomato saw its consolidated net profit slump 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the year-ago quarter due to a slowdown in the food delivery segment and rising competition in quick commerce.

On a sequential basis, profit declined 66% from INR 176 Cr.

Shares of Zomato ended Monday’s (January 20) trading session 3.14% lower at INR 240.95 on the BSE.

Editor’s Note: The story has been edited to correct the increase in adjusted EBITDA loss.

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Zomato’s ticket booking app District has crossed 6.5 Mn downloads, its head Rahul Ganjoo has said in shareholders letter. 

Launched in November last year, ‘District’ app enables customers to discover and reserve tables at restaurants while also booking tickets for movies, sports, live performances, among other events.

“Our immediate priority here is to ensure a smooth transition of customers to District from all the other platforms where our going-out business is currently live (i.e., Zomato/ Paytm/ Insider/ Ticketnew), paving the way for creating a single (one-of-a-kind) destination for all going-out experiences in India,” Ganjoo said. 

According to him, while Zomato’s core business is profitable, the company reported a quarterly loss in Q3FY25 due to investments in the District app, including team expansion, marketing, and technological advancements. 

In August 2024, Zomato had acquired fintech major Paytm’s ticketing arm Paytm Insider for INR 2,048 Cr. 

The company expects to operate at a loss for the next year as well. 

“We are likely to operate in losses for the next year or so, but we don’t expect them to be meaningful in the overall context of Zomato,” said Ganjoo. 

Ganjoo further explained that most of the company’s investments from here on will be focused on getting customers to transition to the new District app from Insider and Ticketnew, and grow selection on the platform.

Notably, Zomato raised INR 8,500 Cr (around $1 Bn) through qualified institutional placement (QIP) last year. A good chunk of the amount was to be invested to scale up the District app. 

The District app directly competes with ticketing major BookMyShow, while Swiggy has also entered this space with Scenes. 

Meanwhile, Zomato saw its consolidated net profit slump 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the year-ago quarter due to a slowdown in the food delivery segment and rising competition in quick commerce.

On a sequential basis, profit declined 66% from INR 176 Cr.

Shares of Zomato ended Monday’s (January 20) trading session 3.14% lower at INR 240.95 on the BSE. 

The post Zomato’s ‘District’ App Breaches 6.5 Mn Downloads appeared first on Inc42 Media.

Zomato’s quick commerce arm Blinkit’s adjusted EBITDA loss surged about 13X to INR 103 Cr in the third quarter of FY25 (Q3 FY25) from INR 8 Cr in the preceding quarter, amid rising competition.

On a year-on-year basis, its adjusted EBITDA loss grew 15.7% from INR 89 Cr in Q3 FY24.

In the company’s shareholder letter, Zomato CEO Deepinder Goyal attributed the rise in the adjusted EBITDA loss to upfront investments made by the quick commerce arm.

“The losses in our quick commerce business this quarter are largely on account of pulling forward the growth investments in the business that we would have otherwise made in a staggered manner over the next few quarters,” Goyal said.

Because of this investment, the CEO said that Blinkit is likely to achieve its target of opening 2,000 dark stores by December 2025, a year earlier than its previous target of December 2026. 

Notably, the company crossed the 1,000-store mark in the quarter under review, adding 368 net new stores in the last two quarters.

As a result, Blinkit’s revenue jumped 120% to INR 1,399 Cr in Q3 FY25 from INR 644 Cr in the year-ago quarter. On a sequential basis, it grew about 21% from INR 1,156 Cr. 

However, Blinkit CEO Albinder Dhindsa said that competition temporarily stalled margin expansion but also noted that there was no attrition among core customers. 

Looking ahead, Zomato CFO Akshant Goyal anticipates Blinkit’s gross order value (GOV) growth to exceed 100% for FY25 and FY26. 

Akshant believes that mature stores will drive profitability as the network stabilises.

“Once we come out from this period of expansion, the business is likely to turn sharply from being loss making to becoming meaningfully profitable as a larger part of our business starts comprising mature stores compared to newly added ones,” said Akshant. 

Meanwhile, Zomato saw its consolidated net profit slump 57.2% to INR 59 Cr in Q3 FY25 from INR 138 Cr in the year-ago quarter due to a slowdown in the food delivery segment and rising competition in quick commerce.

On a sequential basis, profit declined 66% from INR 176 Cr.

Shares of Zomato ended Monday’s (January 20) trading session 3.14% lower at INR 240.95 on the BSE.

Editor’s Note: The story has been edited to correct the increase in adjusted EBITDA loss.

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The Reserve Bank of India (RBI) has said that quick commerce and ecommerce are driving private consumption in the country.

“Private final consumption is the brightening spot in the economy, driven by ecommerce and q-commerce,” the central bank said in its monthly bulletin. 

The central bank added that “it is important to foster competition rather than being restrictive” in the segments.

However, in the same breath, the RBI noted that the demand for household staples saw a modest rise in the October-December quarter. According to the RBI, the middle class, especially in the urban areas, is pinning hopes on relief from food inflation for higher disposable incomes.  

The central bank suggested that one way to revive the animal spirits in the economy is by providing a consumption boost.

Meanwhile, the RBI said that the rural segment of the country is expected to continue to record strong volume growth. 

It is pertinent to note that the RBI, in November last year, said that rural India emerged as a goldmine for ecommerce platforms in the festive season. 

The development comes at a time when quick commerce has emerged as the next battleground in the ecommerce space. Zomato’s Blinkit, Swiggy’s Instamart, and Zepto are among the major players in the space. The trio cumulatively reported over $1 Bn in revenue in FY24. 

However, ecommerce giants Flipkart and Amazon have also entered the space with their offerings. Besides, there are JioMart and BigBasket who are also seeking a share of the pie.

While quick commerce started with grocery deliveries, the food delivery space is also seeing a rise in the number of companies offering 10-15 minute deliveries.

While Zomato has launched a 15-minute food delivery service and Blinkit’s Bistro, Swiggy has launched Bolt and SNACC for quick deliveries. Zepto has also launched its own standalone app named “Zepto Cafe” to offer similar services.

Besides, new players like Swish and Zing are also offering quick food delivery services.

The post Quick Commerce, Ecommerce Driving Increase In Consumption: RBI appeared first on Inc42 Media.

Defence-focussed deeptech startup Constelli has raised $3 Mn in its pre-Series A funding round led by Pravega Ventures. 

The Hyderabad-based startup plans to use the fresh proceeds to develop new products and expand its sales and marketing efforts. A part of the capital will also be utilised for capital expenditure as well as to spur research and development (R&D).

Founded in 2017 by Satya Gopal Panigrahi and Avinash Chenreddy, Constelli specialises in developing digital signal processing solutions for the defence sector. 

Leveraging modelling, simulation, and distributed computing, Constelli sells products such as drone-based telemetry receiver (used to acquire critical data from remote locations), a suite of electronic warfare testing tools (to simulate realistic operational scenarios), RADAR target echo simulator, among others. 

Simply put, the offerings from Constelli’s stable enhance the software development lifecycle of electronic warfare systems for airborne and ground defense platforms. 

Commenting on the funding, Constelli cofounder and CEO Panigrahi said, “We are excited to partner with Pravega Ventures as we continue to grow our business. This funding will propel our vision of establishing an Indian company becoming a global defense player. The support within the Indian ecosystem will help us accelerate our investments into niche technology areas and move forward towards that larger vision.” 

Constelli claims to work with India’s defence ministry, the Defence Research and Development Organization (DRDO), as well as defense contractors in South Korea, Australia, and Singapore.

The fundraise comes at a time when India is witnessing a surge in the number of defence tech startups, driven by the government’s focus on self-reliance and indigenisation of defence production.

Initiatives like the Defence Innovation Organisation’s iDEX (Innovations for Defence Excellence) have provided a platform for startups to collaborate with the armed forces and defence public sector undertakings (DPSUs).

Recently, the Karnataka government signed an agreement with the DRDO to support defence startups. Through this collaboration, the selected startups will gain access to DRDO’s testing facilities and other resources.

To cash in on the growth of defence tech startups in the country, many sector-specific funds are also emerging. Recently, deeptech-focused VC firm growX ventures floated its second fund with a target corpus of INR 400 Cr (around $47.12 Mn) to invest in the defence space. 

Navneet Kaushik, former director at Technology Development Board (TDB), also floated an angel fund last year to back early-stage tech startups in the defence tech space.

The post Constelli Bags $3 Mn To Develop Defence Tech Offerings appeared first on Inc42 Media.

Digital and new commerce businesses accounted for 18% of the total revenue of Reliance Retail in the third quarter (Q3) of the financial year 2024-25 (FY25). 

Overall, Reliance Retail’s operating revenue jumped 7% to INR 79,595 Cr during the quarter under review from INR 74,373 during the corresponding quarter last fiscal. Net profit rose 10% to INR 3,458 Cr from INR 3,145 Cr in Q3 FY24. 

On a sequential basis, net profit grew 21.9% from INR 2,836 Cr and operating revenue rose 19.6% from INR 66,502 Cr. 

“… (the) retail segment delivered a strong performance, with noteworthy contribution(s) from all formats. The business ably capitalised on the pick-up in consumption amid festive demand during the quarter,” said Reliance Industries Ltd’s (RIL) chairman and managing director Mukesh Ambani.

The conglomerate said that its new commerce offering, JioMart, expanded its product range with a 33% year-on-year (YoY) increase in the seller base. RIL also said that JioMart continued to scale its express delivery proposition and saw a robust growth in its performance parameters. 

According to the company, the express delivery model takes help from the company’s existing infrastructure of 2,100 stores. It also added that the express delivery is available in 4,000 pincodes in categories like grocery, general merchandise, electronics, fashion, among others. 

“… We are creating through JioMart – express deliveries, scheduled deliveries coupled with Milkbasket – subscription services, a seamless shopping experience that serves diverse customers across all categories and catchment,” said Isha Ambani, executive director of Reliance Retail Ventures. 

The company also added that Milkbasket saw a 20% YoY growth in its monthly active users and 24% YoY growth in gross merchandise value (GMV).  

Reliance said its flagship fashion ecommerce brand AJIO onboarded 1.9 Mn new customers during the quarter ended December 2024. Its average basket value (ABV) grew 7% YoY. “The platform (AJIO) expanded its product catalogue to 2.2 Mn, up 33% YoY adding over half a Mn new options during this year,” the company said in a statement. 

Meanwhile, RIL’s digital arm Jio Platforms saw a 26% increase in its consolidated net profit to INR 6,861 Cr in Q3 FY25 from INR 5,447 Cr in the year-ago quarter.

The post Reliance Retail Q3: Digital & New Commerce Business Account For 18% Of Revenue appeared first on Inc42 Media.

India has ranked second for digital skills required for jobs of tomorrow, as per QS World Future Skills Index.

Quacquarelli Symonds (QS) is a London headquartered company that provides insights and guidance to students for higher education institutions.

In a post on X, Nunzio Quacquarelli, founder and CEO of QS, said that India ranks second in digital skills and fourth in AI and green skills indices.

Responding to his post, Prime Minister Narendra Modi said “… Over the last decade, our Government has worked on strengthening our youth by equipping them with skills that enable them to become self-reliant and create wealth. We have also leveraged the power of technology to make India a hub for innovation and enterprise.”

The prime minister added that the insights from the QS World Future Skills Index are valuable as the country moves forward towards prosperity and youth empowerment.

The index analysed more than 190 countries and ranked them on four indicators – skill fit, future of work, academic readiness, and economic transformation. 

India ranked second in digital skills, which come under the ‘future of work’ indicator. The country secured a score of 99.1 out of 100 in the ‘future of work’ indicator. According to QS, the future of work score measured the skills majorly highlighted by global job advertisements. The skills included digital, AI and green competencies. 

“This score is derived from an analysis of over 280 Mn job postings worldwide, leveraging the QS proprietary skills taxonomy,” QS said in its report. 

The report added that over 9,500 emerging skills were identified and benchmarked against conventional skills, providing a clear indicator of how deeply future-oriented capabilities are being prioritised by employers in the global labour market.

However, the overall score of India stood at 76.6 out of 100, with the country standing at 25th position, behind the likes of the US, the UK, Canada, among others. 

It is pertinent to note that the Indian government is pushing for upskilling with programmes like Skill India Digital (SID), Digital India, Skill India, among others. 

Launched in 2023, SID is a platform which provides industry relevant skill development courses, job opportunities, and entrepreneurship support. Skill India and Digital India were launched in 2015. 

The government has also launched India Stack, a set of digital tools for transforming India into a digital-first economy. It includes UPI, eKYC, Account Aggregator Framework, DigiLocker, among others.

The post India Ranks Second In Digital Skills Needed For Jobs Of Tomorrow appeared first on Inc42 Media.

Update | January 16, 1:30 PM

The National Company Law Appellate Tribunal (NCLAT) today (January 16) admitted petitions filed by Meta and Whatsapp against an order passed by the Competition Commission of India (CCI), which imposed a penalty of INR 213.14 Cr for violating competition laws. 

“We find that the submission raised by the parties needs consideration. We admit both the appeals,” NCLAT bench said after hearing initial submissions, according to a PTI report. 

Original | January 15, 10:05 PM

Social media giant Meta may reportedly have to “roll back or pause” some features in India to comply with the Competition Commission of India’s (CCI) directions in connection with the 2021 WhatsApp privacy policy case. 

Last year, the competition watchdog imposed a penalty of INR 213.14 Cr on Meta for violating competition laws. The CCI also banned its messaging platform WhatsApp from sharing user data with Meta for advertising purposes. 

As per a court filing seen by Reuters, Meta said that the data sharing ban will hinder its ability to offer personalised advertisements on Facebook or Instagram. The social media giant also claimed that Indian fashion businesses will not be able to personalise Facebook or Instagram ads “based on their interaction with a WhatsApp user regarding a specific clothing line”.

“Under its widest interpretation, implementing the remedy will likely require Meta to roll back or pause several features and products,” the court filing read. 

It is pertinent to note that WhatsApp publicly claims that it shares data, including a user’s phone number, transaction data, interaction with businesses online and mobile device information, with Meta. 

Meanwhile, the social media juggernaut also reportedly believes that the CCI’s directions impact its and WhatsApp’s ability to remain commercially viable.

This comes months after the watchdog imposed a penalty of INR 213.14 Cr on Meta for abusing its dominant position in connection with the 2021 WhatsApp privacy policy case. The CCI also issued “cease-and-desist directions” and directed both Meta and WhatsApp to implement certain “behavioural remedies” within a “defined timeline”.

The antitrust watchdog said that data sharing between Meta and Whatsapp would result in entry barriers for the competitors of the social media giant. 

However, Meta challenged the ruling and filed an appeal before the National Company Law Appellate Tribunal (NCLAT), which is set to hear the case on January 16.

For the uninitiated, WhatsApp introduced a new privacy policy in 2021 but the aftermath saw a huge controversy as two individuals challenged the new mandates in the Delhi High Court, contending that it was a violation of their privacy and free speech.

The post [Update] NCLAT Admits Meta, WhatsApp Pleas Against CCI’s Penalty appeared first on Inc42 Media.

Foodtech major Swiggy has received the approval from the corporate affairs ministry (MCA) to incorporate its sports arm, Swiggy Sports Private Limited.

In an exchange filing on Wednesday (January 16), the company said that the “main objects of the newly to be incorporated entity will include engaging in sports team ownership, management, talent development, event organisation, and facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models etc”.

The nod comes a month after the foodtech major received approval from its board to set up a new subsidiary catering to the “sports activities and amusement and recreation activities” segment. 

At the time in December, Swiggy said that the subsidiary was being set up to only house the Mumbai pickleball team it acquired in the World Pickleball League (WPBL). 

“At this point, our involvement is purely limited to owning the rights to the Mumbai pickleball team, with no plans to expand into sports further,” Swiggy said. 

The latest development comes at a time when Swiggy has been aggressively launching new offerings and foraying into new areas. Recently, it rolled out its new ‘SNACC’ app, which offers 15-minute food delivery service in select parts of Bengaluru. 

Last week, it also forayed into the services marketplace segment with the launch of a new app, Pyng Professional. Meanwhile, in December, the company launched a new service called ‘Swiggy Scenes’ to enable users to book parties and events at Swiggy’s partner restaurants. Prior to that, Swiggy also debuted its new premium invite-only membership programme, ‘One BLCK’.

On the financial front, Swiggy narrowed its net loss by nearly 5% year-on-year (YoY) to INR 625.53 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25). Meanwhile, operating revenue zoomed 30% YoY to INR 3,601.45 Cr during the quarter.

Shares of Swiggy ended Wednesday’s trading session 4.75% higher at INR 487.10 on the BSE. 

The post Swiggy Gets MCA Nod To Incorporate Sports Arm appeared first on Inc42 Media.

The Department for Promotion of Industry and Internal Trade (DPIIT), along with the Ministry of Commerce & Industry has announced a strategic partnership with ITC Limited to accelerate startup growth and technological advancement in the ecosystem. 

Under the partnership, ITC will deploy startup solutions in areas like digital platforms for Manufacturing Execution Systems (MES), integrating renewable energy opportunities for manufacturing locations, among other things. 

“The MoU will create value for both the startups and ITC. It will focus on digital for increased future-ready and operational excellence in manufacturing…” said Anil Rajput, President, ITC Corporate Affairs in a statement. 

This comes as DPIIT recently ramped up its partnerships and efforts to accelerate the startup ecosystem in India. 

Earlier this month, the department partnered with US retail major Walmart to support micro, small, and medium enterprises (MSMEs) from Tier II and III cities.

It also inked a pack with venture debt firm Stride Ventures to expand their global footprint, a day after partnering with the startup body Startup Policy Forum (SPF). 

While in December 2024, it signed a MoU with SaaS major Tally Solutions and HDFC Bank to mentor manufacturing startups.

Meanwhile, earlier this month, it announced that funding for Indian startups has grown exponentially to $155 Bn in 2024 from $8 Bn in 2016. 

This came as the number of startups in the country reportedly surged to over 1.58 Lakh from just 400 in 2016.

Also, DPIIT is eying to establish a startup in every district of the country by the end of 2025. 

It also recently announced that from just 120 districts in 2016, they have expanded to 750 districts today. This comes just days after DPIIT announced that The Indian startup ecosystem had created more than 16 Lakh jobs across the country as of December 25, 2024.

The post DPIIT Partners ITC To Boost Startups In Manufacturing Space appeared first on Inc42 Media.

Equity management platform Hissa has announced the launch of Hissa Fund I, a $35 Mn investment vehicle to address liquidity issues in India’s ESOP market. 

The fund is designed to enable employees of growth-stage startups to convert their vested stock options into cash, offering an alternative to the long wait for exits via IPOs or acquisitions.

Founded in 2019 by Satish Mugulavalli and Srinivas Katta, Hissa is a platform offered by Bengaluru-based Rulezero that manages ownership data of companies, automates share issuance processes and ESOPs, provides mechanisms to track and certify cap tables and manage transactions.

According to Mugulavalli, founder of Rulezero and managing partner of Hissa, Indian startups typically remain private for 10-12 years, leaving employees with valuable but illiquid stock options. 

He says that Hissa Fund I, a SEBI-registered Category II Alternative Investment Fund (AIF), provides a secondary transaction platform with T+5 settlement cycles, enabling employees to access funds for personal milestones.

“The idea is simple: if an employee earns INR 100 in salary and INR 50 in options, we allow them to liquidate a small portion of those options periodically. This builds trust in the value of their equity without making them feel the need to leave prematurely,” Mugulavalli told Inc42.

The fund will focus on 15-20 high-potential startups, working with founders to align liquidity events with business growth and talent retention strategies. This approach allows companies to leverage ESOPs as tools for attracting and retaining top talent.

“We target growth-stage companies—typically Series B or later—and purchase employee shares,” Mugulavalli told Inc42.  According to him, this provides liquidity while allowing companies to retain talent without incurring high compensation costs.

The fund’s inaugural transaction was with AI robotics company Miko, providing liquidity to 32 employees. 

Mugulavalli further shared that about 28–30% of the fund has been closed, primarily from domestic founders and HNIs. He expects to close it by the end of 2025.

The post Hissa Launches $35 Mn ESOP Focussed Fund appeared first on Inc42 Media.

Fintech major BharatPe has raised a debt funding of INR 150 Cr from Neo Wealth and Asset Management and Trifecta Capital. 

Out of the INR 150 Cr, INR 25 Cr was raised in January, while the rest was raised in November last year.

Meanwhile, as per a report by ET, the company said it is targeting achieving EBITDA profitability in the financial year ending March 2025 (FY25). 

Nalin Negi, CEO of BharatPe, told the publication that the company is mulling launching mutual funds and insurance offerings in the near future. 

The company, as per the report, is also planning to apply for the offline payment aggregator licence as soon as the Reserve Bank of India (RBI) opens the applications. 

Negi also said that the company would need at least 18-24 months to get ready for its initial public offering (IPO).

This comes days after it was reported that BharatPe is planning to sell a portion of its stake in Unity Small Finance Bank (Unity SFB) to raise $800 Mn. The fintech company is aiming to divest 25% of its stake.

Currently, Resilient Innovations, BharatPe’s parent entity, holds a 49% stake in Unity SFB. 

The development comes at a time when BharatPe is on an expansion spree. A few months back, the fintech giant strengthened its investment offering by launching a new app called  Invest BharatPe. The company launched digital gold as the first product on the platform.

Additionally, the fintech startup also seems to be on the path to join the super app wave. It recently added an ecommerce section on its platform, apart from UPI payments, bill payments and credit card repayment options. It also offers unsecured personal loans of up to INR 15 Lakh via NBFC partners such as L&T Finance, CASHe, and True Credit.

BharatPe posted a consolidated revenue of INR 1,426 Cr in FY24, up 39% from INR 1,029 Cr in FY23.  

Recently, the startup also settled its two-year-long dispute with its former managing director Ashneer Grover.

The post BharatPe Raises INR 150 Cr Debt, Eyes EBITDA Profitability In FY25 appeared first on Inc42 Media.

Bengaluru-based space surveillance company Digantara is set to launch its maiden dedicated surveillance satellite, SCOT (space camera for object tracking), aboard SpaceX’s Transporter-12 mission.

Notably, SCOT is designed to track resident space objects (RSOs) with high frequency and precision, addressing gaps in current global space surveillance systems. 

The satellite’s capabilities include tracking objects as small as 5 cm in low earth orbit (LEO) and providing persistent monitoring unaffected by weather or geographic limitations.

“With SCOT, we are taking a crucial step in achieving surveillance superiority, ensuring not only a safer and more sustainable space environment but also towards safeguarding sovereign assets in the face of an increasingly contested space domain…” said Digantara CEO Anirudh Sharma.

The satellite will operate in a sun-synchronous orbit, enabling continuous monitoring of the near-Earth environment and supporting safer spacecraft operations. 

Founded in 2018 by Anirudh Sharma, Rahul Rawat and Tanveer Ahmed, Digantara is building an end-to-end space operations infrastructure that plans to support stakeholders across the entire value chain and life cycle of a spacecraft mission. 

The startup has its own space debris detector as its flagship offering and it aims to create a constellation of satellites to track objects as small as 1 cm. 

Last year, the startup marked the final close of its Series A1 funding round at $12 Mn. Backed by the likes of Peak XV Partners, Aditya Birla Ventures and state-backed lender Small Industries Development Bank of India (SIDBI), Digantara has raised $14.5 Mn in funding till date. 

Digantara operates in the larger Indian spacetech ecosystem which has seen significant growth in the past few years on the back of government push and hefty inflow of VC capital into the sector. This has spawned the rise of homegrown players such as Agnikul, Bellatrix, Pixxel, and Skyroot across various levels of the space value chain. 

As per Inc42, the Indian spacetech sector is estimated to reach a market size of $77 Bn by 2030.

However, according to Indian Startup Funding Report 2024, total funding raised by Indian spacetech startups fell 35% YoY to $81 Mn last year, even as the number of deals rose from 11 in 2023 to 14 in 2024.

The post Digantara To Launch Satellite On Elon Musk’s SpaceX Rocket appeared first on Inc42 Media.

Listed online stock broking major Angel One has roped in former Google Pay executive Ambarish Kenghe as its new group chief executive officer (CEO).

In a filing with the exchanges, Angel One said that Kenghe will join the company on or before March 6, 2025.

An alumnus of UC Berkeley, Purdue University and IIT Kanpur, Kenghe joined Google Pay as general manager and vice-president for the Asia Pacific (APAC) region in 2018. At Google, he played a key role in scaling up the digital payments platform and was also involved in the development of Chromecast and Google TV. 

Earlier, he served as the chief product officer at Myntra and as a strategy consultant with Bain & Company in San Francisco. 

Commenting on the appointment, Angel One chairman and managing director Dinesh Thakkar said, “Ambarish’s appointment as CEO marks an exciting new era for Angel One. With his proven track record of driving innovation and deep expertise in the industry, he is the visionary leader we need to propel us into our next chapter of growth…”.

Angel One, formerly known as Angel Broking, was founded in 1996. The company offers broking services, investment advisory, and distribution of financial products. It has seen significant growth in recent years on the back of its digital play, with its “total client base” reaching 29.5 Mn at the end of December 2024, up 52% year-on-year (YoY).

In the third quarter (Q3) of the financial year 2024-25 (FY25), Angel One’s net profit rose 8.1% to INR 281.4 Cr from INR 260.3 Cr in the year-ago period. Operating revenue grew 19% to INR 1,262.2 Cr from INR 1,059 Cr in Q3 FY24. 

The latest appointment comes months after the company roped in former Flipkart executive Arief Mohamad as the chief business officer of its direct business in October 2024.

The post Google Pay VP Ambarish Kenghe Joins Angel One As Group CEO appeared first on Inc42 Media.

Shares of Indian new-age tech stocks plunged on Monday (January 13) in line with the bloodbath in the broader market due to concerns about fewer rate cuts by the US Fed and high valuations of Indian stocks.

Twenty nine out of the 31 new-age tech stocks under Inc42’s coverage fell in a range of 8.9% to 0.02% on Monday. The combined market capitalisation of the 31 stocks stood at $82.15 Bn at the end of the session today, down over $6 Bn from $88.38 Bn on Friday.

PB Fintech was the biggest loser, with its shares dropping 8.9% to close at INR 1,691. Its market cap declined to $8.95 Bn from $9.89 Bn on Friday. The dip followed a downgrade by Morgan Stanley. The brokerage firm assigned an ‘underweight’ rating to PB Fintech, citing lower-than-expected profit emergence and high valuation. 

CarTrade was the second biggest loser, with its shares tumbling 8.63% to INR 1,418.05. Nazara Technologies slumped 7.11% to INR 890.4 on the BSE.

Fintech giant Paytm’s shares fell 6.79%, while Zomato continued its losing streak for the seventh straight session. The shares of the Deepinder Goyal-led foodtech major shed 6.52% to end at INR 227.15. 

With this, shares of Zomato have slumped nearly 22% over the past few weeks after touching a 52-week high of INR 304.5 in December 2024.

Its rival Swiggy’s shares also fell 5.73%, while Nykaa declined 2.89% to INR 164.6. Notably, earlier this month, brokerage firm InCred Equities initiated coverage on Nykaa with ‘reduce’ rating and a target price of INR 103. 

Amid all these, TAC Infosec and Yatra were the only two new-age tech stocks to end the day in the green. While shares of the cybersecurity company rose 2% to close at INR 1,426.80, Yatra jumped 1.93% to end at INR 108.4.

In the broader market, Sensex slumped 1.36% to 76,330.01 and Nifty 50 declined 1.47% to 23,085.95.

Commenting on this, Vinod Nair, head of research at Geojit Financial Services, said, “The global markets witnessed a significant sell-off, prompting a similar response in domestic markets due to strong US payroll data suggesting fewer rate cuts in 2025. This has strengthened the dollar, driven up bond yields, and made emerging markets less attractive. Recent GDP downgrades and slowing earnings amidst higher valuations are weighing heavily on market sentiment.”

As per the National Statistics Office’s (NSO’s) advance estimates of GDP for FY25, released last week, the country’s economy is expected to grow 6.4% during the year as against 8.2% in FY24.

Nair added that the volatility is expected to continue in the near term and investors’ will keep a keen eye on Q3 earnings, RBI policy, upcoming union budget, and policies of US president-elect Donald Trump.

The post New-Age Tech Stocks’ M-Cap Slumps $6 Bn Amid Bloodbath In Broader Market appeared first on Inc42 Media.

Update | January 15, 8:30 PM

Its website is showing the message, “{“error”:”Something went wrong.”}.” The mobile app is displaying, “Something doesn’t seem right.” 

New users are currently unable to sign in on the app. Users in some regions of the country have not been able to access the app for some days now. 

While Dunzo has not issued any official statement on the issue, a person close to the startup told Inc42 that the app and the website are facing some “migration issues”.

App migration is the process of moving software applications from one environment to another. 

Meanwhile, sources told Inc42 that all the employees of Dunzo have left the startup. Some employees also filed a complaint against cofounder Kabeer Biswas at the Indira Nagar Police station in Bengaluru on January 9 for their pending salaries. 

The complaint, accessed by Inc42, alleges that Dunzo hasn’t paid salaries to about 400 employees.

Meanwhile, the sources said that Biswas is likely to meet the investigating officer tomorrow (January 14) to discuss the matter. 

Amid a funding crunch, Dunzo delayed salaries of its employees multiple times in the last year. While it didn’t pay the salaries for the month of November 2024, it also delayed the disbursement of salaries for June and July for months.

Dunzo fired a number of employees in 2023 as well as 2024 due to the financial woes, while few employees quit the startup to join other organisations.

The latest development comes days after Biswas quit Dunzo. He was the last remaining cofounder who was with the startup. Biswas is set to join ‘Flipkart Minutes’ to lead the operations of the quick commerce business of the ecommerce giant. 

Dunzo has reportedly approached Reliance Retail, Flipkart, PhonePe and Swiggy for an acquisition.

Last week, Inc42 also reported that Reliance Retail has written off its $200 Mn investment in Dunzo.

Founded in 2014, Dunzo initially offered pick-and-drop services. It shifted to quick commerce in 2021 and secured $240 Mn in funding from Reliance Retail in 2022. 

[With inputs from Bismah Malik]

The post [Update] Dunzo Website And App Back Online appeared first on Inc42 Media.

Shares of foodtech major Zomato dipped as much as 4.49% from last week’s close to INR 238.7 during the intraday trading today (January 13) due to a bearish outlook presented by brokerage firm Jefferies.

At the time of writing the story, Zomato’s stock was trading at INR 229.65 a piece on BSE.

Notably, the food delivery giant’s shares have entered their seventh consecutive day of losses since January 2– marking more than a 22% drop over the past few weeks after the stock’s 52 week high of INR 304.5 in December 2024.

Earlier this month, citing intensifying competition for Blinkit in the quick commerce sector, Jefferies had given the foodtech major a hold rating along with a price target (PT) of INR 275– about 18% lower than Jefferies’ erstwhile PT of Zomato of INR 335.

The firm pointed to aggressive strategies by existing rivals and the entry of new players as key challenges. Jefferies anticipates these pressures may compel Zomato to increase discounts, potentially affecting profitability in the medium term.

In contrast, global brokerage firm Morgan Stanley maintained an ‘overweight’ rating on Zomato, keeping its PT unchanged at INR 335.

Despite mounting competition, Morgan Stanley remained optimistic about Zomato’s prospects, expecting its focus on profitability to deliver a 33% compound annual growth rate (CAGR) in revenue between FY25 and FY27. 

The firm also highlighted the company’s steady growth in monthly active users as a strong indicator of Zomato’s future potential.

On the financial front, the company’s consolidated net profit slumped 30% to INR 176 Cr in the September quarter (Q2) of the financial year 2024-25 (FY25) from INR 253 Cr posted in the preceding June quarter, hurt by a surge in certain expense buckets.

Zomato, which has been seeing a steady growth in its PAT since Q1 FY24, saw a slump in its bottom line in Q2 even as its operating revenue grew more than 14% to INR 4,799 Cr in the reported quarter from INR 4,206 Cr in Q1 FY25.

The post Zomato Shares Slide 5.5%, Hit Seven-Day Losing Streak appeared first on Inc42 Media.

Dubai-based cryptocurrency exchange Bybit has announced a temporary restriction on its services for Indian users, effective Sunday (January 12). 

“Due to recent developments from Indian regulators and in continuation of previously implemented restrictions, we regret to inform you that, effective Jan 12, 2025, 8AM UTC, Indian users will temporarily be unable to open new trades or access any products on the Bybit platform,” the company said in an email sent to the users.

According to the company, the Indian users will no longer be able to open new trades or access Bybit’s range of products and services, including crypto and fiat trading, copy trading, trading bots, and P2P ads. 

However, withdrawals will remain unaffected, ensuring users retain access to their funds.

Key changes outlined in the announcement include:

• Trading Restrictions: No new orders can be placed for any trading products. Existing derivatives positions will be set to close-only mode, allowing users to manage only the closing of these positions. Deposits for both crypto and fiat currencies will also be temporarily halted.

• Copy Trading and Bots: All master-follower relationships and trading bots will be terminated by January 13, 2025 UTC.

• P2P Ads: All INR-related ads will be removed by January 12.

• Bybit Card Transactions: All transactions using Bybit cards will be restricted.

The company said that the restriction of services is a temporary measure as the platform works to secure its registration as a virtual digital asset (VDA) service provider with India’s Financial Intelligence Unit (FIU). 

The company expects to finalise this process in the coming weeks and resume full operations shortly thereafter.

“We apologise for any inconvenience this may cause and sincerely appreciate your understanding,” said Bybit. “We are committed to resuming full service as soon as we have completed our registration process with the FIU.”

Notably, FIU oversees trade in VDA and ensures compliance with the Prevention of Money Laundering Act (PMLA) and the VDA taxation framework. Under the current laws, all crypto platforms have to mandatorily register as reporting entities to offer crypto trading services in India.

In 2023, the finance ministry issued notices to nine overseas crypto platforms for neither registering as a reporting entity nor complying with provisions of the PMLA. 

Subsequently, the FIU wrote to the electronics and IT ministry (MeitY) to block their websites and all these nine platforms disappeared from India overnight.

Eventually, Binance, which was also banned, paid a fine of INR 18 Cr in 2024 and agreed to comply with local norms before resuming operations in India.

The post Crypto Platform Bybit Suspends Services In India appeared first on Inc42 Media.

Delhi NCR-based insurance tech major InsuranceDekho’s head office was raided by the Goods and Services Tax (GST) department on Thursday (January 9), Inc42 has learnt from sources close to the company.

The Directorate General of GST Intelligence (DGGI) conducted raids at the Gurugram office of the startup for alleged tax evasion. 

The DGGI officials barred employees from accessing certain parts of the company’s office, the sources alleged.

Inc42 further learnt that founder and CEO Ankit Agrawal and other top officials of the startup were not present in the office at the time of raid. 

Inc42 has reached out to CEO Agrawal, along with DGGI Gurugram, seeking further details about the development. The story will be updated on receiving a response.

InsuranceDekho was founded as the insurance arm of the online car marketplace CarDekho in 2017 by Agrawal and Ish Babbar. However, it was later hived off to function as a separate unit. 

Notably, the update comes after DGGI issued show cause notices to multiple insurance players in April 2023– including insurance tech majors Go Digit and Policybazaar, along with HDFC Bank, among others. 

At the time, the authorities were said to have detected evasion of INR 2,250 Cr and were centred on invoices raised from 2018 to March 2022.

The notices reportedly alleged that these companies issued fake invoices for many insurance companies without providing any service, which is a punishable offence under GST norms.

However, Inc42 was unable to confirm whether the current DGGI investigation pertains to a similar case.

The post Exclusive: GST Department Raids InsuranceDekho HQ For Alleged Tax Evasion appeared first on Inc42 Media.

Chennai-based agritech startup WayCool has raised a funding of INR 38.2 Cr ($4.4 Mn) led by Trifecta Capital, along with participation from Alteria Capital and Stride Ventures. 

According to the company’s regulatory filing, WayCool allotted the Series B optionally convertible redeemable preference shares (OCRPS) after passing the resolution on December 30, 2024. 

Notably, of the total of INR 38.2 Cr, Trifecta Capital invested about INR 21.2 Cr, while Alteria Capital invested about INR 9.3 Cr. The rest was invested by Stride Ventures. 

This comes after the company recently passed a special resolution to raise INR 110 Cr ($12.8 Mn) in debt from Grand Anicut. The startup will issue 1,100 series B6 non-convertible debentures at an issue price of INR 10 Lakh each– totalling to INR 110 Cr.

The INR 110 Cr debt investment was first reported by Entrackr. 

Meanwhile in November last year, the company raised another INR 65 Cr ($7.6 Mn) debt round from Ivy Icon Solutions as well. 

Back then, it allotted 650 series B6 non-convertible debentures at an issue price of INR 10 Lakh each. 

Earlier, in October, the company secured another debt funding of INR 100 Cr ($11.9 Mn) from Grand Anicut.

Founded in 2015 by Karthik Jayaraman and Sanjay Dasari, WayCool sells food products under seven different labels and also offers supply chain solutions. 

Notably, the company is also struggling to achieve profitability. In 2024, WayCool sacked 270 staff as a part of its effort to streamline operations for cutting down losses. This came after the company reportedly laid off around 300 employees in 2023.

It was also reported earlier that the agritech startup was in talks to raise around $50-$70 Mn at a valuation of around $900 Mn. However, it failed to close this round due to the ongoing funding winter.

This has perhaps made the startup reevaluate the strategy and is now raising a large chunk of debt funding. In the last four months alone, WayCool has raised INR 275 Cr ($32 Mn) in debt alone.

The post Exclusive: WayCool Nets INR 38 Cr From Trifecta, Alteria appeared first on Inc42 Media.

Azhar Iqubal, cofounder and chairman of news aggregator platform Inshorts, has launched Fenado AI, a platform that allows users to create apps and websites without any coding skills. 

Fenado AI, which was previously called Cades AI in beta phase, was cofounded with Manish Singh Bisht, former head of technology at Inshorts. The platform is eyeing to simplify the process of building digital tools for startups, small businesses, and larger organisations.

Fenado AI provides a chat-based interface where users can share their business requirements and design preferences. The platform then generates fully functional apps or websites tailored to their needs, eliminating the reliance on coding expertise or expensive tech teams.

The platform already had over 200 paying customers from the US, Europe, and India during its beta phase. Now it plans to onboard more than 10,000 startups globally by 2025, offering scalability, reliability, and continuous support.

“With Fenado AI, we want to make high-quality digital tools accessible to everyone, especially startups that often face challenges in finding affordable and skilled tech talent,” said Bisht. 

Notably, the app charges users $180 (approximately INR 15,000) per month for its services. Designed for global users, the platform anticipates that the majority of its customers will come from outside India.

Iqubal explained that the platform is positioned as a cost-effective alternative for startups seeking tech solutions. “For instance, if a founder is paying around INR 1 Cr in salaries for a tech team, the same work can now be accomplished by our platform for just $180 per month,” he said.

The company’s global focus is reflected in its beta phase results, where it claims that 95% of users were from outside India. This international appeal might be the reason why the company is headquartered in Delaware, USA.

Looking ahead, the startup is preparing to raise a funding round. While Iqubal declined to share specifics, he hinted that the round would exceed $2 Mn.

The post Inshorts Cofounder Azhar Iqubal Launches AI Platform To Build No Code App, Website appeared first on Inc42 Media.