Indi Startup Talks (2025)

30/07/2025

Lenskart founder Peyush Bansal has acquired a 2.5% stake in the omnichannel eyewear retailer for Rs 222 crore from investors SoftBank, Chiratae Ventures, Kedaara Capital, TR Capital, Temasek, Premji Invest and others. The share purchases value the company at over Rs 8,700 crore (around $1 billion), according to information from the company’s draft red herring prospectus, which was filed on Tuesday.

Bansal bought 42.7 million shares at Rs 52 apiece in a series of secondary cash transactions earlier this month, aggregating to Rs 222 crore, the draft prospectus shows.

Bansal, who owns a 10.3% stake in Lenskart, is also selling 20.5 million shares in the initial public offering’s (IPO) offer-for-sale component. At the Rs 70,000-75,000 crore (around $8-9 billion) valuation at which Lenskart is aiming to go public, the sale could result in proceeds of around Rs 700-750 crore for Bansal.

ET had reported on July 10 that Bansal was likely to pick up an additional stake in the company through a structured payment mechanism. This is reflective of a broader trend among consumer tech and internet companies, such as Zomato (now Eternal), Swiggy, Delhivery, PB Fintech and Freshworks, which have awarded shares to their founders ahead of an initial public offering (IPO) through various mechanisms.

Besides Bansal, his sister Neha Bansal and founders Amit Chaudhary and Sumeet Kapahi are tagged as promoters of Lenskart. Together, the four founders are selling 31.8 million shares in Lenskart’s public issue.

The promoters collectively own around 20% in the Gurugram-based company, with the remainder held by other shareholders, including institutional investors.

Lenskart filed its draft prospectus on Tuesday for a Rs 7,500-8,000 crore IPO, making it among the biggest public offerings this year in the country after the likes of Tata Capital and LG Electronics. Other new-age companies such as Groww, Meesho and PhysicsWallah have also filed for large public offerings.

Source - The Economic Times

30/07/2025

Mumbai-based non-banking financial company (NBFC) Elcid Investments is investing Rs 7.5 crore in quick commerce company Zepto, it said in a stock exchange filing.

In its regulatory filing on Tuesday, Elcid Investments said it will take a 0.0146% stake in Zepto for its investment—translating to a valuation of Rs 51,369 crore (or around $5.9 billion).

Following the transaction, Elcid Investments will hold a total of 0.039% share in Zepto. Last November, it had invested Rs 17.5 crore in the company through a secondary transaction.

Zepto has been in the process of closing a $250 million secondary deal, in which shares are being sold by private equity (PE) firm Motilal Oswal Financial Services. This secondary sale is designed to further increase Indian ownership and clean up the company’s cap table ahead of its proposed public listing.

Zepto’s founders, Aadit Palicha and Kaivalya Vohra, and the company’s employee stock ownership plan (Esop) pool together currently hold around 28% share, according to people in the know. The company aims to add another 8-10% of Indian shareholding through these transactions before it files for the initial public offering (IPO).

Palicha and Vohra are also looking to close a structured debt transaction through which they are to pick up Rs 1,500 crore worth of stake in the company. This is to be financed via debt from Edelweiss Alternative Asset, domestic family offices and smaller credit funds.

The four-year-old startup, which is currently working on controlling its cash burn, clocked Rs 11,109 crore in turnover in fiscal 2025, up 150% from Rs 4,454 crore in FY24, according to Elcid Investments’ regulatory filing. The company's net loss had come down marginally to Rs 1,249 crore in FY24 from Rs 1,272 crore in the previous year, according to the company’s audited financial statements.

Source - The Economic Times

30/07/2025

Asus India has chosen Raj Shamani, of 'Figuring Out With Raj Shamani' podcast, as its brand ambassador. He will represent the Asus ExpertBook Series. This partnership aims to empower Indian professionals and entrepreneurs. It will provide them with the tools to achieve their ambitions. The ExpertBook series is available on Flipkart.

Technology brand Asus India has announced Raj Shamani, founder and host, 'Figuring Out With Raj Shamani' podcast , becomes official brand ambassador for the Asus ExpertBook Series : Built for Worry-Free Business.

Dinesh Sharma, vice president, commercial PC and smartphone, Asus India, Sri Lanka and Nepal says both Shamani and the ExpertBook Series are focused on empowering ambition, enabling progress, and supporting the new generation of Indian professionals.

Sharing views Shamani said, “This partnership is personal. I’ve always believed that ambition should never be limited by the tools you use and Asus ExpertBook is built for people who are building something bigger than themselves. This brand shares my belief in dreams, ambition, hustle and making bold ideas real through technology that’s worry-free.”

The collaboration shared vision for India’s future, where it extends this philosophy by giving Indian professionals and entrepreneurs the tools to act on that ambition.The Asus ExpertBook series of business PCs are available on Flipkart, combining excellent capabilities of the brand and the ecommerce platform.

This collaboration also aims to take Indian thought leadership global. As Shamani continues to expand his podcast across international borders, this partnership positions Asus as a key enabler of India’s voice in global innovation, entrepreneurship, and productivity, rewriting the rules of ambition for modern India.

Source - ET BrandEquity

29/07/2025

Automobile classifieds portal CarTrade released its financial results for the first quarter of the ongoing fiscal year (Q1 FY26) on Monday. The company reported a 22% year-on-year revenue growth compared to Q1 FY25, with profit doubling in the same time period.

CarTrade’s revenue from operations grew 22% to Rs 173 crore in Q1 FY26 in contrast to Rs 142 crore in Q1 FY25, as per the firm’s unaudited financial results sourced from the National Stock Exchange (NSE).

The company’s total income for Q1 FY26 grew to Rs 199 crore, up from Rs 157 crore in Q1 FY25.

The Mumbai-based company operates in three segments: Consumer, Remarketing, and Classifieds. Income from the consumer segment formed 38% of the total operating revenue which increased to Rs 66 crore in Q1 FY26 from Rs 51 crore in Q1 FY25. Income from the remarketing and classified segment stood at Rs 59 crore and Rs 48 crore, respectively, in the first quarter of the ongoing fiscal year.

On the expense front, employee benefits expenses formed 53% of the overall spending which went up a modest 6% to Rs 75 crore during the period. Including other costs, CarTrade’s overall expenses increased 8% to Rs 142 crore in Q1 FY26 from Rs 23 crore during Q1 FY25.

The decent growth and controlled spending enabled CarTrade to double its net profit to Rs 47 crore in Q1 FY26, compared to Rs 23 crore in Q1 FY25.

CarTrade’s share price is trading at Rs 1,871 (as of 10:56 AM) with a total market capitalization of Rs 8,886 crore ($1.03 billion).

Source - Entrackr

29/07/2025

Go Digit General Insurance on Monday reported a nearly 37% increase in net profit for the first quarter, when it posted strong growth in gross written premiums.

The Fairfax-backed new-age insurance startup, which debuted on stock exchanges on May 23 last year, posted a net profit of Rs 138.3 crore for the quarter ended June 30 compared with Rs 101.3 crore a year earlier. Total income rose 4% to Rs 2,179.4 crore, while expenses increased 3% to Rs 2,058.5 crore.

Gross written premium—the total premium collected before accounting for expenses—rose 12% year-on-year to Rs 2,981.8 crore. Net premium earned came in at Rs 1,865 crore, slightly higher than Rs 1,823.7 crore a year earlier.

Net retention ratio declined to 65.4 from 76.2. This metric measures the percentage of premiums an insurer retains after ceding risk to reinsurers.

Founder Kamesh Goyal, on a post-earnings call, attributed the drop in the retention ratio to several factors. He said the company had taken a strategic decision late last year to increase reinsurance cessions in certain portfolios, the impact of which was visible in the past quarter.

Its fire insurance business, which saw strong growth and high market share in large corporate accounts, was among those reinsured more heavily. While Go Digit itself did not face major losses, the industry reported fire-related claims of around Rs 2,000 crore in the quarter, prompting the company to limit exposure and diversify risk.

Goyal also pointed to rapid growth in Go Digit’s two-wheeler insurance segment, particularly the long-term ‘1+5’ policies where the premium is earned only for the first year but commission expenses are accounted for over five years, as another factor that weighed on retention.

“When we looked at our book from the last quarter, we felt that for some of the business we had retained, we should increase the cession a bit. The impact of that has come through in the first quarter,” Goyal said.

Source - The Economic Times

28/07/2025

Tata 1mg, the digital healthcare platform backed by Tata Digital, continued its growth trajectory in the fiscal year ending March 2025 while straining its losses.

Tata 1mg’s consolidated revenue rose 22% to Rs 2,392 crore in FY25 from Rs 1,968 crore in FY24, according to Tata Sons’ Annual Report for the fiscal year.

Tata 1mg is a health tech startup for online orders of allopathic, ayurvedic, homeopathic medicines, vitamins, nutrition supplements, and other health products, delivered to the home. 1mg’s revenue was split across two entities: Tata 1mg Technologies, which clocked Rs 2,016.5 crore, and Tata 1mg Healthcare Solutions, which contributed Rs 375.5 crore in FY25.

The company's total cost rose by 17% to Rs 2682 crore in FY25, up from Rs 2303 crore in FY24. The expense breakdown, however, was not available.

The Gurugram-based company posted a consolidated loss of Rs 276 crore in FY25, 12% lower than the Rs 313 crore loss reported in FY24. In comparison, its profit before tax (PBT) stood at Rs 290 crore. On a unit basis, the company spent Rs 1.12 to earn a rupee of operating revenue in FY25.

On the asset side, Tata 1mg reported total assets of Rs 2,025 crore at the end of FY25 while its total liabilities reached Rs 1,190 crore.

In the e-health space, Tata 1mg competes with Reliance-backed Netmeds, PharmEasy, and Apollo 24/7. Netmeds benefits from Jio's extensive network. PharmEasy, despite recent financial challenges, maintains its strong position with integrated services spanning diagnostics, pharmacy, and consultations. Apollo 24/7 leverages the strong brand and offline presence of Apollo Hospitals to gain market share.

Tata Digital acquired a 55% stake in 1mg in June 2021 but since then it gained around 8.5% additional stake in the e-medicine platform. According to TheKredible, Tata Digital currently holds a 63.5% stake in 1mg which was last valued at 1.25 billion.

Source - Entrackr

28/07/2025

Lenskart is moving closer to its much-anticipated stock market debut, with shareholders formally approving its initial public offering plans at the company’s annual general meeting held on Saturday. The omnichannel eyewear firm plans to raise Rs 2,150 crore ($250 million) as part of the public issue, which could reach up to $1 billion in total size, according to ET citing people familiar with the matter.

The company is expected to file its draft red herring prospectus (DRHP) with Sebi in the coming days, joining a growing list of new-age ventures—such as Meesho, Groww, Pine Labs, and PhysicsWallah—that are preparing to tap public markets in 2025. Collectively, over 14 such firms aim to raise more than Rs 20,000 crore this year, ET reported.

Filings showed that shareholders, including SoftBank, Kedaara Capital, Abu Dhabi Investment Authority, Fidelity, and Temasek, also approved the adoption of a new employee stock option plan—Esop 2025—comprising 7.2 million shares. As per data from Tracxn, around 19% of Lenskart’s shares are currently allocated to its Esop pool.

ET had reported on July 10 that the company plans to issue additional shares to founder and CEO Peyush Bansal via a structured payout, potentially increasing his holding by 1.5-2%. Bansal and his sister Neha Bansal, who is also a cofounder, together own 14-15% of the company.

Lenskart, which won the ET Startup Awards 2024 in the Startup of the Year category, operates in India and international markets such as the Middle East, Southeast Asia, Australia, Japan, and South Korea. In FY24, the company’s operating revenue rose 43% year-on-year to Rs 5,428 crore, while net loss narrowed to Rs 10 crore from Rs 64 crore in the previous fiscal.

In an October interview with ET, Peyush Bansal said Lenskart was investing $200 million in a new manufacturing plant in southern India. Currently, the company manufactures frames and lenses at its facility in Rajasthan.

Lenskart was valued at $5 billion in its last funding round in June 2024.

Source - Times Of India

28/07/2025

Tata Consultancy Services’ (TCS) plan to cut 2 percent of its global workforce, impacting about 12,000 jobs, is not driven by artificial intelligence efficiency gains but the company’s limited opportunities to redeploy employees amid skill gap.

TCS chief executive officer and managing director K Krithivasan, in an exclusive interview told Moneycontrol, “No, this is not because of AI giving some 20 percent productivity gains. We are not doing that. This is driven by where there is a skill mismatch, or, where we think that we have not been able to deploy someone.”

“It is not because that we need less people. We will continue to look for high (quality) talent, acquiring talent, training talent. That continues to happen. This is more about where there is a feasibility of deployment,” he added.

The job cuts will impact middle and senior level employees the most apart from some of the entry level associates who have been on the bench for a long time, Moneycontrol had exclusively reported on July 27.

“We trained a lot of people. We have trained about 550,000 people at the initial skills, 100,000 at the advanced skills. Essentially, after training whether we have the deployment feasibility issue. So, some of them could be trained, but maybe we are not able to train beyond level 1 and level 2 skills, because when the person is at a very senior person they may not be able to use the entry level skills,” Krithivasan had explained.

TCS will be providing notice period pay and an added severance package, it will also look to extend insurance benefits and offer outplacement opportunities for the impacted employees.

The layoffs won’t be geography or domain specific and will be concluded over the next three quarters of FY26

This is coming only a few weeks after the IT services behemoth updated its HR policy by mandating employees to have 225 days of billability in a year and limiting bench time to up to 35 days.

Source - MoneyControl

25/07/2025

Enlite, a Mumbai-based full-stack infra automation company, has raised Rs 46 crore (about $5 million) in its maiden institutional funding round led by early-stage investment firm Avaana Capital.

The round also saw participation from Claypond Capital, the family office of Manipal Group chairman Ranjan Pai.

The funds will be used to expand into international markets such as West Asia and Southeast Asia, improve edge artificial intelligence (AI) and telemetry capabilities, increase deployments in airports, data centres, public infrastructure and hospitality, and set up integration and go-to-market teams for enterprise and government clients.

“The country (India) is going through a transformation in terms of infrastructure, and is the fastest-growing market in the world. That’s where we believe what we are building adds a lot of value,” cofounder and chief executive Gaurav Bali told ET.

Founded in 2017 by Bali and Garima Bharadwaj, the company offers a plug-and-play automation system that replaces traditional building management systems with compact wireless hardware, edge intelligence and AI-driven controls to make buildings and infrastructure respond in real time.

“The cloud platform we’ve built today houses thousands of algorithms that control different types of building equipment—depending on the geography, the number of people inside, the external environment and several other factors,” said Bharadwaj.

Source - The Economic Times

25/07/2025

Alphabet Inc.’s strong earnings on Wednesday added to its explosive rally since early 2023, pushing its market value up by over $1 trillion and delivering a 120% return to investors.

The surge has also made CEO Sundar Pichai a billionaire. His net worth is estimated at $1.1 billion by Bloomberg and $1.2 billion by Forbes' real-time billionaires list.

This is a rare achievement for a non-founder CEO in the tech world, where most billionaire executives owe their wealth to early equity stakes.

Unlike tech leaders such as Meta’s Mark Zuckerberg or Nvidia’s Jensen Huang, who built their wealth through founding stakes, Pichai’s fortune comes entirely from his leadership role and compensation.

Although Pichai wasn’t part of Google’s founding in 1998, he recently became its longest-serving CEO and will mark 10 years in the role this August.

Google-parent Alphabet shares jumped 4.1% in early trading on Thursday in New York, the stock’s biggest intraday gain in two months.

The rally followed its quarterly earnings report on Wednesday, which showed how the use of artificial intelligence has boosted efficiency across all areas of the business.

The technology corporation achieved a second-quarter profit of $28.2 billion with revenue of $96.4 billion. Additionally, Alphabet announced plans to increase its capital expenditure by $10 billion beyond initial projections this year to accommodate rising cloud service demands.

"We had a standout quarter, with robust growth across the company," Pichai said. "AI is positively impacting every part of the business, driving strong momentum," he added.

"With this strong and growing demand for our cloud products and services, we are increasing our investment in capital expenditures in 2025 to approximately $85 billion and are excited by the opportunity ahead," Pichai noted.

Middle-class family boy turn billionaire
Sundar Pichai was born into a middle-class family in Tamil Nadu, India, and grew up in a modest two-room apartment.

Source - The Times Of India

23/07/2025

Marketing platform Grexa AI has raised Rs 15.5 crore (approximately $1.85 million) in a seed funding round led by Utsav Somani. The round also witnessed participation from DeVC (Z47’s seed fund), Bharat Founders Fund, and individual investors like Revant Bhate, Vaibhav Domkundwar, Ramakant Sharma, and Sumit Gupta.

The proceeds will be utilized for Product innovation and enhance market reach, Grexa said in a press release.

Co-founded in 2024 by Ashutosh Kumar, Ayush Varshney, Arpit Oswal, and Narendra Agrawal, Grexa AI provides enterprise-level digital marketing capabilities in a simple and accessible way, leveraging AI to automate and optimize various marketing tasks.

The Thane-based company focuses on building an AI-powered platform that integrates local SEO, social media, online ads, and website management for small businesses. The platform is specifically designed to address the needs of small businesses in India, who may lack the technical skills or resources to effectively manage their online presence.

According to Grexa AI, it delivers full-funnel, always-on marketing through an autonomous AI engine and it’s already being used by over 21,600 businesses across salons, clinics, gyms, cafés, and more. The platform aspires to reimagine digital growth for India’s over 6 crore small businesses by eliminating the need for agencies, freelancers, or complex tools—bringing full-funnel, autonomous marketing into one simple app.

Source - Entrackr

23/07/2025

One 97 Communications Ltd, the parent of Paytm, on July 22 reported consolidated net profit of Rs 123 crore in the quarter ended June 30, 2025 as against net loss of Rs 839 crore a year ago, aided by strong lending business and as it kept a tight lid on expenses, especially marketing and employee cost.

The company also reported a positive Ebitda of Rs 72 crore, compared to an Ebitda loss in both Q4FY25 and Q1FY25, as it benefited from operating leverage, lower marketing spends, and improved contribution margins across business lines.

Operating revenue for the quarter stood at Rs 1,918 crore, growing 28 percent year-on-year and marginally up from Rs 1,911 crore in Q4FY25. Total income, which includes other income, rose to Rs 2,159 crore.

Contribution profit increased 52 percent YoY to Rs 1,151 crore, with contribution margin expanding to 60 percent, up from 50 percent a year earlier. Total expenses came in at Rs 2,016 crore, 19 percent lower than Rs 2,476 crore in the year-ago period, aided by tighter control over employee and marketing spends.

Paytm had reported a net profit of Rs 153 crore in the September 2024 quarter (Q2 FY25), but that was primarily due to a one-time gain from the sale of its entertainment ticketing business to Zomato. The Rs 1,345 crore generated from the transaction boosted the quarter’s numbers, though the underlying business was still loss-making.

In comparison, the Rs 123 crore net profit in Q1FY26 reflects an improvement in core operations, aided by cost controls and a lower ESOP charge, and is seen as the company’s first operationally-led profit since its listing.

Net payment revenue rose 38 percent YoY to Rs 529 crore, driven by an expanding base of high-quality subscription merchants and better payment processing economics, the company said.

Sequentially, the payments revenue remained largely stable due to increase in payment processing margin and device additions.

The number of subscription-based merchant devices rose to an all-time high of 1.3 crore during the quarter.

Source - MoneyControl

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