From Kluisz.ai securing $9.6 million in a standout AI seed round to the Enforcement Directorate filing a FEMA case against Myntra over alleged FDI violations worth INR 1,654 crore, the day saw notable developments across tech, retail, and fintech. On the funding side, Gupshup, iTuring.ai, and others drew strong investor interest. Here’s your quick roundup of the top funding deals and key business news in India for 23rd July 2025.
Daily Indian Startup Funding Digest – 23 July 2025
| Company | Funding Amount | Round Type | Lead Investor(s) |
|---|---|---|---|
| Kluisz.ai | $9.6 million (~₹83 cr) | Seed | RTP Global |
| Gupshup | $60 million+ | Equity + Debt | Globespan Capital Partners, EvolutionX Debt Capital |
| iTuring.ai | $5 million | Series A | Dallas Venture Capital, Mela Ventures |
| Magma | Not disclosed | Extended Series A | GVFL Ltd |
| Coluxe | Undisclosed | Friends & Family | — |
| Inbound Aerospace | $1 million+ | Pre-seed | Speciale Invest |
| Grexa AI | ₹15.5 crore (~US $1.85 m) | Seed | Utsav Somani |
| Veranda Learning | ₹357.4 crore | QIP | Institutional Investors via QIP |
Kluisz.ai raised $9.6 million seed round
Enterprise-focused Gen‑AI cloud startup Kluisz.ai has secured $9.6 million in its seed round, one of 2025’s largest AI seed raises, led by RTP Global. The round also included participation from Unicorn India Ventures, Blume, Climber Capital, and prominent angels such as Ritesh Agarwal (OYO), Ritesh Malik (Innov8), and Aditya Virwani (Embassy Group).
Gupshup secured $60 million
Conversational‑AI leader Gupshup has raised over $60 million through a mix of equity and debt financing, led by Globespan Capital Partners and EvolutionX Debt Capital. The funds will support its go‑to‑market expansion across India, the Middle East, Latin America, and Africa.
iTuring.ai raised $5 million in Series A funding round
BFSI‑focused machine‑learning platform iTuring.ai has secured $5 million in its Series A round, led by Dallas Venture Capital and Mela Ventures. Previous contributions in the round include SenseAI and Pentathlon Ventures. The funds will boost its zero‑code AI/ML platform rollout in banking, insurance, and financial services.
Magma bags strategic investment
Ahmedabad‑based industrial‑solutions provider Magma has added GVFL Ltd to its Series A extension round, joining initial backers like Capria Ventures, General Catalyst, and Accion Venture Lab. Total capital raised to date exceeds $8 million.
Coluxe closed friends and family funding round
Fine‑jewellery brand Coluxe has closed a friends & family funding round to launch its everyday fine‑jewellery platform featuring lab‑grown diamonds. Investors include founders and angels such as Startup Sherpas, Ajai Chowdhry, Tej Kapoor, and Sairee Chahal.
Inbound Aerospace raised pre-seed round
IIT‑Madras incubated spacetech startup Inbound Aerospace has raised over $1 million in a pre‑seed round led by Speciale Invest, with participation from Piper Serica. The funds will help develop autonomous re‑entry vehicles for microgravity research and in‑orbit manufacturing.
Grexa AI secured INR 15.5 crore in the seed round
Thane‑based marketing‑tech firm Grexa AI, founded by the creators of Testbook, has secured an INR 15.5 crore seed round led by Utsav Somani, with Bharat Founders Fund, DeVC, and angels backing. The startup will use the capital for product innovation and expansion.
Veranda Learning raised INR 357.4 crore via its first QIP
Edtech player Veranda Learning Solutions Ltd has raised INR 357.4 crore via its maiden Qualified Institutional Placement (QIP), allotting 1.58 crore shares at INR 225.20 each. The capital will be employed to pay down debt (including the Ascertis credit facility) and drive vertical growth. Systematix Corporate Services acted as the sole book‑running lead manager.
Key News Highlights for 23 July 2025
ED launches FEMA case against Myntra
The Enforcement Directorate (ED) has initiated a case under Section 16(3) of FEMA against Myntra Designs Pvt Ltd, its associates, and directors, alleging INR 1,654.35 crore of FDI violations. The probe found that Myntra routed 100% of its sales through its affiliate Vector E‑Commerce Pvt Ltd via “wholesale cash & carry” channels—exceeding the 25% related‑party cap—thus flouting FDI norms. Myntra has stated that it “has not received the complaint” and will fully cooperate.
Good Glamm Group to be split brand‑wise
The Good Glamm Group is being dismantled into separate brand entities after lenders enforced charges against individual brands, ending its unified “house of brands” model. CEO Darpan Sanghvi confirmed on LinkedIn that, following failed refinancing and partial sale efforts, each brand will now be sold independently under separate ownership.
PhonePe and SBI launch co‑branded credit cards
PhonePe has partnered with SBI Card to launch two new co‑branded credit cards-SELECT BLACK and PURPLE, on RuPay and Visa networks. The SELECT BLACK version offers up to 10% reward points on PhonePe app spends (up to INR 2,000 per month) and 5% on other online purchases; both variants support UPI integration, tokenisation, and lounge access.
TCS confirms no withdrawal of offers, only delayed onboarding
Tata Consultancy Services (TCS) has clarified that it has not revoked any job offers, despite a pause in onboarding around 600 experienced lateral hires. The company attributed delays to typical workforce planning adjustments and did not offer cancellations. Affected candidates had already resigned elsewhere and voiced concerns via the Nascent Information Technology Employees Senate (NITES) with the Ministry of Labour.
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