Lenskart has announced a strategic investment in AjnaLens, a Mumbai-based deep-tech company building AI-powered XR glasses. They won the CES Innovation Award in 2023 for industry’s most advanced mixed reality headset – AjnaXR.
This partnership represents a step forward in the development of AI-powered Smart Glasses. Lenskart plans to leverage its expertise in frame design and engineering, combined with its technology-first approach, to create Smart Glasses that are accessible to all and cater better to consumer lifestyle needs, because for Lenskart, Smart Glasses are glasses first.
Lenskart’s omnichannel presence in 14 countries allows it to leverage customer insights to drive its product development and innovation strategy.
Commenting on the announcement, Peyush Bansal, Co-Founder & CEO, Lenskart, said, “We have been leveraging technology to create distinctive and meaningful eyewear experiences for our customers. This investment marks the next chapter in our Smart Glass journey, which began with the launch of Phonic, our audio glasses, in December 2024. As the Smart Glasses category scales rapidly, our partnership with AjnaLens strategically positions us to accelerate product innovation in this space.”
Founded in 2014 and headquartered in Thane, Mumbai, AjnaLens is a deep-tech startup developing immersive technologies powered by spatial computing, AI vision, and a XR stack.
The commercial terms of the investment remain undisclosed.
IPO Prep Strengthens Move
Lenskart recently converted into a public limited company on 6 June 2025, as it prepares for an IPO expected to raise around $1 billion at an estimated $10 billion valuation, doubling its last private valuation of $5 billion. This strategic cash infusion boosts its deep‑tech play and underpins its ambition to lead in AI‑powered smart eyewear.
About Lenskart
Founded in 2010, Lenskart is a technology-driven eyewear company operating an integrated platform spanning designing, manufacturing, branding and retailing. It has a global
presence and offers prescription eyewear, sunglasses, contact lenses and eyewear accessories. Its omnichannel platform is powered by technology such as AI-driven
recommendations and 3D try-on features, simplifying the eyewear purchase journey & enabling better eye health for customers.
The National Restaurant Association of India (NRAI) has chosen to speak with Zomato this month after a flurry of restaurant complaints regarding the food tech giant’s recently implemented long-distance service charge.
According to various media reports, the restaurant industry association had preliminary talks with Deepinder Goyal, the CEO of Zomato parent company Eternal, about the matter and intends to meet with him this month to try to find a solution.
Zomato announced in May of this year that, regardless of order value, it would charge restaurants a service fee of INR 15 for deliveries within 4 to 6 km and INR 25 to INR 35 for deliveries over 6 km.
Restaurants are furious about this action. Zomato asserts that it sets a 30% commission cap on restaurant orders, but eateries complain that this cap has been violated as a result of the new long-distance price.
Why Restaurants are Unhappy with Zomato’s Long Distance Fee Move?
Zomato stated in an email that long-distance calls would cost between INR 25 and INR 35. The fee now stands at 35% for a customer who already pays 25% on a purchase of INR 250 plus an extra INR 25.
Then, Zomato claims that it will be limited to 30%. Thus, the structure is extremely complex and perplexing. According to the proprietor of a quick service restaurant (QSR), Zomato appears to be breaking the 30% commission cap by charging a long-distance fee.
According to NRAI, Zomato, not restaurant owners, chose to expand the delivery radius in order to expand the platform. Therefore, it is now their responsibility to find the answer. If they so choose, they are free to charge the person who is ordering food for this.
In addition to the long-distance charge, Zomato has angered restaurants by attempting to alter the conditions of its contracts with them. Zomato has been contacting eateries to sign a new contract under its parent company Eternal since May.
Restaurants, however, claimed that Zomato had covertly added a new provision to the contract that would allow it to sanction the former for failing to maintain pricing parity among food tech platforms. The majority of restaurants are not signing the new contract, according to a Zomato-listed restaurant partner quoted in the media.
NRAI Already Taken Legal Action Against Zomato and Swiggy
Since 2021, the NRAI has been fighting the two foodtech titans in court over their claimed anti-competitive behaviour. Additionally, the restaurant body has been at odds with Swiggy and Eternal regarding the meal options offered by their respective rapid commerce verticals, SNACC and Bistro.
Restaurants have therefore been searching for strong substitutes for the two platforms for a considerable amount of time. Although ONDC looked promising at first, its credibility as a viable alternative has been damaged by leadership turnover and a drop in retail food orders.
The NRAI has now partnered with Rapido to distribute food in a fresh attempt. Eternal’s decision to increase meal delivery fees comes as the company seeks to boost its top line despite the industry’s decline.
While Eternal’s rapid commerce vertical Blinkit grew 122% YoY to INR 1,709 Cr during the quarter, Zomato’s sales grew just 17.5% YoY to INR 2,409 Cr in Q4 FY25.
Supported by Info Edge, Nopaperforms is now a publicly traded company. The conversion was accepted by the company’s board at its May 22 meeting, according to its regulatory records that were accessed by a media outlet.
Later, on May 26, during an extraordinary general meeting, its shareholders approved the removal of the word “private” from its name. As a result, the startup’s name has been modified from “NoPaperForms Solutions Private Limited” to “NoPaperForms Solutions Limited.”
Companies that want to list on stock exchanges must first make the decision to become a public organisation. Meritto, registered as Nopaperforms, started getting ready to list on the exchanges around two months ago.
It was reported in March that it had chosen SBI Capital and IIFL Capital to lead its first public offering. The board of NoPaperForms then approved a plan to pursue an IPO, according to its investor, Info Edge.
Plans for the IPO
It is anticipated that the startup will soon submit IPO paperwork. According to various media reports, the startup is valued at approximately INR 2,000 Cr ($234 Mn), and its public offering would be between INR 500 Cr and INR 600 Cr ($60-70 Mn).
By the end of 2025, the listing is anticipated to become a reality. NoPaperForms, which was founded in 2017 by CEO Naveen Goyal and CSO Suraj Sapra, offers a range of software products for the education sector, such as campaign management, application management, and lead management systems.
It provides solutions for handling every stage of the student lifecycle, from initial inquiry to final enrolment, through its flagship platform Meritto. Additionally, the education industry’s many stakeholders can work together and effectively manage the admissions process thanks to its unified platform.
According to its records on Tofler, the startup earned a profit in FY24, reporting a standalone profit of INR 4 Lakh as opposed to a loss of INR 15 Cr in the prior fiscal year. From INR 48.2 Cr in the prior fiscal year to INR 70 Cr in the year under review, its revenue increased by 45.4%.
IPO Trend Blossoming Among Indian Startups
The SaaS startup’s listing would expand the number of publicly traded businesses emerging from Info Edge’s stable. Info Edge’s omnichannel jewellery business BlueStone is preparing to go public, while PB Fintech and Zomato have been listed for years.
Prior to submitting its RHP, the jewellery company hopes to raise pre-IPO financing at a unicorn value after receiving SEBI’s approval for its IPO in April. In the meantime, the nation has seen an increase in new-age tech IPO filings in recent weeks.
Major e-commerce company Meesho pre-filed its IPO documents today for a $1 billion IPO. Other modern technology businesses that have submitted their DRHPs to SEBI include Urban Company, Shiprocket, PhysicsWallah, Capillary Technologies, Pine Labs, and Curefoods, among others.
The rise of the Ambani brothers, Mukesh and Anil, is one of India’s most inspiring business tales. Mukesh and Anil Ambani, sons of the legendary Dhirubhai Ambani, were set to grow Reliance Industries into an even bigger empire. In 2008, Anil Ambani ranked as the sixth-richest person in the world, boasting a staggering net worth of $42 billion.
But his journey soon took a dramatic turn in 2020, when he declared bankruptcy in a UK court, marking one of the most stunning downfalls in corporate India. This is the rollercoaster story of Anil Ambani, a man who went from being one of the world’s richest billionaires to declaring bankruptcy, only to now rise again, this time building business jets and clean energy assets.
The Ambitious Climb: How Anil Ambani Took the Spotlight?
The Great Reliance Split (2005)
After the death of legendary industrialist Dhirubhai Ambani in 2002, a power struggle emerged between his two sons, Mukesh Ambani and Anil Ambani, over the control of Reliance Industries. The boardroom battle soon became public and captivated corporate India. In June 2005, their mother, Kokilaben Ambani, brokered a peace deal, leading to the formal division of the Reliance empire.
Under the demerger agreement, Anil Ambani received control of several non-petrochemical businesses, including:
Telecom – Reliance Communications
Financial Services & Insurance – Reliance Capital
Power & Infrastructure – Reliance Energy (later renamed Reliance Infrastructure)
Anil’s ambition knew no bounds. In 2008, he launched the Reliance Power IPO, which became a historic market event. The IPO was:
Oversubscribed within minutes, drawing massive interest from investors.
It had received bids for 69 times the number of shares on offer, reflecting unprecedented investor enthusiasm.
Raised INR 11,500 crores ($3 billion), making it India’s largest IPO at the time.
Riding on the IPO hype, Anil’s net worth skyrocketed to around $42 billion, briefly making him the 6th richest person in the world, ahead of even his elder brother, Mukesh. It was the peak of his financial might.
Expanding the Empire: From Telecom to Tinseltown
With massive public and investor support, Anil rapidly diversified his portfolio:
Reliance Capital entered insurance, mutual funds, and consumer finance.
Reliance Infrastructure undertook large-scale EPC and urban transport projects.
In media, he launched BIG FM, acquired Adlabs Films, and even partnered with Steven Spielberg’s DreamWorks in 2009, involving $825 million in funding from Reliance, marking one of India’s boldest global entertainment deals.
The Fall of Anil Ambani: Debt, Legal Woes & Public Humiliation
The Telecom Collapse
Reliance Communications (RCom), once India’s telecom leader, couldn’t survive the Jio-led price war. Burdened by debt and failed strategies, it collapsed. A crucial $2 billion merger with MTN in 2008 also fell apart.
Failed MTN deal due to regulatory restrictions (2008)
Lost market share after Jio’s entry (2016)
Filed for bankruptcy under IBC in 2019
Ericsson Contempt
In 2019, Anil was held in contempt by the Supreme Court over unpaid dues to Ericsson. Claiming inability to pay, he faced jail, until Mukesh Ambani stepped in. It was a moment of public embarrassment.
INR 550 crore in dues unpaid to Ericsson
Anil claimed zero liquidity
Mukesh bailed him out with INR 453 crore
Court Order
A UK court has mandated that Anil Ambani pay over $700 million to Chinese banks, marking the conclusion of a high-profile legal battle that exposed the dramatic financial downfall of a businessman who was once among the world’s wealthiest tycoons.
Regulatory Crackdown & Supreme Court Blow
Anil Ambani’s financial troubles deepened in 2024 as SEBI and the Supreme Court took major actions against him. He and 24 others were banned from the securities market over fund diversion at Reliance Home Finance. The Supreme Court also struck down a massive arbitration win for his group.
SEBI barred Anil Ambani & 24 entities from the securities market for 5 years
INR 25 crore fine imposed for mismanagement at Reliance Home Finance
The Supreme Court overturned an INR 8,000 crore arbitration award to Reliance Infrastructure.
Ordered INR 3,300 crore refund to Delhi Metro Rail Corporation (DMRC)
Following a period marked by financial distress and legal hurdles, Anil Ambani set a bold new direction for his business empire in 2024–25. Shedding the high-debt, high-risk model of the past, he pivoted Reliance Group’s focus toward three strategic pillars:
Defense manufacturing
Green and renewable energy
Asset-light, debt-conscious operations
This renewed approach aligns closely with India’s national priorities, including ‘Make in India’, Atmanirbhar Bharat, and the global push for clean, sustainable energy solutions.
Reliance Power’s Turnaround
Q4 FY25 saw a dramatic turnaround: Reliance Power swung from an INR 397.6 crore loss to an INR 125.6 crore profit, committed to becoming debt-free via capital raises & cost control.
The agreement includes the delivery of 930 MW of solar power combined with a 465 MW/1,860 MWh battery energy storage system (BESS), making it Asia’s largest solar-BESS project at a single location to date, the company stated.
Reliance Power Q4FY25 Financials:
Particulars
Q4 FY25 (INR Cr)
Q4 FY24 (INR Cr)
YoY Change (%)
Revenue from Operations
1,978.01
1,996.65
-0.9%
Other Income
87.63
197.20
-55.6%
Total Income**
2,066.64
2,193.85
-5.8%
Total Expenses
1,998.49
2,615.51
-23.6%
Profit Before Tax
67.15
(463.05)
NA
Profit After Tax (PAT)
125.57
(397.56)
NA
Total Comprehensive Income
122.41
(396.62)
NA
Reliance Infrastructure’s Revival
Reliance Infrastructure also staged a comeback in FY25:
Cut standalone net debt from INR 3,831 crore to zero/near zero
Posted an INR 4,387 crore consolidated profit in Q4 FY25
Plans are underway to become fully debt-free and tap into defense & metro-rail projects, including INR 10,000 crore potential from MoD contracts
Reliance Infrastructure Financials FY25
Particulars
Q4 FY25 (INR Cr)
Q4 FY24 (INR Cr)
YoY Change (%)
Consolidated Net Profit
4,387.08
(220.00)
NA
Consolidated Operating Income
4,108.01
~4,666.00 (approx)
-12% (approx)
Adjusted EBITDA
8,876.00
~1,137.00 (approx)
+681% (QoQ)
FY Consolidated PAT
4,938.00
(1,609.00)
NA
Standalone Net Debt
0.00
~3,300.00
Reduced to zero
Big Moves in Defense & Aviation
In June 2025, Reliance took a major step into aerospace:
Partnered with Dassault Aviation to build Falcon 2000 business jets in India, the first assembly outside France
Set up the final assembly line at the DRAL facility in Nagpur, targeting the first “Made‑in‑India” Falcons by 2028
The venture was hailed as “Make in India” and triggered a 4.2% jump in Reliance Infra shares
In parallel, Reliance signed an INR 10,000 crore agreement to:
Manufacture Vulcano 155 mm precision-guided artillery shells at a greenfield plant in Maharashtra, projected to be India’s most advanced private defense production hub.
The plant is a part of the upcoming Dhirubhai Ambani Defence City (DADC) in Ratnagiri. It is expected to produce 200,000 shells annually, along with 10,000 tonnes of explosives and 2,000 tonnes of propellants.
These high-stakes ventures mark Reliance’s decisive push into critical defense and aerospace manufacturing, aligning with India’s Atmanirbhar Bharat (self-reliant India) initiative and supporting Anil Ambani’s broader corporate revival strategy.
As Anil Ambani reshapes his business empire, his sons Jai Anmol Ambani and Jai Anshul Ambani have stepped up as key drivers of the group’s revival. The next generation of the Ambani legacy is quietly but firmly taking charge, bringing fresh energy, strategic clarity, and a modern lens to the Anil D. Ambani Group (ADAG).
Jai Anmol Ambani – The Financial Brain
Anil Ambani, Tina Ambani and Jai Anmol Ambani
The elder son, Jai Anmol, previously a director at Reliance Capital and Reliance Nippon Life AMC, has taken a more hands-on role in the group’s financial restructuring.
He began his career as an intern at Reliance Mutual Fund in 2014 and rose to become Executive Director at Reliance Capital in 2017
Instrumental in raising stakes in Nippon India Asset Management.
He is popular for his focused style of leadership in financial ventures.
Conclusion
Anil Ambani’s story is a rare mix of extreme success, public downfall, and quiet reinvention. Once the 6th richest man in the world, he lost it all, facing bankruptcy, legal troubles, and market bans. But he didn’t give up. Today, with a renewed focus on defense, green energy, and debt-free growth, Anil is slowly rebuilding.
FAQs
What is Anil Ambani’s current role in Reliance Group?
Anil Ambani is Chairman of the Reliance Group, overseeing all its major listed companies, Reliance Communications, Capital, Infrastructure, Power, Defence & Engineering, among others.
How has Anil Ambani’s net worth changed in recent years?
As of March 2025, Anil Ambani’s net worth has plunged to approximately $530 million, down from a peak of $42 billion in 2008, with most of the decline unfolding over the past decade.
What is the status of Anil Ambani’s legal or bankruptcy cases?
Anil Ambani is facing multiple legal issues. In July 2025, SBI flagged Reliance Communications’ loan account as fraud. SEBI banned him from the securities market for 5 years in 2024 over fund diversion. NCLT admitted insolvency proceedings against Reliance Infrastructure, though NCLAT later paused it. He also withdrew a tax notice challenge in April 2025 and was fined.
Le Travenues Technology Ltd., which operates under the trade name “Ixigo,” is a prominent online travel agency (OTA) that was founded in 2006. Aloke Bajpai and Rajnish Kumar started the company so that people in India could easily book hotels, trains, buses, and flights. The Bangalore-based company has a massive consumer base all over India.
Ixigo has proven its operational prowess in a very competitive market. In FY23, marketing and promotional costs were for just 18.6% of revenue, well below the 35.8% average for the industry. With 25 million users active every month, Ixigo has made great strides in acquiring new customers. Also, with an expense-to-revenue ratio of 0.97, the corporation has kept its costs modest. The strategic expertise and market agility demonstrated by Ixigo in the online travel business can be seen in these figures.
The company runs on a strong commission-based business model. It runs a meta-search business that enables travelers to get all the necessary services required under one roof.
The creative combination of technology and solutions focused on the consumer is key to Ixigo’s success. By utilizing AI, ML, and data analytics, Ixigo has created customized vacation packages that are highly popular among tech-savvy millennials. AbhiBus and Confirmtkt are just two examples of the strategic partnerships and acquisitions that have helped Ixigo grow its business, enhance its products, and attract more customers.
There aren’t many profitable Indian tech businesses in the tourism industry, but Ixigo is among them. Impressive financial gains were achieved by the company while facing challenges like the COVID-19 pandemic and a very competitive OTA market.
Ixigo Business Model Canvas
Ixigo, a leading online travel platform in India, has built a resilient and scalable business model focused on affordability, innovation, and deep market penetration.
Ixigo Business Model Canvas
Below is a concise Business Model Canvas outlining how Ixigo operates and creates value:
Ixigo generates revenue from various sources, including:
Commission from Train, Bus, Flight ticketing, and Cab booking: Indians rely on trains for their daily commutes, with a higher proportion opting for long-distance rail travel. This is particularly true for a developing nation like India, where flying is still out of reach for the majority of the population. The train booking process on Ixigo is quite straightforward to use. However, Ixigo is only allowed to charge commissions between INR 20 and INR 35 per booking, and the Indian Railways do not permit surge pricing. Similarly, the company charges various commissions on bus, flight, and cab booking too, charges vary depending on the distance traveled.
Hotel Reservation Commission: For hotel reservations, Ixigo collects some extra fees in addition to the booking prices for its services offered on the site. These fees are called “Additional Fees” and are meant to cover the cost of providing convenient services to clients.
Revenue through Advertisement: As the website and app of Ixigo have a massive viewership and downloads, the company is utilizing this development to generate revenue. Now several brands have been putting their promotional advertisement on Ixigo’s website. Brands associated to travel and leisure industry are constantly opting for Ixigo’s website for their promotional activities.
E-bus ticketing via FreshBus: In preparation for the introduction of electric bus services between cities in India, Ixigo put INR 26 crore (about $3.1 million) into the Bengaluru-based startup FreshBus.Now company charges a hefty commission through its e-ticketing service on every booking of FreshBus.
Ixigo Financials FY24
Particulars
FY24
FY23
Total Revenue
INR 665.1 crore
INR 517.6 crore
Total Expenses
INR 627.8 crore
INR 484.3 crore
Profit/Loss
INR 73.1 crore
INR 23.4 crore
Ixigo Revenue 2024
Over the past five fiscal years, Ixigo has demonstrated significant growth in revenue and profitability, reflecting its expanding presence in the travel industry.
In FY24, Ixigo reported a total revenue of INR 665.1 crore, marking a 28% increase from INR 517.6 crore in FY23. Expenses also rose to INR 627.8 crore in FY24, up from INR 484.3 crore in FY23. Despite the increase in costs, the company’s net profit surged to INR 73.1 crore, more than tripling from INR 23.4 crore in FY23.
Ixigo Key Features
With Ixigo, customers can search and book flights, hotels, trains, taxis, and destinations from over 120 different suppliers and OTAs. Initially, the company’s focus was on serving customers in tier-I cities with its primary product, an app that allowed users to book flights and hotels. Ixigo gradually recognized the necessity of concentrating on tier II and III cities. A separate rail app was developed as a result, aimed at low-cost travelers hailing from those cities. The company’s commitment to innovation and its goal of resolving even the most minor consumer pain points constitute its greatest competitive advantage. Ixigo has introduced new features such as live running status, Siri shortcuts, and an augmented reality tool that lets users find their coach positions at over 7,000 railway stations in India.
Ixigo IPO
In the wake of its initial public offering (IPO), Ixigo is well-positioned to shake up the industry. With an estimated valuation of over INR 6,000 crore, the initial public offering (IPO) represents more than simply a chance to invest; it reflects faith in Ixigo’s lucrative and cutting-edge business strategy. Investors’ faith in Ixigo’s future growth is evident in the IPO’s target valuation of around INR 120 crore, which establishes the firm as a strong contender among IT IPOs.
Just one day before the anchor book opening, the company finalized a pre-IPO secondary placement of over Rs 176.2 crore. Madison India, Elevation Capital, Micromax Informatics, and Peak XV Partners sold 18.9 million shares at the upper end of the IPO price band of Rs 93 apiece during this secondary sale. Ashoka India Equity Investment Trust, Bay Capital, Tata Mutual Fund, and Steadview Capital are among the new investors who bought shares. Shares of the company debuted strongly on June 18, 2024.
The internet travel industry has its share of hurdles, but Ixigo is up for the challenge. New services and products from the company include Ixigo Money, a loyalty program that gives customers discounts and cash back, and Ixigo Assured, a premium travel product that gives customers priority support, free ticket modifications, and guaranteed refunds. For a more tailored and satisfying experience for its customers, the business has also put money into cutting-edge tech like data analytics, AI, and machine learning. Through these efforts, Ixigo has been able to grow its user base, market share, and income while tackling all the business operations’ difficulties.
Le Travenues Technology Ltd., which operates under the trade name Ixigo, is a prominent online travel agency (OTA). With Ixigo, customers can search and book flights, hotels, trains, taxis, and destinations from over 120 different suppliers and OTAs.
When was Ixigo founded?
Aloke Bajpai and Rajnish Kumar founded the company in the year 2006.
Is Ixigo profitable?
Yes, Ixigo is profitable, with a net profit of ₹73.1 crore in FY24 and ₹23.4 crore in FY23.
What is Ixigo net worth?
As of July 2025, Ixigo has a market capitalization of around INR 6,700 crore (approximately $770 million). The company is profitable, with a net income of about INR 60 crore on trailing 12-month revenue of INR 932 crore, reflecting strong financial performance and investor confidence.
What is business of Ixigo?
Ixigo is an online travel platform that aggregates and lets users search, compare, and book flights, trains, buses, hotels, and cabs using AI‑powered meta‑search.
On 3rd July 2025, multiple early-stage startups announced fresh funding, marking strong momentum in pre-Series A and seed rounds. Here’s a breakdown of today’s top funding deals and key business news in India.
Company
Amount Raised
Funding Stage
Key Investors
Sector
GobbleCube
$3.5 million
Pre-Series A
Info Edge Ventures
Food Tech / AI
Luma Fertility
$4 million
Seed
Peak XV Partners, Surge (Sequoia)
FemTech / Fertility
Fes Café
Undisclosed
Seed
Aakash Anand, Wolfpack Labs
QSR / F&B
Maieutic Semiconductor
$4.15 million
Seed
Speciale Invest, Micron Ventures, others
Semiconductor
FitFeast
₹5.5 crore
Seed
Lead Angels, LV Angel Fund, Chandigarh Angels
Health & Wellness
GobbleCube raises $3.5 million in Pre‑Series A
GobbleCube, founded in 2022 by Manas Gupta, Srikumar Nair and Nitesh Jindal, is an AI‑powered “growth copilot” for consumer brands. It has raised $3.5 million in a Pre‑Series A, led by Info Edge Ventures, with continued support from Kae Capital. The company has already achieved $2 million ARR in just nine months, serving over 200 brands including Reckitt, Tata Consumer, Nivea & Johnson & Johnson. The funds will go towards enhancing AI capabilities and accelerating global expansion.
Luma Fertility secures $4 million seed round
Luma Fertility, a Mumbai‑based femtech provider founded by Neha K. Motwani (founder of Fitternity), has raised $4 million in a seed round led by Peak XV’s Surge, with participation from Ameera Shah (Metropolis Healthcare) and Vijay Taparia (B2V Ventures). Luma offers IVF, egg & embryo freezing, fertility assessments and more, using AI-powered tools. The capital will help Luma to expand in Mumbai followed by expansion in other cities.
FES Café raises INR 3 crore in seed funding
FES Café, a dessert-led, eggless café chain founded by Vidur Mayor, has secured INR 3 crore in a seed round, led by Aakash Anand (Bella Vita Organic) and Wolfpack Labs. The Gurugram-based chain aims to launch in Delhi this July and expand to 100+ locations by FY 2027.
Maieutic Semiconductor raises $4.15 million in seed round
Bengaluru-based deep‑tech startup founded by Gireesh Rajendran, Ashish Lachhwani, Rakesh Kumar and Krishna Sankar, Maieutic Semiconductor has raised $4.15 million in seed funding, co-led by Endiya Partners and Exfinity Venture Partners. The round will strengthen their development of a generative‑AI copilot for analogue chip design, accelerate time-to-market, expand engineering headcount and enhance platform capabilities.
FitFeast raises INR 5.5 crore in seed funding
Gurugram-based protein-focused brand founded by Aditya Poddar, FitFeast, has secured INR 5.5 crore ($642K) in a seed round led by Inflection Point Ventures, with backing from cricketers Shane Watson and Axar Patel, and other investors including Raghav Singhal and Santosh Govindaraju. The funds will support the expansion of D2C operations, digital marketing and new product development.
Key News Highlights for 3 July 2025
Meesho confidentially files DRHP to raise $500 million(INR 4,250 crore)
Bengaluru-based e‑commerce unicorn Meesho has confidentially submitted its Draft Red Herring Prospectus (DRHP) to SEBI, seeking to raise INR 4,250 crore (approximately $497–500 million) via a primary share issue. The company, backed by Prosus, Elevation Capital, WestBridge, SoftBank, and Peak XV, aims to list by September-October 2025.
MobiKwik secures SEBI nod to operate as stockbroker
Payment‑wallet firm MobiKwik (One MobiKwik Systems Ltd.) has received SEBI approval for its subsidiary MobiKwik Securities Broking Pvt Ltd, allowing it to function as a registered stockbroker and clearing member for equity trades. The registration was granted on 1 July 2025, and MobiKwik’s shares rose ~2.5% on NSE after the announcement.
Banga family to sell 2.1% stake in Nykaa (INR 1,200 crore / $150 million)
Early Nykaa backers Harindarpal and Indra Banga plan a block deal to offload 2.1% of shares, amounting to roughly 60 million shares, at INR 200 per share (a 5–5.5% discount). The deal is valued at approximately INR 1,200 crore ($150 million).
WEH Ventures exits Smallcase, returns entire 2017 Fund I
VC firm WEH Ventures has fully exited its investment in fintech platform Smallcase, recouping INR 20 crore from its first fund and delivering an impressive 38% IRR. This marks a full return of capital and highlights a strong outcome from its early-stage investment strategy.
Microsoft to slash 9,000 jobs (4% of workforce) amid AI pivot
US tech giant Microsoft is set to reduce its global staff by approximately 9,000 roles, representing under 4% of its 228,000-strong workforce. These cuts span sales, engineering, Xbox and other divisions as the company streamlines management and reinforces its artificial intelligence strategy. Senior sales management is being replaced with more technical “solutions engineers”. Despite the layoffs, Q4 revenue reached $70 billion, with net income near $26 billion, driven by strong Azure cloud performance.
“Employees don’t leave companies, they leave managers.”
It’s one of those universally accepted workplace truths that’s often repeated but rarely acted upon. But when Ghazal Alagh, Co-founder of Mamaearth, Shark Tank India’s beloved “Mamashark”, and a celebrated entrepreneur, posted this line on LinkedIn, she didn’t stop there.
Instead, she dug deeper and listed eight kinds of toxic managers that she believes are the real reason top talent quits, especially in startups. With years of experience in building brands like The Derma Co, Aqualogica, Dr. Sheth’s, and BBlunt, Alagh’s insights come not from theory, but from lived entrepreneurial reality.
Her post has since struck a chord with thousands of professionals across India, particularly millennials and Gen Z, who are tired of leadership that drains more than it inspires.
The Eight Toxic Bosses That Push People Out
In her recent LinkedIn post, Ghazal Alagh identified eight types of managers that high-performing professionals struggle with the most:
1. The Micromanager
This manager trusts no one but themselves. Every move is scrutinised. There’s no room for creativity or autonomy, only anxiety and burnout.
2. The Credit Taker
Always front and centre when success is celebrated, but conveniently silent when it’s time to give recognition where it’s due.
3. The Ghost
This manager is rarely around when needed. They skip one-on-ones, don’t give feedback, and are hard to reach during important moments.
4. The Volcano
They have sudden mood swings and angry outbursts. These are the type whose behaviour creates stress and makes the team feel uneasy and unsafe at work.
5. The Information Hoarder
These managers hold on to insights like currency. Team members are left in the dark, unable to learn, grow, and make informed decisions.
6. The Never-Satisfied
Even when teams deliver exceptional results, these managers fail to acknowledge progress. The benchmark always moves further, demotivating employees over time.
7. The Favouritist
This manager gives all the attention to a few favourites, often due to personal comfort or bias. Others in the team feel ignored, even when they work hard or perform well.
8. The Risk-Free Boss
They avoid change and stick to the safe route. New ideas are rarely welcomed, and the team misses out on growth opportunities because of their fear of taking risks.
What made Alagh’s post truly resonate wasn’t just the list, but her call to action. She reminded founders and leaders that company culture isn’t just about quirky perks or flexible policies. It’s shaped by daily interactions, micro-moments of leadership, and whether managers show trust, empathy, and respect.
In India’s fast-moving startup culture, where burnouts are high and loyalty is fleeting, this reminder couldn’t have come at a better time.
The Silent Resignation Wave
Alagh’s insights mirror a silent truth brewing in India’s workforce, especially among Gen Z and young millennials. Fancy titles and cool offices can’t compensate for toxic leadership. Even in dream startups, if the boss is bad, people leave. Period.
Her post not only validates what many employees feel but fear to say, but it also challenges organisations to look inward.
So, What’s the Takeaway?
If you’re a founder, CXO, or people manager, it might be time for a self-check, not just on your growth numbers or funding pipeline, but on your leadership style. Could you be the reason someone’s motivated to stay, or quietly looking for the exit?
As Ghazal Alagh emphasises in her post, retention isn’t built on perks or policies alone, it’s built on trust, respect, and everyday leadership moments.
In today’s hustle-driven work culture, your team doesn’t need ping-pong tables. They need a boss who listens.
With its DRHP submitted to markets regulator SEBI under the confidential pre-filing procedure, e-commerce giant Meesho has joined the long line of Indian new-age digital businesses seeking to go public.
According to various media reports, Meesho’s public offering will include a new offering of shares valued at roughly INR 4,250 Cr. Additionally, there would be a large offer for sale component, raising the potential IPO amount to $1 billion (about INR 8,550 Cr).
This occurs one week after Meesho received approval from its board to fund up to INR 4,250 Cr (about $500 million) through a new public listing issue.
Meesho, one of the major participants in the Indian e-commerce business and a rival to Amazon and Flipkart, was founded in 2015 by IIT alums Vidit Aatrey and Sanjeev Barnwal. Among its investors are companies like Facebook, Prosus, Elevation Capital, Peak XV Partners, Tiger Global Management, and DST Partners.
Meesho’s IPO Planning
For more than two years, the e-commerce company has been preparing for its initial public offering. Cofounder and CEO Aatrey stated in 2022 that Meesho aimed to go public on the stock exchanges within the next 12 to 24 months. It did not, however, move forward with the IPO during that time.
In December 2024, when Prosus made public an 18-month schedule for the company’s IPO, the IPO discussion resumed. Last month, it also changed its name from Meesho Private Limited to Meesho Limited, becoming a public business.
The board of the corporation approved the issuance of 411.4 Cr bonus shares at about the same time. Tiger Global, Think Investments, and Mars Growth Capital were among the new investors who joined Meesho’s cap table in January as the company finalised a $250 million to $270 million investment round ahead of filing its DRHP.
Secondary deals made up the majority of the round. After the National Company Law Tribunal (NCLT) gave its clearance, the company recently moved its headquarters from the USA to India.
In terms of finances, Meesho was able to reduce its loss from INR 1,675 Cr in FY23 to INR 304.9 Cr in the fiscal year that concluded on March 31, 2024, an 82% reduction. Operating revenue increased from INR 5,734.5 Cr in FY23 to INR 7,614.9 Cr, a 33% increase.
India’s IPO Trend
Indian new-age tech companies are lining up in large numbers to submit their draft papers at the same time as Meesho’s submission. In addition to Meesho, four other businesses submitted their DRHPs in the last week.
But in the first half of 2025, the IPO pace was slowed by global tensions and the tariff war that US President Donald Trump started. Because of this, in H1 2025, just two cutting-edge IT companies—ArisInfra and Ather Energy—debuted on the public market.
Nonetheless, it is anticipated that the number of IPOs will rise significantly in the second half of the year. Wakefit, Pine Labs, Curefoods, Capillary Technologies, Shadowfax, Shiprocket, and Urban Company are among the cutting-edge tech firms that have submitted their draft papers to SEBI and are currently seeking approval to begin their public offerings.
The popular food and grocery delivery service Swiggy is closing Minis, an online shopfront for creators and small businesses, in order to concentrate more on its key pillars of rapid commerce and food delivery while closing non-core enterprises.
According to information obtained by a media outlet, the corporation has informed vendors that the service will be ended by August 10. Before the deadline, sellers are urged to finish any outstanding orders, take payouts, and shut down their stores.
In late 2022, Minis was launched to allow retailers to create basic internet shopfronts without having to pay commissions or create a website. Merchants might use social media to advertise their shopfronts, handle payments and delivery, and display goods and services.
To facilitate discovery, Swiggy also briefly included Minis stores in its main app. Minis was a component of Swiggy’s larger goal to develop software-as-a-service (SaaS)-style solutions for independent sellers and small enterprises.
Over the years, the company has experimented with a number of merchant-facing services, like Swiggy Genie, to facilitate hyperlocal trade. One of the rare attempts to give retailers complete control over their shopfronts and branding was Minis.
Reasons for the Closure
Similar to solutions like Linktree, Swiggy redesigned the offering in 2024 to serve as a “link in bio” landing page for businesses that prioritise Instagram or WhatsApp. Minis soon lost its presence in the Swiggy ecosystem.
The change put Minis in direct conflict with native shopfront capabilities on platforms like Linktree, Dukaan, and Meta. Minis remained a free solution designed for sellers that mostly relied on social media for reach and discovery, in contrast to Shopify or Dukaan, which provide more extensive integrations for inventory, customer data, and marketing.
Regarding the withdrawal, Swiggy has not made a public statement. Minis’ closure coincides with Swiggy’s intention to concentrate on its core services, which include meal delivery and fast commerce (through Instamart), during a period when industry-wide attention is still firmly focused on operational scalability and profitability.
Swiggy has been methodically closing its non-core operations as part of this transition. It has closed its meat marketplace, InsanelyGood (its premium grocery platform, which merged with Instamart), Swiggy Genie (its pick-up and drop service), and Handpicked (an experimental gourmet grocery vertical) throughout the last two years.
Focusing More on its Core Domain by Adding New Services
Using its Eco Saver mode, Swiggy’s new INR 99 Store on the main app offers single-serve items for a fixed INR 99 with free delivery. The new category, which is active in more than 175 cities, is aimed at frequent, cost-conscious users, particularly students and Gen-Z consumers.
Additionally, Swiggy has been rapidly growing its food and basics delivery vertical, Instamart. Instamart increased the number of its locations from 705 to 1,021 in the January–March quarter (Q4 FY25) by adding 316 dark stores.
Previously, the company was only adding 50 to 100 outlets a quarter, so this represents a significant boost in the pace of expansion. Swiggy’s decision to leave Minis highlights its larger plan to focus operations on high-volume, high-frequency categories in an effort to create a more streamlined and lucrative company.
The RBI has instructed banks and payment institutions to incorporate the telecom department’s (DoT) financial fraud risk indicator (FRI) into their systems in light of the increasing number of cybercrimes.
The RBI guideline, released on June 30, seeks to use cutting-edge technologies to combat cybercrime. The DoT hailed the action as a turning point. In a statement, the DoT claimed that the RBI’s directives mark a turning point in the battle against financial crimes made possible by cyberspace and demonstrate the effectiveness of interagency cooperation in protecting individuals in India’s expanding digital economy.
FRI is a risk-based statistic that was introduced in May and links a cellphone number to the level of financial fraud. Data from DoT’s Chakshu platform, the government’s cybercrime reporting portal, and information provided by banks and financial organisations are used to highlight the numbers.
This makes it possible for the appropriate parties to take further consumer protection steps to stop financial frauds committed using high-risk mobile numbers.
Real-time FRI allows banks and other financial institutions to take preventative steps like rejecting suspicious transactions, warning or alerting clients, and postponing high-risk transactions.
FRI Already Deployed on Fintech Platforms
Real-time response and ongoing feedback to improve the fraud risk models are made possible by an API-based platform that automates data interchange between banks and DoT’s digital intelligence platform, which has created FRI.
According to the DoT, the platform has already been implemented in banks like HDFC Bank and ICICI Bank as well as fintech companies like PhonePe and Paytm.
The DoT went on to say that as UPI is the most widely used payment mechanism in India, this action may prevent millions of people from being victims of cybercrime. The FRI makes it possible to take prompt, focused, and cooperative action against suspected frauds in the banking and telecommunications meantime, it has sectors.
In the been claimed that the National Quantum Mission (NQM) is creating a task force to help banks implement the new technology for data analysis, financial modelling, and cybersecurity. The task force will assist banks in creating rules for the shift to quantum technologies, according to a media source.
A draft of these standards is expected to be made public in the coming months following government approval. One of NQM’s initial milestones, a long-distance quantum key distribution (QKD) network, is anticipated to be completed by the end of July or the beginning of August, the article also stated.
Cybercrime on the Rise in India
Indians lost INR 1,935.51 Cr to digital arrest frauds in 2024, Bandi Sanjay Kumar, the minister of state (MoS) for home affairs, said in the Parliament earlier this year. He added that in the first nine months of FY25, cyber frauds cost INR 107.21 Cr.
According to reports, the Centre has shut thousands of WhatsApp accounts used to spread online fraud, along with lakhs of SIM cards and IMEIs (International Mobile Equipment Identity).
Nitin Konde
