Garuda Aerospace, one of India’s leading drone manufacturers, announced that its brand ambassador and investor, Mahendra Singh Dhoni, has successfully completed his drone pilot training at the company’s DGCA-approved Remote Pilot Training Organisation (RPTO) in Chennai.
The achievement marks a new milestone in Dhoni’s association with the company, extending beyond investment and brand endorsement as he actively participates in promoting drone innovation and skill development in India.
Dhoni Earns DGCA Drone Pilot Certification
After completing the intensive training programme, Dhoni is now certified to operate drones, underscoring the growing importance of certified drone pilots in India’s emerging aviation ecosystem. The course combined theoretical ground instruction with hands-on simulator sessions and real drone flight training, emphasising the need for safe and regulated drone operations.
Garuda Aerospace has been spearheading drone pilot training across the country through its expanding network of centres, including over 300 “Centres of Excellence” in collaboration with leading educational institutions. These initiatives reflect the company’s commitment to quality, formal certification, and credibility in the drone industry.
Leadership Remarks
Commenting on Dhoni’s certification, Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, said:
“Having our brand ambassador and investor, MS Dhoni, personally undergo the training and get certified as a pilot is a monumental milestone for us. He picked it up very quickly and was extremely focused on learning. His belief in our mission to revolutionise the drone industry continues to inspire our entire team.”
Dhoni expressed his excitement at completing the DGCA Drone Pilot Certification Programme with Garuda Aerospace, which has already trained more than 2,500 aspiring drone pilots under its Master Instructors. He also shared his enthusiasm for continuing his journey with the company as it scales new heights in drone technology.
Garuda Aerospace’s Growing Presence
As India’s drone sector rapidly expands, the demand for skilled and certified drone pilots is rising to ensure compliance with safety and regulatory standards. Garuda Aerospace currently holds six DGCA approvals, including the distinction of being the first Indian drone start-up to receive dual DGCA certifications for both manufacturing and training.
The company has DGCA authorisation to conduct pilot training across both small and medium drone categories (under and above 25 kg MTOW). Through its Drone-as-a-Service (DaaS) model, Garuda Aerospace continues to make drone technology affordable and accessible across industries such as agriculture, logistics, and infrastructure.
To further support India’s drone talent pipeline, the company also runs a “Train the Trainer” programme to certify instructors who will guide the next generation of pilots.
Earlier this year, Garuda Aerospace raised ₹100 crore in Series B funding at a $250 million valuation, led by VCATS and the Narotam Sekhseria Family Office, reaffirming investor confidence in its vision and leadership.
India’s startup ecosystem witnessed a dynamic day of funding activity on 7th October 2025, with emerging ventures across clean energy, AI, healthcare, and EV marketplaces securing early and growth-stage investments. From Intangles’ $30 million Series B round led by Avataar Venture Partners to Wakefit’s SEBI approval for its INR 468 crore IPO, the day reflected strong investor confidence and expanding innovation across sectors.
Daily Indian Funding Roundup – 7th October 2025
Company
Amount
Round
Lead investor(s)
Sector
TrusTerra
INR 9 Crore
Pre-seed
Finvolve, India Accelerator
EV / Used-electric-vehicle marketplace
The Medical Travel Company
$4.5M
Seed
Nexus Venture Partners
Medical travel / Healthcare logistics
Contrails AI
$1M
Pre-seed
Huddle Ventures, IAN Group
Trust & safety / Content moderation AI
Intangles
$30M
Series B
Avataar Venture Partners, Baring Private Equity India
Automotive / Predictive AI
Zillout
INR 2.75 Crore
Seed
Not specified
Tech / Startup
Thrustworks/Dynetics
Not disclosed
Seed
Jamwant Ventures
Tech / Engineering
Lucio
$5M
Seed / Early stage
DeVC
Legal tech / Automation for law firms
August AI
$3M
Seed
Accel, Claypond Capital
Healthtech / AI-driven healthcare
Newtral
$600,000
Seed / Early stage
NOW Accelerate
Climatetech / Sustainability platform
H2 Carbon Zero
$850K
Seed
Venture Catalysts, Faad Networks
Clean energy / Hydrogen fuel cells
TrusTerra Raises INR 9 Crore in Pre‑seed Round
TrusTerra, an AI-driven marketplace for used electric vehicles (EVs), has secured INR 9 Crore in a Pre‑seed funding round co‑led by Finvolve and India Accelerator, with co-investments from strategic angel investors. The startup aims to address trust issues in the EV resale market by providing battery health metrics through its proprietary TruEV Score™. The funding will be used to expand its marketplace across Tier‑1 and Tier‑2 cities, strengthen partnerships with OEMs, banks, and NBFCs, and hire senior talent in technology, operations, and business development.
Dineout Founders Secure $4.5 Million for Their Medical Travel Startup
The founders of Dineout, Ankit Mehrotra and Sahil Jain, have raised $4.5 million for their new venture, The Medical Travel Company, aimed at facilitating cross-border medical travel. The platform connects patients with hospitals abroad, simplifies documentation, manages travel logistics, and provides access to affordable, high-quality healthcare. Led by Nexus Venture Partners, this funding will help the startup scale its operations, expand partnerships with hospitals internationally, and develop technology solutions for smooth coordination of medical tourism.
Contrails AI Raises $1 Million in Pre‑seed Round from Huddle Ventures and IAN Group
Contrails AI, a trust and safety technology startup, has raised $1 million in a pre-seed round co-led by Huddle Ventures and IAN Group. The startup builds AI-driven tools to identify and mitigate online content risks across marketplaces, media platforms, and financial services. Funds from this round will support the expansion of US and EU pilots, enhancement of AI models, and onboarding of new clients.
Intangles Raises $30 Million in Series B Round Led by Avataar Venture Partners
Intangles, a predictive AI startup for the automotive sector, has raised $30 million in a Series B round led by Avataar Venture Partners, with participation from Baring Private Equity India and Cactus Partners. Intangles provides physics-enabled AI models that monitor vehicles in real-time, predicting maintenance needs and preventing breakdowns. The funding will be used to expand technology capabilities, grow into new geographies, and strengthen its AI-driven predictive maintenance platform.
Zillout Raises Seed Funding Round
Zillout, a tech startup has successfully raised a seed funding round to accelerate its growth. While the funding amount and investor details were not disclosed, the capital is expected to support product development, expand the team, and increase market presence. The startup aims to create a more efficient, user-friendly, or sustainable experience in its sector.
Thrustworks/Dynetics Raises Seed Round Led by Jamwant Ventures
Thrustworks/Dynetics, a startup, has raised a seed funding round led by Jamwant Ventures. The funding will enable the startup to accelerate product development, enhance R&D capabilities, and expand operations. While specific funding details remain undisclosed, this investment will support the team in building solutions that address pressing challenges, improving efficiency, scalability, or technological innovation.
Legal Tech Startup Lucio Raises $5 Million Led by DeVC
Lucio, a legal tech startup focused on automating and simplifying legal workflows for law firms and corporate clients, has raised $5 million in a funding round led by DeVC. The funding will be utilized to enhance its AI-driven platform, expand offerings to enterprise clients, and scale its team. Lucio aims to digitize the legal workflow, improve efficiency, reduce errors, and enable law firms to offer faster, more reliable services. This round highlights growing investor confidence in the potential of technology to transform the legal sector in India.
August AI Raises $3 Million from Accel and Claypond Capital
August AI, a healthtech platform leveraging artificial intelligence, has raised $3 million in a funding round led by Accel and Claypond Capital. The investment will fuel technology enhancements, scale platform offerings, and expand reach across hospitals and healthcare providers. August AI focuses on using AI-driven solutions for patient care, diagnostics, and hospital operations, aiming to improve clinical efficiency and outcomes. This round represents growing confidence in the role of AI in optimizing healthcare delivery.
Newtral Raises $600,000 to Scale Global Sustainability Platform
Newtral Technologies, a Bengaluru-based climate-tech startup addressing value-chain emissions, has secured a $600,000 investment from NOW Accelerate, the venture studio’s co-building program focused on sustainability and climate-tech. As part of this partnership, NOW will also step in as an institutional co-founder, embedding its venture-building resources and network to help Newtral expand globally, scale revenue, and build towards Series A readiness.
H2 Carbon Zero Raises $850K to Build Hydrogen Fuel Cell Factory
Clean energy startup H2 Carbon Zero has raised $850,000 in a seed funding round led by Venture Catalysts and Faad Networks. The startup aims to eliminate diesel generators by developing modular, stackable hydrogen fuel cells for telecom towers, data centers, and defense outposts. The funds will be used to set up India’s first gigawatt-scale hydrogen fuel cell factory, advance R&D, and accelerate commercialization. H2 Carbon Zero envisions a sustainable, low-emission alternative to conventional diesel power, supporting India’s green energy transition and reducing the carbon footprint of critical infrastructure.
Key Business News for 7th October 2025
Wakefit Gets SEBI Approval for INR 468 Crore IPO
Home and sleep solutions startup Wakefit has received SEBI approval for its INR 468 crore IPO, which includes a fresh issue and an Offer for Sale by existing investors. The funds will be used to open new stores, enhance marketing, and support general corporate growth. Investors like Peak XV Partners, Verlinvest, and Investcorp are expected to partially exit through the OFS. The move marks Wakefit’s next step in expanding its footprint in India’s fast-growing home and lifestyle market.
To broaden its fintech products under Zoho Payments, SaaS startup Zoho has introduced its line of point-of-sale (POS) devices, which includes an all-in-one POS device, smart POS device, and static QR with soundbox. Sridhar Vembu, a co-founder of Zoho, made the announcement on X.
In order to tackle “real business challenges and strengthen India’s digital payments infrastructure”, Zoho has also teamed up with NPCI Bharat BillPay Ltd (NBBL), a subsidiary of the National Payments Corporation of India (NPCI), Vembu continued. According to Vembu, the business is also working on integrating Zoho Pay with Arattai, its instant messaging app, so that payments may be made through the app.
Zoho Also Announces Pool of Payment Solutions
On the outskirts of today’s ongoing “Global Fintech Fest 2025” in Mumbai, Zoho also announced the availability of a variety of payment options, including payout capabilities, virtual accounts for collections, and marketplace settlements.
According to a statement from the firm, Zoho Payments now facilitates payouts, allowing companies who use Zoho Payroll to automate employee payroll procedures and make salary disbursements. Companies have a more dependable method of transferring money, can track payments made, and can pay salaries from any bank account with ease.
In February of last year, Zoho was granted final permission for a payment aggregator licence. After then, the business launched Zoho Payments, marking its entry into the payments market. At the time, Zoho said that companies could simplify their payment procedures by integrating Zoho Payments with its financial and operations apps, such as Zoho Books, Zoho Invoice, and Zoho Billing.
Zoho Strongly Backed by the Indian Government
The recent product introductions by Zoho coincide with a renewed interest in goods manufactured in India. Ashwini Vaishnaw, the minister of information technology, recently openly supported Zoho’s software package for official government work. In the meantime, Arattai has experienced a dramatic increase in downloads in recent weeks.
Additionally, Zoho launched a new sub-brand last week named Vani to provide “visual” workplace communication products driven by AI. Along with its extensive language model, the company unveiled a suite of AI tools in July to help organisations with automation, easy integration, and customised AI agents. In order to increase its robotics research and development skills, it also purchased the robotics firm Asimov Robotics earlier this year.
Quick Shots
•Zoho launches new POS devices and soundbox under
Zoho Payments to boost digital payment solutions.
•Zoho collaborates with NPCI Bharat BillPay Ltd
(NBBL) to address real-world payment challenges and strengthen India’s
digital infrastructure.
•Zoho plans to integrate Zoho Pay with Arattai messaging
app for in-app payments.
•Zoho introduces payout features, virtual accounts,
and marketplace settlements for businesses.
•Zoho received payment aggregator licence in Feb last
year, officially entering the payments market.
After 4.5 years of operation, the fintech startup Niro, which assisted consumer internet platforms in offering embedded credit products, has closed. Investors like Elevar Equity, GMO Venture Partners, Rebright Partners, Mitsui Sumitomo Insurance VC, Innoven Capital, Alteria Capital, and CRED founder Kunal Shah supported the Bengaluru-based company, which was established in 2021 by Aditya Kumar and Sankalp Mathur.
In a LinkedIn post announcing the shutdown, Kumar stated that after 4.5 years, $20 million in finance, $200 million in loan disbursements, and 30 collaborations, “we’ve had to shut down Niro.”
What is the Core Reasons for Niro’s Clossure?
Just as the company was changing its business model, Shah explained, it was struck by “a perfect storm of regulatory pushback on personal lending, credit deterioration, and sub-optimal capitalisation,” which led to its demise. By collaborating with banks and NBFCs, Niro’s primary offering was to assist online platforms in integrating credit products; in other words, it transformed big consumer apps into fintech distribution channels.
The business expanded quickly and was one of the first in this field. According to Kumar, Niro had accomplished the seemingly impossible by recruiting amazing people, raising patient, high-quality funding, and persuading major consumer internet platforms and top lenders to collaborate with us in order to unleash value at scale.
Within just over two years of its start, Niro had $100 million in assets under management, and at its height, its platform had over 170 million members. During its existence, it also signed 30 partnerships and disbursed $200 million in loans. However, the company was compelled to alter its strategy at an unfavourable moment due to the swift legislative changes in the digital lending environment, declining credit quality, and financial limitations. Kumar described the situation as “a perfect storm.”
Financial Dynamics of Niro
Tracxn, a market intelligence platform, reports that Niro raised $18.7 million in four investment rounds, valued at $58.4 million. It had about 290 employees at its height. With ten years of experience, Kumar is a fintech entrepreneur who founded Qbera, a digital lending company that InCred later purchased. He oversaw InCred’s consumer loan division after the acquisition.
The closure of Niro coincides with a number of fintech startups dealing with increasingly stringent laws, declining credit scores, and a more conservative investment climate, all of which have made it harder to scale lending operations.
Quick Shots
•Fintech startup Niro, backed by Kunal Shah and top
VCs, shuts down after 4.5 years of operations.
•Launched by Aditya Kumar and Sankalp Mathur to help
consumer internet platforms offer embedded credit products.
•Raised $18.7M in funding, valued at $58.4M,
disbursed $200M in loans, and had 30+ partnerships.
•Achieved $100M AUM and reached 170M+ users at its
peak.
•Closure reflects wider fintech struggles with new
regulations, investor caution, and scaling hurdles.
Hate typing in the UPI PIN when you’re making an urgent payment? Of course, many have been there with trembling hands and typing in the wrong PIN under stress. Here’s the latest update, which brings good news. Now you can make UPI payments using your face or fingerprints, in addition to a PIN. This update will take effect on October 8, 2025. So, what do you need to know more about this? Learn more.
Who’s Behind This Big Update?
The National Payments Corporation of India (NPCI) is the organisation behind UPI in India. It has introduced this feature. More importantly, the update has come to light in order to showcase a new biometric payment feature at the Global Fintech Festival in Mumbai. This is a two-day event from 7 October to 9 October. It’s one of the leading fintech festivals in the world.
Why This Change Now?
In recent times, the Reserve Bank of India (RBI) approved new ways to confirm digital payments. And up until now, UPI transactions were done via entering a 4- or 6-digit PIN to complete payment. Face recognition and fingerprint authentication are part of RIB’s approval.
How Does It Work?
Many wonder with this question: how does it work? Well, for this biometric authentication to work, you’ll need your Aadhaar data. So, the Aadhaar data already contains your fingerprint and facial recognition details. Note: It’s more of an official authentication with Aadhaara rather than the normal phone facial recognition and fingerprint.
To make any UPI payment, you can verify your identity by scanning your face or fingerprint, instead of typing a PIN.
Is This Safe?
Yes, because the process relies on your unique biological traits (fingerprint and face data), and it’s hard to fake.
The privacy concerns are limited to zero as Aadhaar officially handles the process.
Aadhaar data is encrypted, meaning they are not shared directly with any payment app as the data is stored securely by UIDAI.
Moreover, it prevents PIN theft, so others cannot peek at your screen.
However, don’t share sensitive information with anyone and use only official UPI apps, such as PhonePe, GPay, Paytm, etc.
Note: If there’s any technical issue with the Aadhaar services, facial recognition and fingerprint authentication may be delayed.
Alexandr Wang, a 28-year-old co-founder of Scale AI (worth 29 billion), is one of the youngest AI billionaires in the world. He rose to fame back in 2016 when he founded his company. He studied at the Massachusetts Institute of Technology; however, he dropped out to focus on his startup. He is famously referred to as the next Elon Musk. And yet another time, he became news after he advised teens to follow Bill Gates and “spend 10,000 hours” on AI coding. Is it because of AI? Or does his young experience say something? What else did he say? For all that, learn more.
Alexandr Wang and Scale AI
He started Scale AI while studying at the Massachusetts Institute of Technology in 2016.
In 2021, his company, Scale AI, reached a valuation of $7.3 billion, making him the world’s youngest self-made billionaire at 24.
Later in 2024, the company soared with $1 billion in a Series F funding round and doubled its valuation to $14 billion.
Right now (precisely April 2025), his total net worth is $2 billion.
What Did Alexandr Wang Say
According to Alexandr Wang, teens of today spend more time learning AI-powered coding tools. It’s similar to what Bill Gates did with the software when he was in his teens.
Alexandr mentioned how Gates used to sneak out to a Seattle company as a teen to learn coding. He also compared the current AI boom to the early computer revolution.
What Did Alexandr Wang Suggest?
He especially suggested that teens should get into “vibe coding,” meaning use AI tools like Replit and Cursor to create code.
In this competitive tech era, he says that if one spends 10,000 hours practising with these tools, they’ll get an edge over the others.
He also says that it’s the perfect opportunity (a rare “moment of discontinuity,” as he calls it) and is very similar to the time when personal computing was taking off.
AI and Coding
Alexandr Wang makes a big, bold prediction that soon AI will be able to write all the code he has personally ever written.
This may happen within the next five years. Therefore, AI will become powerful enough to replicate the skills of top coders.
To which Andrew Ng, another AI expert, agrees. He says that coding has become much easier with AI now.
And that’s the exact reason why more people should learn AI coding. Furthermore, he says that understanding coding will enable people to utilise the AI tool more effectively.
And they’ll eventually become valuable assets to the company or employers.
TrusTerra, India’s first AI-backed marketplace for used electric vehicles (EVs), today announced raising ₹9 Crore in a Pre-Seed funding round led by Finvolve and India Accelerator, with co-investment from GrowthCap Ventures and participation from strategic angels including Shishir Maheswari (MD, E-Mobility/Eversource Capital), Samrath Jit Singh (Founder, Trontek Batteries), Ayush Lohia (CEO, Lohia Auto), Kapil Nirmal and other EV and fintech ecosystem investors.
The fresh capital will be deployed to scale TruEV Score™, India’s first AI-driven metric for EV health, and establish it as the benchmark for resale and financing. TrusTerra will expand its web and mobile marketplace across India’s top EV adoption cities and into Tier-2 markets, strengthen partnerships with OEMs, NBFCs, banks, and dealers, and invest in senior technology, operations, and business development hires. The company will also scale TerraCash™, its instant-sell platform, to accelerate liquidity in the used EV market.
“With our TruEV Score™ and instant-sell marketplace, TrusTerra is unlocking trust and liquidity in India’s pre-owned EV market,”said Tanvir Singh, Co-founder & CEO, TrusTerra.
This vision aligns with TrusTerra’s mission to build the resale backbone of India’s EV revolution, where battery health transparency and resale trust are essential for mass adoption.
Commenting on the investment decision, Ashish Bhatia, Founder & CEO of India Accelerator and Co-Founder of Finvolve said,“Used EV resale and battery health transparency are emerging as key drivers for EV adoption at scale. Without addressing these two pillars, the industry’s growth remains fragile. TrusTerra’s early traction and innovative approach convinced us they are not just solving a challenge but building the backbone of a truly sustainable EV resale ecosystem that can endure and expand.”
The backing from India Accelerator and Finvolve underscores investor confidence in solutions that can accelerate EV adoption by addressing two of the sector’s biggest pain points, resale value and financing access.
Pratekk Agarwaal, Founder & GP at GrowthCap Ventures, said:“TrusTerra’s TruEV Score™ has the potential to do for EVs what the Bureau score did for credit. By enabling trust in resale and unlocking financing, they are addressing one of the most critical barriers to clean mobility. We are excited to support this mission.”
With India’s EV market projected to reach 10 million annual sales by 2030, industry experts believe that resale and financing infrastructure will be critical for sustaining this growth, a gap that TrusTerra aims to close with its AI-backed marketplace.
Since inception, TrusTerra has onboarded 150+ dealers, evaluated 2,000+ used EVs for resale, and facilitated transactions worth over ₹3 Crore. Its TruEV Score™ is already being piloted with OEMs, NBFCs, and fleet operators, generating strong interest from lenders and manufacturers. Over the next 18 months, TrusTerra aims to certify 20,000 used EVs across 20+ cities, expanding its presence through its web and mobile marketplace that enables customers, dealers, and financiers to trade used EVs with verified battery scores and instant financing.
WeWork India was in the news for going public with an IPO worth INR 3,000 crore. However, all is not looking good for the company, and only two days remain before its listing. InGovern Research Services is cautioning with serious concerns about the company’s financial health, governance, and transparency. So, what are those concerns in detail? And what is next for WeWork India? For all that, learn more.
What Is the IPO Actually?
The company is raising INR 3,000 crore via an Offer for Sale (OFS). All the money will go to the investors (especially Embassy Buildcon LLP and WeWork Global, the US parent company) and not the company.
So, InGovern called it a “liquidity event” for its promoters, meaning a cash-out transaction rather than for business expansion.
How Are Regular Investors Reacting?
By Tuesday Afternoon, here’s how the subscription looked:
Retail investors: 57%
Non-institutional investors (HNIs): 21%
Qualified institutional buyers (QIBs): 177%
Employees: 177%
Therefore, only big institutions are interested in the stock. And the grey market responded with a flat price of INR 648, meaning no premium.
InGovern Official Report On WeWork India
What InGovern Is Warning About?
Financial Concerns
According to InGovern, the profit of INR 128 crore in FY24–25 that the company registered is misleading. It stated that the profit is only due to a tax credit of ₹286 crore, without which WeWork India would be at a loss.
It has:
Negative cash flow, meaning the company spends more than it earns.
As of March 2024, the company’s negative net worth is ₹437.4 crore.
High lease costs, with 43% of revenue going into rent.
High finance costs, with 29% going into interest payments.
So, the profits are an impossible situation.
Operational Issues
The company’s occupancy rate is reportedly around 80.7%, which is lower than that of its competitors, ranging from 84% to 89%.
The company’s most profitable business (70% of revenue) comes from Bengaluru and Mumbai, so it’s quite risky if the demand drops in these cities.
Its lease model is cost-heavy, meaning that if the demand drops, the losses can skyrocket immediately.
Legal Troubles of Promoters
Some of the company’s promoters, especially Jitendra Virwani and Karan Virwani, have multiple criminal cases against them:
CBI, ED, and EOW (Economic Offences Wing)
Criminal conspiracy, cheating, breach of trust, and money laundering.
A petitioner, Vinay Bansal, has filed a case in the Bombay High Court stating that WeWork India’s IPO documents don’t disclose any of the information. It’s clearly a violation of SEBI’s disclosure rules.
So, the question looms: is the company even fit and proper” to run a listed company under SEBI rules?
Dependence on WeWork Global
WeWork India operates under a 99-year exclusive brand license from WeWork Global. Interestingly, WeWork Global went bankrupt in 2023.
Having said that, if anything were to happen to WeWork Global or the Indian promoters were to be convicted, the brand would lose its license altogether.
Currently, WeWork India heavily relies on WeWork Global for all its tech, including booking systems, visitor management, and workflow software.
So, it’s very twisted at the moment and doesn’t give a good outlook.
Audit and Governance Issues
Between FY21-22 and FY23-24, auditors raised concerns about certain weaknesses in WeWork India’s internal controls. These controls include vendor selection, procurement, and related-party transactions.
Several warnings were issued, although the company still failed to outline corrective steps in its IPO document. This also contravenes SEBI’s disclosure norms.
Pledged Shares Issue
Just before the IPO, approximately 53% of the promoter shares were pledged, meaning they were used as collateral for loans, amounting to a whopping INR 2,065 crore.
Although the pledge is temporarily lifted to meet SEBI rules, if the securities aren’t listed within 45 days, the promoters must re-pledge them.
So, this will affect the share price.
Final Thoughts…
In the end, according to InGovern, the company is only attractive given that it has a global brand, but several red flags lie underneath:
The Sambhal police have stepped up their efforts against Jawed Habib, a famous hairstylist, and his family for allegedly defrauding more than 100 individuals out of crores of rupees. Nineteen fresh cases were recently filed, bringing the total number of complaints against Javed Habib and his son Anas Habib to 20.
The wife of Jawed Habib, who was purportedly the originator of the fake company, has also been implicated in police investigations. To stop Habib’s family from fleeing the country, authorities have issued lookout notices against each individual. Additionally, Javed Habib has been called to Sambhal to be questioned. Police officers will shortly visit the family’s homes in Delhi and Mumbai after gathering information about their riches.
Police’s Version in Habib’s Case
Police claim that Habib and his son enticed investors at a 2023 event held at Royal Palace Venkat Hall in Sambhal’s Sarayateen neighbourhood under the auspices of FLC (Follicle Global Company). Approximately 150 individuals were promised 50–75% profits on their Bitcoin and Binance Coin investments.
According to reports, each investor contributed between INR 5 and INR 7 lakh, culminating in fraud that affected over 100 individuals. Investors went to the police after a year had passed with no returns. Allegedly, Habib, his son, and others closed down the business and fled.
After victims filed the initial complaint at the Raysatti police station, Superintendent of Police KK Bishnoi promised the victims that their money would be recovered and that action would be taken.
Habib’s Cases Filed Under Sec 420 & 506 of IPC
Nineteen further cases were brought against Jawed Habib, his son, and Saifullah, who had previously been in charge of Habib’s Sambhal operations, as a result of further investigations. Sections 420 and 506 of the IPC have been used to file cases, and investigators assume Habib’s wife was instrumental in the business.
According to SP Bishnoi, the estimated financial theft is between INR 5 and INR 7 crore. Under Section 107 of the CrPC, police teams have been directed to investigate Habib’s properties in Delhi and Mumbai. Should chargesheets be filed, the Gangster Act would be used, which includes seizing the property.
Quick Shots
•Total cases against celebrity hairstylist Jawed
Habib, his son Anas Habib, and associates now stand at 20.
•Accused of defrauding 100+ investors of INR 5–7
crore through a fake crypto investment scheme.
•Promised 50–75% returns on Bitcoin and Binance Coin
investments under FLC (Follicle Global Company) in 2023.
•Investment drive held at Royal Palace Venkat Hall,
Sambhal.
•Company shut down, and accused allegedly fled after
collecting funds.
The Danish pharmaceutical company intends to reduce 11% of its workforce, or 9,000 positions, in order to save 8 billion Danish krone ($1.25 billion) a year. Indian workers in Bengaluru have been laid off less than a month after Ozempic manufacturer Novo Nordisk declared it was reducing its worldwide workforce as part of a reorganisation strategy.
At least three people who are aware of the development reported to Mint, saying that it has affected junior-to-mid-level personnel in departments like sales and marketing as well as those in the company’s global business services (GBS) hub, which collaborates with its international teams. According to Mint, the commercial unit, which primarily consists of sales and marketing positions, will lay off at least 100–150 employees.
As part of the worldwide layoffs, they are anticipated to be in junior and middle order. Another official with knowledge of the situation stated that other departments are probably affected as well.
Novo Nordisk Facing with Stiff Competition
The Danish drugmaker planned to cut 9,000 jobs, or 11% of its workforce, in September, which would save it 8 billion Danish krone ($1.25 billion) annually. The announcement came as the company struggles with increasing competition from rivals like Eli Lilly in the highly lucrative obesity segment.
The company said in an emailed response to media queries on the India layoffs that it has announced that the total number of intended workforce reductions globally is approximately 9,000. Out of respect for the employees involved, the company will not share additional details about individual sites or areas.
This process takes time, and the company’ highest priority is to support its employees. The layoffs come as the pharma giant plans to launch its blockbuster once-a-week weight loss drug, Ozempic, in India soon. The Indian drug regulator approved it last month, and the launch is imminent.
Novo Nordisk launched Wegovy, another once-a-week injectable, in India in July even as competitor Eli Lilly’s drug Mounjaro was gaining significant ground.
Reasons forNovo Nordisk’s Layoffs
Since last year, Novo Nordisk’s growth has been hindered by cheaper imitation compounds in the US and fierce competition from Eli Lilly’s medicines, such as Zepbound and Mounjaro. In an effort to streamline its operations, speed up decision-making, and reallocate resources to the company’s expansion prospects in diabetes and obesity, the corporation announced worldwide employment layoffs last month.
Eli Lilly, a competing American pharmaceutical company, gained a first-mover advantage in India in March when it introduced its weight-loss medication, Mounjaro. Analysts predict that the weight-loss medication market in India, which has over 254 million obese people and over 100 million diabetics, would reach INR 10,000 crore in the next two to three years. According to data from Pharmarack, Wegovy had made INR 19 crore in sales as of August, while Mounjaro had made INR 150 crore nationwide.
Quick Shots
•Up to 150 employees to be laid off in India, mainly
in sales, marketing, and Global Business Services (GBS).
•Layoffs part of global workforce reduction
announced in September.
•Eli Lilly’s Mounjaro launched earlier in March,
already leading in sales.
•Sales as of August: Wegovy – INR 19 crore, Mounjaro
– INR 150 crore.
Muskaan Kapoor
