StartupTalky

Tag: #news

  • EaseMyTrip Gets Notice of INR 17 Lakh GST Penalty

    A penalty notice of INR 17.35 lakh has been issued to travel tech giant Easemytrip for allegedly breaking GST regulations. In a filing, the company stated that it has been notified that it has received an order from the Sales Tax Officer Class II/AVATO Delhi, State/UT: Delhi, dated February 24, 2025. The listed firm has taken advantage of the ineligible input tax credit (ITC) for the fiscal year 2020–21, according to the authority. The Delhi Goods and Services Act of 2017, the Central Goods and Service Tax Act of 2017, and the Integrated Goods and Service Tax Act of 2017 all impose penalties on EMT. In addition, the business plans to challenge the order.

    EaseMyTrip’s Order Book and Expansion Spree

    The business won the first intercity electric bus tender from the Madhya Pradesh government through its subsidiaries, YoloBus and Easy Green Mobility. By 2026, the business hopes to have 1,000 buses in service, having deployed 500 in 2025. EaseMyTrip also established Easy Trip Planners Do Brasil Ltda, a wholly owned subsidiary, in Brazil earlier this month. Due to a decline in its top line, EaseMyTrip’s profit after tax (PAT) dropped by almost 26% to INR 34.02 Cr in the third quarter of FY25 from INR 45.68 Cr in the same quarter last year. Additionally, its operational revenue decreased from INR 160.78 Cr in the same quarter last year to INR 150.56 Cr in the December quarter, a 6% decrease.

    On-going Developments in the Firm

    Following the resignation of former CEO Nishant Pitti last month, the publicly traded travel technology company has experienced a significant reorganisation in its senior management. Pitti diluted his 1.41% ownership in the firm, or 5 Cr shares, before he resigned. This is not the first time Pitti has sold off company stock. Through several block agreements, he sold 24.65 Cr of the startup’s shares in September 2024 for INR 920 Cr. Additionally, the company recently received board clearance to raise INR 234.03 Cr from seven investors through a preferential equity share offering.

    About EaseMyTrip

    EaseMyTrip.com is one of the biggest online travel agencies in India, having been founded in 2008. The company was founded by brothers Nishant, Rikant, and Prashant with the goal of streamlining operations and using the least amount of cash. It was inspired by their previous business, Duke Travel. Starting out in a tiny room, the firm surmounted obstacles with perseverance and family support to become a strong organisation that guarantees financial stability. By implementing a “no convenience fee” policy and switching to a customer-facing approach in 2011, the brand was able to build a devoted clientele through open pricing and first-rate service.

    Nykaa Grants 90.5K Shares Under ESOP Scheme
    Nykaa has allotted 90.5K shares under its ESOP scheme, reinforcing its commitment to employee benefits and long-term growth incentives.
    StartupTalkyNitin Konde

  • Glance and Google Cloud Join Forces to Build Consumer Generative AI Experiences for Both Smartphone Lock Screens and Ambient TV Screens

    Consumer internet company, Glance, and Google Cloud today announced a strategic partnership to bring the power of generative AI (gen AI) to millions of Glance-enabled smartphones worldwide. Through this collaboration, Glance will leverage Google’s AI models to develop consumer-facing AI applications designed to enhance and enrich user experiences on smartphone lock screens and ambient TV screens.

    Glance, a pioneer in delivering AI-powered smart lock screen experiences, currently powers more than 450 million Android-based smartphones worldwide. The company has an active user base of more than 300 million across India, Indonesia, Japan, the United States, and other countries. It is now building the next generation of Glance, which aims to turn every user’s lock screen into the center of their digital experiences, integrating their news, sports, games, entertainment, fashion, and shopping with gen AI to create a ‘personal internet’ for the user.

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    Glance will leverage Google Cloud’s Gemini intelligence capabilities and Imagen’s state of the art image generation capabilities via Vertex AI to power Glance’s next-gen experiences. One of the first experiences is an immersive, gen AI-enabled commerce feature for the lock screen. This feature allows users to upload a single image (selfie or upload from gallery), which is then analyzed to infer their interests and preferences. Users can then use gen AI to generate personalized images that place them in relevant contexts, transforming their lock screen wallpapers. As users visualize themselves with various products, they can make real-time purchase decisions seamlessly from their lock screens.

    “Our mission at Glance is to inspire users to become the best version of themselves through discovery-led experiences on surfaces powered by AI. We want to be the world’s largest consumer tech platform, reaching a billion screens by 2028, and our partnership with Google Cloud is key,” said Naveen Tewari, Founder & CEO of InMobi & Glance. “Our combined knowledge, AI capabilities, and expertise uniquely position Glance to deliver the next level of AI-driven experiences for smartphone users, supported by viable business models such as commerce and advertising.”

    The partnership comes as Glance prepares to launch ‘Glance AI,’ a gen AI-powered platform designed to deliver immersive discovery experiences on both smartphone lock screens and TV ambient screens. To be launched in the U.S. market first, Glance AI aims to supercharge ordinary smartphones into AI phones through experiences that redefine content and commerce.

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    Thomas Kurian, CEO of Google Cloud added, “Generative AI technologies have the power to transform experiences for people around the world, and mobile phones are a key touchpoint. Glance can now harness Google Cloud’s cutting-edge gen AI technologies  to develop groundbreaking applications across commerce, content, and more that will unlock new possibilities for customers.”

    Launched in 2019, Glance is one of the earliest to unlock the potential of the smartphone lock screen, providing unique AI-driven personalized content discovery experiences. The Glance smart lock screen is delivered in partnership with OEMs and telcos. All functions are customizable, opt-in, and do not access user data, while maintaining user privacy. The platform relies on usage patterns to continually refine its recommendation engine and provide the best-in-class experience to the consumers.

    About Glance
    Founded in 2019, Glance is a consumer technology company that operates some of the most disruptive digital platforms including Glance, Roposo, and Nostra. Glance has redefined the way the internet is consumed on the lock screen, removing the need for searching and downloading apps. Over 450 million smartphones now come enabled with Glance’s next-generation internet experience. Roposo has revolutionized commerce by launching a destination for creator-led live entertainment commerce. Headquartered in Singapore, Glance is an unconsolidated subsidiary of InMobi and is funded by Jio Platforms, Google, and Mithril Capital.

    About Google Cloud
    Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

  • Cellvest Energy: Powering a Global Green Energy Revolution with Next-Gen Battery Solutions & Fin-Tech Innovation

    The energy storage industry in India has witnessed a game-changing moment with the official launch of Cellvest Energy Private Ltd., a next-generation energy startup that is redefining businesses access to battery storage solutions. The high-profile event, held at Conrad Hotel, Bangalore, brought together industry leaders, policymakers, and Global energy experts to discuss the future of sustainable power.

    With a market valuation of ₹501 Cr, Cellvest is addressing some of the most pressing challenges in the energy sector, including high capital costs, short battery lifespans, and limited access to cutting-edge storage technology. Unlike traditional models that require businesses to make heavy upfront investments, Cellvest is pioneering a flexible financing model, offering options to rent, lease-to-own, or purchase battery solutions outright, making sustainable energy more accessible than ever before.

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    “The energy transition cannot happen if storage remains financially out of reach for businesses. At Cellvest, we are eliminating this barrier by providing companies with a smarter way to adopt green energy—through financing models that fit their needs, whether it’s rental, lease-to-own, or purchase,” said Vijay Kallat, Managing Director of Cellvest Energy Private Ltd. “Our solutions are designed to be affordable, scalable, and long-lasting, ensuring that businesses never have to compromise on sustainability due to cost.”

    During the launch event, Cellvest’s leadership team spoke about the next-generation battery technology, which lasts up to five times longer than conventional storage solutions, and can be deployed at an ultra-affordable USD 10-15 per kW. The company also shared insights into its global expansion strategy, highlighting partnerships and its commitment to scaling operations globally.

    “For too long, businesses have had to choose between sustainability and affordability. With Cellvest, they no longer have to make that choice. By combining best-in-class battery technology with innovative financing, we are making clean energy solutions viable for industries of all sizes,” added Krishnadeep Menon, Director of Cellvest Energy Private Ltd.

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    The event concluded with the agreement between Cellvest Energy and Cellex Battery Systems reinforcing Cellvest’s position as a disruptor in the $800 billion global energy storage market. The company is now actively working on projects with industries across the globe further strengthening its vision of making sustainable power truly accessible for all.

    About Cellvest Energy Pvt Ltd
    Cellvest Energy Private Ltd. is a first of its kind energy startup revolutionizing battery storage with a fin-tech-driven approach. Valued at ₹501 Cr, Cellvest is tackling key industry challenges—high capital costs, short battery lifespans, and limited access to advanced storage technology—by offering flexible financing options: rental, lease-to-own, and outright purchase. Unlike conventional solutions, Cellvest’s next-generation batteries last up to 5x longer and are available at an ultra-affordable USD 10-15 per kW, making sustainable energy more accessible. Operating in a $800 billion global market, the company is expanding rapidly through strategic partnerships with governments and enterprises worldwide. Led by industry veterans Vijay Kallat and Krishnadeep Menon, Cellvest is set to disrupt how businesses adopt clean energy—offering technology that’s not only cost-effective and scalable but also impossible to replicate. By bridging the gap between energy and finance, Cellvest is pioneering the future of sustainable power.

  • Cross border payments platform HiWiPay raises $2 Million in seed round led by Unicorn India Ventures

    HiWiPay, a next-generation cross-border payments platform revolutionizing international remittances for students, parents, and businesses has raised $2 Million in a seed round led by Unicorn India Ventures. The round also saw participation from Dewang Neralla’s family office and Jupiter Metaverse LLP along with other well known angels – Dr. Ritesh Malik, Mr. Mitesh Shah, and Mr. Nilesh Doshi. Funds raised will be used to expand and enhance the trade remittance business, as well as to scale up operations in the education remittances sector.

    Founded by Fintech veteran Dewang Neralla along with Geeta Chauhan and Ujwal Tamminedi, HiWiPay is a cross-border payments platform that offers a seamless digital experience, eliminating paperwork hassles and ensuring secure, compliant transactions.

    The cross-border payment landscape is afflicted with problems due to lack of transparency in exchange rates, perceived high forex margins, due diligence, compliance requirements & documentation challenges, HiWiPay’s mission is to streamline these processes across various sectors and industries confronted with intricate procedures. The platform provides competitive exchange rates and real-time tracking, making global payments effortless. Led by a team of fintech experts, HiWiPay is redefining the future of cross-border transactions with innovation and transparency.

    Dewang Neralla, Co-founder HiWiPay, “Securing this funding is a significant milestone for HiWiPay as we continue our mission to revolutionize cross-border payments. This investment fuels our commitment to innovation, enabling us to enhance our platform, expand our reach, and deliver a frictionless experience for students and businesses globally. We are grateful for the trust our investors have placed in us and look forward to driving the next phase of growth.”

    In the last 12 months, the company’s education portal for study abroad consultants has seen significant transaction activity, with over 500 consultants onboarded and actively facilitating student remittances. The Company is also introducing HiWiPay student app in the UK with an aim to build their presence in key hubs across Europe. The company has partnered with multiple banks and NBFCs to help individuals secure education loans, making studying abroad more accessible and achievable.

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    HiWiPay plans to enter the SME trade remittance space, expanding beyond student payments and is slated to launch co-branded forex cards and other financial services to cater to students.

    Commenting on the investment, Anil Joshi, Managing Partner, Unicorn India Ventures, says, “There are major complexities of cross-border transactions and HiWiPay is tapping into this potential to make the process much easier. We have witnessed significant growth and believe HiWiPay’s highly innovative business model is ripe for disruption because of changing customer demands, emerging market growth, and financial inclusion. HiWiPay has been working tirelessly in that direction to meet the growing demand and the funding will help the company scale its services to a more advanced stage.”

    The company has also developed a portal that enables exporters to seamlessly collect payments with all necessary documentation in place. Over time, the company plans to build a similar portal for importers to facilitate smooth payment transactions. HiWiPay’s goal is to become a global payment orchestrator, empowering SME exporters and importers to carry out remittance services efficiently.

    In the next 12 – 18 months, HiWiPay plans to on-board 5,000 international students on the HiWiPay Student App. The company expects its transaction volume to $100 million in remittances and double the network of education consultants to 1,000. HiWiPay also plans to support 1,000 SME exporters with trade remittance solutions and strengthening banking partnerships to improve FX rates and payment efficiency.

    About Unicorn India Ventures:

    Started in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is a technology focused early-stage venture fund that invests in emerging and visionary startups. Unicorn India Ventures launched its first fund with a corpus of Rs 100 crore and invested in 17 companies like SmartCoin, Open Bank, Sequretek, Pharmarack, Genrobotics, Clootrack, FutureCure to mention some. The Fund has emerged as the best performing early stage fund in India with the stellar exits provided by the fund to its LPs.

    Fund II is a Rs 300 Cr fund launched in 2020 that has invested in 20 companies so far like Gamerji, Probus, Daalchini, Windo, HiWi. Most of the portfolio is scaling up fast and has had several uprounds.

    Unicorn India Ventures is closing its Rs 1000 Cr Fund III. The first close was reached at Rs 225 crore. The Fund is expected to reach its final close this year.  With this Fund, UIV aims to build a portfolio of 20 startups that are focused mostly in the deep tech sector that includes semiconductor, space tech, and medical diagnostics apart from SaaS and India digital platforms. Unicorn has already made 12 investments from this fund and includes companies like Netrasami, Qubehealth, Orbitaid, Aurassure amongst others.

  • In an INR 6,600 Cr GainBitcoin Cryptocurrency Scam, CBI Raids 60 Locations in India

    As part of its investigation into the INR 6,600 crore GainBitcoin cryptocurrency scam, the CBI carried out coordinated nationwide searches at 60 locations on 25 February, according to officials. A CBI spokeswoman stated in a statement that the searches, which targeted locations allegedly connected to important accused individuals, were conducted in several cities, including Delhi NCR, Pune, Chandigarh, Nanded, Kolhapur, and Bengaluru. The authorities claimed that Amit Bhardwaj, who is no longer alive, and his brother Ajay Bhardwaj were the masterminds of the ponzi scheme, which was carried out through a network of platforms, including the flagship website www.gainbitcoin.com. They said that the illegal enterprise, which was started in 2015, was disguised as Variabletech Pte. Ltd.

    How Scheme Attracted the Investors?

    Over an 18-month period, the scheme enticed investors with spectacular profits of 10% per month in Bitcoin, enticing them to buy the cryptocurrency from outside exchanges and deposit it with GainBitcoin through “cloud mining” contracts, according to the central agency. The spokesman went on to explain that the model used a multi-level marketing (MLM) structure, which is frequently linked to pyramid-structured Ponzi scams, and that rewards were reliant on attracting new investors.

    Investors were paid in Bitcoin in its early days, creating the appearance of a successful business. But by 2017, the illusion was starting to fall apart as the flow of fresh funds decreased. The allegation added that GainBitcoin unilaterally changed payouts to its own in-house cryptocurrency, MCAP, which was much less valuable than Bitcoin, in an effort to conceal the losses, further deceiving investors.

    Multiple FIRs Filed

    Due to the scam’s immense scope and complications, several FIRs were registered and filed throughout India, ranging from Delhi to West Bengal and from Maharashtra to Jammu & Kashmir. Given the scope of the operation and its global implications, the Supreme Court assigned the inquiry to the Central Bureau of inquiry (CBI).

    According to the statement, the CBI took over these cases and is now carrying out a thorough and all-encompassing investigation to determine the full scope of the fraud, identify all persons involved, and track down the money that was embezzled, including transactions that took place abroad. In order to determine the entire scope of the fraudulent actions, find all people involved, and track down the embezzled money—including any that may have crossed international borders—the agency has started an investigation. According to the Central Agency, a small number of cryptocurrency wallets, digital gadgets, and damning material were found during searches. Additionally, the evidence found in emails and cloud storage has been confiscated.

    Super.money Acquires BharatX to Expand Credit Solutions
    Flipkart-backed Super.money acquires BharatX to expand and enhance its credit offerings, aiming to improve digital lending solutions in the fintech space.
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  • Zepto Adds More than 20 Dark Stores to its Operations in Tamil Nadu

    Beyond Chennai, Zepto, a fast commerce startup based in Bengaluru, has already established itself throughout Tamil Nadu. Coimbatore, Tiruchirappalli, Madurai, Vellore, and Salem are just a few of the districts in the state where the company has started operations. With more than twenty dark stores open in Tamil Nadu, each one well situated to maximise delivery within two to three kilometres, enabling partners to transport purchases in ten minutes while staying safe, Zepto is poised to solidify its position in the state.

    Going Vocal for Local

    Zepto users and other clients can purchase delicate coconuts and green vegetables from over 100 farmers in Tamil Nadu, including Palacode and Pollachi. This provides Zepto with a much-needed local connection. With its vibrant cities and high desire for convenience, the state of Tamil Nadu is a crucial market for Zepto, according to Divesh Sawhney, Chief Growth Officer.

    In addition to enabling sellers to serve customers more quickly, service expansion opens up new business prospects for nearby companies. He went on to say that the company is dedicated to strengthening our ties with the community while delivering speed, quality, and affordability to every home.

    Setting up Another Bench Mark

    Zepto Cafe, the company’s fast food delivery division, has exceeded one lakh orders daily. Aadit Palicha, the CEO and co-founder of Zepto, shared the accomplishment on social media, emphasising the Zepto Cafe’s expansion in the quick-service food (QSR) sector. In a post on X, Palicha claimed that Zepto Cafe currently receives 100,000 orders every day. Every day, Zepto Cafe receives 100,000 orders.

    That’s getting close to a steady-state gross margin of 50% and an annualised GMV run rate of $100M. “We still have a long way to go, but I think the QSR sector in India is about to undergo a revolution,” he posted. According to an article in a renowned media outlet, Zepto Cafe has been growing rapidly, launching 100 new locations each month. Zepto reported operating revenue of INR 4,454 crore in fiscal year 2024 (FY24), a 120% increase over FY23.

    Rapid Commerce Race is Getting More Intense

    The rapid commerce industry has evolved into a high-cash-burn sector, with companies allocating billions towards expansion and client acquisition. Industry estimates indicate that the aggregate monthly cash burn of rapid commerce entities, including new entrants, ranges between INR 1,300 and 1,500 crore—more than double in recent months.

    Despite nearing operational breakeven in Q2 FY25, Blinkit’s losses escalated in Q3 FY25, with operating losses rising to INR 103 crore from INR 8 crore in the preceding quarter. Swiggy reported a net loss of INR 799 crore, while Instamart had an adjusted EBITDA loss of INR 578 crore in Q3, compared to INR 358 crore in Q2.

    Zomato’s ability to continue investing in Blinkit stems from its financial stability. In November 2024, Zomato secured INR 8,500 crore in a qualified institutional placement (QIP) to enhance its balance sheet and finance its rapid commerce operations. As of December 31, 2024, Zomato possessed cash reserves amounting to INR 19,235 crore, providing adequate liquidity to support Blinkit’s expansion.

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  • BlackBuck Receives Tax Demands Totalling INR 14.2 Cr

    Zinka Logistics Solutions, the parent company of logistics giant BlackBuck, has received two tax notifications amounting to INR 14.2 crore. This encompasses a demand of INR 10.02 crore from the Assistant Commissioner of Commercial Taxes (Audit), Bengaluru, for the period from April 2020 to March 2021, and a demand of INR 4.18 crore from the Office of the Deputy Commissioner of Income Tax (TDS). The initial order, given on February 24, 2025, concerns the company purportedly misappropriating input tax credit (ITC) under GST amounting to INR 10.02 crore, as stated by BlackBuck in an exchange filing.

    The notice states that the total tax liability is INR 2.88 crore under IGST, INR 3.56 crore under CGST, and INR 3.56 crore under KGST. Furthermore, the corporation has been mandated to remit an interest of INR 7.67 crore and a penalty of INR 1.02 crore.

    Company’s Response

    The logistics company stated in a separate exchange filing that the Income Tax agency had issued a tax demand for default for short-deduction/non-remittance of TDS totalling INR 4.18 Cr (with interest). According to BlackBuck, the firm feels it has a good argument on the grounds of both rulings. An appeal against the order will be submitted by the corporation to the relevant body. BlackBuck is a B2B marketplace for intercity full truckload (FTL) transportation that was founded in 2015 by Rama Subramaniam, Chanakya Hridaya, and Rajesh Yabaji, both of whom were graduates of IIT Kharagpur. Through its tech-enabled platform, it instantly links truck drivers with companies that need to ship.

    BlackBuck’s Financial Outlook

    After going public in November of last year, the company’s consolidated net loss increased 145% from INR 19.57 Cr in the previous quarter to INR 48.03 Cr in Q3 FY25. In Q3, however, it incurred INR 69.44 Cr in share-based payment expenses and INR 8.45 Cr in IPO expenses. The business would have reported a profit of INR 29.86 Cr from ongoing operations if not for these extraordinary factors. Meanwhile, its operating revenue increased 41% from INR 80.86 Cr in Q3 of FY25 to INR 113.98 Cr.

    How BlackBuck Operates?

    More than 93% of BlackBuck’s income comes from contract trucking. Additionally, it offers clients telemetry services that allow them to follow all trucks in real time, keeping an eye on their shipment during the entire process. Additionally, BlackBuck has a partnership with banks and marketers of petroleum goods for which it serves as an agent. It collects a commission for handling the management and distribution of radio frequency identification (RFID) tags.

    The remaining amount of operating revenue is generated by these supplementary services. In exchange for business from the trucks it rents, the corporation receives a commission of roughly 15–25%. Its platform features truck services that are appropriately described, and its job is to match clients with trucks in an intelligent manner based on the needs of each individual. The heart of every invention is logistics.

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  • 90.5K Shares Allotted by Nykaa Under the ESOP Scheme

    90,500 equity shares have been distributed by omnichannel cosmetics retailer Nykaa as part of its employee stock option plan (ESOP). Nykaa stated in an exchange filing that the equity shares are allocated following the execution of vested stock options by employees under the company’s ESOP Plan. The filing indicated that the allotted equity shares shall rank equally with the existing equity shares of the company in all respects.

    Financial Outlook of Nykaa

    Nykaa‘s consolidated net profit increased by 51% to INR 26.4 crore in the third quarter of the financial year 2024-25 (Q3 FY25), up from INR 17.5 crore in the same time last year, driven by robust development in the beauty and fashion sectors. The corporation disclosed its financial results for the quarter ending in December earlier this month. On a quarter-on-quarter basis, net profit increased by 104% from INR 12.97 crore.

    Following its impressive performance in the reviewed quarter, broking firm JM Financial maintained its ‘BUY’ recommendation on the stock, setting a target price (TP) of INR 240, due to the company’s capacity to achieve substantial growth in a sluggish market landscape. In the September-December quarter, the company’s operational revenue increased by 26.74% to INR 2,267.2 Cr from INR 1,788.8 Cr during the same time the previous year.

    It rose sequentially by 20.93% from INR 1,874.7 crore. The company run by Falguni Nayar stated in an investor presentation that its consolidated gross merchandise value (GMV) in Q3 FY25 was INR 4,527.9 Cr, a 25% increase over INR 3,617.9 Cr in the same period last year. In Q3 FY25, sales from Nykaa’s beauty and personal care (BPC) segment surged 27% year-over-year to INR 2,060.01 crore, while Nykaa Fashion persisted as a loss-incurring division during the period. Nykaa Fashion successfully reduced its loss by 12.3% year-over-year to INR 25.41 crore.

    Current ESOP Scenario in India

    According to a 2024 survey of 160 companies, 78% of them offered employee stock option plans (ESOPs) to their staff, a considerable increase from 59% in 2021. This indicates that ESOPs are becoming more and more popular among startup owners. More firms are now offering ESOPs to all employees, not only senior management, according to a survey done by Saison Capital, XA Network, and Carta. Compared to one in four in 2021, one in three firms now provides these plans to all employees.

    Furthermore, the median ESOP pool size grew from 9% in 2021 to 12.6% in 2024, and 90% of founders now talk about ESOPs with candidates during interviews or job offers, up from 75% in 2021. Additionally, the reasons for providing ESOPs have changed; in 2024, 40% of founders cited cost reductions, up from 28% in 2021.

    The founders cited the necessity to retain people as the second most important reason for putting these plans into action, behind creating a sense of ownership and company culture. Even with this increase, fewer than 30% of founders still fully understand the complexity of ESOPs, a percentage that hasn’t changed since 2021.

    Zomato Injects INR 1,500 Crore into Blinkit to Boost Quick Commerce
    Zomato invests INR 1,500 crore in Blinkit to strengthen its position in the competitive quick commerce market, aiming for rapid expansion and service enhancements.
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  • Super.money, Supported by Flipkart, Acquires BharatX to Enhance its Credit Offerings

    Flipkart Group’s UPI application, super.money, has purchased BharatX, a checkout financing platform supported by Y Combinator, for an unknown sum to enhance its current services, particularly in Buy Now Pay Later (BNPL). Checkout financing enables users to purchase things online in installments during the checkout process.

    In conjunction with the transaction, the principal team of BharatX will collaborate with super.money to enhance its services in the credit-on-UPI sector. Prakash Sikaria, CEO and founder of super.money, stated that the company regards credit-on-UPI as a transformative development for financial accessibility in India. By utilising BharatX’s platform, the organisation is creating distinctive credit-on-UPI solutions that correspond with its collective mission of financial inclusion, enabling millions to interact effortlessly.

    About BharatX

    BharatX, established in 2019 and located in Bengaluru, has partnerships with over 200 businesses for checkout financing alternatives via four financial partners, according to the company’s website. The startup secured $4.74 million through two fundraising rounds from investors including Y Combinator, Multiply Ventures, Soma Capital, Java Capital, and 8i Ventures.

    Mehul Jindal, Founder of BharatX, stated that during the past four years, beginning in college, BharatX has successfully extended credit to hundreds of thousands of people in India profitably, without requiring documentation or a credit score. Through this acquisition, the brand will elevate its offering by leveraging the broader distribution network of super.money.

    Super.money’s Operations

    Launched in July 2024, super.money ascended to become the sixth largest payments entity by November, surpassing Amazon Pay and WhatsApp Pay. In January, the firm reported a 24% month-on-month increase, enabling approximately 125 million transactions, according to data from the National Payments Corporation of India (NPCI), which manages UPI.

    The company introduced fixed deposits in November in collaboration with four small finance banks and is poised to launch credit products, including credit cards and personal loans, in the forthcoming months. The acquisition occurs as Super.money engages in advanced negotiations for a funding round between $35-40 million, spearheaded by Flipkart, with more external investors expected to join, according to a media report.

    Not a Full Acquisition Deal

    Sikaria stated that this agreement does not entail a complete acquisition of BharatX due to its current credit-related obligations. Super.money has purchased the technology, intellectual property (IP), and personnel, while BharatX will continue to function temporarily to oversee the current 12- to 18-month loan cycles before concluding its operations. Sikaria stated that Super.money intends to introduce several checkout financing solutions, utilising BharatX’s loan management, collection management, and risk underwriting technologies.

    Two products under development are BNPL ‘Khata’-style credit, allowing customers to make purchases throughout the month and settle payments at the end, and the ‘Paying Free’ installment plan, wherein users pay one-third of the total at the time of purchase, followed by equal payments in 30 and 60 days. The items are aimed at youthful people seeking to enhance their smartphones, fashion, and vacation experiences.

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  • Indian Railways to Collaborate with IIT-Madras to Develop Air Mobility Solutions

    A concept that formerly appeared to be science fiction is now progressively approaching reality, facilitated by an innovative partnership between Indian Railways and IIT-Madras. Railway Minister Ashwini Vaishnaw recently declared that the ministry will collaborate with a distinguished institute to create advanced Vertical Take-Off and Landing (VTOL) vehicles, which could transform urban mobility in India. TICE provides essential information regarding the government’s strategy.

    The Ministry of Railways is financing this ambitious program, which is anticipated to advance India into a new era of innovative transport alternatives. Vaishnaw’s declaration occurred during the virtual concluding ceremony of the Global Hyperloop Competition 2025, organised by IIT-Madras. This initiative corresponds with the government’s broader objective of promoting domestic innovation and establishing India as a frontrunner in modern transportation technologies.

    How Do VTOL Vehicles Work?

    VTOL vehicles are aircraft that can ascend and descend vertically, analogous to helicopters, yet possess the efficiency and velocity of aeroplanes. In contrast to traditional aircraft that necessitate extensive runways, VTOLs can function from limited areas, rendering them suitable for crowded urban settings. These vehicles may facilitate the development of flying taxis, emergency response air ambulances, and airborne logistics, profoundly altering the transportation of individuals and commodities.

    The potential is not limited to that. In addition to passenger transport, VTOLs may be utilised for railway track inspections, aerial surveys, and emergency evacuations, offering Indian Railways a unique instrument to improve efficiency and safety.

    Strong Backing from the Government

    This partnership highlights the Indian government’s dedication to utilising academia for innovative technological progress. IIT-Madras, recognised for its research in advanced transportation solutions, will be instrumental in building VTOL prototypes and enhancing their design for practical applications. Vaishnaw emphasised that this collaboration signifies a significant advancement in developing indigenous, innovative travel solutions that might position India in the vanguard of the global mobility sector.

    The growing number of Indian entrepreneurs entering the advanced air mobility sector will enhance the ecosystem. India’s startup ecosystem is experiencing a proliferation of enterprises dedicated to electric and hybrid aerial transportation, and a government-supported initiative of this magnitude is anticipated to significantly enhance the sector.

     Although the potential of VTOL vehicles is promising, regulatory approvals constitute a significant obstacle. In contrast to railways, air mobility solutions are regulated by the Directorate General of Civil Aviation (DGCA) and the Ministry of Civil Aviation (MCA). Any advancement in this domain would require authorisation from these authorities to guarantee airworthiness, safety, and compliance with existing airspace norms.

    The MCA acknowledges the need for an efficient regulatory framework and is diligently developing a sandbox environment to test new electric air mobility solutions. The DGCA has established six working groups to investigate various aspects of this technology, including safety protocols and operational feasibility. This is anticipated to offer a systematic framework for startups and industry stakeholders to commercialise their VTOL inventions.

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