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  • Paytm will Purchase 25% Share in Dinie, a Brazilian Financing Company

    According to a regulatory filing, Paytm Cloud Technologies Limited (PCTL), the firm’s wholly owned subsidiary, has authorised a $1 million (INR 8.7 crore) investment to purchase a 25% share in Seven Technology LLC, the parent company of the Brazilian integrated finance startup Dinie. Following the deal, Dinie and Seven Technologies will join One97 Communication, the parent company of Paytm, as associate businesses.

    The payments company stated in the filing that this investment will aid in comprehending the business environment and opportunities for merchants in the Brazilian market. The purchase supports Paytm’s goal of growing its financial services and merchant payments business model globally, especially in developing nations with significant fintech potential. Paytm will make the cash investment, and the agreement should be finalised in 45 days.

    Dinie’s revenue dropped significantly over the last three years, from BRL 4.01 million (INR 6.11 crore) in 2022 to BRL 357,920 (INR 0.56 crore) in 2024, despite Seven Technology having no independent operations.

    Paytm Exploring International Market

    In order to utilise its tech-enabled merchant payments and financial services in “similar” international markets, Paytm had discussed opening businesses in the United Arab Emirates, Saudi Arabia, and Singapore during its most recent quarterly earnings on January 20.

    The company also sought local licenses and alliances.In addition to investigating other possibilities like organic expansion as well as local licenses, strategic investment, and partnerships in these foreign markets, the board of the company has approved the establishment of wholly owned subsidiaries (step-down subsidiaries) in the aforementioned locations.

    With an initial investment of up to INR 20 crore (in tranches) apiece, the subsidiaries were to be created within six months. While discussing the Q3FY25 earnings, chief financial officer Madhur Deora stated that the company is looking to rationalise its other overseas companies, many of which are connected to One97 Communications’ legacy business, which is mostly devoted to providing services to telecom enterprises.

    The CEO disclosed that the business has numerous direct or step-down subsidiaries in Africa, Southeast Asia, South Asia, and the Middle East. Almost none of them have anything to do with Paytm’s primary business; instead, they are related to the former One97 (Communication) company, which offered marketing services to telecom operators. Local subsidiaries were frequently mandated to conduct business in particular areas. The CFO stated, “Brans is looking to reduce the number of these subsidiaries over the next three to six months.”

    Indian Fintech Testing International Waters

    International markets are becoming a greater focus for Indian fintech startups. Razorpay, a payment processing company, is rapidly growing its global footprint. It currently operates in the Middle East and Malaysia and shortly will open in Singapore.

    Roughly 10% of Razorpay‘s total revenue comes from overseas markets. Leading the charge to expand UPI internationally is the National Payments Corporation of India (NPCI). UPI has already been implemented in Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the United Arab Emirates. Establishing cross-border digital payment networks that enable Indian users worldwide to conduct real-time transactions is the goal of NPCI.

    Meta to Invest Hundreds of Billions in AI Amid DeepSeek Frenzy
    As DeepSeek gains traction, Meta announces plans to invest hundreds of billions of dollars in AI, aiming to strengthen its position in the rapidly evolving AI space.
    StartupTalkyNitin Konde

  • Government Reduces RuPay and Low-Value UPI Transaction Incentives in Budget 2025

    In the upcoming fiscal year, the government has allocated INR 437 crore instead of the INR 2000 crore it had set aside the previous year to promote RuPay debit cards and low-value UPI transactions (up to INR 2,000). The central government has made low-value UPI and RuPay debit card payments free in an effort to promote digital payments. Nonetheless, a MDR or merchant discount rate of more than 1% is still applied to transactions over INR 2,000.

    Since processing such transactions costs money, the program was launched in 2023 to encourage banks, other payment system operators, and app developers to do so. Processing a UPI P2M (Peer-to-Merchant) transaction usually costs stakeholders (payer’s bank, beneficiary’s bank, UPI app provider, and NPCI) close to 0.25% of the transaction value. The stakeholders must receive reimbursement through these incentives since they are unable to recoup the expenditures due to zero MDR.

    In order to conduct digital transactions, retailers must pay banks or payment service providers a fee known as MDR. UPI incentives are a crucial source of income for smaller players to maintain themselves because the government removed MDR costs on UPI in 2019 in an effort to encourage digital payments.

    System’s Expansion Makes Government to Lower Incentives

    The government has been decreasing the incentives for the same as the system expands, following an initial increase of INR 2,484 crore. The initial allocation of INR 1,441 crore was eventually increased to INR 2,000 crore last year. Given that the updated figure was higher, the government might think about providing additional funding during the course that exceeds INR 437 crore. Many have encouraged the government to reconsider the zero MDR rule in light of UPI’s current mainstreaming. The total value of UPI transactions in December 2024 was INR 23.24 lakh crore, compared to INR 707.93 crore in December 2016 and INR 4.16 lakh crore in December 2020.

    UPI was used for 16,730.01 million transactions as of December 2024, up from 2,234.16 million in December 2020. In seven countries—the United Arab Emirates, Singapore, Bhutan, Nepal, Sri Lanka, France, and Mauritius—the payment method is now operational.

    The Goal is to Promote More Balanced Economy

    The goal of this action was to promote a more balanced environment and avoid market dominance. At first, December 31, 2024, was the deadline for compliance. However, the NPCI extended this deadline by two years, mandating adherence by December 31, 2026, in recognition of the possible disruption to the quickly expanding digital payments sector.

    Major players that now control sizable market shares, such as PhonePe and Google Pay, will have more time to broaden the UPI market thanks to this extension.

    India Develops Its Own LLM to Tackle AI Challenges
    India is developing its own large language model (LLM) to strengthen its AI capabilities, ensuring technological independence and competitiveness in the global AI landscape.
    StartupTalkyNitin Konde

  • iPhone Tops List, Apple India Sets New Quarterly Revenue Record

    According to Apple CEO Tim Cook, the company’s October–December quarter sales in India set a record, with the iPhone emerging as the top-selling smartphone model in the nation. Throughout the company’s Q1 2025 financial results call, Cook stated, “I am especially keen on India, as we’re opening four new stores there and they set a December quarter record during the quarter.”  With overall shipments hitting a record $12.8 billion (about INR 1.08 lakh cr), Apple’s iPhone exports from India in 2024 broke the INR 1 lakh cr milestone. The CEO also discussed the company’s plans to open four new locations across the nation. In October of last year, Apple announced intentions to establish four more retail locations nationwide. The iPhone manufacturer intends to open new locations in Mumbai, Bengaluru, Pune, and Delhi NCR.

    India -2nd Largest Market for Smartphones: Cook

    Given that India is the world’s second-largest smartphone market and the third-largest for PCs and tablets, he also emphasised the potential of the Indian smartphone market throughout the call. Cook responded to a query from an analyst regarding supply chain planning in India by stating that since the company produces its goods for both the local and international markets, economies of scale are necessary for the Indian manufacturer to earn money. In addition to French, German, Italian, Portuguese, Spanish, Japanese, Korean, and simplified Chinese, the tech giant now plans to make Apple Intelligence available in a number of languages, including India’s localised English. The CEO of Apple also cited Zomato, a massive foodtech startup in India, to illustrate how the business is seeing high demand in developing areas.

    Growing Network of Apple in India

    Cook added that the company saw high demand in new areas as well. For instance, Zomato, a well-known Indian food delivery service, has thousands of Macs spread throughout its workstations. Apple recently began talks with Bharat Forge Ltd., a major manufacturer of auto components, to include Kalyani Group as one of its local vendors. The business launched the Apple Store app in India earlier this month in response to growing sales of its flagship iPhone devices in the nation. The company’s goal is to increase its retail presence in the second-largest smartphone market in the world.

    On a year-over-year basis, the company’s product sales increased 1.5% to USD 97.96 billion from USD 96.45 billion, while its services sales increased around 14% to reach a record high quarterly revenue of USD 26.34 billion from USD 23.11 billion. On a year-over-year basis, sales of Apple’s Mac PCs rose 15.5% to USD 8.98 billion from USD 7.78 billion, and sales of the iPad gained almost 15% to USD 8 billion from USD 7 billion. With the exception of China, where it produces the majority of Apple products, the company’s sales increased in every region. During the December quarter, Apple’s sales in China fell 11% to $18.5 billion from USD 20.8 billion in the same period last year.

    Zepto Launches 10-Minute Instant Return & Exchange Service
    Zepto introduces a 10-minute instant return and exchange service, redefining customer convenience and enhancing the quick commerce experience.
    StartupTalkyNitin Konde

  • Bridging the Mentorship Gap: Lessons for a Global Startup Ecosystem By Prakhar Mittal

    New Delhi [India], February 03: In a career spanning over 15 years in digital transformation across global industries, Prakhar Mittal has witnessed the undeniable power of mentorship in driving innovation, entrepreneurship, and business growth. This has been particularly evident while observing India’s meteoric rise as the world’s third-largest startup hub, home to over 140,803 startups as of 30 June 2024, growing annually at 16-18%. However, amid this progress, a glaring gap persists—structured mentorship to guide budding entrepreneurs through the complexities of scaling and sustaining businesses.

    Contrasting this with the U.S. ecosystem, which thrives on robust frameworks like SCORE—a pioneering organization mentoring small businesses since 1964—the difference is stark. SCORE, a resource partner of the U.S. Small Business Administration (SBA), has been pivotal in shaping small businesses through its mentorship programs, workshops, and access to comprehensive resources. Intrigued by their mission, Mittal joined the SCORE-greater Cincinnati chapter, as a certified mentor, aiming to contribute to this vibrant ecosystem, through a rigorous training and interview process.

    The SCORE Experience: Rethinking Entrepreneurship

    Engaging with SCORE has been an eye-opening journey. One of the most surprising revelations is the demographic shift among entrepreneurs. Approximately 80% of the founders Mittal has mentored are over the age of 50, reflecting a growing trend of seasoned professionals leveraging their expertise to pursue entrepreneurial ambitions. This challenges the traditional narrative that startups are a young person’s game and underscores the inclusivity of the modern entrepreneurial landscape.

    Why SCORE Works: A Blueprint for Startup Support

    SCORE’s approach to empowering entrepreneurs is multidimensional, addressing every stage of business growth:

    • Personalized Mentorship: Tailored guidance from experienced professionals to address unique business challenges.
    • Workshops & Webinars: Covering diverse topics such as digital marketing, financial planning, and operational strategies.
    • Resource Libraries: Offering templates, tools, and step-by-step guides to streamline business operations.

    This ecosystem, bolstered by SBA initiatives like loan programs, contracting assistance, and disaster relief, creates a supportive infrastructure for startups to innovate, scale, and sustain operations.

    Reflections from IIMA: A Foundation for Strategic Mentorship

    Mittal’s formative years at the Indian Institute of Management Ahmedabad (IIMA) provided a strong foundation for critical thinking and strategic problem-solving. These skills have been instrumental in his mentorship journey, allowing me to navigate entrepreneurs through complex challenges by blending theoretical insights with practical solutions.

    India’s Startup Potential: The Path Forward

    India’s startup ecosystem is brimming with potential. Government initiatives like Startup India have laid the groundwork, providing funding and policy support to foster entrepreneurship. However, the absence of structured mentorship programs like SCORE remains a significant roadblock. Establishing similar frameworks in India could enable experienced professionals to guide startups, ensuring innovation isn’t stifled by operational hurdles.

    A Call to Action: Building a Culture of Mentorship

    Mentorship is not only a catalyst for entrepreneurial success but also a cornerstone for long-term innovation and economic growth. Mittal’s journey with SCORE has deepened his appreciation for the transformative power of guidance, not just for entrepreneurs but also for mentors who gain valuable insights from diverse perspectives.

    As India continues to solidify its position as a global startup leader, integrating structured mentorship frameworks into the ecosystem will be crucial. By doing so, we can unlock new avenues of innovation, drive economic growth, and create a collaborative environment where startups thrive—not just survive.

    For those curious to explore more perspectives on digital transformation, mentorship, and supply chain optimization, feel free to connect with him on LinkedIn @prakharmittal22, often sharing insights from his experiences and thoughts on driving innovation across industries.

    Finding the Perfect Mentor: 4 Key Considerations to Keep in Mind
    Discover the essential factors to consider when seeking a mentor to guide your personal or professional growth. Make the most of your mentorship journey with these key considerations.
    StartupTalkyPrithvi Durai

  • Amid the DeepSeek Frenzy, Meta Plans to Invest “Hundreds of Billions of Dollars” in AI

    Mark Zuckerberg, the CEO of Meta, isn’t overly concerned about DeepSeek’s ascension, even though the Chinese AI lab’s rapid rise has shocked Wall Street and Silicon Valley. In fact, Zuckerberg stated on January 29 that Meta’s open-source strategy, which is based on the large language model (LLM) Llama, has “strengthened our conviction that this is the right thing for us to be focused on.”

    “There’s a number of novel things that they did that we’re still digesting… a number of advances that we will hope to implement in our systems, and that’s part of the nature of how this works,” Zuckerberg stated on the company’s earnings conference call. Every new firm that launches, whether or not it is a Chinese competitor, will have some new innovations that the rest of the industry may learn from, according to the head of Meta.

    DeepSeek’s Gain Causing Tremors Among Established Players

    With its boasts of creating a model that can compete with top-tier models from American companies like OpenAI, Meta, and Google for a fraction of the cost, DeepSeek has thrown Wall Street into a collapse over the past week, especially with regard to AI-related equities. Investors were alarmed by this since IT companies were spending billions of dollars developing their AI models and goods.

    Zuckerberg stated during the earnings call that he continues to think that making significant investments in infrastructure and capital expenditures will eventually provide a competitive edge. “It’s probably too early to have a strong opinion on what this means for the trajectory around infrastructure and capex,” he stated.

    Meta’s Plan to Outrun its Competitors

    According to Zuckerberg, Meta plans to spend “hundreds of billions of dollars” on AI infrastructure in the long run. He declared last week that Meta will increase its AI efforts by investing between $60 billion and $65 billion in 2025. According to him, a large portion of the compute infrastructure will probably transition from the pre-training stage to creating strong “reasoning” models and superior products that will be sold to billions of customers.

    Because you can “apply more compute at inference time in order to generate a higher level of intelligence and a higher quality of service,” Zuckerberg stated that this “doesn’t mean you need less compute.”

    “As a company that has a strong business model to support this, I think that’s generally an advantage that we’re now going to be able to provide a higher quality of service than others who don’t necessarily have the business model to support it on a sustainable basis,” he stated.

    Launch of Llama 4 in the Upcoming Month

    In the upcoming months, Meta intends to release Llama 4 with native multimodal and agentic capabilities. “Llama 4’s training is going really well. Pre-training for Llama 4 mini is complete, and both our reasoning models and the larger model appear to be doing well,” Zuckerberg stated.

    “With Llama 3, we wanted to make open source competitive with closed models, and with Llama 4, we want to lead,” he continued. Zuckerberg said that it will be feasible to create an AI engineering bot with coding and problem-solving skills comparable to those of a competent mid-level engineer by 2025.

    DeepSeek to Operate on Indian Servers, Says Union Minister
    Union Minister confirms DeepSeek will soon run on Indian servers, addressing privacy concerns and enhancing data security for Indian users.
    StartupTalkyNitin Konde

  • Union Minister: DeepSeek On Indian Servers Will Soon Address Privacy Issues

    India will soon host the Chinese AI platform DeepSeek on local servers, according to Union IT Minister Ashwini Vaishnaw, in order to allay privacy worries about cross-border data transfers. Since DeepSeek is an open-source AI model that may be hosted on Indian servers, the minister stated as much during a news conference on the IndiaAI Mission. “This project is currently being worked on by our team. The framework and other information, including the number of servers and capacity needed, have been prepared, Vaishnaw stated.

    Strengthening Country’s Data Protection System

    In keeping with the nation’s worries about data protection, Vaishnaw also stated that all of the open-source models will soon be housed on Indian servers. The IT community was recently rocked by DeepSeek‘s ability to create its own LLM using just 2,000 Nvidia H800 GPUs. For comparison, OpenAI‘s ChatGPT-4 uses one lakh GPUs, specifically the more sophisticated H100. Furthermore, the Chinese business asserted that, in contrast to OpenAI’s $100 million investment, it was able to accomplish this with a mere $6 million.

    The development coincides with the government’s efforts to safeguard Indians’ digital data, as data protection has become a major area of attention. The draft regulations for the Digital Personal Data Protection Act were recently made available for public comment until February 18 by the Ministry of Electronics and Information Technology (MeitY).

    India’s Plan on Building its Own AI Foundation Model

    According to the draft, data fiduciaries—entities that decide how personal data is processed—must give data principals—end users whose data they are collecting—all the specific information they need to give them so they can decide whether or not to use their personal data. In the meantime, DeepSeek’s success has sparked a discussion in India about the necessity of creating its own core models. Vaishnaw stated during the conference that India intends to use the IndiaAI Mission to develop its own huge language models.

    Abhishek Singh, additional secretary, Union Ministry of Electronics and Information Technology (MeitY), stated during his visit to GIFT City in Gujarat on 27 January that India is seeking proposals for developing its own foundational model in order to compete with foreign AI foundational models that serve as the basis for numerous applications such as ChatGPT and Gemini. He added that how India creates a basic model has been a major problem.

    At the moment, every core model that a nation uses, including ChatGPT, Llama 3, Gemini, and Claude, is foreign. China has now developed Deepseek and other models as well. To create an Indian foundational model, India must invest and offer financial assistance. The foreign fundamental models can provide incorrect or unsuitable answers because they were trained on western data sets and are not adapted to Indian languages and contexts.

    India Develops Its Own LLM to Tackle AI Challenges
    India is developing its own large language model (LLM) to strengthen its AI capabilities, ensuring technological independence and competitiveness in the global AI landscape.
    StartupTalkyNitin Konde

  • Zepto Introduces a 10-Minute Instant Return and Exchange Service

    Quick commerce unicorn Zepto is now offering 10-minute returns and exchanges for certain product categories. The firm posted on LinkedIn, “Now, return or exchange your Zepto orders in just 10 minutes.” The majority of Zepto’s categories are covered by its return policy, with the exception of stock keeping units (SKUs) for items like utilities, disposables, and innerwear.

    According to a company spokeswoman, returns are accepted in the majority of categories, with a few exceptions made for safety, health, or legal reasons. Innerwear, gold and silver coins, pooja necessities like dhoop, diya, and pooja cloth, accessories like socks, disposables like tissues, and practical items like water filters are all non-returnable.

    More Details of the Newly Formed Zepto’s Return Policy

    Customers can inspect the products upon arrival and initiate an exchange or refund with the necessary proofs on the platform, if accessible, according to the startup’s terms of usage. Zepto will provide coupons or vouchers equal to the refund amount for items paid for with cash on delivery. “After returns are validated, refunds are started right away, though bank processing times may affect how long it takes for money to appear in a user’s account. We provide coupons or vouchers equal to the return amount for COD orders,” Zepto stated.

    Zepto is not the first player in rapid commerce to provide instant rewards, though. Rival Blinkit launched a return policy for apparel and footwear last year in a few cities, including Hyderabad, Pune, Bengaluru, Mumbai, and Delhi NCR. Zepto’s action coincides with growing rivalry in the fast commerce market. While incumbents Blinkit and Swiggy Instamart are attracting customers with discounts and a broad range of products, newcomer Flipkart Minutes has turned up the heat by offering free deliveries.

    Recent Developments at Zepto

    Nevertheless, Zepto has launched the new offering as it prepares to list on Indian bourses in the near future. A few days ago, the company’s chief financial officer (CFO), Ramesh Bafna, announced that the unicorn of quick commerce had moved its headquarters from Singapore to India, reportedly seeking to increase the size of its initial public offering (IPO) from the $800 million previously planned to $1 billion.

    The Aadit Palicha-led company is expected to file its draft IPO papers with market regulator SEBI by March or April. In terms of finances, Zepto’s operating revenue more than doubled to INR 4,454.52 Cr in the fiscal year 2023-24 (FY24) from INR 2,025.70 Cr in the previous fiscal year, driven by the growing popularity of quick commerce. The unicorn also managed to reduce its loss by just 2% to INR 1,248.64 Cr in the fiscal year under review from INR 1,271.84 Cr in FY23.

    Zomato to Begin 10-Minute Meal Delivery Trials in NCR Next Week
    Zomato is set to launch 10-minute meal delivery trials in NCR next week under its Quick brand, aiming to revolutionize the fast food delivery space.
    StartupTalkyNitin Konde

  • India Prepares for the AI Challenge by Developing its Own LLM Fundamental Model

    IT Minister Ashwini Vaishnaw announced on January 30 that the Indian government has chosen to develop a large language model of its own domestically as part of the INR 10,370 crore IndiaAI Mission, just days after a startup Chinese artificial intelligence (AI) lab unveiled the low-cost foundational model DeepSeek.

    Additionally, the government has chosen ten businesses to provide 18,693 graphics processing units, or GPUs—high-end CPUs required to create machine learning tools that can be used to build a basic model. These firms include CMS Computers, Ctrls Datacenters, Locuz Enterprise Solutions, NxtGen Datacenter, Orient Technologies, Jio Platforms, Tata Communications, Yotta, which is funded by the Hiranandani Group, and Vensysco Technologies. Yotta has promised to supply 9,216 GPUs, which accounts for over half of the total.

    According to Vaishnaw, ministry teams have been collaborating closely with professors, researchers, startups, and others for the past one and a half years. The government is currently soliciting ideas for creating India’s own basic model. The model is free of prejudices and will take into account the Indian background, languages, and culture.

    Sharing his views on the subject, Giridhar LV, CEO and Co-founder, Nuvepro Technologies opoined, “India’s AI journey is no longer about catching up—it’s about leading with innovation. With the rapid advancements in AI, India is stepping up by developing its own Large Language Model (LLM)—a foundational AI model tailored to the country’s diverse linguistic and industry needs. Unlike generic global models, this initiative aims to create an AI framework deeply rooted in India’s unique datasets, regional languages, and cultural nuances. By investing in homegrown AI capabilities, India is ensuring data sovereignty, reduced dependency on foreign models, and AI solutions that align with local industries. The push towards indigenous AI development also aligns with the government’s Digital India and Atmanirbhar Bharat initiatives, fostering self-reliance in technology.”

    Focus on Developing Fundamental Model

    In addition, Vaishnaw stated that the government is in contact with a minimum of six developers to construct the foundational model, which may take four to eight months. “In the coming months, we will have a world-class foundational model,” the minister stated. However, he omitted to mention the companies the government is currently in contact with or the estimated cost of building the model. Regarding assisting with the acquisition of computing power, Vaishnaw stated that approximately 10,000 GPUs out of the 18,693 that have been authorised for empanelment are prepared for installation today.

    In a few days, the government will open a shared computing facility where researchers and businesses can access the power of computers. Higher-end GPU access will cost INR 150 per hour, while lower-end GPU use would cost Rs 115.85 per hour. The government would provide end customers with a 40% price subsidy to further facilitate access to these services.

    Proposal from IndiaAI Mission

    The IndiaAI Mission’s plan states that the bids for building LLMs will be shortlisted based on a number of criteria, including the approach’s innovativeness, scalability and sustainability, financial viability, and ethical considerations, among others.

    Additionally, the Centre will choose candidates based on the teams’ abilities, the viability of the submissions, and their potential impact. According to a blog post on the IndiaAI website, a panel of experts will analyse the submitted proposals before inviting the chosen candidates for a thorough presentation. It is anticipated that startups aiming to create an LLM that is developed domestically will also have access to this AI compute. Although it is still unclear if the prospective foundational AI model will be implemented, optimism depends on India’s startup ecosystem’s resourcefulness, inventiveness, and talent pool.

    MeitY Seeks Ideas for India’s AI Foundation Paradigm
    MeitY invites proposals to create India’s own AI foundation paradigm, encouraging innovative ideas for a robust and future-ready artificial intelligence framework.
    StartupTalkyNitin Konde

  • Before its IPO, OfBusiness Becomes a Public Company

    B2B marketplace unicorn OfBusiness has taken another step towards becoming a public business in anticipation of its initial public offering (IPO). On January 27, the board of OfBusiness approved a resolution to convert the company from a private to a public entity. According to the company’s regulatory papers, OfBusiness changed its name from OFB Tech Private Limited to OFB Tech Limited after receiving board approval.

    This comes after rumours circulated that OfBusiness intended to launch its $750 million to $1 billion initial public offering (IPO) in the second half of 2025. According to reports, it is aiming for an IPO valuation of $6 billion to $9 billion. Asish Mohapatra, Ruchi Kalra, Vasant Sridhar, Bhuvan Gupta, and Nitin Jain founded OfBusiness in 2016. Through its platform, the company offers financing and raw material procurement services to SMEs in the manufacturing and infrastructure industries.

    It assists clients in obtaining raw materials for the construction and infrastructure industries, as well as metals, chemicals, polymers, agri-commodities, and petrochemicals. At a valuation of $5 billion, OfBusiness last secured $325 million from investors such as Tiger Global, Softbank, and Alpha Wave Ventures II in December 2021. To date, it has raised around $878 million in total capital.

    OfBusiness’ IPO Preparations

    According to reports, OfBusiness has chosen five bankers to oversee its first public offering (IPO): Axis Capital, Morgan Stanley, JPMorgan, Citigroup, and Bank of America. A $200 million new issue of shares will be part of its public offering, with the remaining shares being offered for sale (OFS). In the fiscal year 2023-24 (FY24), the company claimed a 30% increase in net profit from INR 463.2 Cr to INR 603 Cr.

    From INR 15,342.6 Cr in FY23 to INR 19,296.3 Cr in the year under review, operating revenue increased by more than 25%. Oxyzo Financial Services, the fintech division of OfBusiness that offers SMEs cash flow-based finance for the purchase of raw materials, is also aiming to go public. Over 70% of Oxyzo is owned by OfBusiness.

    More Companies Opting for IPO this Year               

    In 2025, more than 20 cutting-edge tech companies are considering going public amid the surge in startup IPOs. Among the firms hoping to debut on Dalal Street this year are ArisInfra, Ather Energy, BlueStone, Smartworks, and Razorpay.  Additionally, Lenskart, Groww, Zepto, and Pine Labs are preparing for their first public offerings.

    Prior to its eventual public listing, Zepto, a Singapore-based firm focused on fast commerce, reverse-flipped to India earlier this month. Companies including Razorpay, Mensa Brands, Udaan, and Eriditus are also considering a “desh wapsi” in an attempt to profit from the nation’s burgeoning startup scene and rekindled investor interest in cutting-edge digital equities.

    Droom to File INR 1,000 Cr IPO Draft by June
    Droom is set to file draft documents for its INR 1,000 crore IPO by June 2024, marking a major step toward its public listing and future growth.
    StartupTalkyNitin Konde

  • Flipkart has Terminated Our Collaboration: Online pharmacy SastaSundar

    According to SastaSundar Ventures, which runs digital platforms with a health focus, its collaboration with e-commerce behemoth Flipkart is now finished. B L Mittal, the founder and executive chairman of SastaSundar, told a news agency that SastaSundar Healthbuddy, a division of SastaSundar Ventures, had reclaimed the brand’s intellectual property rights (IPR) and non-compete agreements from Flipkart Health+ through its recently established subsidiary SastaSundar Healthtech.

    Notably, in 2021, Flipkart Health, a subsidiary of Flipkart, purchased a 75% share in SastaSundar Healthbuddy. SastaSundar Ventures notified the stock exchanges in October 2024 that SastaSundar Healthbuddy has signed a share purchase agreement to transfer Flipkart Health Limited’s whole stake to Flipkart Health Private Limited, Singapore. Both preference and equity shares were sold as part of the transaction.

    According to the company’s filing, SastaSundar Healthbuddy Limited, a significant subsidiary, will get the entire consideration of INR 97.17 Cr. According to Mittal, the business sold Flipkart a 75% ownership in SastaSundar Marketplace in 2021 for INR 750 Cr.

    SastaSundar’s Business Operations

    In an investor presentation in October 2024, the firm stated that it expected the brand to be profitable and planned to invest approximately INR 115 Cr in “technology and brand building” over the following three years. Notably, SastaSundar Ventures has two digital platforms: RetailerShakti, a B2B platform for the distribution of pharmaceutical and wellness products, and SastaSundar App, a B2C platform that offers pharmacy, diagnostic, and wellness services.

    Flipkart Health, on the other hand, is an online pharmacy where customers can purchase medications, medical supplies, and wellness goods. Following Flipkart’s acquisition of SastaSundar, it was introduced in 2022.

    Growing Network of 10 Min Medicine Delivery

    Less than a month has passed since rumours circulated that Flipkart was preparing to introduce a 10-minute medication delivery service under its “Minutes” rapid commerce brand. According to reports at the time, the e-commerce giant had already begun enrolling neighbourhood pharmacies in major cities to supply medications.

    The 10-minute medication delivery service is a noteworthy experiment that Flipkart is not the only one experimenting with. Foodtech titan Swiggy and e-pharmacy major PharmEasy launched a 10-minute medication delivery service in certain Bengaluru areas in October of last year. Next is BigBasket, which is supported by Tata and aims to take advantage of this whitespace by using its sister brand, Tata 1mg, to provide speedy medication delivery.

    In addition, while only having one location in Bengaluru at the moment, Plazza, which was established in November 2024, has also become a rising force in the fast medication delivery market.

    Zomato to Begin 10-Minute Meal Delivery Trials in NCR Next Week
    Zomato is set to launch 10-minute meal delivery trials in NCR next week under its Quick brand, aiming to revolutionize the fast food delivery space.
    StartupTalkyNitin Konde