StartupTalky

Tag: #news

  • Under the IBC, the RBI will Start the Resolution Process Against AVIOM India

    Citing governance issues and payment defaults, the Reserve Bank of India (RBI) replaced the board of Aviom India Housing Finance on 27th January. Ram Kumar, a former Chief General Manager (CGM) of Punjab National Bank, was named administrator. In addition to applying to the National Company Law Tribunal (NCLT), New Delhi, to designate the administrator as the Insolvency Resolution Professional, the regulator stated that it “intends to shortly” begin the company’s resolution procedure under the Insolvency and Bankruptcy Code (IBC).

    The main business of Aviom is lending money for affordable housing. According to India Ratings, as of March 31, 2024, the promoter Kajal Ilmi and her family owned 31.4% of the company on a fully diluted basis. Other significant stakeholders included Nuveen (35.06%), Gojo and Company Inc. (19.84%), SABRE Partners AIF Trust (9.88%), and Capital 4Development Asia Fund Cooperative UA (3.78%).

    What is the Insolvency and Bankruptcy Code?                                                           

    A healthy credit flow and the creation of fresh capital are crucial in an expanding economy like India, and when a business becomes insolvent or “sick,” it starts to fall behind on its loan payments. Banks or creditors must be able to collect as much as they can from the defaulter as soon as possible in order for credit to avoid becoming stuck in the system or becoming bad loans.

    The company may be given the opportunity to start over with new owners if it is still viable, or its assets may be promptly liquidated or sold. In this manner, new credit may be added to the system, and asset value degradation can be reduced. The Insolvency and Bankruptcy Code (IBC) was introduced in 2016 to revamp India’s corporate distress resolution regime and consolidate existing laws to create a time-bound mechanism with a creditor-in-control model instead of the debtor-in-possession system.

    This was done at a time when India’s non-performing assets and debt defaults were mounting and older loan recovery mechanisms like the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), Lok Adalats, and Debt Recovery Tribunals were perceived to be underperforming.

    How Discrepancies Began in Aviom?

    In the midst of allegations regarding irregularities that are being looked into, the company’s statutory auditors discovered errors in its books of accounts. The National Housing Bank (NHB) has also been notified of a scam within the organisation. The business had also complained to the Economic Offences Wing (EOW). The business has been dealing with delayed interest payments and liquidity problems. It is being audited by a third-party forensic auditor that NHB has hired.

    In the quarter that ended in March 2024, Aviom India Housing Finance’s net profit decreased 14.09% to INR 6.34 crore from INR 7.38 crore in the quarter that ended in March 2023. In the quarter that ended in March 2024, sales increased by 58.94% year-over-year (Y-o-Y) to INR 117.38 crore, up from INR 73.85 crore in the quarter that ended in March 2023.

    RBI Governor Urges Financial Institutions to Combat Online Fraud
    RBI Governor urges financial institutions to develop reliable mechanisms and strengthen efforts to combat online fraud, ensuring secure digital transactions.
    StartupTalkyNitin Konde

  • MeitY Requests Ideas for Developing India’s Own AI Foundation Paradigm

    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.

    Speaking at the opening of the event, where Chief Minister Bhupendra Patel was also in attendance, Singh went on to say that the government is putting out a call for proposals to create a foundational model in India so that India can compete with the best in the world. Singh continued without revealing a deadline for the submissions, saying, “I am confident that some of the start-ups and innovators present today will be joining this challenge to build an Indian foundational model.”

    Foundational Model and Risks of AI

    One kind of artificial intelligence model that can handle a variety of jobs is the foundational model. These models can be used in a wide range of applications because they are developed by training on large and varied datasets. While AI has a lot of potential, Singh also believed that there are a lot of risks associated with it. The nation has witnessed how deepfakes and false information operate, as well as how incorrect AI reactions can lead to issues.

    To do this, the government is developing instruments for creating AI that is ethical, responsible, safe, and trustworthy. Tools for identifying algorithmic biases, false information in AI, and deepfakes are being developed by researchers and organisations. CoEs and any start-ups developing it will also have access to these technologies. Prime Minister Narendra Modi will visit Paris from February 10–11, when France and India will co-host the AI Action Summit, Singh said, adding that India was engaging “globally in the development of AI governance guidelines.”

    India to Set up 18000 Graphic Processing Units

    According to the additional secretary, India’s IndiaAI Mission aims to establish 18,000 Graphic Processing Units (GPUs) in order to create a high-end, scalable AI computing ecosystem that will assist researchers, academicians, students, and start-ups. In comparison to other nations, India has relatively few GPUs.

    In order to achieve its goal of setting up 10,000 GPUs, the government has held bids under the AI Mission and collaborated with the industry. It is aiming for 18,000 GPUs at very competitive prices, and it has opened the financial bids last week. Additionally, all researchers and startups will have access to these GPUs at a further discounted price. This will also help the start-ups operating in the CoE, Singh continued.

    How Artificial Intelligence Is Transforming Business
    Artificial Intelligence is a critical factor in the strategy of those who want to expand their business impact in this digital era to make a win.
    StartupTalkyAvinash kumar mahato

  • Curefoods Starts Discussions With Bankers About a $300–400 Million IPO

    According to a media source, Curefoods, a food and beverage startup founded by Ankit Nagori, a former senior Flipkart executive, has started talking about hiring legal firms and investment banks for its initial public offering (IPO). According to various media outlets, the firm recently met with a number of bankers and solicitors for an IPO mandate, and the counsel will probably be decided upon in the coming weeks. The potential offer, which is anticipated to be made public in the later half of the current fiscal year, which starts on April 1, may raise $300–400 million for the Accel-backed business. They stated that the amount of secondary share sales by current investors will ultimately determine the final size of the initial public offering (IPO). Among others, Accel, Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Three State Ventures, and Nordstar have invested in the company.

    Curefoods  Expanding its Network

    Along with adding Frozen Bottle and other brands to its portfolio, which already includes EatFit, Cakezone, Nomad Pizza, and Sharief Bhai Biryani, Curefoods has been growing its business. It serves more than ten different cuisines in 40 Indian cities through more than 500 cloud kitchens and physical locations. The firm stated on December 31 that it has reached a deal with the Landmark Group to buy the popular doughnut brand Krispy Kreme’s businesses in west and south India.

    In an interview with a media house on December 31, Nagori stated that although the agreement permits Curefoods to manage and operate Krispy Kreme in the south and west, Curefoods is also in talks to extend operations to the north and east in the upcoming months. Over the next five years, Krispy Kreme, a division of Curefoods, intends to open more than 350 more points of access in addition to its current 50 touchpoints.

    Financial Outlook of Curefoods

    According to the company’s filings with the Registrar of Companies, its consolidated revenue increased by 53% to INR 585 crore in FY24 from the previous fiscal year. According to media estimates, Curefoods anticipates ending FY25 with an annual revenue run-rate of about INR 1,000 crore. According to data, the startup’s consolidated loss decreased from INR 342.7 crore to INR 172.6 crore in FY24.

    Statup Sector’s Race For IPO

    Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025. Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.

    In the near future, startups like SoftBank-backed OfBusiness, contract maker Zetwek, and financial unicorn Pine Labs hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025. This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.

    Pine Labs to Submit IPO Draft Documents by Mid-February
    Pine Labs is gearing up for its IPO, planning to submit draft documents by mid-February, signaling its next big step toward going public.
    StartupTalkyNitin Konde

  • Build Reliable Mechanisms to Reduce Online Fraud: RBI Governor to Financial Institutions

    Sanjay Malhotra, governor of the Reserve Bank of India (RBI), has counselled banks to set up strong and proactive procedures to stop the nation’s growing number of digital frauds. In order to reduce the risks associated with information technology (IT) and cybersecurity, the governor of the RBI also asked the financial institutions to strengthen oversight over their third-party service providers. Additionally, he urged the banks to enhance digital literacy and keep making technological investments. The governor made the remarks on January 27 in Mumbai while meeting with the chief executives of banks in the public and private sectors. In addition to Malhotra, the conference was attended by deputy governors Rajeshwar Rao, T. Rabi Sankar, and Swaminathan Janakiraman. In a statement, the central bank said that these exchanges are a part of the Reserve Bank’s ongoing communication with the top executives of the companies it oversees. The comments are made at a time when private companies and Indian government institutions are being bombarded by cyberattacks.

    Sharing his thoughts on the comments, Appalla Saikiran, Founder and CEO, SCOPE, stated, “The financial sector is undergoing rapid digital transformation, increasing opportunities but also increasing the vulnerabilities encountered by modern financial institutions. It has become imperative for financial institutions to herald mechanisms built through the front gate in the fight against online fraud. As cyber threats continue to grow both in volume and complexity, the industry must step up from reactive measures to proactive ones that have security and consumer trust at their centre.”

    “State-of-the-art solutions like machine learning (ML) and artificial intelligence (AI) thus have the potential to revolutionise the current fraud-prevention technologies. This is repetition but important as they give financial institutions an incredible ability to mine vast amounts of data in real time to spot abnormalities and act instantly on potential threats. Appropriate identification procedures and encryption are the most decent means to protect sensitive data from illicit access amongst the privacy-breaking actions,” he added further.

    Cyber Criminals Looted Around INR 177 Cr in FY24

    India lost INR 177.05 Cr to cyber scams in FY24, more than twice as much as INR 69.68 Cr in FY23, according to various published reports. The number of online scams in the nation increased by 334% year over year (YoY) to 29,082 in FY24, according to an RBI data. Nearly 300 tiny local banks’ payment systems were momentarily shut down by a ransomware attack on C-Edge Technologies just last year. C-Edge Technologies supplies banking technology systems to small banks nationwide. The Supreme Court’s official YouTube channel was hacked in September 2024 to show videos endorsing a cryptocurrency created by Ripple Labs, a US-based corporation. The Centre has increased its efforts to stop these cases in the interim.

    Government Enhancing the Security Channels

    In order to combat the growing number of cybercrimes in the nation, Home Minister Amit Shah stated last year that the government was seeking to establish a central registry of suspects. The “Citizen Financial Cyber Fraud Reporting and Management System,” which the government also established, has prevented scammers from stealing more than INR 2,400 Cr. To increase awareness of cybersecurity in India, fintech unicorn Razorpay partnered with the Indian Cyber Crime Coordination Centre (I4C) and the Ministry of Home Affairs (MHA) in December.

    DOT’s Request to Telcos

    The telecom department ordered operators to play a caller song about cybercrime awareness eight to ten times a day for three months last December. The Indian Cybercrime Coordination Centre (I4C), a cybercrime wing under the Home Ministry, has supplied the caller tunes, as per the order copy that was delivered to the telecom carriers.

    According to the order, caller tune audios will be played through pre-call announcements and ringback tones, which will be supplied to TSPs by I4C nodal officers in order to raise public awareness of cybercrime through the caller tune campaign. A subscriber may hear caller tunes eight to ten times every day.

    Pine Labs to Submit IPO Draft Documents by Mid-February
    Pine Labs is gearing up for its IPO, planning to submit draft documents by mid-February, signaling its next big step toward going public.
    StartupTalkyNitin Konde

  • By the Middle of February, Pine Labs will Submit its IPO Draft Documents

    According to reports, Pine Labs, a prominent fintech company, is preparing to submit its IPO draft papers by the middle of next month. A media site reported that the company aims to list on the bourses as soon as possible after finishing all the procedures required to move its base to India. The National Company Law Tribunal (NCLT) granted the corporation the first set of permissions in August of last year to combine its Indian subsidiary with its Singaporean entity. Five investment banks were reportedly chosen by the Delhi-NCR-based firm in November to serve as advisors for its $1 billion (about INR 8,424.7 crore) IPO. The company is reportedly looking for a $6 billion valuation. Axis Capital, Morgan Stanley, Citigroup, JP Morgan, and Jefferies were among these banks.

    A slew of venture capital, private equity, and international funds, including Temasek, MasterCard, Paypal Ventures, Alpha Wave Global, and Peak XV, backed Pine Labs. About 20% of the business may be sold by current investors. The offer might also be used by Pine Labs to raise some primary capital. Since 2009, Pine Labs has raised over $1.32 billion in 14 rounds, according to Tracxn.

    Pine Labs May Opt for Pre-IPO Funding Round

    The company may choose to pursue a pre-IPO funding round prior to its IPO, which could result in a change in valuations and size, as no definitive decision has been made. It’s interesting to note that this is the business’s second attempt to list on a stock exchange. It submitted IPO paperwork for a $500 million public offering to the US Securities and Exchange Commission back in 2022. However, because of the poor market attitude, it postponed the preparations for the IPO. Pine Labs was established in 1998 by Lokvir Kapoor, Rajul Garg, and Tarun Upadhyay. The company provides retailers with digital payment solutions, including point-of-sale (PoS) devices and payment systems. Additionally, it provides businesses with cashback, rewards, and pay-later options.

    Indian Startups and their IPO Dream

    Pine Labs’ valuation was reduced by 8.5% from $3.8 billion in January 2024 to $3.5 billion at the end of April 2024 by US-based fund manager Invesco, who also owns stock in the company. Approximately 18 firms, including Flipkart, PhysicsWallah, Ather Energy, and Zepto, are preparing to list on Indian stock exchanges, according to a number of media reports. With plans to list in the upcoming fiscal year, the board of logistics giant Shiprocket passed a resolution on January 27 to turn the business from a private to a public corporation. At a valuation of roughly $2.8 billion, IPO-bound Infra. Market raised INR 1,050 Cr in its pre-IPO round last week. Even Capillary Technologies has resumed its IPO preparations, and by June of this year, it is anticipated to submit the draft documents for a $200 million (INR 1,700 cr) IPO.

    Shiprocket Goes Public Ahead of 2025 IPO Plans
    Shiprocket has officially become a public company as it gears up for its planned IPO in 2025, marking a major milestone in its business growth journey.
    StartupTalkyNitin Konde

  • HPZ Token Scam: Fintechs Refute Claims of Account Freezing and ED Probes

    Prominent fintech companies, such as Paytm and PayU, have refuted claims that they are one of a few payment gateways under investigation by the Enforcement Directorate (ED) in connection with a cryptocurrency scam.

    In response to the account freezing reports, Paytm denied receiving any notice of this kind from the Enforcement Directorate. The company also confirmed that it has not received any new notices, communications, or enquiries from the Enforcement Directorate about the subject matter covered in the media articles. The published material is misleading and factually inaccurate, as per Paytm.

    Paytm went on to explain that the cases being covered by the media right now are related to similar previous enquiries about third-party merchants. Furthermore, it stated that Paytm would want to make it clear that these merchants are separate businesses and are not affiliated with its organisation. It attested to the company’s complete cooperation with the authorities and compliance with all of their directives, Paytm continued.

    In response to the reports, PayU also said that it strongly rejects any misrepresentations and that there are factual errors in the reports about PayU. PayU has consistently upheld the highest standards of governance and transparency in all of our activities and has remained dedicated to abiding by all applicable laws and regulations.

    ED Reportedly Frozen INR 500Cr

    A renowned media house has reported that the ED had frozen about INR 500 crore in virtual accounts of eight payment gateways, including Razorpay, PayU, Easebuzz, and Paytm, as part of its investigation into one of the biggest cryptocurrency scams in India, the HPZ Token scam, which was run by ten Chinese nationals and allegedly involved the collection of over INR 2,200 crore from investors across 20 states. WunderBaked, AgreePay, and SpeedPay were also allegedly involved.

    Company

    Amount Upheld by ED

    Easebuzz

    INR 33.4 crore

    Razorpay

    INR 18 crore

    CashFree

    INR 10.6 crore

    Paytm

    INR 2.8 crore

    PayU

    INR 130 crore

    Step by Step- How Scam was Piloted?

    Through the smartphone app HPZ Token, the accused reportedly persuaded others to invest in cryptocurrency mining, including Bitcoin. Through the incorporation of businesses in at least 20 states and the usage of more than 200 bank accounts, they ran a pan-Indian network. During the holding period, the ED used payment gateways to intercept the funds that were sent overseas.

     According to reports, the ED was investigating if the payment gateways notified the Financial Intelligence Unit and the Reserve Bank of India (RBI) and produced Suspicious Transaction Reports (STRs).

    Periodically, all financial institutions must submit STRs, which the RBI then forwards to the Financial Intelligence Unit for additional analysis. A Nagaland PMLA court on January 22, 2025, declared Bhupesh Arora, a major accused, a fugitive economic offender. After the ED started its investigation and disregarded a non-bailable warrant, Arora fled to Dubai in 2022. 298 participants in the scheme are named in the chargesheet.

    RBI Highlights Rising Consumption Driven by E-Commerce and Quick Commerce
    RBI highlights the impact of e-commerce and quick commerce on rising consumer spending and increasing consumption across India.
    StartupTalkyNitin Konde

  • Shiprocket Becomes a Public Company in Preparation for its 2025 IPO

    With plans to go public in the upcoming fiscal year, the board of logistics unicorn Shiprocket has approved a resolution to turn the startup from a private to a public business. According to the company’s regulatory filings, the startup will now rename itself Shiprocket Limited and remove the word “private” from its name. At the Shiprocket general body meeting on January 18, this decision was made. After the company passed a special resolution at an extraordinary general meeting on August 31, 2024, its authorised share capital was INR 70.98 lakh.

    Through its initial public offering (IPO), which will comprise both core components and an offer for sale (OFS), Shiprocket is allegedly planning to raise between INR 2,000 and 2,500 crore. The company has hired Axis Capital, Kotak Mahindra, JM Financial, and BofA Securities as its investment bankers for the sale, according to media sources.

    Shiprocket Up for $26 Mn Funding Round

    This recent development coincides with the startup’s fundraising round, which will be headed by US-based venture capital company KDT Ventures and raise INR 219 Cr, or around $26 million. Tribe Capital, SAI Global, Huddle Ventures, and Japan-based MUFG Bank are also anticipated to participate in the financing. The company will offer 50,461 Series E3 compulsorily convertible preference shares (CCPS) to investors at an issue price of INR 43,394 each as part of its fundraising effort. Saahil Goel, Vishesh Khurana, Akshay Gulati, and Gautam Kapoor founded Shiprocket in 2017 with the goal of aggregating third-party logistics firms. In addition to Delhivery, FedEx, Aramex, Xpressbees, DTDC, and Shadowfax, the firm has 17 courier partners. It states that it provides shipping options for more than 24,000 PIN codes in India and 220 other countries.

    Shiprocket is worth $1.21 billion and has raised more than $320 million so far. Bertelsmann Nederland B.V. is the biggest external stakeholder, followed by Tribe, according to the startup data intelligence platform TheKredible. Notable investors in Shiprocket include Temasek, Paypal, LightRock, and Zomato.

    The company’s revenue increased by 21% year over year to INR 1,316 crore in the fiscal year that ended in March 2024, but its losses for the same period were INR 595 crore. Along with other companies like Shipyard, it is in competition with Unicommerce.

    Shiprocket’s Business Operations

    The business launched a D2C marketplace called Zop in August 2024. About 200–300 brands in eight categories, such as technology, fashion, and beauty, are featured on the platform. In terms of money, the startup’s FY24 net loss was INR 595 Cr, up 74.4% from FY23’s INR 341 Cr. From INR 1,089 Cr in the prior fiscal year to INR 1,316 Cr in the year under review, its operating revenue increased by 20.8%.

    Everstone Acquires Bootstrapped SaaS Leader Wingify for $200 Million
    Everstone acquires bootstrapped SaaS leader Wingify in a $200 million deal, marking a significant milestone in the SaaS industry.
    StartupTalkyNitin Konde

  • To Obtain Additional 10% Stake in Tata Play, Tata Sons Seeking Approval from CCI

    According to reports, Tata Sons has applied for permission from the Competition Commission of India (CCI) to purchase an additional 10% of DTH provider Tata Play from Temasek Holdings, a Singaporean sovereign wealth fund. According to multiple sources, which cite a notification sent to the CCI earlier this week, the proposed deal is the purchase of a 10% stake in Tata Play by Tata Sons from Baytree Investments (Mauritius) Pte Ltd. It should be noted that Temasek Holdings owns Baytree Investments (Mauritius).

    Players Fighting Fierce Battle in Digital TV Sector

    In April 2024, when the firm was valued at $1 billion, Temasek Holdings Pte sold its 10% share in Tata Play for INR 835 Cr ($100 million), giving Tata Sons a 70% stake in the company today. Walt Disney owns the remaining 30%, but after simplifying its portfolio and combining its media businesses with Reliance Jio in India, the company has been looking to leave the TV distribution industry. According to earlier reports, telecom giant Bharti Airtel was in advanced negotiations with the Tata Group in October of last year to buy Tata Play. This move would have strengthened Airtel’s position in the faltering digital TV market and improved its bundled offerings, ultimately increasing non-mobile revenues through convergence.

    TATA Expanding its Network in Entertainment Space

    The aforementioned development happened one month after it was reported that Tata Sons intended to invest in its digital division, Tata Digital, by the middle of 2025. A few weeks ago, the competition authority granted approval to Tata Electronics Private Limited’s (TEPL) plan to purchase the majority of Pegatron Technology India. The CCI also gave its approval to Tata Electronics’ proposal to give Pegatron India full ownership of TEL Components, a TEPL subsidiary.

    One of the main content distribution platforms in India is Tata Play (previously Tata Sky), which offers Pay TV and over-the-top (OTT) services via its Tata Play Binge platform. The parties (Tata Sons and Tata Play) claimed in their submission to the CCI for evaluation of the proposed transaction that it would not have a negative impact on competition in any conceivable relevant markets.

    As a result, the definition of the relevant market may stay open, and the CCI may evaluate the deal in light of India’s wired broadband internet services as well as the complementary relationship between web-based services like Tata Play Binge and internet access offered by Tata Sons through its affiliates, the statement continued. Based on Tata Sons’ application to the CCI, is it feasible that the company has chosen to keep the internet piece of Tata Play while letting go of the distribution platform operator’s video services section.

    Dixon Plans $3 Billion Display Fabrication Plant in India
    Dixon Technologies plans to build a $3 billion display fabrication plant in India, boosting local manufacturing and self-reliance in the tech sector.
    StartupTalkyNitin Konde

  • Aexo Aerospace Revolutionizes the Future of Mobility with Futuristic eVTOL Solutions

    Bengaluru (Karnataka) [India], January 28: Aexo Aerospace, a pioneering Indian startup, is set to redefine Urban Air Mobility (UAM) with the launch of its innovative Electric Vertical Takeoff and Landing (eVTOL) technology. Headquartered in Bangalore, Aexo Aerospace focuses on revolutionizing the future of mobility by creating safe, sustainable, and efficient Personal Aerial Vehicles.

    With a focus on groundbreaking advancements, Aexo Aerospace’s product lineup includes

    • Single-Seater eVTOLs: Agile and versatile models, ranging from rugged configurations for the defence to fully enclosed designs for urban commuters.
    • Three-Seater eVTOLs: Designed for emergency medical services, government operations, and efficient commuter air travel.

    Additionally, Aexo Aerospace is instigating the development of proprietary vertiports, enabling seamless integration of eVTOLs into urban ecosystems.

    “Our mission is to make personal flight as transformative as the automobile once was,” says Sourav Samantara, founder of Aexo Aerospace. “We envision a world where sustainable, accessible, and safe air mobility is a part of everyday life.”

    Foundation for a Sustainable Aviation Future

    The journey of Aexo Aerospace is inspired by a vision to innovate with purpose and make aerial mobility accessible to everyone. Sourav Samantara, a former Merchant Navy Officer and serial entrepreneur, established the company to channel his passion for reshaping transportation and creating new possibilities for how we connect and travel.

    While regulatory uncertainties still pose challenges for the nascent Advanced Air Mobility (AAM) sector, Aexo Aerospace is committed to advancing technology and collaborating with the stakeholders to implement a robust framework for the Indian Urban Air Mobility Revolution.

    “We aim to innovate with purpose,” said Sourav Samantara, founder of Aexo Aerospace. “Our efforts are to bring humanity closer to a future where skies are open to all.”

    Aexo Aerospace has made remarkable advancements, with its first prototype to set flight within the next two months. The commitment to revolutionize aerospace extends beyond technology with the company’s advanced air mobility initiatives aimed at societal upliftment by enhancing emergency response capabilities by connecting remote regions with vital services and eco-friendly transportation, as well as investing in education and skill development.

    Join the Revolution

    Aexo Aerospace invites investors, aviation enthusiasts, and collaborators to join them in revolutionizing urban air mobility. With safety, innovation, sustainability, and accessibility at its core, Aexo is paving the way for a connected, airborne future.

    For more information or to connect, visit the Aexo Aerospace website, aexo.in, and follow Aexo Aerospace on LinkedIn and Instagram.

    About Aexo Aerospace

    Aexo Aerospace is an Indian aerospace startup dedicated to transforming Urban Air Mobility (UAM) through innovative Electric Vertical Takeoff and Landing (eVTOL) technology. With a vision to make Personal Aerial Vehicles accessible and sustainable, Aexo Aerospace is at the forefront of reshaping how people connect and travel.

    Indian Civil Aviation Industry – Who Leads the Market?
    The Indian Civil Aviation Industry has received strong backing from the government and is increasingly emerging as a fast-growing sector.
    StartupTalkyKinnary Nensee

  • 2.61 Cr Equity Shares Are Allotted by Swiggy Under ESOP Plans

    2.61 Cr equity shares have been distributed by listed foodtech giant Swiggy through its different employee stock option (ESOP) plans. Swiggy announced in an exchange filing on January 25 that the nominating and compensation committee had authorised the distribution of 2,61,93,411 equity shares of the firm in response to qualified workers exercising their stock options under the Swiggy ESOP Plans 2015 and 2021. Swiggy’s paid-up equity share capital rose from INR 2.23 Cr to INR 2.26 Cr after this allocation. The newly allotted shares are worth INR 1175.69 Cr, with Swiggy’s shares closing 2.7% lower on the BSE at INR 448.85 each on the last trading session of January 25.

    Swiggy’s ESOPs  

    Swiggy launched its sixth employee stock option plan (ESOP) liquidity program last year, valued at $65 million (about INR 543.5 crore), prior to its offering. In June 2018, Swiggy introduced the first ESOP program. In 2021, it then announced two ESOP liquidity programs valued between $35 and $40 million. In 2022 and 2023, the two tranches under this were finished. Recently, the firm managed by Sriharsha Majety released a new app called “SNACC,” which aims to provide a 15-minute food delivery service in specific areas of Bengaluru. Zomato then introduced Bistro, a 10-minute meal delivery service.

    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 Expands ESOP Pool with 4.17 Crore Stock Options
    Zomato increases its ESOP pool by adding 4.17 crore stock options, aiming to enhance employee benefits and retain top talent in the competitive market.
    StartupTalkyNitin Konde