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  • Finarkein Announces $1.5M Funding Round led by DSP

    Finarkein today announced the successful extension of its Pre-Series A funding round, securing $ 1.5M in primary and secondary investments. This round of funding was led by DSP Group Family Office with participation from existing investors. 

    The investment round saw fresh investment from marquee investors like DSP while select existing investors like Capital 2B doubled down, reflecting strong confidence in Finarkein’s vision and technology. The Indian fintech infrastructure story is gaining momentum and Finarkein continues to be an innovative leader in space attracting marquee clients and investors alike. 

    “Our platform continues to be a market leader in the Account Aggregator space, offering best in class experience combined with privacy preserving technologies, which is vital in the data space,” said Nikhil Kurhe, CEO of Finarkein. ” Patient capital allows us to further invest in data privacy, security and compliance as Finarkeinʼs data products further power Indiaʼs financial markets. DSP is a premier Asset Manager and has a track record of investing into and incubating Fintech businesses, and we are glad to have them onboard team Finarkein.”

    “Finarkein is building the foundation rails for ease of adoption of open banking and open finance. Their commitment to innovation and execution aligns perfectly with DSPʼs belief in long-term, high-impact growth. Weʼve seen how Finarkein can unlock immense value across the financial ecosystem, and weʼre excited to support their next stage of growth,ˮ said Aditi Kothari Desai, Chairperson, DSP.

    “Financial products are increasingly becoming data driven and the fintech infrastructure ecosystem continues to grow multifold. Finarkein has been a clear category creator Indiaʼs open finance story. We are excited to see Indian data infrastructure companies build from India for the world, and Finarkeinʼs platform continues to set the standard for the ecosystem,ˮ said Kunal Bajaj, who takes up a Board Observer position with Finarkein. 

    While a significant amount of the raise was deployed on secondaries, the company plans to allocate funds towards enhancing its Data & FinAI Platform, expanding the team, and exploring emerging data and AI opportunities within their existing customer base. This investment will also support Finarkein’s ongoing commitment to innovation, privacy and customer satisfaction. 

  • Morphing Machines Series A Funding Led by IAN Alpha Fund with participation from Speciale Invest, IvyCap Ventures, and Navam Capital

    Morphing Machines, a Bengaluru-based fabless semiconductor IP company at the Indian Institute of Science (IISc), has raised ₹38.36 crore in a Series A funding round led by IAN Alpha Fund, with participation from Speciale Invest, IvyCap Ventures, and Navam Capital. Existing investors from the Seed round include Speciale Invest, IvyCap Ventures, Navam Capital, Golden Sparrow Ventures, IIMA Ventures, and DeVC. 

    Morphing Machines is part of India’s growing Deeptech ecosystem, developing breakthrough technologies that push the boundaries of computing. The company is building a many core processor that can handle diverse workloads with speed and efficiency, addressing the needs of industries such as data centers and artificial intelligence. These are sectors where demand is growing rapidly and existing hardware is struggling to keep pace.

    After more than a decade of research, the company brings a combination of deep technical expertise and practical product focus. Unlike traditional approaches, the company is building semiconductor solutions that are not only powerful but also energy-efficient and scalable, making them relevant for high-performance computing, AI, and next-generation enterprise applications.

    The company was founded by Deepak Shapeti (Co-Founder & CEO), Dr. Ranjani Narayan (Founder & CTO), and Prof. S. K. Nandy (Founder & Chief Scientific Advisor). The idea originated from a deep research foundation backed by IISc (Indian Institute of Science). The vision formalized from the work done on developed processors for DRDO and Safran Aerospace. These projects laid the foundation for Morphing Machines’ breakthrough innovation of creating software-defined hardware that can adapt to fast-changing needs.

    Deepak Shapeti, Co-founder & CEO, Morphing Machines, said, “Data Centers today demand agility—REDEFINE uniquely adapts to any workload, from AI to analytics, delivering breakthrough efficiency and lower costs for the next era of cloud computing. Our Series A funding will accelerate deployment of REDEFINE into consumer cloud data centers,  hyperscalers, and other such use cases where we can offer customers better performance, efficiency, and flexibility while dramatically lowering total cost of ownership.”

    Rajnish Kapur, Managing Partner, IAN Alpha Fund, said, “We are delighted to partner with Morphing Machines, a deep-tech semiconductor startup built on nearly two decades of pioneering research at the Indian Institute of Science. Morphing Machines is developing REDEFINE™, a runtime reconfigurable manycore parallel compute processor that combines the flexibility of an FPGA with the performance of an ASIC. Like a Swiss knife, REDEFINE™ can dynamically switch between CPU and GPU capacity cores, making it ideal for the diverse, demanding and yet unpredictable workloads of modern applications that are increasingly AI-driven. The timing couldn’t be better: with the rising demands of high-performance computing, data centers, Generative AI, 6G, ADAS etc., the need for scalable AI acceleration is more urgent than ever. We are thrilled to work alongside Dr. Ranjani Narayan, Prof. S.K. Nandy, and Deepak Shapeti as they push the frontiers of India’s semiconductor mission.”

    Vishesh Rajaram, Managing Partner, Speciale Invest, said, “At Speciale Invest, we are committed to backing founders who are building at the very edge of science and engineering. Morphing Machines exemplifies this — bringing together more than a decade of IISc-led research and transforming it into a commercially scalable semiconductor innovation. REDEFINE™ is a breakthrough architecture that addresses the growing demand for compute agility in data centers and AI workloads globally. We are excited to partner with Deepak, Dr. Ranjani, and Prof. Nandy as they push forward India’s semiconductor mission and build a globally competitive deeptech company.”

    The new funding will be used to build and test its first chip, strengthen its product, and expand the team from 50 to more than 90 people. The company also plans to start demos with customers and secure early adoption in data centers. Over time, Morphing Machines will expand into global markets such as the US and Europe where Data center markets are already saturated and require for improved compute is paramount.

    In the next 12 to 24 months, the company will focus on building its first proof-of-silicon chip, signing paid pilot projects with data center customers, and improving its software toolchain. They aim to become a global leader in semiconductor accelerators while contributing to India’s growing semiconductor ecosystem.

  • IIFL Fintech Fund Partially exits FinBox, Achieving 5x Returns on Initial Tranche

    IIFL Fintech Fund, India’s leading early-stage fintech focused fund, today announced a successful partial exit from its investment in FinBox, a credit infrastructure and embedded finance platform. The fund has delivered an impressive 5x Multiple on Invested Capital (MOIC) on the initial tranche, marking a significant milestone in its investment journey.

    Since its investment, IIFL Fintech Fund has actively supported FinBox in scaling its technology and expanding its partnerships across banks, NBFCs, and fintech companies. The company has emerged as a key enabler of digital credit infrastructure, powering embedded finance solutions for leading financial institutions.

    Commenting on the exit, Mehekka Oberoi, Fund Manager, IIFL Fintech Fund, said:

    “This marks the third exit of our fund in the last one year and underscores our commitment to identifying and backing high growth businesses with strong fundamentals. Our investment thesis was anchored around the embedded finance space and the transformative role it will play in expanding access to credit. The partial exit not only validates our strategic approach but also reinforces the strength in our portfolio and the value we aim to create for our stakeholders”

    IIFL Fintech Fund remains committed to investing in innovative startups building the next generation of financial services. With over 13 investments and multiple successful exits, the fund has demonstrated strong returns.

    IIFL Fintech Fund was set up in 2021, with an objective to invest in early-stage Fintechs that IIFL as a group could collaborate with as well.  Over the last four years, the IIFL Fintech Fund invested across various segments in fintech. The portfolio comprises of – Leegality, FinBox, DataSutram, Finarkein Analytics, Finvu, Trendlyne, Insurance Samadhan, Xtracap Finance, Castler, Vitra.Ai, EasyRewardz, Multipl, Riskcovry, TrustCheckr (sold to True Caller).

  • Startfresh Backs Trozo to Reimagine Deep-Tech Consumer Engagement

    Startfresh, a New age venture fund, has led the Seed round in Trozo, a Bangalore HQ Deep Tech Engagement platform helping businesses move beyond transactions and build meaningful customer connections. 

    Trozo was founded by IIM Bangalore Alumnus Pavan Govindan, Janardhan J V, and Serial Entrepreneur Dilip Adiga. Together, they bring expertise across deep tech, product innovation and business strategy – with a mission to turn revenue into relationships. 

    “We believe Trozo is solving one of the most urgent problems for brands today — the lack of customer insights and Business overview,” said BM Manjunath, Founder, Partner at Startfresh. “Their technology allows businesses to own the relationship with their customers, not just rent them through third-party platforms. We are excited to back the team as they scale.” 

    “Startfresh looks for founders and startups that are building the future in Deep tech. Trozo and the team are doing exactly that” said Raghuram Madabushi, venture investor. 

    “This funding allows us to accelerate product development and deepen our mission to help F&B, D2C and retail brands turn revenue into relationships. With Startfresh’s support, we are confident of building the most impactful customer engagement ecosystem in the market.” said Pavan Govindan,  Their platform gives brands something they’ve never had before — direct, actionable consumer intelligence at scale.” 

    Trozo has already onboarded several early-stage brand partners across retail, F&B and D2C and continues to see growing demand from enterprises seeking stronger customer retention and loyalty solutions. With the new investment, Trozo aims to onboard 100+ brands in the next 3 months and reach 100,000+ users across India and the Middle East.

  • Ahead of Diwali, Aviation Body Asks Airlines to Lower Airfares

    The Directorate General of Civil Aviation (DGCA) has intervened to stop steep pricing spikes ahead of the Diwali season as the airline industry prepares for one of its busiest travel times of the year. Amid a spike in passenger demand, the regulator has instructed domestic airlines to maintain fair pricing and expand flying capacity.

    The DGCA said in a statement released on Saturday that it had “proactively taken up the issue with airlines” to make sure travellers aren’t hit with exorbitant ticket costs over the holiday season. It further stated that the action comes after a study of airfare patterns on important routes.

    Airlines Responded to Aviation Body

    Major carriers have announced the deployment of hundreds more flights through October and November in response to the regulator’s advisory. IndiGo, which currently has the most market share in India (64.2%), announced that it would add about 730 flights in 42 sectors.

    Together, Air India and Air India Express will expand their travel schedule by about 486 flights to 20 destinations. SpiceJet plans to roll out 546 more services in 38 sectors. In order to safeguard passengers’ interests throughout the holiday season, the DGCA will continue to exercise strict monitoring over airline pricing and flight capacities, according to a DGCA representative.

    Passengers’ criticism of the DGCA has grown in recent years because to the sharp changes in fares during popular times like Diwali, Christmas, and summer vacations. According to officials, the government has the authority to step in if rates increase significantly, even though airlines are allowed to set their own prices under India’s open skies policy.

    DGCA’s Recent Flights Data

    Domestic airlines carried 1,107.26 lakh passengers between January and August 2025, a 4.99% increase over the same period the previous year, according to DGCA data.

    However, due primarily to monsoon-related interruptions, traffic in August saw a slight decline of 1.4% from July. With a market share of almost 64%, IndiGo remains the market leader in India.

    The Air India Group, which consists of Vistara, Air India Express, and Air India, comes in second with 27.3%. SpiceJet’s market share has decreased to barely 2%, while Akasa Air, the nation’s newest entry, has maintained consistent growth with a 5.4% stake. The combined market share of smaller regional airlines like Fly Big, Fly91, and Star Air is less than 1%.

    Quick Shots

    •DGCA steps in ahead of Diwali to prevent steep airfare hikes
    during the busy festive travel season.

    •Regulator directs airlines to keep ticket prices fair and
    expand flight capacity amid rising passenger demand.

    •Strict monitoring of fares and schedules will continue to
    protect passengers’ interests.

    •Domestic air traffic: 1,107.26 lakh passengers carried from
    Jan–Aug 2025, up 4.99% YoY.

    •August traffic dipped 1.4% due to monsoon disruptions.

  • SBI Aims to Hold One-Quarter of Indian Economy’s Assets, Signals Growth Ambitions-SBI Chairman Setty

    State Bank of India (SBI), the nation’s largest lender, wants to boost its asset size from the current 20% of the country’s GDP to 25% by 2047 as it advances its goal of becoming a developed nation, or Viksit Bharat. This would also help the bank rank among the top 10–20 global banks in terms of asset size, according to C S Setty, chairman of SBI.

    On the National Payments Corporation of India’s (NPCI) YouTube site, Setty was speaking with Dilip Asbe, MD & CEO. He claimed that because SBI holds a 20% loan share and a 23% deposit share, it is viewed as a stand-in for the Indian economy. For over 15 to 20 years, SBI’s assets have consistently accounted for 20% of the nation’s GDP. SBI is in a position to help India prosper as it moves closer to the Viksit Bharat objective in various ways.

    India needs to Focus on Emerging Sectors-Setty

    Setty emphasised that India must prioritise the developing industries. Green hydrogen, semiconductors, or battery storage could be the cause. He said that SBI also thinks that because it knew the industries, it has been assisting them in developing their capabilities throughout the years in addition to providing funding. In order to finance projects in developing industries within SBI, an industry cooperative or coordinated body known as the “Centre of Excellence” is being established.

    Many of these modern industries will boost the Indian economy, and SBI will be prepared to provide funding for them, Setty continued. Additionally, Setty emphasised that SBI is the only Indian multinational bank with a global reach. According to him, the bank’s foreign operations are concentrated on helping Indian corporations realise their goals of accessing international markets and obtaining funding there, particularly through external commercial borrowings.

    He went on to say that SBI wants to increase this 20% GDP asset to 25%. In terms of assets, the national bank aspires to hold a quarter of the Indian GDP. In terms of assets, that also gives SBI the hope that it may one day rank among the top 10 or top 20 global banks.

    SBI to Enhance its International Business Operations

    SBI’s international activities currently make up 10% of the total balance sheet; they hope to increase this to 12% to 13% in the future. According to Setty, SBI today operates in 29 countries with over 240 contact points, and its overseas balance sheet makes up 10% of its total balance sheet, which is a pretty significant contribution.

    He added that SBI has been constantly examining its international operations to help Indian corporations who want to access foreign markets and raise money there, whether through external commercial borrowings or other means. “At the moment, we are the biggest trade credit suppliers to Indian corporations. Thus, that will go on,” he continued.

    Quick Shots

    •SBI aims to increase its asset size from 20% to 25%
    of India’s GDP by 2047.

    •SBI aspire to be among the top 10–20 global banks
    by asset size.

    •SBI seen as a proxy for the Indian economy,
    supporting the Viksit Bharat vision.

    •SBI setting up an industry-coordinated body to
    finance and support emerging sectors.

  • Canara HSBC Life Insurance IPO Dates Announced: Check Opening & Closing Schedule

    On October 10, Canara HSBC Life Insurance Company will make its first public offering. On October 14, the initial public offering (IPO), which would be an offer-for-sale (OFS) of 23.75 crore shares, will close. A day before the debut, the company will provide anchor investors a portion of the IPO shares.

    Soon, the price range that has been approved by regulators to start the public offering will be revealed. Promoters Canara Bank and HSBC Insurance will sell off a portion of their holdings under the OFS, while investor PNB will also sell its shares.

    Financial Dynamics of Canara HSBC Life Insurance

    From INR 91.2 crore in fiscal 2023 to Rs 117 crore in fiscal 2025, the profit after tax grew at a compound annual growth rate (CAGR) of 13.26%. It was INR 23.4 crore in the three months that ended in June 2025. Additionally, as of FY25, the embedded value had grown from INR 4272 crore at the end of FY23 to Rs 6111 crore. With a solvency ratio of 200.42% as of June 2025, beyond the required threshold of 150%, Canara HSBC is financially well-capitalised.

    As evidence of its broad reach and the trust that clients have in us for their life insurance needs, the company has so far covered 10.51 million lives. The issue’s book running lead managers are SBI Capital Markets, BNP Paribas, HSBC Securities and Capital Markets (India), JM Financial, and Motilal Oswal Investment Advisors.

    About Canara HSBC Life Insurance and its Operations

    Promoted by Canara Bank, HSBC Insurance (Asia-Pacific) Holdings, a part of the Hongkong and Shanghai Banking Corporation Ltd (HSBC) group, and Punjab National Bank (PNB), another state-owned lender, Canara HSBC Life Insurance Company is a three-way partnership.

    As of March 31, 2024, the business ranked third among led life insurers promoted by the public sector in terms of assets under management (AUM). Canara HSBC Life Insurance Company was founded in 2007 and has since developed into a major bank-led private participant in the Indian life insurance market.

    According to the number of lives covered for Fiscal 2024, it is the second-largest public sector bank-led life insurer in India. According to the insurer’s DRHP, the company’s Annualised Premium Equivalent (APE) has continuously increased, reflecting efforts to broaden its offerings and boost its market presence.

    Quick Shots

    •IPO Dates: Opens on October 10, 2025; closes on
    October 14, 2025.

    •Offer Type: Offer-for-sale (OFS) of 23.75 crore
    shares.

    •Anchor Investors: Allocated shares a day before the
    IPO debut.

    •Price Range: To be announced soon after regulatory
    approval.

    •Promoters Selling Shares: Canara Bank, HSBC
    Insurance, and PNB.

  • Renault to Cut 3,000 Jobs Through Voluntary Exit Scheme Amid Cost-Cutting Drive

    According to reports, the French automaker Renault intends to implement a voluntary redundancy scheme, which allows workers to opt out of the firm in exchange for a financial settlement rather than being fired outright, to lay off 3,000 workers globally, mostly in support positions. According to the French newsletter L’Informe, the final decision regarding the layoff is anticipated to be taken by the end of the year.

    Why Renault Opted to Reduce the Workforce?

    The layoffs are a part of an internal cost-cutting programme called “Arrow”, which aims to slash Renault’s staff in support services like marketing, finance, and human resources by 15%. Around 3,000 jobs are anticipated to be lost as a result of this goal at the automaker’s headquarters in the Boulogne-Billancourt area of Paris as well as other sites across the globe.

    As per Reuters, Renault said that it is thinking about cutting costs but said that no definitive decisions have been made as of yet; therefore, it was unable to confirm any official statistics.

    According to a Renault representative who replied to Reuters, “We confirm that we are considering ways to simplify our operations, speed up execution, and optimise our fixed costs given the uncertainties in the automotive market and the extremely competitive environment.” At the end of 2024, Renault had 98,636 employees across the globe.

    Financial Outlook of Renault

    This recent development comes after Renault’s financial report from July, which showed a net loss of 11.2 billion euros ($13 billion) for the first half of the year, including a write-down of 9.3 billion euros on partner Nissan. The company’s net income, excluding the write-down, dropped to 461 million euros, which was less than one-third of the profit recorded the previous year.

    A weakening van market, the cost of electric vehicles, and growing commercial pressures from a more competitive environment were all blamed for this fall. Following Luca de Meo’s departure for Gucci-owner Kering in July, Francois Provost was selected as the new CEO, and analysts emphasised the crucial work that lies ahead for him.

    The provost’s responsibilities include bringing Renault’s credit rating back to investment grade, recovering profits, and figuring out how the relatively tiny automaker can handle the effects of US tariffs and fierce competition, especially from Chinese automakers.

    Quick
    Shots

    •Renault plans to cut 3,000 jobs globally through a
    voluntary exit scheme as part of a cost-cutting drive.

    •Job cuts will primarily affect support functions
    like marketing, finance, and HR under the “Arrow” restructuring
    plan.

    •The move aims to reduce workforce by 15% in support
    roles and streamline operations amid intense market competition.

    •Renault reported a €11.2 billion net loss in H1 2025, including a €9.3
    billion write-down linked to Nissan.

    •Falling profits, weak van sales, and rising EV
    costs have intensified financial pressures.

    •New CEO Francois Provost faces challenges including
    restoring credit ratings and tackling global competition.

  • Customer Alleges Extra Fee on Cash-on-Delivery Order, Govt Steps in With Probe Against E-Commerce Players

    A thorough inquiry into complaints against e-commerce sites that charge extra for choosing to pay using cash-on-delivery (COD) has been initiated by the Department of Consumer Affairs. In a recent tweet, Union Minister Pralhad Joshi referred to these tactics as “dark patterns” that deceive and take advantage of customers, and he pledged tough measures against those who engage in them in order to safeguard consumer rights and advance openness in India’s rapidly expanding e-commerce industry.

    How E-Commerce Sties Came in Government’s Radar?

    The problem was discovered when multiple customers complained that they were assessed additional costs when they chose the COD option rather than prepaid payment methods. A well-known e-commerce company charged him INR 226 under unclear headings like “offer handling fee”, “payment handling fee”, and “protect promise fee”, according to one X user.

    By drawing comparisons to other costs, such as the “Rain Fee” seen on food delivery services like Zomato, Swiggy, and Zepto, the user mockingly lambasted these prices. Joshi addressed these worries in a tweet on 3 October, stating that businesses violating consumer rights will face severe consequences and that these activities will be closely examined.

    What is Dark Patterns E-Commerce’s Preferred Option?

    Dark patterns are deceptive design strategies used by businesses to obtain information or funds from customers without their full knowledge. These include deceptive signals like phoney countdown timers for offers, complicated, difficult-to-notice costs hidden deep within checkout processes, or exhibiting false scarcity (“only one or two items left”).

    One of the best examples of these unethical tactics is charging more for payment options like COD under ambiguous fee titles. The government is currently working on new regulations to combat these misleading practices and has already urged e-commerce corporations to stop them. The Jagriti app, which makes it easier to file complaints about unfair commercial practices, encourages customers to report these infractions.

    Quick
    Shots

    •Govt launches probe into e-commerce platforms over
    extra fees on COD orders.

    •Consumer complaints reveal hidden charges under
    names like “offer handling” and “payment handling” fees.

    •Union Minister Pralhad Joshi calls such practices
    “dark patterns” and promises strict action.

    •Dark patterns include deceptive design tricks to
    mislead consumers or extract extra payments.

    •New regulations are being considered to curb such
    practices in India’s e-commerce sector.

    •Consumers are encouraged to report violations
    through the Jagriti app.

  • Alakh Pandey Becomes Richer Than Sharu Khan Despite Physics Wallah’s Loss-Making Business

    Alakh Pandey, a YouTube sensation and students’ favourite online teacher, has become a billionaire entrepreneur in just a few years. His company, Physics Wallah, was founded in 2016 as a YouTube channel and evolved into an edtech startup in 2020. Although his company is not yet profitable, he has become a billionaire. Notably, within a year, his wealth grew by 223%, plus the company filed for an IPO. If that receives a green flag, his wealth can increase significantly. So, what skyrocketed his wealth? What is the current financial situation with Physics Wallah? Learn more.

    What Happened?

    Alakh Pandey, along with his partner Prateek Maheshwari, co-founded Physics Wallah. Both of them have now become billionaires and are on the Hurun India Rich List 2025 (it ranks India’s wealthiest people). Interestingly, Alakh Pandey has become richer than Shah Rukh Khan (INR 12,490 crore) after a 223% spike in his net worth (within a year).

    Who Is Alakh Pandey?

    • He was born in 1991 in Prayagraj (Allahabad), Uttar Pradesh.
    • He was studying B.Tech in Mechanical Engineering at Harcourt Butler Technical University, and in his 3rd year, he decided to drop out.
    • Soon, he started a YouTube channel called Physics Wallah in 2016, where he began teaching physics to students preparing for IIT and other exams.
    • The way he taught mesmerised several students, and the internet got him a lot of popularity (he is called “Alakh Sir).
    • In 2020, along with his partner, he turned the YouTube channel into a full-fledged edtech company.
    • Alakh Pandey has now become one of the youngest and richest entrepreneurs in India. 

    How Rich Are Alakh Pandey and Prateek Maheshwari?

    • According to Mint, Alakh Pandey’s net worth is about INR 14,510 crore.
    • And Prateek Maheshwari’s net worth is INR 14,520 crore.
    • Both have become 223% richer in just one year. 

    What About Physics Wallah’s Business?

    Physics Wallah is an edtech company that prepares students for their exams online. Since the last few years, the company has seen significant losses:

    • In FY25, Physics Wallah lost INR 243 crore.
    • Previously, the company had lost INR 1,131 crore, and that is now reduced to 78%.
    • Therefore, the company’s total revenue increased from ₹1,940 crore to ₹2,886 crore.
    • The revenue numbers are growing rapidly, and the company’s investors value what it is doing.

    Physics Wallah Success Story: A Unicorn Edtech Startup from a YouTube Channel! | Founders | IPO | Funding |
    Explore the Physics Wallah case study – its startup journey, success story, and business model. Learn how Alakh Pandey built an edtech unicorn from YouTube to IPO.
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