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  • IRDAI Slaps INR 5 Cr Fine on Policybazaar Over Insurance Norm Breach

    For many infractions of insurance regulations, insurtech giant Policybazaar was fined INR 5 Cr by the Insurance Regulatory and Development Authority of India (IRDAI). The infractions pertaining to unclear outsourcing contracts with insurers were also listed in the IRDAI order.

    Lack of Transparency in Outsourcing Deals Raises Red Flags

    Large quantities of money were paid to Policybazaar by insurance firms for outsourcing services in accordance with the directive, but many of the agreements lacked fundamental details, including the extent of the services and the rationale behind the fees.

    Payments were frequently provided on a “per seat” basis, according to the regulator, with no connection to the actual services rendered. According to IRDAI, this called into doubt fairness and transparency. The inadequate state of internal record-keeping was another major worry. It is alleged that the corporation neglected to tag thousands of insurance policies to the authorised verifiers who are in charge of selling them.

    Policy Tagging & Verification Gaps Expose Internal Flaws

    Despite repeated demands, Policybazaar was unable to provide call recordings or the required paperwork to verify if the right procedures were followed while selling these products, according to IRDAI.

    Additionally, IRDAI discovered that the business had postponed sending the insurance premiums that were collected from clients to the appropriate insurers. Policybazaar’s own payment gateway and nodal account were used to process premium payments, and in a few instances, the funds were not moved within the required 24-hour window.

    IRDAI found delays of more than 30 days in a sample set of insurance. According to the regulator, this presents a systemic risk and goes against the fundamental rule that insurers can only take on risk when they have received the entire and on-time premium.

    Breakdown of IRDAI’s Charges Against Policybazaar

    Five of the charges resulted in warnings, advice, or instructions for corrective action, while the remaining six offences included cash penalties of INR 1 Cr apiece. Policybazaar has been instructed to produce an action taken report within ninety days and to transmit the order to its board at its upcoming meeting.

    This follows PB Fintech, the parent company of Policybazaar, reporting a consolidated profit after tax (PAT) of INR 84.7 Cr in Q1 FY26, up 41% from INR 60 Cr in the same quarter last year. The remarkable gain of INR 41.1 Cr throughout the quarter was a major factor in this. In the first quarter of FY26, operating revenue increased 34% year over year to INR 1,348 Cr.

  • Big Pharma Eli Lilly Opens Tech & Innovation GCC in Hyderabad, The State Aims 100 GCCs By 2025–26

    The locals await new work opportunities as Hyderabad houses another Medtech giant office. On Monday, Telangana Chief Minister A. Revanth Reddy flagged off Eli Lilly and Company’s (India) new technology and innovation center in Gachibowli. The good news is, yes, the office plans to hire 1,500 more employees over the next few years. The idea sounds promising, doesn’t it? In addition, the state government also aims to launch 100 GCCs by 2025–26, widening employment prospects for locals. Furthermore, this move is expected to have an impact at both national and global levels, and how is Hyderabad preparing for that? 

    Telangana Targets 100 GCCs By 2025–26

    The American big Pharma, Eli Lilly, is another feather in the cap for Hyderabad. The city already hosts 70 GCCs in the year 2024-2025, more than any other state in the country. Now, the state wants to explore new horizons by inviting and hosting 100 GCCs by 2025–26. The city is more than ready to paint its picture as a global hub for MedTech (but not limited to it). Hyderabad has a long history of attracting foreign investors (Microsoft, Google, Salesforce, Amazon, Oracle, Novartis, Johnson & Johnson, Roche, Deloitte, JP Morgan, and more), the reasons being: 

    • Supportive government policies
    • A pool of skilled talent in IT and pharmaceuticals 
    • Strong infrastructure 

    New Eli Lilly Office In Gachibowli

    The new Eli Lilly office is an epicenter for cutting-edge AI technology that will improve the speed of its global operations (automation, cloud computing, and software engineering). To do so effectively, the company will need more staff to support these efforts. The office sits on 220,000 square feet across four floors in the Phoenix Equinox building, Gachibowli. There are about 100 people working on the site already. 

    Shri A. Revanth Reddy, Chief Minister of Telangana, said, “We are delighted to welcome Lilly to Hyderabad’s growing life sciences ecosystem. The inauguration of this new site further reinforces the city’s position as a global hub for healthcare innovation, built on scientific excellence, skilled talent, and international collaboration. The Government of Telangana remains committed to fostering an environment where pioneering companies like Lilly can thrive and deliver meaningful impact both in India and globally.”

    Shri Sridhar Babu, Minister for Information Technology, Electronics & Communications, Industries & Commerce, and Legislative Affairs, Telangana, said, “During 2024–25, Hyderabad witnessed the inauguration of 70 GCCs, a national record unmatched by any other state. This investment reflects the transformative impact of technology on healthcare. Telangana remains committed to enabling future-focused partnerships that drive economic growth and advance digital health solutions for the world.”

    Conclusion

    One Eli Lilly office, 100 employees, and 1500 more to hire, imagine 100 GCCs by 2025–26. The initiative can create numerous opportunities for fostering the Nation’s growth. As the state pushes towards its goals, we will keep covering all the new updates for you.

  • EON Space Labs Raises $1.2 Million to Advance Made-in-India Optical Payloads for Space, Drones, and Ground Platforms

    • EON Space Labs raised USD 1.2 million in Pre-Series A (approx INR 10.5 Crore) funding from MGF Kavachh and HHV Group, which also joins as a strategic partner.
    • Funds will support the launch of MIRA, India’s lightest space telescope, and 4 new LUMIRA EO/IR systems for drones and ground platforms.
    • With strong commercial traction and a focus on the USD 11 billion EO/IR market, EON aims to scale globally while strengthening India’s optics ecosystem.

    Tuesday, 5th August 2025: EON Space Labs, a deeptech startup, specialising in imaging technologies, has raised USD 1.2 million (approx INR 10.5 Crore) in a Pre-Series A round led by MGF Kavachh, with HHV Advanced Technologies joining in as an investor and long-term strategic partner. The funding will be deployed to scale manufacturing of EON’s AI-driven electro-optical and infrared payloads, expand the engineering team, and support upcoming product launches. The startup is also gearing up for the launch of its first ultra-lightweight space telescope, MIRA, by the end of 2025. 

    Founded in 2022 by Sanjay Kumar, Punit Badeka, and Manoj Kumar Gaddam, EON is building miniaturised, high-resolution imaging systems for use in satellites, drones, aerial systems and fixed ground platforms. MIRA will be the lightest high-resolution space telescope designed and manufactured in India, enabled by innovations in miniaturised optical design that reduce size and weight by up to 3–4 times without compromising on image quality. 

    Parallelly, the team is also preparing to launch four new variants of its LUMIRA EO/IR imaging systems, designed for long-range detection of humans, vehicles, threats and UAVs through drone and ground-based surveillance platforms. 

    The startup is also building global partnerships to tap international markets, with multiple commercial orders already secured following successful proof of concept demonstrations. The variants will target up to 85% of the use cases in the global EO/IR surveillance market, currently valued at USD 11.09 billion as of 2025 as per an EY report. 

    Col. (Rtd.) Sarjeet Yadav, Venture Partner at MountTech Kavachh, said that, “We are excited to support the bold and visionary team at EON. They are not only indigenously building but also strengthening India’s position in the global optics and surveillance technology space.” Prasanth Sakhamuri, Managing Director, HHV Advanced Technologies, added that, “Our partnership with EON is built on a shared commitment to advance India’s high-precision optics manufacturing capabilities. The investment marks the beginning of a strategic collaboration to bring deep-tech imaging solutions to market.”

    EON’s vertically integrated approach, from optical design, system engineering to prototyping and manufacturing,, is entirely based out of India, aimed at strengthening the indigenous space and defense tech supply chain. 

    SanjayKumar, Co-founder, EON Space Labs, said that, “Together, we will accelerate India’s capabilities in miniaturised optics, high-res imaging, and dual-use payload systems space and terrestrial use.” “We are building high-quality EO tools that are easy to access and use, so more people can benefit from accurate and timely information”, added Punit Badeka, Cofounder, EON Space Labs.

    As India positions itself as a leader in new-age space and drone technologies, EON Space Labs is charting a path that brings together cutting-edge innovation, indigenous development, and global ambition.

    “With the support of our strategic investors, we are one step closer to creating a globally competitive optical payload ecosystem”, said Manoj Kumar Gaddam, Cofounder, EON Space Labs.

    About EON Space Labs

    EON Space Labs is a Hyderabad-based, IIT Madras-incubated deeptech startup developing next-generation Earth Observation (EO) imaging payloads for satellites, drones, and ground systems. Founded in 2022, EON designs and manufactures miniaturised high-resolution electro-optic and infrared (EO/IR) systems that are up to three times lighter and more compact than conventional payloads, reducing deployment costs without compromising image quality. Its flagship products, the MIRA space telescope, is under validation, and the LUMIRA EO/IR platform has been certified to military standards.

    EON’s vertically integrated model, from optical design to in-house prototyping and manufacturing, ensures speed, precision, and control across the entire value chain. With commercial orders already secured, EON is innovating for applications across defence, disaster management, agriculture, and smart infrastructure. EON is currently scaling operations to meet growing demand in the global EO/IR market, estimated at over USD 11 billion, while anchoring India’s strategic capabilities in optics and imaging.

  • Fintechs, NPCI Seek Exemption from DPDP Consent Clause Over Digital Payments

    The National Payments Corporation of India (NPCI) and digital payment companies Google Pay, PhonePe, and Amazon Pay have requested an exemption from the provisions of the Digital Personal Data Protection (DPDP) Act that demand user consent for every transaction, claiming that doing so would be excessively burdensome, according to ET.

    According to the companies’ submissions to the Ministry of Electronics and Information Technology (MeitY), the regulation will also apply to recurrent payments and result in increased complexity and cost. According to them, the problem will be more noticeable for startups and smaller businesses. Since the guidelines that were floated in January for stakeholder engagement have not yet been notified, the law has not yet been operationalised.

    In this regard, MeitY met with company representatives last week. Amazon Pay, PhonePe, Google Pay, and NPCI all refused to answer questions. The Unified Payments Interface (UPI) and the payment and settlement system are operated by NPCI.

    Recurring Payments at Risk Under New Data Law

    The Act’s emphasis on obtaining express consent for each data processing activity is at the heart of the problem. Despite the clause’s seeming simplicity, industry participants contended that its current interpretation and use might seriously impair current digital payment processes. After initial consent, recurring payments, such as subscriptions or electricity bills, are usually automatically deducted.

    The industry is concerned that this will demand new user consent under the DPDP Act’s consent requirements. According to ET’s report, although this multi-level identification and approval process improves security, it also adds a lot of friction and extra expenses.

    Startups Fear High Costs, Friction in User Flow

    Startups and smaller businesses in particular would find it difficult to absorb these expenses and modify their technical infrastructure, which could impede their ability to develop and compete. If the smaller players must obtain consent each time, the data processing will become even more difficult. It will affect the flow of digital data.

    Larger businesses, on the other hand, would be able to handle… yeah, there would be more expenses, but they would be in compliance. However, it will be more difficult for some of the smaller and less experienced players.

    MeitY Holds Talks with Industry Stakeholders

    Uncertainty regarding compliance also arises from what seems to be ambiguity in the way industry and the government are interpreting the law’s terms. According to experts, the current consent-related talks are reminiscent of the initial argument over data localisation that the Act sparked, in which the government concentrated on the volume of data and the business on its criticality.

    The DPDP Act’s Section 17, subsection 5, gives the central government the authority to exclude particular data fiduciaries or groups of data fiduciaries from particular rules for a predetermined amount of time. Before five years have passed since the law’s inception, this exemption may be granted by notification.

    According to the ET report, the sector hopes that this clause would provide a window of opportunity to create and execute substitute solutions that adhere to the principles of data protection without impeding digital innovation.

  • Capgemini India to Hire 45,000 Employees in 2025 Amid AI Talent Push

    This year, Capgemini India expects to hire between 40,000 and 45,000 people, despite mounting concerns about hiring in the information technology (IT) sector. Between 35 and 40% of these will be lateral hiring, CEO Ashwin Yardi told the Hindu Business Line.

    The number of projects being routed to India is steadily increasing for Capgemini, which already has about 175,000 employees there. India is becoming a more alluring delivery base as clients seek to reduce expenses and increase efficiency. According to Yardi, the company’s total sales performance is anticipated to benefit from this demand.

    AI Takes Center Stage in Capgemini’s Workforce Strategy

    The French IT services company’s Indian division has partnered with more than 50 institutions and campuses to facilitate hiring, and the current season’s hiring process is already under way. Early artificial intelligence (AI) training will be a major priority for new hires, guaranteeing that young talent is ready for the rapidly changing AI landscape of today.

    Capgemini vs TCS & Infosys: Who’s Hiring in 2025?

    Capgemini’s hiring news follows Tata Consultancy Services’ (TCS) statement that it would lay off around 12,000 workers, or 2% of its global workforce, over the course of the year. On the other hand, Salil Parekh, the CEO of Infosys, affirmed the company’s intention to increase its workforce: “In the first quarter, we hired over 17,000 people (gross hiring), and we intend to hire roughly 20,000 college graduates this year,” he told The Times of India.

    WNS Acquisition and Its Impact on Capgemini’s Future

    In the meantime, Capgemini announced last month that it would acquire business process outsourcing (BPO) company WNS for $3.3 billion. The goal of the transaction was to combine the companies’ strengths and satisfy the increasing demand from businesses for sophisticated, automated services. The old BPO model may be impacted by AI, which might have an effect on the industry’s long-term earnings, according to some analysts. Nevertheless, Capgemini anticipates that the WNS agreement will increase profits rather rapidly.

    By 2026, the company anticipates a 4% increase in profits per share (EPS), followed by a 7% increase the following year. However, the overall business outlook is still cautious. A recent Reuters story claims that Capgemini has reduced its full-year revenue forecast because of weak demand and unpredictability in the world economy. In contrast to its previous prediction of -2% to +2% growth, the company now anticipates growth in the range of -1% to +1%.

    India’s IT Job Market: Layoffs, Hope, and the AI Shift

    Recent industry data gathered by Nasscom and independent market experts indicates that between 2023 and 2025, over 100,000 jobs were lost in India’s tech sector, primarily in non-digital and mid-level management positions. As a result, Capgemini’s expansion plans provide a unique glimmer of hope in a conservative workforce.

    Capgemini’s collaborations with Indian universities aim to develop skills in AI, machine learning, cloud computing, and cybersecurity in addition to recruiting. These collaborations aim to increase recent graduates’ AI preparedness by providing specialised learning materials, internship opportunities, and exposure to real-world projects.

  • NODWIN Gaming Partners with District by Zomato as Exclusive Ticketing Partner for Comic Con India, NH7 Weekender & DreamHack India

    NODWIN Gaming, a leading name in youth entertainment, gaming, and esports, continues its exclusive partnership with District by Zomato as the official ticketing partner for its key IPs Comic Con India, NH7 Weekender and DreamHack India for the second year in a row.

    Comic Con, NH7 Weekender and DreamHack have built strong reputations and loyal fan bases over the years. With a diverse portfolio of IPs across pop culture, cosplay, music, esports and gaming, NODWIN Gaming is transforming youth entertainment in India by creating immersive experiences that truly connect with today’s audiences.

    District by Zomato, the going-out platform, will offer users a seamless experience to discover, book and access these cultural celebrations.

    Commenting on continuation with the partnership, Akshat Rathee, Co-founder and MD, NODWIN Gaming said, “Ticketing is the final and most crucial step in connecting fans to our events, and our ongoing partnership with District by Zomato reflects the strong mutual trust we’ve built over time. Their commitment to delivering a seamless experience aligns perfectly with our goal of making India’s biggest cultural events accessible and enjoyable from the very first click.”

    Sharing thoughts on the ongoing collaboration, District by Zomato spokesperson said, “At District, we believe in curating a seamless experience for discovering and accessing cultural celebrations. We’re excited to continue our collaboration with NODWIN Gaming, known for producing culturally engaging IPs, including Comic Con, NH7 Weekender, and DreamHack, to bring these experiences to an even wider audience nationwide.”

    NODWIN Gaming’s IPs across pop culture and music create powerful, youth-focused experiences rooted in community and self-expression. 

    Comic Con India, which is only expanding, is now adding four more cities to its roster, bringing the celebration to 11 cities this year and cementing its place as India’s largest and most inclusive pop culture phenomenon. This aggressive expansion is backed by data and insights from the District platform, which affirms that Indian fans are hungry for a pop culture explosion, no matter the city. Meanwhile, NH7 Weekender continues to unite global music lovers at what remains the happiest music festival in the country. DreamHack India, now in its sixth year, is the Indian edition of the iconic global gaming festival and the legacy IP continues to lead the charge in building the country’s gaming and esports culture. 

    According to a recent report titled, “Shape the future: The revolution in Indian Media and Entertainment” released by FICCI pointed out, organized live events segment revenues is expected to grow at a CAGR of 18% to reach INR167 billion by 2027 with 67% of marketers surveyed in 2024 expected to increase their events and activations spends in 2025 and 2026. Spending on brand activations across non-metro markets is also expected to grow, in order to tap into increasing non-metro spending and widening urban geography.

    The partnership with District continues to strengthen NODWIN Gaming’s efforts in shaping India’s live event landscape. Building together not just a base of ticket buyers, but a growing community of engaged fans.

    About NODWIN Gaming

    NODWIN Gaming, a material and independent subsidiary of Nazara Technologies Ltd. (BSE: NAZARA), holds a significant position in the global gaming and esports industry as a leader in emerging markets. Since its inception in 2014 by Akshat Rathee and Gautam Virk, NODWIN has established a global presence in regions such as Taiwan, South Asia, Singapore, the Middle East, Germany, Central Asia. The company’s business centres around building and monetising global youth access through pop culture, gaming, esports, live events and content through IPs such as Leagues, Tournaments, Reality shows. It engages with Artists, Content creators, professional esports athletes, and teams. Notable investors include Founders’ investment vehicle Good Game Investments, Nazara Technologies (BSE: NAZARA), KRAFTON Inc, Sony Group Corporation and JetSynthesys.

    A key focus for NODWIN Gaming is the expertise in the global south and the timeshare of mindshare of the global youth on mobiles. NODWIN has established a dominant position worldwide in this space. By catering to the youth demographic, NODWIN is expanding its Total Addressable Market (TAM) by becoming increasingly relevant in the rapidly evolving digital entertainment landscape. Their diverse range of intellectual properties that engage the youth spans esports, gaming, pop culture, music, and comedy. This strategic expansion and cultivation of new intellectual properties are crucial to NODWIN’s aim of maintaining a significant role in the global youth media, gaming and esports arenas.

    About District by Zomato

    District by Zomato is an app for discovering and booking going-out experiences, from movies and live events to music concerts, festivals, and sporting events. 

  • Tata Capital Files for IPO: Tata Sons-Backed NBFC Plans Major Market Debut

    In order to acquire money through an initial public offering (IPO), Tata Capital, the main financial services provider for the Tata Group, has submitted draft documents to SEBI, the capital markets regulator. The IPO’s entire offer size is 47.58 crore shares, of which 21 crore will be issued as new shares and the remaining 26.58 crore will be sold by current owners.

    Tata Sons and IFC to Offload Shares in IPO

    In order to reduce its interest below 75%, Tata Sons intends to sell up to 23 crore shares in the offering. The sale of up to 3.58 crore shares is what the International Finance Corporation is proposing.

    The price range for the Tata Sons-backed NBFC has not yet been disclosed. On a fully diluted basis, Tata Sons now holds an 88.6% ownership in the NBFC, with the remaining 7% coming from other Tata Group firms.

    Utilization of IPO Proceeds: Lending and Expansion

    Future capital needs of the business, including further lending, will be covered by the proceeds of the new issue. Additionally, offer expenditures will be covered by a part of the new issue’s revenues. Tata Capital is the third-largest NBFC in terms of loan book size, with an overall AUM of INR 2.27 lakh crore.

    IPO Triggered by RBI Regulation for Systemically Important NBFCs

    With 1,496 locations around India, it is one of the largest and most diverse NBFCs with the quickest rate of growth. Private equity, wealth management, and the distribution of third-party goods are some of its other ventures. Tata Capital has received INR 6,000 crore in capital infusions over the past six years, with INR 2,000 crore and INR 500 crore coming in FY24 and FY23, respectively. A regulatory mandate is driving the initial public offering (IPO).

    Tata Capital must go public within three years after being designated as an upper-layer systemically important NBFC by the Reserve Bank of India in September 2022. This September marks the end of that deadline. The offering’s bookrunning lead managers include Citigroup Global Markets, BNP Paribas, and Kotak Mahindra Capital.

    IPO Momentum in India: Tech Firms Line Up for Listings in 2025

    In the first half of 2025, the IPO pace was slowed by global tensions and the tariff war that US President Donald Trump started. Because of this, in H1 2025, just two cutting-edge IT companies—ArisInfra and Ather Energy—debuted on the public market.

    Nonetheless, it is anticipated that the number of IPOs will rise significantly in the second half of the year. Wakefit, Pine Labs, Curefoods, Capillary Technologies, Shadowfax, Shiprocket, and Urban Company are among the cutting-edge tech firms that have submitted their draft papers to SEBI and are currently seeking approval to begin their public offerings.

  • Truworth Wellness Appoints Khurshed Dordi to Board of Directors to Accelerate Strategic Growth and Deepen Client Value

    Veteran CXO brings 30+ years of global leadership to guide Truworth’s strategic growth and wellness innovation.

    Truworth Wellness, a leading provider of holistic corporate wellness solutions, today announced the appointment of Khurshed Dordi to its Board of Directors. With over three decades of leadership experience across global banking, financial services, and professional consulting, Khushed Dordi’s appointment marks a significant step in Truworth’s mission to drive transformation in India’s employee well-being ecosystem.

    A respected industry veteran, Khurshed has held senior leadership and board roles across renowned organizations like Deutsche Bank, ANZ Grindlays and HSBC with deep expertise in strategic finance, enterprise transformation, and leadership development. His rich understanding of organisational culture and passion for human capital make him uniquely positioned to guide Truworth Wellness through its next phase of growth. At Truworth Wellness, he will provide strategic direction on strengthening enterprise capabilities, spanning data privacy, digital engagement, and customer-centric program delivery. 

    “We are thrilled to welcome Khurshed Dordi to the Truworth board. His multidimensional experience will bring immense strategic value as we expand our impact and partner with organisations to create healthier, high-performing workplaces,” said Rajesh Mundra, Founder & Executive Chairman, Truworth Wellness. “Khurshed’s ability to align enterprise transformation with people-centric outcomes makes him an ideal fit for our long-term vision.”

    Over the course of his career, Khurshed has led global transformation initiatives in complex regulatory environments, modernised legacy institutions, and scaled GCCs into innovation hubs. He has advised boards, CXOs, and founder-led businesses across Asia and the Middle East on leadership, risk, digital-first operating models, and long-term value creation. Khurshed’s appointment comes at a pivotal time as Truworth Wellness scales its operations and deepens its presence in India’s burgeoning Global Capability Centre (GCC) and enterprise segments. With organisations increasingly seeking outcomes-driven, preventive well-being solutions, Truworth aims to redefine the role of corporate wellness from a transactional benefit to a strategic business lever.

    Commenting on his new role, Khurshed Dordi, Board Advisor, Truworth Wellness, said, “Employee well-being is no longer a ‘good-to-have’. It’s a boardroom conversation tied to culture, productivity, and long-term enterprise value and I have witnessed its impact first-hand during my time at Deutsche Bank. I’m excited to support Truworth in building a category-defining wellness platform that delivers measurable results for both employers and employees.”

    Speaking on the appointment, Rohit Chohan, Co-Founder & CEO, Truworth Wellness, said, “We are thrilled to welcome Khurshed Dordi to our Board. As Truworth Wellness continues its efforts of providing holistic, tech-driven employee well-being solutions across India’s evolving workplaces, Khurshed’s experience will prove to be invaluable. He has a proven track record of leading high-impact transformations in complex global environments and modernising legacy institutions. His perspective, shaped by decades of global leadership, will be instrumental as we navigate our next phase of growth.”

    Khurshed’s appointment further strengthens Truworth’s leadership at a time when the company is investing in digital innovation, personalized wellness pathways, and care navigation. His insights will help elevate Truworth’s engagement with CHROs, CXOs, and Boards, enhancing trust and alignment in delivering high-impact wellness outcomes.

    As organizations across India and beyond prioritize resilient, human-centric workplaces, Truworth Wellness is committed to becoming the partner of choice in delivering holistic transformation, not just transactions.

    About Truworth Wellness 

    Truworth Wellness, established in 2011, is India’s leading provider of corporate employee health benefits and wellness solutions. They foster a preventive wellness culture and offer end-to-end programs for diverse industries. With their technology-enabled solutions and flagship programs like Truwellness360, they engage participants through socialisation and gamification. Their cutting-edge technology platform, ‘THE WELLNESS CORNER,’ drives lifestyle changes and reduces insurance claims.

    Truworth Wellness continues to lead the Corporate Workplace Wellness market with its comprehensive tech-enabled solutions and services for corporate employers and Insurance Companies. They help identify health risks within the population and manage those risks through their flagship wellness engagement platform. Additionally, Truworth Wellness offers healthbenefits fulfillment, including corporate health checks through network providers, Pharmacy benefits, Doctor Consultations, Dental Benefits, Fitness Benefits, among others.

  • Fraganote Raises $1 Million in Pre-Series A Round Led by Rukam Capital

    The investment will fuel product innovation, retail expansion, and brand-building as Fraganote aims to redefine fragrance culture in India.

    Fraganote Fragrances Private Limited, a modern Indian fragrance/perfumery brand, closes $1 million in a Pre-Series A funding round led by Rukam Capital. The investment marks a significant milestone in Fraganote’s journey to build India’s first globally relevant luxury perfume house and continues to strengthen Rukam Capital’s investments in its wellness and beauty portfolio.

    The fresh capital raised will be used to accelerate Fraganote’s next phase of growth. This includes expanding its fragrance portfolio, introducing new scent-forward formats, and launching offline retail pilots and immersive brand experiences. A substantial portion of the investment will also go toward strengthening supply chain and fulfilment capabilities to enable pan-India distribution. Additionally, the brand will invest in integrated omnichannel touchpoints, including strategic partnerships and pop-up activations, to enhance consumer engagement and discovery.

    Following the investment deal, Garima Kakkar, Co-Founder, Fraganote, said, “At Fraganote, we are building a luxury fragrance brand that is born in India but belongs everywhere. We believe India needs its own iconic perfume house, one that is modern, accessible, and built for a new generation of consumers who view brands as communities. This investment from Rukam Capital gives us the momentum to expand our fragrance universe and take our vision global.”

    “Fraganote stands out for its originality, brand voice, and deep understanding of India’s evolving scent culture. We are excited to back a brand that’s not only creatively distinct but also rooted in operational discipline and long-term scalability. Fraganote has the potential to lead a premium fragrance revolution from India to the world”, asserted Archana Jahagirdar, Founder and Managing Partner, Rukam Capital.

    Co-founded by Garima Kakkar and Arjun Anand, Fraganote is redefining how India discovers, experiences, and relates to fragrance. It strives to create story-rich perfumes that reflect the moods, aspirations, and evolving lifestyle of a new India. All the different concepts are developed in-house through a team of aficionados to make scents like Baked Vanilla, Drunken Cake, and Beach Holiday, which are helping the brand gain traction among younger, brand-conscious consumers. Its narrative-led, culturally attuned perfumes resonate deeply with a generation that values personal expression, sensory experiences, and aesthetic storytelling.

    This investment comes at a time when India’s perfume market is on a strong growth trajectory, valued at USD 281 million in FY2024, it’s projected to reach USD 873.3 million by FY2032, growing at a CAGR of 15.23% between FY2025 and FY2032. The category is evolving rapidly, shifting from its mass-market deodorant roots to a more premium, fragrance-first space. While the category has traditionally been dominated by mass-market deodorants, rising disposable incomes, increased global exposure, and changing grooming habits have sparked a surge in demand for premium, expressive perfumes. For Gen Z and millennials, fragrance is no longer an afterthought; it’s a personal statement and a sensorial extension of identity.

    The gifting segment is also emerging as a key driver, with perfumes becoming popular choices for self-gifting and celebrations. Yet, the mid-to-premium segment remains under-penetrated, leaving a large gap for culturally relevant, design-forward, and fragrance-first brands.

    Fraganote is poised to capitalise on this whitespace by combining world-class product innovation with emotional resonance and youth-centric brand positioning.

    About Rukam Capital

    Rukam Capital is a leading Indian early-stage venture capital firm specialising in investing in consumer products and services companies. We invest in purpose-led founders who are solving hard problems at scale by creating products and companies that people love. As entrepreneurs ourselves, we understand the challenges of building a successful business and actively partner with our portfolio companies to drive innovation and growth.

    Shark Tank-Funded WiseLife Raises INR 8 Cr from Rukam Capital
    Shark Tank India-funded brand, WiseLife, has raised ₹8 crore in Seed/Pre-Series A funding from Rukam Capital. The funds will support scaling operations, expanding distribution, and product innovation as WiseLife aims to strengthen its position in India’s fast-growing health and wellness market.
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  • Shortgun Games Secures $1 Million Seed Funding to Build India’s Biggest Cinematic Third-Person Shooter for Global Audiences

    The investment will be used for the development of a polished vertical slice, setting the stage for a globally competitive single-player IP from India.

    Shortgun, India’s emerging Game Development Studio co-founded by the developers of Rogue Heist, announces the closure of its $1 million Seed round supported by Angel Investors and Family Office. The investment is instrumental in driving the creation of a console-grade, story-driven shooter, meticulously crafted for global competitive play. The studio plans to raise an additional $5 million in the next round to transition the project from a polished vertical slice to full-scale production.

    Strategic Use of Funds

    The newly raised capital will primarily support pre-production and development of the game’s Minimum Viable Product (MVP). This includes delivering a “vertical slice”, a polished, playable 5–8 minute experience that showcases the title’s unique mechanics, narrative depth, and visual direction. The funding will also enable strategic, need-based hiring to further strengthen Shortgun’s lean but high-calibre team, which operates largely out of India with a select group of international collaborators.

    Recently, the studio had collaborated with Vicky Arora, an acclaimed Bollywood action director known for popular movies like URI, RRR, TANAAV, and now the most anticipated Ramayan Part. He is leading action design and choreography for the upcoming game, ensuring that combat sequences are not only technically accurate but also narratively cohesive. Shortgun’s team includes former developers from Rogue Heist, such as Ashish Beuria and Neha Hooda, with over 25% of its development talent based internationally. The studio operates with a strong player-first philosophy, prioritising high-impact design and immersive storytelling from the earliest stages of development.

    Market Opportunity

    India’s gaming industry is growing at a remarkable pace. Valued at USD 5.21 billion in 2024, the market is expected to quadruple to USD 22.53 billion by 2034. Investment activity has also surged, with the online gaming segment alone drawing over ₹22,931 crore (USD 2.75 billion) in domestic and foreign funding between FY20 and FY24 YTD. Analysts also forecast that the sector could unlock up to USD 63 billion in investor value by 2029, underscoring India’s potential to become one of the world’s fastest-growing gaming markets.

    “This funding will allow us to go beyond prototypes and deliver a polished vertical slice that encapsulates the heart of our game,” said Vidhit Mehta, Founder of Shortgun Games. “We’re deliberately focusing on quality-first development, taking time to refine systems, narrative tone, and gameplay depth. This proof of concept will be key to attracting publishing partners and setting new benchmarks for what an Indian studio can achieve on a global stage.”

    “We’re not just building another shooter game,” said Jeet Chandan, Managing Director at Shortgun Games. “Our vision is to craft a flagship IP that blends cinematic storytelling, emotional decision-making, and tight gameplay mechanics, a top-notch experience on a mid-sized studio budget. This investment allows us to take calculated risks, experiment boldly, and innovate in ways the market here hasn’t seen before. Our long-term goal is to establish Shortgun as a globally respected name from India, proving we can deliver games with both commercial appeal and artistic depth.”

    “What’s interesting about this phase is the freedom to experiment,” said Ashish R. Beuria, Game Director at Shortgun Games and former developer of Rogue Heist. “We’re not just scaling up production, we’re exploring new mechanics, testing bold ideas, and shaping a player experience that feels truly different. This investment gives us the space to build a game that surprises players and challenges expectations of what an Indian-made shooter can be.”

    With multiple high-profile collaborations in place, a vertical slice in development, and a global publishing push on the horizon, Shortgun is laying the foundation for India’s first genre-defining shooter franchise, a project that seeks to challenge the dominance of long-standing titles and put India on the world gaming map.

    About Shortgun Games

    Shortgun Games is a next-generation game development studio founded by the original creators of Rogue Heist. With a vision to build India’s first genre-defying third-person shooter (TPS) title for PC and console, the studio brings together expertise from interactive storytelling, cinematic action, and high production standards. Focused on delivering narrative-driven gameplay with international quality benchmarks, Shortgun is committed to pushing the boundaries of Indian game development. The studio is currently working on its debut title, which explores themes of identity, instinct, and transformation, crafted to resonate with global audiences while rooted in immersive design and bold storytelling.

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