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  • Swiggy Shuts Down ‘Minis’ Storefront Platform, Deadline Set for August 1

    The popular food and grocery delivery service Swiggy is closing Minis, an online shopfront for creators and small businesses, in order to concentrate more on its key pillars of rapid commerce and food delivery while closing non-core enterprises.

    According to information obtained by a media outlet, the corporation has informed vendors that the service will be ended by August 10. Before the deadline, sellers are urged to finish any outstanding orders, take payouts, and shut down their stores.

    In late 2022, Minis was launched to allow retailers to create basic internet shopfronts without having to pay commissions or create a website. Merchants might use social media to advertise their shopfronts, handle payments and delivery, and display goods and services.

    To facilitate discovery, Swiggy also briefly included Minis stores in its main app. Minis was a component of Swiggy’s larger goal to develop software-as-a-service (SaaS)-style solutions for independent sellers and small enterprises.

    Over the years, the company has experimented with a number of merchant-facing services, like Swiggy Genie, to facilitate hyperlocal trade. One of the rare attempts to give retailers complete control over their shopfronts and branding was Minis.

    Reasons for the Closure

    Similar to solutions like Linktree, Swiggy redesigned the offering in 2024 to serve as a “link in bio” landing page for businesses that prioritise Instagram or WhatsApp. Minis soon lost its presence in the Swiggy ecosystem.

    The change put Minis in direct conflict with native shopfront capabilities on platforms like Linktree, Dukaan, and Meta. Minis remained a free solution designed for sellers that mostly relied on social media for reach and discovery, in contrast to Shopify or Dukaan, which provide more extensive integrations for inventory, customer data, and marketing.

    Regarding the withdrawal, Swiggy has not made a public statement. Minis’ closure coincides with Swiggy’s intention to concentrate on its core services, which include meal delivery and fast commerce (through Instamart), during a period when industry-wide attention is still firmly focused on operational scalability and profitability.

    Swiggy has been methodically closing its non-core operations as part of this transition. It has closed its meat marketplace, InsanelyGood (its premium grocery platform, which merged with Instamart), Swiggy Genie (its pick-up and drop service), and Handpicked (an experimental gourmet grocery vertical) throughout the last two years.

    Focusing More on its Core Domain by Adding New Services

    Using its Eco Saver mode, Swiggy’s new INR 99 Store on the main app offers single-serve items for a fixed INR 99 with free delivery. The new category, which is active in more than 175 cities, is aimed at frequent, cost-conscious users, particularly students and Gen-Z consumers.

    Additionally, Swiggy has been rapidly growing its food and basics delivery vertical, Instamart. Instamart increased the number of its locations from 705 to 1,021 in the January–March quarter (Q4 FY25) by adding 316 dark stores.

    Previously, the company was only adding 50 to 100 outlets a quarter, so this represents a significant boost in the pace of expansion. Swiggy’s decision to leave Minis highlights its larger plan to focus operations on high-volume, high-frequency categories in an effort to create a more streamlined and lucrative company.

  • RBI Mandates Banks to Use DoT Tool in Fight Against Cyber Frauds

    The RBI has instructed banks and payment institutions to incorporate the telecom department’s (DoT) financial fraud risk indicator (FRI) into their systems in light of the increasing number of cybercrimes.

    The RBI guideline, released on June 30, seeks to use cutting-edge technologies to combat cybercrime. The DoT hailed the action as a turning point. In a statement, the DoT claimed that the RBI’s directives mark a turning point in the battle against financial crimes made possible by cyberspace and demonstrate the effectiveness of interagency cooperation in protecting individuals in India’s expanding digital economy.

    FRI is a risk-based statistic that was introduced in May and links a cellphone number to the level of financial fraud. Data from DoT’s Chakshu platform, the government’s cybercrime reporting portal, and information provided by banks and financial organisations are used to highlight the numbers.

    This makes it possible for the appropriate parties to take further consumer protection steps to stop financial frauds committed using high-risk mobile numbers.

    Real-time FRI allows banks and other financial institutions to take preventative steps like rejecting suspicious transactions, warning or alerting clients, and postponing high-risk transactions.

    FRI Already Deployed on Fintech Platforms

    Real-time response and ongoing feedback to improve the fraud risk models are made possible by an API-based platform that automates data interchange between banks and DoT’s digital intelligence platform, which has created FRI.

     According to the DoT, the platform has already been implemented in banks like HDFC Bank and ICICI Bank as well as fintech companies like PhonePe and Paytm.

    The DoT went on to say that as UPI is the most widely used payment mechanism in India, this action may prevent millions of people from being victims of cybercrime. The FRI makes it possible to take prompt, focused, and cooperative action against suspected frauds in the banking and telecommunications meantime, it has sectors.

    In the been claimed that the National Quantum Mission (NQM) is creating a task force to help banks implement the new technology for data analysis, financial modelling, and cybersecurity. The task force will assist banks in creating rules for the shift to quantum technologies, according to a media source.

    A draft of these standards is expected to be made public in the coming months following government approval. One of NQM’s initial milestones, a long-distance quantum key distribution (QKD) network, is anticipated to be completed by the end of July or the beginning of August, the article also stated.

    Cybercrime on the Rise in India

    Indians lost INR 1,935.51 Cr to digital arrest frauds in 2024, Bandi Sanjay Kumar, the minister of state (MoS) for home affairs, said in the Parliament earlier this year. He added that in the first nine months of FY25, cyber frauds cost INR 107.21 Cr.

    According to reports, the Centre has shut thousands of WhatsApp accounts used to spread online fraud, along with lakhs of SIM cards and IMEIs (International Mobile Equipment Identity).

  • $140M Exit: Banga Family to Offload Major Stakes in Nykaa Block Deal

    According to a term sheet accessed by a media outlet, Harindarpal Singh Banga and Indra Banga would sell a 2.1% share in the beauty and personal care firm Nykaa for $140.3 million (about INR 1,200 crore) in a block sale.

    According to the term sheet, the Bangas, who were among the first investors in Nykaa, are selling roughly 60 million shares at an offer price of INR 200 per share, which is 5.5% less than the most recent closing price.

    Nykaa’s operator, FSN E-Commerce Ventures Ltd., ended Wednesday’s trading session on the National Stock Exchange just over 2% higher at INR 211.59. Thus far this year, the stock has increased by 28.7%.

    Goldman Sachs and JP Morgan Managing the Transaction

    The deal is being handled by JP Morgan and Goldman Sachs. Before Nykaa went public in 2021, Banga, a billionaire in commodities and the chairman of the Caravel Group, based in Hong Kong, owned 8.7% of the company.

    The business’ founders, the Nayar family, still hold 52% of the company and haven’t sold any shares since the IPO. Nearly a year has passed since Banga sold more than four crore shares, or 1.43% of the company, for INR 208.30 each in August 2024, bringing in INR 851.5 crore.

    His holding dropped from 6.40% to 4.97% after that deal. Nykaa reported a nearly threefold increase in consolidated net profit for the quarter ending March 31 from INR 6.93 crore to INR 20.28 crore. Operational revenue increased from INR 1,667.98 crore in FY24 to INR 2,061.76 crore, a 23.61% increase.

    Nykaa Eyeing for More Profitable Trajectory

    With collaborations with Yves Saint Laurent, NARS, Kerastase, Eucerin, GHD, Armani Beauty, Supergoop, and Nexxus, among others, Nykaa has introduced a record amount of international beauty brands in the last 12 months.

    With a goal of mid-20% yearly growth in its beauty and personal care (BPC) sector over the next five years, Nykaa is now moving towards a more lucrative growth trajectory.

    Deeper market penetration, premiumisation, and improved convenience are all part of the plan. By FY30, the company wants to expand its physical presence in tier 2 and tier 3 cities, growing from 237 to over 500 stores.

    Additionally, it is making significant investments in local influencer marketing, collaborating with more than 28,000 influencers to promote discovery. Nykaa is expanding its logistical infrastructure in an effort to increase delivery speeds.

    Its “Nykaa Now” two-hour fulfilment strategy is operational in seven metro areas. A network of 44 warehouses and more than 40 quick hubs equip Nykaa Now service, allowing for same- or next-day delivery in major cities.

  • Foxconn India Faces Turmoil as Chinese Engineers Exit

    Hundreds of Chinese engineers and technicians employed at Foxconn’s facilities, Apple’s primary supplier, were urged to leave as the company prepared to increase manufacturing of its next flagship iPhone in India.

    According to various media reports, more than 300 highly qualified employees have left Foxconn’s iPhone factories in southern India. Although neither Apple nor Foxconn have made a formal statement, the timing and lack of response say a lot.

    This advancement goes beyond a simple reorganisation of personnel. It coincides with rising tensions between Beijing and Western tech companies that are moving their manufacturing out of China, as well as the India-China border issue.

    The loss of skilled Chinese technical employees is a blow to Apple, which has made significant investments to increase its manufacturing presence in India. In addition to putting devices together, these experts trained Indian workers and imparted decades of process knowledge developed inside Chinese mega-factories.

    Chinese Government Clamping Down on Various Elements to Hamper the Production

    In recent months, China’s crackdown on the exodus of talent, equipment, and technology has intensified.

    A media source claims that the Chinese government has gently persuaded businesses and authorities to limit the flow of talented workers to countries like India and Southeast Asia and to cease exporting vital equipment.

    It appears that the goal is to slow down the “China plus one” method that global corporations are using to protect themselves from geopolitical risk.

    China has tightened control over APIs for the global pharmaceutical supply chain, limited exports of rare earth magnets used in electric vehicles, and, now, through its hold on Foxconn, has started to repress talented mobile manufacturing workers. Trade friction is no longer the only issue. Supply chain resistance is the cause.

    Foxconn Swaps Chinese Engineers for U.S., Taiwan Specialists Amid Strategic Shift

    The multinational electronics powerhouse has devised a different strategy to save its iPhone 17 production in India by bringing in specialists primarily from Taiwan and the US.

    This development comes a day after it was revealed that Beijing had “forced” Foxconn Technology Group to return its Chinese engineers and technicians from its Tamil Nadu plant. Recalling workers is perceived as a tactic to thwart Western IT companies’ attempts to move their manufacturing out of China.

    Additionally, it is perceived as an extension of the diplomatic dispute between China and India. The export of essential machinery needed to upgrade assembly lines to produce the iPhone 17, which is anticipated to be released by September of this year, was already being restricted by Chinese officials.

    As anticipated, a media article stated that Foxconn already had a strategy to hire engineers primarily from the US and Taiwan. Furthermore, the problem only relates to the upcoming debut of the new iPhone 17 series.

    For earlier versions, Indian technicians are already in charge. The replacement of the Chinese experts might take up to two months. The Ministry of Electronics and Information Technology (Meity), according to the report, stated that Foxconn and Apple have been aware of the potential loss of Chinese engineers for the past four to five months.

    The import of essential equipment can still be an issue even if technicians are replaced. The iPhone 17’s price may rise as a result. However, according to industry experts, the average compensation for a US expert is approximately six times that of a Taiwanese expert.

    Further, the average compensation for a Taiwanese expert is approximately 50–60% higher than that of a Chinese engineer. This could result in an increase in the production costs for the company.

    India Benefiting from US-China Trade Tension

    Trade conflicts between the US and China, which started under former President Donald Trump, are the direct cause of Apple’s entry into India.

    These tensions have now developed into strategic actions on both sides, with China retaliating with limits on technology, talent, and raw materials and the United States providing tax incentives and trade agreements to nations like Vietnam and India.

    Though it might not seem as dramatic, China’s most recent action might be just as destructive as a trade battle. The risk is growing on both sides for Apple, which intends to manufacture the majority of iPhones for the US in India by 2026.

    Trump has once again called on Apple to “make in America” in his most recent campaign speech. However, Apple has so far steered clear of that route due to the high cost of US labour and a lack of experience with large-scale manufacturing.

    Now that China is exerting pressure behind the scenes, even Apple’s backup plan in India can encounter difficulties.

    In the months preceding the release of the iPhone 17, it will become evident if China has successfully halted the changing axis of tech manufacturing or whether Apple can withstand the transition without compromising its production targets.

  • Microsoft Slashes 9,000 Jobs in Major Restructuring Shake-Up

    According to reports, Microsoft is laying off 4% of its employees worldwide. The tech giant said on July 2, that it was letting go of almost 9,000 workers from several departments.

    Professionals of all experience levels are apparently preparing for the impact of these layoffs, which are occurring across countries. This time, Microsoft disclosed the development on the second day of the month, even though it typically announces structural changes at the end of the new fiscal year.

    Microsoft stated that it will keep implementing organisational changes that are required to best position the firm and teams for success in a dynamic environment, according to a media report that quoted a Microsoft spokesperson.

    The software powerhouse has been making layoff announcements one after the other this year; in January, it said it intended to fire 1% of its employees depending on their performance.

    Microsoft Constantly Following Layoff Practice

    The software company laid off more than 6,000 employees in May and another 300 in June. In a similar vein, the business let go of 10,000 workers in 2023. In light of its recent round of significant layoffs, the 50-year-old software titan is actively working to lower its workforce.

    This is reportedly the company’s second-largest mass layoff, following the approximately 18,000 jobs it eliminated in 2014. Although no specific causes have been mentioned, it is thought that one of the possible causes could be the fastest-growing market this year: coding assistants.

    Google just released its own version, and although Microsoft has not yet revealed plans to release a comparable product, it is apparently altering internal processes to make use of these capabilities.

    These coding assistants, to put it simply, indicate that businesses are embracing automation and AI-driven productivity in the software development process.

    Focusing more AI Driven Solutions

    Companies like Google and Microsoft are now investing the most in AI research and development. They are essentially seeing a quick evolution in their developer positions.

    As AI technologies start to replace some of the more traditional activities, this restructure is expected to have an impact on the majority of these programmers.

    The layoffs coincide with Meta’s aggressive procurement of expertise; it has reportedly spent $3 billion, a significant acquisition in and of itself, to acquire the best AI experts.

    Even at the expense of reorganising their current resources and associated expenses, the majority of large tech businesses appear to be striving to draw in the best AI expertise. For the March quarter, Microsoft recorded a net income of around $26 billion on revenue of $70 billion.

    According to data gathered by FactSet, Microsoft remained one of the most profitable businesses in the S&P 500 index, with the results significantly above the consensus on Wall Street.

    Due to anticipated growth in Azure cloud services and corporate productivity software subscriptions, executives predicted a 14% year-over-year revenue increase in the June quarter.

  • Maieutic Semiconductor Raises $4.15 Million to Revolutionise Analog Chip Design Using Generative AI

    Bengaluru-based deep tech startup Maieutic Semiconductor has raised $4.15 million in Seed funding, co-led by Endiya Partners and Exfinity Venture Partners. This funding round marks a significant milestone in Maieutic’s mission to reimagine chip design by introducing generative AI to design and development workflows.

    Maieutic is tackling one of the most complex and underserved challenges in semiconductor design. Their GenAI-first solution will significantly accelerate early-stage chip design, domain expert review process, and enable intelligent analysis of design trade-offs, all of which are typically time-consuming and resource-intensive. With this new round of funding, Maieutic plans to expand its engineering team and significantly improve time to market. The company is on an aggressive hiring trajectory to build out its platform and take its vision to market. 

    Founded by serial entrepreneurs and industry veterans, Maieutic’s core team includes Gireesh Rajendran (CEO), Ashish Lachhwani (CBO), Rakesh Kumar (CPO), and Krishna Sankar (CTO), each a domain expert with over two decades of experience in semiconductor design, AI systems, and commercial product delivery. Collectively, the team holds over 70 patents and has shipped products that have sold over a billion units globally.

    “Semiconductor design has remained largely untouched by modern productivity enhancements,” said Gireesh Rajendran, CEO and Co-founder of Maieutic Semiconductor. “At Maieutic, we’re combining decades of deep analog and semiconductor experience with cutting-edge AI techniques to create a copilot that reduces the design cycle from weeks to days, spots inconsistencies without expert intervention, and brings intelligence to every trade-off. We’re thrilled to have raised this round of funding and are incredibly grateful to have visionary partners like Endiya Partners and Exfinity Venture Partners on board, who not only believe in our mission but are actively supporting us as we build for the future of chip design.” Gireesh was previously the CEO and co-founder of Steradian Semiconductors, a radar startup that saw a successful acquisition.

    Maieutic is well poised to address a massive market opportunity beginning with analog IC design, which is critical to next-gen communications, automotive, and industrial electronics.

    Sateesh Andra, Managing Partner at Endiya Partners, said, “Maieutic is solving a real problem in the semiconductor design space, an area that has long resisted automation despite its growing complexity. Analog workflows in particular have remained largely manual and dependent on domain expertise and time-intensive iteration. Maieutic’s AI-first approach has the potential to change that. The founding team has both deep technical expertise and years of experience in taking products to market. We believe their vision can lead to a foundational shift in how analog chips are designed and optimized, making the process faster, more intelligent, and globally competitive. We’re excited to partner with Maieutic as they build a transformative platform that positions India at the forefront of semiconductor innovation.” Endiya was an early investor in Steradian.

    Chinnu Senthilkumar, Managing Partner at Exfinity Venture Partners, added, “The Maieutic team brings an exceptional blend of deep technical expertise, global semiconductor experience, and a clear vision for the future of analog design. Having spent more than a decade in Analog/Mixed-Signal design early in my career, I truly appreciate the complexity and magnitude of the problem. What truly excites me is their bold approach to applying GenAI to an area that has seen very little disruption over the decades. As the demand for intelligent, high-performance chips continues to grow globally, Maieutic is uniquely positioned to lead this paradigm shift. We are proud to support them on this journey and confident that they will build a category-defining company from India.” Exfinity is an active investor in deep-tech and semiconductor startups, with successful exits such as Kinara.ai, an edge AI semiconductor company.

    With the global semiconductor market projected to cross $1 trillion by 2030, and analog chips forming the backbone of every modern electronic device, Maieutic’s innovation couldn’t come at a more relevant time. As India pushes ahead with its semiconductor ambitions, Maieutic Semiconductor is poised to be a key force in positioning the country as a serious player in analog innovation.

    About Maieutic Semiconductor

    Maieutic Semiconductor is a Bengaluru-based deep-tech startup redefining semiconductor and analog chip design using the power of GenAI. Founded by a team of semiconductor veterans and serial entrepreneurs, Maieutic is building the world’s first GenAI copilot for analog design, a platform that accelerates early-stage chip development, automates bug detection, and enhances design trade-off intelligence. Backed by Endiya Partners and Exfinity Ventures, Maieutic aims to make semiconductor design faster, smarter, and scalable, empowering engineers and enabling the next wave of semiconductor innovation from India to the world.

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  • FitFeast Raises INR 5.5 Cr led by IPV, Welcomes Shane Watson as an Investor and a Brand Partner

    Gurgaon, 3rd July 2025 – FitFeast, a taste-first protein brand has raised INR 5.5 Crore in seed round from Inflection Point Ventures (IPV), one of India’s largest angel investing platforms. The round also saw participation from Raghav Singhal (Founder at Swasthum Wellness), Santosh Govindaraju (Sustainability Executive, Investor and Board Member), Abhishek Chopra and Aabhas Khanna from HSBC. The funds will be strategically used to scale FitFeast’s online business via D2C, marketplace and quick commerce channels, build a strong marketing engine, expand the leadership team, launch innovative protein products tailored for Indian taste buds, and strengthen distribution in metro and tier-1 cities.

    Founded in 2021, FitFeast’s vision is simple yet bold: to make protein-rich snacks a part of everyday lifestyle, without ever compromising on taste or convenience. Whether it’s protein chips, chocolate smoothies, or dessert-inspired bars, they are reimagining health in formats people already love and crave.

    Aditya Poddar, Founder and CEO of FitFeast, brings a rare blend of technical skill, entrepreneurial drive, and personal passion to the world of health and nutrition. A B.Tech graduate in Information Technology from JIIT, he began his career in analytics at AXA before diving headfirst into entrepreneurship. Having founded two startups during college, Aditya went on to bootstrap FitFeast to over ₹1 crore in ARR within its very first year without external funding. His deep understanding of the wellness space comes not just from business experience, but from his own 20kg weight loss journey, making him a founder who truly lives the problem he’s solving.

    Aditya appeared on Shark Tank India in March 2025 where he shared his inspiring journey and bold vision for India’s protein revolution. The episode spotlighted FitFeast’s mission to make protein mainstream, propelling the brand further into national recognition.

    Vinay Bansal, Founder, Inflection Point Ventures says, “India is experiencing a growing awareness around the importance of protein in daily nutrition, driven by rising health consciousness and lifestyle changes. With protein playing a crucial role in muscle growth, metabolism, and overall wellness, the demand for convenient, high-quality protein-rich foods is accelerating. FitFeast offers all of this and more, having established themselves on Shark Tank India they are now backed by legendary cricketer Shane Watson. This shows the trust and commitment of the brand towards their products poised for significant growth and ready to redefine the health and fitness landscape.”

    FitFeast isn’t just winning over customers, it’s earning the trust of legends. Shane Watson, retired cricketing legend (CSK, RCB, RR, Australia) and IPL icon, has come onboard as an investor and long-term believer in FitFeast. Indian all-rounder Axar Patel also backs the brand as both investor and ambassador, strengthening its credibility.

    “The first time I tried FitFeast Protein Chips and Malai Kulfi Protein Shake, I was genuinely hooked by the quality and taste. After a few months as a regular user, I knew I wanted to be part of this journey. This is a long-term play for me as we build FitFeast together,” said Watson.

    More than just a brand ambassador, Watson brings his deep expertise in sports and business to FitFeast.

    FitFeast is redefining the protein space by putting taste at the forefront offering flavour-packed products like White Chocolate Peanut Butter, Malai Kulfi Protein Shakes, and Peri Peri Chips that resonate deeply with Indian palates. With a strong focus on innovation and localization, the brand has cultivated a loyal, repeat-heavy customer base, especially among Gen Z and young professionals. What further sets FitFeast apart is its robust D2C engine, with the majority of sales coming through its own website, ensuring customer ownership and direct engagement. On the operations front, FitFeast is growing rapidly with over ₹50 lakhs in monthly revenue, PAN-India fulfillment through it’s own website, Q-commerce and marketplaces. The brand has clocked a 5x month-on-month growth in the last four months, highlighting its strong momentum and scalable foundation.

    Aditya Poddar, Founder & CEO says, “At FitFeast, we’re on a mission to prove that protein-rich food doesn’t have to taste boring. It can be bold, fun, and downright irresistible. IPV believed in that vision from day one, not just with capital, but with conviction. This round isn’t just about scaling a brand, it’s about rewriting the rules of how India consumes protein, one delicious bite at a time.”

    FitFeast is rapidly emerging as a leading protein brand in India featured on Shark Tank Season 4, selling over 10 million grams of protein, and earning cricketers Shane Watson & Axar Patel’s backing as investor and brand ambassador. Its products are available across Zepto, Amazon, Flipkart, and more, with deliveries made to 20,000+ pin codes nationwide.

    India’s health and wellness F&B market is a booming $30 billion opportunity, with protein-based products alone accounting for over $4 billion. Within this space, protein snacks are among the fastest-growing categories, expanding at over 20% annually. The rise of digital-first brands is also being fueled by a 29%+ growth rate in India’s food and beverage e-commerce sector, making it a prime time for innovation and scale in functional, better-for-you foods.

    About FitFeast

    FitFeast, founded in 2021 by Aditya Poddar, is a taste-first protein brand that’s reimagining how India consumes protein-rich food. From protein chips to white chocolate peanut butter, FitFeast is making nutrition accessible, enjoyable, and undeniably delicious.

    About Inflection Point Ventures and Physis Capital

    Inflection Point Ventures (IPV) is an angel investing platform with over 23,500+ CXOs, HNIs, and Professionals to together invest in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with a diverse group of investors. IPV has launched a $50 Mn CAT 2 VC fund, Physis Capital, to invest in Pre-Series A to Series B growth-stage start-ups. The fund has already deployed capital in six startups so far, with a few deals in advanced stages of pipeline.

  • Daily Indian Funding Roundup & Key News – 2 July 2025: CIMware Raises $2.3 Mn, Swiggy Shuts Minis & More

    Here’s a quick roundup of today’s top updates from the Indian startup ecosystem. This includes funding activity dated 2 July 2025 and key business developments across tech, fintech, and policy.

    Daily Indian Startup Funding Digest – 2 July 2025

    Company Funding Amount Type Lead Investor
    IORA Ecological Solutions ₹8.5 crore (~$1 million) Carbon-backed debt Caspian Impact Investments
    CIMware $2.3 million (~₹20 crore) Pre-Series A (equity) Transition VC

    IORA Ecological Solutions Raised INR 8.5 Crore from Caspian Impact Investments

    IORA Ecological Solutions has raised INR 8.5 crore in debt funding from Caspian Impact Investments, backed by the company’s future carbon credit earnings. This marks one of India’s first such carbon-credit-based debt deals. The funding will support the expansion of IORA’s MegCare project in Meghalaya, which helps 80,000 small farmers adopt agroforestry practices. IORA, founded in 2009 by Swapan Mehra, is also working with the Rabo Foundation and Rabobank’s ACORN platform to enable the carbon finance structure.

    CIMware Raised $2.3 Million in Pre-Series A from Transition VC

    CIMware, a startup building sustainable hardware for data centres, has secured $2.3 million in a Pre-Series A round led by Transition VC. The company’s core product, the Composable Infrastructure Module (CIM), combines compute, storage, and networking in a single rack unit and is designed for AI and high-performance workloads. The funds will be used to scale production, expand the R&D team, and support operations. CIMware was founded by Rajiv Ganth, a former executive at Intel, EMC, and CloudSimple, and plans to deploy the first batch of units in India by late 2025.

    Key News Highlights for 2 July 2025

    Meesho Open‑sources BharatMLStack Components

    Meesho has open‑sourced key parts of its in‑house machine‑learning infrastructure, known as BharatMLStack, starting with its online feature store. These tools, previously used internally to support large‑scale ML workloads, are now available for broader use, helping Indian and global tech teams accelerate their AI efforts.

    Swiggy to Shut Down Minis by 10 August

    Swiggy has informed sellers that it will discontinue its “Minis” storefront platform by 10 August 2025. Launched in late 2022, Minis allowed small businesses to run commission‑free e‑stores via Swiggy. The decision reflects Swiggy’s move to streamline operations and focus on its core food‑delivery and quick‑commerce business.

    Kissht Converts to Public Entity, Begins IPO Journey

    Fintech startup Kissht has officially converted into a public limited company, marking its first formal step towards a potential IPO. The resolution to change its corporate structure was passed by shareholders on 17 June 2025, laying the groundwork for a public listing.

    Government Allows Cab Aggregators to Surge‑Price Up to 2×

    Under the new Motor Vehicles Aggregator Guidelines 2025, the Ministry of Road Transport and Highways has approved dynamic pricing of up to twice the base fare during peak hours for platforms like Uber, Ola and Rapido. Non‑peak fares must remain at least 50 % of base. The change also mandates a cancellation fee and ensures drivers receive 80 % of fares per ride.

    Infosys Advocates Work‑Life Balance After Murthy’s 70‑Hour Push

    Following co‑founder Narayana Murthy’s comments endorsing a 70‑hour workweek, Infosys has launched an internal campaign encouraging employees to limit overtime. The firm is monitoring remote‑work hours, sending personalised reminders, and reinforcing the importance of health and well‑being.

    Daily Indian Funding Roundup & Key News – 1 July 2025
    Here’s a quick look at the top startup funding deals and key business updates from across India and the global tech world.
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  • Delhi Govt Pushes for Progress: Seeks Approval for Women to Work Night Shifts

    According to officials on 1 July, the Delhi government has taken a major step by ordering the Labour Department to make the required adjustments to let women work night shifts, but only with their permission.

    According to authorities from Lieutenant Governor VK Saxena’s office, the Labour Department has been directed to implement these precautions by revising the Delhi Shops and Establishment Act and issuing notifications under the Factories Act.

    As per the officials, instructions were also provided to change the Delhi Shops and Establishment Act to let shops and establishments operate around the clock and to raise the minimum number of employees required for the Act to be applicable from one to ten.

    Changing the Industrial Dispute Act

    The government has also issued instructions to raise the threshold of workers from 100 to 200 in the Industrial Dispute Act for requesting closure permission.

    A senior official from the Labour department further explained this by saying that at the moment, factories and companies who wish to close their doors and lay off employees must obtain permission from the relevant departments and authorities.

    However, factories with 200 or fewer workers no longer need to obtain approval before closing and laying off workers. This was done to make it easier to conduct business.

    In response to a question concerning the possible effects of the move on workers, the official stated that they would have the ability to petition the labour court.

    Currently, there is no rationale for the company to continue operations if it is unable to generate sufficient revenue to compensate its employees in the future. Thus, this contributes to the ease of conducting business.

    According to a media outlet, the government is permitting a plant or company to shut down and conduct layoffs without obtaining approval from any higher authority. Since workers will be the ones impacted and ultimately lose their positions without any employee funds or perks, legislation should also be passed to compensate them.

    Government Issued Slew of Instructions on Various Initiatives

    The L-G and Chief Minister Rekha Gupta held a high-level meeting to review the status and progress of various aspects related to the BJP government’s flagship policies, “Ease of Doing Business” and “Maximum Governance – Minimum Government,” which were announced by Prime Minister Narendra Modi.

    L-G’s office emphasised in a statement that the L-G also noted during the discussion that enterprises and economic activity had been hindered and discouraged by restrictive and outdated laws, procedures, and regulatory regimes.

    Top police officers, leaders of all relevant ministries, Delhi Home Minister Ashish Sood, Industries Minister Manjinder Singh Sirsa, and Chief Secretary Dharmendra also attended the meeting.

  • SBI Labels Reliance Communications Loan as Fraud, Flags Anil Ambani to RBI

    Reliance Communications Ltd. (RCOM) announced in a regulatory filing on July 1 that the State Bank of India (SBI) had labelled the loan account of RCOM as “fraud” and was taking steps to submit the identity of the company’s former director, Anil Dhirubhai Ambani, to the Reserve Bank of India (RBI).

    According to SBI’s letter dated June 23, 2025, which was attached to the application, the bank’s Fraud Identification Committee has determined that the loan account of Reliance Communication Limited is fraudulent.

    Reliance Telecom Ltd. (RTL) and other group firms are among the associated entities mentioned in the letter, which was received on June 30. Other irregularities mentioned include possible fund diversion and loan term violations that resulted in the fraud classification.

    According to SBI, the decision was made after forensic audits and a review of several show-cause notices.

    Response from Reliance Communications

    According to Reliance Communications, since 2019, the business has been subject to the corporate insolvency resolution process (CIRP). Creditors have adopted a resolution plan, which is pending National Company Law Tribunal (NCLT) final approval.

    According to the SBI letter dated June 23, 2025, the credit facilities or loans mentioned therein relate to the time frame before the CIRP. According to the Insolvency and Bankruptcy Code (IBC), these must be settled either in liquidation or as part of a resolution plan.

    As per Reliance Communications, the corporation is shielded from the institution and continuation of any lawsuits or other actions taken against it during the CIRP.

    Following the NCLT’s acceptance of the resolution plan, the corporation will be immune from liability for any alleged crimes committed before the CIRP begins, according to the protection afforded by Section 32A of the IBC. The business also stated that in light of the latest development, legal counsel is being sought for the future.

    Journey of RCOM

    Dhirubhai Ambani formed the Reliance Group, which includes the Indian telecom business Reliance Communications Limited which was established in 2004.

    Following the Reliance Group split, RCOM, under the leadership of Anil Ambani, provided enterprise services, internet, and mobile and underwater cable connectivity. It suffered from high debt, increased competition, particularly from Reliance Jio, and a declining market share in the late 2010s.

     According to the Insolvency and Bankruptcy Code, the business went through the corporate insolvency resolution process in 2019. Anish Niranjan Nanavaty, a resolution specialist, has been running the company since the board was suspended.

    Many of RCom’s licences have expired or been surrendered, and the company is still in the process of going bankrupt. Its assets are being evaluated for sale or restructuring in order to pay off its creditors.