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  • Enforcement Directorate Freezes ₹505 Crore in WinZO Money Laundering Investigation

    This article was generated by AI and cites original sources.

    The Enforcement Directorate (ED) has provisionally attached ₹505 crore ($55.7 million) held in foreign bank accounts in the US and Singapore as part of an ongoing money laundering investigation into gaming startup WinZO.

    The ED alleges that the funds, held in accounts operated through overseas shell entities, Winzo US Inc and Winzo SG Pte Ltd, were controlled from India by WinZO’s cofounders Paavan Nanda and Saumya Singh Rathore. The investigation was initiated based on multiple FIRs that accused the platform of cheating, impersonation, misuse of PAN and KYC data, and wrongful blocking of user accounts.

    Investigators claim that WinZO used bots and algorithm-driven personas to compete against real users in paid games without informing customers. The ED also accuses the company of manipulating games and inducing players to continue gaming by restricting or delaying withdrawals from user wallets.

    Earlier actions by the ED include search and seizure operations at WinZO’s office premises and its director’s residence, as well as raids at its accounting firm. A previous prosecution complaint alleged significant manipulation of games and money laundering practices by WinZO, resulting in substantial losses for genuine users.

    Source: Inc42 Media

  • Zepto Streamlines Offerings, Discontinues Loyalty Program Ahead of IPO

    This article was generated by AI and cites original sources.

    Zepto, the quick commerce startup preparing for an initial public offering (IPO), has decided to discontinue its loyalty and subscription program, Zepto Daily, as part of its efforts to simplify its offerings. The subscription plan is no longer visible on Zepto’s app, which has undergone various changes in recent months.

    The move to end Zepto Daily comes after the company launched Zepto Pass, a reduced-price subscription at ₹99 per month, aimed at increasing order frequency. However, the subscription plan was later removed from the app as Zepto continues to refine its offerings to provide greater value to its customers.

    A Zepto spokesperson stated that the company is committed to enhancing the user experience by experimenting with different offerings to deliver meaningful value to its customers. The decision to discontinue the loyalty program was based on user feedback, engagement trends, and long-term value considerations.

    This change in strategy reflects Zepto’s focus on creating straightforward and customer-centric offerings that align with customer preferences. The move also highlights the competitive landscape in the quick commerce sector, where platforms compete for customer loyalty through factors like delivery speed, pricing, and product availability.

    Source: Inc42 Media

  • EV Charging Startup Statiq Secures $18M to Expand Network

    This article was generated by AI and cites original sources.

    EV charging startup Statiq has secured $18 million in funding to enhance its charging infrastructure and expand its network across Tier I and II cities. The investment, led by Tenacity Ventures with contributions from Y Combinator, Shell Ventures, and RCD Holdings, will support Statiq in doubling its charger network to 20,000 units by the end of 2026.

    Statiq’s core technology revolves around a comprehensive charging platform integrated with proprietary AC/DC fast chargers and in-house software. The company plans to deploy DC fast chargers along major highways, improve product reliability to achieve 99.9% uptime, and commence hardware exports to global markets.

    Co-founder and CTO Raghav Arora highlighted the focus areas for the capital infusion, emphasizing enhancements in hardware lifecycle management, software fortification, telematics, and global systems interoperability to facilitate partner collaborations and innovation.

    Established in 2020, Statiq offers end-to-end EV charging solutions including smart charger manufacturing, a mobile app for booking charging slots, and infrastructure management for commercial and residential partners. The company collaborates with various entities like government agencies, automakers, and hospitality firms to extend its charging network to approximately 100 cities, boasting over 10,000 installed chargers.

    As the demand for EVs surges, Statiq’s funding boost underscores the critical role of robust charging infrastructure in accelerating the adoption of electric vehicles.

    Source: Inc42 Media

  • Sarvam AI Unveils Powerful Large Language Models for Enhanced Reasoning

    This article was generated by AI and cites original sources.

    Bengaluru-based AI startup Sarvam AI has introduced two new large language models, Sarvam-30B and Sarvam-105B, at the ‘India AI Impact Summit 2026.’ The Sarvam-30B models are designed to support a context length of up to 32,000 tokens, enabling more efficient usage and reduced power consumption. Trained on 16 trillion tokens, these models facilitate more effective thinking and logical reasoning with lower token usage.

    Furthermore, Sarvam-105B offers support for a context length of 128,000 tokens, empowering the agent to tackle complex reasoning tasks. Sarvam has highlighted that this model’s performance is comparable to leading open and closed-source models in its segment.

    Additionally, Sarvam AI has forged strategic partnerships with prominent global tech companies like Qualcomm, Bosch, and Nokia to integrate and deploy these innovative models.

    Source: Inc42 Media

  • CoRover Unveils Offline AI Device ‘BharatGPT DeskAI Appliance’ for Secure Enterprise Use

    This article was generated by AI and cites original sources.

    AI startup CoRover has announced the launch of the ‘BharatGPT DeskAI Appliance’, an offline AI device unveiled at the India AI Impact Summit 2026. Powered by NVIDIA’s Grace Blackwell architecture, this desktop device offers personal AI assistance while ensuring secure usage of the BharatGPT platform.

    The device comes pre-installed with NVIDIA DGX OS Software Stack and CoRover’s BharatGPT Mini language model. It is designed to be adaptable for various sectors, including enterprise, defense, BFSI, and the public sector, where data security is crucial.

    CoRover has also expanded the deployment of its multilingual AI platform, incorporating NVIDIA Nemotron Speech open model for enhanced voice, video, and text interactions. The BharatGPT platform now supports over 8 Lakh concurrent users, serving diverse sectors such as customer support, financial services, and citizen services.

    Future plans for the platform include implementing graph-based secure retrieval-augmented generation (RAG) and task-driven AI agents to automate workflows efficiently.

    Source: Inc42 Media

  • AI-Powered Peptris Raises ₹70 Cr to Accelerate Drug Discovery

    This article was generated by AI and cites original sources.

    AI-powered drug discovery startup Peptris has successfully raised ₹70 Cr ($7.7 Mn) in a recent Series A funding round. This funding, co-led by IAN Alpha Fund and Speciale Invest, aims to scale Peptris’s AI-driven platform, accelerating the preclinical drug discovery process.

    Founded in 2019, Peptris focuses on leveraging AI and machine learning to streamline the drug discovery phase. By integrating unsupervised learning and generative AI, the company aims to design optimized molecules suitable for drug applications.

    The new capital will be used to advance Peptris’s pipeline, move programs towards clinical readiness, and establish global partnerships. The startup plans to launch multiple Novel Chemical Entities (NCE) programs and explore drug repurposing initiatives that could potentially revive shelved clinical-stage drugs.

    Peptris also intends to expand its operations, including growing its team across functions such as biology, chemistry, data science, and AI. The company will establish dedicated business development units in the US and Europe.

    Peptris’s revenue model primarily relies on licensing deals, milestone payments, and royalties. The startup collaborates with academia, biotech, pharma companies, and rare disease organizations to drive its AI-driven drug discovery efforts.

    Source: Inc42 Media

  • L&T and NVIDIA Collaborate to Establish Gigawatt-Scale AI Data Center in India

    This article was generated by AI and cites original sources.

    Indian infrastructure company Larsen & Toubro (L&T) has joined forces with U.S. chipmaker NVIDIA to establish a gigawatt-scale AI data center infrastructure in India. The partnership, part of the India AI Mission, was announced during the India AI Impact Summit 2026 in Delhi NCR.

    By combining L&T’s engineering and infrastructure expertise with NVIDIA’s AI stack, including GPUs, CPUs, networking, accelerated storage platforms, and enterprise software, the collaboration aims to drive large-scale AI adoption across various industries.

    L&T plans to expand NVIDIA GPU cluster deployments at its Chennai data center to a capacity of up to 30 MW within its 300-acre scalable campus. Additionally, the company will set up infrastructure at a new 40 MW data center in Mumbai, currently in the development phase.

    The envisioned ‘AI factory’ will serve as an AI-ready data center supporting extensive AI workloads in sectors like manufacturing, infrastructure, energy, finance, healthcare, and public services. This infrastructure will bolster sovereign AI capabilities, enabling the development and deployment of critical data and AI models within India.

    Designed to offer enterprise-grade AI computing with reliable performance, security, and scalability, the facility aims to assist Indian businesses in transitioning from AI pilots to large-scale AI implementations.

    Source: Inc42 Media

  • MagicBricks CEO Sudhir Pai Departs After 15-Year Tenure

    This article was generated by AI and cites original sources.

    Sudhir Pai, the CEO of proptech platform MagicBricks, has announced his resignation after leading the company for over 15 years. In an internal email to the MagicBricks team, Pai shared his intention to take time to reflect on his future plans.

    MagicBricks, founded in 2006, is a prominent online marketplace for real estate transactions, competing with platforms like NoBroker and 99acres. As a subsidiary of Times Internet, the company has shown profitability in recent years and has been contemplating a potential IPO in the near future.

    Pai’s departure marks a significant change in leadership for MagicBricks at a time when the company is strengthening its position in the market through strategic growth initiatives, including recent acquisitions to enhance its technological offerings. The proptech sector continues to evolve rapidly, with companies leveraging advanced technologies to enhance user experiences and streamline property transactions.

    Source: Inc42 Media

  • Qualcomm Invests $150 Million in Indian AI Startups to Drive Edge AI Innovation

    This article was generated by AI and cites original sources.

    American multinational Qualcomm has announced a $150 million investment in India’s technology and AI startup ecosystem through its investment arm, Qualcomm Ventures. The investment will be channeled via the new ‘Strategic AI Venture Fund’ to support startups developing edge AI technologies for various industrial applications, such as automotive, IoT, robotics, and mobile.

    The decision to invest in the Indian startup ecosystem was unveiled during the India AI Impact Summit in New Delhi, attended by Qualcomm CEO Cristiano Amon. Amon highlighted the evolving role of AI, transitioning from software-centric applications to integration into everyday scenarios like smartphones, computers, cars, and industrial machinery. He emphasized that edge AI advancements will revolutionize industries, with India’s startup landscape playing a pivotal role in driving innovation across sectors.

    Qualcomm’s venture fund will focus on startups working on edge AI and technologies with tangible industrial implications, encompassing intelligent computing and wireless technology. Leveraging its expertise, global network, and regional team in India, Qualcomm aims to provide financial support and technological guidance to startup founders.

    With a history of strategic investments in sectors aligned with its core technologies like telecom and wireless, Qualcomm has previously backed prominent companies including Jio Platforms, MapmyIndia, ideaForge, and Shadowfax. Notably, Qualcomm Ventures recently participated in an $8 million funding round for SpotDraft, an AI-driven enterprise tech startup.

    Source: Inc42 Media

  • Mobavenue AI Tech Reports Impressive Q3 FY26 Results: 67% Revenue Growth and 107% Profit Surge

    This article was generated by AI and cites original sources.

    Mumbai-based Mobavenue AI Tech, an AI-powered advertising and consumer growth platform, reported significant financial growth in the third quarter of the fiscal year 2026. The company saw a 67.2% year-on-year revenue increase to ₹55.12 Cr, accompanied by a remarkable 107.4% surge in profit after tax to ₹7.6 Cr.

    The revenue growth was driven by strong demand from advertisers in sectors such as quick commerce, BFSI, fintech, and retail. Additionally, Mobavenue witnessed traction in connected TV, video advertising, and international markets.

    EBITDA also saw substantial growth, rising by 113% to ₹12.25 Cr, with an expanded margin of 22.2% compared to the previous year. The company’s profit after tax margin improved to 13.8% from 11.1% in the same period.

    With operational revenue reaching ₹155.9 Cr in the first nine months of the fiscal year, Mobavenue’s CEO highlighted the strength of their platform-led model and disciplined execution as key drivers of performance. The company’s proprietary platforms, including the GMP 360 Stack, were cited as instrumental to their success.

    Overall, Mobavenue’s financial results underscore the company’s growth across various regions and sectors, supported by outcome-linked engagements, premium inventory access, and data-driven optimization.

    Source: Inc42 Media