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Tag: Inc42 Media

  • IG Defence Secures $5 Million Funding to Advance Indigenous Drone Technology

    This article was generated by AI and cites original sources.

    Defencetech startup IG Defence, formerly known as IG Drones, has successfully raised approximately $5 million (about ₹46.2 Cr) in its ongoing Pre-Series A funding round. The funding comes from investors such as India Accelerator, Finvolve, and several family offices, valuing the company at around ₹420 Cr ($45 Mn).

    Founded in 2018 by VSSUT alumni Bodhisattwa Sanghapriya and Om Prakash, IG Defence specializes in developing drones and related technologies for defense and civilian applications. The startup gained prominence for its involvement in supplying drones and services during India’s Operation Sindoor, where it partnered with the Indian government.

    Following this operation, IG Defence secured a significant contract with the Indian Army to deliver domestically manufactured VTOL and FPV drones. The company’s revenue witnessed a remarkable 330% year-over-year increase in FY25, reaching ₹22.4 Cr compared to ₹5.17 Cr in FY24. For FY26, IG Defence aims to achieve a revenue milestone of ₹100 Cr, focusing on product enhancement and business expansion.

    The startup’s revenue growth primarily stems from defense agreements and collaborations with private sector entities, maintaining a revenue split of 60:40 between government and private clients.

    Source: Inc42 Media

  • Wastelink’s Circular Feed Supply Chain: Transforming India’s Agritech Landscape

    This article was generated by AI and cites original sources.

    India’s startup ecosystem is witnessing a transformative initiative as Wastelink, an agritech venture, develops a circular feed supply chain. With a projected ₹26.5 Cr revenue in FY25 and ambitious expansion plans, Wastelink operates in a niche sector facing operational and regulatory challenges.

    Wastelink’s core innovation lies in seamlessly connecting surplus food from various supply chains with feed manufacturers. By doing so, the company addresses inefficiencies in waste management and raw material shortages within a single integrated system.

    The global waste crisis is staggering, with over 2 Bn Tonnes of municipal solid waste generated annually, of which approximately 44% comprises food and green waste. Wastelink’s strategic approach mitigates these challenges and contributes to creating a sustainable solution.

    India, a country grappling with significant food waste issues, produces around 74 Mn Tonnes of food waste annually, a substantial portion of its total foodgrain output. Wastelink’s intervention in this space is crucial, as viable materials often end up in low-value disposal streams due to inefficiencies in the supply chain.

    By bridging the gap between surplus food sources and the raw material requirements of the cattle feed industry, Wastelink is effectively addressing a structural inefficiency in the market. The startup’s efforts have the potential to revolutionize the agritech sector in India and pave the way for sustainable practices globally.

    Source: Inc42 Media

  • PhonePe Postpones IPO Amid Geopolitical Turmoil and Market Volatility

    This article was generated by AI and cites original sources.

    PhonePe, a prominent player in the fintech industry, has decided to postpone its highly anticipated initial public offering (IPO), citing the ongoing geopolitical tensions and market volatility as the primary reasons. The company, backed by Walmart, was set to make a significant debut on the stock market but has now opted to wait until at least June 2026.

    The decision to delay the IPO stems from a combination of factors that have created a challenging environment for large tech IPOs. One key concern for PhonePe is the impact of geopolitical tensions on market stability. The recent market crashes and substantial investor losses have led to a risk-averse climate, making it difficult for major IPOs like PhonePe’s to attract sufficient buyers. Additionally, the withdrawal of Foreign Institutional Investors (FIIs) from Indian equities has further reduced liquidity, posing a hurdle for PhonePe’s planned Offer For Sale (OFS)-only IPO.

    Moreover, PhonePe’s bankers have suggested revising the IPO valuation to entice wary investors, raising fears of a potential down round. Despite a strong revenue stream, the company’s expanding losses and diversification efforts are also influencing its financial performance and investor sentiment.

    PhonePe’s decision to delay its IPO is not just a setback for the company but also a significant development for the entire industry. The move could have a ripple effect on other tech firms planning to go public, prompting a reevaluation of their IPO timelines. This cautious approach by PhonePe may impact the primary market landscape, with industry insiders closely monitoring the situation.

    Source: Inc42 Media

  • RBI Penalizes Cashfree for Payment Aggregator Compliance Failures

    This article was generated by AI and cites original sources.

    The Reserve Bank of India (RBI) has fined Cashfree Payments, a prominent fintech company, ₹3.1 Lakh for failing to adhere to payment aggregator regulations. This penalty was a result of RBI’s inspection into Cashfree’s operations from April 2024 to June 2025, where discrepancies in compliance with payment aggregator and payment gateway guidelines were identified.

    Following the inspection, the RBI issued a show cause notice to Cashfree, prompting the company to justify its actions. Subsequently, the central bank determined that Cashfree had made unauthorized debits from its escrow account, contravening regulatory norms. As a consequence, the RBI levied the monetary penalty on Cashfree on March 9.

    Cashfree, founded in 2015 by Akash Sinha and Reeju Datta, specializes in digital payment solutions such as payment gateway services, payout solutions, and banking APIs. The company serves a diverse clientele, including MakeMyTrip, Zomato, and CRED, and has processed transactions totaling $80 billion annually, claiming to have served over a million businesses since its inception.

    Source: Inc42 Media

  • MakeMyTrip Explores India IPO to Expand Funding and Market Presence

    This article was generated by AI and cites original sources.

    Nasdaq-listed travel company MakeMyTrip is considering a listing on Indian stock exchanges to secure funding from local investors and strengthen its position in the Indian market. This move could enhance the company’s market leadership and growth opportunities. MakeMyTrip recently reported a 73% year-over-year decrease in net profit for Q3 FY26, primarily attributed to increased finance costs. After being listed on Nasdaq in 2010, the company is now exploring a domestic IPO to leverage the Indian market’s potential and regulatory environment.

    As part of its IPO preparation, MakeMyTrip has restructured its operations by merging key brands under a single Indian entity, including the integration of RedBus India. The success of the IPO plan hinges on securing regulatory approvals, meeting corporate requirements, and favorable market conditions. Founded in 2000, MakeMyTrip has facilitated over 8.7 crore transactions and onboarded 77,000 SMEs and corporate clients. With a current market capitalization exceeding $5 billion, the company aims to expand its financial profile through the proposed IPO.

    Source: Inc42 Media

  • Ecofy Secures $42 Million to Expand Sustainable Financing Solutions

    This article was generated by AI and cites original sources.

    Green finance-focused non-banking financial company (NBFC) Ecofy has successfully secured ₹380.5 Cr ($42 million) in an equity funding round to bolster its sustainable financing offerings. This funding round was led by British International Investment (BII) and Finland-based Finnfund, with existing investors FMO and Eversource Capital also participating.

    Established in 2023, Ecofy has already served 1.25 lakh customers, managing assets worth ₹1,400 Cr. The Mumbai-based NBFC’s green financing solutions currently encompass rooftop solar, electric vehicles (EVs), and support for small-medium enterprises (SMEs).

    Ecofy, co-founded by Rajashree Nambiar and Govind Sankaranarayanan, provides loans ranging from ₹1 lakh to ₹1.5 crore for durations spanning six months to five years. The company intends to utilize this fresh infusion of capital to further expand its credit offerings for sustainable assets.

    Moreover, Ecofy has forged partnerships with notable players in the electric vehicle market, such as Ather Energy and Motovolt Mobility, to offer customers access to eco-friendly financing options, including vehicle loans and leasing solutions with assured buyback structures.

    This funding milestone underscores Ecofy’s commitment to leveraging technology to drive green finance initiatives, enhance its distribution network, and continue making a positive impact on the environment through sustainable financing solutions.

    Source: Inc42 Media

  • Grapevine Raises $4.1 Million to Expand AI-Powered Job Discovery Platform

    This article was generated by AI and cites original sources.

    Grapevine, a networking platform, has secured $4.1 million in funding from Kae Capital, Peak XV Partners, and upGrad co-founder Ronnie Screwvala. The investment will be used to enhance the company’s innovative AI-powered job discovery platform called TAL.

    TAL, Grapevine’s AI-driven talent agent, aims to revolutionize the job search process by automatically scanning available positions and recommending suitable opportunities to users. This funding round underscores Grapevine’s commitment to empowering job seekers in the digital age.

    Grapevine’s previous product, Round1, an AI-native interview practice app, has already demonstrated the company’s focus on leveraging technology to support career advancement. Grapevine co-founder Saumil Tripathi emphasized the importance of shifting the balance in favor of job seekers, stating, ‘The internet today works for companies. Not for talent.’

    With plans to scale both TAL and Round1, Grapevine intends to utilize the fresh capital to enhance the user experience and expand its reach in the competitive job discovery sector. Founded by Tripathi, Jainam Talsania, and Shreeyash Dharmadhikari, Grapevine initially focused on facilitating anonymous discussions among corporate and startup employees on various work-related topics.

    As AI continues to transform industries, Grapevine’s innovative solutions represent a significant advancement in enhancing the job search process for users, competing with established platforms like Glassdoor and Reddit.

    Source: Inc42 Media

  • NODWIN Gaming Bolsters Board with MTG Executive Amid Fundraising Plans

    This article was generated by AI and cites original sources.

    Gaming and esports startup NODWIN Gaming has appointed Arnd Benninghoff, the Executive Vice President of Gaming at Modern Times Group (MTG), to its board as part of strategic moves to raise additional capital. Benninghoff, who has been with MTG since 2014, brings expertise in managing the group’s investments and portfolio growth.

    The appointment aligns with NODWIN Gaming’s preparations for an initial public offering (IPO) following an upcoming funding round. The startup plans to secure fresh primary capital for global expansion through organic growth and acquisitions. Additionally, existing shareholders will have the opportunity for liquidity through a secondary component of the fundraising.

    In a significant development, NODWIN Gaming became an associate of Nazara in 2025, with Nazara opting out of participating in NODWIN’s subsequent funding round, resulting in a decrease in its stake to under 50%. NODWIN’s co-founder, Akshat Rathee, emphasized that the transition from Nazara was not a separation but an evolution essential to access larger capital sources for NODWIN’s ambitious goals.

    Following the deconsolidation in Q3 FY26, Nazara witnessed an 85% year-over-year decline in esports revenue, contrasting with NODWIN’s 58% year-over-year revenue growth to ₹261 Crore. NODWIN also reported an EBITDA of ₹40 Crore for the quarter, showcasing its financial resilience and growth trajectory.

    Source: Inc42 Media

  • Fino Payments Bank Faces Regulatory Scrutiny Amid Potential ED Probe

    This article was generated by AI and cites original sources.

    Shares of Fino Payments Bank experienced a significant decline, dropping 19.6% to hit a 52-week low of ₹136 per share on the BSE. This slump followed reports suggesting a potential Enforcement Directorate (ED) probe into online gaming transactions associated with the bank. The Directorate General of GST Intelligence (DGGI) may recommend this investigation after identifying numerous suspected money laundering transactions.

    In response to the reports, Fino Payments Bank denied the allegations, stating that they are non-factual and speculative. The bank clarified that apart from the ongoing DGGI investigation related to GST evasion, there are no other probes involving the bank. Previously, the Managing Director and CEO of Fino Payments Bank, Rishi Gupta, was arrested by the DGGI over alleged GST evasion charges.

    Despite the stock closing 17.3% lower at ₹139.85 per share, the bank reiterated its stance that the GST case is linked to program managers associated with other banks, not directly involving Fino Payments Bank or its management. Following Gupta’s arrest, the bank appointed Chief Financial Officer Ketan Merchant as the interim head to oversee daily operations.

    With uncertainties surrounding the potential ED probe and ongoing legal actions, Fino Payments Bank navigates through a challenging period, striving to maintain transparency and operational continuity.

    Source: Inc42 Media

  • Travelstack Tech, Parent of FabHotels, Receives SEBI Approval for IPO

    This article was generated by AI and cites original sources.

    India’s markets regulator, SEBI, has recently approved the initial public offering (IPO) of Travelstack Tech, the parent company of budget hotel chain FabHotels and the SaaS platform TravelPlus. This approval marks a significant milestone for the tech industry, highlighting the convergence of hospitality services and digital solutions.

    Travelstack, formerly known as Casa2 Stays Pvt Ltd, operates the popular FabHotels brand and offers the innovative TravelPlus platform, which simplifies travel management for businesses. With a diverse portfolio that includes over 1,400 FabHotels properties and notable clients like Eternal and Titan Company, Travelstack is positioned as a key player in both the hospitality and corporate travel tech sectors.

    The IPO will include a fresh issue of shares and an offer-for-sale component, providing an opportunity for stakeholders to participate in the company’s growth. The IPO proceeds are earmarked for working capital, debt repayment, and general corporate purposes, emphasizing strategic financial management and sustainable business expansion.

    Source: Inc42 Media