Tag: Inc42 Media

SEDEMAC Mechatronics, a company specializing in electronic control systems for mobility and industrial applications, marked a successful market debut with its shares listing at a premium of 13.5% to the issue price on the NSE. Founded in 2007 by IIT-B professor Shashikanth Suryanarayana and his students, SEDEMAC’s technology plays a crucial role in enhancing mobility solutions and industrial operations.

The IPO, which included an offer-for-sale component, garnered significant interest from investors, oversubscribing by 2.68X. This strong market response reflects the demand for SEDEMAC’s innovative tech offerings. Notable early investors, including Xponentia Capital Partners and Infosys cofounder Nandan Nilekani’s family office, benefitted from the IPO.

SEDEMAC’s focus on electronic control systems underscores the importance of advanced technology in modern industries. With a substantial revenue contribution from the mobility sector, SEDEMAC’s expertise in designing and manufacturing electronic solutions is driving efficiency and performance improvements across various applications.

The successful market debut of SEDEMAC Mechatronics highlights the growing demand for tech-driven solutions in sectors like mobility and industrial automation. As the company’s trajectory unfolds, SEDEMAC’s innovative electronic control systems continue to shape the future of these industries.

Source: Inc42 Media

Coreworks AI, an enterprise AI startup based in Bengaluru and San Francisco, has raised $5 million in seed funding led by Together Fund. The company, founded by Prashant Kumar and Pavan Sondur in October 2025, aims to transform enterprise reporting through AI automation.

The funding will be used to further develop Coreworks AI’s flagship product, ‘SuperAnalyst.’ This platform streamlines the process of creating reports, analyses, and presentation decks by leveraging internal data from sources like ERP tools, CRM platforms, financial models, and spreadsheets.

SuperAnalyst’s AI agents analyze and interpret company-specific data, generating ready-to-use outputs such as board presentations and financial reports. By automating these tasks, Coreworks AI reduces the time employees spend on data collection and analysis, enabling them to focus on higher-value activities.

Currently in beta mode, Coreworks AI plans to fully launch its platform in the next 8 to 12 weeks. The startup is actively engaging early users through a waitlist to gather feedback and insights for refining its product offering.

Coreworks AI is strategically identifying customer demands and target markets to tailor its services effectively before scaling up operations, with the goal of optimizing user experience and market penetration.

Coreworks AI’s approach to enterprise reporting is poised to enhance how businesses handle data analysis and presentation, empowering organizations to deliver accurate and insightful reports efficiently.

Source: Inc42 Media

Jaipur-based agritech startup, Verdant Impact, has successfully raised $3 million in a seed funding round led by Unicorn India Ventures. Other participants included Infynyte Club, Jumper.ai founder Yash Kotak, Mud House Capital’s Alok Soni, and ICAR-NAARM’s a-IDEA NAARM. The funding will support Verdant Impact’s research and development efforts, enhance the Pashu.AI platform, expand the team, and upgrade its blockchain-powered tech infrastructure.

Founded in 2020 by Maya Zeph and Manish Kumar, Verdant Impact focuses on leveraging AI, IoT, and biotechnology to improve livestock management for rural farmers. The startup’s platforms, Pashu AI and Bharat Pashudhan, facilitate livestock health monitoring and herd management, while also running the India Methane Mission for methane mitigation.

Verdant Impact has experienced significant growth, achieving an 8X revenue increase since its last funding round in March 2025. With ambitions to reach ₹100 crores in revenue for FY26, the startup emphasizes profitability alongside social impact, having already served over 600,000 farmers.

Source: Inc42 Media

Drone delivery startup Skye Air Mobility has successfully raised $9 million in a Series B funding round to further develop its last-mile delivery drone technology.

Founded in 2019 by Ankit Kumar, Skye Air specializes in B2B deliveries using drones, with a current fleet of 33 drones in operation. The funding, led by IAN Alpha Fund and supported by AVNM Ventures, Faad Capital, Bajaj Capital, and existing investors, will be raised in two tranches, with $4 million expected to be secured this month and the rest over the next few months.

The fresh capital infusion will enable Skye Air to expand its drone delivery services to additional cities in Delhi NCR, such as Noida, Greater Noida, and Faridabad, in addition to parts of Delhi. The company also plans to extend its operations to Bengaluru, Mumbai, Pune, Hyderabad, and Kolkata.

One key focus for Skye Air’s investment will be on enhancing its technology, particularly in the realm of physical AI. Ankit Kumar stated, ‘It took some time to put together the entire playbook we were trying to build… and now that we’ve done that, we are ready to scale and expand.’

Source: Inc42 Media

SEDEMAC, a deeptech company incubated at IIT Bombay, recently made headlines with its successful initial public offering (IPO). The IPO, which included an offer for sale component, resulted in significant gains for early investors.

Mumbai-based venture capital firm A91 Partners emerged as a key beneficiary, netting ₹325 crore by selling part of its shares in SEDEMAC, marking a 3.6x return on its initial investment. Infosys co-founder Nandan Nilekani’s family office, NRJN Family Trust, also saw substantial returns, achieving a 14.2x gain through the offloading of shares. Other investors, including Xponentia Capital Partners, London-based Mace Group, and asset management firm 360 ONE, also capitalized on the IPO, recording gains ranging from 3.5x to 3.8x.

SEDEMAC’s IPO success reflects the growing interest in deeptech companies and the potential for lucrative returns in the tech investment landscape. As the company prepares to list on the exchanges, it highlights the value and opportunities present in the deeptech sector for both early investors and established venture capital firms.

Source: Inc42 Media

The e-commerce platform Meesho has received a tax demand of ₹1,499.74 crore, including interest, from the Income Tax department’s assessment unit for the fiscal year 2023-24. The Bengaluru-based company disclosed this development in a filing with the stock exchanges on March 6, citing an assessment order under Section 143(3) of the Income-tax Act, which involves a detailed scrutiny assessment by the IT department to verify the accuracy of the filed return.

Meesho has expressed disagreement with the adjustments made by the IT department and intends to contest the order, believing it has solid legal and factual grounds to challenge the demand. This is not the first instance of such a tax demand for Meesho, as a similar situation arose for the assessment year 2022-23, as disclosed in the company’s prospectus from December 2025.

Meesho’s proactive response to this tax notice underscores the importance of meticulous financial record-keeping and compliance in the business world. The outcome of this dispute will not only impact Meesho’s financial standing but also serve as a reminder to other companies about the criticality of adhering to tax regulations and the challenges that can arise from tax assessments.

Source: Inc42 Media

Amid escalating tensions in the Middle East, Indian startups in Dubai are continuing operations despite potential challenges. The conflict between the US-Israel alliance and Iran has caused disruptions in the region’s business ecosystem, affecting tech hubs like Dubai. Startups are preparing for supply chain issues and market volatility, with reports of companies like Microsoft, Nvidia, and Amazon temporarily closing their Dubai offices due to security concerns.

While the conflict has led to a crash in global equities markets and impacted India’s benchmark indices, Indian startups in Dubai remain largely unaffected. Dubai, known as a safe space for startups, has become a key destination for international expansion for Indian startups. Despite the uncertainty, most Indian startups are maintaining business as usual, showcasing resilience in the face of geopolitical tensions.

Source: Inc42 Media

Venture debt firm Stride Capital’s non-banking financial company (NBFC) arm, StrideOne, has successfully raised ₹100 Cr (about $11 Mn) in a combination of equity and debt capital from undisclosed investors. The funding will be used to expand enterprise anchor programs, enhance the partner-lender network, and strengthen technology and risk infrastructure.

Accompanying this funding round, StrideOne has appointed Rajesh Sud, the former chairman of Axis Max Life Insurance, as its cofounder and chairman. Sud’s responsibilities include guiding StrideOne’s long-term strategy, fortifying governance, and overseeing risk frameworks. Additionally, Sud has acquired an equity stake in the company, though the financial details remain undisclosed.

With over three decades of experience primarily at Axis Max Life Insurance, Sud’s background encompasses key leadership roles. He held the position of CEO & Managing Director at Axis Max Life Insurance for close to twenty years. Sud has also contributed his expertise as the chairman of Niva Bupa Health Insurance and Managing Director – Financial Services at Bharti Enterprises, overseeing Bharti AXA Life Insurance and Bharti AXA General Insurance while serving on the board of Airtel Payments Bank. Earlier in his career, he held significant positions at Bank of America and ANZ Bank.

In 2024, StrideOne reinforced its team by appointing Hardeep Singh, former GE Capital chief financial officer, as its first CFO to strengthen its financial operations.

Source: Inc42 Media

Bengaluru-based B2B contract manufacturing startup, Karkhana, has acquired Micron EMS Tech, an electronics manufacturing services (EMS) firm, to enhance its manufacturing capabilities. The undisclosed acquisition includes a new 40,000+ sq ft facility in Bengaluru, equipping Karkhana with advanced technology for in-house PCB development and high-volume production.

The state-of-the-art facility features high-speed SMT and THT assembly lines for PCBs, ensuring quality through rigorous inspection processes like 3D inspection, AOI, X-ray inspection, and comprehensive testing. Digital systems such as ERP and MES will enable seamless traceability and quality control.

This strategic move positions Karkhana to offer a wide range of electronics manufacturing services, from basic assemblies to complex system-level box builds. The company aims to double its customer base, expand exports to the US and EU, and achieve an annual revenue of ₹200 Cr post-acquisition.

Source: Inc42 Media