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Tag: Inc42 Media

  • Fino Payments Bank CEO Arrested for Alleged Tax Evasion

    This article was generated by AI and cites original sources.

    Rishi Gupta, the CEO of Fino Payments Bank, has been arrested on allegations of tax evasion. The arrest was made under specific tax laws, prompting the bank to appoint an interim head to manage daily operations.

    The arrest was carried out under section 132(1)(a) of the Central Goods and Services Tax (CGST) Act and section 132(1)(i) of the state GST Act. The former deals with tax evasion related to invoicing issues, while the latter concerns incorrect Input Tax Credit (ITC) usage or refunds exceeding a certain limit.

    Following Gupta’s arrest, Fino Payments Bank’s board took swift action by naming Ketan Mehta, the CFO, as the temporary leader to ensure the continuity of business operations.

    The bank clarified that the investigation is linked to its business partners rather than the bank’s own GST compliance. Fino Payments Bank affirmed its cooperation with the authorities and its commitment to providing all necessary information.

    Despite these developments, the bank assured stakeholders that it is actively working to address the situation and emphasized that the arrest has no immediate impact on the bank’s operations.

    Source: Inc42 Media

  • Excitel Broadband Cofounder Vivek Raina Resigns: Implications for India’s Internet Service Provider Landscape

    This article was generated by AI and cites original sources.

    Internet service provider Excitel Broadband is undergoing a leadership change as cofounder Vivek Raina resigns from the company to pursue new business ventures. Raina, who co-founded Excitel in 2015 and transitioned the startup to fiber-based services by 2017-18, has emphasized a smooth leadership transition and expressed confidence in the younger management’s ability to propel the company to greater success.

    Excitel has secured over $14.4 million in funding and witnessed positive financial growth, with revenue climbing 24% to INR 486.84 crore in FY24 while reducing losses. Raina’s departure marks a significant shift in the Indian internet service provider landscape, raising questions about Excitel’s future strategic direction and competitiveness in the market.

    With Raina’s track record of industry experience at companies like Digicable Network India, Hathway, and Reliance Communications, his next entrepreneurial endeavors are anticipated to bring fresh innovations to the tech industry. As Raina takes a temporary break before embarking on his new business ventures, his commitment to nurturing young talent and fostering entrepreneurship through initiatives like Launchpad Kashmir underscores his dedication to driving tech innovation and empowering future tech leaders.

    Source: Inc42 Media

  • Grevoro Secures ₹43 Cr to Develop Low-Carbon Manufacturing Intelligence Platform

    This article was generated by AI and cites original sources.

    Bengaluru-based startup Grevoro has secured ₹43 Cr (about $4.7 Mn) in seed funding from family offices to enhance its low-carbon industrial manufacturing efforts. The funding will primarily be used to finalize its manufacturing intelligence platform and fulfill net worth requirements for obtaining an NBFC license. Co-founded by former Zetwerk executives Vijayanand and Raghav Jaju, Grevoro aims to address the increasing demand for carbon compliance in industrial procurement.

    Established in October 2025, Grevoro focuses on sustainable industrial manufacturing by integrating its exclusive manufacturing, intelligence, and capital with the production layer. The startup’s strategy involves leveraging advanced manufacturing data in conjunction with strategic capital to assist manufacturing facilities in meeting the stringent reliability and compliance standards required by large industrial and infrastructure purchasers.

    Grevoro offers services such as real-time emission and energy monitoring, circular and recycled material integration, as well as ESG-linked loans and supply chain finance to promote the adoption of sustainable technologies and support its brand manufacturing and Grevoro Capital initiatives.

    Source: Inc42 Media

  • PayU’s inFINity 3.0: Empowering Early-Stage Fintechs to Achieve Scale-Readiness

    This article was generated by AI and cites original sources.

    India’s fintech landscape is poised for significant growth, expected to exceed $2.1 trillion by 2030. However, early-stage startups often face challenges in scaling up. PayU, a leading fintech platform, is stepping up to support over 60 startups, connecting founders with operators and investors to enhance their scale-readiness.

    To address the hurdles faced by early-stage fintechs, PayU has launched inFINity, an accelerator program aimed at validating product-market fit, refining go-to-market strategies, accessing distribution channels, and preparing for institutional scalability.

    Despite India’s vibrant fintech innovation scene, many startups struggle with achieving product-market fit and managing cash flow. The transition from innovative products to sustainable, institutional-grade businesses remains a significant obstacle for founders.

    As the Indian fintech sector becomes more saturated with over 10,200 startups competing for market share, the need for mentorship and guidance in navigating regulations, securing infrastructure, building distribution channels, and attracting capital becomes paramount for early-stage fintech success.

    PayU’s commitment to mentoring early-stage fintech founders and providing essential access underscores its role in nurturing the next generation of fintech leaders.

    Source: Inc42 Media

  • Supertails Warehouse Fire in Bengaluru: Challenges and Resilience in the Pet Care Tech Industry

    This article was generated by AI and cites original sources.

    A recent fire at one of Supertails’ storage facilities in Bengaluru has caused significant material losses for the prominent player in the pet care industry. The fire, which started at a nearby perfume warehouse, quickly spread to Supertails’ warehouse, destroying the company’s entire inventory.

    Despite this setback, Supertails has demonstrated its resilience by ensuring the safety of its employees and securing an alternative operational facility to continue fulfilling orders. The startup’s ability to navigate this challenging period is particularly noteworthy, as it plans to reschedule its flagship sale that was interrupted by the fire.

    This incident comes on the heels of Supertails’ successful Series C funding round, where the company raised $30 million. This underscores the confidence that investors have in Supertails’ potential and its ability to overcome adversity. With strong investor backing and a dedicated team, Supertails is poised to emerge stronger in the pet care tech industry.

    Source: Inc42 Media

  • India Pilots CBDC-Powered Food Subsidy Distribution

    This article was generated by AI and cites original sources.

    The Indian government has initiated a pilot program utilizing central bank digital currencies (CBDCs) to streamline the distribution of benefits through the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY). This approach involves crediting digital coupons to beneficiaries’ CBDC wallets, which can then be exclusively used to redeem allocated foodgrains at authorized outlets.

    The pilot is currently operational in Puducherry, with plans for expansion to additional states and union territories like Chandigarh and Dadra and Nagar Haveli. The project aims to address authentication and operational challenges while ensuring secure, traceable, and real-time transactions.

    Special provisions have been made for feature phone users, enabling them to locate nearby merchants through the application. Spearheaded by the Puducherry government, the RBI, the Public Financial Management System (PFMS), and Canara Bank, this initiative marks a step towards enhancing the efficiency and transparency of subsidy distribution.

    Source: Inc42 Media

  • Jio Financial Services Invests ₹2,000 Cr in NBFC Arm Jio Credit to Expand Fintech Offerings

    This article was generated by AI and cites original sources.

    Jio Financial Services (JFS) has made a significant investment of ₹1,999.8 Cr in its non-banking financial company (NBFC) arm Jio Credit, signaling a strategic move to strengthen its position in the dynamic Indian fintech landscape. This investment underscores JFS’s commitment to expanding its financial services platform, encompassing lending, payments, asset management, and advisory services.

    The funds injected into Jio Credit will be instrumental in supporting its operational activities, with a focus on enhancing its credit business. Notably, Jio Credit, previously known as Jio Finance Ltd, is gearing up to capitalize on the growing opportunities within the lending sector.

    During the third quarter of FY26, Jio Credit witnessed a substantial growth trajectory, with a notable year-on-year increase in gross disbursements, net interest income, and net profit. The company reported a remarkable 4.5X year-on-year growth in assets under management (AUM), reaching ₹19,049 Cr, reflecting its robust loan book expansion.

    By strategically infusing capital into its NBFC arm, JFS aims to fortify its foothold in the financial services domain and drive innovation across various financial verticals. This move aligns with JFS’s strategy to evolve into a comprehensive financial services provider catering to diverse consumer needs.

    Source: Inc42 Media

  • India Establishes Single-Window Portal to Support Global Semiconductor Companies

    This article was generated by AI and cites original sources.

    India is enhancing its support for global semiconductor companies by developing a dedicated industry portal to address operational challenges faced by these firms. The initiative, part of the India Semiconductor Mission (ISM) 2.0, aims to streamline interactions with India’s policy and regulatory landscape.

    The portal, announced by Amitesh Sinha, additional secretary at the Ministry of Electronics and Information Technology (MeitY) and CEO of ISM, will serve as a single-window interface. It will assist companies in navigating customs clearances, state-level approvals, policy interpretation, and other procedural hurdles that foreign suppliers often encounter.

    Trade associations from partner countries will also be invited to join the platform, enabling member companies to voice concerns through the system. This move underscores India’s commitment to becoming a reliable partner in global supply chains, with a focus on protecting intellectual property rights and data confidentiality.

    The portal initiative is a significant step in the evolution of India’s semiconductor program as it prepares for ISM 2.0. The second phase, announced in the Union Budget 2026-27, is set to deepen the semiconductor ecosystem and strengthen India’s position in the global semiconductor industry.

    Source: Inc42 Media

  • Reliance Industries Invests in AI Subsidiary, Partners with Meta

    This article was generated by AI and cites original sources.

    Reliance Industries Ltd (RIL) has invested ₹853.2 Cr in its AI-focused subsidiary, Reliance Enterprise Intelligence Ltd (REIL), in a strategic partnership with Meta. RIL’s subsidiary, Reliance Intelligence Ltd, secured a 70% stake by investing ₹596.6 Cr, while Meta’s subsidiary, Facebook Overseas, acquired a 30% stake with ₹256.6 Cr. This investment solidifies REIL as a subsidiary of RIL, marking a significant milestone in their joint venture to develop and expand enterprise AI solutions.

    The collaboration with Meta aims to leverage Meta’s open-source Llama models to create cutting-edge enterprise AI solutions for India and international markets, supported by RIL’s robust digital infrastructure and extensive enterprise network for distribution. RIL’s chairman, Mukesh Ambani, emphasized the partnership’s goal of making AI accessible for Indian enterprises, combining Meta’s advanced models with RIL’s industry expertise.

    This strategic move not only enhances RIL’s presence in the tech industry but also aligns with its efforts to establish a strong foothold in deeptech, complementing its existing telecom, retail, and energy ventures. The investment builds upon the longstanding partnership between Reliance and Meta, which began with Meta’s significant investment in Jio Platforms in 2020. The collaboration signifies a shared vision for driving innovation and technological advancement in the AI domain, positioning both companies as key players in the global AI landscape.

    Source: Inc42 Media

  • Table Space Secures Board Approval for ₹1,000 Cr IPO Amid Leadership Transition

    This article was generated by AI and cites original sources.

    Table Space, a managed office space provider, has received board approval to raise INR 200 Cr through private placement before its upcoming IPO. The funds raised will be part of the fresh issue, constituting 20% of the total amount. The IPO is expected to include a mix of fresh issue and offer-for-sale components.

    Transitioning from a private entity to a public company in 2025, Table Space has been strategically planning its IPO. The startup’s board and shareholders greenlit the IPO last year, with preparations dating back to 2024 when the company aimed to file its draft red herring prospectus.

    In the midst of these financial moves, Table Space faced a leadership change following the passing of founder Amit Banerji in early 2025. Co-founders Karan Chopra and Kunal Mehra subsequently assumed the roles of co-CEOs and later became whole-time directors.

    Despite the company’s resilience, specifics of the IPO and the timeline for listing remain undisclosed as Table Space did not respond to queries. The startup’s journey, marked by significant financial decisions and leadership changes, underscores the evolving landscape of managed office spaces and the strategic importance of going public.

    Source: Inc42 Media