Tag: Inc42 Media

Regan Mithani, the cofounder of the SaaS startup Xpedize, recently passed away while on vacation in Singapore. Xpedize, known for its supply chain finance platform, was later acquired by Clear to enhance its B2B payments offerings. Mithani’s entrepreneurial journey, which merged his passion for cricket with his business acumen, has left a lasting impact on the tech industry.

Founded in 2017, Xpedize facilitated SMEs and suppliers in invoice discounting and working capital management. The startup attracted notable investors, including YourNest Venture Capital and HDFC Capital Advisors Limited. After the acquisition, Xpedize evolved into ‘Clear Invoice Discounting,’ further boosting Clear’s financial services reach.

Prior to Xpedize, Mithani held key roles at Citibank India, showcasing his expertise in finance and technology integration. His sudden demise has drawn heartfelt tributes from industry peers, highlighting his contributions to the startup ecosystem.

Source: Inc42 Media

Groww, a prominent player in the capital market, experienced a significant surge in its stock price, climbing by 5.60% during intraday trading. This uptick was triggered by the Reserve Bank of India (RBI) announcing a deferment in the enforcement of new liquidity norms until July 1, 2026, offering respite to margin trading facility (MTF) providers.

The postponement also had a positive impact on other brokerage and capital market-related stocks, with Angel One witnessing a 7% jump to ₹243.50 during intraday trading.

Initially reaching a high of ₹158.50 on the BSE, Groww’s stock price settled at ₹157.35, reflecting a 4.83% increase by midday. The market capitalization of Groww stands at ₹98,401.36 Cr ($10.53 Bn).

The RBI’s decision to delay the implementation of the liquidity tightening framework was prompted by feedback from banks, intermediaries, and industry entities regarding operational and interpretational challenges. While some relaxations have been introduced, the fundamental structure of the framework remains unaltered.

Under the revised guidelines, loans against eligible securities for individuals are capped at ₹1 Cr, and at ₹25 Lakh for participating in IPOs, FPOs, or ESOPs at the banking system level.

Source: Inc42 Media

NODWIN Gaming, a prominent player in the gaming and esports industry, is now poised for a significant transformation. The company is in the process of raising approximately $100 million in a pre-IPO funding round, as revealed by NODWIN’s co-founder Akshat Rathee to Inc42.

The funding will be used to enhance intellectual property (IP) and strengthen monetization avenues. While NODWIN has already established a notable international presence across 22 countries, this capital infusion will not be directed towards further geographic expansion. Instead, the focus will be on deepening the company’s core business.

NODWIN’s strategy is to expand and monetize its IPs to drive long-term value, rather than pursuing aggressive expansions. Rathee emphasized, ‘The capital will be used to expand IPs and build better monetization layers. Those are the areas where we see long-term value.’

NODWIN is strategically preparing for its IPO by focusing on financial performance, governance alignment, and investor demand, rather than rushing into public markets during favorable cycles. The company aims to cater to demand in developed markets while leveraging its execution capabilities in emerging regions, similar to the approach of Indian IT services giants.

Source: Inc42 Media

Fino Payments Bank, a key player in the banking sector, has faced a recent setback as its chief compliance officer, Aashish Pathak, resigned due to personal reasons. Pathak’s departure comes amidst a period of leadership instability and increased regulatory scrutiny within the organization.

Pathak, who managed compliance and regulatory functions, submitted his resignation on March 13, marking his last day at the bank. His exit coincides with ongoing challenges, including the arrest of the bank’s MD and CEO, Rishi Gupta, in connection with a significant GST evasion case linked to online betting platforms.

Despite these developments, Fino Payments Bank has emphasized its commitment to robust corporate governance and compliance practices. The bank asserted that it maintains a strong compliance framework and remains fully aligned with regulatory requirements, including GST regulations.

Following Gupta’s arrest, the bank appointed Ketan Merchant, the CFO, as interim CEO and established a committee to oversee daily operations. These strategic moves aim to address the current leadership vacuum and maintain operational continuity during this challenging period.

Pathak’s resignation underscores the importance of stable leadership and effective compliance management in the banking industry, highlighting the critical role of compliance officers in ensuring regulatory adherence and organizational integrity.

Source: Inc42 Media

Antler-backed insurtech startup Covrzy has ceased operations after facing financial difficulties, as reported by Inc42 Media. Founded in 2023, Covrzy aimed to provide business insurance solutions to startups and SMEs, assisting them in mitigating various risks.

The shutdown was primarily attributed to a cash crunch, exacerbated by the departure of the co-founder and CTO, Veera Thota, to Uber as an engineering manager last year. Despite attempts at acquisition, Covrzy could not secure deals due to lengthy lock-in requirements and misaligned visions with potential acquirers.

CEO Ankit Kamra expressed disappointment in the failed M&A attempts, highlighting the acquirers’ focus on distribution rather than Covrzy’s innovative approach in the SME/business insurance sector. This situation underscores the challenges faced by startups in aligning their core innovations with potential buyers’ expectations.

Covrzy’s closure not only affects its 13 remaining employees but also raises questions about the sustainability of insurtech ventures in a competitive market. The startup’s journey, which included serving prominent clients like redBus and FlixBus, sheds light on the complexities of navigating financial pressures and strategic partnerships in the tech industry.

Source: Inc42 Media

In the first quarter of 2026, Indian startups raised $2.3 billion, reflecting a 26% decrease compared to the previous year. Despite this decline, the tech ecosystem exhibited interesting trends that shed light on investor behavior and sector preferences.

The e-commerce sector emerged as the most funded, securing $536 million, indicating sustained investor interest in digital consumption-driven businesses amid market uncertainties. Growth-stage funding played a significant role, contributing $1.1 billion, marking a 10% year-over-year increase.

While the total funding amount might signify a cautious investment climate, the number of startups securing funds exceeded 260, demonstrating ongoing capital deployment, albeit in smaller increments. This shift towards more startups receiving funding, albeit at reduced amounts, highlights a trend towards selective and disciplined investment practices.

The median funding size per startup rose to $3.3 million, up by 17% from the previous year, signaling a move towards prudent investment allocation and heightened scrutiny. Over 635 unique investors participated in funding activities during this period, reinforcing the notion of available capital being directed towards ventures with clear revenue trajectories and sustainable growth models.

Overall, the Indian startup ecosystem appears to be undergoing a phase of recalibration, emphasizing capital efficiency, revenue visibility, and sustainable expansion over rapid scaling. This strategic shift in investor focus suggests a maturing market that prioritizes long-term viability over short-term growth spurts.

Source: Inc42 Media

Khetika, a Mumbai-based startup backed by NSFO, Incofin, and Anicut Capital, is transforming the packaged food industry with its innovative, technology-driven approach. The company, which raised about ₹236 Cr ($25 Mn) and reported ₹247 Cr revenue in FY25, aims to achieve ₹2,000 Cr in revenue in the next 2 to 3 years, signaling a potential IPO in the future.

One of Khetika’s core technologies is its B2B platform, SuperZop, which streamlines the supply chain by connecting directly with kirana stores, modern retail outlets, and various online channels nationwide. By leveraging technology, Khetika ensures efficient distribution and maximum reach for its products.

Moreover, Khetika’s focus on direct sourcing from farmers in authentic growing regions and utilizing low-temperature stone grinding for food processing showcases its commitment to preserving nutrition and flavor. This approach not only enhances the quality of the staples but also promotes transparency in the supply chain.

As the demand for healthy and preservative-free food products continues to rise, Khetika’s model stands out for its emphasis on single-origin sourcing, preservative-free packaging, and rapid delivery to retailers. By optimizing its operations through technology, Khetika is well-positioned to capitalize on the projected growth of the packaged food industry in India.

Source: Inc42 Media