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Tag: Inc42 Media

  • Rentomojo’s IPO Filing: Analyzing the Startup’s Financial Prospects

    This article was generated by AI and cites original sources.

    Furniture and appliance rental startup Rentomojo has taken a significant step in its growth trajectory by filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).

    The company’s IPO plans include a fresh issue of shares valued at up to ₹150 Cr along with an offer for sale (OFS) of up to 2.84 Cr shares. Notably, investors such as Accel, Chiratae, Edelweiss MF, GMO Venture, among others, are looking to divest their shares through the OFS process. Additionally, Rentomojo’s co-founder Geetansh Bamania aims to sell up to 20.07 Lakh shares via the IPO.

    In the first half of the fiscal year 2026, spanning from April to September 2025, Rentomojo reported a Profit After Tax (PAT) of ₹61.4 Cr with an operating revenue of ₹176.6 Cr. These financial figures indicate a strong performance and growth potential for the startup.

    This strategic move towards an IPO not only signifies Rentomojo’s intention to expand its investor base but also reflects the company’s confidence in its business model and market positioning within the furniture and appliance rental sector.

    Source: Inc42 Media

  • Indian Startups Secure $343 Million in Funding, Driving Innovation in Clean Tech and Ecommerce

    This article was generated by AI and cites original sources.

    The Indian startup ecosystem witnessed a surge in funding this week, defying market volatility, particularly in the clean tech and ecommerce sectors. According to Inc42 Media, the funding landscape showcased promising trends:

    1. The clean tech sector emerged as a focal point, attracting $82 million in investments, notably with Euler Motors securing a $73.6 million Series E funding round. This injection highlights the growing emphasis on sustainable technology solutions.

    2. The ecommerce sector led in terms of the number of deals closed, with five startups collectively raising $44 million. This trend underscores the resilience and potential growth in India’s digital commerce space.

    3. Seed funding, however, experienced a dip of 73% week-on-week, amounting to $3.5 million across six deals. This decline signals a potential shift in investment strategies towards more established startups.

    Despite the ebbs and flows of the market, these funding milestones reflect the confidence and support investors have in India’s entrepreneurial landscape, particularly in driving innovation in sustainable technologies and digital commerce.

    Source: Inc42 Media

  • Paisabazaar Faces Regulatory Scrutiny Over Vendor Transactions

    This article was generated by AI and cites original sources.

    PB Fintech’s lending arm Paisabazaar, a prominent player in the fintech sector, recently received an order from the Adjudicating Authority under the Prohibition of Benami Property Transactions Act. This regulatory development comes in response to alleged benami transactions involving certain vendors associated with Paisabazaar.

    The order, issued on March 26, has raised concerns regarding Paisabazaar’s role as the beneficial owner in its dealings with these vendors. Despite the allegations, the company has expressed its intention to challenge the order through appropriate legal channels.

    Paisabazaar, known for its digital consumer credit marketplace offering various financial products, has witnessed significant traction, with 71 lakh transacting customers by the end of the December quarter. During this period, the platform facilitated disbursements amounting to ₹9,986 crore, marking a substantial 84% year-over-year growth.

    To enhance its collection processes, Paisabazaar recently established a new subsidiary, Paisa Financial Services, with an initial investment of ₹3 crore. This strategic move underscores the company’s commitment to operational efficiency and regulatory compliance.

    While PB Fintech declined to provide detailed comments on this regulatory development, the industry will closely monitor how Paisabazaar navigates through the legal implications and potential impact on its operations.

    Source: Inc42 Media

  • Info Edge Invests ₹250 Cr in A88 Fund to Support Early-Stage Deeptech Startups

    This article was generated by AI and cites original sources.

    Info Edge, the parent company of Naukri, has committed ₹250 Cr ($26.5 Mn) to A88 Fund I, established by A88 Trust to fund early-stage deeptech startups in India. The fund, registered with SEBI as a Category II AIF, was launched in February and will be managed by Info Edge’s subsidiary Smartweb. A88 Fund I aims to offer long-term growth opportunities to Indian startups, primarily focused on deeptech.

    Additionally, Info Edge has transferred its 26.14% stake in ShopKirana E Trading Pvt Ltd to Udaan for $32.97 Mn. This move follows Udaan’s acquisition of ShopKirana to enhance profitability.

    This investment in A88 Fund I signifies Info Edge’s growing interest in India’s deeptech startup ecosystem. The company’s executive directors have also approved a ₹15 Cr investment in SIHL, its investment arm, and a ₹100 Cr investment in Redstart Labs, focusing on deeptech and SaaS startups.

    Source: Inc42 Media

  • NoPaperForms’ Meritto Secures SEBI Approval for IPO, Signaling Tech Startup’s Growth and Market Expansion

    This article was generated by AI and cites original sources.

    NoPaperForms, the parent company of Meritto, a startup specializing in Enterprise SaaS for educational institutions, has received approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO). This move marks a significant milestone in the tech startup’s journey towards market expansion and financial growth.

    Notably, the company submitted its draft red herring prospectus (DRHP) confidentially in November 2025, leading to SEBI’s issuance of an observation letter on March 25, enabling Meritto to progress with its public issue in the upcoming months. The IPO is anticipated to encompass both a fresh share issue and an offer for sale (OFS).

    With plans to raise between ₹500 Cr to ₹600 Cr at a valuation of approximately ₹2,000 Cr, Meritto aims to leverage this opportunity for further investment and strategic development. Investor Info Edge is set to divest a portion of its stake through the OFS, potentially reducing its shareholding below 25% post-listing.

    In the fiscal year 2025 (FY25), Meritto’s financial performance demonstrated remarkable growth, as its net profit surged to about ₹1.9 Cr from ₹4 Lakh in the previous year, accompanied by a 31% year-over-year (YoY) increase in operating revenue to ₹92.3 Cr. The startup’s core offerings of enrolment automation and CRM tools have evidently resonated with educational institutions, propelling its success in the market.

    Founded in 2017, Meritto’s commitment to enhancing student recruitment, admissions, and fee management processes through innovative SaaS solutions underscores the pivotal role technology plays in reshaping the education sector. The company’s IPO approval signifies not just a financial milestone but also a testament to the evolving landscape of tech-driven solutions within the educational domain.

    Source: Inc42 Media

  • Fino Payments Bank Defers CEO Reappointment Amid Regulatory Scrutiny

    This article was generated by AI and cites original sources.

    Fino Payments Bank has decided to postpone seeking shareholders’ approval for the reappointment of Rishi Gupta as CEO and Managing Director due to ongoing regulatory scrutiny. Gupta’s reappointment was initially up for consideration for a three-year term starting May 2026. However, after Gupta’s recent arrest in connection with a GST evasion case related to online betting, the bank’s board has opted to defer the decision.

    Although the Reserve Bank of India (RBI) had previously approved Gupta’s reappointment earlier this year, the situation has evolved following his arrest by the Directorate General of GST Intelligence (DGGI) over alleged tax evasion amounting to over ₹840 Crore. The investigation has implicated Gupta in a syndicate accused of funneling funds from illicit online gaming platforms through shell entities and program managers.

    Fino Payments Bank clarified in an exchange filing that Gupta’s candidature for reappointment remains intact and will be revisited at a later date, pending regulatory compliance and a reassessment of his fit and proper status by the board’s nomination and remuneration committee. The final decision on Gupta’s reappointment will also be influenced by the RBI’s perspective on the matter.

    Source: Inc42 Media

  • Insurtech Firm Go Digit Faces Tax Demand Notice: Implications for the Industry

    This article was generated by AI and cites original sources.

    Insurtech company Go Digit has recently received a tax demand notice amounting to ₹384.4 Cr, inclusive of ₹100.4 Cr in interest, from the Income Tax department’s assessment unit for the assessment year 2023-24 (AY24). This demand is attributed to disallowances related to provisions for claims and non-deduction of TDS on certain expenses and reinsurance premiums.

    Following this development, Go Digit intends to appeal with Appellate authorities or explore other legal avenues. The company stated that these disallowances are commonly faced by the industry and will be addressed accordingly.

    This tax demand notice comes on the heels of a separate GST demand notice of ₹170 Cr that Go Digit received earlier for alleged short payment of taxes over a period of nearly five years. The company had also recently received a GST demand reaffirmation order from the Office of the Commissioner of GST & Central Excise, Chennai South Commissionerate.

    These financial challenges highlight the complex regulatory environment that insurtech companies operate in and underscore the importance of thorough tax compliance measures within the industry.

    Source: Inc42 Media

  • Fino Payments Bank CEO Granted Bail Amid GST Investigation

    This article was generated by AI and cites original sources.

    Fino Payments Bank’s managing director, Rishi Gupta, has been granted bail by the Special Judge for Trial of Economic Offences Cases Hyderabad in connection with an ongoing GST-related investigation. The bail was allowed on the execution of a personal bond of ₹10 Lakh along with two sureties of the same amount. Gupta has been instructed to deposit his passport and obtain prior permission before travelling outside India. Additionally, he must appear before the authorities on specific dates until further notice.

    The investigation involves alleged GST evasion linked to merchant transactions, with Gupta being investigated for his role in routing funds related to illegal online gaming platforms through shell entities and programme managers. The Directorate General of GST Intelligence estimates the evasion at around ₹840 Cr based on transactions worth nearly ₹3,000 Cr.

    Despite Gupta’s arrest in February, Fino Payments Bank has assured that its operations remain stable and unaffected as the investigation primarily concerns programme managers associated with multiple banks.

    Source: Inc42 Media

  • Uber Shifts Focus in Delhi NCR to B2B Employee Transport Services

    This article was generated by AI and cites original sources.

    Ride-hailing company Uber has made a strategic decision to discontinue its shuttle service operations in Delhi NCR, shifting its focus to B2B employee transport services. This move follows similar shutdowns in cities like Mumbai and Hyderabad last year, with Uber citing low ridership and high operating costs as key factors.

    Uber Shuttle, which allowed users to pre-book bus services on fixed routes, primarily catered to commuters traveling between New Delhi, Gurugram, and Noida. Despite previously doubling down on shuttle services in Delhi NCR in 2024, Uber has now redirected its attention to the corporate commute segment, particularly Employee Transportation Services (ETS).

    The decision to exit the shuttle service domain in Delhi NCR aligns with Uber’s strategic realignment towards ETS, driven by the growing demand for corporate employee transport solutions. The company aims to leverage its experience and insights from shuttle operations to optimize its offerings for the fast-growing ETS market, characterized by predictable demand and higher utilization rates.

    This transition underscores Uber’s adaptability and responsiveness to market dynamics, positioning the company to capture opportunities in the evolving mobility landscape in India.

    Source: Inc42 Media

  • The Rise and Fall of OpenAI’s Sora: Lessons in AI Video Innovation

    This article was generated by AI and cites original sources.

    OpenAI, a prominent player in the AI sector, recently announced the shutdown of its text-to-video app, Sora, marking a significant shift in the landscape of consumer AI video offerings. The decision to discontinue Sora was driven by various factors that ultimately led to its demise.

    One major challenge that plagued Sora was the exorbitant GPU requirements, resulting in a poor revenue-to-resource ratio. Despite initially attracting 3.3 million downloads in November 2025, user engagement dwindled to 1.1 million by February 2026, leading to unsustainable economics for the app. With lifetime revenue amounting to just $2.1 million, the financial viability of Sora was called into question.

    Moreover, legal and ethical concerns surrounding Sora further compounded its downfall. The proliferation of deepfakes and unauthorized usage of popular characters like Pikachu and Mario raised significant trademark and copyright issues. The collapse of a lucrative $1 billion investment and licensing deal with Disney dealt a severe blow to Sora’s prospects.

    The closure of Sora underscores a broader strategic realignment within the AI video industry, emphasizing the shift towards professional tools for studios over consumer-centric applications. Startups are now prioritizing workflow intelligence and high-quality production capabilities to drive innovation in the space.

    As the dust settles on OpenAI’s retreat from the consumer AI video market, industry observers are left to ponder the future of this once-promising sector. Will a new contender emerge to fill the void left by Sora, or is the era of consumer AI video innovation reaching its twilight?

    Source: Inc42 Media