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Tag: Inc42 Media

  • Tier II and III Cities Poised to Drive India’s Startup Growth, Says MeitY Startup Hub CEO

    This article was generated by AI and cites original sources.

    According to Panneerselvam Madanagopal, the CEO of MeitY Startup Hub, tier II and III cities in India are set to play a pivotal role in propelling the country’s startup ecosystem forward. Madanagopal emphasized this point during the recent NextGen Startup Summit in Jaipur, where he highlighted the potential for these non-metro areas to become the next frontier for startup innovation and the emergence of new companies.

    The Summit, organized in collaboration with Vivekananda Global University, focused on empowering startups from tier II and III cities to scale their operations. Discussions revolved around key challenges such as accessing global markets, securing funding, and fostering robust entrepreneurial ecosystems outside major metropolitan areas.

    Madanagopal underscored the significance of MeitY’s Genesis program, which is designed to strengthen startup capacities in tier II and III cities through a network of 65 partner incubators. The initiative aims to cultivate a sustainable ecosystem that transcends geographical boundaries and nurtures innovation on a national scale.

    The event witnessed participation from industry leaders, including Onkar Bagaria, Gaurav Sharma, Sudhanshu Gupta, Pinky Maheshwari, Rohit Bajaj, and Tripti Somani, fostering a collaborative environment to drive startup growth across diverse regions.

    Source: Inc42 Media

  • CoinDCX Founders Deny Fraud Allegations, Vow Cooperation with Authorities

    This article was generated by AI and cites original sources.

    In a significant development impacting India’s cryptocurrency landscape, CoinDCX, one of the country’s leading cryptocurrency exchanges, is facing legal scrutiny. An FIR has been lodged against CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal over accusations of cheating and fraud, allegations the founders firmly refute.

    The case, originating from Thane, Maharashtra, revolves around an investor’s claim of being swindled of around INR 40 Lakh. The complainant asserts being enticed into trading on the platform with promises of high returns but encountering difficulties withdrawing funds post a substantial investment, feeling deceived by the platform’s assurances.

    Emphasizing adherence to high transparency and compliance standards, CoinDCX rebuffs the allegations, deeming them ‘frivolous,’ ‘baseless,’ and ‘malicious.’ The company attributes such grievances to ‘disgruntled elements’ or misconceptions regarding market fluctuations and platform procedures, expressing willingness to fully collaborate with investigative bodies to exonerate the founders.

    This episode unfolds against the backdrop of a critical juncture for India’s crypto sector. As a key player in the domestic crypto domain, CoinDCX has championed the call for legitimate crypto regulations in India. Challenges like these legal contentions, irrespective of their veracity, compound the industry’s existing burdens of hefty taxation and intricate regulatory frameworks.

    Source: Inc42 Media

  • New-Age Tech Stocks Rebound Amid Market Volatility, FirstCry Leads Gains

    This article was generated by AI and cites original sources.

    New-age tech stocks have demonstrated resilience this week, bouncing back from recent selling pressure amid market uncertainties. According to Inc42 Media, thirty-four out of fifty-five new-age tech companies tracked have experienced gains ranging from 0.12% to over 12%.

    The total market capitalization of these tech companies has increased to $119.46 billion, up from $116.64 billion the previous week. FirstCry, a kids-focused omnichannel retailer, emerged as the top performer with a 12.14% surge in its stock value, closing the week at ₹250.4.

    Among the notable developments, Lenskart reached a new 52-week high at ₹543.55 before settling at ₹530, marking a 6.04% increase from the previous week. Conversely, shares of ten companies, including Fino Payments Bank and Nazara Technologies, hit new lows.

    In company news, Ola Electric reallocated funds from its IPO proceeds for growth initiatives, while Nazara Technologies secured agreements for a significant acquisition.

    Despite challenges faced by some players, the overall positive momentum in the new-age tech sector showcases its resilience and potential for growth amid market volatility.

    Source: Inc42 Media

  • Perfios Achieves Impressive Financial Milestones with 46% Profit Growth and ₹700 Cr Revenue

    This article was generated by AI and cites original sources.

    Perfios, a B2B fintech SaaS company, has announced strong financial results for the fiscal year FY25. The company’s consolidated net profit surged by 46% year over year, reaching ₹104.3 Cr in FY25 compared to ₹71.7 Cr in FY24. This milestone marks Perfios’ third consecutive year of profitability following its maiden profit of ₹7.8 Cr in FY23.

    Operating revenue for the fiscal year saw a notable 20% increase, climbing to ₹669.5 Cr in FY25 from ₹557.8 Cr in FY24. Including other income of ₹39.2 Cr, Perfios’ total income for the fiscal year amounted to ₹708.5 Cr.

    Perfios’ revenue continues to be largely driven by its SaaS business, with service income contributing over 95% of the total operating revenue at ₹638.5 Cr in FY25. The company’s technology enables financial institutions to streamline processes such as loan onboarding, credit underwriting, and fraud detection, facilitating quick loan processing in under two minutes through real-time data analysis.

    Geographically, India remains Perfios’ primary market, with domestic revenue expanding by 14% to ₹575 Cr in FY25 from ₹505.5 Cr in FY24. The company, founded in 2008, serves a wide range of financial institutions, offering a variety of products and APIs while processing a significant volume of data points annually.

    Recently, Perfios appointed Nitin Chugh, former deputy MD of State Bank of India, as its group CEO and MD, signaling a strategic leadership move to oversee its subsidiaries and core business operations.

    Source: Inc42 Media

  • WhatsApp Directed to Enhance Security Measures Against Digital Arrest Scams

    This article was generated by AI and cites original sources.

    The Indian government has directed WhatsApp, owned by Meta, to bolster its security measures in response to the surge in digital arrest scams. According to a report by The Indian Express, the Supreme Court highlighted that over ₹54,000 Cr has been lost to digital frauds, equating them to serious crimes like robbery.

    The Inter-Departmental Committee (IDC) has given WhatsApp a 30-day deadline to propose technical and safety enhancements. These upgrades include blocking fraudulent device IDs, retaining data of deleted accounts for 180 days, and introducing new features to identify scams and AI-generated content.

    The committee has specifically mandated WhatsApp to fortify its systems to detect and block harmful APKs, prevent the dissemination of malicious files, and enhance its AI capabilities to identify deep fakes and synthetic content. Additionally, the messaging platform will implement features akin to Skype for video calls, offering more caller information and flagging suspicious accounts.

    WhatsApp has committed to complying with these directives, aiming to curb the spread of digital extortion attempts and mitigate prolonged scam calls. By deploying logo detection and media matching systems, the platform seeks to enhance its defenses against fraudulent activities.

    Source: Inc42 Media

  • Tesla Expands into India’s Burgeoning Energy Storage Market

    This article was generated by AI and cites original sources.

    Tesla, the electric vehicle manufacturer, is now venturing into India’s industrial energy storage market. The company is hiring a business development lead to drive its entry into India for utility-scale energy storage, positioning it against established players like Tata Power, Adani Group, and Reliance Industries.

    Tesla’s global energy portfolio includes Megapack for utility-scale batteries and Powerwall for residential batteries. The Powerwall system stores excess energy from solar setups, while Megapack delivers clean energy at a large scale. With the rising demand for energy storage in India due to the increasing installations of solar energy, Tesla aims to capitalize on this growing market.

    In July, Tesla made its debut in India with the launch of the Tesla Model Y SUV. Now, the company’s expansion into the energy storage market signifies a strategic move to diversify its offerings in the country, marking a significant step for Tesla as it continues to broaden its presence beyond electric vehicles.

    Source: Inc42 Media

  • Indian Startups Raise $228 Million Amid Global Uncertainties

    This article was generated by AI and cites original sources.

    Despite global uncertainties, Indian startups have secured a total of $228.4 million in funding between March 16 and 20, representing an 11% increase from the previous week’s $206.5 million raised across 22 deals. This funding momentum underscores the resilience of the Indian startup ecosystem in navigating turbulent geopolitical landscapes.

    One notable trend is the fintech sector surpassing ecommerce in funding activity. Neo Group raised $53.4 million, while Ecofy secured $42 million in funding, reflecting investor confidence in the financial technology space.

    Peak XV Partners emerged as a key investor this week, actively supporting startups such as Atlys, BambooBox, and Grapevine. Their strategic investments highlight the diverse opportunities present in the Indian startup landscape and the continued interest from venture capital firms.

    These funding developments not only inject capital into promising startups but also signify the broader implications for technological innovation and economic growth. The ability of Indian startups to attract significant investments amid global challenges underscores their potential to drive technological advancements and contribute to the digital economy’s expansion.

    Source: Inc42 Media

  • Celesta Capital Launches ₹2,000 Cr India-Focused Deeptech Fund

    This article was generated by AI and cites original sources.

    Celesta Capital, a San Francisco-based venture capital firm, is set to launch an India-focused deeptech fund with a target corpus of ₹2,000 crore. The fund aims to support early-stage deeptech startups, particularly at Series A and B stages, with an average ticket size expected between $3 million to $7 million. Celesta Capital has initiated talks with limited partners to secure funding for the Category II AIF, which has obtained SEBI’s approval.

    Celesta Capital’s diverse investment portfolio spans across countries like the US, Israel, the UK, India, and China, including notable Indian startups such as ideaForge, Agnikul, and 5C Network. With a track record of over 100 investments and assets worth $1.1 billion, the firm’s foray into the Indian deeptech ecosystem underscores the sector’s growing prominence.

    As a key member of the India Deep Tech Alliance (IDTA), Celesta Capital envisions significant investments in deeptech segments over the next decade, spanning areas like semiconductors, spacetech, AI, and biotech. The alliance, comprising prominent venture firms like Accel and Blume Ventures, aims to infuse over $1 billion into India’s deeptech landscape, signaling a broader trend of increased tech investment in the country.

    Source: Inc42 Media

  • Razorpay Unveils Agentic AI Studio to Streamline Small Business Operations

    This article was generated by AI and cites original sources.

    Razorpay, a leading fintech company, has announced the launch of its Agentic AI Studio, a platform aimed at automating daily operations for small businesses in India. This move signals Razorpay’s expansion beyond traditional payment services into the realm of artificial intelligence.

    Through the Agentic AI Studio, merchants can access a marketplace of AI agents designed to address common challenges faced by small and medium enterprises (SMEs). These AI specialists can assist with tasks such as checkout optimization, managing chargeback disputes, handling subscription renewals, and forecasting cash flow.

    Razorpay’s CEO, Harshil Mathur, stated that the AI initiative is tailored to the needs of small businesses, offering cost-effective solutions to enhance operational efficiency. The pay-as-you-go model allows businesses to utilize AI agents only when necessary, providing flexibility in choosing services based on individual requirements and budgets.

    Furthermore, Razorpay is piloting agentic commerce with partners like Swiggy and PVR, integrating AI agents into the consumer transaction process. By streamlining payments and enhancing user experience, Razorpay aims to solidify its position in the payment ecosystem, preparing for its upcoming IPO in 2027.

    Source: Inc42 Media

  • Ola Electric Shifts Funds from R&D to Debt Repayment: Navigating the EV Landscape

    This article was generated by AI and cites original sources.

    Ola Electric, a major player in the electric vehicle (EV) sector, has decided to reallocate ₹475 Cr from its research and product development budget to debt repayment, as reported by Inc42 Media. This move is part of the company’s strategy to utilize its ₹5,500 Cr IPO proceeds more efficiently.

    The decision will reduce the allocation for research and product development from ₹1,505 Cr to ₹930 Cr, while increasing the funds for debt repayment from ₹395 Cr to ₹870 Cr. Additionally, ₹100 Cr will be directed towards organic growth initiatives.

    This marks the second significant change in fund allocation within a year, following a previous adjustment in August 2025. The revision comes amidst declining EV sales and ongoing financial losses, leading to a more focused approach on debt management and growth strategies.

    Despite facing challenges in the market, Ola Electric is expanding its presence in the battery energy storage system (BESS) segment by emphasizing cell manufacturing. The company is also exploring avenues to raise up to ₹2,000 Cr by selling a stake in its battery arm to financial investors.

    By adapting its financial strategy and prioritizing debt repayment, Ola Electric aims to navigate the competitive EV landscape more effectively, signaling potential shifts in the industry’s financial management practices.

    Source: Inc42 Media