BharatPe's Revenue Surge, Ola's Customer Woes, IndiGo Gets SEBI Nod

BharatPe reports a robust FY24 revenue surge to INR 1,426 Cr, while Amazon India launches a campaign to combat online job frauds. Temasek is poised to acquire a 25% stake in Rebel Foods ahead of its IPO, and Paisabazaar is enhancing its offline distribution channels to bolster secured lending. Ola Electric enlists EY to address customer service challenges, as upGrad cofounder Mayank Kumar sets out to establish a new venture.

Amidst a face-off over Satcom spectrum allocation, IndiGo gains SEBI approval to launch a VC arm for startups, and Tally Solutions teams up with Kerala Startup Mission to drive technological advancement. Meanwhile, Aakash has decided to shut down its digital classroom program following recent job cuts.

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What Matters

“Swagat Nahi Karoge Humara”: Ola Electric Brings In EY To Fight Customer Service Woes

Ola Electric is bringing in EY India to tackle its mounting after-sales service issues as customer complaints pile up. The consulting firm is set to assist with streamlining operations and improving spare parts management, in hopes of turning around the company's service reputation.

With scrutiny growing, Bhavish Aggarwal’s Ola Electric is looking to make some serious changes in how it supports its customers.

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“Abhi Toh Aur Badhega”: BharatPe FY24 Revenue Surges To INR 1,426 Cr

BharatPe’s FY24 numbers reveal steady growth, with revenue surging 39% to INR 1,426 Cr, a notable jump from INR 1,029 Cr in FY23.

Despite this progress, the company’s pre-tax loss remains significant at INR 941 Cr, though it halved from the previous year's INR 1,474 Cr. The reduced EBITDA loss, down 75% to INR 209 Cr, reflects efforts to stabilize operations, but the road to profitability still seems distant.

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“Waah, Kya Scene Hai”: Amazon India Looks To Build Awareness For Online Job Frauds

Amidst the buzz of the Great Indian Festival, Amazon India has launched the #AapkeHittMeJaari campaign to tackle a pressing issue—online job frauds.

Through this initiative, the company aims to educate users about phishing scams, OTP frauds, lottery schemes, and fake hiring rackets. It's a timely reminder to stay vigilant as digital shopping and job applications peak during the festive season.

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“Hukumat Ki Jung”: Temasek Eyes 25% Stake In Rebel Foods Ahead Of IPO

Temasek is making bold moves ahead of Rebel Foods’ anticipated IPO, eyeing a 25% stake for $180-200 Mn. Early investors like Lightbox and Peak XV are partly cashing out, allowing the Singapore-based firm to swoop in.

With Rebel Foods’ IPO expected in the next 12-18 months, Temasek’s investment could be a strategic play as the cloud kitchen giant gears up for the public market.

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“Hum Bhi Hai Josh Mein”: Paisabazaar Building Offline Distribution Channel To Fuel Secured Lending Play

Paisabazaar is taking its secured credit game offline, deploying a field team across Delhi, Mumbai, and Bengaluru to build a strong distribution network.

With products like loans against cars and securities in beta, the company is doubling down on secured offerings. The goal is to boost secured credit’s share to 50%, a sharp leap from last fiscal's 15%, signaling a major shift in strategy.

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“Aakhri Salam Lete Jaana”: upGrad Cofounder Mayank Kumar Steps Down To Float New Venture

upGrad cofounder Mayank Kumar is stepping down to launch a new venture aimed at placing skilled Indian labor, especially in healthcare, overseas.

With Kumar’s exit, Ronnie Screwvala will take a more active role in steering upGrad, as the edtech giant also finalizes a $50-60 Mn funding round. The company, now valued at $2.25 Bn, is bracing for a leadership shift and fresh growth.

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“All Things In Life Don’t Come For Free”: Govt, telecom industry face-off over allocation of Satcom spectrum

Under the Telecom Act of 2023, Satcom spectrum will now be allocated administratively, but it won’t come for free.

The cost, however, won’t be arbitrary—it will be decided by TRAI, ensuring a structured pricing formula. As India pushes forward in the satellite communication space, this shift marks a significant regulatory development for the industry.

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“Spread Your Wings And Fly Away”: IndiGo Gets SEBI Nod To Float VC Arm To Back Startups

IndiGo is set to spread its wings beyond aviation with SEBI's nod to launch IndiGo Ventures, its new VC arm aimed at backing startups.

With plans to invest in aviation, travel, lifestyle, and hospitality sectors, the fund will start making moves by the end of FY25. This expansion follows the airline’s recent approval of a financial services division, backed by an initial INR 30 Cr investment, signaling its broader ambitions.

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“Hum Saath Saath Hai”: Tally Solutions Partners Kerala Startup Mission To Enhance Technology

Tally Solutions has teamed up with Kerala Startup Mission (KSUM) to boost tech adoption among startups, offering business management solutions and learning sessions.

This partnership aims to equip emerging businesses with the tools and training needed to thrive in the digital age. KSUM, Kerala's nodal startup agency, will continue to foster the state’s startup ecosystem through this collaboration, providing vital resources and tech expertise.

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“Achha, Toh Hum Chalte Hai”: After Job Cuts, Aakash Shuts Digital Classroom Programme

After a wave of job cuts, Aakash has decided to shut down its digital classroom program, integrating its AD-CRP employees into its main sales system.

The layoffs, which have predominantly affected associate-level staff and senior managers, come on the heels of approximately 200 employees being let go in the past couple of months. As the company pivots its strategy, this move underscores the ongoing challenges in the education sector amidst shifting market dynamics.

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1. SaaS startup Neuron7 has secured $44 Mn in a funding round led by Smith Point Capital, with support from existing investors Nexus Venture Partners and Battery Ventures. The California-based company plans to leverage this capital to enhance product innovation.

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2. SaaS startup Everstage has raised $30 Mn in a Series B funding round led by Eight Roads Ventures, bringing its total funding to $45 Mn. The Chennai and Delaware-based company, which specializes in sales performance management software for enterprises, also saw participation from existing investors Elevation Capital and 3one4 Capital.

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3. Elder care startup Primus Senior Living has secured $20 Mn in seed funding led by General Catalyst, marking one of the largest seed rounds for an Indian startup in 2024. The round also saw participation from notable investors, including Zerodha co-founder Nikhil Kamath.

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