- Startup Chai
- Posts
- BharatPe Settles With Ashneer Grover, PB Fintech Jumps 4%, Agritech Greenikk Shuts Down and more
BharatPe Settles With Ashneer Grover, PB Fintech Jumps 4%, Agritech Greenikk Shuts Down and more
Plus ThinKuvate's new India fund, Adda247's acquisition, PhonePe's new partnership, CRED's revenue surge, and fundraising updates for LISSUN, BASIC Home Loan and Zintlr
Singapore’s ThinKuvate celebrates the first close of its maiden India fund, while BharatPe settles its two-year legal saga with ex-cofounder Ashneer Grover, marking his exit from the firm. Meanwhile, the government approves the transfer of Viacom18’s license to Star India, potentially reshaping the media landscape.
In finance, PB Fintech’s stock jumped 4% after a bold $100 Mn investment proposal, and Adda247 continues its growth spree with its fourth acquisition in the education sector. PhonePe teams up with Jar to offer daily savings in digital gold, although it’s a bittersweet week for agritech as Greenikk shuts down and returns partial capital to investors.
Grab your simmering cup of StartupChai and unwind with our hand-brewed memes.
What Matters
“Kaddu Katega, Sab Mein Batega”: Singapore’s ThinKuvate Marks First Close Of Its Maiden India Fund
Singapore-based ThinKuvate has hit the first close of its maiden India fund at INR 25 Cr, just four months after launching its INR 100 Cr tech-focused fund.
With early investments in promising startups like Rosh.ai, Zippee, Pantherun, and NymbleUp.ai, they're gearing up for a spree of 30-40 investments, with plans to invest INR 1.5-4 Cr in each.
Read more here
“Break Ke Baad”: BharatPe Settles With Ashneer Grover, Says Ex-Cofounder Won’t Be Associated With The Firm In Any Capacity
BharatPe has finally settled its two-year legal battle with former co-founder Ashneer Grover, marking the end of a dramatic chapter in Indian fintech.
As part of the settlement, Grover will no longer be associated with the company and has agreed to give up his shares. With both parties dropping their lawsuits, this brings closure to Grover's controversial exit back in February 2022.
Read more here

“Waah, Kya Scene Hai”: Govt Approves Transfer Of License From Viacom18 to Star India
The government has approved the transfer of Viacom18’s license to Star India, with conditions from the Competition Commission of India. This merger will create India’s largest media powerhouse, valued at a whopping $8.5 billion, combining two major streaming services and around 120 TV channels.
Post-merger, Reliance Industries will control a 63.16% stake, while Disney will hold 36.84%, marking a massive shift in the media landscape.
Read more here
“Mauja Hi Mauja”: PB Fintech Jumps 4% After CEO Proposes $100 Mn Investment
PB Fintech shares soared 4% after its CEO proposed a $100 Mn investment to acquire a 30% stake in a new healthcare venture. With brokerage firm Bernstein maintaining an ‘outperform’ rating and a price target of INR 1,750 per share, the future looks bright.
This follows PB Fintech's impressive Q1 FY25 performance, where it posted a net profit of INR 59.98 Cr, bouncing back from a loss last year.
Read more here

“Hukumat Ki Jung”: Adda247 Marks Fourth Acquisition With Placement Preparation Platform PrepInsta
Adda247 has made its fourth big move by acquiring a placement preparation platform, expanding its ever-growing educational empire.
Previously, it snapped up UPSC prep giant StudyIQ, AR/VR learning platform Veeksha, and CA test prep firm Ekagrata Eduserv. With this latest buyout, Adda247 is solidifying its position as a top player in the Indian edtech space.
Read more here
“Hum Saath Saath Hai”: PhonePe Partners Jar To Roll Out Daily Savings In Digital Gold
PhonePe has teamed up with Jar to make daily savings in digital gold a breeze, allowing users to invest in 24K gold with contributions starting as low as INR 10. In just 45 seconds, users can start saving, with a daily cap of INR 5,000.
On the financial front, PhonePe has turned things around, posting an impressive adjusted profit of INR 197 Cr in FY24, a massive leap from its previous loss of INR 738 Cr.
Read more here
“Alvida Doston”: Agritech Greenikk shuts down, returns partial capital to investors
Agritech startup Greenikk has announced its shutdown, citing funding challenges and tough market conditions.
Despite raising around $1 million from investors like 100 unicorns and IIM A ventures, shifting industry dynamics made it difficult to secure the planned $5 million Series A round. In a move rarely seen, Greenikk is returning partial capital to its investors as it winds down operations.
Read more here

LISSUN has raised $2.5 Mn in a funding round led by Multiply Ventures and Atrium Angels, bringing its total funding to $5 Mn. The mental health platform aims to provide expert therapies and solutions for emotional well-being, addressing contemporary mental health challenges.
Read more here
TAC Infosec's stock jumped 5% after acquiring US-based CyberSandia and UAE's WOS, boosting its global footprint. These strategic moves position the cybersecurity firm, founded by Trishneet Arora, to meet rising demand in the US and GCC regions.
Read more here
CRED's FY24 revenue surged 66% to INR 2,473 Cr, driven by increased member engagement and monetization. However, its net loss also rose by 22% to INR 1,644 Cr, though operating losses saw a significant decline of 41%.
Read more here
Mortgage distribution startup BASIC Home Loan has raised $10.6 million in Series B funding to enhance technology and expand its lending portfolio. With over $12 billion in processed loans, the company aims to enter 13 new cities while continuing to support low-income borrowers in Tier 2-3 markets.
Read more here
Wakefit has announced EBITDA profitability in FY24, reporting a profit of INR 65 Cr and marking its return to profitability after four years. Additionally, the startup saw a 24% increase in revenue, reaching INR 1,017 Cr during the fiscal year.
Read more here
Zintlr, a B2B SaaS platform focused on sales intelligence and prospecting, has secured Rs 7.5 crore in seed funding, led by Om Jain. The round saw participation from notable investors including JIIF and Motilal Oswal, among others.
Read more here
How did today's serving of StartupChai fare on your taste buds? |