BluSmart’s Death, Uber Faces Legal Problems, and Paytm Lets Go ESOPs

BluSmart halts operations after SEBI exposes fraud. Meanwhile, Uber's IPL ad play rubbed RCB the wrong way, dragging it straight to court. And over at Paytm, Vijay Shekhar Sharma made a silent power move, giving up 2.1 Cr ESOPs as the company eyes leaner, more profitable days ahead. Besides, there’s also Startup Spotlight to savor.

Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“All Things Must Pass”: BluSmart Suspends Services After SEBI Flags Co-Founders for Fraud

EV ride-hailing startup BluSmart has paused operations after SEBI exposed financial misconduct by Gensol Engineering’s promoters, who also co-founded BluSmart. The fallout derailed a ₹415 crore funding round, forcing the company to halt bookings in major cities. With rising costs and no new capital, BluSmart’s future looks uncertain.

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“Tu Cheating Karta Hai”: IPL Franchise RCB Drags Uber To Court Over ‘Trademark Misuse’ In Ad Campaign

Amid the IPL frenzy, not all brand plays are being cheered. RCB has taken Uber to court, accusing the ride-hailing giant of hijacking its slogan in a bike taxi ad—without consent.

As excitement peaks on the field, the battle off it turns legal and a tad bitter.

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“Tumse Na Ho Paayega Bitwa”: Paytm CEO Vijay Shekhar Sharma Surrenders 2.1 Cr ESOPs

In a surprising move, Paytm CEO Vijay Shekhar Sharma has surrendered 2.1 crore unvested ESOPs—voluntarily.

While it boosts the company’s ESOP expenses by a staggering ₹492 Cr, it signals a deeper shift as Paytm tries to edge toward profitability. A quiet gesture, but one with loud financial ripples.

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1. EV charging startup IPEC has secured $3M from Gruhas, the fund co-led by Nikhil Kamath and Abhijeet Pai. The Bengaluru firm now eyes a sharper edge in power electronics and faster growth in the EV space.
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2. JetSynthesys has landed fresh capital from KRAFTON, marking a big nod from the South Korean gaming giant. With support from NAFA and legacy investors, the Pune-based firm looks set to level up its digital entertainment game.
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3. Varthana has secured ₹75 Cr in debt funding from OfBusiness and Oxyzo to fuel its education financing play. The move underscores growing investor interest in the ed-fin space, even amid cautious capital flows.
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4. Nothing Before Coffee has raised fresh funds led by Prath Ventures, with backing from SYL Investments. The café chain plans to brew growth through new outlets, digital upgrades, and a sharper supply chain.
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“Aao, Therapy Kare”: NeuraSim Is Gamifying Eye Care with AI to Treat Lazy Eye in Just Weeks

What if treating lazy eye felt more like playtime than punishment? Bengaluru-based NeuraSim is flipping the script on traditional eye patch therapy with BeeVee, an AI-powered app that turns vision therapy into an immersive game.

Backed by top hospitals and fresh from a Shark Tank pitch, the startup is eyeing a future where digital therapeutics aren’t just smart—they’re fun too.

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