Centre Wants X Crackdown, Darwinbox’s Celebration, DroneAcharya's EU deal

Centre has urged X to crack down on hoax flight bomb threats, while Darwinbox celebrates a remarkable 58% revenue jump fueled by international expansion and R&D investments. Shiprocket marks a milestone with revenues surpassing INR 1,300 crore, and DroneAcharya gears up to introduce cutting-edge EU defence drone technology in India. Meanwhile, the Supreme Court has complicated matters for BYJU’S by reinstating insolvency proceedings, and Zomato has raised its platform fee to INR 10 just in time for the festive rush.

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

What Matters

“Kaam Kar Le Dhang Se”: Centre Asks X To Take Steps To Curb Hoax Flight Bomb Threats

The Indian government has urged X, the microblogging platform, to take serious measures against the rise of hoax bomb threats targeting airlines.

They've recommended deploying AI-based tools to swiftly identify and block accounts spreading such dangerous misinformation. With bomb threats on the rise, the need for stricter digital oversight has become more pressing than ever for passenger safety.

Read more here

“Badhai Ho Badhai”: Shiprocket’s Revenue Crosses INR 1,300 Cr Mark

Shiprocket’s revenue has soared past the INR 1,300 crore mark, a major milestone for the logistics unicorn.

While the company is eyeing profitability by FY2025, its losses widened to INR 595 crore in FY24, largely due to ESOP issuances and investments in new ventures. Despite the current losses, Shiprocket is positioning itself for long-term growth with strategic investments and capability-building.

Read more here

“Hum Saath Saath Hai”: DroneAcharya To Bring EU Defence Drone Tech To India

DroneAcharya is set to bring cutting-edge European defence drone technology to India through an exclusive deal with Estonia’s Krattworks.

The collaboration will enable local production and distribution of ISR drones, known for their resistance to jamming and 24/7 surveillance capabilities. These advanced drones are poised to enhance India’s defence operations, especially in crucial areas like border patrolling and intelligence missions.

Read more here

“Ajab Case Ki Gazab Kahani”: SC Sets Aside NCLAT Order To Close Insolvency Proceedings Against BYJU’S

In a twist for BYJU’S, the Supreme Court has overturned NCLAT’s decision to close its insolvency proceedings initiated by the BCCI who later claimed to have been paid, despite objections by the other debtors of Byjus.

Despite the earlier settlement of Rs 158 crore, the court has now ordered the funds to be placed in an escrow account under the Committee of Creditors' management. This move adds a new layer of complexity to BYJU’S ongoing financial challenges.

Read more here

“Waah, Kya Scene Hai”: Zomato Hikes Platform Fee To INR 10 Amid Festive Rush

Zomato is raising its platform fee to INR 10, just in time for the festive rush, marking a whopping 400% increase since it was first introduced at INR 2 last August.

This is the fourth hike this year, and the company assures users that the fee helps keep the service operational. As the demand for food delivery surges during the celebrations, customers may want to brace themselves for this added cost.

Read more here

“Haan Yahi Sapna Hai Tera”: Darwinbox’s FY24 Revenue Jumps 58% Driven By Overseas Expansion, R&D Investments

Darwinbox is celebrating a remarkable 58% jump in revenue, reaching INR 393 crore in FY24, fueled by a strong push into international markets, which saw an impressive 87% growth.

The HR tech platform dedicated a hefty 46% of its operating revenue to R&D and made strategic IP acquisitions to enhance its product lineup. With over half of its new annual recurring revenue now coming from abroad, Darwinbox is clearly shifting its focus from its India-centric roots to a more global presence.

Read more here

1. The Kerala Startup Mission has invested INR 15 crore in Transition VC, reinforcing its commitment to sustainability and net-zero emissions goals. This funding aims to accelerate the growth of startups focused on clean energy and decarbonization, paving the way for a greener future in the state.

   Read more here

2. MakeMyTrip's Q2 net profit skyrocketed nearly 800% to $17.9 million, up from just $2 million a year ago. The company's revenue also surged by 25.1%, reaching $211 million in the quarter ending September 2024, highlighting a strong rebound in travel demand.

   Read more here

3. Fino Payments Bank reported an 8% year-on-year increase in Q2 profit, reaching INR 21.15 crore, up from INR 19.52 crore in the same quarter last year. Despite this growth, the company's profit saw a 12% decline sequentially, indicating some challenges in maintaining momentum.

   Read more here

4. Avaana has successfully closed its climate fund at $135 million, targeting investments in energy and resource management, mobility, supply chains, and sustainable agriculture. The fund attracted backing from several institutions, including GCF, UKIDCF, and SIDBI, underscoring strong interest in sustainable ventures.

   Read more here

5. Udaan is in talks with M&G Prudential to secure fresh funding of $80-100 million, aiming to bolster its growth. This funding round is expected to increase M&G's stake in the company from approximately 15%, pending the deal's closure.

   Read more here

6. Lightspeed Venture Partners has spearheaded a $24 million Series A funding round for TollBit, a web content publishing platform co-founded by Olivia Joslin and Toshit Panigrahi. As part of the deal, a Lightspeed representative will join TollBit’s board.

   Read more here