EaseMyTrip Sweetens Pot, Ola’s Sorrows, Licious Expands and more

EaseMyTrip is sweetening the pot for shareholders with a 1:1 bonus share issue, while Ola Electric faces a bumpy ride as its shares tumble 3% amid regulatory scrutiny over its ‘BOSS’ sale. Meanwhile, DMI Finance is ramping up its leadership with new appointments to enhance strategic direction.

In the realm of gaming, JetSynthesys-backed Jetapult is making waves by acquiring a stake in UMX Studio, and Licious is expanding its omnichannel footprint by acquiring My Chicken And More in Bengaluru. On the international front, SKYBER is partnering with Sibia to introduce Indian-made UAVs in the Middle East and Africa. Finally, as Diwali approaches, PhonePe is rolling out an innovative insurance plan to keep celebrations safe.

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

What Matters

“Bahut Bahut Mubarak”: EaseMyTrip Board Approves 1:1 Bonus Share Issue

EaseMyTrip has announced the approval of a 1:1 bonus share issue, offering one bonus share for every fully paid-up equity share held by shareholders.

To implement this, the company has set aside INR 177.20 Cr, comfortably backed by its free reserve and share premium balance of INR 397.4 Cr as of March 2024. Shareholders can expect the bonus shares to reflect in their demat accounts by December 12, 2024.

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“We’ve Been Hit, Sergeant”: Ola Electric Shares Tumble 3% Amid Regulatory Scrutiny Over ‘BOSS’ Sale

Ola Electric shares took a 3% hit as the company faces regulatory scrutiny from the Automotive Research Association of India (ARAI) over its recent pricing strategies, particularly around the ‘BOSS’ sale.

The scrutiny could lead to legal action and the potential loss of subsidies under the PM E-DRIVE initiative. Adding to the pressure, Ola is also dealing with a show cause notice from the CCPA for alleged consumer rights violations.

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“Aaiye Aapka Intezaar Tha”: DMI Finance Boosts Leadership Team With Group CFO & Group Treasury Head

DMI Finance has strengthened its leadership team by appointing Niraj Khandelwal as Group CFO and Rachit Gupta as Group Treasury Head.

Khandelwal brings his experience from Credit Suisse, while Gupta joins from SMFG Grihashakti. This move follows DMI Finance's recent acquisition of fintech startup ZestMoney, as the company continues its expansion in the financial services sector.

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“Jung Ki Tayyari”: JetSynthesys-Backed Jetapult Picks Up Stake In UMX Studio

Jetapult, backed by JetSynthesys, has made its first move into the MENA region by acquiring a stake in UMX Studio for $4.5 million. This investment aims to expand UMX’s portfolio and audience internationally while leveraging Jetapult’s expertise to explore new game genres.

The deal is part of Jetapult’s larger $100 million commitment to support emerging market game studios over the next five years.

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“Kitchen Se Awaz Aayi Kuckudoo”: Licious Buys Bengaluru’s My Chicken And More To Expand Its Omnichannel Footprint

Licious has acquired Bengaluru-based My Chicken and More, adding 23 stores to its growing omnichannel network.

This acquisition boosts Licious' physical presence, complementing its digital platform that already serves 4 million households. With plans to expand to 40 stores by year-end, the move strengthens Licious’ strategy of blending online and offline sales for a broader market reach.

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“Janmo Ke Saathi”: SKYBER Partners Sibia To Sell India Made UAVs In Middle East And Africa Region

SKYBER Aerospace has teamed up with Dubai-based Sibia Technologies to bring made-in-India unmanned aerial vehicles (UAVs) to the Middle East and Africa.

This partnership marks SKYBER's expansion into the MEA region, offering advanced air mobility solutions tailored to these markets. The move highlights India's growing presence in the global UAV industry.

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“Diwali Par Dhoom Machale”: PhonePe launches new plan for Diwali

PhonePe has introduced a special insurance plan for Diwali, priced at just ₹9, offering coverage for firecracker-related accidents.

The plan provides up to ₹25,000 in protection for a 10-day period, covering hospitalisation and accidental death expenses. Available from October 25, 2024, this plan ensures immediate coverage, adding a layer of safety during the festive season.

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1. RentoMojo saw its profit jump 3X to INR 22 Cr in FY24, driven by strong business growth and controlled expenses. The startup also recorded a 60% year-on-year increase in operating revenue, reaching INR 193 Cr.

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2. D2C jewellery brand GIVA has raised INR 255 Cr, with fresh capital aimed at expanding its offline presence and growing its lab-grown diamond offerings. The funding round also enabled A91 Partners and India Quotient to make a partial exit, as GIVA looks to enhance its product portfolio and retail footprint across India.

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3. Robotics startup Perceptyne has secured $3 million in funding from Endiya Partners, Yali Capital, and other investors, including Whiteboard Capital and angel backers. The fresh capital will be directed toward enhancing product development, customer acquisition, and overall growth.

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4. Purplle has extended its Series F funding round by an additional Rs 500 crore, bringing the total to Rs 1,500 crore, with the Abu Dhabi Investment Authority leading the round. Existing investors like Premji Invest and Blume Ventures participated, alongside new investor Sharrp Ventures.

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5. Elixia Robotics, a logistics automation startup founded in 2022, has secured $1 million in a pre-Series A funding round led by JITO Incubation and Innovation Foundation (JIIF). The round saw participation from notable investors, including Motilal Oswal and Vimal Shah, to bolster Elixia's growth in the logistics sector.

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6. Brown Living, an online marketplace for eco-friendly and plastic-free products, has raised an undisclosed amount in a pre-seed funding round led by Blink Digital, with participation from angel investors Bharat Iyer and Sanjay Nayar.

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7. Actor Rana Daggubati has invested in the lifestyle brand Kingdom of White, which specializes in all-white products and plans to expand its omnichannel presence across India. With over 20 retail stores, the brand is also available on major e-commerce platforms, including Myntra, Amazon, Ajio, and Nykaa Fashion.

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