Fairplay Raids, Times Internet's Selling Spree, Swiggy’s Gourmet Service and more

The government's greenlighting of INR 50 lakh grants for tech startups, ED's raids on 19 locations in the Fairplay app case, Times Internet's billion-dollar spree, Practo's Q4 EBITDA success, Swiggy's 'Handpicked' gourmet comeback, WinZO and Hike's IP battle, BYJU'S NCLT saga, and Aurionpro's RBI nod for payments innovation.

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

What Matters

“Hai Celebration, Naacho Dhanadhan”: Centre Greenlights INR 50 Lakh Grants Each For 7 Startups In Tech

The Centre has greenlit INR 50 lakh grants each for seven innovative startups under the NTTM's GREAT scheme. These startups are revolutionizing fields like sustainability, high-performance textiles, meditech, and smart textiles.

Launched in 2020, NTTM is on a mission to make India a global leader in technical textiles through research and innovation.

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“Sabki Chori Pakdi Jaayegi”: Fairplay App Case As ED Raids 19 Locations Across Mumbai And Pune

In a serious crackdown, the ED has raided 19 locations across Mumbai and Pune in connection with the Fairplay app case. The app is suspected of illegally broadcasting cricket matches and facilitating online betting.

During the raids, authorities seized INR 8 crore worth of incriminating documents, digital devices, cash, bank funds, demat account holdings, and luxury watches, following an FIR by the Nodal Cyber Police in Mumbai.

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“Munafe Ke Hazar Tarike”: Times Internet's Selling Spree Has Helped It Earn Nearly $1 Bn

Times Internet's selling spree has brought in nearly $1 billion, with the crown jewel being the $700 million sale of MX TakTak to ShareChat in February 2022. They've also offloaded DineOut to Swiggy and sold MensXP, iDiva, and Hypp for substantial sums over the past couple of years.

Despite these hefty sales, the digital giant's losses surged 43% YoY to INR 490 crore in FY23, and online ad revenue dipped 4.5% YoY to INR 762 crore.

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“Dekhne Ka Tarika”: Practo Claims Adjusted EBITDA Profitability In Q4 FY24

Practo claims adjusted EBITDA profitability in Q4 FY24, marking a significant turnaround from its INR 17 crore loss in FY24 and INR 162 crore loss the previous year.

The healthtech startup saw "significant growth" in Tier-2 and 3 markets with a 50% revenue boost, while Tier-1 cities recorded a 20% revenue increase. Founded in 2008, Practo offers telemedicine, doctor appointment booking, and a SaaS platform for hospitals.

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“Swag Se Karenge Sabka Swagat”: Swiggy Brings Back Gourmet Delivery Service 'Handpicked'

Swiggy has relaunched its gourmet delivery service, 'Handpicked,' currently available in Bengaluru, with plans to expand to Delhi and Mumbai soon. This service lets users purchase local, regional, and select new-age gourmet brands with a swift 10-minute delivery promise.

The comeback happens a year after Swiggy, gearing up for its IPO, initially shut down the service in May 2023.

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“Battle Of IP Violations”: WinZO And Hike's Court Battle Over Alleged IP Violation

The Delhi High Court has ordered WinZO and Hike to submit the source codes of their apps, WinZO and Rush, amidst an ongoing legal battle over alleged IP violations.

WinZO sought interim relief under the Arbitration and Conciliation Act, accusing Hike of launching a competing app, 'Rush,' in November 2020 through its Indian subsidiary.

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“Samrajya Bachane Ki Aakhri Koshish”: BYJU'S Rights Issue As NCLT Asks Edtech Giant To Maintain Status Quo

The NCLT has directed embattled edtech giant BYJU’S to maintain the status quo regarding existing shareholders and their shareholding amidst ongoing legal disputes. General Atlantic Singapore and Sofina S.A. filed a plea against BYJU'S, accusing it of initiating a second rights issue.

The Tribunal has also restrained BYJU’S from proceeding with the second rights issue until the petition against the first is resolved.

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“Touchdown”: Aurionpro Payment Solutions Gets Final RBI Nod To Operate

Aurionpro Payment Solutions has received the final nod from the RBI to operate as an online payment aggregator through its brand AuroPay.

AuroPay will streamline the entire payment cycle for e-commerce businesses and merchants, managing receivables and payables while offering digital workflow automation solutions. This approval comes as part of the RBI's active push in 2024, with multiple companies receiving payment aggregator licenses.

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1. IPO-bound Ola Electric is set to raise INR 100 crore in debt from Alteria Capital, following an earlier INR 410 crore debt raise from EvolutionDebt Capital this year. The electric vehicle manufacturer is gearing up for its market debut with significant financial backing.

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2. Indigrid Technology, specializing in electric vehicle components, secures USD 5 million in its first institutional round led by Cactus Partners. The funding aims to bolster manufacturing capacity in Manesar, Haryana, diversify product lines, and drive further growth initiatives.

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3. Edupreneur Dr. Tom M. Joseph has backed Eduport, an educational technology startup in India, through funding facilitated by Luxembourg-based Verso Capital. The investment aims to fuel Eduport's growth in the dynamic education technology landscape.

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4. Indkal, based in Bengaluru, secures $36 million in its inaugural funding round to enhance its electronic product lineup and bolster its sales and service networks. The startup also plans to establish a research and development hub aimed at advancing its product development capabilities.

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