FirstCry Faces Heat From I-T Dept, Zomato Spices Things Up, Ola Struggles As TVS and Bajaj Steal Limelight and more

FirstCry faces scrutiny from the I-T Dept over INR 80 crore in ESOP expenses, while Zomato spices things up with a new order scheduling feature. TAC Infosec is making waves by acquiring Cyber Sandia to boost its US presence, and Nazara makes a splash with its INR 235 crore buy of UK’s Fusebox Games.

The Centre is collaborating with states to fuel space tech innovation, and WazirX plans to ease INR balance withdrawals despite ongoing challenges. Swiggy aims for a $15 billion IPO valuation, but Kenko Health hits a bump with a shutdown due to financial woes. Ola struggles as TVS and Bajaj steal market share in the E2W arena, and DroneAcharya lands a major deal with IIT Ropar to upskill 150 individuals in drone tech.

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

What Matters

“Knockin’ On Heaven’s Door”: FirstCry Gets I-T Dept Notice Over INR 80 Cr ESOP Expenses

FirstCry is in the hot seat as the Income Tax Department knocks on its door over INR 80 crore in ESOP expenses. While the company reassures that no taxable income has escaped assessment and remains confident in its strong case, the financial impact remains uncertain.

Interestingly, this scrutiny comes right after FirstCry's stellar debut on the NSE, where it listed at a 40% premium.

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“Daal Mein Tadka”: Now, Zomato Launches Order Scheduling Feature

Zomato is spicing things up with its new order scheduling feature, allowing you to plan your cravings up to two days in advance for orders above INR 1,000. Currently available in select cities like Delhi NCR, Bengaluru, and Mumbai, this feature is set to roll out for all orders soon.

This move comes right after Zomato bid farewell to its intercity delivery service, Legends.

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“Hukum Ki Jung”: TAC Infosec To Acquire 'Cyber Sandia' To Bolster Presence In US

TAC Infosec is making strategic moves to strengthen its foothold in the US public sector by acquiring Cyber Sandia for $25,000 (around INR 20.95 lakh). The SaaS cybersecurity startup sees this acquisition as a key step in expanding its reach and capabilities across the Atlantic.

As TAC Infosec integrates Cyber Sandia's expertise, it's clear the company is serious about securing a stronger presence in the competitive US market.

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“Hum Saath Saath Hai”: Nazara Buys UK-Based Gaming Studio Fusebox Games For INR 235 Cr

Nazara Technologies is leveling up its gaming portfolio with the acquisition of UK-based Fusebox Games for INR 235 crore. Known for its IP-driven interactive story games, Fusebox adds a new dimension to Nazara's offerings, monetized through in-app purchases.

This acquisition is part of Nazara's recent spree, which includes snapping up Nextwave Multimedia and Circle of Games, signaling a bold expansion strategy in the global gaming arena.

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“Anant Se Bhi Aage”: Centre Working With States On Incentives To Boost Space Subsystem

On the first National Space Day, IN-SPACe chairman Pawan Goenka announced that the government is collaborating with states to offer incentives aimed at boosting the manufacturing of space subsystems.

This initiative aligns with India's growing ambitions in the space sector, following the historic Chandrayaan-3 landing on the Moon’s South Pole. With a focus on fostering innovation and production, the government is looking to solidify India's position as a key player in the global space race.

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“Babuji Zara Dheere Chalo”: WazirX To Reopen INR Balance Withdrawals Starting Aug 26

Starting August 26, WazirX will reopen INR balance withdrawals, but users can only access 66% of their funds due to ongoing disputes and investigations freezing the remaining 34%.

The crypto exchange is also planning to seek relief from the High Court of Singapore to allow for a restructuring under a scheme of arrangement. As WazirX navigates these choppy legal waters, users are left cautiously watching their wallets.

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“Anand Hi Anand”: Swiggy Eyes $15 Bn Valuation For Its IPO

Swiggy is gearing up for its IPO, aiming for a whopping $15 billion valuation as it looks to raise between $1 billion and $1.2 billion.

After being valued at $10.7 billion in 2022 and $11.5 billion in mid-2024, the foodtech giant's ambitious IPO plan includes a fresh issue of shares worth INR 3,750.1 crore and an offer-for-sale component of INR 6,664 crore. As Swiggy prepares for its market debut, all eyes are on whether it can serve up this lofty valuation.

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“Dukh, Dard, Peeda”: Peak XV, BEENEXT Backed Kenko Health Shuts Ops Due To Cash Crunch

Kenko Health, backed by Peak XV and BEENEXT, has shut down operations due to a severe cash crunch, as founders Aniruddha Sen and Dhiraj Goel informed employees in June.

The startup's troubles deepened with looming legal action by a debt investor at the NCLT, and its website and communication channels have since gone dark. Even as Kenko was on the brink of securing a new domestic investor, the potential equity dilution raised concerns among existing backers, sealing its fate.

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“Raste Par Phisalte Hue”: Ola Loses Ground To TVS & Bajaj In E2W Space, Market Share Slips

Ola Electric is losing its grip in the electric two-wheeler (E2W) market as its market share slipped to 33% in August. Legacy players like TVS and Bajaj are charging ahead with lower-priced models and aggressive discounts, pulling customers away from Ola.

As the competition heats up, Ola faces a tough ride ahead in retaining its spot at the top of the E2W leaderboard.

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“Aage Badhta Bharat”: DroneAcharya Bags Order From IIT Ropar To Upskill 150 Individuals

DroneAcharya Aerial Innovations has secured a INR 50.44 lakh deal with IIT Ropar to upskill 150 individuals in the exciting field of drone technology. This Pune-based firm is set to take flight with its new contract, aiming to elevate skills and boost expertise in this high-tech sector.

As drone tech soars in prominence, DroneAcharya is positioning itself as a key player in shaping the industry's future.

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1. CaratLane's profit fell 5% to INR 79 crore in FY24 despite a 41% surge in operating revenue, driven up to INR 3,080 crore. The decline in profit was attributed to rising advertising and miscellaneous expenses, pushing total expenditure up by over 44% to INR 2,992 crore.

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2. LoanKuber has raised $3.5 million from a mix of angel investors and industry players like Acko, 1mg, and Clovia’s cofounders. The fintech startup plans to leverage this capital to enhance its tech stack, expand its team, and scale its asset management capabilities.

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3. Axio has secured $20 million from the Amazon Smbhav Venture Fund to boost its digital consumer finance offerings and expand its lending operations. With this round, Axio's total funding reaches $232 million, building on previous investments of $137 million in equity and $671 million in debt.

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