Go Digit’s Shares Soar, IN-SPACe Invites Indian Startups, Emami To Acquire The Man Company

Go Digit’s shares soared 8% on stellar Q1 results, while Paytm secured government approval for a INR 50 crore investment in its payments arm. Zomato’s new ‘Brand Packs’ aim to boost restaurant loyalty, but not all news is rosy as Dunzo faces another insolvency challenge and WayCool slashes over 200 jobs in its third round of layoffs.

WazirX is reeling from a crypto heist traced back to Liminal's infrastructure, while Foxconn eyes iPad assembly in India. Meanwhile, IN-SPACe invites Indian startups to bid on an ambitious Earth observation satellite project and Emami is set to acquire The Man Company.

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

What Matters

“Badhai Ho Badhai”: Go Digit Shares Jump 8% Intraday On Robust Q1 Results

Go Digit's shares jumped 8% intraday on the back of stellar Q1 results but settled 3% higher at INR 345.25 on the BSE.

The company's net profit surged by 74% to INR 101 crore in Q1 FY25, up from INR 58 crore in the same period last year. Additionally, their gross written premium grew by 22.2%, reaching INR 2,660 crore, compared to INR 2,178 crore in the previous fiscal's Q1.

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“Sher Mara Nahi Hai”: Paytm Gets Govt Nod For INR 50 Cr Investment In Its Payments Arm

Paytm's shares surged 10% to INR 508.85 during today's intraday trade on the BSE after securing government approval for a INR 50 crore investment in its payments arm.

This green light will allow Paytm to apply for an online payment aggregator (PA) license from the Reserve Bank of India, paving the way for further growth in the fintech sector.

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“Ab Aayega Maza”: Zomato Launches ‘Brand Packs’ To Reward Repeat Orders & Build Loyalty Program For Restaurants

Zomato has launched 'Brand Packs,' a loyalty program offering extra discounts at favorite restaurants, as revealed by CEO Deepinder Goyal on X. Over 4,000 restaurants are already on board, with 1 million packs purchased, rewarding frequent users and building customer loyalty.

This innovative move aims to enhance the dining experience and strengthen relationships with both customers and restaurants.

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“Dukh, Dard, Peeda”: Dunzo In Insolvency Soup Again As Another Creditor Files IBC Application

Dunzo finds itself in insolvency trouble once again as Invoice Discounters filed an IBC application, alleging only half of their dues have been cleared. Dunzo's lawyer requested two weeks for settlement talks, indicating ongoing negotiations.

This comes on the heels of Betterplace Safety Solutions' recent move against Dunzo for unpaid dues worth INR 4 crore, adding to the company's financial woes.

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“Aapse Bidaai Lene Ka Waqt Aagya”: WayCool Cuts Over 200 Jobs In Another Round Of Layoffs Within Five Months

WayCool Foods, the Chennai-based agriculture supply chain startup, has laid off over 200 employees across departments, marking its third round of layoffs in the past year. This decision is part of the company's ongoing efforts to streamline operations and reduce losses amid funding challenges.

The layoffs come just five months after the previous round, highlighting the company's struggle to stabilize financially.

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“Ye Kathin Drishya Hai”: WazirX’s Crypto Heist: Probe Finds Attack Originated From Liminal’s Infrastructure

WazirX's recent crypto heist has been traced back to a breach originating from Liminal's infrastructure, as revealed by a preliminary investigation. The July 18 attack bypassed WazirX's final verification step, allowing unauthorized transactions to non-whitelisted addresses.

Despite Liminal's firewall and whitelist policy, the malicious transaction slipped through, highlighting critical security flaws.

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“Kaafi Phaila Hua Dhandha Hai”: After iPhone, Foxconn Now Looks To Assemble Apple iPads In India

Foxconn is considering assembling Apple's flagship tablet, the iPad, in India, marking a significant shift from its current focus on iPhone manufacturing. This move represents a major expansion for Foxconn India, which has so far only assembled Apple's smartphones.

Additionally, Foxconn is reportedly planning to manufacture artificial intelligence servers in India, further diversifying its operations in the country.

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“Anant Se Bhi Aage”: IN-SPACe Seeks Bids From Indian Startups To Build Earth Observation System

IN-SPACe is inviting bids from Indian startups to design, build, and launch an Earth observation satellite constellation with advanced imaging technologies. Startups need to have raised at least INR 42.5 crore to qualify, while other applicants need INR 85 crore.

The selected startups will get the chance to monetize space data and related services, marking a significant opportunity in India's space tech sector.

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“Hukumat Ki Jung”: Emami to Acquire The Man Company

Emami is making a move by acquiring a 100% stake in men's grooming brand The Man Company. This marks Emami’s first full acquisition in the direct-to-consumer space, despite its history of backing several D2C ventures.

The deal highlights Emami’s push to expand its footprint in the grooming market.

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1. Mayhem Studios, the mobile game development arm of MPL, secured funding from Lumikai to develop its AAA title, Underworld Gang Wars. This fresh capital will fuel the creation of their highly anticipated battle royale mobile game.

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2. Leap Finance is in discussions to raise $70–100 million, aiming for a valuation exceeding $1 billion. This new funding round comes over two years after their Series D round, marking a significant milestone for the fintech platform.

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