Indian Startup Sphere’s Looking Up: The Spiciest Startup Updates to Kickstart Your Morning

Grab your cup of today’s StartupChai, as it’s simmering with hot Desi startup news. Agilitas gears up for a consumer space debut, Caret Capital and Ev2 Ventures unite for a $50 Mn sustainability fund, while D2C sensation Svish brings on board cricket star Shikhar Dhawan. Meanwhile, the Good Glamm Group faces restructuring, and the GainBitcoin scam probe unfolds.

Zomato's Harley-Davidson delivery agent turns heads, CRED gets RBI approval, and OpenAI hires in India. Flipkart's Zepto deal hits a snag, Aurionpro acquires Arya.ai, and sizzling fundraising news ignites the startup sphere.

Read on to get the full scoop and unwind with our hand-brewed memes.

“Dum Laga Ke Haisha”: Agilitas Acquires Brand Licence For Lotto, Eyes Consumer Space Debut By 2025

Agilitas just scored big, snagging the brand license for Lotto across India, South Asia, and Australia. With a 40-year deal in hand, they're set to design, produce, and roll out Lotto products galore.

And with their Mochiko brand aiming for INR 1,000 Cr turnover by FY25, Agilitas is poised to make a serious splash in the consumer space by 2025, fueled by significant funding from Convergent Finance and Nexus Venture Partners.

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“Hum Dono Hai Alag-Alag, Hum Dono Hai Juda-Juda”: Caret Capital, Ev2 Ventures Join Forces To Launch New $50 Mn Sustainability Fund

Caret Capital and Ev2 Ventures are teaming up to unleash a $50 Mn sustainability juggernaut dubbed Caret Capital Fund II. Set to bankroll early-stage startups in mobility, distribution, and employment arenas, this dynamic duo, led by Pankaj Bansal, Prajakt Raut, and Karan Mittal, aims to fuel innovation and positive change.

With the Indian startup ecosystem buzzing, their venture adds to the $5 Bn influx of funds in 2023, marking a promising era for sustainable entrepreneurship.

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“Gabbar Is Back”: D2C brand Svish Ropes In Shikhar Dhawan As Investor

Svish has recently roped in Gabbar of Indian Cricket, Shikhar Dhawan as both investor and brand ambassador. With plans to delve into sexual health and new grooming realms, this D2C gem founded by Ishan Grover and Jaideep Mahajan in 2020 is set to redefine personal hygiene in style.

Dhawan's backing adds star power to Svish's mission, propelling it towards new heights of innovation and impact.

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“Khatam, Tata, Goodbye”: IPO-Bound The Good Glamm Group Lays Off 150 Employees In A Restructuring Exercise

The Good Glamm Group is making bold moves ahead of its IPO, bidding farewell to 150 employees as part of a year-long restructuring. With integration of acquired companies complete, the startup gears up for its IPO by Diwali 2025, while promoting Manan Jain to Group COO.

Additionally, the GlammSOP program promises to reward high-performing staff with accelerated ESOP vesting, signaling a commitment to retaining top talent amidst transformation.

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“Chor Ki Daadhi Mein Tinka”: GainBitcoin Scam Probe as ED Attaches INR 98 Cr Worth Properties Of Raj Kundra

In a crackdown on the GainBitcoin scam, the Enforcement Directorate has seized assets worth INR 97.79 Cr belonging to Raj Kundra, including properties like a Mumbai flat linked to Shilpa Shetty and a Pune bungalow.

As the investigation unfolds, key figures like Simpy Bhardwaj and Nitin Gaur face judicial custody, while main suspects Ajay Bhardwaj and Mahendra Bhardwaj remain at large, shedding light on the complex web of financial deceit.

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“Halki Aanch Mein Sassiness”: Zomato delivery agent is turning heads on Instagram with his delivery vehicle, a Harley-Davidson X440

A Zomato delivery agent is causing a stir on Instagram by zipping around town on a Harley-Davidson X440, worth a mere Rs 2.4 lakh. With a dash of flair, this unconventional choice of delivery vehicle has turned heads, giving food delivery a whole new level of sassiness.

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“Ab Humari Baari”: CRED Gets RBI’s In-Principle Nod For Payment Aggregator Licence

CRED is revving up its fintech game with the Reserve Bank of India's in-principle nod for a payment aggregator license, a move set to turbocharge its merchant payments sector.

Joining the ranks of industry giants like Razorpay and Cashfree, this Bengaluru-based startup is primed to make waves in the competitive landscape, signaling a dynamic shift in the digital payment arena.

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“Khela Hobe”: OpenAI Makes First Hiring In India To Smoothen Its Journey In The Country

OpenAI makes a strategic move, tapping former Meta and Truecaller exec Pragya Misra to steer public policy and partnerships in India, reinforcing its commitment to the region.

Set to commence her role by month-end, Misra's expertise heralds a new era of collaboration, aligning with India's burgeoning interest in generative AI and amplifying OpenAI's footprint in the subcontinent.

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“Panna Ki Tamanna Hai”: Flipkart’s Plans For Zepto Majority Stake Sour Over Valuation

Flipkart's bid for a majority stake in Zepto hits a snag over valuation as the quick commerce company eyes a valuation of around $2.5 Bn.

Amid discussions with heavyweight investors like General Atlantic and sovereign funds like ADIA, Zepto's goal of achieving EBITDA positivity by September adds to the intrigue, setting the stage for a high-stakes negotiation saga in the world of Indian e-commerce.

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“Aurionpro Ka Jalwa”: Aurionpro Solutions acquires Arya.ai for $16.5 Mn

Aurionpro Solutions is making waves with its acquisition of a 67% stake in Arya.ai, a banking and insurance-focused PaaS startup, in a hefty all-cash deal worth $16.5 Mn.

With an eye on bolstering their technological prowess, this Mumbai-based company's move signals a strategic leap forward in the ever-evolving landscape of fintech innovation.

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Fundraising and Financials

1. Uniqus Consultech secures a hefty $10 Mn investment from Nexus and Sorin to expand its consulting services, gearing up for accelerated growth by scaling existing solutions, launching new services, and tapping into new markets.

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2. ZEPIC secures $2.1 Mn funding led by Neon Fund and angel investors from Apple and Freshworks, aimed at bolstering its AI capabilities and expanding market reach globally.

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3. Spintly, a wireless access control startup, secures $2 Mn in funding from Accel and other investors to spearhead its expansion into the US market, bolstering sales, marketing, and partnership efforts.

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4. Ecozen, a deeptech startup, secures $30 Mn funding, comprising equity from Nuveen and others, alongside debt from InCred Credit Fund and the US DFC. With this backing, Ecozen aims to extend solar solutions to marginal farmers.

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5. Good Flippin' Burgers secures Rs 30 crore ($3.6 million) in an extended Series A round from Tanglin Venture Partners, propelling its growth in the quick-service burger industry.

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