Key Exits, Major Investments, and Strategic Alliances - StartupChai is sizzling!

From high-profile exits like Sukhleen Aneja stepping down at The Good Glamm Group to game-changing moves like IndiGo's alliance with Archer Aviation for electric air taxis by 2026, alongside financial maneuvers like Oyo's $450 million bond sale and Ola's colossal $500 million IPO plan, the Indian startup scene is ablaze with innovation, intrigue, and investment.

Sip the hot steaming cup of news brought to you by Startupchai as we also cover NPCI's UPI cap review, Veera's milestone, Digantara's satellite facility launch, Zomato's tax tussle, and even Elon Musk's postponed visit.

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

What Matters

“Munafe Ke Liye Mukhtalif Tarike”: Now, The Good Glamm Group’s D2C Brands Division CEO Sukhleen Aneja Quits

Sukhleen Aneja, CEO of The Good Glamm Group's D2C Brands Division, has called it quits.

She was steering the ship for brands like MyGlamm, The Moms Co., and Organic Harvest. This shake-up follows reports of the company axing 150 jobs in a restructuring move, all while aiming for an IPO by Diwali 2025 and striving to hit profitability by then.

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“Bach Ke Rehna Baba”: NPCI May Review Its Decision On 30% UPI Market Share Cap By Year End

NPCI might be having a change of heart about that 30% market share cap for UPI apps by the end of the year.

Initially, they wanted existing players to stick to this limit to make room for newcomers in the game. Now, with talks swirling about the UPI sector's growth and fresh fintech players on the scene, NPCI seems to be reconsidering its stance.

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“Dhoom Macha Le”: Homegrown Web Browser Veera Crosses 1 Mn Users Mark

Veera, the homegrown web browser, just hit the 1 million users mark, surpassing its initial target range. According to CEO Arjun Ghose, it's all about providing a desktop-like experience on mobile.

And with a recent $6 million seed funding round in February, they're making waves in the browser world.

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“Maggie’s Farm”: Peak XV-Backed Digantara Inaugurates 25,000-sq ft Satellite Assembly Facility In Bengaluru

Digantara, backed by Peak XV, just opened up a massive 25,000-square-foot satellite assembly facility in Bengaluru's Hebbal area. This high-tech center will handle assembly, integration, and testing for satellites, while also keeping an eye on space traffic from its control hub.

And remember their recent Series A1 funding round closure at $12 million? Seems like they're putting it to good use.

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“Karz Liya Hai Toh Chukana Padega”: Oyo Hotels Seeks $450 Mn Bond Sale For Refinancing

Oyo Hotels is gearing up for a massive bond sale, aiming to rake in between $350 million to $450 million. The plan? Paying off its term loan B, which is set to mature by 2026, while extending the repayment window to a comfortable five years.

Remember their $660 million term loan funding back in 2021? Looks like they're keeping the momentum going.

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“Sapne Sunehre Apne”: Ola Cabs Plans $500 Million IPO, Aims To List With Ola Electric This Year

Ola Cabs is revving up for a whopping $500 million IPO, aiming to file draft papers with SEBI in the next three months. This move follows hot on the heels of Ola Electric's DRHP filing last December, showing Bhavish Aggarwal's double-down on the IPO game.

And with talks buzzing around investment banks like Bank of America, Goldman Sachs, and more, Ola's set to make some serious waves in the market.

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“Chori ka Jurmana”: Zomato Gets INR 11.8 Cr GST Demand, Penalty Order Over Export Services

Looks like Zomato's got a hefty bill to chew on – they've been hit with an INR 11.8 crore GST demand and penalty order for export services spanning from July 2017 to March 2021. The order packs a double punch with a demand and penalty each clocking in at Rs 5.9 crore.

With the food delivery giant in the spotlight, it'll be interesting to see how they handle this financial pickle.

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“Nadaan Parinde, Ghar Aaja”: Tesla CEO Elon Musk Postpones Trip To India

Looks like Elon Musk's India plans are hitting the brakes for now – he's postponed his trip due to heavy Tesla commitments but still aims to swing by later in the year.

Originally slated to meet PM Modi and kick off Tesla's journey into the South Asian market, Musk's visit would've sparked talks about potential assembly units and collaborations with space-tech startups.

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“CP se Gurugram”: IndiGo Parent Partners US-Based Archer Aviation To Launch Electric Air Taxis In India By 2026

IndiGo's parent company, InterGlobe Enterprises, is teaming up with US-based Archer Aviation to bring electric air taxis to India by 2026. Imagine zipping from Connaught Place to Gurugram in just 7 minutes.

This partnership promises to revolutionize urban mobility and give us a taste of Jetsons-style commuting right here in India.

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Fundraising and Financials

1. Ecozen, a climate-focused deeptech startup, secures $30 million in funding through a blend of debt and equity from its current investors, with Nuveen among the key backers.

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2. LetsTransport, a last-mile tech-logistics provider, is set to raise $13.5 million, with $7.6 million coming from existing investor Bertelsmann through compulsorily convertible shares, while the rest will be secured as debt from the same investor.

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