M2P Fintech’s Bet On AI, Zepto CEO Fires Back, and Electrifi Mobility Becomes Astranova Mobility

M2P Fintech is doubling down on AI with its acquisition of Mad Street Den, while Zepto’s CEO is firing back at Deepinder Goyal’s claims of massive cash burn. Meanwhile, ex-CARS24 CEO Kunal Mundra is rebranding his EV startup to Astranova Mobility, signaling a broader sustainable transport vision. But it’s not all smooth rides—Ola Electric is in hot water with the Heavy Industries Ministry over unfulfilled PLI commitments, facing a hefty daily penalty.

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“Hum Nihayti Imandar Hai”: Zepto CEO Refutes Deepinder Goyal’s Quick Commerce Cash Burn Claims

Zepto CEO Aadit Palicha has pushed back against Deepinder Goyal’s claim that his company is burning ₹2,500 crore per quarter, calling it “verifiably untrue.”

He insists the numbers will speak for themselves once Zepto’s financials go public. As the quick commerce battle heats up, the debate over sustainability and cash burn is far from over.

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“Line Par Ajaao Bacchu”: Heavy Industries Ministry Notice To Ola Electric, Others For Failing PLI Commitments

The Heavy Industries Ministry has issued a notice to Ola Electric for not meeting its commitments under the ACC Battery Storage PLI scheme.

With the ₹18,100 crore program designed to cut battery imports, Ola now faces a steep penalty of ₹12.5 lakh per day starting January 2025. As India pushes for self-reliance in EV tech, compliance with such policies is becoming a high-stakes game.

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“Humare Saath Jud Jaao”: M2P Fintech To Buy Enterprise AI Platform Mad Street Den

M2P Fintech is set to acquire enterprise AI platform Mad Street Den in a stock-and-cash deal, though the exact size remains unclear.

This move strengthens M2P’s focus on AI-driven financial solutions, integrating Mad Street Den’s expertise in data intelligence. With this being M2P’s fourth acquisition, the Chennai-based fintech continues its strategic expansion amid an evolving financial landscape.

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“Rishta Wahi, Soch Nayi”: Ex-CARS24 CEO EV Startup Electrifi Renamed To Astranova Mobility

Kunal Mundra’s EV startup Electrifi Mobility is now Astranova Mobility, signaling a broader push beyond electric vehicles.

The company aims to explore sustainable mobility solutions, including hydrogen-powered transport for heavy vehicles. With this shift, Astranova Mobility positions itself for a future where EVs are just one piece of the puzzle.

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1. D2C menswear brand XYXX is set to raise ₹30 crore, led by Niveshaay Sambhav Fund, with backing from Sauce.VC and Anicut Capital. The fresh funds will drive business expansion and tech upgrades as XYXX scales its presence in underwear, loungewear, and athleisure.
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2. Beauty unicorn Purplle has secured a ₹100 crore infusion from its parent, Manash E-commerce, ahead of a potential IPO. As public listing plans take shape, the fresh capital could strengthen its position in the competitive beauty e-commerce space.
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3. Climate tech startup FluxGen has raised ₹28 crore in a Pre-Series A round led by IAN Alpha Fund to scale its AI-powered water intelligence solutions. With backing from investors like Rainmatter and Axilor Ventures, FluxGen aims to drive smarter water management.
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4. Micro-investing platform Deciml has secured $3 million in a seed round led by Jainam Broking to boost user growth and product innovation. With this funding, the startup aims to expand its team and make investing more accessible for young users.
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5. Kissht cofounders Karan Mehta and Sonali Jindal have launched Rezolv, an AI-driven debt resolution platform, securing $3.5 million in seed funding led by 3one4 Capital. With its first NBFC clients onboarded in January, Rezolv aims to streamline debt recovery for banks and lenders.
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