Massive UPI Fraud, Zaggle Soars, Swiggy Defies Trends

Zaggle’s shares hit the upper circuit after a MasterCard partnership, while Uber India launches its ‘Uber One’ membership to deepen user loyalty. Swiggy defies market trends with an 8% rally, and Ola Electric’s escooter launch sparks a 9.4% intraday surge. Meanwhile, Foxconn eyes Tamil Nadu for a massive battery project, even as India grapples with UPI frauds worth INR 485 Cr in H1 FY25.

On the growth front, DailyObjects’ revenue spikes 34%, Pratilipi cuts losses by 62%, and Pocket FM zooms past INR 1,000 Cr. Nykaa tightens its hold on Earth Rhythm, and Zomato’s Hyperpure introduces a 4-hour delivery service.

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

“Mera Desh Badal Raha Hai”: India Saw UPI Frauds Worth INR 485 Cr In H1 FY25

India reported UPI payment frauds worth a staggering INR 485 Cr across 6.32 lakh cases in the first half of FY25, according to government data.

The rise in frauds underscores the challenges of securing digital transactions despite UPI’s growing adoption. As the nation embraces cashless payments, the numbers call for stronger safeguards to protect users.

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“Hum Saath Saath Hai”: Foxconn In Talks With TN To Expand Its Battery Manufacturing

Foxconn is in discussions with Tamil Nadu to set up the world’s second-largest Battery Energy Storage System (BESS), marking a significant push in India’s green energy ambitions.

Reports suggest the state government has offered 200 acres to support the project, highlighting its commitment to attracting global investments. If finalized, this expansion could position Tamil Nadu as a key player in advanced battery manufacturing.

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“Aala Re Aala Naya App Aala”: Zomato’s Hyperpure Launches 4-Hour Delivery Service

Zomato's B2B supply arm, Hyperpure, has just launched a new "Express" delivery service, promising orders from 8 AM to 4 PM within just 30 minutes to 4 hours.

This quick turnaround time is designed to help restaurants get fresh ingredients and supplies faster, boosting efficiency in the kitchen. With this new offering, Hyperpure aims to streamline operations for its restaurant partners.

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“Ek Nayi Scheme Aayili Hai”: Uber India Rolls Out 'Uber One' Membership Program

Uber India has unveiled its new ‘Uber One’ membership, offering up to 10% ride credits across bikes, autos, and cabs.

At INR 149 per month, the program is live across major cities like Delhi, Bengaluru, and Mumbai, with select users enjoying discounts of up to 80% as an introductory perk. The move signals Uber’s push for customer loyalty in a fiercely competitive mobility market.

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“Janmo Ke Saathi”: Nykaa Picks Up Majority Stake In D2C Skincare Brand Earth Rhythm

Nykaa has cemented its partnership with Earth Rhythm by acquiring a majority stake, following its initial 18.6% investment in 2022.

Known for its in-house R&D and over 250 skincare products, Earth Rhythm strengthens Nykaa's foothold in the D2C beauty segment. This move aligns with Nykaa’s strategy to diversify its portfolio with innovative, homegrown brands.

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“Bhaari Mistake Ho Gaya”: Zaggle Shares Hit 5% Upper Circuit After Partnership

Zaggle Technologies witnessed a sharp market reaction today as its shares surged 5%, hitting the upper circuit limit at INR 490.65 on the BSE.

The rally followed the announcement of its strategic partnership with payment giant MasterCard, aimed at enhancing its financial technology offerings. Investors appear optimistic about the collaboration's potential to strengthen Zaggle's position in the competitive payments space.

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“Tujhko Har Haal Mein Paana Hai”: Swiggy Rallies 8% Amid Broader Market Decline

Defying broader market trends, Swiggy shares rallied 8% today, extending their post-listing gains to over 12%. While trading at a 35-40% discount to rival Zomato, analysts at UBS project a narrowing gap, crediting Swiggy's stabilizing market share and Instamart’s robust brand recall.

With a strong dark store network, the company’s volume growth is anticipated to bounce back by FY25, sparking investor optimism.

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“Panchi Banu Udti Phiru”: Ola Electric Shares Jump 9.4% Intraday On Escooters Roll Out

Ola Electric shares soared 9.4% intraday, reaching INR 80.40 on the BSE, following the launch of its new electric scooters tailored for gig workers and budget-conscious buyers.

Opening 5.7% higher at INR 77.71, the rally reflects market enthusiasm for Ola’s bid to expand its EV footprint. The move aligns with the company’s push to dominate the cost-efficient mobility segment.

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“Aaj Main Upar, Aasman Neeche”: DailyObjects’ revenue spikes 34% to Rs 84 Cr in FY24

DailyObjects, the D2C lifestyle accessories brand, saw its revenue surge by 34% to INR 84 Cr in FY24, driven by strong product sales contributing 98.8% of earnings.

Known for its stylish bags, wallets, and tech accessories, the brand continues to capture the urban consumer’s imagination. This growth reflects its rising dominance in India’s lifestyle market.

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“Suffering From Success”: Pratilipi approaches Rs 60 Cr revenue mark in FY24, cuts losses by 62%

Storytelling platform Pratilipi is nearing the INR 60 Cr revenue milestone, with operational income rising 65% to INR 57.8 Cr in FY24.

Alongside this growth, the Bengaluru-based company slashed its losses by an impressive 62%, showcasing a stronger financial trajectory. This progress highlights Pratilipi’s growing appeal in the digital storytelling space.

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“Learning To Fly”: Pocket FM’s Revenue Surges 6X To Zoom Past INR 1,000 Cr Mark

Pocket FM has seen a staggering 6X revenue surge, crossing the INR 1,000 Cr mark with a 496% jump in global revenue to INR 1,051.97 Cr in FY24.

The audio streaming platform's explosive growth highlights its expanding user base and rising popularity in the digital entertainment space. This impressive leap positions Pocket FM as a formidable player in the Indian podcast and audio content market.

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1. Wealthtech startup Univest is in talks to raise $16 Mn in Series A funding, with plans to launch an advisory-first brokerage platform under a new entity, Univest Broking. The funding round will include a mix of equity and debt, with Innoven Capital expected to contribute $3 Mn in debt financing.

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2. Bengaluru-based startup ShopDeck has raised $8 Mn to enhance its services for D2C brands, including website development, catalog management, and marketing strategies. The fresh capital will support hiring and further product development to help brands build and optimize their storefronts.

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3. EV leasing startup Alt Mobility has secured $10 Mn in funding to expand its fleet and enhance its digital asset management platform. The fresh capital, supported by investors like Shell Ventures and Twynam Earth Fund, will also focus on standardizing battery technology.

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4. ParkMate, a car parking solutions provider, has raised $1.2 Mn in a new funding round led by Cactus Partners, with participation from Venture Catalysts and the Marwah Group Family Office. The fresh capital will help ParkMate scale its operations and enhance its services.

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5. Indore-based Candytoy Corporate (CTC) has raised Rs 110 Cr in its Series A round, backed by investors like Abakkus Asset Managers and Sixth Sense Ventures. The funding will support the company’s growth as a global manufacturer of plastic promotional toys and confectionery.

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