Meesho Faces Backlash, CarTrade’s Surge, Veefin's Overseas Acquisition

Meesho faced backlash and quickly removed Lawrence Bishnoi T-shirts from its platform, while CarTrade celebrated a surge to a new 52-week high. In contrast, Ola Electric’s shares plummeted nearly 8%, hitting fresh lows. Meanwhile, Paytm’s CPO Shreyas Srinivasan stepped down following the Zomato deal, as DeHaat and Spinny reported widening losses for FY24.

On a brighter note, Yubi trimmed its net loss by 22% with impressive revenue growth, and Veefin made its mark with its first overseas acquisition in GenAI. Additionally, the Fashion Entrepreneur Fund welcomed Times Group veteran Deepak Lamba as its new CEO.

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

“Jo Vaada Kiya Tha, Wo Nibhana Padega”: Meesho Removes Lawrence Bishnoi Tshirts From Site After Backlash

Meesho hit a rough patch recently when T-shirts featuring gangster Lawrence Bishnoi popped up on their platform for just INR 166.

The backlash was swift, with social media calling for Meesho's "de-platforming" for promoting a criminal. The online marketplace quickly acted, removing the listings and assuring customers of their dedication to a safe shopping space.

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“Besharam, Tu Fir Prakat Ho Gaya”: Ola Electric Shares Fall Nearly 8% To Hit Fresh Low

Ola Electric's shares tumbled 7.90% today, touching a new low at INR 74.23. The sharp decline underscores a dramatic 53.22% fall from its peak of INR 157.53, set on August 20, 2024.

The stock’s plunge raises amuses and concerns as investors watch its continued descent with wary eyes.

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“Yahan Ke Hum SIkandar”: CarTrade Shares Touch New 52-Week High At INR 1,136.60

CarTrade shares reached a new 52-week high at INR 1,136.60, marking the fourth straight session of gains.

With 3.47 lakh shares exchanged today, the company’s market cap stood firm at INR 5,323.62 crore. This surge of 7.8% since its Q2 FY25 results on October 28 reflects investor optimism, quietly propelling the stock upwards.

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“Achha Chalta Hoon, Duaon Mein Yaad Rakhna”: Paytm CPO Shreyas Srinivasan Exits Post Zomato Deal

Paytm's Chief Product Officer, Shreyas Srinivasan, has called it quits following the sale of Insider.in to Zomato.

Known for founding the live event platform, Srinivasan's departure comes as the deal closes a chapter on Insider.in’s journey under Paytm. The move hints at new beginnings for both Srinivasan and the platform as it transitions to Zomato's fold.

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“Humar Nuksaan Ho Gayil Ba”: DeHaat’s FY24 Loss Widens 3.76% To INR 1,133 Cr

DeHaat’s FY24 losses deepened by 3.76% to INR 1,133 Cr despite a 36% revenue boost to INR 2,720 Cr, fueled by strong agri-output sales. The startup managed to slash operating losses by 42% YoY and has its eyes set on quarterly profitability by Q4 FY25, banking on 40% growth.

With 15,000+ centers now active across 11 states, serving 2.7 million farmers, DeHaat’s farm produce aggregation has doubled to 6,000 MT daily.

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“Zindagi Barbad Ho Gaya”: Spinny Net Loss Swells BY 28% To INR 819.8 Cr In FY24

Spinny, the Tiger Global-backed used car marketplace, saw its net loss swell by 28% to INR 819.8 Cr in FY24, up from INR 590 Cr last year.

Despite this, the company’s revenue from operations grew by 14.2% to INR 3,725 Cr. The figures paint a mixed picture as Spinny grapples with balancing growth and profitability.

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“Picture Abhi Baaki Hai Mere Dost”: Yubi Group Cuts FY24 Net Loss By 22%, Revenue Jumps 47%

Digital lending unicorn Yubi, formerly CredAvenue, reduced its FY24 net loss by 22% to INR 395.8 Cr, down from INR 509.8 Cr the previous year.

This improvement came alongside a 47% surge in revenue, showcasing robust bottom-line growth. With controlled expenses supporting its stride, Yubi appears on track to strengthen its financial standing.

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“Swag Se Karenge Sabka Swagat”: Fashion Entrepreneur Fund Ropes In Times Group Veteran Deepak Lamba As CEO

Fashion Entrepreneur Fund has appointed Deepak Lamba, a seasoned leader with nearly a decade at the Times Group, as its new CEO.

Known for heading Worldwide Media, Lamba brings significant industry expertise to the platform that champions early-stage investments and mentorship for fashion entrepreneurs. This move signals the Fund’s ambition to bolster its growth under experienced leadership.

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“Waah, Kya Scene Hai”: Veefin Marks First Overseas Acquisition With GenAI Startup Walnut

Veefin Solutions has made its first overseas acquisition, snapping up a 50% stake in Singapore-based GenAI startup Walnut through an all-cash deal. This follows last month's strategic share swap, where Veefin acquired 26% of EpikInDiFi, valuing it at INR 125 Cr.

Founded in 2020, Veefin, led by Raja Debnath and Gautam Udani, continues to expand its footprint in supply chain finance and lending solutions for banks and NBFCs.

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1. Marut Drones has successfully raised $6.2 million (approximately INR 52.1 Cr) in a Series A funding round led by Lok Capital. The Hyderabad-based startup aims to utilize this investment to enhance tech-enabled solutions in the food and agriculture sectors.

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2. Regional OTT platform Stage is gearing up to raise $15 million in a new funding round, led by Goodwater Capital with participation from existing investors like Blume Ventures. This follows a successful January 2023 round where Stage secured $4.8 million.

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