Nazara’s Subsidiaries Face Tax Problems, Google And MeitY Team Up, Paytm’s ESOP Boost and more

Kalpavriksh Fund and Unicorn India Ventures score big exits, while Nazara faces tax challenges. Google and MeitY team up to AI-upskill 10K startups, TechFini gets NPCI nod for UPI solutions, and NetApp Excellerator shines with AI innovators. Plus, Paytm's ESOP boost and Altern Capital's real estate fund debut round out a dynamic week in innovation.

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

What Matters

“Bhaari Blunder Ho Gaya”: Nazara Subsidiaries Receive Tax Notices Worth INR 1,119.93 Cr

Nazara's subsidiaries, Openplay Technologies and Halaplay Technologies, are in the spotlight after receiving hefty tax notices totaling INR 1,119.93 Cr. Openplay's share is a staggering INR 845.72 Cr, while Halaplay's proposed liability stands at INR 274.21 Cr.

Despite these hefty sums, these subsidiaries contributed less than 2% of Nazara's revenues and under 1% of its profits in the last quarter.

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“Mauka Rehte Nikal Lo Miya”: Kalpavriksh Fund Exits D2C Brand The Ayurveda Experience With 6X Returns

Kalpavriksh Fund's exit from The Ayurveda Experience (TAE) with a 6X return is making waves. After TAE's impressive $27 million Series C funding from heavyweights like Jungle Ventures and SIDBI Ventures, Kalpavriksh decided it was the perfect time to cash out.

This fund, which initially backed TAE in 2019, also boasts investments in Dunzo and BluSmart, showcasing its knack for picking winners in the D2C space.

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“Sabka Saath, Sabka Vikaas”: Google, MeitY Startup Hub To Upskill 10K Startups In AI

At its developer conference in Bengaluru, Google announced a major initiative with MeitY Startup Hub to upskill 10,000 Indian startups in AI. Through programs like Appscale Academy and Startup School, Google is offering AI-first programming and training to these startups.

The tech giant is also providing $350K worth of Google Cloud credits to eligible startups, boosting their cloud infrastructure and computational power.

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“Tum Toh Thehre Pardesi”: Unicorn India Ventures Partially Exits From Sascan Meditech With 6X Returns

Unicorn India Ventures is celebrating a partial exit from Sascan Meditech with a stellar 6X return. Founded by Subhash Narayana in 2015, this Thiruvananthapuram-based startup specializes in affordable cancer care solutions.

Unicorn India Ventures had invested INR 2 Cr over two rounds, starting in 2020, making this a notable success story in the healthcare sector.

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“Dimaag Ka Khel”: TechFini Gets NPCI Nod To Facilitate UPI-Based Payment Solutions

TechFini just scored big with NPCI's nod to facilitate UPI-based payment solutions. Now operating as a UPI issuer 2.0 and acquirer 2.0, TechFini can handle credit lines, RuPay credit cards, and recurring mandates on UPI.

They've also been authorized to manage UPI Unified Dispute and Issue Resolution, promising smoother resolutions for customer grievances.

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“Ab Aayega Maza”: Altern Capital Floats INR 250 Cr Maiden Real Estate Fund

Altern Capital has launched its first real estate fund, Jiraaf Au India Real Estate Fund - I, with a target of INR 250 Cr. This SEBI-approved category II alternative investment fund focuses on plotted development and last-mile funding, aiming to reduce approval and execution risks.

With a four-year tenure, the fund is set to invest significantly in cities like Bengaluru, Chennai, Hyderabad, and Mysuru, promising early project completion and reliable returns for investors.

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“Vardan Mangunga Nahi Mai”: Paytm Expands ESOP Pool With Additional Stock Options

Paytm has expanded its ESOP pool with new stock options valued at over INR 28.14 Lakh based on the latest closing price. What's exciting for employees is that these shares can be sold immediately, with no lock-in period restrictions.

This move follows just a week after Paytm issued 2,81,394 shares under its ESOP 2019 plan, making it a great time for Paytm's team to capitalize on their stock options.

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“Hum Bhi Hai Josh Mein”: AI infrastructure startups dominate ‘NetApp Excellerator Cohort 13’

AI infrastructure startups are stealing the spotlight in NetApp Excellerator's Cohort 13. This flagship program features eight deep tech innovators like LEGO AI, Calibr, and Xylem AI, all focused on cutting-edge solutions in data management and AI.

From MLOps and synthetic data to edtech and LLM safety benchmarking, these startups are set to revolutionize AI infrastructure and drive significant business growth.

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1. Dharana Capital has infused INR 400 Cr into Urban Company through a secondary deal, marking the largest ESOP liquidity event in the startup's history. Founder Vamsi Duvvuri will join Urban Company's board as a non-executive director, adding strategic value to this significant investment.

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2. Jaipur-based fintech startup Getepay has secured investment from cricketer Virender Sehwag. With this boost, Getepay aims to expand its payment and digital services to 2.5 million merchants by 2025 and enhance its global presence.

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3. Urban Company has wrapped up a $63 million secondary round led by Dharana Capital, with $50 million in shares purchased from employees, early investors, and founders. Prosus also participated, making this deal notable alongside a $25 million ESOP buyback earlier this year.

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4. Corvi LED, backed by Hero Enterprise, secures $8 million in Series B funding led by Enam Investments, marking a resurgence for the Mumbai-based firm after seven years. The funding will fuel expansion into new markets, enhance product offerings, and advance technological innovations.

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5. Multipl, a fintech startup, raises $1.5 million in an extended seed round co-led by Blume Ventures and MIXI Global Investments, Inc. This funding adds to their previous $3 million raised from notable investors in May 2022, bolstering their growth trajectory in the financial technology sector.

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6. Ninecamp Ventures, specializing in premium dining experiences, secures $2 million in its seed funding round. The investment round saw participation from prominent startup founders and entertainment figures like Vir Das, Divine, and Mamaearth's Varun Alagh and Ghazal Alagh.

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7. Boon and Cannarma have raised new rounds of funding to enhance their platforms and introduce innovative features, building on their previous success with a USD 3 million investment from Kotak Securities Limited, GrowX Ventures, IIFL, and Blume Ventures in May 2022.

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