Nivesh Acquires Wealthzi, ED Raids Offices, EaseMyTrip' Hyperface Collaboration

Nivesh has acquired Wealthzi in a bid to strengthen its wealthtech offerings, while the ED investigates sellers on Amazon and Flipkart, creating ripples in the e-commerce space. EaseMyTrip joins forces with Hyperface to enhance its co-branded card programs, and Brainbees sees a dip in share prices after a GST probe.

Simplilearn’s revenue rises 10.2%, but Freshworks announces job cuts and a $400 million stock buyback amid mixed financial results. PhysicsWallah grows its revenue 2.6X but slips into losses, while Flipkart’s delivery arm, Instakart, faces widening losses. BrowserStack rolls out an AI-driven automation tool, and Flipkart picks five promising startups for its FLIN accelerator program.

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

“Ab Kisiki Khair Nahi”: ED Raids Offices Of Amazon, Flipkart Sellers

In a move stirring the e-commerce landscape, the Enforcement Directorate (ED) raided offices of several sellers associated with Amazon and Flipkart across major cities like New Delhi, Mumbai, and Bengaluru.

The raids are part of an investigation into alleged breaches of the Foreign Exchange Management Act (FEMA), bringing regulatory pressures into sharper focus. With the ED’s spotlight on sellers in these networks, the compliance challenges facing online marketplaces appear more pressing than ever.

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“Sab Apna Apna Dekh Lo”: Freshworks To Cut 660 Jobs In Restructuring Exercise

In a tough move to streamline operations, Freshworks is set to cut 13% of its workforce, impacting around 660 employees globally.

CEO Denise Wood announced the restructuring plan in an email on November 6, describing it as a step toward boosting operational efficiency. The decision underscores Freshworks' focus on staying competitive, though it comes with a significant cost to its team.

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“Regroup, Strategize, Attack”: Wealthtech Platform Nivesh Acquires Wealthzi

In a strategic move to bolster its investment and insurance offerings, wealthtech platform Nivesh has acquired Wealthzi in a deal valued at INR 9 crore. Wealthzi, with its newly-granted SEBI RIA license and an AUM exceeding INR 500 crore, brings a solid client base of HNIs and family offices to the table.

The combined entity aims to expand its reach by integrating Nivesh’s AI-driven platform, which currently serves 60,000 clients across 6,000 pin codes, marking a significant step in Nivesh's growth trajectory.

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“Saathi Haath Badhana”: Flipkart Selects Five  Startups for the Third Cohort of Flipkart Leap Innovation Network (FLIN)

Flipkart has announced the five startups selected for the third cohort of its Flipkart Leap Innovation Network (FLIN), a flagship accelerator program.

The chosen startups, including Intelligence Node, Invenzo Labs, and Phyllo, are pushing the envelope in fields like GenAI, omnichannel, and video commerce. Over the course of the program, these innovators will collaborate with Flipkart on pilot projects aimed at developing cutting-edge solutions for the e-commerce ecosystem.

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“Hum Dono Hai Alag Alag”: EaseMyTrip Partners Hyperface To Boost Co-Branded Card Programs

EaseMyTrip has teamed up with fintech platform Hyperface to elevate its co-branded credit card game, aiming to onboard new customers and roll out hyper-personalized campaigns for loyal users.

This partnership will boost EaseMyTrip’s existing card programs while paving the way for new co-branded offerings. Having evolved from an online travel agency to ventures in insurtech and electric buses, EaseMyTrip is clearly set on a diversified growth path.

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“Kangali Mein Aata Geela Hona”: Brainbees Shares Drop 5% After GST Department Launches Probe

Shares of Brainbees Solutions, the parent company of kidswear giant FirstCry, tumbled over 5% as news of a GST investigation shook investor confidence. By 3 PM, the stock had slid to INR 592.85, marking a 5.26% drop from the previous day’s close.

The probe, conducted under Maharashtra GST Act sections 67(1) and 67(2), has placed Brainbees in the regulatory spotlight, leaving stakeholders on edge.

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“Abhi Picture Baaki Hai Mere Dost”: Simplilearn’s Revenue Jumps 10.2% To INR 773 In FY24

Bengaluru-based edtech player Simplilearn saw its revenue climb 10.2% to INR 773 crore in FY24, marking a solid year of growth. Impressively, the company slashed its EBITDA losses by 75.4%, bringing them down to INR 51 crore from last year’s INR 208 crore.

Simplilearn credits this turnaround to its sharp focus on operational efficiency and a broadened market reach, signaling promising strides in the competitive edtech landscape.

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“Kabhi Khushi, Kabhi Gham”: Freshworks Board Approves Stock Buyback Worth $400 Mn & Cuts Q3 Loss To $29.9 Mn

Freshworks is making waves with a newly approved $400 million stock buyback program, allowing the company to repurchase shares through open-market and private negotiations.

This move comes as Freshworks also reported a narrower Q3 net loss of $29.9 million, down 3.5% from last year. These steps reflect Freshworks’ commitment to enhancing shareholder value while inching closer to profitability.

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“River Of Smoke And Fire”: PhysicsWallah revenue jumps 2.6X to Rs 2,015 Cr in FY24, slips into losses

Edtech unicorn PhysicsWallah saw its revenue surge 2.6 times to reach an impressive INR 2,015 crore in FY24, reflecting strong growth momentum.

However, this success came at a cost, as the company's losses ballooned 13.5 times, driven by rising miscellaneous expenses. The fiscal year highlights PhysicsWallah's rapid expansion—but also the financial strains of scaling in a competitive market.

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“Haar Kar Jeetne Wale Ko Bazigaar Kehte Hai”: Flipkart’s delivery arm Instakart reports widening losses, lower revenue in FY24

Instakart, Flipkart’s delivery arm, faced a challenging FY24 with its losses skyrocketing to INR 1,718.4 crore, up from INR 324.6 crore the previous year.

This surge in losses came as revenues from logistics and warehousing dipped slightly, while expenses continued to rise. The numbers underscore the cost pressures in e-commerce logistics, especially as Instakart navigates a competitive landscape with high operational demands.

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“Haan, Yahi Sapna Hai Tera”: BrowserStack launches AI-driven Low Code Automation tool

BrowserStack has launched its AI-driven Low Code Automation tool, designed to simplify test automation for developers, quality assurance teams, and even non-technical users.

This new solution aims to tackle common challenges like delays in manual testing and the complexity of traditional automation frameworks. With this move, BrowserStack is streamlining the software testing process, making it more accessible and efficient for a wider range of users.

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1. Northern Arc has secured $65 million in debt commitments for its first climate fund, with $50 million from the U.S. International Development Finance Corporation (DFC) and $15 million from OeEB, the Development Bank of Austria.

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2. Bengaluru-based deeptech startup Nexstem has raised $3.5 million in funding co-led by InfoEdge, Gruhas, Zupee, and Smile Group. The capital will fuel its efforts to expand its product ecosystem, strengthen its IP portfolio, and disrupt the neurotech sector.

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3. Space tech startup GalaxEye has successfully closed its $10 million Series A round, with MountTech Growth Fund leading the investment. This follows a $6.5 million first tranche raised in August, supporting the company’s growth ambitions.

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4. Energy management startup Enlog has raised INR 1.75 crore in equity funding from Vinners. The capital will support the company’s expansion and growth in the energy management and IoT solutions space.

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5. SaaS-focused AI startup Pulse has secured $1.4 million in funding, led by Endiya Partners with participation from angel investors. The funds will help the company build its team and enhance its large language models (LLM) and agentic AI capabilities.

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6. AI software firm Thesys has raised $4 million in funding from Together Fund to simplify the creation of AI agents for product owners and designers. Founded in 2024, the company provides tools for designing, visualizing, and prototyping AI applications and is currently collaborating with 12 companies.

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7. Bengaluru-based D2C fitness startup Boldfit has raised INR 110 crore ($13 million) in a fresh funding round led by Bessemer Venture Partners. The company plans to use the funds to drive product innovation and scale up its brand expansion.

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