NPCI’s Expansion, North Korea’s Follies, and Layoffs At Breathe Well-being

NPCI has teamed up with UAE’s Magnati to bring UPI payment solutions to the Middle East, starting with Dubai Duty Free—an expansion marking India’s growing global fintech footprint. Meanwhile, the US, Japan, and South Korea have pointed the finger at North Korea for the $235M hack of WazirX, highlighting the dark side of crypto. In workforce news, Accel-backed Breathe Well-being has let go of around 100 employees amid a strategic pivot.

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

“Apna Khayal Rakhna”: Accel-Backed Breathe Well-being Fires 100 Employees

Accel-backed Breathe Well-being has laid off around 90 employees in India, with sources suggesting the number could be higher.

CEO Rohan Verma confirmed the move as part of a restructuring, following a fresh funding round. The diabetes management startup now shifts its focus to global markets, particularly the US.

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“Kya Se Kya Ho Gaya Bewafa”: North Korea Behind $235 Mn WazirX Hack, Say US, Japan & South Korea

The US, Japan, and South Korea have linked North Korea to last year’s $235M WazirX hack—the largest crypto heist in India’s history.

WazirX cofounder Nischal Shetty has urged global cooperation to recover the stolen assets. The revelation highlights growing vulnerabilities in crypto security amid geopolitical tensions.

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“Munnabhai Chale Middle-East”: NPCI Partners Magnati To Expand UPI Play In UAE

India's digital payment revolution takes a step abroad as NPCI International ties up with UAE-based Magnati to bring UPI merchant payments to the Middle East.

Starting with Dubai Duty Free, this partnership allows Indian travelers to make UPI payments seamlessly via POS terminals, bridging convenience and innovation. The move signals a broader ambition to integrate India's financial technology into global markets.

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1. Mumbai-based skincare startup Foxtale has raised $30M in Series C funding, led by Japan’s KOSÉ Corporation, to boost R&D and deepen its market presence. With 150% growth in FY25 and plans for profitability next year, Foxtale is on a steady rise.

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2. Pune-based deeptech startup Ecozen has raised over $23M in debt funding led by responsAbility Investments AG. The funds will help scale its product portfolio, supported by investors like Northern Arc Capital and Maanaveeya.
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3. TyrePlex, a B2B tyre marketplace, has raised INR 20 Cr ($2.3M) in funding led by PeerCapital, with backing from Titan Capital and others. The startup aims to digitize India’s tyre industry for dealers nationwide.
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4. Flying taxi startup Sarla Aviation has raised $10M in Series A1 funding to boost R&D, expand its team, and develop its operations. The first flying prototype will debut on January 17 at the Bharat Mobility Global Expo 2025 in Delhi NCR.
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5. Eccentric has secured $5M to enhance its One3D platform and expand globally. The startup aims to strengthen R&D, refine its GTM strategy, and launch an advanced One3D version by mid-2025.
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6. Cornerstone Ventures has raised $40M in the first close of its $200M second fund, focusing on the SaaS segment. The round saw participation from family offices, HNIs, and institutional investors.
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7. Zypp Electric has raised Rs 55.4 Cr ($6.5M) from 16 investors as part of its ongoing Series C funding round. The Gurugram-based B2B delivery and shared mobility startup plans to issue 564 Series C2 CCPS to fund its expansion.
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