Ola Electric Gears Up For Independence Day, Swiggy Introduces In-app UPI, BYJU’S Unending Sorrows and more

Ola Electric gears up to unveil a new range of electric bikes this Independence Day, while Swiggy introduces in-app UPI for faster payments. Ola Electric’s Q1 sees a dramatic loss increase despite a revenue surge, and BYJU'S faces renewed insolvency challenges as the SC steps in. Meanwhile, Snapdeal is under scrutiny for regulatory lapses, and OYO celebrates its first-ever profit. Paytm grapples with another fine over unpaid stamp duties, OfBusiness is preparing for a $500 million IPO, and Zepto is closing a $340 million funding round, pushing its valuation to $5 billion. Lastly, Elevation Capital's 'GameOn UEFN Hackathon' highlights the rising trend of alternative distribution platforms in gaming.

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

What Matters

“Sabko Azaadi Ki Mubarak Ho”: Ola Electric To Unveil Portfolio Of Electric Bikes On Independence Day

Ola Electric is set to electrify this Independence Day with the unveiling of its new range of electric bikes at the Sankalp event in Tamil Nadu's Futurefactory. As the company gears up for the big reveal, they're also planning to integrate their batteries into these sleek machines by Q1 FY26.

With prototypes already in the works, tomorrow’s launch is sure to spark excitement among EV enthusiasts.

Read more here

“Prachand Sukh Ki Prapti”: Swiggy Launches In-App UPI To Speed Up Orders

Swiggy is spicing up your food orders with a new in-app UPI feature designed to speed up payments. No more hopping between apps—now you can complete transactions in just one step, slashing the payment time from 15 to just 5 seconds.

This move is set to make ordering your favorite dishes faster and more seamless than ever.

Read more here

“Paayega Wo Laksh Hai Tera”: Ola Electric Q1 As Loss Jumps 30% YoY Το INR 347 Cr, Revenue Up 32%

Ola Electric saw its losses accelerate by 30% year-on-year, hitting INR 347 crore in Q1, while revenue revved up by 32% to INR 1,644 crore.

Despite the growing financial strain, India's largest electric two-wheeler maker managed to boost its top line, reflecting a mixed bag of challenges and growth.

Read more here

“Ab Teri Khair Nahi”: SC Revives Insolvency Plea Against BYJU'S

The Supreme Court has reignited the insolvency case against BYJU'S, overturning an NCLAT order that had settled its INR 158.9 crore dues to the BCCI. This decision comes after US-based lenders pushed for action to recover their dues from the edtech giant.

The move, contested by BCCI's legal team, now threatens to unravel the previous settlement.

Read more here

“Hindi-Chini Bhai Bhai”: MCA Initiates Probe Into Snapdeal Over Alleged Regulatory Violations, Non Compliance With Companies Act

The Ministry of Corporate Affairs has launched a probe into Snapdeal after the Registrar of Companies flagged some irregularities. Snapdeal’s parent company, AceVector, confirmed they received a request for information in May and clarified that there are no Chinese investors involved.

Assuring full cooperation with the authorities, Snapdeal is navigating through the scrutiny with a clean slate.

Read more here

“Badhai Ho Badhai”: OYO Logs First-Ever Profit Of INR 229 Cr In FY24

OYO has turned the tide, logging its first-ever profit of INR 229 crore in FY24, a stark contrast to the INR 1,286 crore loss it faced last year. Despite a slight dip in revenue, the Ritesh Agarwal-led startup slashed expenses by 13.5%, paving the way for this landmark achievement.

It's a big win for OYO, proving that cost-cutting measures can pay off.

Read more here

“Save Your Tears For Another Day”: Paytm Slapped With Another Fine For Not Paying Stamp Duties

Paytm has been hit with another fine, this time for INR 1.43 crore, over unpaid stamp duties related to past equity share allotments. The fintech giant claims it had already submitted applications to pay the dues, but this new penalty adds to a series of recent fines for similar issues.

It seems Paytm is in hot water once again over stamp duty slip-ups.

Read more here

“Khush Khabri Mein Deri Kaisi”: OfBusiness In Talks With Bankers For $500 Mn IPO Next Year

OfBusiness is gearing up for a $500 million IPO next year, having begun early talks with bankers like Kotak Investment Banking. The B2B marketplace is planning a mix of primary and secondary share offerings as part of the deal, although the details are still in flux.

With an August 2024 target, this IPO could mark a significant milestone for the company.

Read more here

“Janhit Mein Jaari”: Zepto To Close $340 Mn Fresh Round At $5 Bn Valuation

Zepto is set to close a fresh $340 million funding round, pushing its valuation to a staggering $5 billion. General Catalyst is leading the charge with $250 million, while Mars Growth chips in with $50 million.

Although originally aiming for $400 million, Zepto decided to cap the round, building on its impressive June raise that more than doubled its valuation to $3.6 billion.

Read more here

“Too Much Fun”: Elevation Cap hosts 'GameOn UEFN Hackathon'

Elevation Capital recently hosted the 'GameOn UEFN Hackathon,' where game developers flexed their creativity using Unreal Editor for Fortnite (UEFN). Backed by Epic Games, the event spotlighted alternative distribution platforms like Fortnite, Roblox, and Minecraft, which are becoming popular for offering better economics and creative freedom.

This hackathon highlights the shift away from traditional app stores towards more developer-friendly platforms.

Read more here

1. 35North Ventures has secured INR 100 crore in the first phase of its India Discovery Fund II, targeting a total corpus of INR 500 crore plus INR 100 crore greenshoe option. The fund aims to invest INR 5-10 crore in 30-40 companies.

   Read more here

2. Nykaa's parent company, FSN E-Commerce Ventures Ltd, saw its shares soar by up to 5.8% to INR 197.35 during intraday trading on August 14, following a robust Q1 performance. The strong earnings report has buoyed investor confidence in the beauty and fashion e-commerce giant.

   Read more here

3. Six Sense Mobility has raised INR 6 crore in a seed round led by Piper Serica VC, building on earlier investment from Saurabh Nayyar of Docbel Group. The Delhi-based deeptech startup plans to use the funds for team expansion, production scaling, and advancing R&D.

   Read more here