Ola’s Sorrows, Karnataka's Startup Programs, Cashfree's PPI License

CarTrade's shares soared to a 52-week high following impressive Q2 results, while Razorpay reported a remarkable 4.85X increase in profit after tax alongside a 9% revenue rise. However, it was a rough ride for Ola Electric and ideaforge, as their shares dipped to all-time lows and 52-week lows, respectively.

On a brighter note, Karnataka launched two flagship startup programs, and KRAFTON's backing of South Korean IMM's India fund promises to bolster local startups. Meanwhile, the RBI is stepping into the future with an AI system for real-time fraud alerts, and Cashfree has secured a prepaid payment instrument license, paving the way for smoother transactions.

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

“Kya Se Kya Hogaya, Bewafa”: Ola Electric Shares Hit All-Time Low, Dip Below IPO Price

Ola Electric’s shares took a downturn, dipping below their issue price of INR 76 for the first time and hitting an all-time low of INR 74.84.

The EV giant's stock traded heavily in the red on Tuesday, reflecting market concerns. Investors are watching closely to see if this signals a shift in sentiment or a short-term setback for the startup.

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“Soch Samajh Ke Kadam Uthana Hai”: RBI To Launch AI System For Real Time Fraud Alerts

The RBI is stepping up its game with an AI-powered system designed to catch fraud in real time, keeping digital transactions safer than ever.

Banks will tap into a central RBI database, stocked with fraud patterns and known offenders, to flag suspicious activity before it’s too late. It’s a proactive move to give users peace of mind in an increasingly digital banking world.

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“Waah Tere Kya Kehne”: CarTrade's Shares Rally 52 Week High Post Q2 Results

CarTrade Tech’s stock reached a notable 52-week high at INR 1,090.05 in intraday trading, driven by Q2 results that have captured market attention.

By day’s end, shares settled slightly lower at INR 1,052.80, marking a modest 0.90% gain. With nearly 29,500 shares traded, the company's market cap now rests at INR 4,979.75 Cr, underscoring a cautious optimism in its future growth trajectory.

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“Dheere Dheere Haule Haule”: Razorpay Logs 4.85X Increase In PAT, Revenue Up By 9%

Razorpay’s financial report for FY24 shows a steady climb, with operating revenue up 9% to INR 2,501 Cr. But the real highlight is profit after tax saw a remarkable 4.85X leap to INR 34 Cr from last year’s INR 7 Cr.

Despite a 7% rise in expenses, the Sequoia-backed fintech demonstrates a solid path toward sustainable growth.

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“Babuji Zara Dheere Chalo”: ideaforge's Share Prices Slip To A 52 Week Low Post Weak Q2

ideaForge's shares tumbled nearly 10% today, reaching a 52-week low of INR 547 following a disappointing Q2 performance.

The market reacted swiftly, shaving the company’s valuation down to $280.10 Mn from last week’s $310 Mn. Investors seem wary as the drone tech firm navigates a challenging phase in a competitive industry.

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“Badhai Ho Badhai”: Cashfree Gets RBI's Prepaid Payment Instrument Licence

Cashfree Payments just scored the RBI's Prepaid Payment Instrument (PPI) license, adding to its 2023 payment aggregator license.

This new license allows Cashfree to offer prepaid solutions, further strengthening its position in digital payments for online merchants. It’s a green light for Cashfree to expand its reach and bring more seamless payment options to the table.

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“Arise, Awake, Stop Not”: Two flagship startup programs launched in Karnataka

Karnataka's IT Minister Priyank Kharge has rolled out two ambitious initiatives, 'ELEVATE 2024' and the Karnataka Acceleration Network (KAN), to energize the state’s startup ecosystem.

With these programs, Karnataka aims to support young startups by easing funding hurdles and accelerating growth. It’s a bold step forward, positioning the state as a vital launchpad for entrepreneurial success.

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“Double The Fun”: KRAFTON Backs South Korean IMM's India Fund To Boost Startups

KRAFTON is doubling down on India, joining forces with South Korea’s IMM Investment to launch a fund supporting Indian startups.

This partnership leverages KRAFTON’s $170 Mn track record in Indian ventures, spanning esports, digital content, and the creator economy. With KRAFTON-IMM’s combined expertise, the initiative aims to ignite a new wave of innovation across India’s digital landscape.

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1. Finova Capital has raised $135 Mn in a funding round led by Avataar Venture Partners, Madison India Capital, and Sofina, aiming to expand its loan offerings. With 400 branches across 16 states, Finova’s reach has already impacted over 100K customers.

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2. Vridhi Home Finance has secured INR 310 Cr from Norwest and other investors to bolster its technology infrastructure and enhance market presence. The startup emphasizes customer-centricity and robust risk management as key pillars of its growth strategy.

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3. Zinc, an "edu-wealth" startup founded by PaySense co-founder Prashanth Ranganathan, has raised $25.5 Mn in seed funding led by Nexus Venture Partners, with participation from Quona Capital and others. The startup aims to guide students seeking overseas education while assisting families in investing for the increasing costs associated with it.

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