Sip on Startups: Drone Deliveries, Govt. Pushing UPI, New Gaming App and More

From OTP Ventures eyeing a hefty fund close to SEBI's nod for IPOs by Awfis and TBO Tek, today’s newsletter brings you the latest on CBDC adoption and Saudi Aramco's startup backing. Dive into the gaming frenzy with Krafton's new launch and UPI innovations by Razorpay and Airtel. Plus, catch up on Ather Energy's fundraising talks and intriguing AI ventures by industry stalwarts.

With drone deliveries taking off and EVs electrifying the landscape, Startupchai keeps you plugged into the pulse of Indian startups and their fundraising feats.

Read more to get the full scoop and unwind with our freshly brewed memes.

What Matters

“Ab Aayega Maza”: Suhail Sameer Backed OTP Ventures Eyes First Close Of Debut Fund At INR 400 Cr

Spearheaded by Suhail Sameer, OTP Ventures sets its sights on securing the first close of its debut fund at INR 400 Cr. Founded in 2023 alongside industry veterans Kunal Suri and Saurabh Vashishtha, the fund is poised to bolster early-stage startups in consumer, consumer tech, and fintech domains.

With an impressive portfolio including Rupeek, Traya, and Fable Street, OTP Ventures primes itself as a game-changer in India's startup ecosystem.

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“Naye Khilaadi Maidan Mein”: Coworking Space Startup Awfis and B2B Travel Platform TBO Tek Get SEBI Nod For IPO

Awfis and TBO Tek score big with SEBI nod for their IPOs, marking a milestone in their journey to go public. Awfis, with a DRHP filed last December, plans a fresh issue of INR 160 Cr, while TBO Tek gears up with a substantial IPO comprising a fresh issue of shares up to INR 400 Cr.

As these startups step into the limelight, investors await eagerly to ride the wave of their promising ventures.

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“Kahin Pe Nigahe, Kahin Par Nishaana”: RBI Meets Banks And Fintechs To Push For CBDC Adoption

RBI's push for CBDC adoption kicks into high gear as representatives from banks and fintech giants gather in Maharashtra's Lonavala. PhonePe's Rahul Chari, Cred's Kunal Shah, and NPCI's Dilip Asbe join forces with major players like ICICI Bank, Google Pay, and Amazon Pay to discuss the roadmap.

With RBI Governor Shaktikanta Das's proposal for non-bank payment system operators to offer CBDC wallets, the future of digital currency in India gains momentum.

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“Habibi, Saudi Ka Paisa Laati”: Saudi Aramco’s VC Arm Building India Team To Back Early-Stage Startups

Saudi Aramco's venture capital arm, Prosperity7 Ventures, sets its sights on India, assembling a dedicated team to fuel early-stage startup growth. With plans to inject $200-300 Mn into over two dozen Indian startups, the move signals a resurgence in funding opportunities amid a recovering startup ecosystem.

As the landscape evolves, Aramco's foray promises to ignite innovation and drive economic prosperity in India's entrepreneurial realm.

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“Game ramwanu, juice peevanu, majja ni life”: BGMI Maker Krafton’s New Battle Royale Style Game Launched In India

Krafton, the brains behind Battlegrounds Mobile India, unveils its latest offering with a new battle royale-style game, Bullet Echo India, hitting the Indian gaming scene.

Launched on April 4, this PvP shooter game amps up the adrenaline for mobile gamers, following closely on the heels of Krafton India's gaming incubator initiative. As excitement mounts, players gear up for epic battles in this thrilling addition to India's gaming landscape.

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“Hum Saath Saath Hai”: Razorpay, Airtel Payments Bank Roll Out ‘UPI Switch’ To Enable 10K Transactions

In a game-changing move, Razorpay teams up with Airtel Payments Bank to introduce 'UPI Switch', revolutionizing digital transactions.

We’d reported a few days ago, how the government's pushing for increased UPI adoption. This cloud-based solution promises enhanced success rates and can handle a 10,000 transactions per second, cementing its role as a frontrunner in India's digital payment ecosystem.

With the competition heating up following the recent cap on market share, Razorpay's foray amplifies choices for consumers, setting the stage for a happening fintech landscape.

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“Kisme Kitna Hai Dum”: Ather Energy In Talks For New Fundraise, Nikhil Kamath Buys Part Of Sachin Bansal’s Holding

Ather Energy sparks excitement with talks of a new fundraise as Nikhil Kamath, Zerodha's cofounder, acquires a chunk of Sachin Bansal's stake. With plans to secure a hefty $75-$90 Mn in primary funding, Ather zooms towards a potential valuation of $850 Mn to $1 Bn, backed by its existing investors.

As the electric vehicle revolution gains momentum, Ather's strategic moves electrify the startup landscape, setting the stage for a dynamic future in sustainable mobility.

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“Zor Ka Jhatka”: Macquarie To Fuel India’s EV Fleet Electrification With $1.5 Bn Investment

Be prepared for a jolt in India's electric vehicle scene as Australia's Macquarie Group unleashes a whopping $1.5 Bn investment through its Vertelo platform.

With an eye on revolutionizing fleet electrification, Vertelo promises end-to-end solutions, signaling a major stride towards sustainable mobility. As the EV revolution gains momentum, Macquarie's powerhouse investment electrifies India's path to a greener future.

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“Ajeeb Dastaan Hai Ye”: IndiGo’s Rahul Bhatia, Former Tech Mahindra CEO CP Gurnani Float AI Venture

IndiGo's Rahul Bhatia and former Tech Mahindra CEO CP Gurnani launch 'AIonOS', a game-changing AI venture set to revolutionize industries like travel and hospitality.

Backed by InterGlobe Enterprises, AIonOS gears up to empower businesses with AI-powered SaaS solutions, promising to drive revenue growth. With offices sprouting up in Delhi-NCR, Hyderabad, and Chennai, the stage is set for AIonOS to soar to new heights in innovation and impact.

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“Ab Mai Chalta Hoon”: WeWork Inc To Sell Remaining 27% Stake In WeWork India For INR 1,200 Cr

WeWork Inc shakes up the Indian real estate scene by offloading its remaining 27% stake in WeWork India for INR 1,200 Cr to Enam group's family office, A91 Partners, and CaratLane founder Mithun Sacheti.

As Embassy Group retains 73% ownership, this strategic move highlights WeWork's focus on restructuring its global operations.

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“Thy Drone is Thy Saviour”: SkyeAir launches drone delivery in Gurugram

Be prepared to witness the future of deliveries as SkyeAir takes flight with its SkyPod initiative in Gurugram. Transforming rooftops into delivery hubs, SkyeAir's drones promise seamless package delivery across the city.

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Fundraising and Financials

ValueQuest Scale Fund injects fresh funds into the furniture rental startup, Rentomojo, securing a minority stake through a combination of primary investment and secondary purchase, following Rentomojo's recent $25 Mn Series D and D1 round led by Edelweiss Discovery Fund Series – I.

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