Star Health Data Leak, Toplyne Shuts, Zetwerk's Major Investment

Star Health faces scrutiny over a major data leak, prompting a detailed response timeline from the insurer. Meanwhile, Swiggy's CEO Sriharsha Majety and investors cashed out a whopping INR 670 Cr in shares, reflecting the ride-hailing giant's growing valuation. As the ecommerce landscape evolves, a distributors’ body raises alarms over the use of private vehicles by quick commerce players.

On a greener note, Zetwerk plans to inject INR 500 Cr into expanding its renewables manufacturing capacity, while Novo Nordisk partners with ten Indian AI startups to innovate in healthcare. Ola gears up for an IPO as it speeds ahead with plans to go public, and the landscape shifts with Toplyne shutting its doors and Zomato's independent director, Gunjan Soni, stepping down. Lastly, OYO is reorganizing its leadership to better navigate the international market.

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

What Matters

“Ajab Hacking Ki Gazab Kahani”: Star Health Data Leak As Insurer Releases Chronology Of Events

Star Health has found itself in the middle of a data breach storm, with the personal data of over 3 crore customers being put up for sale online by a hacker.

After receiving ransom emails, the company quickly reported the incident to CERT-In, IRDAI, and other authorities, and hired an independent expert for a forensic probe, expected to wrap up by October’s end. The situation highlights the growing importance of cybersecurity in India’s health insurance sector.

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“Apna Sapna Money Money”: Swiggy’s Sriharsha Majety, Investors Sold Shares Worth INR 670 Cr

Swiggy's CEO Sriharsha Majety and some investors made a hefty exit, selling shares worth a whopping INR 670 Cr ahead of the company’s updated DRHP filing.

Majety sold INR 23 Cr worth of shares to Torroz Fintech, which curates investment opportunities in private markets, while Strootaay Unlisted Brokers bought shares worth INR 439 Cr from Elevation Capital.

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“Niyam Ka Paalan Kare”: Distributors’ Body Flags Use Of Private Vehicles By Ecommerce, Quick Commerce Players

Ecommerce and quick commerce players are in hot water as a distributors’ body flagged their use of private vehicles for food deliveries, a violation of FSSAI guidelines. The Federation raised concerns about how these companies often bypass regulations to cut costs and speed up deliveries.

With food safety at stake, the debate brings much-needed attention to compliance issues in India’s booming quick delivery sector.

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“Abhi Mujh Mein Hai Kahin”: Zetwerk To Invest INR 500 Cr To Expand Renewables Manufacturing Capacity

Zetwerk is powering up its renewables game, with plans to invest INR 500 Cr to expand its manufacturing capacity, particularly in the offshore wind segment in the US and Europe.

With India aiming for 500 gigawatts of solar energy by 2030, Zetwerk sees the solar sector as a multi-decade opportunity both in India and the US. The investment also hints at big moves ahead, as the company is already in early talks for a public listing in the next two years.

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“Janmo Ke Saathi”: Drug Maker Novo Nordisk Working With 10 Indian AI Startups

Novo Nordisk, the Danish pharma giant famous for its weight-loss drug Wegovy, is teaming up with 10 Indian AI startups to supercharge its operations.

These partnerships aim to streamline everything from research to supply chain management, highlighting how AI is reshaping the healthcare industry. With India's AI talent at the helm, Novo Nordisk is taking a tech-driven leap forward in pharma innovation.

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“Waah, Kya Scene Hai”: Ride-Hailing Major Ola Consumer Puts IPO Plans In Speed Lane

Ola is hitting the fast lane with its IPO plans, seeking investor approval to go public while finalizing bankers for the big move.

With a gross order value of INR 3,000 Cr and 11 Cr rides completed in Q1 FY25, Ola’s numbers are as impressive as its growth. As the ride-hailing giant preps for its public debut, it's ready to take its story to the next level.

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“Badhai Ho Badhai”: Peak XV-Backed Toplyne Shuts Operations

Toplyne, the SaaS startup backed by Peak XV Partners and Tiger Global, is shutting down after struggling to scale and achieve product-market fit.

Despite its innovative AI-powered platform aimed at turning free users into paying customers, the company couldn't find its footing and now plans to return capital to investors. Founded in 2021, Toplyne's closure marks a reminder of the challenges even well-backed startups face in the competitive tech space.

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“Ye Kathin Drishya Hai”: Zomato’s Independent Director Gunjan Soni Steps Down Due To Increased Work Commitments

Zomato's independent director Gunjan Soni has stepped down from her role, citing increased work commitments, which also means she’ll be leaving the risk management and CSR committees.

A former Jabong head and current CEO of Zalora, Soni's departure comes just weeks after Zomato's cofounder and CPO, Akriti Chopra, exited to explore other interests. As leadership shifts continue, Zomato is navigating significant transitions at the top.

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“Darr Ka Mahaul Hai”: OYO Rejigs Operations, Tech, Revenue Leadership To Drive International Biz

OYO is shaking things up in its leadership to strengthen its international operations, with Abhinav Sinha, Global COO and chief product officer, stepping into an advisory role by January 2025.

Rachit Srivastava will now lead OYO’s European vacation homes business, while Sonal Sinha takes over as COO — International. Meanwhile, Pankhuri Sakhuja will helm German home listings and Innov8 coworking, as OYO looks to drive global growth through these strategic leadership moves.

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1. Ex-DealShare cofounder has launched a new sports tech startup, securing $1.1 million to support sports academies across India. Incorporated in March 2024, the venture has raised INR 9.4 Cr from notable investors, including Blume Ventures and Kunal Shah's QED Innovations Lab.

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2. IPO-bound coworking space provider DevX has achieved a net profit of INR 43.7 Lakh in FY24, marking a significant turnaround from a net loss of INR 12.83 Cr the previous year. This positive shift comes as the startup prepares for its public offering, showcasing its growth potential in the competitive coworking market.

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