StartupChai: Latest on FirstCry's IPO, RBI's Move on TalkCharge, and More Buzz in Indian Startups

FirstCry hits a slight delay as it refiles IPO papers, while RBI intervenes with TalkCharge's wallet operations. Mynavi Corporation grabs a chunk of Awign, NABARD and RBI join forces to digitize agri-lending, and Swiggy's cooking up an IPO storm. Read more to get the full scoop from the happening fundraising realm of Indian startups.

Grab today’s simmering cup of StartUpChai and unwind with our fresh brewed memes for you.

What Matters

“FirstCry Ke Haseen Sapne”: FirstCry to refile IPO papers post Sebi order

FirstCry's IPO journey is taking a slight detour. After SEBI's scrutiny, the baby products giant is hitting the brakes, refiling its IPO papers. This means we'll have to wait a tad longer for FirstCry's stock market debut, now scheduled for July-August.

With its eye on raising a whopping INR 1,816 Cr, this unicorn isn't giving up on its IPO dreams just yet.

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“Bach Ke Rehne Re Baba”: RBI Directs TalkCharge To Stop Issuing Wallets; Refund Balances

TalkCharge's wallet hustle hits a snag as RBI steps in, directing them to halt wallet issuance and refund balances. No cashback return required, folks. RBI's cautionary tale reminds us to double-check app credentials before diving into digital transactions.

This crackdown follows RBI's recent clampdown on TalkCharge for offering payment instruments sans proper authorization.

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“Mera Awign Hai Japani”: Japan’s Mynavi Corporation Picks Up Majority Stake In Awign

Japan's Mynavi Corporation secures the spotlight by snagging a majority stake in Awign, marking a significant milestone for both parties. As Awign bids farewell to some early supporters, including Capria and Lumis, it gears up to expand its gig worker network and strengthen its position as a key player in the HRtech arena across Asia.

With 1.5 million gig workers and a roster of 175+ major enterprises on it’s platform, Awign's ambitions for global growth seem promising under Mynavi's wing.

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“Waqt Humara Hai”: NABARD, RBI Innovation Hub Join Hands To Ease Digital Agri Lending

Get ready for a digital agri lending makeover as NABARD and RBI Innovation Hub team up to revolutionize the game. By integrating NABARD's e-KCC loan system with RBIH's PTPFC, they're slashing loan approval time from weeks to a mere five minutes, benefitting India's vast farming community.

Besides having access to a wealth of digital tools like land records and KYC data, cooperative banks and RRBs are poised to level up their credit underwriting game for smoother lending experiences.

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“One Investor Appetite At A Time”: Swiggy Files Confidential Draft Papers With SEBI For IPO

Swiggy's making moves by filing confidential draft papers with SEBI for its highly anticipated IPO.

With shareholders giving the green light to raise a whopping INR 10,414.1 Cr, Swiggy's IPO recipe includes a fresh share issue and a tempting offer-for-sale component, promising a feast for eager investors.

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Fundraising and Financials

1. Endimension Technology, a healthcare AI startup, secures ₹6 crore in Pre-Series A funding, led by Inflection Point Ventures, with backing from Sucseed Indovation and SINE IIT Bombay.

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2. Flashaid, a healthcare insurtech startup, secures $2.5 million in pre-Series A funding, co-led by Piper Serica Angel Fund and SOSV, alongside Z21 Ventures Fund and ZNLGrowth Fund, aiming to bolster its API-first full stack health solutions for growth and expansion.

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3. MatchLog Solutions, a player in sustainable container logistics and supply chain optimization, secures USD 1.5 million in pre-series A funding. Motion Ventures and July Ventures lead the round, with Venture Catalysts, Blue Ashva Capital, and Capital A joining in.

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4. Lyskraft, the omnichannel fashion venture by former Zomato exec Mohit Gupta and Myntra founder Mukesh Bansal, bags $26 million in seed funding.

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