Tata Motors Revs EV Game, Tamil Nadu Tackles Gaming Addiction, Vijay Shekhar Sharma Winning Old Friends and more

From Tata Motors revving up its EV game under the Avinya brand to Deepika Padukone's 82°E boosting its personal care lineup with a cool INR 50 Cr infusion, innovation is in full swing. Meanwhile, ixigo's IPO retail portion sees a massive 5X subscription on day one, while Bengaluru gears up for another union-backed autorickshaw app after Namma Yatri. Plus, Tamil Nadu tackles online gaming addiction, Kissflow trims jobs in a performance review, and the Commerce Ministry eyes more funds for startup innovation. Besides, Paytm's Vijay Shekhar Sharma leads a rebuilding mission, reconnecting with old allies to chart a new course.

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What Matters

“Jazbaat Badal Denge”: Tata Motors’ EV Push As It Plans To Unveil Multiple Electric Cars Under Avinya Brand

Tata Motors is gearing up to launch a series of electric cars, SUVs, and MPVs under the high-end Avinya brand, with the first models hitting the market in 2025. This ambitious EV push comes as the Tata Group rides a wave of strong demand from the Indian middle class and supportive government policies.

By positioning Avinya at the premium end, Tata aims to redefine the electric vehicle landscape in India.

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“Om Shaanti Om”: Deepika Padukone’s 82°E Looks To Capitalize On Its Personal Care Portfolio With INR 50 Cr Infusion

Deepika Padukone’s personal care startup, 82°E, is boosting its portfolio with a fresh INR 50 Cr infusion as part of an extended seed funding round. The board approved the allotment of 50 lakh Seed 2 Compulsorily Convertible Preference Shares at INR 100 each.

This round will see Deepika and her father Prakash Padukone’s Ka Enterprises increasing their stake, further solidifying the brand's position in the D2C personal care market.

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“Abhi Toh Party Shuru Hui Hai”: ixigo IPO’s Retail Portion Subscribed Over 5X On Day 1

The ixigo IPO saw a sensational start, with the retail portion being subscribed over 5 times on day one by 03:52 PM. Retail investors bid for 4.43 Cr shares against the 79.58 lakh available, while non-institutional investors oversubscribed their portion by 1.89 times.

The IPO includes a fresh issue of INR 120 Cr and an OFS component of 6.67 Cr shares worth up to INR 620 Cr, reflecting strong investor enthusiasm.

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“Yeh Andha Kanoon Hai”: Bengaluru Gets Another Union-Backed Autorickshaw App After Namma Yatri

Bengaluru is getting another union-backed autorickshaw app called 'Nagara Metered Auto,' set to launch on June 10 in partnership with Agnibhu Technologies. This initiative by the Karnataka Rajya Chalakara Parishath follows Agnibhu's previous collaboration with eSamudaay for their 'eSamudaay Ride' feature.

With this new app, Bengaluru aims to enhance its autorickshaw booking experience, adding to the options available alongside Namma Yatri.

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“Yenna Rascala, Mind It”: TN Looks To Curb Online Gaming Addiction With Spending And Time Limits

Tamil Nadu is taking steps to curb online gaming addiction by introducing spending and time limits, consulting with senior representatives from the gaming industry to regulate usage.

Despite the ongoing challenge of illegal and offshore betting platforms, the state is prioritizing the regulation of domestic companies.

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“Katuti Mein Ganga”: Kissflow Cuts 45-50 Jobs As Part Of Annual Performance Review

As part of its annual performance review and due to product shutdowns, Kissflow has cut 45-50 jobs from its workforce, which previously totaled over 400 employees.

Known for its cloud-based no-code and low-code work management products, the startup is streamlining operations to stay competitive. This strategic move reflects the company's ongoing efforts to optimize resources and enhance product offerings.

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“Sab Changa Si”: Commerce Ministry Likely To Seek More Funds To Boost Innovation In Startup Ecosystem

With the upcoming Budget for 2024-25 expected in July, the Commerce Ministry is likely to seek additional funds to bolster innovation within the startup ecosystem. The current Startup India Seed Fund scheme, introduced in April 2021 with a corpus of INR 945 Cr, is set to conclude in 2025.

This move aims to continue providing crucial financial assistance to startups, ensuring sustained growth and innovation in India's entrepreneurial landscape.

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“Mujhse Dosti Karoge”: Paytm's Vijay Shekhar Sharma Reaches Out to Old Allies for Company Rebuilding

Paytm's Vijay Shekhar Sharma is on a mission to revitalize the company, reaching out to old allies like Renu Satti, Kiran Vasireddy, and Nehul Malhotra.

With the fintech giant navigating regulatory hurdles and internal strife, Sharma aims to leverage the expertise of trusted executives who played pivotal roles in Paytm's journey. As the founder reconnects with key figures from the company's past, Paytm's future looks eerily hauntological.

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1. NBFC Arthan Finance secures INR 50 Cr to bolster MSME lending, intending to amplify its asset base and reach across India. Founded in 2018, the Mumbai-based fintech will also channel funds into enhancing AI and ML-driven underwriting systems.

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2. With a fresh infusion of INR 100 Cr ($12 Mn), ice cream brand Hocco's valuation skyrockets to INR 600 Cr, backed by the Chona Family. This funding will fuel Hocco's expansion plans, primarily aimed at enhancing manufacturing capacity.

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3. In FY24, fintech unicorn InCred reports a staggering revenue of Rs 1,267 Cr and a PAT of Rs 316 Cr, showcasing remarkable growth with a 2.6X scaling over the past two fiscal years. Amidst this exponential expansion, its profit surged over 10X.

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