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Source: inc42

RBI Bars Lenders From Locking Borrowers’ Devices Except For Gadget Loans

Business

The Reserve Bank of India has prohibited banks from disabling borrowers' devices for loan recovery, unless the loan specifically financed the device. Effective January 1, 2027, lenders must obtain OEM certification and follow a graduated restriction process for financed gadgets. Essential services must remain accessible, and restrictions only begin after 30 days of default. Lenders must compensate borrowers ₹250 per hour for wrongful or delayed device restoration.

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Source: inc42

Edtech Klassroom’s Shares List At 7% Premium To Issue Price

Business

Fusion Klassroom Edutech debuted on the BSE SME platform at ₹170, representing a 6.9% premium over its ₹159 issue price. The stock later reached ₹178.50. The company raised ₹39 crore through an IPO consisting of a fresh issue and an offer for sale, which was oversubscribed. Proceeds will be utilized for technology upgrades, content development, marketing, and debt repayment, testing market appetite for the edtech sector.

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Source: inc42

PE Giant TPG Offloads Shadowfax Shares In ₹301 Cr Bulk Deal

Business

Private equity giant TPG sold Shadowfax shares worth nearly ₹300.6 crore via NewQuest Asia Fund IV, diluting over 18% of its stake. This follows similar profit-booking moves by Flipkart and Eight Roads. The sales come amid a 43.5% surge in share prices over three months, driven by strong Q1 FY27 results, including an eightfold increase in net profit and a 65% year-on-year rise in operating revenue.

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Source: inc42

Mitti Labs Bags $9.5 Mn To Make Rice Cultivation Water-Efficient

Business

"Climate tech startup Mitti Labs has raised $9.5 million in a Series A funding round led by Aramco Ventures to expand its operations in India, the Philippines, and Indonesia. The company utilizes a GeoAI platform and alternate wetting and drying techniques to help rice farmers reduce water and methane emissions. These verified savings are then sold as carbon credits to enterprises seeking to offset their environmental impact.".

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Source: inc42

Gains From Unexercised ESOP Buybacks Taxable As Capital Gains: ITAT

Business

The Income Tax Appellate Tribunal ruled that gains from the repurchase of vested, unexercised employee stock options (ESOPs) are taxable as long-term capital gains rather than salary perquisites. This decision, stemming from a dispute involving a Flipkart executive, potentially lowers tax liabilities for employees. However, the ruling applies only to specific cancellation scenarios and adds to existing conflicting judicial views on how ESOP payouts fit into India's tax framework.

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Source: inc42

Lok Sabha Passes Taxation Laws Amendment Bill, Clearing Path To Levy MDR On UPI Payments

Business

The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026, amending the Payment and Settlement Systems Act, 2007. This allows the government to introduce merchant discount rates (MDR) on UPI transactions. Finance Minister Nirmala Sitharaman stated MDR applies only to merchants, not customers, to fund infrastructure and security. The bill now moves to the Rajya Sabha, with potential charges on business transactions exceeding ₹2,000.

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Source: inc42

Fisdom Cofounders Set To Exit Groww A Year After $150 Mn Acquisition

Business

Fisdom cofounders Subramanya SV and Anand Dalmia are exiting Groww after a planned one-year transition following the fintech company's $150 million acquisition of Fisdom. Groww aims to scale its wealth management business, 'W', using internal leadership and promoted Fisdom executives. Financially, Groww reported a 94.3% year-on-year profit increase to ₹735 crore and operating revenue of ₹1,501.4 crore, with mutual fund assets under management reaching ₹1.9 lakh crore.

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Source: inc42

Wakefit Q1 Profit Increases 19% YoY To ₹23.4 Cr, Revenue Crosses ₹400 Cr

Business

Wakefit reported a 19% year-on-year increase in net profit to ₹23.4 crore for the June quarter, although profit dropped 81% sequentially from ₹121.7 crore. Operating revenue grew 17% year-on-year and 18% quarter-on-quarter to reach ₹404.9 crore. Total income was ₹420.5 crore, while total expenses rose 14% year-on-year to ₹384.2 crore. Tax expenses were ₹12.9 crore, contrasting with a previous quarter's deferred tax credit.

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Source: inc42

Reliance Brands Brings Kim Kardashian’s SKIMS to India

Business

Reliance Brands Ltd has partnered with Kim Kardashian’s SKIMS to introduce the shapewear and lifestyle brand to the Indian market. The rollout will begin with stores in Delhi and Mumbai before expanding nationwide via offline and digital channels. This strategic move targets India's growing premium consumer segment, intensifying competition for domestic brands while leveraging Reliance's extensive retail network to accelerate the premiumisation of the local shapewear industry.

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Source: inc42

Exclusive: Practo In Talks To Acquire Healthtech SaaS Startup HealthPlix

Business

Practo is in talks to acquire healthtech SaaS startup HealthPlix for an estimated $25 million to $30 million. This potential distress sale aims to bolster Practo's enterprise healthcare software business by integrating HealthPlix's EMR and clinical workflow solutions. The move comes as Practo prepares for a pre-IPO funding round of approximately $120 million, targeting a post-money valuation of around $700 million to expand its global healthcare operations.

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Source: inc42

ixigo Q1 Profit Surges 81% YoY To ₹34.2 Cr, Revenue Up 13%

Business

Traveltech company ixigo reported a consolidated net profit of ₹34.2 crore for the June quarter (Q1 FY27), marking an 81% increase year-on-year and a 7% rise sequentially. Operating revenue grew 13% year-on-year and 16% quarter-on-quarter to reach ₹356.8 crore. Total income for the period stood at ₹385.9 crore, while total expenses rose 15% year-on-year to ₹337.8 crore, including a ₹4 crore loss from an associate.

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Source: inc42

Solinas Integrity Snags $5.5 Mn To Scale Robotics Solutions Across Global Markets

Business

Robotics startup Solinas Integrity has raised $5.5 million in a Series A1 funding round co-led by Mela Ventures and Hero Enterprise Family Office. The Chennai-based company, incubated at IIT Madras, develops robotics solutions for detecting pipeline leakages and cleaning sanitation systems. Solinas plans to use the capital to expand manufacturing, enhance software, and enter international markets, including the oil, gas, and defense sectors.

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Source: inc42

IPO-Bound Shiprocket FY26 Loss Widened 7%YoY To ₹79 Cr

Business

Logistics unicorn Shiprocket is preparing for an IPO from August 12 to 14, targeting a valuation of ₹7,000 Cr. The company aims to raise up to ₹885.5 Cr through a fresh issue and offer for sale. For FY26, Shiprocket reported operating revenue of ₹2,024 Cr, a 24% increase, though net consolidated losses widened by 6.5% to ₹79.2 Cr. Proceeds will fund marketing, IT infrastructure, and debt repayment.

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Source: inc42

Inside The Economics That May Make Or Break Instant Home Services

Business

Urban Company and Snabbit have both surpassed 100,000 daily orders, signaling the mainstream adoption of instant home services. The industry is now shifting its focus from rapid growth to improving unit economics and achieving profitability. Companies are prioritizing denser micromarkets to reduce fulfillment costs and expanding service categories to increase customer spending. While burn per order is declining, long-term sustainability depends on operational efficiency and labor supply.

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Source: inc42

From Firefly To Honeybee: How India’s Pixxel Is Widening What Satellites Can See

Business

Pixxel, an Indian startup, is expanding its hyperspectral imaging satellite constellation, including the upcoming Honeybee series. Selected by NASA in 2024, Pixxel provides crucial Earth observation data for climate, agriculture, and resource management. This growth highlights India's private space sector's maturity, moving beyond launch vehicles to develop advanced global satellite technology and insights for governments and enterprises worldwide.

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Source: inc42

Dronetech Startup Garuda Aerospace Gets SEBI Nod For ₹750 Cr+ IPO

Business

Chennai-based dronetech startup Garuda Aerospace has received SEBI's final observation for its proposed IPO, following a confidential pre-filing in April. The public issue will include a fresh equity share issue of up to ₹750 crore and an offer-for-sale component. Founded in 2015, the company specializes in drone manufacturing and services for defense and agriculture, reporting a net profit of ₹18.4 crore in FY25.

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Source: inc42

Swiggy Bets On Toing, Instamart To Achieve ₹10,000 Cr Adjusted EBITDA By FY31

Business

Swiggy aims for a consolidated adjusted EBITDA of ₹10,000 crore by FY31, driven by its quick commerce arm, Instamart, and affordable meal platform, Toing. The company projects a total gross order value of ₹2.5 lakh crore by FY31. Swiggy expects its food delivery EBITDA to reach ₹5,000 crore, while Instamart targets a GOV of ₹1.5 lakh crore, leveraging operational efficiencies and expanding its user base through affordability.

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Source: inc42

RateGain Q1 Profit More Than Doubles YoY To ₹95 Cr, Revenue Skyrockets 188%

Business

"Travel-focused SaaS company Rategain reported a strong financial performance for Q1 FY27, with consolidated profit jumping 102% year-on-year and 36% quarter-on-quarter to ₹94.9 crore. Operating revenue surged 188% year-on-year to ₹785 crore, while total income reached ₹788.1 crore. Despite these gains, total expenses also rose significantly, increasing 188% year-on-year to ₹667.5 crore during the June quarter, reflecting the company's rapid growth and operational scaling.".

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Source: inc42

Ola Electric Shifts To Dealer-Led Sales Model To Expand Reach

Business

Ola Electric is transitioning from a direct-to-consumer model to a dealer-led sales and service network across India to expand its reach and improve after-sales support by Diwali 2026. While company stores will focus on brand experience, partners will drive local sales. Additionally, the company is entering the battery energy storage market via Ola Mahashakti, partnering with Axis Energy for a 20 GWh deployment by 2032.

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Source: inc42

Piper Serica’s ₹800 Cr Bharat Tech Fund Hits First Close At ₹300 Cr

Business

Piper Serica's ₹800 Cr Bharat Tech Fund achieved its first close at ₹300 Cr, reflecting growing investor interest in India's deeptech ecosystem. The fund will back Series A and B deeptech startups in sectors like semiconductors, AI, and spacetech, with investments between ₹20 Cr and ₹50 Cr per company. Nearly 50% of commitments came from existing investors.

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