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Source: inc42

IPO-Bound OfBusiness’ FY26 Profit Jumps 21% YoY To ₹724 Cr

Business

IPO-bound B2B ecommerce startup OfBusiness reported a 21% increase in FY26 consolidated net profit to ₹724 Cr, despite flat operating revenue of ₹20,645 Cr. EBITDA rose 34% to ₹769 Cr. Its lending arm, Oxyzo Financial Services, saw its asset base grow 28% to ₹11,822 Cr with net profit reaching ₹375.5 Cr. The company is preparing for an IPO targeting a $750 million to $1 billion raise at a $6-9 billion valuation. (73 words) -.

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Source: inc42

BlackBuck Q1: Profit Increases 25% To ₹42 Cr, Revenue Zooms 42% YoY

Business

Logistics company BlackBuck reported a net profit of ₹42.2 crore for Q1 FY27, marking a 25% increase year-over-year but a 56% decline from the previous quarter. Operating revenue grew 42% YoY and 10% QoQ to ₹204.2 crore, with total income reaching ₹220.5 crore. Meanwhile, total expenses rose 57% year-over-year to ₹178.4 crore, and the company recorded a deferred tax gain of ₹45 lakh.

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Source: inc42

Fintech Startups To Watch: Startups That Caught Our Eye In July

Business

In July, India's fintech sector saw strategic expansion and regulatory shifts. Lending unicorn Moneyview received SEBI approval for a ₹1,500 Cr IPO, while M&A activity grew with Mynd Fintech and Zaggle making key acquisitions. Despite a slight dip in UPI transactions, the RBI explored raising merchant limits. Additionally, new crypto reporting and foreign investment rules emerged, alongside the rise of AI-driven startups in investing and lending. (69 words) -.

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Source: inc42

Now, Uber Moves Karnataka HC Challenging State’s Gig Workers Law

Business

Uber has challenged the constitutional validity of Karnataka’s Platform-Based Gig Workers Act in the High Court, arguing it overlaps with the central Code on Social Security. The ride-hailing company claims the state law imposes redundant financial and compliance burdens. The court granted Uber interim protection from coercive action, aligning it with other platforms. This case will determine if states can maintain separate gig worker welfare regimes.

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Source: inc42

Revspot Raises $4.8 Mn To Scale AI Sales Automation Platform

Business

AI sales automation startup Revspot has raised $4.8 million in a Series A round co-led by Inflexor Ventures and Info Edge Ventures. The Bengaluru-based company will use the capital to enhance its buyer-intelligence platform, expand its product development in India, and enter new high-ticket B2C sectors and international markets. Revspot’s AI-powered platform helps businesses identify and qualify high-intent buyers across sectors like real estate and education.

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Source: inc42

BharatGen CEO On Why Models Alone Can’t Help India Gain In The AI Race

Business

BharatGen, a non-profit consortium anchored at IIT Bombay and funded with ₹988.6 crore from the IndiaAI Mission, is developing multilingual and multimodal AI models for 22 scheduled Indian languages. Through its Param, Patram, Sooktam, and Shrutam families, the initiative focuses on sovereign AI, research, and cultural diversity. It is also building the Bharat Data Sagar repository and deploying purpose-driven tools for agriculture and commerce.

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Source: inc42

CarTrade Q1: Profit Jumps 21% To ₹57 Cr, Revenue Up 16% YoY

Business

CarTrade reported a 20.6% year-on-year increase in consolidated net profit to ₹56.8 crore for the first quarter of FY27, up from ₹47.1 crore. However, profit fell 19.8% sequentially from ₹70.8 crore in the March quarter. Operating revenue grew 16.3% to ₹201.2 crore, while total revenue reached ₹229.7 crore, including other income. The company's total expenditure for the June quarter stood at ₹152.1 crore.

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Source: inc42

The AI Layer Powering India’s Farms

Business

AI is revolutionizing Indian agriculture by integrating intelligence across the farm economy. Companies like Cropin, Arya.ag, and ANNAM.AI use satellite data, computer vision, and hyper-local advisories to optimize yields and reduce input costs. These technologies help farmers improve income by minimizing crop loss and enhancing market transparency. The focus is now shifting from isolated tools to scalable infrastructure that connects production, financing, and procurement.

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Source: inc42

Anicut Capital Floats ₹250 Cr Fund To Back 20 Early Stage Startups

Business

"Anicut Capital has launched the Grand Anicut Seed Fund, targeting a corpus of ₹175 crore with an additional ₹75 crore greenshoe option. The SEBI-registered fund aims to back over 20 startups in deeptech, enterprise tech, consumer, and financial services, with initial cheques between ₹5 crore and ₹8 crore. Utilizing a blind-pool approach, the fund has already committed capital to three startups and expects a $10 million first close next month.".

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Source: inc42

Q-Comm Poaching Wars, Table Space’s IPO & More

Business

India's quick commerce sector is seeing a leadership talent war, with Swiggy Instamart and Nykaa poaching executives to scale operations. Meanwhile, Pine Labs reported a significant Q1 profit surge, and Table Space prepares for a $350 million IPO. Other updates include Cursor launching a localized India subscription, Snitch acquiring Berrylush to enter women's fashion, and Krutrim facing further layoffs amid financial struggles and operational pivots. (68 words.

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Source: inc42

AI Data Centres To Consumer 26.3 GW Power By FY32: MoS Power

Business

"India's power ministry projects that AI data centres will demand 26.3 GW of electricity by FY32, nearly doubling previous estimates. Minister Shripad Naik stated that renewable energy will primarily serve this load as peak demand is expected to exceed 388 GW. While major firms like Google and Reliance expand infrastructure, the government is upgrading transmission grids to manage energy intensity and address sustainability and public concerns.".

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Source: inc42

SEDEMAC’s Q1 Profit Soars To ₹33 Cr, Revenue Up 43% YoY

Business

SEDEMAC Mechatronics reported a 95.1% year-on-year increase in net profit to ₹33.3 crore for Q1 FY27, driven by a 42.5% rise in operating revenue to ₹309.8 crore. While the mobility segment grew significantly, the industrial solutions vertical declined. Despite the profit surge, EBITDA margins fell to 19.4% due to semiconductor supply issues and higher raw material costs. The company has sold over 1.3 crore ECUs globally.

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Source: inc42

Vishal Mega Mart Doubles Down On Quick Commerce Amid Retail Shift

Business

"Vishal Mega Mart is expanding its quick commerce services to 767 stores across 520 cities, reaching 1.4 crore registered users. The initiative, offering 30-minute deliveries, contributes 2% to 9% of store revenue, with many locations hitting a 5% target. By leveraging existing stores instead of dark stores, the retailer has attracted new customers, contrasting with DMart's strategy of avoiding ultra-fast deliveries to prioritize low pricing.".

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Source: inc42

Centre Sets Up Inter-Ministerial Group To Form Financial Cybersecurity Strategy

Business

The Indian government has established an inter-ministerial group to develop a comprehensive cybersecurity strategy for the financial sector. This move addresses rising AI-driven threats, including deepfakes and sophisticated phishing, which Finance Minister Nirmala Sitharaman warned could destabilize the industry. Additionally, the government is utilizing the India Digital Payment Intelligence Corporation to detect real-time fraud, complementing existing frameworks like CERT-In to safeguard India's digital payment ecosystem.

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Source: inc42

Cursor Doubles Down On India, Launches India-Specific AI Coding Plan

Business

AI coding platform Cursor has launched "Cursor Start," a subscription plan exclusively for India priced at ₹649 per month. This move follows SpaceX's $60 billion agreement to acquire the startup. The plan offers Grok 4.5 and cloud agents to India's growing developer base, which has tripled to 3 million. This expansion reflects a broader trend of global AI firms targeting the Indian market, projected to reach $126 billion by 2030.

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Source: inc42

Flipkart’s Ekart Opens Logistics Network To D2C Brands Via Franchise Model

Business

Flipkart Group’s supply chain arm Ekart has opened its pan-India logistics network to MSMEs, D2C brands, FMCG companies, and enterprises,.

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Source: inc42

Delhi HC Orders Winding Up Of Paytm Payments Bank

Business

The Delhi High Court has ordered the winding up of Paytm Payments Bank, appointing former SBI executive Girikumar M. Nair as the official liquidator. This follows the RBI's April decision to revoke the bank's license due to persistent regulatory non-compliance and governance lapses. While banking operations end, the court-supervised process aims to protect customers. Meanwhile, Paytm has migrated its digital payments to partner banks and seeks a new wallet license.

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Source: inc42

Table Space To File Draft Papers For $350 Mn IPO Next Month: Report

Business

Managed workspace provider Table Space plans to file for an IPO by early August, seeking to raise up to $350 million. The public issue will likely include a ₹1,000 crore fresh equity component and an offer for sale. Despite a reported net loss in FY25 due to exceptional items, the company's operating revenue grew 51% to ₹1,360 crore, reflecting strong demand for enterprise office solutions in India.

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Source: inc42

Centre Summons Meta Over Removal Of PM Modi’s Facebook Post

Business

The electronics and IT ministry (MeitY) has summoned Meta’s global head of public policy after Facebook temporarily removed a video.

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Source: inc42

Pine Labs Q1: Profit Surges 4X YoY To ₹20 Cr, Revenue Up 20%

Business

Fintech major Pine Labs reported a significant surge in Q1 FY27 net profit, which rose over fourfold year-on-year to ₹19.6 crore from ₹4.8 crore. Operating revenue grew 20% YoY to ₹736.9 crore, reflecting a 5% sequential increase. Despite this growth, net profit declined by 203% compared to the previous quarter. Total income reached ₹765.9 crore, while total expenses increased by 11% year-on-year to ₹728.1 crore.

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