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Source: inc42

Nykaa Ropes In Ex-Instamart COO Ankit Jain To Helm Nykaa Now

Business

Ankit Jain, former COO of Swiggy Instamart, has joined Nykaa as the business head for Nykaa Now and executive vice president for supply chain of Nykaa Beauty. His appointment aligns with Nykaa's strategy to aggressively expand its quick commerce operations in FY27. This move follows significant executive turnover at Swiggy Instamart. Meanwhile, Nykaa reports strong growth projections for its beauty and fashion segments, targeting $5 billion in GMV by FY30.

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Source: inc42

Why QOSMIC Pivoted From Building Satellites To Ground Infrastructure For Satellite Data

Business

Modern satellites generate massive data volumes that exceed current radio-based downlink capacities. To solve this bottleneck, Indian startups like Astrogate Labs and Olee Space are developing laser communication. Specifically, QOSMIC is building low-cost optical ground stations to enable high-speed data transfer from space to Earth. By offering ground-station-as-a-service, QOSMIC aims to reduce costs and increase efficiency for global satellite operators through a distributed network.

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Source: inc42

upGrad-Unacademy Merger Nears Completion

Business

Edtech major upGrad is in the final stages of acquiring edtech rival Unacademy in a transaction valued at ₹1,955 Cr,.

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Source: inc42

Delhi HC Grants BharatPe Interim Relief In Unity SFB Shareholding Dispute

Business

"The Delhi High Court has granted interim relief to BharatPe by restraining Unity Small Finance Bank from increasing its authorized share capital and amending its memorandum of association. BharatPe argues that such changes require its prior consent and could dilute its 49% stake to 21%. Unity SFB contends the move only facilitates warrant conversion into non-voting shares. The court will hear the matter again on October 28.".

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Source: inc42

Snitch Acquires D2C Women’s Fashion Brand Berrylush To Expand Beyond Menswear

Business

Menswear brand Snitch has acquired a 100% stake in D2C women’s fashion label Berrylush to enter the women's apparel market. While financial terms remain undisclosed, Berrylush will maintain its brand identity and existing team. Snitch intends to scale the brand into a ₹1,000 Cr business by providing support in technology, supply chain, and marketing, leveraging Berrylush's established customer base to accelerate its growth and omnichannel expansion.

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Source: inc42

Anicut Capital Takes Control Of Bira 91 Founder Ankur Jain’s Stake

Business

"Anicut Capital has acquired a stake of over 17% in B9 Beverages, the parent company of Bira 91, from founder Ankur Jain and his family. This transition follows Jain's resignation from the board and the relinquishment of executive control amid a severe financial crisis and debt exceeding ₹1,000 crore. Anicut Capital will now lead restructuring efforts and nominate three directors to revive the debt-laden craft beer maker.".

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Source: inc42

Swiggy Instamart Onboards Former Myntra CEO Nandita Sinha As Chief

Business

"Swiggy Instamart has appointed former Myntra CEO Nandita Sinha as its new chief executive to drive the platform's next growth phase. Sinha succeeds Amitesh Jha, who recently resigned to take a personal break and spend time with his family. Sinha, who left Myntra in April after a five-year tenure, is expected to further develop Instamart's differentiated assortment strategy and maintain the company's current growth momentum.".

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Source: inc42

ICICI Prudential MF Raises Shadowfax Stake To 8.56% After Buying 89 Lakh Shares

Business

ICICI Prudential Mutual Fund has increased its stake in logistics firm Shadowfax to 8.56% after acquiring 89.44 lakh shares for approximately ₹192 crore. This move follows significant stake sales by Flipkart and Eight Roads Ventures. Shadowfax's stock has risen 84% since its January listing, driven by strong financial growth and a shift to profitability in Q4 FY26, with revenue increasing 73.6% to ₹1,237 crore.

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Source: inc42

Krutrim Cuts Nearly Half Of Remaining Workforce In Fresh Layoffs

Business

Bhavish Aggarwal's AI startup, Krutrim, has laid off 20-25 employees in its second round of cuts this year, nearly halving its remaining workforce. Primarily affecting product and engineering teams, the restructuring aligns with a strategic pivot toward enterprise AI and cloud infrastructure. Despite reporting increased revenue and profit, the unicorn faces allegations of delayed salary and reimbursement payments while reducing its dependence on Ola Group companies.

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Source: inc42

Fashion Commerce Finds Its Plus-Size Fit

Business

Indian D2C fashion brands are shifting from treating plus-size clothing as a separate category to integrating inclusive sizing into their core design and data strategies. By leveraging AI-led tools and low-inventory models, brands like Virgio and NEWME are focusing on precise fit and trend-led designs. This evolution addresses a growing market for both extended sizes and relaxed silhouettes, aiming to build customer loyalty through better proportions.

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Source: inc42

Temple’s Valuation Jackpot, PhonePe’s FY26 Losses & More

Business

Deepinder Goyal’s wearable startup, Temple, reached a $375 million valuation, initiating an ESOP buyback. Meanwhile, PhonePe reported a widened FY26 loss of ₹2,792 crore, pausing its IPO. In other news, the CBDT introduced new crypto reporting norms, Omega Seiki raised ₹50 crore for EV expansion, and Zepto won a trademark battle. Additionally, IndiaMART invested in Fleetx, and TakeMe2Space is developing orbital AI data centers.

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Source: inc42

Tata Digital Posts Nearly ₹5,000 Cr Loss In FY26 As BigBasket Bleeds

Business

Tata Digital's FY26 revenue rose 11.9% to ₹35,990 crore, yet net losses grew to ₹4,974 crore, primarily driven by BigBasket's quick commerce expansion. While GMV reached ₹46,515 crore, several subsidiaries remained unprofitable. Consequently, the group is pivoting the Tata Neu super app toward financial services and loyalty offerings. Meanwhile, Tata Electronics saw revenue surge 97% to ₹1.31 lakh crore as it scales semiconductor manufacturing capabilities.

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Source: inc42

Ex-Share.Market CEO Ujjwal Jain Launches Wealth Management Startup Atyx.AI

Business

Former Share.Market CEO Ujjwal Jain and ex-Microsoft researcher Debopam Bhattacharjee have launched Atyx.AI, a Bengaluru-based fintech startup. The bootstrapped venture aims to reimagine wealth management for affluent customers using an AI-first approach. Jain, a serial entrepreneur whose previous companies were acquired by PhonePe, partners with Bhattacharjee, a PhD from ETH Zurich, to build a platform that breaks traditional barriers in the private wealth industry.

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Source: inc42

Delhi HC Restrains ‘Zepto Finance’ From Using Zepto Trademark

Business

The Delhi High Court has granted an interim injunction against "Zepto Finance," restraining it from using the "Zepto" trademark due to consumer confusion and trademark infringement. The court found that the quick commerce startup had established significant goodwill since 2021. This legal victory comes as Zepto expands its financial services and prepares for an IPO, with a potential valuation of around $5.1 billion, to fund further growth.

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Source: inc42

Why Enterprise Trust Is India’s Next AI Growth Frontier

Business

Enterprise AI is shifting its focus from model capability to data trust and control. Recent security concerns highlight that "zero data retention" is often a promise rather than an architectural reality. To address this, enterprises are adopting a five-layer trust framework covering models, learning, gateways, perimeters, and verification. This shift creates significant opportunities for AI-native security and on-premise solutions, particularly for Indian AI startups and IT firms.

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Source: inc42

Can TakeMe2Space Build The AWS Of Space?

Business

Hyderabad-based startup TakeMe2Space is developing orbital computing infrastructure to process AI models and satellite data directly in space. By reducing the need to transmit raw data to Earth, the company aims to lower costs and latency. After a failed PSLV mission, the startup plans a new launch via SpaceX’s Falcon 9 in October to scale its OrbitLab platform and build a constellation of compute satellites.

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Source: inc42

IndiaMART To Invest ₹65 Cr More In Fleetx, Raise Stake To 25.8%

Business

IndiaMART InterMESH is investing approximately ₹65 crore in fleet management startup Fleetx, increasing its stake to 25.8%. This move aligns with IndiaMART's strategy to expand its SaaS portfolio beyond its core B2B marketplace. Fleetx provides AI-powered logistics software and reported FY25 revenue of ₹77.8 crore. This investment follows IndiaMART's previous funding rounds in 2022 and 2025, amid mixed investor sentiment regarding IndiaMART's subscriber growth.

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Source: inc42

IPO-Bound PhonePe Posts ₹2,792 Cr Loss In FY26, Revenue Up 11.5% YoY

Business

PhonePe's net loss widened by 62% to ₹2,792 crore in FY26, despite an 11.5% rise in operating revenue to ₹7,920.5 crore. Total expenses surged 16% to ₹10,588.5 crore, driven by higher employee costs, increased marketing spend, and one-time write-offs from Indus Appstore and Pincode. Amidst these profitability challenges, the fintech giant has deferred its IPO plans while continuing to expand its merchant payments and financial services offerings.

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Source: inc42

CBDT’s Crypto Asset Reporting Guidance Raises Compliance Bar For Exchanges

Business

The Central Board of Direct Taxes has issued the Crypto-Asset Reporting Framework (CARF) guidance, requiring crypto service providers to report specified transactions via Form 167 starting in 2026. The framework focuses on increasing visibility into cross-border activities and verifying users' tax residency. While it aligns India with global transparency standards, the guidance does not introduce new taxes or determine the legality of virtual digital assets in India.

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Source: inc42

Bombay HC Allows Nitin Gadkari To Sue Meta, Google, X Over Circulation Of Deepfakes

Business

"The Bombay High Court has permitted Union minister Nitin Gadkari to file a civil suit against Meta, Google, X, and other entities over AI-generated deepfakes. Gadkari alleges that defamatory content falsely links him and his family to financial gains from the government's E20 fuel programme. This case serves as a significant legal test for platform liability, personality rights, and the regulation of AI-driven disinformation within India.".

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