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Source: inc42

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

Business

India's fintech sector in August focused on UPI sustainability, AI integration, and specialized services. While the government debated merchant discount rates for UPI, companies like Razorpay launched AI models for payment intelligence. Investors showed strong interest in wealthtech and SaaS, with significant funding for Centricity and Navi. Additionally, early-stage startups like CoverSure, Fold Money, Komplai, Tap Invest, and The Financialist are innovating in insurance, accounting, and investment management.

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Source: inc42

ESDS’ IPO Litmus Test, Even Axes 350 Jobs & More

Business

ESDS Software Solution is launching a ₹720 crore IPO to expand its cloud and GPU capabilities. Meanwhile, PRISM, the OYO parent, reports a 306% profit surge ahead of its own public listing. In other news, Even Healthcare cut 30% of its staff to pivot its business model, InstaAstro raised $12 million, and Deepinder Goyal’s Temple acquired Longevous. Additionally, drone startup Raphe mPhibr is now valued at $900 million.

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Source: inc42

IPO-Bound ESDS Software Bags ₹216 Cr From Anchor Investors

Business

ESDS Software Solution, a cloud and data centre firm, raised ₹216 crore from 19 anchor investors ahead of its ₹720 crore IPO. Domestic mutual funds comprised nearly 82% of the anchor book. The IPO, priced at ₹429 per share, opens tomorrow and closes September 1. ESDS plans to use ₹576 crore for infrastructure upgrades. The company reported a consolidated net profit of ₹120.8 crore for FY26.

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Source: inc42

Alpha Wave Ventures Exits Aye Finance Via ₹323 Cr Bulk Deals

Business

Global investment firm Alpha Wave has completely exited MSME-focused NBFC Aye Finance by selling its 7.78% stake, totaling 1.92 crore shares, for approximately ₹322.6 crore. The shares were acquired by Integrated Core Strategies (Asia) and Singularity Large Value Fund III. This move follows Alpha Wave's recent exits from Delhivery and Lenskart. Meanwhile, Aye Finance reported a 144% year-on-year net profit increase to ₹74.5 crore for Q1 FY27.

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Source: inc42

Ashish Kacholia-Backed Sanlayan Turns Profitable In FY26, Revenue Surges 5.7X To ₹125 Cr

Business

"Defence tech startup Sanlayan Technologies achieved a turnaround in FY26, reporting a consolidated net profit of ₹7.9 crore compared to a ₹2.9 crore loss previously. Operating revenue surged 5.7 times to ₹124.7 crore, driven by strategic acquisitions of Dexcel Electronics and Versabyte Data Systems. The Bengaluru-based firm expanded its radar and electronic warfare portfolio, supported by a ₹186 crore Series A funding round and government indigenisation efforts.".

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Source: inc42

Caught In The GPU Pricing Paradox, Can ESDS Deliver A Bumper IPO?

Business

ESDS Software Solution is launching a ₹720 crore IPO with a price band of ₹408 to ₹429 per share to expand its data-centre capacity. The company aims to accelerate its push into AI infrastructure and GPU-as-a-service. Despite facing rising hardware costs, ESDS leverages a profitable cloud business and strong government and banking ties. It also signed a $1.25 billion agreement with Sharon AI for GPU clusters.

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Source: inc42

OYO Parent PRISM’s FY26 Profit Skyrockets 4X YoY To ₹994 Cr

Business

IPO-bound PRISM, the parent company of OYO, reported a significant surge in FY26 net profit to ₹994.2 crore, a 306% year-on-year increase. Operating revenue grew 50% to ₹9,358 crore, while gross booking value rose 88.5% to ₹30,683 crore, driven largely by the G6 Hospitality acquisition. The company is transitioning to an AI-native model and plans a ₹6,650 crore IPO to repay debt and expand its global operations.

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Source: inc42

[Update] Rapido Back Online After An Hour Long App Outage

Business

"Rapido experienced a brief technical glitch on August 27, leaving many users unable to book rides for approximately one hour. The outage caused some customers to switch to Uber, where they reported fares being two to three times higher than usual. While some users faced frozen screens and processing errors, service was restored by 8 PM. The company has not yet specified the cause of the disruption.".

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Source: inc42

After Eight Years Of Building Quietly, Can Raphe mPhibr Conquer The Skies With Its Long-Endurance UAVs?

Business

Founded in 2017 by PhD researchers Vivek and Vikash Mishra, Raphe mPhibr is a Noida-based defence technology company specializing in indigenous UAVs for India's armed forces. After years of prioritizing R&D and internal manufacturing over rapid growth, the startup has scaled to 1,000 employees. Recently valued at nearly $900 million after raising $145 million, Raphe now develops advanced surveillance, logistics, and long-endurance drones to bolster domestic military capabilities.

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Source: inc42

NITI Aayog Proposes Skilling Overhaul With Outcome-Linked Financing Model

Business

NITI Aayog proposes linking government funding for skill training to verified employment outcomes, such as placement rates and wage growth, to improve quality and accountability. The plan includes "pay-for-results" models and Digital Skills Vouchers to empower learners and align training with industry demand. These reforms aim to optimize the ₹34,000 crore skilling budget, targeting priority groups and key sectors to bridge India's labor market gaps.

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Source: inc42

Even Healthcare Lays Off 350 Employees Amid Hospital-Led Pivot: Report

Business

Even Healthcare, a Bengaluru-based healthtech startup, has laid off approximately 350 employees, representing 30-35% of its workforce. The company is phasing down its insurance business to prioritize a hospital-led healthcare model and improve operational efficiency. Despite raising $20 million earlier this year and increasing its revenue to ₹25 crore in FY25, the startup's net loss widened to ₹83 crore as it expands its hospital footprint.

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Source: inc42

India’s Innovation Gap: Where R&D, Capital And Industry Fall Short

Business

India excels in IT services, generic pharma, and space engineering but struggles to create globally leading, research-intensive domestic firms. Structural barriers, including low R&D investment, a rote-learning education system, and poor industry-academia collaboration, hinder commercialization. Historical complacency and a price-sensitive consumer market further stifle innovation. To advance, India requires a systemic shift toward supporting long-term research and patient capital over short-term returns.

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Source: inc42

Deepinder Goyal’s Temple Acquires London-Based Longevous

Business

"Deepinder Goyal’s wearable startup, Temple, has acquired London-based longevity medicine practice Longevous for an undisclosed amount. The move integrates clinical and scientific expertise to validate health claims before the startup's first product launch. Longevous founders Robert Mohr and Avi Roy will join Temple full-time as chief medical officer and head of science, respectively. Longevous will continue its existing operations while supporting Temple's scientific rigour and data assessment.".

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Source: inc42

OpenAI Rolls Out ChatGPT Ads In India

Business

OpenAI has launched ChatGPT advertisements in India, targeting logged-in adults on Free and Go plans. Over 50 brands will participate, with a self-serve ads manager opening September 4 with daily budgets starting at ₹725. Paid subscribers will remain ad-free. OpenAI ensures ads will not influence AI responses or grant advertisers access to private user conversations, focusing instead on aggregate data to maintain user privacy and trust.

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Source: inc42

BPCL Pilots Grocery Delivery With LPG Cylinders, Plans Payment Gateway

Business

"Bharat Petroleum Corporation Ltd (BPCL) is piloting an ecommerce model in Maharashtra and Uttar Pradesh to deliver groceries, FMCG products, and consumer durables alongside LPG cylinders. By leveraging its network of petrol pumps, convenience stores, and LPG dealerships as fulfillment centers, BPCL aims to expand its non-fuel business. Additionally, the company is developing a payment gateway integrated with its HelloBPCL app to streamline transactions at its fuel stations.".

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Source: inc42

TILT Launches Binny Bansal-Backed ₹250 Cr Fund For Impact Startups

Business

TILT, an impact investment platform by The/Nudge Foundation, has launched a ₹250 crore venture fund targeting seed to Series A startups serving India’s “Next Billion.” The fund provides patient capital, investing between ₹2 crore and ₹16 crore in sectors like agriculture, climate resilience, and financial inclusion. Backed by prominent investors and the Livelihood Impact Fund, TILT aims to support over 150 startups to improve 100 million lives.

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Source: inc42

InstaAstro Bags $12 Mn To Build AI Tools, Expand Online Pooja Services

Business

InstaAstro, an AI-led astrology and spiritual wellness platform, has raised $12 million in a Series A round led by Singularity AMC and Artha Venture Fund. The company plans to utilize the capital to enhance AI capabilities, expand its pooja seva and spiritual commerce offerings, and grow its presence in regional and international markets. With 12 million users and over ₹200 crore in annualized revenue, InstaAstro is scaling rapidly.

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Source: inc42

Building Pharma Labs In Space, Zerodha’s Bland FY26 & More

Business

Usually, in these prompts, the first major section is the target, or a general summary of the whole newsletter is needed. However, the prompt says "Read the news article content.. and summarize it". The content is a newsletter. I should focus on the lead story or the overall themes. Given the structure, the space manufacturing piece is the "feature" article. Let's see if I can synthesize the main story or the whole thing. Usually, "the news article" refers to the main piece. Let's focus on the space manufacturing story as it's the most substantial "article" provided.).

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Source: inc42

InspeCity Raises ₹100 Cr To Fund Four Space Missions

Business

Thane-based spacetech startup InspeCity has raised ₹100 crore in a pre-Series A funding round co-led by Ashish Kacholia and Speciale Invest. The company plans to utilize the capital for four in-orbit missions over the next 18 months, focusing on satellite servicing and de-orbiting solutions. With ISRO-cleared propulsion systems, InspeCity aims to advance its robotic and sensing technologies toward commercial deployment amidst India's rapidly expanding space economy.

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Source: inc42

Micromax Floats Family Office, Earmarks ₹250 Cr To Back Deeptech Startups

Business

Micromax Informatics has launched a family office with a ₹250 crore corpus to invest in deeptech startups across India and global markets. Targeting Pre-Series A to Series B companies, the office will focus on AI, semiconductors, robotics, and defense tech. With average investments between ₹10 crore and ₹20 crore, Micromax aims to provide both capital and industrial support through its extensive manufacturing and technology ecosystem.

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