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Source: inc42

Oracle To Lay Off Another 3,000 Employees In India: Report

Business

Oracle is preparing for global layoffs, with India expected to lose approximately 3,000 employees, roughly 10% of its local workforce. These cuts, potentially starting in September, follow a previous reduction of 12,000 staff in March. The company is slashing operational costs to fund massive investments in AI and data centers, mirroring a broader industry trend where tech giants prioritize automation over traditional workforce expansion.

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Source: inc42

Mastersā€™ Union Secures University Status From Haryana Govt

Business

The Haryana government has granted full university status to Gurugram-based Mastersā€™ Union through the Haryana Private Universities (Amendment) Bill, 2026. Now operating as Masterā€™s Union University, the institution plans to expand its Gurugram campus with research infrastructure and accelerator hubs. Founder Pratham Mittal announced new departments in law, medicine, agriculture, and biotech, alongside PhD programs, continuing the school's focus on practitioner-led and entrepreneurship-driven higher education.

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Source: inc42

InsuranceDekho + RenewBuy: Ankit Agrawal On Making Of A Pan-India Insurance Distribution Giant

Business

InsuranceDekho and RenewBuy have completed their merger, operating under the InsuranceDekho brand led by CEO Ankit Agrawal. The combined entity is now Indiaā€™s largest AI-enabled insurance distribution platform, boasting a premium book exceeding ā‚¹6,600 crore and over 6 lakh digital partners. Covering 98.57% of Indiaā€™s pin codes, the platform offers 750+ products from 52 insurers, leveraging complementary geographic strengths to compete with major industry players.

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Source: inc42

Minimac Systems Raises ā‚¹30 Cr To Scale Lubricant Recycling Infrastructure

Business

Pune-based startup Minimac Systems has raised ā‚¹30 crore ($3.2 million) in a funding round led by Zerodhaā€™s Rainmatter. The company specializes in lubricant recycling and circularity infrastructure, offering onsite treatment and fluid analytics. Minimac will use the capital for research and development of miniaturized fluid-treatment systems and fleet automation. The startup aims to reduce India's base oil imports and abate 860 gigagrams of carbon emissions by 2034.

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Source: inc42

[Update] ESDS IPO Closes With 135.9X Oversubscription

Business

ESDS Software Solutionā€™s ā‚¹720 crore IPO was oversubscribed 135.88 times by the end of its third bidding day. Qualified Institutional Buyers led the demand at 261.51 times, followed by Non-Institutional Investors at 192.94 times and retail investors at 39.68 times. Priced between ā‚¹408 and ā‚¹429 per share, the cloud and AI company plans to use ā‚¹576 crore for infrastructure expansion. Shares are expected to list on September 4.

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Source: inc42

Icertis Replaced CEO After Whistleblower Alleged Favouritism: Report

Business

"Icertis CEO Anand Subbaraman has stepped down to an advisory role following whistleblower allegations of misconduct, inappropriate behavior, and favoritism toward a junior employee. Subbaraman, who assumed the leadership role in August 2025, was under board investigation before his transition. Currently, CFO Rajat Bahri and board member Jim Moffatt serve as interim co-CEOs while the SoftBank-backed contract management firm, valued at $5 billion, seeks a permanent replacement.".

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Source: inc42

Whatfix Cofounder Khadim Batti Passes Away

Business

"Khadim Batti, the cofounder and former CEO of the AI-powered digital adoption platform Whatfix, has passed away at approximately 50 years old due to cardiac arrest. Batti cofounded the San Francisco-based SaaS soonicorn with Vara Kumar Namburu in 2013, growing it to serve over 700 enterprises. He is remembered as a pivotal mentor and supporter within the Indian startup ecosystem, inspiring many founders through his professional journey.".

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Source: inc42

VinFast Halts Cars Production In India To Reassess Costs: Report

Business

Vietnamese EV manufacturer VinFast is pausing production of its VF3, VF6, and VF7 models in India to reassess costs after failing to meet local sourcing targets. While the company has asked suppliers to halt activities, it will continue assembling the VF6 and VF7 using imported kits from Vietnam. This decision follows significant investments in its Tamil Nadu facility, which aims for an annual capacity of 150,000 vehicles.

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Source: inc42

Meta Pulls 39 Scam Ads Promoting Malicious Porn Apps After Indiaā€™s Warning

Business

Meta removed at least 39 Facebook and Instagram ads promoting malicious Android apps after warnings from India's Ministry of Home Affairs. These ads used sexually explicit content to lure users to phishing sites for APK downloads. The malware could steal banking credentials, capture OTPs, and facilitate unauthorized financial transactions. This action follows a surge in cyber fraud in India, which recorded nearly $2.4 billion in losses in 2025.

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Source: inc42

NPCI To Launch Agentic Payments On UPI: Report

Business

NPCI plans to launch the Unified Agent Protocol at the Global Fintech Fest in Mumbai, enabling AI agents to execute small-ticket UPI payments without manual user approval for every transaction. Leveraging UPI Circle and Reserve Pay, the framework allows users to delegate payment authority within pre-set limits for high-frequency purchases. Additionally, NPCI may introduce UPI AutoPay interoperability, advancing its vision for intelligent commerce alongside global payment networks.

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Source: inc42

Alteon Raises $2.5 Mn To Develop Long-Endurance Autonomous Aircraft

Business

Bengaluru-based startup Alteon has raised $2.5 million in pre-seed funding to develop wind-powered autonomous aircraft. Utilizing dynamic soaring technology, these aircraft aim to stay airborne for months or even over a year without refueling. The company recently demonstrated successful offshore flight tests. This technology targets persistent ocean monitoring, defense, and surveillance, contributing to India's rapidly expanding UAV market, which is projected to reach $1.39 billion by 2030.

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Source: inc42

Kepler Aerospace Raises $8 Mn To Launch Six Autonomous Surveillance Satellites

Business

"Bengaluru-based Kepler Aerospace has raised $8 million in its first external funding round to deploy six autonomous swarming ISR satellites under two iDEX contracts. The startup aims to reduce the delivery time of space-based intelligence from months to minutes. Additionally, Kepler will expand its mission operations and avionics-as-a-service businesses, move to a new facility, and hire 40 employees over the next 12 to 24 months.".

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Source: inc42

UPI Transactions Rise 4% MoM To Record 24.51 Bn In August

Business

"UPI transaction volume hit a record 24.51 billion in August, rising nearly 4% month-on-month, although the total value dipped slightly to ā‚¹29.82 lakh crore. While adoption grows, the industry faces monetization challenges, with new legislation potentially enabling Merchant Discount Rates. Additionally, NPCI is enhancing interoperability for AutoPay mandates and expanding internationally to Uzbekistan, while PhonePe is targeting feature-phone users to further increase digital payment reach.".

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Source: inc42

Yuma Energy Bags $35 Mn To Expand Its Battery Swapping Network

Business

"Yuma Energy, a joint venture between Magna and Yulu Energy, has raised $35 million in Series A funding from Magna International. The startup aims to expand its battery swapping network across India, enhance its tech platform, and broaden its customer base to include fleet operators and OEMs. With over 2,500 stations already operational, Yuma targets EBITDA-profitability by FY27 as the Indian EV market grows rapidly.".

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Source: inc42

Zeptoā€™s New Game Plan, Layoffs At Zomato & More

Business

Zepto is prioritizing profitability by reducing discounts and launching a paid loyalty program following its IPO postponement. Meanwhile, Zomato has laid off 240 employees in Hyderabad to consolidate operations. In other news, Satvacart has shut down, and Bira91 faces insolvency threats. Electric two-wheeler sales declined in August, while Vimag Labs is developing rare earth magnet alternatives to reduce India's dependence on Chinese imports for EV motors.

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Source: inc42

Zenergize Bags $4 Mn To Scale Production Of Its EV Chargers

Business

"Clean tech startup Zenergize has raised $4 million in a Pre-Series A funding round led by Giraffe Studios to expand its EV charger and solar inverter production. Founded by IIT Bombay alumni, the company plans to scale its R&D, grow its sales team, and establish a new facility in Delhi NCR. Zenergize currently reports an annual run rate of ā‚¹35-40 crore, targeting significant growth by 2026.".

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Source: inc42

Exclusive: MS Dhoni Joins Edtech Startup SpeakXā€™s Cap Table

Business

AI-based edtech startup SpeakX has appointed cricketer Mahendra Singh Dhoni as a strategic investor and brand ambassador. Formerly known as Yellow Class, the English tutoring platform utilizes a freemium model and currently serves around 2 lakh paid subscribers. SpeakX is expanding its regional-language offerings across India and plans to launch a B2B product. The company reported EBITDA profitability in FY26 and projects revenue growth for FY27.

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Source: inc42

BNP Paribas, Societe Generale & Millennium Sell Lenskart Shares Via ā‚¹2,670 Cr Block Deals

Business

BNP Paribas, Societe Generale, and Millennium Management offloaded Lenskart shares totaling ā‚¹2,670.2 crore to book profits following a surge in stock prices. Conversely, BlackRock emerged as a major institutional investor, acquiring shares worth over ā‚¹1,896 crore. This activity follows Lenskart's inclusion in the MSCI global standard index and a strong Q1 FY27 performance, where net profit surged 273% to ā‚¹228.4 crore amid rising operating revenues.

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Source: inc42

BlackRock Buys Ather Shares Worth ā‚¹445 Cr

Business

BlackRock Global Funds acquired nearly 26 lakh shares of Ather Energy for ā‚¹445.3 crore, signaling strong institutional confidence. This investment coincides with Ather's addition to the MSCI India small cap index and the launch of its mass-market Konarc e-scooter. Supported by Hero MotoCorp's recent stake increase and significantly improved Q1 FY27 financials, Ather's stock has surged 127.6% year-to-date, reflecting positive market sentiment and growth.

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Source: inc42

BNP Paribas & Millennium Sell 10 Cr Eternal Shares In ā‚¹3,265 Cr Block Deals

Business

BNP Paribas and Millennium Management sold over 9.9 crore shares of foodtech giant Eternal in block deals totaling ā‚¹3,264.8 crore. The sales occurred ahead of an MSCI index rejig expected to increase the stock's weightage. Eternal has seen a 30.9% share price surge over three months, driven by strong Q1 FY27 financial results, including a consolidated net profit of ā‚¹92 crore and significant revenue growth.

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