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Source: inc42

From Third Wave Coffee To MATTER — Indian Startups Raised Over $210 Mn This Week

Business

Indian startups raised $210.3 million across 23 deals between August 24 and 28, a 9.8% decline from the previous week. Ecommerce and advanced hardware and technology led the funding, totaling $108.4 million, with Third Wave Coffee securing $43 million. Capital 2B and Equanimity Investments were the most active investors. Additionally, three M&A deals occurred, and several new funds were launched, including a ₹250 crore family office by Micromax.

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Source: inc42

Alpha Wave Ventures Sells ₹1,857 Cr Stake In Lenskart Via Block Deals

Business

Early backers of Lenskart, including Alpha Wave Ventures, SoftBank, and Temasek, are selling stakes to book profits following a surge in share prices. Alpha Wave recently offloaded shares worth ₹1,856.8 Cr to buyers like the NPS Trust and ICICI Prudential. This trend follows Lenskart's strong Q1 FY27 results, where net profit jumped 273% to ₹228.4 Cr and operating revenue grew 43% to ₹2,714.2 Cr.

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Source: inc42

Gnani.ai Unveils Sovereign AI Stack Artha For Enterprises

Business

Gnani.ai has launched Artha, a sovereign AI stack designed for Indian enterprises and public institutions to maintain data control. The platform integrates Plexus, an agentic AI system, with Evon v3.3, a 30 billion-parameter multilingual model supporting 11 Indian languages. Developed under the IndiaAI Mission, Artha aims to reduce reliance on foreign AI by offering cost-effective, high-performance reasoning capabilities for regulated sectors like banking and insurance.

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Source: inc42

IPO-Bound Purple Style Labs Nets ₹306 Cr From Anchor Investors

Business

Purple Style Labs, the parent company of Pernia’s Pop Up Shop, has raised nearly ₹306 crore from ten anchor investors ahead of its IPO. The public issue, consisting of a fresh share issue worth up to ₹680 crore, opens on August 31. The company plans to use the proceeds for lease liabilities and marketing. Despite a widening net loss, its operating revenue grew 14% to ₹557.8 crore in FY26.

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Source: inc42

Jio Platforms Gets SEBI Nod For IPO

Business

Jio Platforms, the digital and telecom arm of Reliance Industries, has received SEBI's approval for its proposed initial public offering. The IPO will consist of a fresh issue of up to 27 crore equity shares, with no offer for sale. Proceeds are intended to repay borrowings of Reliance Jio Infocomm and for general corporate purposes. This listing aims to unlock value for major shareholders, including RIL, Meta, and Google.

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Source: inc42

Meta India, Southeast Asia VP Sandhya Devanathan Steps Down

Business

"Sandhya Devanathan, Meta’s vice president for India and Southeast Asia, has stepped down after more than ten years with the company. Devanathan, who led Meta's operations in these key markets, plans to take a short break before pursuing new opportunities. Her departure occurs as Meta faces increased regulatory pressure in India regarding deepfakes and AI-generated content, and follows her role in the Meta-Reliance AI joint venture.".

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Source: inc42

Inside Groww’s Revenue Mix: What Comes After Broking

Business

Groww is diversifying its revenue streams to reduce reliance on stockbroking and equity derivatives, which dropped to 68.4% of its income in Q1 FY27. Despite growing its active client base to 1.31 crore, the company still trails competitor Zerodha in total revenue and profit. Groww is expanding into asset management and wealth management through acquisitions like Fisdom to drive future scalable growth and market competitiveness.

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Source: inc42

Uber, Eternal, Porter Exit Karnataka Gig Workers Welfare Board: Report

Business

Uber, Eternal, and Porter have withdrawn from Karnataka’s gig workers welfare board as they legally challenge the state’s Platform-Based Gig Workers Act. The companies argue the law imposes excessive compliance costs and overlaps with central social security frameworks. While the High Court provided interim protection from coercive action, the state continues enforcing the 1% transaction fee. Meanwhile, other platforms like Delhivery and Yulu are joining the board.

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Source: inc42

ESDS IPO Fully Subscribed Within Hours On Day 1

Business

ESDS Software Solution’s ₹720 crore IPO was subscribed 1.02 times on its first day, driven by retail and non-institutional investors. The company, which provides cloud and AI infrastructure, seeks a valuation of approximately ₹5,028 crore with a price band of ₹408-₹429. The issue closes on September 1, with listing expected on September 4. ESDS plans to use ₹576 crore to expand its data center infrastructure.

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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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