Mobavenue AI Q1: PAT Zooms 94% YoY To ₹12 Cr, Revenue Up 57%

Source: inc42

Mobavenue AI Q1: PAT Zooms 94% YoY To ₹12 Cr, Revenue Up 57%

Business

Mobavenue AI Tech reported a significant increase in its financial performance for Q1 FY27. The listed adtech company's net profit surged 94.3% year-on-year to ₹11.7 crore, while operating revenue grew 57% to ₹72.8 crore. Total income reached ₹75 crore, including other income. Despite these gains, total expenses also rose, increasing 54.7% year-on-year and 15.5% sequentially to reach ₹59.5 crore during the first quarter.

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Google’s Gemini app surges to one billion users

Startups

Google CEO Sundar Pichai announced that the Gemini app has surpassed 1 billion monthly active users, becoming the company's 14th product to reach this milestone. This growth puts Gemini on par with OpenAI's ChatGPT. Google continues integrating the AI across its ecosystem, introducing Gemini 3.5 Flash for coding and agents. The app sees high engagement, with 150 million daily images generated and 100 million active users on iOS.

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Bluesky’s active user base is shrinking as its focus expands beyond the app

Startups

Bluesky is struggling to maintain its post-election momentum, with monthly active users falling 27.2% year-over-year to 10.4 million by June 2026. Despite this decline, CEO Toni Schneider is shifting focus toward the AT Proto protocol to support various social apps and new features like private data. Meanwhile, X's mobile usage has dipped slightly, while Meta's Threads continues to grow, reaching 147 million daily active users.

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What’s Scaleup Europe, the $5.7B fund that just backed satellite company ICEYE?

Startups

"The European Commission has launched the Scaleup Europe Fund, managed by Swedish firm EQT, to provide growth-stage funding for EU startups in strategic sectors. Aiming for an initial €5 billion target, the fund seeks to enhance European tech sovereignty and global competitiveness. Its first investment was made in Finnish satellite intelligence company ICEYE. The fund is anchored by a €1 billion Commission investment alongside several institutional investors.".

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Brad Lightcap, OpenAI’s longtime COO, is leaving to ‘start something new’

Startups

"Brad Lightcap, a long-serving executive and former CFO and COO of OpenAI, is leaving the company to launch a new venture. Joining in 2018, Lightcap played a key role in building the firm's operational and business teams. His departure comes amid a broader shakeup of top-level leadership, including the exits of Fidji Simo and others, as OpenAI prepares for a potentially significant industry-wide initial public offering.".

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General Catalyst leads $1.1B round into 2-month-old River AI

Startups

River AI, a startup founded by xAI co-founder Igor Babuschkin, has a fascinating vision for personal agents and secured $1.1 billion out of the gate.

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An unreleased Anthropic model made progress on one of math’s biggest unsolved problems

Startups

Anthropic announced that an unreleased AI model made significant progress on the 150-year-old Riemann hypothesis, increasing the lower bound of solutions. Using 60 sub-agents to test 650 ideas, the model's findings were verified by mathematicians and formalized using Lean. This breakthrough, alongside other AI-led mathematical successes, has sparked debate among experts regarding the future of authorship and the nature of scientific discovery.

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Joby Aviation builds out defense business with $500M acquisition

Startups

Joby Aviation has agreed to acquire Resonant Sciences for $500 million in cash and stock to expand its defense capabilities. The Ohio-based company, specializing in radio frequency and sensor systems, will form a dedicated defense division led by CEO J. Micah North. This acquisition provides Joby with immediate revenue and government access, allowing the company to focus its primary resources on certifying and launching its electric air taxi network.

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Delta investigating after someone set up fake Wi-Fi network mid-flight

Startups

"A passenger on a Delta flight from Las Vegas to Atlanta allegedly created a fake Wi-Fi network to impersonate the plane's legitimate service. Pilots alerted air traffic control, and the airline disabled the official Wi-Fi for 30 minutes. Delta stated that flight safety and aircraft systems were not compromised. The airline is investigating the incident with federal authorities, noting some passengers had attended cybersecurity conferences in Las Vegas.".

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Zepto Faces Fresh Regulatory Heat As Bengaluru Warehouse Sealed Over Food Safety Violations

Business

"Karnataka's Food Safety Division sealed a Zepto warehouse in Bengaluru’s Hoskote due to misbranding, non-compliant labelling, and unhygienic food storage conditions. Authorities issued a notice and recommended legal action following a special inspection drive. This regulatory crackdown occurs as the quick commerce unicorn pauses its IPO plans over valuation concerns, amid reports of increasing net losses despite a significant rise in the company's operating revenue.".

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Porter FY26 Profit Skyrockets 4X YoY To ₹229 Cr, Revenue Up 54%

Business

Logistics unicorn Porter reported a significant financial surge in FY26, with net profit jumping 314% to ₹229 crore. Operating revenue grew 54.4% to ₹6,650 crore, driven primarily by its core goods transportation services. While total expenses rose 52% to ₹6,505.4 crore, largely due to fleet operator costs, the company continues to scale. Porter currently serves 30 lakh customers across 35 Indian cities, aiming for further expansion by 2030.

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2025’s most downloaded game, Block Blast!, is going ad-free on Apple Arcade

Startups

Apple announced that Block Blast!+, an ad-free version of the highly popular puzzle game, will launch on Apple Arcade on September 3. As the most downloaded free iPhone game of 2025, Block Blast! has reached hundreds of millions of installs. The new subscription version addresses user complaints regarding frequent ads. Other titles, including Art of Fauna: Cozy Puzzles+, will also join the service on the same date.

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Rivian CEO RJ Scaringe is betting on EVs, robots, and autonomy all at once — he’ll explain why at Disrupt 2026

Startups

"Rivian CEO RJ Scaringe will speak at TechCrunch Disrupt 2026 in San Francisco from October 13-15. He will discuss scaling hardware manufacturing and integrating AI into the physical world. Key topics include the launch of the R2 SUV, a roadmap for Level 4 autonomy by 2028, and the development of humanoid robotics via Mind Robotics to address labor shortages on Rivian's factory floors in Illinois.".

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FlightAware sues Kalshi over flight cancellation prediction markets

Startups

"FlightAware is suing prediction market Kalshi for allegedly using its data and branding without authorization to host gambling markets on flight cancellations. FlightAware claims it was unaware of these bets until media reports surfaced and argues that such markets could be manipulated, potentially creating safety risks for travelers and airport staff. The flight tracker is seeking a jury trial, though the specific amount of damages remains unspecified.".

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IPO-Bound Shiprocket Nets ₹727.4 Cr From Anchor Investors

Business

Logistics tech unicorn Shiprocket has raised ₹727.4 crore from anchor investors ahead of its ₹1,617 crore public issue, which opens tomorrow and closes August 14. Allotting 7.5 crore shares at ₹97 each, the IPO values the company at approximately ₹7,000 crore. The offering includes a fresh issue and an offer for sale. Despite a 24% revenue increase to ₹2,024 crore in FY26, the startup's net loss widened.

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Kyoto Fusioneering starts work on key fusion power plant device

Startups

"Kyoto Fusioneering, a Japan-based fusion power supply specialist, is partnering with Oak Ridge National Laboratory to build Unity-3, a prototype fuel breeding device. Supported by U.S. Department of Energy and Tennessee grants, the company is moving its U.S. headquarters to Oak Ridge. Unity-3 will test breeding blanket technologies to generate tritium fuel, providing critical data for multiple fusion startups to refine their reactor designs.".

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PM E-DRIVE E2W Subsidy Extended Till March 2028 With ₹1,000 Cr Additional Outlay

Business

The Indian government has increased the PM E-DRIVE scheme's total outlay by ₹1,000 crore to ₹11,900 crore to boost electric vehicle adoption. Incentives for electric two-wheelers are now extended until March 31, 2028, with ₹2,767 crore allocated to support up to 45.79 lakh vehicles. The revised structure provides ₹2,500 per kWh, capped at ₹5,000 per vehicle, while continuing support for e-rickshaws and electric ambulances to strengthen the domestic ecosystem. (70 words) -.

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[Update] LEAP India IPO Closes With 8.38X Oversubscription

Business

Logistics tech company LEAP India’s IPO closed with a strong 8.38X oversubscription, with investors bidding for 96.32 crore shares against 11.49 crore offered. Qualified institutional buyers showed the highest interest at 16.84X. The company, valued at ₹7,004.5 crore, is tentatively scheduled to debut on the NSE and BSE on August 14. LEAP India reported a 66% jump in FY26 net profit, reaching ₹62.3 crore.

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Bumble ditches its rule that kept men from making the first move

Startups

"Bumble has eliminated its signature requirement that women send the first message, now allowing any matched user to initiate conversations. The app also extended the response window from 24 to 72 hours to reduce user pressure. CEO Whitney Wolfe Herd described the shift as an evolution driven by user feedback. These changes come as Bumble faces declining revenue and broader industry challenges, including user fatigue and market competition.".

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Anthropic Adds Watermarks In Claude Content As Deepfakes Run Amok

Business

Anthropic is implementing default watermarking across all Claude products worldwide to distinguish AI-generated content from human work. Using embedded text watermarks and C2PA-standard metadata, the company aims to enhance transparency and combat deepfakes. While Google already employs SynthID, OpenAI has yet to release a text watermark. Despite these efforts, experts warn that such marks are probabilistic signals and can be bypassed through heavy editing.

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