Startup and news updates: Daily roundup (January 16, 2025)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, January 16, 2025.
From Indian startups securing $131 billion in funding over nine years to Swiggy receiving approval from the Ministry of Corporate Affairs to establish Swiggy Sports Pvt Ltd, a wholly owned subsidiary, YourStory brings today’s headlines that highlight significant developments across industries.
Featured news
Startup India impact: Indian startups raised $131B in the last nine years
Over the last nine years, the Indian startup ecosystem has made great strides, becoming the third-largest ecosystem in the world. Since the launch of the Startup India mission on January 16, 2016, which aims to transform India from a nation of job seekers to a country of job creators, Indian startups have raised around $131 billion in funding, according to YourStory Research, turning the country into an innovation powerhouse.
Also, post 2016, Indian startups have consistently secured more than $10 billion in annual funding. While the total funding raised in 2016 was $3.8 billion, it dramatically increased to $13.5 billion in 2017. This was the year when SoftBank turned on the tap and poured capital into companies including Flipkart, Ola, Paytm, and OYO, to name a few.
Latest news
Swiggy expands into sports as it looks to go beyond food, grocery segments
Swiggy has received approval from the Ministry of Corporate Affairs (MCA) to incorporate Swiggy Sports Pvt Ltd, a wholly owned subsidiary of Swiggy, solidifying its effort to diversify beyond food and grocery delivery.
In the July-September earnings call, the foodtech giant announced the creation of Swiggy Sports to house the pickleball team it acquired in November 2023.
"The primary objectives of the new entity will encompass sports team ownership, management, talent development, event organisation, facility operations, career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models," Swiggy said in a stock exchange filing.
Shoppers unhappy with poor return policies, fake goods on ecommerce platforms: Study
One in five consumers received counterfeit products in the last 12 months. The highest percentage of fake products sold on ecommerce platforms were in categories such as shoes, cosmetics, and fragrance, according to a study by community social media platform Local Circles.
The study, which collected over 102,000 responses, revealed that 41% of customers ended up with counterfeit products due to restrictive platform or seller return policies or failure to raise complaints.
Additionally, 43% of consumers reported that there was no way to report fake products on these platforms, benefitting sellers distributing counterfeit goods, as it delays their identification and removal from the platform. Online shopping accounts for just 7% of the total $70-billion retail market in India, but the number is expected to grow with growing internet penetration, smartphone usage in rural areas, and low-cost internet services.
While 41% of respondents were from Tier I cities, 28% were from Tier II, and 31% were from Tier III, IV, V, and rural districts, highlighting the widespread nature of the problem across different regions.
Funding news
Age-tech startup Sukoon Unlimited raises $430K in pre-seed funding
Sukoon Unlimited, an age-tech startup and community-driven platform 'for seniors, by seniors', has raised $430K in a pre-seed funding round.
The round saw participation from investors including Anchorage Capital Partners (India); Dr Vinay Jain, an oncologist and philanthropist; Manish Dureja; Rahul Dash; Prantik Mazumdar; Neeraj Sagar; and Sudhir Kamath.
Vibha Singal, Founder and CEO of Sukoon Unlimited
The capital will enable its Unlimited to enhance its platform, scale its operations, and expand its community of seniors across India.
Founded in 2024 by Vibha Singal, Sukoon Unlimited aims to combat loneliness and create a sense of belonging for seniors.
It uses AI-first strategies to support the mental, emotional, social, and physical well-being of seniors, providing 24/7 companionship and support.
The 'for seniors, by seniors' approach empowers seniors with autonomy and dignity, promoting a sense of purpose and joy in their daily lives.
Zerocircle raises Rs 20 Cr seed funding from Rainmatter Capital, 1Crowd, others
, a Pune-based biotech company, has raise Rs 20 crore in a seed funding round. The round saw participation from climate-focused investors including , 1Crowd, and environmental advocate Trudie Styler.
The other investors include Trousdale Sarosphere LLC, VC Grid, 7th Gen Ventures, Spectrum Impact, and LNB Group.
The company plans to increase its production capacity by 10x across core product lines, including coated paperboards, food boxes, advanced coatings, and films, to over 3,000 tonnes annually by 2028.
Zerocircle plans to introduce product lines in 2026, 2027, and 2028, including advanced coatings, flexible films, and enhanced seaweed-based paper products, which will replace up to 500 million single-use plastic items annually.
It also plans to strengthen its global presence in markets such as the EU and GCC, and eliminate up to 1 million tonnes of plastic waste over the next decade.
Foodtech startup Fambo bags Rs 21 Cr in pre-series funding
Fambo, a foodtech startup, has raised Rs 21 crore in a pre-series funding round led by EV2 Ventures, with participation from Rajesh Sawhney and several ultra high net worth individuals.
The startup plans to use funds to expand its operations in India, establish an export vertical, invest in technology, and expand its partner farm network. It serves over 500 restaurants and cloud kitchens, including major brands like Burger King, McDonald's, California Burrito, Burger Singh, Farzi Café, and Barbeque Nation.
Fambo uses AI to transform food systems by ensuring traceability of fresh produce from farms to restaurants, adhering to food safety standards like GAP, FSSAI, ISO, and NSF, and offering a diverse product portfolio.
The startup uses its proprietary PDP framework to drive growth and an AI-powered platform to manage ingredients, ensure a reliable supply chain, and deliver on-time deliveries.
Fambo also has a state-of-the-art micro-processing centre in Noida that offers value-added products like pre-cut vegetables, sauces, gravies, frozen goods, and fried items. These products help restaurants introduce new menu items, save costs, reduce kitchen manpower, maintain consistency, and minimise waste.
The startup generated a revenue of Rs 18 crore in 2024 and is planning R&D collaborations with Indian and international universities to develop new food categories.
Other news
Gensol and Refex partner to transfer 2,997 electric vehicles for sustainable mobility
Gensol Engineering Limited and Refex Green Mobility Limited have entered into a partnership for the transfer of 2,997 electric four-wheelers (e4Ws), aiming to strengthen sustainable mobility solutions in India.
The deal will involve Refex eVeelz taking over Gensol's loan facility, streamlining operations, and enhancing e4W deployment across key markets.
Refex eVeelz plans to lease 2,997 vehicles to Blu-Smart Mobility Limited, a electric mobility platform in Delhi-NCR and Bengaluru.
The transaction requires regulatory and financial approvals to comply with laws and standards.
AI safety startup Inspeq AI expands to India with an office in Bengaluru
AI safety startup has opened its first India office in Bengaluru, with an initial capacity of 70 employees. The office is located in Koramangala.
The startup plans to expand its global presence by hiring 50 employees across engineering, operations, and client-facing roles, at its existing locations in Dublin, Ireland, and London.
Founded in 2023, Inspeq AI is an AI infrastructure company that provides an enterprise-ready LLM ops platform for developers to integrate AI safely and responsibly in their enterprise AI applications. The platform promises to make Gen AI app development up to 4X faster and reduce development costs by up to 70%. It also makes Gen AI apps up to 90% more reliable, protecting enterprises from loss of trust and reputational damage, as well as harsh regulatory penalties, said the company.
Inspeq AI recently forged an alliance with HCLTech to help global enterprises develop and integrate AI applications responsibly. The partnership aims to provide a responsible AI layer in app development, integrating it with existing toolchains like MSFT Co-Pilot and AWS Bedrock.
hBits appoints Zahid Gawandi as director of brand and marketing
has appointed Zahid Gawandi as the director of brand and marketing.
Gawandi brings over two decades of experience in marketing strategies to lead brand transformation and market expansion at hBits, bolstered by the company's recent Rs 40-crore fundraise.
Gawandi has a deep understanding of international marketing practices. He has worked with global advertising giants Dentsu and Hakuhodo and led a rebranding initiative at SBI Securities Ltd. His professional portfolio includes launching of iconic brands like Reliance Money and executing growth-focused strategies for GMoney, Spice Group, and Destimoney Group.
He will lead hBits' integrated marketing strategies to boost brand awareness, drive client acquisition, and boost investor engagement. His focus will be on amplifying product narratives, utilising digital campaigns, and fostering cross-functional collaboration for innovative asset classes.
Cisco launches AI Defense to secure enterprise AI transformation
has introduced Cisco AI Defense, a solution designed to ensure the safety and security of AI transformation within enterprises.
This solution addresses emerging safety concerns and security threats, enabling businesses to develop, deploy, and secure AI applications with confidence, bridging gaps in existing security systems.
AI Defense provides AI security and safety guardrails for developers, allowing them to innovate rapidly while protecting AI systems from attacks and safeguarding model behavior across platforms.
The tool also detects shadow and sanctioned AI applications across public and private clouds, identifies vulnerabilities, secures access, and provides comprehensive access control, data protection, and guardrail recommendations for security teams.
Powered by proprietary machine learning models and leveraging threat intelligence from Cisco Talos, AI Defense is self-optimising and continuously adapts to evolving AI security concerns, said the company.
Bengaluru-based CrisprBits expands with advanced gene editing and diagnostics facility
Bengaluru-based biotechnology startup Private Limited has opened a CRISPR gene editing and diagnostics laboratory in Bengaluru.
The facility features advanced infrastructure, including dedicated spaces for lyophilisation, cell and tissue culture, bacterial culture, molecular biology research, and cleanroom operations.
It also includes a specialised gene editing section and a tissue culture area for stem cell research. The laboratory also features a state-of-the-art LIMS and intelligent systems for CRISPR guide design.
The startup plans to launch tests in rare disease diagnostics and hospital-acquired infections, including antimicrobial resistance tests. It will continue its operations at CCAMP and work on gene editing projects.
Over the next six months, CrisprBits plans to introduce novel applications of CRISPR in building models for rare diseases and targeted editing of cell lines and microbes.
ZETWERK appoints Vadim Yakubov as CEO of Unimacts to strengthen US presence
, a contract manufacturing marketplace, has appointed Vadim Yakubov as CEO of Unimacts, its US subsidiary.
The startup's US operation employs 350 people globally and contributes 20-25% of its revenue.
Unimacts specialises in manufacturing across three key sectors: solar energy (structural steel, foundational piles, torque tubes); wind energy (FRP parts, steel fabrications, nacelle, spinner, pre-assembly); and general OEM (die castings, extrusions, precision fabrications, and assemblies).
ZETWERK is a managed marketplace for contract manufacturing. It partners with leading industrial and consumer enterprises to manufacture products through a global network of small manufacturers. It assists with supplier selection, pricing, and order fulfillment.
The marketplace offers manufacturing solutions across industries such as precision manufacturing, aerospace & defence, renewables, consumer electronics, and infrastructure. It ensures faster, competitive, and world-class quality products for customers, said the company.
For manufacturing partners, ZETWERK drives capacity utilisation and offers portfolio services to optimise costs.
Deeptech startup UWC unveils advanced medical automatic speech recognition model
United We Care (UWC), a deep tech startup, has launched United-MedASR, an advanced medical automatic speech recognition (ASR) model. The startup has also completed the full integration of United-MedASR in its flagship mental health and wellness tech platform Stella.
According to UWC, Stella’s conversational AI capabilities are purpose-built for mental health applications upon the open-source AI model Llama. The platform can understand 29 different languages along with regional dialects and thick accents.
The startup says it has custom trained its model with medical tokens to change the weights and biases of the foundational Llama model.
Launched in 2021, Stella is currently available as a desktop clinical administration tool for psychiatrists and mental health professionals, and as a mental health companion app for patients.
Third Wave Coffee opens 125th cafe in Chennai, plans to reach 150 locations by March
Third Wave Coffee, a QSR brand, has opened its 125th cafe in Chennai, Tamil Nadu.
The brand plans to expand to 150 cafes in the next two months, introducing its signature offerings and community-driven approach to more coffee-lovers in India.
It is expanding its presence across 10 cities, including Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, and Chandigarh, and is focusing on creating community-centric spaces for creativity and connection.
Third Wave Coffee, founded in 2015 by Sushant Goel, Anirudh Sharma, and Ayush Bathwal, has over 120 stores across the country.
5paisa appoints Gaurav Seth as New CEO to boost tech platform and offerings
Capital Limited has appointed Gaurav Seth as its new CEO, aiming to enhance its offerings for traders and investors and strengthen its tech platform.
Seth, with over two decades of experience in financial services and technology, has built businesses in the US, India, and South East Asia. He was the Chief Product Officer at Syfe, the digital wealth player in Southeast Asia.
He was also the Chief Business Officer at Paytm Money, establishing it as a top brokerage and mutual fund distributor in India. He led the digital transformation of Morgan Stanley's wealth management business in NY and advised wealth managers on their digital strategy. Seth is an alumnus of the Indian School of Business and holds a Bachelor of Engineering.
Inflection Point Ventures exits Parablu with 2.2X MoM return and 30%+ IRR for investors
Inflection Point Ventures (IPV), an angel investing platform, has exited Parablu, achieving a 2.2X MoM in 36 months and delivering a 30%+ IRR for investors.
With 47 successful exits, IPV's strategy of supporting visionary founders and startups at reasonable valuations is validated.
Inflection Point Ventures (IPV), an angel investing platform, has launched a $50 million CAT 2 VC fund, Physis Capital, to invest in Pre-Series A to Series B growth-stage start-ups.
The platform, which has over 23,500+ CXOs, HNIs, and professionals, supports new-age entrepreneurs by providing financial and experiential capital.
Cox & Kings appoints Suresh Victor as Senior Vice President - Technology Vertical
Cox & Kings has appointed Suresh Victor as Senior Vice President to lead its technology vertical. With extensive experience in product development and digital transformation, Victor will drive the company’s technological initiatives, focusing on personalised customer experiences, operational efficiency, and scalability.
His expertise in AI, big data, and analytics will help the company adapt to evolving traveler needs and strengthen its position in the travel industry.
Victor, with over a decade of experience, has worked with companies like Captain Fresh, CoinDCX, Hopscotch, and BabyChakra. He has built and scaled product teams, developed customer-centric platforms, and led technological transformations across industries such as seafood logistics, parenting communities, and cryptocurrency exchanges.
Swiggy’s SNACC App partners with The Whole Truth
’s SNACC app has partnered with The Whole Truth, a clean-label food, to offer users nutritious snacks and beverages, delivered in 10 minutes. This partnership expands SNACC’s range of healthy options, which already includes offerings from Blue Tokai Coffee Roasters.
Customers can now order clean-label protein shakes and protein bars via the app, providing a convenient, health-conscious solution for busy individuals. The seamless user experience ensures that users can easily discover, order, and enjoy these nutritious products on the go.
The SNACC app provides high-quality, delicious food with quick discovery, checkout, and delivery in 10 minutes. Designed for young working professionals, whether at home or in the office, it offers convenient access to a variety of food options, including breakfast staples, bakes, healthy choices, beverages, and quick snacks, catering to diverse user needs.
Edited by Swetha Kannan