Startup news and updates: Daily roundup (January 27, 2025)

From an exclusive interview with Freshworks CTO Murali Swaminathan to a karate kid who kicked gender norms to the curb, YourStory brings today’s headlines that highlight the latest developments across sectors

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AI is no longer in a hype cycle: Freshworks CTO Murali Swaminathan

In an exclusive interview with YourStory, Freshworks CTO Murali Swaminathan discusses his plans for the Nasdaq-listed company, outlining how it intends to expand its product suite in both the customer experience and employee experience spheres with AI’s push.

He explains why AI is not in a hype cycle and outlines how its AI agent solution tool—Freddy AI—is proving to be a game-changer. 

Freddy AI, launched mid-February last year, has roped in over 1,700 paying customers as of Q3 FY24.

Meet the karate kid who kicked gender norms to the curb

Mana Mandlekar, from Alampur, Madhya Pradesh, transformed her life and her community by overcoming societal norms and personal struggles. Despite being born into a household that valued sons over daughters, Mana became the first girl in her village to graduate and excel in sports. She resisted forced marriage, pursued education, and discovered empowerment through karate.

Mana represented India in the Asian Games and later founded Tinka Samajhik Sanstha in 2018 to train girls in self-defence and confidence-building. Over seven years, she has trained 76,000 rural children, mostly girls, reducing school dropouts and child marriages, and empowering women to challenge societal constraints.

As US launches $500B Stargate, India can't afford to be idle in AI race

With US tech giants pumping $500 billion into AI and China showing that it can produce stunning results at a fraction of the cost, experts warn India must act swiftly or risk becoming a laggard in the new digital world.

Last Tuesday, US President Donald Trump fired what might be the most expensive shot in this new cold war: Stargate, a $500 billion venture that makes even Silicon Valley's boldest bets look timid. The project, which began with a $100-billion investment from tech giants SoftBank, OpenAI, Oracle, and Dubai's MGX, with the remaining to be raised over the next four years, signals America's determination to maintain its AI supremacy. This investment is among Silicon Valley's heftiest bets on a single technology, and will potentially tighten the grip of Big Tech on the US economy.

Latest news

Shadowfax acquires logistics firm CriticaLog

Third-party logistics player Shadowfax has acquired CriticaLog, a premium logistics firm, for an undisclosed amount, the company said.

"We are thrilled to welcome the exceptional team at CriticaLog into the Shadowfax family. Their expertise in managing high-value product movements with an industry-leading 0% loss rate is unparalleled," noted Abhishek Bansal, CEO and Co-founder of Shadowfax.

CriticaLog offers critical logistics solutions for Fortune 500 companies, proficient in handling complex and critical logistics challenges.

slice to rebrand as slice Small Finance Bank, plans fundraise for expansion

Fintech startup slice will rebrand as slice Small Finance Bank Limited (slice SFB) following its merger with North East Small Finance Bank (NESFB).

The merger, which has already received some regulatory approvals, including a No Objection Certificate (NOC) from the Reserve Bank of India (RBI), marks the creation of India’s first fintech bank.

According to the internal documents accessed by YourStory, the merger is expected to be finalised once all regulatory and compliance requirements are met, paving the way for its nationwide expansion.

Swiggy allots 2.61 Cr shares under ESOP schemes

Food delivery and quick commerce player Swiggy has allotted 2.61 crore equity shares for its Employee Stock Option Scheme (ESOP) 2015 and 2021.

In a stock exchange filing, Swiggy announced the share allotment worth Rs 1,153.62 crore, set at the opening price of its shares on Monday, Rs 442 apiece. Following the allotment, the company's paid-up share capital increased from Rs 2.23 crore to Rs 2.26 crore.

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Funding news

VoltUp raises $8M in seed fund round

VoltUp has raised $8 million in a seed round comprising equity and debt, led by UK-based impact investment firm, EM Impact Capital.

The mobility-as-a-service and battery-swapping operator had previously raised $10 million in a pre-seed round from family offices, HDFC Bank, and cKers, among others.

VoltUp will use the newly-raised capital to accelerate its MaaS offerings and integrate it with multiple electric vehicle (EV) platforms for two- and three-wheeler vehicles, it said in a statement.

Eldercare services provider Geri Care bags Rs 110 Cr from InvAscent

Geri Care Health Services, a senior citizen-focused healthcare provider, has secured Rs 110 crore in its first institutional fundraise from InvAscent, a private equity firm that invests in the healthcare and life sciences sectors.

The investment, made through InvAscent's India Life Sciences Fund IV (ILSF IV), gives the firm a minority stake in the company, it said in a statement on Monday.

Dressfolk secures fresh funding led by Eternal Capital, Ghazal Alagh, others

Dressfolk, a handloom clothing brand, has secured a fresh round of undisclosed funding led by Eternal Capital, along with prominent D2C founders Ghazal Alagh (Founder, Mamaearth) and Dhruv Koli (Founder, Boba Bhai), with participation from Nobody Ventures and Eagle Wings Ventures.

Additionally, 3 Peaks Ventures also joined the round while existing investors All In Capital, Sidhant Keshwani (of Libas) and Vidur Kataria (of Master Chow) doubled their trust in the brand.

Other news

Zaggle inaugurates a new state-of-the-art corporate office in Hyderabad

Zaggle, a listed B2B SaaS FinTech, has inaugurated its new corporate office at Vamsiram Suvarna Durga Tech Park (VSD) in Hyderabad’s Financial District. Spanning an expansive 17,500 sq ft, the workspace is designed to enhance the company’s global operations and core business functions.

The new office can accommodate over 400 employees and offers cutting-edge functionalities, such as automated standing desks, soundproof phone booths, and dedicated green spaces.

FlexiLoans strengthens leadership with two new appointments

FlexiLoans, a digital lending platform for MSMEs, has appointed Hemant Saklecha as Chief Credit and Risk Officer (CCRO) and Pavan Matai as the head of its supply chain finance vertical to drive growth and innovation.

Hemant will lead the company's risk, policy, and credit initiatives to enhance FlexiLoans’ underwriting and risk management frameworks. Pavan will focus on scaling the supply chain finance business. 

Pee Safe partners with National Games 2025 to champion women’s health and sustainability

Pee Safe, India’s leading brand for hygiene products, has announced its association with the 38th edition of the National Games 2025 as the official “Health & Wellbeing Partner”. The partnership emphasises sustainability, women’s health and menstrual hygiene, making this edition of the games a trailblazer in bringing together sports and hygiene on a unified platform.

The National Games, set to be hosted between January 28 - February 14, 2025, will witness over 10,000 athletes, officials and coaches, including 4,500+ women athletes, across more than 30 categories and 45+ events. With sustainability at its core, the games will feature medals crafted from e-waste, biodegradable utilities, and recyclable resources.

Pee Safe’s role includes providing biodegradable sanitary pads, toilet seat sanitisers and biodegradable tampons as part of every female athlete’s kit. Additionally, the brand will conduct exclusive workshops and training sessions to educate women athletes about menstrual hygiene and break the taboos surrounding menstruation.

Akshayakalpa Organic recycles over 40,000 kg of plastic waste through ‘Give Back the Milk Pack’ Initiative

On Republic Day, Akshayakalpa Organic announced the success of its sustainability initiative, 'Give Back the Milk Pack'. This innovative initiative encourages consumers to bring back their used milk packets for responsible recycling, sparking a significant revolution in the battle against plastic pollution. After its resounding success in Bengaluru, the programme has expanded to other major Indian cities like Hyderabad and Chennai.

Since the inception of this initiative in 2022, Akshayakalpa Organic has recycled more than 40,000 kg of plastic in total across Bengaluru, Chennai, and Hyderabad. This recycling programme urges consumers to follow three easy steps—rinse the pack for 30 seconds, hang it to dry, and once it dries then return it by placing it in a delivery bag. 

Hyperone Energy to launch India’s first EV Moped with chain drive technology in 2025

Hyperone Energy, an electric vehicle (EV) company based in Bengaluru, is set to enter the Indian market in the second half of 2025 with the launch of the country’s first electric moped featuring chain drive technology.

Unlike conventional electric mopeds that rely on belt drive technology, Hyperone’s moped will feature a chain drive system, a technology traditionally used in high-performance motorcycles. Chain drive systems experience only around 4% power loss in transmission, compared to the 14% loss typically seen with belt drive systems. This reduction in energy loss ensures that Hyperone’s EV will deliver more efficient energy use, offering better range and performance for everyday urban commuters.

Additionally, the chain drive technology is more durable and reliable. The moped will also maintain consistent performance even under heavy loads, with a load-bearing capacity of up to 300 kg.

(This article will be updated with the latest news throughout the day.)