Startup news and updates: Daily roundup (January 9, 2025)

From Freshworks CEO Dennis Woodside opening up about the recent layoffs and fintech firm Juspayin talks to raise new funding that could make it 2025's first unicorn, YourStory brings today’s headlines that highlight significant developments across industries.

Here’s a roundup of key stories:

Featured news

‘Had to let a meaningful number of people go for the company’s growth’: Freshworks CEO Dennis Woodside

Freshworks CEO Dennis Woodside told YourStory that laying off 13% of the workforce last year was a difficult decision necessitated by the Nasdaq-listed firm’s shifting priorities and skill requirements.

“We did make some changes in the fall where we had to let a meaningful number of people go. Part of this is growing as a company. Some priorities you had a couple of years ago are no longer priorities, and the skills that some of your employees had are not necessarily the skills you need going forward,” Woodside said in an exclusive interaction with YourStory. 

Last year, Freshworks slashed 660 jobs as a changing competitive landscape demanded a relook in its strategy. SaaS companies globally are grappling with the rapid advancement of artificial intelligence. Many firms, including industry leaders Salesforce and Atlassian, had to let go of employees, even as they restructured their teams to build AI capabilities. 

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Latest news

Dunzo's Kabeer Biswas joins Flipkart for its quick commerce initiative

Ex-Dunzo CEO Kabeer Biswas has joined Flipkart to work on the company's quick commerce offering, Flipkart Minutes, a person familiar with the matter confirmed to YourStory. Flipkart has not responded to the queries shared by YourStory at the time of publishing. 

The Walmart-owned ecommerce major has been bullish on its expansion plans for Flipkart Minutes, focusing on adding new categories on the platform and cities to its dark store network. It has already launched quick medicine delivery in Bengaluru and Delhi, aiming to expand the feature to other top cities, the person quoted above confirmed.

Swiggy ventures into professional services with new app Pyng

Swiggy has launched a third app, Pyng, marking its expansion into the professional services marketplace. The development follows the launch of Snacc, a food delivery app by Swiggy. Currently in its pilot phase, Pyng will enable professionals such as fitness coaches, yoga instructors, dance instructors, language learning, and education coaches to list their services on the platform. 

The app will allow them to schedule booking, track payments, modify availability, and iterate product offerings. However, there is no clarity on what kind of pricing structure will be used for professionals--whether it will adopt a subscription model, a commission-based model, or another pricing approach.

Shark Tank India judge Azhar Iqubal launches new venture Fenado AI

Inshorts Co-founder and Shark Tank India judge Azhar Iqubal has launched his latest venture, Fenado AI, with Manish Singh Bisht, former Head of Technology at Inshorts.  The platform helps users with zero coding expertise to build apps and websites within minutes. 

Fenado AI is designed for startups, small businesses, and larger organisations, offering end-to-end tech solutions, according to a statement from the company. “Our proposition is very simple. Every startup needs a co-founder with expertise in coding, app development, and website creation—essentially with all the tech knowledge. 

With advancements in AI, this can now be handled independently. Fenado AI allows anyone with zero coding knowledge to build an app or a website,” Iqubal, Co-founder and CEO of Fenado AI tells YourStory.

Funding news

Beyond Snack raises $8.3M in series A funding

Banana chips brand Beyond Snack has raised $8.3 million in a Series A funding round led by 12 Flags Group. The round also saw participation from Japanese VC firm Enrission India Capital and existing investors, including NAB Ventures and Faad Network. 

The company plans to use the fresh capital to drive its expansion into new territories, foster product innovation, and strengthen its supply chain infrastructure, it said in a statement. “This new investment empowers us to bring the unique taste of Beyond Snack banana chips to even more snack enthusiasts across the country, elevating their snacking moments to a whole new level,” said Manas Madhu, Founder of Beyond Snack.

BluSmart in talks to raise $50M in Series B funding

EV ride-hailing startup BluSmart is in talks to raise $50 million in a Series B funding round, a source aware of the matter told YourStory. Inc42 was the first to report on this matter. The source told YourStory that the latest funding values the company at a pre-money valuation of “around $335 million.” 

BluSmart has already received commitments for half of the funding amount and expects to close the round next month. The round will see participation from high net-worth individuals (HNIs), family offices, and a couple of venture capital firms, the source added.

SaaS platform Mintoak closes Rs 71 Cr secondary investment from Z3Partners

Mintoak, a SaaS platform serving banks and merchant acquirers, has raised Rs 71 crore in a secondary funding round. The round saw early-growth investor Z3Partners acquire a minority stake from some of Mintoak's initial institutional investors. 

"This fundraiser is a good validation of the value we’ve delivered to some of our early backers,” said Raman Khanduja, CEO and Co-founder of Mintoak. “We’re excited to welcome Z3Partners to our journey and look forward to leveraging their expertise as we scale to new heights."

Revivo Raises undisclosed amount in PreSeed Series A 

Revivo, a tech-driven laundry and dry-cleaning startup, has secured an undisclosed amount in a Pre-seed round led by Inflection Point Ventures (IPV). The fresh capital will be utilised to drive technology enhancements, branding initiatives, and talent acquisition to fuel growth and enhance market presence.

The company operates on a D2C model, leveraging technology and partnerships with local service providers to streamline the fragmented laundry industry. Currently serving cities like Gurgaon and Delhi, the startup processes over 5,000 monthly orders and manages 3 lakh garments, with a focus on sustainability through eco-friendly packaging and reusable delivery boxes.

The startup is co-founded by Khushboo Gupta, an FMS alumna with expertise in research, analytics, and people management, and Vikas Agarwal, an IIT-IIM graduate with over a decade of experience in marketing and business development. 

Nirmaan bags seed funding round

Nirmaan, a B2B managed marketplace specialising in the construction materials sector, has closed its seed funding round led by Equanimity Investments. The startup plans to utilise the fresh capital to enhance its technological capabilities and expand its footprint.

The Kolkata-based firm debuted with sanitaryware as its first product category and has already served over 1,000 unique retailers within an 80-km radius of the city. Nirmaan primarily focuses on retailers in suburban metros and Tier-II/III towns—often referred to as "Bharat"—where distribution gaps are significant.

Other news

Step Up Ventures collaborates with Mount Judi Ventures 

StepUp Ventures has partnered with Mount Judi Ventures to launch an accelerator program offering startups to raise Rs 1 crore through Mount Judi India Micro Fund and other VCs during the Demo Day, with further funding opportunities up to Series A via Mount Judi India Growth Fund.

The program provides startups access to investors, mentors, and industry experts, along with structured guidance, market access, and funding support to drive growth.

“With this partnership, we aim to amplify the impact of startups across India, particularly those focused on Bharat, Tier 2 and 3. The accelerator program will act as a launchpad, empowering entrepreneurs with the resources and connections they need to scale effectively and sustainably. Mount Judi Ventures brings robust financial backing, while StepUp Ventures delivers the mentorship and operational expertise required to build high-impact startups,” said Raja Singh Bhurji, CEO and Incubation Director of The StepUp Ventures. 

Avinya Ventures Hosts Startup Mixer 2.0 in Association with SIDBI

Early Stage VC Fund Avinya Ventures has hosted its Startup Mixer 2.0 in Surat, in collaboration with the Small Industries Development Bank of India (SIDBI). 

As 2025 marks the 10th anniversary of the Startup Mission, the focus is on promoting startup culture in Tier 2 and Tier 3 cities. SIDBI is playing a key role by empowering local entrepreneurs with financial support, mentorship, and resources. Through targeted programs and partnerships, SIDBI aims to improve funding access, fuel innovation, and drive economic growth. 

With a focus on creating regional awareness, the event provided a platform for entrepreneurs to connect with investors and industry leaders, aligning with Avinya’s vision of empowering startups from diverse geographies.

Captain Fresh appoints Rupali Gupta as Group CHRO

Tech-driven seafood supply chain startup Captain Fresh has named Rupali Gupta as its Group Chief Human Resources Officer (CHRO).

In her role, Rupali will lead People & Culture initiatives across the company’s global operations, including India, the US, Europe (Spain, France, and Poland), and the UAE. As Captain Fresh expands internationally, Rupali’s expertise will focus on talent management, organisational scalability, cultural integration, and building a high-performance work environment across regions. 

With over 20 years of expertise in human resources and consulting, Rupali has held senior leadership roles at firms such as Korn Ferry, Mercer, Mundipharma, Standard Chartered Bank, and Accenture. 

"Captain Fresh is scaling rapidly – as we expand, maintaining our unique culture with a unified, high-performance team is essential. I look forward to partnering with the leadership team to ensure we attract top talent, foster a culture of collaboration and engagement, and drive organisational success across all regions," said Rupali Gupta, Group CHRO, Captain Fresh.

Justice B.N. Srikrishna appoint Chairman of Equal and OneMoney's advisory board

Data-sharing platform Equal and its strategic investee OneMoney, an RBI-licensed account aggregator, have announced the appointment of Justice B.N. Srikrishna, former Supreme Court judge, as Chairman of their newly established Advisory Board.

The Board will guide both companies toward secure, consent-driven data sharing, ensuring adherence to regulatory standards, and promoting ethical data practices in the dynamic digital landscape.

Justice Srikrishna, renowned for his contributions to India’s data protection policies, brings legal acumen and a deep understanding of balancing individual rights, economic growth, and national interests.

Elev8 Venture Partners appoints Ashpi Gupta as Principal for Investments and Portfolio Management

Elev8 Venture Partners, a $200 million growth-stage fund, has appointed Ashpi Gupta as Principal – Investments and Portfolio Management. In her new role, Ashpi will lead investment strategies and oversee portfolio management. 

With two decades of expertise spanning operations, strategy, and early-stage investing, Ashpi has held key positions at renowned organisations like Walmart, InMobi, and Aditya Birla Group. Her experience includes managing business operations, strategy, large-scale M&A, joint ventures, and overseeing over 25 early-stage investments.

Earlier in her career, Ashpi honed her consulting and transaction advisory skills at Big Four accounting firms, gaining experience in deal structuring and business strategy.

KredX secures RBI's approval to launch TReDS platform

Supply chain finance platform KredX has received the Reserve Bank of India’s (RBI) final approval to commercially launch its Trade Receivables Discounting System (TReDS) platform under the brand name DTX (Domestic Trade Exchange).

The TReDS platform is a government-mandated initiative addressing the challenge of delayed payments and working capital gaps in the Micro, Small, and Medium Enterprise (MSME) sector. By enabling the discounting of trade receivables on an electronic platform, TReDS ensures timely payments and improves liquidity for MSMEs.

Blinkit introduces 10-minute deliveries for laptops, mobile phones

In a first for the on-demand delivery space, Blinkit has announced it will now offer 10-minute deliveries for laptops, monitors, printers, and other range of electronics on its platform.

"We are expanding our electronics range to cover more use cases and have partnered up with leading brands in this category. We've got laptops from HP, Monitors from Lenovo, Zebronics and MSI; Printers from Canon and HP," said Albinder Dhindsa, CEO of Blinkit on X.

The service is currently available in Delhi-NCR, Pune, Mumbai, Bengaluru, Kolkata, and Lucknow, with deliveries fulfilled by the platform’s large-order fleet.

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