Startup news and updates: Daily roundup (April 10, 2025)
YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, April 10, 2025.
From AI-powered spiritual-tech startups to executive exits and fresh funding rounds, YourStory brings you today’s top stories:
Featured stories
OpenAI v top music labels sparks talks on fair use, licensing rights
While artificial intelligence has made music composition easier than ever before, can it replace the genius of an artist? And significantly, do existing copyright laws adequately protect the creative work done by humans? The Indian music industry's leading labels—including T-Series and Saregama—think not.
By joining a high-profile lawsuit against OpenAI, they have alleged that the company's AI models infringe on copyrights by scraping music and lyrics from the internet without authorisation.
Although it’s unclear if AI is an enabler or threat to the creative industries, legal experts and artists have voiced their concern about existing copyright law, which now demands further amendment.
IT sector Q4 results preview: Outlook pessimistic
Indian IT companies will begin announcing the performance for the fourth quarter of FY25, starting with Tata Consultancy Services (TCS) on April 10.
However, the mood is quite somber as the trade war between the US and China is expected to stunt the sector’s growth in the new fiscal year and has evaporated any chances of revival.
Latest news
ONDC Chief Thampy Koshy to step down
Open Network for Digital Commerce's (ONDC) managing director and chief executive, Thampy Koshy, has stepped down after his three-year tenure at the government-backed ecommerce network.
"Koshy has expressed his desire to step down while helping on with the change. The MD and CEO responsibilities have been transitioned to an executive committee with Koshy available to the board over the next 3 months for advise," ONDC said in a statement.
NimbusPost appoints former Udemy India MD Irwin Anand as CEO
Logistics tech platform and Xpressbees subsidiary NimbusPost has appointed Irwin Anand as its new Chief Executive Officer (CEO) as part of the leadership transition at the company.
Anand, who was until recently the Managing Director for India and APAC at global learning platform Udemy, will focus on accelerating product innovation, enhancing seller success, driving operational excellence, and leading NimbusPost’s strategic expansion into new and existing markets, the company said.
BYJU’S Alpha sues Byju Raveendran, Divya Gokulnath
BYJU’S Alpha, a unit created by the embattled edtech firm BYJU’S in the US, has filed a lawsuit alleging that founder Byju Raveendran, co-founder Divya Gokulnath, and advisor Anita Kishore orchestrated and carried out a scheme to hide and misappropriate $533 million in loan proceeds.
The lawsuit, filed by BYJU’S Alpha in the US Bankruptcy Court for the District of Delaware on behalf of the Term Loan lenders, follows a February 28 ruling that found Riju Ravindran, BYJU’S, and Camshaft Fund to have committed multiple fraudulent transfers and conversions of $533 million in loan proceeds, and that Ravindran breached his fiduciary duties as a director of BYJU’S Alpha.
Karnataka to come out with rules to govern online gaming
The Karnataka government plans to bring out a set of rules to regulate the online gaming sector and combat the rise of illegal betting and offshore gambling.
Karnataka IT Minister Priyank Kharge, in a post on X, said the government held a meeting with senior government officials, members of online gaming federations, and industry experts, along with Home Minister G Parameshwara, to discuss a legal framework to regulate the online gaming sector.
Funding
Eloelo secures $13.5M in Series B funding
Live social entertainment platform Eloelo has raised $13.5 million in its Series B funding round led by Play Ventures.
The round also saw participation from Kalaari Capital, MIXI Investments, Gameskraft Technologies, Griffin Gaming Partners, Waterbridge Ventures, Courtside Ventures & Rocket Capital, the company said in a statement.
Eloelo plans to use the fresh funds to dive deeper into its GenAI use cases, and international expansion in Indian diaspora markets. Additionally it also plans to scale its revenue further by expanding its range of offerings with the aim to build a large media and entertainment powerhouse, the company said.
Logistics startup Xindus raises $10M in pre-Series A round
Xindus, a full-stack cross-border logistics startup helping Indian SMEs expand globally, has closed $10 million in a pre-Series A round led by 3one4 Capital.
The round was co-led by Orios Venture Partners, and also saw participation from existing investors Shastra VC and Caret Capital. The company said the new fund will be used to expand Xindus’ operations, scale from 1,000 to 10,000 customers over the next 12-18 months, and drive gross merchandise value (GMV) to $ 200 million. The startup further aims to strengthen its presence in India and the US and expand market reach in the UK, Canada, Australia, Europe, and the Middle East.
Glenn Maxwell invests in India’s Drive Fitt, joins as strategic partner
Australian cricketer Glenn Maxwell has invested in Drive FITT, marking his first business venture in India. Drive FITT is a sports-focused club that integrates cricket, fitness, and recovery with technology-led solutions.
Drive FITT, co-founded by Preity Zinta, Shubman Gill, Mark Sellar, Deke Smith, and Vikram Aditya Bhatia, operates on a membership-based model and aims to make cricket training and recovery accessible through tech-enabled solutions.
Preity Zinta said, “Having Glenn join us at Drive FITT is truly special. I’ve always admired his forward-thinking, athlete-first mindset, which seamlessly aligns with our vision.”
Akshat Rathee, Abhishek Mathur partner to expand hospitality investments
Akshat Rathee, Managing Director and Co-founder of Nodwin Gaming, has partnered with Abhishek Mathur, CEO of Good Game Investment, to invest in the hospitality sector.
The collaboration has secured $3 million in funding to support new hospitality ventures in India.
The partnership combines Rathee’s background in entertainment with Mathur’s experience in hospitality and finance.
The first phase of the expansion includes launching three ventures in the National Capital Region by mid-2025, with further plans for Mumbai, Pune, and Hyderabad.
Investors such as cricketer Suresh Raina also participated in the funding round.
Lumikai leads $1.2M seed round in AI-driven spiritual-tech startup AskMyGuru
Lumikai, India’s leading interactive media and gaming VC, has led a $1.2 million seed round in AskMyGuru, investing $800,000 alongside co-investors MPL and former Match Group Americas CEO Amarnath Thombre.
AskMyGuru is an AI-powered platform offering spiritual guidance rooted in the Vedic Shastras.
Founded by former MPL executives Krishna Mohan Vedula and Vivek Sadamate, the platform combines custom-trained large language models with gamification to deliver immersive spiritual experiences.
Arihant Academy acquires Carmel Classes for $1.2M
Arihant Academy, an NSE-listed education company, has acquired 100% of Carmel Classes and Carmel Tuitions for $1.2 million. The deal adds 30 classrooms and over 2,000 students to Arihant’s network, expanding its presence across Vasai and Mumbai.
The acquisition enhances Arihant’s course offerings across the state, CBSE, and ICSE boards, covering students from Standard VIII to XII, as well as professional and language courses, including CA, CS, and IELTS.
Bower raises Rs 11.5 Cr seed funding led by HNIs and Astir Ventures
Hyderabad-based Bower School of Entrepreneurship has raised Rs 11.5 crore in a seed funding round led by High-Net-Worth Individuals and Astir Ventures.
The institution, which promotes application-based learning, aims to expand its offerings and geographic reach with the new capital.
Other news
Briskpe gains Amazon PSP approval, launches seller support platform
Mumbai-based fintech startup BRISKPE has been approved as a Payment Service Provider (PSP) by Amazon, enabling it to directly facilitate payouts for Indian sellers across Amazon’s global marketplaces.
This approval positions BRISKPE among the few Indian firms authorised to support international transactions on platforms including Amazon US, UK, Europe, and Australia.
Alongside this milestone, the company announced the launch of ‘BRISKPE Launchpad’, an initiative designed to help Indian MSMEs navigate cross-border ecommerce.
Kazam partners with Yuma to bring battery swapping to park, charge hubs
EV charging solutions provider Kazam has partnered with Yuma Energy to integrate battery-swapping units into its Park & Charge (P&C) hubs across India.
The partnership is intended to offer faster and more efficient energy solutions for EV users, particularly those in logistics and ecommerce.
Yuma Energy, backed by Magna International and Yulu Bikes, operates as a battery-as-a-service network. It has completed over 20 million swaps, powering more than 800 million green kilometres.
Atlys appoints Ananth Iyer as CFO to steer global expansion
Visa processing platform Atlys has appointed Ananth Iyer as its Chief Financial Officer, as the company prepares for global expansion.
Iyer joins from Ernst & Young, where he was Director in Transaction Advisory Services, and brings more than a decade of experience across financial reporting, compliance, and risk management.
Iyer’s background includes stints at B S R and SR Batliboi, with extensive work in the technology, telecommunications, consumer, and financial sectors. His knowledge of GAAP, IND AS, and IFRS is expected to support Atlys’ scale-up and financial governance as it expands globally.
(The copy will be updated with the latest news throughout the day.)
Edited by Kanishk Singh