Startup news and updates: Daily roundup (September 24, 2025)

From PhonePe filing confidential IPO papers to Good Capital closing a $30 million second fund to back AI-driven startups, YourStory brings you today’s headlines with the latest developments across sectors.

Featured stories

From selling posters in Delhi’s footpaths to building a gifting empire: 46 years of Archies

Before Instagram reels and WhatsApp forward wishes became the norm, millennials had greeting cards and slam books—where our school memories and emotions growing up were shared, cherished, and carefully tucked away. 

For millennials, at the heart of all these exchanges, emotions, and memories was one brand—Archies. What started with a single poster on the footpaths of Delhi’s Connaught Place has grown into a gifting powerhouse, adapting to changing consumer trends and preferences, retail challenges, and now expanding into global markets. 

According to Archies, its total income from operations for FY25 stood at Rs 69.70 crore. It is now looking at scaling global operations, with a focus on cultural offerings. Read more

This agritech startup bets on hydrogen-powered lightweight drones to boost agriculture

In 2021, engineering batchmates Vinay Yadav and Hitesh Borana co-founded agritech startup Visron to support farmers in Uttar Pradesh and Rajasthan. But the duo encountered many challenges while working with battery-powered drones. 

The following year, Yadav and Borana, the COO, pivoted their agritech startup into a deeptech venture, focusing on hydrogen-powered drones. Today, their 22-member team operates out of a manufacturing facility at their headquarters in Jhalawar. Read more.

Latest news

PhonePe files confidential IPO papers, plans to raise Rs 12,000 Cr

Walmart-owned digital payments major PhonePe confidentially filed a pre-filed DRHP with the SEBI and stock exchanges, as it gears up for one of India's largest initial public offerings. This allows PhonePe to engage with regulators and receive feedback before releasing trade-sensitive financial details to the public.

Meanwhile, another Bengaluru fintech company, Groww—which took a similar route in May this year—is now finally moving ahead with its IPO plans and has released an updated DRHP. Read more.

Allen appoints Rakesh Ranjan as CEO of digital arm Allen Online

ALLEN Career Institute has named Rakesh Ranjan as the CEO of Allen Online, its digital education platform. Ranjan will lead the institute’s digital strategy, focusing on scaling technology- and AI-enabled learning solutions.

“India‘s massive education deficit can only be solved with the use of technology. We need to unlock every child’s potential by delivering quality learning outcomes at scale,” said Nitin Kukreja, CEO, Allen Career Institute. Read more

Funding news

Good Capital raises $30M in final close of second fund to back AI-driven startups

Early-stage VC firm Good Capital raised $30 million (~Rs 260 crore) in the final close of its second fund, which it launched in 2023 to raise $35 million initially.

The VC firm, which has backed companies like ecommerce platform Meesho and diagnostics lab chain Orange Health, has secured commitments largely from family offices across Asia and Europe.

With the close of this fund, it is looking to double down on its strategy to invest in new-age and technology-first startups with a focus on AI-driven companies.

Good Capital has already begun dispersing money from this fund in instant pharmacy delivery startup Rio, digital freight forwarding platform Xhipment, and consumer appliances firm Nuuk, among others. Read more.

Y Combinator-backed Gullak raises $7.5M

Bengaluru-based digital-gold fintech Gullak secured $7.5 million in Series A funding, betting that India’s centuries-old obsession with gold can be reshaped for the smartphone age.

The round was led by Chiratae Ventures, with participation from White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO Fintech Fund, and Rebel Fund.

Gullak plans to deploy the capital primarily for brand building, expansion into Tier II and III cities, and deepening partnerships with major jewellers to develop innovative solutions for India's gold buyers. Read more.

Oolka raises $7M funding for its agentic credit assistant

Bengaluru-based Oolka raised $7 million in a seed round led by Lightspeed India Partners and Z47, with participation from 8i Ventures and a roster of angel investors, including Meesho's Vidit Aatrey and Sanjeev Barnwal, and M2P's Madhusudanan R.

Oolka will use the fresh capital to hire in engineering and data science departments and develop new AI tools, including voice-based services.

“In the long run, what we see is a mega opportunity to build a true AI distribution play and then cross-sell different products just like any fintech distribution arm that has been there in the country,” said Utkrishta Kumar, Founder of Oolka. Read more.

P-TAL raises $3M in Series A round

P-TAL (Punjab Thathera Art Legacy), a handcrafted copper, brass, and bronze brand, raised $3 million in a Series A funding round to expand its presence in India, accelerate international growth, product development, supply chain improvements, and artisan empowerment.

The round was led by VC Grid, with participation from Ekamya Ventures, the Salarpuria Group, LNB Group, Rainmatter (backed by Zerodha’s Nithin Kamath), and other family offices and founders.

US-based Connecticut Innovations also joined the round, marking its first investment in an Indian company. Other investors included Anicut Capital, Zero Pearl VC, Jaipur Rugs Family Office, Ramakant Sharma (Livspace), Sanjay Kapoor (Genesis Luxury), Avnish Anand (Caratlane), Shibam Das (Atomberg), and Dr Ritesh Malik (Innov8).

Exports currently account for over 55% of P-TAL’s business, with key markets in the US, UK, Europe, and the Middle East.

Since its last fundraise, P-TAL’s revenue has grown from Rs 5 crore ARR to Rs 50 crore ARR. The company now targets Rs 150 crore ARR within the next year.

Xbattery raises $2.3M seed funding

Hyderabad-based deeptech startup Xbattery raised $2.3 million in seed funding led by the Bipin Patel Family Office, with participation from Jhaveri Credits.

It will use the funds for R&D, hardware sourcing, team expansion, and scaling prototypes toward commercialisation.

Founded in 2024 by Satish Reddy, Sonu Mishra, and Varshith Rao, Xbattery develops Battery Management Systems (BMS) and Battery Energy Storage Systems (BESS) for electric vehicles and renewable energy applications.

The company aims to provide cost-effective domestic alternatives to imported BMS technologies, focusing on improving safety, efficiency, and durability.

FarmDidi raises $800K seed funding

FarmDidi, a homemade pickle brand founded in 2022 by Manjari Sharma, Anukrit Johari, and Asmita Ghodeshwar, raised over $800,000 (Rs 7 crore) in seed funding led by Samved Ventures, with participation from LetsVenture, Indigram Labs, IIM Calcutta Innovation Park, and several angel investors.

It will use the funds to expand its team, strengthen R&D, enhance technology-driven quality control, and scale its network of rural women entrepreneurs from 2,000 to over 5,000.

With an ARR of Rs 18 crore, FarmDidi fulfils over 30,000 monthly orders across its website and ecommerce platforms, including Amazon, Blinkit, Zepto, BigBasket, and Swiggy Instamart.

360 ONE Asset invests in Wow! Momo Foods’ bridge round

360 ONE Asset, a wholly owned subsidiary of 360 ONE WAM, has invested in the bridge funding round of the QSR chain, Wow! Momo Foods. The deal marks the first investment from 360 ONE Asset’s dedicated consumer strategy fund.

The capital will support Wow! Momo Foods’ expansion across its verticals—Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi—along with strengthening its packaged foods business and investing in innovation and talent.

Baanhem Ventures closes second funding round for Startup Singam

Baanhem Ventures, the company behind Tamil Nadu’s first startup-focused reality show, Startup Singam, closed its second funding round, bringing several of the state’s leading business figures on board as investors and advisors.

New shareholders include Gopal Srinivasan (TVS Capital Funds), Girish Mathrubootham (Freshworks, Together Fund), Mithun Sacheti (CaratLane), K. Mahalingam (TSM Group), Mohan Karuppiah (IppoPay), Shyam Sekhar (ithought Financial Consulting), Ashwini Asokan (Mad Street Den), and Madhusudanan Rangarajan (M2P Fintech).

Launched by Hemachandran and Balachandar, Baanhem Ventures aims to connect early-stage founders with investors and mentors through Startup Singam. In its first season, the platform facilitated funding commitments of over Rs 40 crore for 35 startups, with about Rs 13 crore already disbursed across agritech, healthtech, SaaS, and D2C sectors.

Other news

Ola Electric sells out Day 1 Muhurat Mahotsav units in 5 minutes

All units made available on the first day of Ola Electric's Muhurat Mahotsav were sold out within five minutes of bookings opening, the electric vehicle maker said in a statement.

The festival campaign, “Ola Celebrates India,” introduced limited-time prices starting at Rs 49,999 for select Ola Electric's S1 scooters and Roadster X motorcycles. The event, which will run until October 1, will open fresh slots daily at designated times.

Ola Electric currently retails multiple variants across its S1 scooter and Roadster X motorcycle portfolios, with prices ranging from Rs 49,999 to Rs 1.69 lakh.

SSFB partners with Vegapay for credit on UPI product

Suryoday Small Finance Bank (SSFB) has partnered with Vegapay, a credit infrastructure platform, to enable Credit Line on UPI (CLOU) for both existing and new-to-bank customers. The integration allows users to access short-term, real-time credit directly through the UPI platform.

Credit Line on UPI (CLOU) is a financial solution, introduced by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI), aimed at making credit easily accessible. This product allows individuals and small businesses to tap into pre-approved credit from banks, instantly using it for any UPI transaction.

The product is powered by Vegapay's Credit Line Management System (CLMS), a modular, API-first, microservices-based platform specifically designed for UPI-integrated credit. 

GlobalLogic opens STEM lab at girls school in Pune

GlobalLogic, a digital product engineering company and part of the Hitachi Group, in collaboration with the India STEM Foundation, has inaugurated the 'Robo Shiksha Kendra' a STEM Innovation Lab at Renuka Swarup Memorial Girls' High School in Pune.

The lab aims to provide immersive, hands-on STEM (Science, Technology, Engineering, and Mathematics) education to 763 girl students from grades 6 to 9 and deliver structured training to teachers, equipping them to integrate robotics, artificial intelligence, electronics, and coding into mainstream classroom learning. The facility is designed to nurture innovation, critical thinking, and technical confidence among underserved students. GlobalLogic has set up six labs across India till now, serving over 4,700 students, promoting access to STEM learning and innovation in education.

Sonata Software bags Microsoft AI inner circle award

Sonata Software has been awarded the 2025–2026 Microsoft AI Business Solutions Inner Circle Award. This recognition places Sonata Software among the top echelon of Microsoft’s global AI Business Solutions partners.

Membership in the Inner Circle is based on outstanding sales achievements, reflecting a partner’s ability to deliver high-value, transformative solutions that accelerate digital and AI-driven business outcomes. As an Inner Circle partner, Sonata Software also benefits from direct engagement with Microsoft’s product teams, giving customers early visibility into new capabilities, the ability to make informed implementation decisions with reduced risk, and faster, more dependable outcomes in projects worldwide.

Nexiva launches operations with agentic AI platforms

Nexiva, a conversational AI platform, has launched its operations with the target markets being India, Latin America, the Middle East, and North Africa. This new company plans to invest Rs 130 crore by 2028, which will go into R&D, infrastructure expansion,  marketing and talent expansion. Nexiva has built agentic AI systems aimed at autonomous decision-making in customer service environments. 

Olee.space appoints new defence advisor

Photonics and defence technology startup olee.space has appointed Air Vice Marshal Rajiva Ranjan VM (Retd) as strategic defence advisor. He will be advising olee.space to build products required for the country in the field of optics and space-based defence systems. This startup now aims to expedite the building of high-energy laser systems for multi-domain and multi-level warfare. Earlier this year, olee.space raised $3 million in seed funding.

SeedlilngLabs launches AI PDaaS platform

SeedlingLabs has announced its official launch as an AI-native product development-as-a-service (PDaaS) company. The company offers startups and product-led enterprises a platform and services designed to scale AI applications from MVP to enterprise-grade deployment.

SeedlingLabs aims to democratise the future of software development with an end-to-end AI-driven platform. It will partner with startups and product companies to launch and scale with enterprise-grade quality, allowing them to focus on innovation and growth. The company’s vision is anchored in a human-first principle—ensuring its AI-native platform and services not only solve customer problems but also create meaningful connections with people.

Nemetschek India appoints new MD

Nemetschek India, a subsidiary of Nemetschek Group, a global software company, has appointed Sanjay Kumar Singh as Managing Director. In this role, Sanjay will lead the company’s Global Capability Centre (GCC), overseeing operations in Hyderabad, Bengaluru, and providing support to Mumbai.

Singh has over 25 years of experience in the technology industry and has held leadership positions at Cisco and Synamedia. At Nemetschek India, Singh will focus on scaling technology capabilities, strengthening product engineering, and fostering a future-ready talent ecosystem aligned with the global growth objectives of the Nemetschek Group.

NBFC KreditVenture launches operations

KreditVenture, a new-age NBFC founded by three seasoned financial services—Saif Hasan, Jaspreet Singh, and Prajit Chandrasekhar—has launched its operations with the aim to provide credit to MSMEs in Tier II and III locations in the country. It has started with the Loan Against Property (LAP) product.

KreditVenture will initially target the MSME segment and will later expand into used commercial vehicle loans. Currently, it is operating across 10 towns in Maharashtra and aims to expand to 50 locations within a year.

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

(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director in Ola Electric)