Startup news and updates: Daily roundup (October 30, 2025)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here’s the roundup for Thursday, October 30, 2025.
From Groww setting its IPO price band at Rs 95-100 to Meta reporting a robust third-quarter revenue driven by ad demand, YourStory brings you the latest news from India’s tech and impact ecosystem.
Featured news
Unicommerce doubles down on profitability and global scale
Unicommerce’s public foray last year was a bold move for a SaaS company of its scale. With around Rs 100 crore in revenue (FY23) at the time of listing, the company leaned on its strong profitability metrics, solid fundamentals, and parentage under AceVector (which also owns Snapdeal) to pull off one of the most successful startup IPOs in recent memory.
In an interaction with YourStory, Kapil Makhija, MD and CEO of Unicommerce, says the Shipway acquisition has deepened its logistics capabilities and fast-tracked growth.
From Left to right: Ashishkumar Chauhan, MD & CEO, NSE; Kapil Makhija, MD & CEO Unicommerce; Kunal Bahl, Promoter, Unicommerce; and Rohit Bansal, Promoter, Unicommerce
Inside India’s emerging electric tractor market
Indian farmers are eyeing electric tractors and turning to these vehicles to cut down on operational costs, and companies like AdvantEdge-backed Moonrider are rushing to capitalise on this demand.
According to data from the Vahan registry, India registered 25 electric tractors in 2025. While this number remains minuscule compared to two-wheeler, three-wheeler, and four-wheeler sales, it indicates a growing demand, with the market expanding by 66% year-on-year.
Surging AI demand boosts Meta’s revenue, but hefty one-time tax dents profit
Facebook parent Meta capitalised on surging AI-powered ad demand to post robust third-quarter (Q3) 2025 revenue gains, though a hefty one-time tax charge dented its profit.
In Q3, the California-based firm’s revenue climbed 26.2% year-on-year to $51.2 billion, while its net profit dipped 82.7% to $2.7 billion.
The company’s net income reflects a one-time, non-cash tax charge of $15.93 billion in Q3 2025 under the One Big Beautiful Bill Act; excluding this, its net income would have been $18.64 billion.
Google parent Alphabet clocks $100B in quarterly revenue on AI momentum
Google parent Alphabet has posted strong third-quarter 2025 results, fuelled by a surge in AI-powered advances across Search and Cloud, which are reshaping its core business.
“This was a terrific quarter for Alphabet, driven by double-digit growth across every major part of our business. We’re seeing AI now driving real business results across the company,” said Sundar Pichai, Chief Executive Officer of Alphabet and Google, in a blog post.
“We delivered our first-ever $100 billion quarter. Five years ago, our quarterly revenue was at $50 billion. Our revenue number has doubled since then, and we’re firmly in the generative AI era,” he said.
Latest News
Groww sets IPO price band at Rs 95-100, targets Rs 61,700 Cr valuation
Billionbrains Garage Ventures Ltd., the parent company of Groww, has set a price band of Rs 95 to Rs 100 a share for its initial public offering (IPO), seeking a valuation of about Rs 61,736 crore.
The Bengaluru-based company will open its books for subscription on November 4 and close on November 7, according to its red herring prospectus.
The share sale comprises a Rs 1,060 crore fresh issue and an offer for sale (OFS) of Rs 5,572.3 crore, giving existing investors a sizeable liquidity event.
upGrad turns EBITDA positive in FY25 as AI-led expansion fuels global growth
upGrad has reported EBITDA profitability in FY25, marking a strong turnaround driven by steady revenue growth, operational efficiency, and its AI-led global expansion. The milestone underscores upGrad’s evolution into a scalable, profitable, and tech-driven learning powerhouse.
The company reported a gross revenue of Rs 1,943 crore—which, post-Ind-AS accounting, closed at a total income of Rs 1,650 crore, reflecting sustained demand from both learners and enterprises. Further, the company carries Rs 556 crore in collected but unrecognised revenue to be recognised in the future.
Shiprocket improves profitability in FY25 with Rs 1,632 Cr revenue
Logistics-tech unicorn Shiprocket has reported a full-year positive cash EBITDA for the first time in FY25, marking a significant milestone in its profitability journey. The company’s revenue increased 24% year-over-year to Rs 1,632 crore, driven by its core shipping business and rapid expansion across new verticals.
According to the company’s financial statement, Shiprocket’s core business—which includes its domestic shipping platform and value-added technology solutions for merchants—grew over 20% year-on-year to Rs 1,306 crore, maintaining a margin profile of around 12%.
Net losses also narrowed significantly to Rs 74 crore, down from Rs 595 crore in FY24, with current losses largely attributed to ESOP-related non-cash expenses of Rs 91 crore.
General Atlantic doubles PhonePe stake with $600M secondary deal
General Atlantic has invested $600 million in digital payments major PhonePe, taking its shareholding up from 4.4% to roughly 9%, people familiar with the matter said.
The transaction was a secondary share sale, not a fresh capital raise, and was designed to enable employees to exercise stock options and meet tax obligations, the sources added. No payouts were made to founders or other investors.
Including this latest round, the US-based private equity firm has deployed around $1.15 billion into PhonePe since 2023. PhonePe declined to comment.
Funding News
Drip Capital raises $50M from TD Bank to boost SMB trade finance
Drip Capital Inc., a digital trade-finance firm focused on small and mid-sized exporters, has secured a $50 million committed credit facility with an additional $25 million accordion option from Toronto-Dominion Bank, one of North America’s top lenders.
The deal marks Drip Capital’s first collaboration with TD Bank and lifts the company’s total debt funding to more than $500 million, backed by institutions including Barclays, the World Bank’s International Finance Corporation, and East West Bank. The new capital will finance the firm’s Buyer Finance programme in North America and expand its reach in cross-border SMB financing globally.
Fintech firm SalarySe raises $11.3M in Series A round
Salary-powered fintech platform SalarySe on Thursday raised $11.3 million in a Series A round led by Flourish Ventures, with Susquehanna Asia VC and returning investors Peak XV's Surge and Pravega Ventures.
The company said it intends to use the newly raised capital to help scale features such as making payments, credit, and money management on its platform to make it affordable, personalised, convenient, and seamless to its users.
Jupiter Money raises Rs 115 Cr from Mirae Asset, BeeNext, 3one4 Capital
Fintech platform Jupiter Money has raised Rs 115 crore in a fresh funding round, marking another show of confidence from its existing investors, as the company more than doubled its revenue in the last financial year.
The round saw participation from Mirae Asset Venture Investments, BeeNext, and 3one4 Capital, alongside additional capital from founder and CEO Jitendra Gupta, the company said in a statement.
The Bengaluru-based startup operates a regulated platform offering savings accounts, credit cards, loans, investments, and insurance through a single app.
IntrCity SmartBus raises Rs 250 Cr in Series D round to scale up fleet
Bus network operator IntrCity SmartBus on Thursday raised Rs 250 crore (around $28 million) in a Series D funding round led by A91 Partners, at a roughly Rs 1200 crore post-money valuation.
The company plans to use the newly raised funds to improve customer travel experience, upgrade fleet management technology platform, and provide deeper and wider coverage to Tier II and Tier III cities.
Moreover, the firm is on track to double its fleet and intends to run a network of 1,000 buses in the next few years. Currently, the firm runs roughly 550 to 600 buses, according to Kapil Raizada, Co-founder and President at IntrCity SmartBus.
PointAI raises Rs 47 Cr in pre-Series A funding led by Yali Capital
Deeptech startup PointAI, formerly known as Try ND Buy, has raised Rs 47 crore in a Pre-Series A round led by Yali Capital, with participation from Lip-Bu Tan (Chairman, Walden International) and Tremis Capital.
The company said it will use the funding to accelerate product innovation, strengthen its AI capabilities, and expand the company’s market footprint across India and international markets.
The Noida-based startup has so far raised around Rs 10 million in total funding. Read more here
Gaming Startup Exiles Interactives raises $355,000 in pre-seed round led by Chimera VC
Bengaluru-based gaming startup Exiles Interactives has raised $355,000 in a pre-seed round led by Chimera VC. The round also included participation from Warmup Ventures, IndigoEdge, and angel investor Dhruv Vohra, along with existing shareholder Sourav Gupta.
The funds will be used towards developing Centarius, the company’s next-generation social gameplay platform, as well as for strengthening marketing initiatives.
Over the next several months, Exiles Interactives plans to collaborate with gaming content creators across TikTok, Twitch, and YouTube to drive significant user growth and establish Centarius as a leading name in the browser gaming space. Following the launch, the company plans to ramp up marketing efforts by building brand awareness through closely engaging with gaming communities and establishing a presence at global game development events to solidify Centarius's position in the gaming industry.
SIG Tattva invests Rs 6 Cr in Mad Over Buildings
Tattva, the corporate venture capital arm of the Somany Impresa Group (parent of Hindware), has invested Rs 6 crore in Mad Over Buildings (MOB), a fintech-enabled B2B ecommerce platform for building materials.
The partnership will allow MOB to leverage Hindware’s extensive distribution network, accelerating its market reach across India’s expanding construction ecosystem. MOB’s platform offers a tech-driven Line of Credit for secondary and tertiary sales, along with an escrow-backed marketplace aimed at improving liquidity for smaller distributors and retailers.
Through this collaboration, Hindware plans to tap into MOB’s digital capabilities to boost category-wise sales and improve operational efficiency.
Beyond Renewables & Recycling raises Rs 5 Cr in pre-seed round led by Momentum Capital
Beyond Renewables & Recycling, a climate-tech startup focused on sustainable and high-value solar panel recycling, has raised pre-seed funding led by Momentum Capital, a US-based venture capital fund. The investment will accelerate the development of Beyond Renewables’ proprietary recycling technology, strengthen its waste supply chain, and scale operations to address India’s rapidly growing solar waste crisis.
Founded in 2024 by Manhar Dixit and Vedant Taneja, Beyond Renewables has validated its recycling process at lab scale, achieving high recovery and purity rates for materials such as silver and silicon. This marks the company’s first external fundraise. Along with Momentum Capital, co-investors in the October 2025 round include Venture Catalysts, IIMA Ventures, Oorjan Cleantech, and Gautam Das, founder of Oorjan.
Vijya Fintech’s MIDASX raises Rs 12 Cr, acquires AI startup to build multi-asset marketplace
Vijya Fintech, the parent company of MIDASX, has raised Rs 12 crore in a seed funding round. The company also announced the acquisition of an undisclosed AI startup as it transitions from a SaaS platform to an AI-driven B2B2C multi-asset marketplace.
The fresh capital will be used to strengthen MIDASX’s technology stack, expand its team, and accelerate the rollout of its open-architecture marketplace. The platform aims to integrate a broad range of financial instruments — including stock baskets, mutual fund portfolios, corporate FDs, bonds, and unlisted equities — under one digital ecosystem designed for financial intermediaries and advisors.
The acquisition of the AI startup will allow MIDASX to embed advanced tools such as portfolio health scoring, predictive analytics, and simulation engines. The company has also appointed Anil Gupta as Co-founder and Chief Investment Strategist (AI Lead), who will lead efforts in quantitative and AI-driven investment strategy.
Redacto raises Rs 12 Cr in a seed round led by PeerCapital and Antler India
Redacto, an AI-driven privacy infrastructure company building the next generation of enterprise data governance systems, has raised Rs 12 crore in a seed round led by PeerCapital and Antler India, with participation from select angel investors.
The funding will be used to strengthen Redacto’s AI capabilities, expand its product and engineering teams, and scale enterprise adoption across India.
Founded in 2025 by Shashank Karincheti and Amit Kumar, Redacto enables enterprises to automate privacy compliance, govern sensitive data, and enforce third-party accountability through AI-powered automation. It counts several of India’s leading payment companies and NBFCs among its customers.
The platform has already attracted strong interest from leading banks, fintechs, and insurance companies that are preparing for DPDP readiness and seeking scalable solutions that align with global standards such as GDPR and CCPA.
Redacto Team
Other news
BharatPe appoints Harshita Khanna as Chief Human Resources Officer
Fintech firm BharatPe has appointed Harshita Khanna as its new Chief Human Resources Officer (CHRO). In this role, she will lead the company’s people and culture strategy, with a focus on strengthening leadership, improving organisational performance, and supporting BharatPe’s next phase of growth.
Khanna brings over 18 years of experience in human resources across global organisations. Prior to this, she served as Chief People Officer at Home Credit India, where she led initiatives in digital HR transformation, change management, and employee engagement.
She has also worked with Alcatel Lucent, CSC, and Aon Hewitt in leadership roles spanning total rewards, performance management, and organisational design.
The appointment comes as BharatPe continues to scale its operations across financial services and digital payments, following a period of leadership restructuring and renewed focus on business growth and governance.
Emversity announces leadership appointments to support next phase of growth
Industry-skilling platform Emversity has elevated four founding team members to key leadership positions as the company prepares for its next phase of expansion across technology, partnerships, and learning initiatives.
Manish Kumar has been appointed Chief Technology Officer (CTO) and will lead Emversity’s efforts to strengthen its AI-driven learning and operations platform that connects students, universities, and employers nationwide.
Akash Kalp has taken charge as Chief Business Officer (CBO) for Emversity SMART, the company’s skill-training and certification vertical run in collaboration with the National Skill Development Corporation (NSDC). He will oversee the expansion of its network of training centres, which currently operate across multiple Indian cities.
Rahul Raj, elevated to Chief Business Officer (CBO) for Emversity EDGE, will focus on scaling partnerships with higher-education institutions to integrate industry-linked skill development into university curricula. The model is currently active across 13 universities.
Megha Lal has been named Chief Human Resources Officer (CHRO), and will lead Emversity’s people strategy and training ecosystem. The company employs over 700 people across 22 states and aims to further strengthen its talent and trainer base.
Razorpay enables UPI payments in Malaysia through NPCI partnership
Indian fintech major has expanded its global footprint by enabling Unified Payments Interface (UPI) transactions in Malaysia through its local entity Curlec, in partnership with NPCI International Payments Limited (NIPL). The agreement, formalised at the Global Fintech Fest 2025, will allow Indian travellers to make instant digital payments to Malaysian businesses using their existing UPI apps.
The integration marks a key step in taking India’s digital payments infrastructure beyond its borders, giving Indian tourists — who spent over Rs 110 billion in Malaysia in 2024 — a simpler, cash-free payment option. For Malaysian merchants, it offers access to a growing base of Indian visitors while ensuring local settlement in ringgit (RM).
With this move, Razorpay Curlec is set to become one of the first payment providers in Malaysia to offer UPI acceptance. The collaboration underscores growing regional cooperation in digital payments and India’s push to make UPI a global standard for real-time, low-cost transactions.
Zepto crosses 2 million daily orders during Diwali week
Quick commerce company Zepto achieved a significant milestone during the Diwali festive period— surpassing 2 million daily orders, the highest in the company’s history.
In the lead-up to Diwali, the platform recorded 20.1 lakh orders on October 18, 23.7 lakh on October 19, and 21.3 lakh on October 20, as customers turned to Zepto for seamless access to festive essentials.
Aadit Palicha, Co-founder and CEO of Zepto, said, “This Diwali, we consistently delivered 30–40% more daily orders than our closest peer across all peak days, while maintaining a significantly lower absolute cash burn per order. Our trajectory gives us confidence in delivering multiple consecutive quarters of 20%+ order volume growth, alongside continuous improvements in EBITDA, operating cash flow, and free cash flow.”
(This article will be updated with the latest news throughout the day.)
Edited by Jyoti Narayan