Startup news and updates: Daily roundup (November 21, 2025)

From Groww's first earnings to Myntra's milestones with quick commerce within a year of launch, YourStory brings you today’s headlines with the latest developments across sectors.

Featured stories

Waste is Gold: The climate tech startup processing urban waste with zero emissions

Bengaluru-based Waste is Gold Technologies has accumulated over 300 projects in seven years while remaining completely bootstrapped.

“We wanted to promote decentralised waste management solutions globally and create technologies that empower communities to manage their own waste efficiently, sustainably, and responsibly,” Tiwari, the founding and managing director of Waste is Gold, tells YourStory. 

Headquartered in Bengaluru, the climate tech startup operates with a 25-member team across India and has a local manufacturing site, where it designs and develops its products. Read more.

How these organisations are using sport as a vehicle to drive change

From building playgrounds in conflict-affected Dantewada to helping girls in Punjab to reclaim public spaces through football, or training teachers to become certified coaches, sport is breaking barriers and creating long-term change.

In India, sport has inspired generations for a long time, but today, on the ground, it is increasingly becoming a powerful tool for the transformation, change, and empowerment of communities.

As India chases global sporting glory, it is the small wins on the ground that truly matter. In the end, sport is not just about the game; it’s about the growth, confidence, and transformation it sparks in individuals and entire communities.

Here is a list of organisations using the sports-for-development model to rewrite social narratives and champion change. Read more.

Latest news

​Groww posts double-digit profit growth as broker gains market share in Q2

Groww's net profit increased 12.18% from a year earlier to Rs 471.33 crore in Q2 FY26, while operating revenue fell 9.4% to Rs 1,018.74 crore.​

Expenses dropped even more steeply, declining 26.65% YoY to Rs 432.59 crore, lifting EBITDA to Rs 638.19 crore, up 11.92% from the year-ago period. The sharp cut in expenses can be primarily attributed to employee benefit expenses halving year-on-year, from Rs 264.2 crore in Q2 of the previous fiscal year to Rs 123.7 crore now.

Revenue decline comes against the backdrop of a shrinking industry pool, with NSE active users dropping from 50.2 million in January 2025 to 45.3 million by Q2 FY26. Groww said the slump has already bottomed out, noting a pickup in October and calling the period an inflection point for user activity. Read more.

Myntra's M-Now scales to 80 dark stores within a year of launch

Myntra has scaled its rapid delivery service M-Now to over 80 dark stores within a year, with the offering now driving 10% of orders in live locations, especially as platforms defend their turf from quick commerce rivals.

M-Now, which offers a delivery promise of within 30 minutes to two hours, went live during the same time last year with pilots in Bengaluru. The service has since then scaled to Mumbai, Delhi NCR, Hyderabad, Kolkata, and Pune.

The Walmart-backed platform plans to expand the service further; it already has an assortment of over 1,000 brands catering to 35 million-plus unique visitors. Read more.

Funding news

Insurtech startup Pibit.AI raises $7M led by Stellaris Venture Partners

San Francisco-headquartered insurtech startup Pibit.AI raised $7 million in a Series A round led by Stellaris Venture Partners, with participation from existing investors Y Combinator and Arali Ventures.

Founded in 2020, Pibit.AI raised its seed round in 2023, and the startup’s technology platform enables insurance companies to underwrite risks faster and more accurately with fewer errors.

It claimed that its Centralised Underwriting Risk Environment (CURE) platform reported up to 85% faster underwriting cycles, a 32% increase in gross written premium per underwriter, and up to 700 basis points of improvement in loss ratios. Read more.

Maruti Suzuki invests about Rs 2 Cr in connected mobility startup Ravity

Maruti Suzuki India invested about Rs 2 crore in Ravity Software Solutions for an equity stake of over 7.84% through the Maruti Suzuki Innovation Fund, the automaker said on Friday.

Ravity, founded in 2022 and based in Bengaluru, provides connected mobility intelligence through an AI-powered platform used by automotive OEMs and fleet operators.

This marks Maruti Suzuki Innovation Fund's third investment. It earlier invested nearly Rs 2 crore each in Amlgo Labs in March 2024 and Sociograph Solutions in June 2022. The fund backs startups with high innovation potential and solutions relevant to the company’s operations, according to the statement.

Sarvam Properties raises equity funding, launches Rs 300 Cr Assure X platform

Sarvam Properties raised strategic equity funding from Dharmil Sheth, Dhaval Shah, and Hardik Dedhia, founders of PharmEasy and All Home, and some angel investors, the Mumbai-based real estate solutions firm said on Friday.

Coinciding with the fundraise, the company launched Assure X, a Rs 300 crore AI-powered platform that provides partner developers with high-performance sales execution and on-demand liquidity support.

Sarvam said Assure X is designed to address liquidity gaps that arise when inflows lag construction schedules, using real-time sales data and predefined liquidity triggers to enable timely capital infusion and predictable cash flows.

The company will use the capital to strengthen its operating framework, expand technology infrastructure, and build specialist teams across project strategy and customer engagement.

Other news

Ather launches Rizta electric scooter in Sri Lanka to expand international portfolio

Ather Energy launched its Rizta electric scooter in Sri Lanka at the Colombo Motor Show 2025. The rollout, in partnership with distributor Evolution Auto, builds on Ather’s entry into the market last year with the Ather 450X.

Ather now operates 40 experience centres in Sri Lanka through its partner and has also installed Ather Grid fast chargers to support EV adoption. “Expanding our portfolio here with the Rizta felt like the natural next step,” said Ravneet Singh Phokela, Chief Business Officer, Ather Energy.

The Rizta features a large seat, 34-litre under-seat storage, and a spacious floorboard. It also features SkidControl for rider safety and a 7-inch TFT dashboard with connected features, including Google Maps, music, and call control, on the Rizta Z variant.

Ather added that the Rizta has seen strong acceptance in India and Nepal. The company entered Nepal in 2023 and Sri Lanka in 2024 as part of its broader international expansion.

Karnataka bike-taxi drivers seek meeting with CM before final decision on proposed ban

Bike-taxi drivers in Karnataka have written to Chief Minister Siddaramaiah, Deputy Chief Minister DK Shivakumar, and Transport Minister Ramalinga Reddy seeking a personal hearing before the state takes a final call on the proposed ban.

The Namma Bike Taxi Association, representing thousands of riders in Bengaluru and nearby districts, said no driver groups were consulted before a state committee submitted its report to the High Court on November 16, recommending that the ban continue.

The Association said more than 1.5 lakh drivers lost their livelihoods following the suspension of bike-taxi services and asked the government to regulate the sector by issuing licences and permits similar to those issued to autos and cabs.

“While we fully respect the government's commitment to public safety and strengthening public transportation, the reasons cited in the report for proposing a complete ban do not align with ground realities,” stated the letter.

Policy experts have also questioned the impact of a blanket ban, saying a more evidence-driven approach is needed to assess commuter behaviour and last-mile needs.

The Internet and Mobile Association of India has separately urged the Transport Department to hold public consultations, saying the ban has disrupted livelihoods and removed an affordable mobility option.