Startup news and updates: Daily roundup (December 5, 2025)

From Ethereal Machines in early talks to raise $30 million to PhonePe’s Pincode closing its consumer quick commerce app, YourStory brings you the latest developments across sectors.

Featured News

Ethereal Machines in early talks to raise $30M from Avataar, others at $150M valuation

Deeptech manufacturing startup Ethereal Machines is in early discussions to raise around $30 million in a Series B funding round at a $150 million valuation, three people aware of the matter told YourStory.

Ethereal Machines is currently in early-stage discussions with Avataar Ventures, along with a few other investors, sources said, requesting anonymity. Read more here

India risks losing crypto users without swift regulation, says Binance APAC Chief

Delays in crypto policy are pushing Indians offshore, warns Binance’s SB Seker. In an interaction with YourStory, he spoke about what decisive regulation could mean for the country’s digital future.

Speaking to YourStory on the sidelines of Binance Blockchain Week in Dubai, Seker spoke about why India's policymakers should treat crypto as a systemically important component of financial services, and outlines the opportunities that clear regulations could unlock for Indian entrepreneurs and developers. He also addressed how the industry can rebuild trust after recent security incidents, where two major exchanges, WazirX and CoinDCX, lost millions of dollars in digital heists. Read more here

Crimes against women and children rise in 2023: NCRB data

India recorded a rise in crimes against women and children between 2021 and 2023, with the latest National Crime Records Bureau (NCRB) figures showing that cases reached their highest levels in 2023. 

In a reply to questions asked in Lok Sabha on December 3, Minister of State in the Ministry of Home Affairs, Bandi Sanjay Kumar, said spikes in domestic violence, kidnappings, cybercrimes, and, most alarmingly, child marriages.

According to the data, crimes against women rose from 4.28 lakh in 2021 to 4.48 lakh in 2023. Domestic cruelty remained the single largest contributor, accounting for over 1.33 lakh cases in 2023. Kidnapping and abduction of women continued to climb, crossing 88,600 cases, while assault on women with intent to outrage modesty remained high at over 83,000 cases. Read more here

Latest News

PhonePe's Pincode winds down B2C quick commerce operations

PhonePe’s Pincode is closing its consumer quick commerce app to focus fully on building B2B tech and sourcing solutions for offline retailers, redirecting its team to scale inventory, order management and ERP offerings.

PhonePe launched Pincode—a dedicated hyperlocal consumer app linked to the Open Network For Digital Commerce (ONDC) protocol—in April 2023, at the height of consumer and investor interest in quick commerce. Read more here

Zaggle to acquire fintech startup Rivpe for Rs 22 Cr, plans additional Rs 75 Cr investment

Zaggle Prepaid Ocean Services Ltd, a listed fintech SaaS and spend management company, said its board has approved the acquisition of Rivpe Technology Pvt Ltd, a consumer credit cards and UPI-focused startup, for up to Rs 22 crore. The deal will give Zaggle 100% ownership of Rivpe on a fully diluted basis.

The fintech player will acquire 81,429 equity shares and 16,407 compulsory convertible preference shares, representing Rivpe’s entire paid-up capital. Read more here

Amazon to expand AI tools for 15 million small businesses

Amazon on Thursday outlined new plans to extend its artificial intelligence initiatives to small businesses and students across India by 2030, saying it will equip more than 15 million enterprises with AI-driven tools and bring AI literacy and career awareness to 4 million government-school students.

The company said the expansion supports the Government of India’s AI Mission and builds on its ongoing investment in cloud and AI infrastructure. Amazon said it is on track to invest $12.7 billion in its local cloud and AI operations by 2030, which it announced in 2023. Read more here

Other news

Swiggy Unveils Low Cal Category for health-conscious consumers

Swiggy, an on-demand convenience platform, today announced the launch of its Low Cal category, a curated collection designed to help consumers with wholesome yet light eating options.

The launch reinforces Swiggy’s commitment to offering healthier food choices to consumers. The Low Cal category is live across India’s top 10 cities, including Bengaluru, Mumbai, Delhi NCR, Pune, Hyderabad, and Chennai. It features 2.2 lakh dishes under 500 kcal, and spans a range of offerings including soups, salads, lighter Indian meals, breakfast options, snacks, starters, and even low-calorie desserts and shakes.

Nuvana Wellness announces Rakul Preet Singh and Jackky Bhagnani as Strategic Investors

Nuvana Wellness Clinic, a science-led integrative health and regenerative wellness centre, announces the onboarding of actor-entrepreneurs Rakul Preet Singh and Jackky Bhagnani as strategic investors. This partnership marks a defining moment in Nuvana’s journey as it continues to champion accessible, ethical, and clinically-backed wellness for the modern Indian consumer.

Reflecting this alignment, Jackky Bhagnani shared, “We were clients of Nuvana long before becoming investors, and that created a deep sense of trust. Any association we make carries our belief and responsibility and we hope our own experience with Nuvana helps build a loyal community that values authentic, science-backed wellness.”, highlighting the importance of building a wellness ecosystem rooted in transparency, measurable outcomes, and accessible innovation.

Quess Corp elevates Lohit Bhatia as CEO

Quess Corp, one of the largest staffing company in India has named Lohit Bhatia as its new Chief Executive Officer effective January 1, 2026. Bhatia, currently President – India & Global Operations, succeeds as part of a leadership realignment aimed at sharpening strategic focus and strengthening succession planning.

With over 28 years of experience, Bhatia has played a pivotal role in scaling Quess’s staffing business from 13,000 to over 4.8 lakh associates and driving international expansion, which now contributes nearly 20% of EBITDA, a statement said.

PedalStart launches Founder-Investor Fusion 2.0 across four cities

Startup accelerator PedalStart has rolled out the second edition of its multi-city event series, Founder-Investor Fusion 2.0, across Hyderabad, Mumbai, Bengaluru, and Delhi-NCR. The platform aims to fast-track uprounds for PedalStart-backed startups by offering curated investor access, live pitching sessions, and real-time interactions. The series is expected to host 250+ investors and 100+ founders.

The first edition earlier this year resulted in over Rs 5 crore in funding for four startups. Co-founders Manas Pal and Aditya Darolia said Fusion 2.0 is designed to accelerate high-confidence dealmaking and strengthen India’s early-stage ecosystem.

CoinSwitch releases VDA handbook for law enforcement

Crypto exchange CoinSwitch has launched Virtual Digital Assets Decoded, a handbook aimed at empowering police, cybercrime units, and regulators to investigate and understand digital assets. The handbook will be distributed across police stations and cybersecurity units nationwide, offering case studies, investigation frameworks, and practical guidance.

Co-founder & CEO Ashish Singhal said India’s top global ranking in crypto adoption requires stronger safety and awareness measures. CoinSwitch has conducted 35+ training sessions for law enforcement and plans to expand its regulatory engagement initiatives.

Red Bull India appoints Saurabh Sharma as Sales Director – India Operations

Red Bull India has appointed Saurabh Sharma as Sales Director – India Operations. Sharma brings nearly 20 years of experience from PepsiCo, NourishCo, Mars, and Perfetti Van Melle.

In his previous stint, he led franchise operations across key PepsiCo markets, including North India, Nepal, and Tropicana. His appointment comes as India’s energy drink market expands rapidly beyond metros, and Red Bull seeks deeper market penetration and sharper execution.

Mirror Security raises $2.5M in pre-Seed funding from Sure Valley Ventures (SVV) and Atlantic Bridge

Mirror Security, a research-driven AI security company raised $2.5 million in pre-seed funding from Sure Valley Ventures (SVV) and Atlantic Bridge to scale its breakthrough encryption platform for AI security.

The funding will be used to expand engineering and AI security teams in Ireland, the US and India, accelerate product development in encrypted inferencing and secure fine-tuning, and drive immediate expansion into US enterprise markets.

Raj Das launches hyperlocal hiring app HiBOSS

Raj Das, former Co-founder and India CEO of Hirect, has launched HiBOSS, a hyperlocal peer-to-peer hiring app connecting job seekers with nearby employers through an AI-enabled chat interface.

HiBOSS targets SMB owners, mid-level managers, and HR teams seeking fast hiring without traditional job board bottlenecks. The platform enables job seekers to chat directly with employers and secure multiple interview opportunities within minutes.

Das said HiBOSS aims to solve the pain points of Gen Z and millennial job seekers who prefer instant, chat-based hiring experiences, while offering outcome-based pricing for employers.

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