Scapia’s $63M fundraise; Premium ice cream brand Papacream

Hello,

Agentic AI has arrived. And looks like it’s here to stay, in large numbers. 

Jensen Huang, Founder of NVIDIA, envisions a world inhabited by billions of AI agents. “The world has a billion human users. My sense is that the world is gonna have billions of agents,” he said during an earnings call.

The chip giant’s latest results yet again prove the surging demand for infrastructure used to run advanced AI models. “The world is rebuilding computing for agentic AI and robotic physical AI. NVIDIA sits at the centre of these transitions,” said Huang. 

Elon Musk’s SpaceX is also leaning heavily into the future, as its mega IPO filing reveals—but much of the company’s outlook is on segments that have not yet been built, be it Mars colonisation or AI data centres in space. 

Meanwhile, Zepto plans to launch its Rs 11,000-crore IPO in July, people familiar with the matter told PTI. If the listing goes through, the quick-commerce platform will join rivals Zomato and Swiggy on the stock exchanges.

Zepto is reportedly pursuing a different strategy compared to competitors by focusing on market density and operational intensity rather than rapid geographic expansion.

Lastly, in the US, Target is betting on babies to come out of its long sales slump. The retailer is said to have added 2,000 items to its baby category this year, with a focus on busy, young families and new parents. 

In today’s newsletter, we will talk about 

• Scapia’s $63M fundraise
• Premium ice cream brand Papacream

Here’s your trivia for today: Tax prep application TurboTax and small business accounting program QuickBooks are products of which publicly traded company?

Funding

Scapia’s $63M fundraise

Bengaluru-headquartered travel-fintech startup Scapia has raised $63 million in a fresh round of funding led by General Catalyst and also saw participation of existing investors, Peak XV Partners and Z47.

Scapia was founded in January 2022 by former Flipkart executive Anil Goteti. It offers co-branded credit cards in partnership with Federal Bank and BOBCARD. 

Key takeaways: 

• Scapia will use the funds on AI initiatives and to strengthen its brand. It will also use the capital for hiring AI talent across engineering, product, data sciences, and design.
• “This round will help us strengthen our product suite further, bring more value to our customers through more offerings, scale the brand and bring in the best talent as we double down on building an AI-first culture and product approach," says Scapia founder & CEO Anil Goteti. 
• Neeraj Arora, CEO India & MENA at General Catalyst, notes that the 7x growth in Scapia’s customer base last year and its depth of products gave them the confidence to invest in the startup.

D2C 

Premium ice cream brand Papacream

After leaving a Wall Street trading career, Tanvi Chowdhri returned to India to launch Papacream, a premium dessert brand blending nostalgia, affordability, and innovation. Today, the startup is scaling rapidly through dark stores and quick commerce.

“I was always a foodie at heart. Growing up, I think I came from a very food loving family where we used to cook meals together, and all the travels revolved around us exploring the local cuisines wherever we went,” says Tanvi. 

The big scoop: 

• Papacream, a dessert-first ice cream company, was founded in 2015. The Mumbai-based brand was built around the idea that premium desserts should feel indulgent, but not intimidating.
• The company balances its pricing to keep it as affordable as possible while also maintaining the quality. For Tanvi, accessibility was just as important as quality, and that philosophy shaped everything—from the product strategy to the brand name itself.
• Papacream builds on flavours and combinations that consumers already love. Products like Dark Fantasy Belgian Chocolate ice cream, Jamun Masala popsies, Hazelnut cold coffee ice cream, and Birthday Cake Sundae are all reinterpretations of familiar nostalgic experiences.

News & updates

• Nykaa numbers: FSN E-Commerce Ventures Limited, the parent of beauty and fashion platform Nykaa, has reported sharp gains in revenue and profitability for the quarter and fiscal year ended March 2026. The company crossed the $1 billion annual revenue milestone as it continued scaling its beauty, fashion and owned-brand businesses.
• Honasa on a high: Honasa Consumer Ltd, the owner of Mamaearth and The Derma Co brands, has reported a 178% jump in consolidated net profit at Rs 69.43 crore for the March quarter, from Rs 24.97 crore in the corresponding period a year ago. The company’s revenue from operations surged 23.15% to Rs 657.08 crore in Q4, from Rs 533.56 crore a year ago.
• Oil market: The oil market could hit ‘red zone’ in July-August, says the chief of the International Energy Agency. “We may be entering ​the red zone in July or August if we don’t see that there are some improvements in ​the situation,” Fatih Birol said, ⁠referring to the oil supply crisis due to the Iran conflict.

Tax prep application TurboTax and small business accounting program QuickBooks are products of which publicly traded company?

Answer: Intuit

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