The Enforcement Directorate (ED) has reportedly arrested the three co-founders of Gameskraft in connection with an alleged money laundering investigation linked to the company’s online gaming operations. According to a CNBC-TV18 report citing official sources, the arrested founders include Deepak Singh, Prithvi Raj Singh, and Vikas Taneja. The action has reportedly been taken under the provisions of the Prevention of Money Laundering Act (PMLA). The report stated that the ED carried out searches across multiple locations in Delhi-NCR and Karnataka as part of its ongoing probe into alleged financial irregularities associated with the company’s real-money gaming platforms. The investigation is…
Author: Adarsh Kumar
Pawan Gupta, co-founder and former CEO of Fashinza, has exited the company, according to reports. As per Moneycontrol, Gupta has stepped away from day-to-day involvement and is currently exploring opportunities in the artificial intelligence sector. Following his departure, Abhishek Sharma will continue as the sole founder and CEO of the Gurugram-based startup. Fashinza confirmed the development and stated that Gupta’s decision to leave was personal and unrelated to the company’s operational performance. Founded in 2020, Fashinza operates a B2B apparel manufacturing and supply chain platform that connects fashion brands with manufacturers. The startup gained significant investor attention during the peak…
Piramal Finance, the shadow lending arm of billionaire Ajay Piramal Piramal Group, is planning to raise up to $1 billion through foreign currency loans this year to support growing demand for retail credit in India. According to CEO Jairam Sridharan, the Mumbai-based NBFC intends to primarily tap foreign banks and multilateral agencies, with loan tenors ranging between three and five years. The planned fundraising comes at a time when the Indian rupee remains under pressure against the US dollar, increasing hedging costs for companies borrowing overseas. Despite the currency volatility, Piramal Finance believes offshore borrowing remains attractive after factoring in…
Digital lending platform Kissht, operated by OnEMI Technology Solutions, made a strong debut on the Indian stock exchanges, with its shares listing at ₹191 on the BSE, nearly 12% above the IPO issue price of ₹171. On the National Stock Exchange of India (NSE), the stock opened at ₹190. Following the listing, the shares gained further momentum and traded around ₹210 during the session, valuing the company at approximately ₹3,532 crore ($372 million). The listing follows strong investor demand during the IPO subscription period. The issue was subscribed over 9 times, led by institutional participation. According to exchange data, the…
US-based cloud infrastructure company Cloudflare is reportedly preparing to lay off around 20% of its global workforce, impacting more than 1,100 employees, as it restructures operations around artificial intelligence. According to multiple reports, the company is moving toward an “AI-first” operating structure, where a growing share of internal workflows and operational processes will be handled through AI agents and automation tools. The move comes despite Cloudflare reporting strong financial performance in the first quarter of 2026. The company recently posted quarterly revenue of nearly $640 million, surpassing market expectations. However, management believes rapid advances in AI are fundamentally reshaping how…
Sudipto Sannigrahi has reportedly stepped down as Managing Director at venture capital firm Z47, as the firm undergoes leadership restructuring following its split from Matrix Partners US. According to Moneycontrol, Sannigrahi plans to launch his own venture and spend more time in San Francisco after leaving the firm. His departure comes at a crucial time for Z47, formerly known as Matrix Partners India, which is currently raising its first independent fund after separating from the US-based Matrix entity in 2024. The firm is reportedly targeting a fund size of $300–400 million. Sannigrahi joined the firm in 2016 as an analyst…
Pharmacy retail startup Figtree Pharmacy has raised an undisclosed amount in a seed funding round led by AJVC Fund and other investors, as it looks to expand its hyperlocal pharmacy network across major urban markets. The company said the fresh capital will be deployed towards strengthening logistics, building its technology stack, launching private-label medicines, and scaling store operations. Figtree plans to expand its footprint to 25 stores in the near term. Founded in 2025 by former Nomura healthcare analyst Adrit Chaturvedi and Flipspaces executive Yatin Sharma, the startup operates neighbourhood-focused pharmacies across Mumbai and Delhi. Unlike traditional large-format pharmacy chains…
The National Payments Corporation of India (NPCI) has directed all UPI and RuPay member banks, payment service providers (PSPs), and acquiring banks to introduce a new Merchant Category Code (MCC 7016) specifically for gift cards and vouchers purchased through UPI, in a move aimed at tightening transaction monitoring and regulatory oversight. According to the directive accessed by Entrackr, the new classification must be implemented by May 31, 2026. Until now, gift card and voucher transactions were processed under MCC 6540, the same category used for prepaid payment instrument (PPI) wallet top-ups. NPCI noted that this overlap created challenges in distinguishing…
Ride hailing platform Ola Consumer (formerly Ola Cabs), led by Bhavish Aggarwal, reported a sharp decline in its financial performance for FY25, as revenue fell 42% year-on-year to ₹1,171 crore, down from ₹2,012 crore in FY24. The downturn reflects eroding market share amid intensifying competition, particularly from Rapido in the four wheeler segment. The company’s core ride hailing business, which contributed 79% of total operating revenue, saw income decline over 47% to ₹925 crore, compared to ₹1,761 crore in the previous fiscal year. Its financial services arm, OlaMoney, also reported a 19% drop in revenue to ₹185 crore, while commerce…
Global adtech firm InMobi has acquired MobileAction, an AI-powered platform focused on iOS app growth and analytics, as it looks to strengthen its presence in the iOS advertising ecosystem. The financial terms of the deal were not disclosed. Founded in 2013 and headquartered in San Francisco, MobileAction provides tools for Apple Ads and App Store Optimization (ASO), enabling developers and marketers to improve app visibility and user acquisition. Its platform is used by major global brands including Google, Meta, DoorDash, Square, Zalando, Playtika, and Priceline. The acquisition is expected to enhance InMobi Advertising’s capabilities by combining MobileAction’s expertise in app…