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…
Author: Adarsh Kumar
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…
Iconic motorcycle maker Royal Enfield has announced an investment of ₹2,200 crore to set up a new manufacturing facility in Andhra Pradesh, marking its first major expansion outside Tamil Nadu since its inception in 1901. The facility will be developed in Satyavedu mandal in Tirupati district, near the Andhra Pradesh-Tamil Nadu border, and will be executed in two phases. Once operational, the plant is expected to add up to 900,000 units of annual production capacity, reinforcing India’s position as a global motorcycle manufacturing hub. The project has been approved by the state’s investment promotion board in a meeting chaired by…
The iPhone maker has announced a ₹100 crore investment to strengthen India’s renewable energy ecosystem and support the next generation of climate focused startups. In partnership with CleanMax, Apple plans to develop more than 150 megawatts of renewable energy capacity across the country enough to power nearly 1.5 lakh Indian homes every year. But this move is bigger than just clean electricity. Apple is also partnering with Acumen to support six early stage Indian startups working in waste management, regenerative agriculture, circular economy, and sustainable livelihoods. These startups will receive funding, mentorship, and strategic guidance to scale their impact faster.…
InCred Holdings, the parent of InCred Financial Services, has filed its updated draft red herring prospectus (UDRHP) with Securities and Exchange Board of India (SEBI) to raise ₹1,250 crore via a fresh issue, as it prepares for a public listing. Alongside its IPO filing, the company reported strong financial performance for the first nine months of FY26, with revenue from operations rising 39% year-on-year to ₹1,849 crore, up from ₹1,334 crore in the corresponding period last year. However, profit remained flat at ₹290 crore, impacted by rising credit costs. Founded in 2017 by Bhupinder Singh, InCred operates as a retail…
Fintech startup Freo has acquired IndiaLends, a digital lending marketplace, in a move aimed at strengthening its position in India’s fast evolving credit ecosystem. The deal gives Freo full ownership of IndiaLends, although financial terms were not disclosed. The acquisition combines Freo’s financial products and regulatory licences with IndiaLends’ lending marketplace and distribution network, creating a more integrated fintech platform. Following the merger, the combined entity is expected to serve over 50 million users. Founded by IIT-ISB alumni, Freo offers a suite of services spanning payments, credit, insurance, and investments, and operates with multiple regulatory approvals, including a TPAP licence…
FMCG major Emami Ltd has signed a definitive agreement to acquire a 60% stake in IncNut Digital, the parent company of Vedix and SkinKraft, for ₹321 crore, marking a strategic entry into the fast growing personalised beauty and wellness segment. The transaction includes performance linked adjustments over a 24 month period, with Emami set to acquire the remaining stake in two tranches over the next four and a-half years, subject to future performance milestones. Founded in 2011, Hyderabad based IncNut Digital operates direct-to-consumer (D2C) brands Vedix and SkinKraft. Vedix focuses on customised Ayurvedic haircare and wellness solutions, while SkinKraft offers…