Merchant SaaS platform Mintoak is set to raise ₹53.3 crore (around $6 million) in fresh funding from existing investors PayPal Ventures and Pravega Ventures as part of its ongoing Series A round, valuing the company at approximately ₹2,500 crore ($280 million) on a post money basis. According to regulatory filings accessed from the Registrar of Companies (RoC), Mintoak’s board has approved the issuance of 21,422 Series A2 preference shares at an issue price of ₹24,879 per share, taking the total fundraise to ₹53.30 crore. As part of the round, PayPal Ventures will invest ₹35.53 crore (about $4 million), while Pravega…
Author: Adarsh Kumar
Electric vehicle and industrial motor startup Naxatra Labs has raised $3 million in a pre-Series A funding round led by Rainmatter, the venture investment arm of Zerodha, as the company looks to scale manufacturing and deepen its product portfolio amid rising electrification demand. The round also saw participation from a group of prominent founders, operators and angel investors, including Mohit Tandon (Delhivery), Himanshu Aggarwal (Aspiring Minds), Vijay Shekhar Sharma (Paytm), Aloke Bajpai (Ixigo), Anupam Jalote (iCEM), Narayan (Ather Energy), Soumitra Sharma (Operators Studio) and Hemant Daga (Neo Assets), among others. Founded by Piyush Verma, Abhilash Maurya and Arnav Biswas, Naxatra…
Aerospace and defence electronics firm CoreEL Technologies has raised $30 million (around ₹250 crore) in a Series B funding round led by ValueQuest Scale Fund, with continued participation from existing investor 360 ONE Asset. The funding round saw a majority contribution from ValueQuest Scale Fund, while 360 ONE Asset, which led CoreEL’s Series A round, also increased its stake, reaffirming confidence in the company’s growth trajectory and execution capabilities. Founded in 1999, CoreEL Technologies designs, develops and manufactures advanced electronic systems and sub-systems for strategic applications in the Indian aerospace and defence sector. Its products are deployed across next-generation avionics,…
Quick commerce platform Zepto has taken a major step towards its stock market debut after its board approved a proposal to raise up to ₹11,000 crore through a combination of a fresh equity issue and an offer for sale (OFS) by existing shareholders. The decision comes as the company prepares to confidentially file its draft red herring prospectus (DRHP) on December 26, according to regulatory filings. Zepto has also recently transitioned into a public limited company, a key regulatory requirement ahead of an initial public offering (IPO). Founded by Aadit Palicha and Kaivalya Vohra, Zepto has seen a sharp acceleration…
India has become the world’s third largest fuel retail market after its network of petrol pumps crossed the 100,000 outlet mark, nearly doubling over the past decade. The rapid expansion has been driven largely by state-owned oil marketing companies (OMCs) aiming to meet rising vehicle demand and extend fuel access to semi-urban and rural regions. With this milestone, India now trails only the United States and China, both of which operate around 110,000–120,000 fuel stations despite having significantly larger land areas. The growth reflects India’s expanding vehicle population and improving road connectivity, particularly outside major cities. However, private players continue…
State-owned infrastructure lender Indian Railway Finance Corporation (IRFC) has entered into a refinancing agreement with the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) to refinance ₹10,000 crore worth of foreign currency loans availed from the World Bank for India’s flagship freight rail infrastructure programme. DFCCIL, the special purpose vehicle responsible for developing dedicated rail freight corridors, had originally raised the loans to fund the ₹51,000 crore Eastern Dedicated Freight Corridor (EDFC) project. The corridor spans 1,337 kilometres, running from Punjab to Bihar, and connects some of the country’s most critical cargo hubs handling coal, steel, cement and other industrial…
Direct-to-consumer skincare brand Foxtale continued its rapid growth trajectory in FY25, with revenue from operations nearly touching ₹200 crore, even as higher marketing and scaling costs pushed losses deeper into the red. According to financial statements filed with the Registrar of Companies (RoC), the Mumbai based startup reported operating revenue of ₹199 crore in FY25, a 2.4x jump from ₹83 crore in FY24. Founded in 2021 by Romita Mazumdar, Foxtale focuses on affordable skincare products tailored for Indian skin concerns such as acne, ageing and hyperpigmentation. Sales of skincare and beauty products remained the company’s sole revenue stream during the…
SBI Mutual Fund has further reduced its exposure to listed logistics firm Delhivery, selling 18.18 lakh equity shares in an open market transaction on December 22, according to disclosures made under SEBI’s Substantial Acquisition of Shares and Takeovers (SAST) regulations. Following the transaction, the fund house’s stake in Delhivery declined from 5.93% to 5.69%, marking a 0.24 percentage point reduction in its shareholding. Based on Delhivery’s closing price of ₹409.20 on the BSE on the day of the sale, the transaction is estimated to be valued at approximately ₹74.45 crore. After the sale, SBI Mutual Fund holds nearly 4.25 crore…
PRISM, the parent company of hospitality major OYO, has received approval from its shareholders to raise up to ₹6,650 crore through an initial public offering (IPO), marking a key milestone in the company’s public market journey. According to regulatory filings, the proposed IPO will include a fresh issue of equity shares aggregating up to ₹6,650 crore. The capital raised will strengthen the company’s balance sheet and support long-term growth initiatives. Ahead of the IPO, PRISM has also approved a bonus share issue, under which existing shareholders will receive one bonus equity share for every 19 shares held. The bonus shares…
The Delhi High Court on Wednesday sharply criticised the Central government for what it described as inadequate action to address the capital’s worsening air pollution and suggested an immediate reduction in the goods and services tax (GST) on air purifiers, currently levied at 18%. A Division Bench comprising Chief Justice Devendra Kumar Upadhyaya and Justice Tushar Rao Gedela observed that if authorities are unable to ensure clean air for citizens, the minimum relief they can offer is to make air purifiers more affordable. The court said a temporary GST exemption or reduction, even for a limited period, should be considered…