Midcap IT services firm Coforge has announced the acquisition of Silicon Valley-based artificial intelligence company Encora for $2.35 billion in an all stock transaction, marking the largest takeover by an Indian IT company in the engineering research and development (ER&D) segment. The deal is the fourth-largest ER&D acquisition globally and the second-largest acquisition ever by an Indian IT services firm, significantly strengthening Coforge’s artificial intelligence, data and cloud engineering capabilities while expanding its global delivery footprint. Coforge will acquire Encora from private equity investors Advent, Warburg Pincus, and other minority shareholders. The transaction values Encora’s equity at $1.89 billion, which…
Author: Adarsh Kumar
B2B ecommerce major IndiaMART InterMESH Ltd has moved the Calcutta High Court against OpenAI, alleging that its website and supplier listings have been excluded from responses generated by ChatGPT, resulting in reputational and commercial harm. In its petition, IndiaMART claimed that the alleged exclusion has significantly reduced its visibility on the AI-powered platform at a time when users are increasingly relying on conversational AI tools to discover suppliers, products and business services. The company argued that being left out of ChatGPT responses directly impacts customer discovery and leads generation. IndiaMART has accused OpenAI of unfair discrimination, trade libel, dilution of…
State-owned Punjab National Bank (PNB) has reported a loan fraud of over ₹2,400 crore to the Reserve Bank of India (RBI) in connection with accounts linked to the erstwhile promoters of Srei Group entities, the lender disclosed in a stock exchange filing on Friday. The reported fraud comprises ₹1,241 crore related to SREI Equipment Finance and ₹1,193 crore linked to SREI Infrastructure Finance. PNB said it has fully provided for the entire outstanding exposure in both accounts, limiting any incremental impact on its balance sheet. SREI Infrastructure Finance, which entered the construction equipment financing space in 1989, underwent a change…
Quick commerce platform Zepto reported a sharp jump in scale during FY25, even as losses widened significantly, reflecting aggressive investments in expansion ahead of its planned stock market debut. According to the company’s audited financial statements, Zepto’s total sales, including other income, rose 129% year-on-year to ₹9,668.8 crore in FY25, compared with ₹4,223.9 crore in FY24. However, the company’s net loss widened to ₹3,367.3 crore, up from ₹1,214.7 crore in the previous fiscal, as competition in India’s fast-growing quick commerce market intensified. The widening losses were driven by continued spending on dark store expansion, logistics capacity, technology, and customer acquisition,…
Electric vehicle maker Ola Electric Mobility has received a major boost from the Indian government after the Ministry of Heavy Industries sanctioned incentives worth ₹366.78 crore under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components for claims related to FY25. In a regulatory filing dated December 25, Ola Electric said the sanction order was issued in favour of its wholly owned subsidiary, Ola Electric Technologies Private Limited. The approval pertains to demand incentives linked to the company’s determined sales value for the financial year ended March 2025. The sanctioned amount will be disbursed through IFCI Limited, the…
Biopharmaceutical company PlasmaGen Biosciences has raised ₹150 crore in a fresh funding round led by ViNS Bioproducts, with participation from high-net-worth individuals (HNIs), family offices, pharmaceutical entrepreneurs, and existing investors, the company said. The latest fundraise values the Bengaluru-based company at over ₹1,500 crore and takes its total capital raised to more than ₹600 crore till date. PlasmaGen is backed by marquee investors including Eight Roads Ventures, F-Prime Capital, Fidelity’s FIL Capital Investments, UK-based Artian Investments, along with several prominent individual investors. Founded in 2010, PlasmaGen develops, manufactures and markets blood plasma-derived therapies, including albumin, immunoglobulins, anti-D products and clotting…
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…
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…