Pine Labs, the Indian merchant payments platform, secured approximately ₹1,753 crore from anchor investors ahead of its initial public offering (IPO). The company allotted around 7.9 million (79 lakh) shares at ₹221 per share, the upper end of its price band. Anchor participation included over 70 institutional investors such as domestic mutual funds among them SBI Mutual Fund, Aditya Birla Sun Life MF, Mirae Asset MF and global entities including the Massachusetts Institute of Technology Retirement Plan Trust (MIT Retirement Fund). Domestic mutual funds accounted for roughly 47% of the allocation, representing more than ₹828 crore. IPO Details and Valuation…
Author: Aman Atulya
Vedanta Ltd’s thermal power units Meenakshi Energy (MEL) and Vedanta Limited Chhattisgarh Thermal Power Plant (VLCTPP) have jointly secured a 500 MW Power Purchase Agreement (PPA) from the Tamil Nadu Power Distribution Corporation (TNPDCL). The agreement marks a major milestone for Vedanta’s growing Independent Power Producer (IPP) operations. Under the Letters of Award (LOAs), Meenakshi Energy will supply 300 MW and VLCTPP 200 MW to Tamil Nadu for five years, from February 1, 2026, to January 31, 2031, at a tariff of ₹5.38 per kWh. Vedanta emerged as the largest beneficiary, securing 500 MW out of the 1,580 MW tendered…
Home décor and lifestyle brand The Artment has raised Rs 10 crore in a pre-Series A round led by Inflection Point Ventures (IPV). The round also saw participation from Siyaram Family Office, ESV, Capitar Ventures, and others. Notably, IPV invested through IPV International using the GIFT City route, marking a milestone in cross-border early-stage funding. The Gurugram-based company had earlier secured $527,000 in seed capital from Harshit Poddar and other investors. The fresh funds will be used for category expansion, scaling its proprietary ‘Art Lab’ tech platform, and channel diversification across both online and offline retail networks. Blending Art, Technology,…
Former investment banker Dhruv Jhunjhunwala has launched Novastar Partners, a new investment firm focused on India’s fast-evolving private market ecosystem. According to sources, the firm is targeting a corpus of Rs 350 crore, with a green shoe option of Rs 150 crore, for its debut fund. Jhunjhunwala, an alumnus of New York University’s Stern School of Business, previously worked with RBC Capital Markets in New York. He has evaluated more than 100 private equity and tech-driven opportunities across sectors such as e-commerce, SaaS, gaming, education, and consumer technology. His portfolio includes investments in Capillary Technologies, AdmitKard, R for Rabbit, and…
PB Healthcare Services Pvt. Ltd. (PB Health), the healthcare venture incubated by PB Fintech, has acquired Mumbai-based digital health platform Fitterfly to enhance its preventive care and chronic disease management offerings. The acquisition marks a major step in PB Health’s mission to integrate technology, clinical infrastructure, and insurance within a unified ecosystem. Founded in 2016 by Dr. Arbinder Singal and Shailesh Gupta, Fitterfly is known for its clinically validated programs in diabetes reversal, obesity management, and heart health. The acquisition will enable PB Health to blend digital disease management tools with physical hospital infrastructure, improving patient outcomes and accessibility. Integrating…
Space-tech startup Ulook has raised Rs 19 crore (approximately $2.3 million) in a funding round co-led by GrowX Ventures and InfoEdge Ventures. The fresh capital will support satellite development, RF-sensing platform enhancement, and market expansion for its data intelligence services. The company aims to strengthen its sensor innovation pipeline and expand its go-to-market initiatives across defence, security, and infrastructure intelligence sectors. Revolutionizing RF Sensing Through Autonomous Satellite Swarms Founded to redefine space-based monitoring and awareness, Ulook develops autonomous satellite swarms capable of radio-frequency (RF) sensing and spectrum intelligence. Its proprietary technology enables detection, tracking, and analysis of activities both on…
AI enterprise data infrastructure startup MeshDefend has raised $2.3 million in a pre-seed funding round led by Kalaari Capital, with participation from Kettleborough VC and several industry executives. The round marks the company’s first external capital raise. The fresh funds will be used to develop its AI-native operating system for enterprise data infrastructure, accelerate product development, and execute go-to-market plans across major global markets. MeshDefend also plans to expand its presence in the US and Europe and form partnerships with infrastructure vendors. Building the AI-Native Data OS Founded in 2025 by former Dell executives Tejas Pandit and Ravi Chitloor, MeshDefend…
Edtech unicorn PhysicsWallah (PW) has filed its Red Herring Prospectus (RHP) with market regulator SEBI for an Rs 3,480 crore initial public offering (IPO). The public issue will open for subscription on November 11 and close on November 14, 2025, while anchor investor bidding will begin on November 10. The shares are scheduled to list on both the NSE and BSE on November 18. As per the filing, the Noida-based company aims to raise Rs 3,100 crore through a fresh issue, while co-founders Alakh Pandey and Prateek Boob will each sell shares worth Rs 190 crore, bringing the total offer-for-sale…
Global investment management firm Lighthouse Canton has raised $40 million in a strategic funding round led by Peak XV Partners, with participation from Nextinfinity, the investment holding company of Shyam Maheshwari (Founding Partner, SSG Capital / Ares SSG), and existing investor Qatar Insurance Company (QIC). This marks Lighthouse Canton’s first external fundraise since its inception, aimed at strengthening technology infrastructure, expanding product capabilities, and scaling operations across multiple regions. Focus on Technology and Leadership Growth The company stated that the funds will be deployed to enhance technology platforms, develop new investment products, hire senior leadership, and expand its geographical footprint…
AI-driven marketing automation platform MoEngage has raised $100 million in a new funding round led by existing investor Goldman Sachs Alternatives and new investor A91 Partners. With this, the Bengaluru-based firm’s total funding has crossed $250 million, marking a major milestone in its global growth journey. The company said it will use the fresh capital to enhance its AI-powered customer engagement platform, accelerate product innovation, and expand its sales and customer success teams across North America, Europe, the Middle East, and Africa (EMEA). AI at the Core of Customer Engagement Founded by Raviteja Dodda and Yashwanth Kumar, MoEngage leverages AI-driven…