Ola Electric, led by Bhavish Aggarwal, has filed a claim of about ₹400 crore under India’s Production Linked Incentive (PLI) scheme for automobile and auto components for FY25. The claim follows “eligible sales” of roughly ₹3,000 crore, with Ola expecting an incentive rate of 13–14% under the scheme. What This Means The PLI scheme for cars and parts, launched in 2021 (with a budget of ~₹25,938 crore), aims to increase domestic manufacturing and reduce dependence on imports. Ola Electric was the only electric two-wheeler OEM to secure incentives under the scheme in FY24 and remains a frontrunner for FY25 as…
Author: Aman Atulya
Data and AI company Databricks has named Kamalkanth Tummala as its new country manager for India, as the firm accelerates its $250 million investment in the market. Tummala, who previously served as Vice President at Salesforce, will lead Databricks’ India operations spanning research, training, and go-to-market strategy. He brings two decades of leadership experience, including senior roles at Salesforce and MindTree. Leadership visionWelcoming the appointment, Ed Lenta, General Manager for Asia Pacific and Japan at Databricks, said: “We’re excited to welcome Kamal to our leadership team as we expand in India, one of our most dynamic and strategic growth markets.”…
MyPickup, a subscription-based electric mobility startup backed by Inflection Point Ventures (IPV), has ceased operations after three years in business, citing challenges in achieving product-market fit (PMF) and limited access to patient capital. BackgroundFounded in February 2023 by Abhijeet Jagtap, MyPickup offered subscription-based electric auto-rickshaw services, allowing commuters to book weekly or monthly rides with predictable fares and zero surge pricing. The service aimed to provide reliable, eco-friendly transportation for daily commuters. Operations & PerformanceDespite its innovative model, MyPickup struggled to scale. By May 2025, the startup operated only 19 vehicles, completing around 4,000 rides per month and serving fewer…
AI-driven astrology platform MyNaksh has raised ₹7.5 crore in a pre-seed round led by Eximius Ventures and Gemba Capital, with participation from Infinyte Club and a network of angel investors and operators. The round ranks among the largest pre-seed fundraises in India’s astrology tech sector. Funding Snapshot Astrology Meets AIMyNaksh aims to modernise astrology by blending AI-powered personalisation with human expertise. Users receive tailored guides combining AI astrologers for real-time insights and human astrologers for depth and trust. The startup operates on a subscription plus paid consultation model, targeting India’s fast-growing $2B astrology market. Use of CapitalThe funds will go…
Flipkart-owned Myntra has reported a consolidated net profit of ₹548.3 crore in FY25, a massive jump from just ₹30.9 crore in FY24, according to financial disclosures cited in media reports. The sharp swing to profitability was driven by a deferred tax credit of ₹137.5 crore and lower employee-related costs, even as total expenses grew at a modest 12% year-on-year. Employee benefit expenses were down by nearly 7%, aiding the bottom line. Revenue Breakdown Marketplace commissions and advertising growth underline Myntra’s increasing focus on platform monetisation, while logistics remains its largest contributor to topline. Strategic Moves Earlier this year, Myntra secured…
Fashion and lifestyle major Myntra has partnered with the founders of SUGAR Cosmetics to launch Molten Beauty, a new-age beauty brand built for Gen Z. Positioned at the intersection of skincare and makeup, the brand combines Myntra’s ecommerce scale with SUGAR’s product innovation to capture India’s fastest-growing consumer segment. Launch Snapshot Skin-First Philosophy Unlike traditional cosmetics, Molten Beauty is built around care before coverage, offering vegan, cruelty-free products with actives like hyaluronic acid, niacinamide, and peptides. The lightweight, clinically tested formulations are tailored for Gen Z consumers who demand efficacy, transparency, and inclusivity. The portfolio will expand to 50+ SKUs…
Prime Minister Narendra Modi has officially inaugurated the Bairabi–Sairang broad-gauge railway line, a ₹8,070 crore project that for the first time connects Mizoram’s capital Aizawl to India’s national railway network. Historic Connectivity for the Northeast The 51.38-kilometer Bairabi–Sairang railway line traverses difficult rocky terrain, featuring 48 tunnels, 55 major bridges, and 87 minor bridges. With its completion, Aizawl becomes the fourth northeastern capital city after Guwahati, Agartala, and Itanagar to gain railway connectivity. Flagging Off New Train Services As part of the inauguration, PM Modi also flagged off the Rajdhani Express from Sairang (Aizawl) to New Delhi, along with express…
Gurugram-based at-home services platform Urban Company has closed its initial public offering with unprecedented investor demand, attracting bids for 1,106.46 crore shares against an offer of 10.68 crore shares, a subscription of 103.6 times. IPO Structure & Investor Response The three-day book build, which opened on September 10, included a fresh issue of Rs 472 crore and an offer for sale (OFS) of Rs 1,428 crore from existing investors such as Accel, Elevation Capital, Tiger Global, Vy Capital, and Bessemer Venture Partners. Qualified institutional buyers (QIBs) led the frenzy at 140.2x, non-institutional investors bid 73.9x, and retail investors subscribed 39.2x.…
The Government of India has announced a ₹100-crore scheme to accelerate green hydrogen innovation, as Union Minister for New and Renewable Energy Pralhad Joshi inaugurated the first Annual Green Hydrogen R&D Conference in the capital on Thursday. Funding Snapshot The scheme will provide grants of up to ₹5 crore per project for startups developing solutions in hydrogen production, storage, transport and utilisation. At the conference, 25 startups showcased technologies spanning electrolyser manufacturing, AI-driven optimisation, and biological hydrogen production. Driving the National Mission The initiative builds on Prime Minister Narendra Modi’s National Green Hydrogen Mission (NGHM), launched in 2023 with a…
Battery circularity startup PeakAmp has raised ₹12 crore ($1.37 million) in a seed funding round led by Caret Capital, with participation from IIMA Ventures, Basant Sharma and Group, and other investors. Funding Snapshot Circular Future for Batteries Founded in 2024 by Vijay Gond and Aditya Sudhanshu, PeakAmp is building a full-stack platform for end-of-life EV battery management. Its model spans safe collection, second-life repurposing, and high-purity materials recovery, turning discarded batteries into resources that fuel India’s clean energy transition. PeakAmp’s proprietary tech enables >99% efficiency in recovering critical metals like lithium, nickel, and copper. Backed by a reverse-logistics network, the…