Startup news and updates: Daily roundup (January 31, 2025)

From Apple Inc’s results to Nazara Technologies' gaming subsidiary acquiring Ukraine-based esports organiser StartLadder, YourStory brings today’s headlines highlighting the latest developments across sectors.

Latest news

Tim Cook is ‘particularly keen’ on India as Apple sets December quarter record in the country

Apple CEO Tim Cook said he is “particularly keen on India” where the company set a revenue record for the December quarter, even as global iPhone sales saw a slight decline.

The iPhone maker’s growth in India contrasts with the 11.1% year-on-year decline in net sales in China—its third-largest market by sales—in the December quarter.

Cook, who referred to China as “the most competitive market in the world,” noted that over half of the decline that Apple experienced there was driven by a change in channel inventory from the beginning to the end of the quarter.

NODWIN gaming acquires StarLadder in $5.5M deal to bolster esports portfolio

NODWIN Gaming, a subsidiary of Indian gaming giant Nazara Technologies, has acquired Ukraine-based esports organiser StarLadder in a deal valued at $5.5 million (Rs 46.75 crore).

As part of the agreement, NODWIN will pay $2 million in cash and issue $3.5 million worth of equity shares in its parent entity, NODWIN Gaming, based in Singapore. The acquisition adds StarLadder’s portfolio of high-profile esports events, including Valve’s Counter-Strike and Dota 2 Majors, to NODWIN’s growing intellectual property (IP) library.

Ola Electric retakes E2W market lead in January following store expansion

Bhavish Aggarwal-led Ola Electric recaptured its lead in the electric two-wheelers market in January after the company doubled down on expanding its store footprint last month.

The EV maker sold 22,656 units in January, according to Vahan data, capturing a 25% market share amidst rising competition from legacy brands including Bajaj Auto and TVS Motors.

At Ola Electric’s Gen 3 launch event on Friday, Aggarwal said, “We have expanded our network. And over the next few months, we will continue to see the benefit of that. Because while we open 4,000 stores, it takes a few months for each store to stabilise. So the stores opened at the end of December. And now slowly, the stores are stabilising.”

Upstox profit jumps 8X as revenue tops Rs 1,300 Cr in FY24

Online brokerage platform Upstox reported an eightfold surge in net profit to Rs 190 crore for the fiscal year ended March 2024, marking its second straight year of profitability.

Driven by increased retail investor activity and product diversification, revenue climbed 25% year-over-year to Rs 1,311 crore, according to a company statement.

CL Educate completes acquisition of NSEIT’s Digital exam unit

CL Educate Ltd., an education firm, has finalised its acquisition of the Digital Exam Assessment (DEX) business from NSEIT Ltd., a subsidiary of the National Stock Exchange of India. The deal, valued at Rs 230 crore upfront with an additional Rs 75 crore contingent on fiscal 2025 performance, bolsters CL Educate’s foothold in India’s expanding assessments market.

The country’s assessments sector, currently estimated at Rs 7,000 crore, is expected to grow at a 12% compound annual rate to Rs 13,500 crore by 2028. Digital assessments, which comprise 64% of the market, are projected to expand at an even faster pace of 16% annually.

DEX, the second-largest player in India’s digital assessments space, holds more than a 20% market share and is known for its technological infrastructure and industry reputation. The acquisition aligns with CL Educate’s broader strategy to diversify and scale its operations within adjacent education verticals.

Funding news

ElevenLabs raises $180M in Series C round co-led by a16z, ICONIQ Growth

Voice AI startup ElevenLabs has raised $180 million in a Series C funding round co-led by a16z and ICONIQ Growth, with participation from new investors NEA, World Innovation Lab (WiL), Valor, Endeavor Catalyst Fund, and Lunate.

The US-based firm is expanding its footprint in India by investing in AI talent and development; it counts India as one of the fastest-growing AI hubs for consumer and business applications.

Peaceful Progress Invests in AgriTech Startup BioVeda Agro Ventures

Peaceful Progress invests in agritech startup BioVeda Agro Ventures

Peaceful Progress has made a strategic investment in BioVeda Agro Ventures, a Gurugram-based agritech startup focused on rural India.

The round also saw participation from Jindagi Live Angel Fund, Bolstart, and Rohan Bajaj syndicate via Invstt trust in this remarkable venture.

The financial details of the investment were not disclosed.

Founded in 2022 by Mahua Hazra and Kaushik Dasgupta, BioVeda aims to provide technology-driven solutions to support farmers with access to agricultural inputs and market opportunities. BioVeda is working on expanding agri-quick commerce in rural areas through partnerships focused on last-mile connectivity.

The company’s model is designed to facilitate the purchase of agri-inputs and the sale of produce, offering a streamlined approach to agricultural commerce. It also engages trainers dubbed as 'Kisan Mitras' and bikers to assist with digital adoption and skill development among farmers.