Startup news and updates: Daily roundup (January 22, 2025)

From the effects of the weakening rupee on the operations of Indian SaaS firms to mapping the expectations of the Indian EV industry from the Union Budget 2025, YourStory brings today’s headlines that highlight significant developments across industries.

Here’s a roundup of the key stories today.

Featured news

The rupee slide spells both gains and challenges for SaaS firms

The weakening rupee benefits Indian SaaS firms billing in dollars but poses challenges for those serving the domestic market or relying on imported technologies. The rupee fell to a record low of 86.70 per dollar on January 13, driven by US economic strength and global uncertainties.

SaaS companies exporting to the US gain higher rupee earnings. Firms like SuperOps, EventHQ, and Middleware.io see improved margins, allowing for expansion, hiring, and R&D investments. Even a small revenue uptick can significantly impact larger firms.

However, companies with Indian customers, such as Middleware.io and ZEPIC, face rising costs for local clients, affecting demand. To remain competitive, ZEPIC offers discounts in India while targeting growth in the US. Firms relying on AI, ML, and cloud services priced in dollars also face higher operating costs.

To mitigate currency volatility, some SaaS firms hedge via fixed deposits, upfront payments, or shorter contracts. Despite challenges, companies expect the trend to continue for 6-12 months, providing an opportunity to expand globally while maintaining pricing competitiveness.

EV sector powers up pre-budget expectations

The Indian EV industry is gearing up for the Union Budget 2025 with key expectations, including a uniform 5% tax across EVs, components, and charging infrastructure to reduce costs.

The PM E-DRIVE scheme, launched in 2024, has accelerated EV adoption, particularly in the commercial sector, with sales crossing 14.08 lakh units. However, industry leaders emphasize the need for subsidies and investments in charging infrastructure, smart grid technology, and interoperability of charging standards.

Experts also call for lower GST on EV charging (from 18% to 5%) and support for low-speed EVs (LSEVs) used in last-mile delivery by companies like Zepto and Blinkit.

Additionally, the sector seeks tax cuts on EV components and direct subsidies for heavy EVs like buses and trucks to lower costs. Industry leaders believe such measures will drive sustainable mobility, economic growth, and employment opportunities while addressing urban pollution challenges.

Funding news

Zeelab Pharmacy raises $2.4M from OTP Ventures to expand affordable healthcare

Zeelab Pharmacy, an omni-channel healthcare brand, has raised $2.4 million in its maiden funding round, led exclusively by OTP Ventures.

The investment will fuel Zeelab’s expansion, with a focus on growing its retail presence, enhancing delivery capabilities, and strengthening its position in India’s healthcare sector.

“We are delighted to partner with OTP Ventures, who share our vision of democratizing access to affordable healthcare for all Indians,” said Rohit Mukul, Founder of Zeelab Pharmacy. “This funding will serve as a catalyst for our growth plans, enabling us to further entrench our retail presence, bolster our delivery infrastructure, and fortify our omni-channel ecosystem.”

With a network of over 225 stores and processing over 1,500 orders daily, Zeelab Pharmacy aims to provide medicines at 90% lower costs. The company recently appointed actor Randeep Hooda as its brand ambassador.

Raaz secures $1M in funding to tackle India's male reproductive health crisis

Raaz, a digital health platform focused on male reproductive health in India, has raised around $1 million in pre-seed funding from Fireside Ventures and Campus Fund. Other notable investors include founders and operators from Traya, Pharos Fund, and Fermat Commerce.

Raaz provides doctor-led, AI-powered personalised treatment plans covering medication, diagnostics, nutrition, and exercises. The platform ensures privacy-first, evidence-based solutions to address conditions like erectile dysfunction, premature ejaculation, and testosterone deficiency, which are often stigmatized in India.

The funding will support Raaz’s expansion, clinical trials, and development of tech-enabled treatment protocols.

Sanlayan Technologies acquires majority stake in Dexcel Electronics Designs

Sanlayan Technologies has acquired a majority stake in Dexcel Electronics Designs to advance indigenous innovation in India’s aerospace, defence, and space sectors.

Dexcel has contributed to major defence and space projects, including the Jaguar and Sukhoi aircraft upgrades and ISRO’s Chandrayaan-3 and Aditya-L1 missions. "This partnership will multiply our R&D investments and accelerate innovation across Avionics, Radar, and Naval systems," said Amit Kumar Sinha, CEO and MD of Dexcel.

Sanlayan, founded in 2023 by industry veterans from Zetwerk, L&T, and Tata Advanced, raised $4.4M in March 2024 to expand its embedded systems capabilities.

The combined entity will showcase its latest innovations at Aero India 2025.

Elanpro acquires a 41% stake in Wendor

Elanpro, an Indian commercial refrigeration company, has acquired a 41% stake in Wendor, a smart vending startup, on January 22, 2025.

Wendor provides AI and IoT-powered vending machines for dispensing various items through its proprietary SaaS platform. The startup has sold 1,200 kiosks across 60 cities since its 2017 founding.

The partnership aims to leverage Elanpro's network and expertise to expand Wendor's presence in the cashless vending market.

Elanpro will help establish Wendor's manufacturing capabilities and navigate BIS regulations. Together, they target selling 15,000 machines in five years and generating Rs. 20 crores annual revenue by FY 25-26.

Exsure raises Rs 3 Cr in a seed round led by Unicorn India Ventures

Bhubaneswar-based biotech startup Exsure has raised Rs 3 crore in a seed round led by Unicorn India Ventures.

The funds will support non-clinical studies for its patented exosome-based drug delivery platform, which aims to reduce the toxicity and side effects of anti-cancer drugs.

The investment will also drive global expansion and the promotion of Exsure’s in-house products, including Exosure, Leucosure, PlantExosure, and Dr Berries.

Founded in 2021 by Swastika Paul and Abhishek Dutta, Exsure focuses on targeting cancer and cancer-stem cells to improve patient survival rates and therapy outcomes. The startup has reported 5x growth in the past fiscal year and was selected for the OIST Innovation Accelerator in Japan.

Exsure plans to complete non-clinical studies, seek CDSCO approval, and expand product marketing globally.

Spare8 raises new funding from Param Agrawal and Rajiv Shastri

Spare8, a Mumbai-based B2B2C fintech startup, has raised an undisclosed amount in its latest funding round, led by Param Agrawal and Rajiv Shastri, former CEO of NJ Asset Management.

The funds will be used to scale its distributor network, enhance technology, and expand marketing efforts to increase awareness of digital gold investments.

Founded by Ronit Harisingani and Shardul Saiya, Spare8 aims to modernize gold investments in India by offering a seamless, distributor-first model that empowers financial agents to onboard clients efficiently while earning recurring commissions.

The platform enables investors to earn up to 16% annual returns and bridges the gap between traditional gold investments and modern financial solutions.

Other News

LinkedIn appoints Deepak Agarwal as Chief AI Officer

Deepak Agarwal has been appointed as LinkedIn’s Chief AI Officer, marking his second stint leading AI at the company.

Previously, he served as VP of AI for eight years, where his team developed innovations that form the foundation for much of the company’s AI efforts today. With over 24 years of experience, including leadership roles at Pinterest and Yahoo, Deepak aims to push the boundaries of AI at LinkedIn.

He emphasizes that AI is “at the heart of everything we do,” from personalizing member experiences to fostering professional relationships. Deepak is committed to building AI that is “ethical, inclusive, human-centric, and empathetic” while driving transformative innovation to create economic opportunities for LinkedIn’s global workforce.

Meltwater announces emerging AI Hub in Hyderabad

Meltwater, a leader in media and consumer intelligence, has launched an AI hub in Hyderabad, its fourth office in India and second global R&D center in four months​.

This hub focuses on AI technologies like computer vision and speech-to-text, employing local talent to advance product innovation​.

Aditya Jami, Meltwater’s CTO, highlights the company’s global-local strategy, leveraging Hyderabad’s tech ecosystem and partnerships with institutions like IIIT Hyderabad.

The hub will be analyzing 1.5 billion daily content pieces, providing actionable insights to its 27,000 global clients​.

Amber Connect to open innovation centre in Coimbatore

Amber Connect, a vehicle telematics company headquartered in Jamaica, is set to open a 4,000-seat innovation center in Coimbatore, India by the end of 2025.

This center will serve as a global hub for the development of advanced telematics software to be exported worldwide.

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The phased hiring plan will bring 1,000 new jobs across technology, sales, and customer support roles over two years. Amber Connect is also forming partnerships with major automotive OEMs to expand telematics solutions, enhancing vehicle security, AI-powered analytics, and fleet management systems​.

With a revenue goal of Rs 100 crore in India and Rs 500 crore globally, Amber Connect views this expansion as a strategic move to strengthen its market presence.

Table Space appoints Karan Chopra and Kunal Mehra as Co-CEOs

Table Space, an enterprise-managed workspace startup, has announced Karan Chopra and Kunal Mehra as Co-CEOs, with Chopra also serving as Chairman of the Board.

Both leaders have been instrumental in scaling Table Space’s presence across India, which now boasts 10.5 million square feet of workspace, 70 centers in seven cities, and over 200 clients, including Fortune 500 companies​.

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Karan Chopra has been a driving force in the company’s strategic market expansions and innovative workspace designs. Meanwhile, Kunal Mehra has played a pivotal role in bringing global occupiers to India through custom solutions​, the company said.