Startup news and updates: Daily roundup (February 12, 2025)

From SoftBank reporting a Q3 loss due to weak tech investments to ride-hailing app Rapido’s plan to raise Rs 250 crore from global investor Prosus, YourStory brings today’s headlines with the latest developments across sectors.

Featured stories

Aggressive growth, not an IPO, is Zeta’s priority: CEO Bhavin Turakhia

Going public is a top priority for most Indian startup founders, but not for Zeta CEO Bhavin Thurakia. While at least a dozen new-age tech companies have begun discussions with investment bankers for potential listings in the next 12-15 months, Thurakia prefers a more measured approach for Zeta. 

The banking technology unicorn has ambitious expansion plans, which may be the reason it's holding off on going public for now.

“We have no plans of any imminent IPO at all, not going to happen for the next several years,” co-founder Bhavin Turakhia told YourStory. “We have fairly aggressive growth plans in terms of client acquisition in the US and India, aggressive growth plans in terms of our revenue,” Turakhia added. Read more.

Jemimah Rodrigues on staying grounded amid the highs and lows of modern-day cricket

India’s star batter Jemimah Rodriguesis elated that women’s cricket is on the rise, and credits the Women’s Premier League (WPL) and the domestic cricket circuit for unearthing exciting new talent and pushing the boundaries.

“The last two WPLs have been a huge success, with new talent and an increasing fan following. Those who are part of the system are getting even better. I remember following domestic cricket this year; it’s gotten even better. 390 runs were chased, which never happened before,” she tells HerStory. Read more.

Latest news

SoftBank swings to loss in Q3 amid lacklustre tech bets

SoftBank Group Corp on Wednesday swung to a loss of 369,165 billion yen ($2.4 billion) in the third quarter of FY24 as shares of some of its top portfolio companies declined sharply during the period.

The Japanese investment conglomerate, led by Masayoshi Son, made investment gains on its Vision Funds portfolio of 260.8 billion yen ($1.69 billion). Vision Funds (SVF1 and SVF2) sold investments totalling $2.98 billion during the period, including DoorDash and SenseTime, and partial exits from several others.

While SoftBank-backed foodtech major Swiggy's listing made a strong public market debut in November, the performance of other portfolio companies was lacklustre during the quarter. Read more.

Freshworks pares down loss by 31% in FY24; Q4 revenue jumps 22%

Software-as-a-service (SaaS) major Freshworkshas pared down its loss by 30.6% to $95.36 million in FY24 from a loss of $137.43 million the previous year. The Nasdaq-listed company saw its operating revenue rise by 20.8% to $720.4 million in FY24, up from $596.4 million in the prior fiscal year.

Additionally, total income grew to $99.1 million, compared to $44.5 million in FY23, the company’s SEC filings showed on Wednesday.

For the fourth quarter ending December 31, 2024, Freshworks reported a 22% growth in revenue, reaching $194.6 million, up from $160.1 million in the same period last year. Net loss for the quarter was $22 million, down from $28 million in the previous year. Read more.

Funding news

Rapido to raise Rs 250 Cr in Series E funding from Prosus

Ride-hailing app Rapido is raising Rs 250 crore from global technology investor Prosus, according to a Registrar of Companies filing.

YourStory had earlier reported that Prosus is eyeing a stake in the Bengaluru-based after the company managed to break the duopoly of US-based Uber and Bhavish Aggarwal-led Ola Consumer in the Indian ride-hailing space.

The latest fundraise will grant Prosus, which made the investment through MIH Investments One B.V., a 2.9% stake in the company. Read more.

Lucidity raises $21M in Series A funding led by WestBridge Capital

Lucidity, a multi-cloud storage management platform, raised $21 million in a Series A funding round led by WestBridge Capital, with participation from existing backer Alpha Wave.

The startup will use the fresh capital to scale its go-to-market team and enhance the platform to solve critical storage management challenges for global enterprises, it said on Wednesday. Read more.

Nivaan Care secures $4.25M in seed funding

Nivaan Care, a multidisciplinary chronic pain management clinic chain, has raised $4.25 million in seed funding led by Endiya Partners, with participation from existing investor W Health Ventures.

The funding will support the company’s expansion into 10 new clinics across two cities and the introduction of regenerative medicine treatments, including autologous cell therapies and bioactive scaffolds to enhance patient outcomes. The company focuses on non-surgical, evidence-based solutions for chronic pain management, said Nivesh Khandelwal, Co-founder, Nivaan Care, in an interview with YourStory. Read more.

Toonsutra bags $3.4M in seed funding

Webtoon app Toonsutra on Wednesday closed a $3.2 million seed funding round led by German media company Holtzbrinck Publishing Group. The round also saw participation from venture funds GMJP, T-Accelerate, and Google. Additionally Indian comic and animation creator, Graphic India, also participated in the funding round. Read more.

Mysa raises $2.8M in seed funding round led by Blume Ventures

Mysa, a unified finance and banking platform for mid-sized businesses, has announced its launch with a seed funding of $2.8 million led by Blume Ventures.

The round also saw participation from Emphasis Ventures (EMVC), Antler, Neon Fund, and CIIIE, along with angel investors, including Sriharsha Majety (Swiggy), Mohit Kumar (Ultrahuman), Naiyaa Saagi (MyGlamm), Nitin Gupta (Uni), and Nishith Rastogi (Locus).

The funding will be used to enhance platform capabilities, grow the team, and drive customer expansion, said the company in a statement. Read more.

ArthAlpha bags $2M in funding led by DSP

Investment technology firm ArthAlpha raised over $2 million in a funding round led by DSP, with participation from family offices and wealth managers.

The startup will use the investment to enhance ArthAlpha’s AI-powered research tools, improve data sourcing, and strengthen predictive capabilities for data-driven investment decisions. The firm plans to expand its research team, refine proprietary algorithms, and scale portfolio management services to offer tailored investment solutions. 

Additionally, ArthAlpha aims to grow its client base, develop new investment products, and build a quantitative research platform for other investment firms to support better decision-making and outcomes.

Co-founded by Rohit Beri and Rohit Jha, who have over 30 years of combined experience in financial markets, the company leverages data-driven insights to support investors.

Anscer Robotics raises $2M in seed round from Info Edge Ventures

Anscer Robotics, a robotics startup specialising in autonomous mobile robots (AMRs) for industrial use, has raised $2 million in a seed round from Info Edge Ventures.

The funding will support Anscer Robotics in expanding research and development, developing new product lines, and entering new markets.

Founded in 2020, Anscer Robotics develops intelligent robotic solutions for warehouses, manufacturing facilities, and logistics centers. Its flagship AMRs optimise material handling, inventory management, and intralogistics operations. 

By leveraging AI and machine learning, the company aims to improve efficiency and reduce operational costs across industries.

Future AGI secures $1.6M in pre-seed funding

AI infrastructure company Future AGI has raised $1.6 million in a pre-seed funding round co-led by Powerhouse Ventures and Snow Leopard Ventures.

The round also saw participation from Angellist Quant Fund, Saka Ventures, Swadharma Source Ventures, and a marquee group of more than 30 industry stalwarts and angels.

The company plans to use the capital to scale its AI lifecycle management platform, strengthen its proprietary technology stack, and grow its engineering and growth teams. Read more.

Vidysea bags $1M in seed round led by Zee Learn, Aarvi Family

Vidysea, an AI-driven study abroad platform, has raised about $1 million in a seed investment round led by Zee Learn Limited and Aarvi Family LLP, with additional contributions from the company’s founders and other shareholders.

The seed funding will support Vidysea in enhancing its product and expanding its team to improve service quality. It will also help advance the platform’s goal of providing unbiased, data-driven insights to assist students in making informed academic and career decisions

“The need for personalised career guidance has never been greater, and we see immense potential in what Vidysea is building. By leveraging technology to provide accurate, unbiased, and personalised recommendations, they are addressing a crucial gap in the industry,” said Manish Rastogi, CEO of ZLL.

Founded in September 2024. Noida startup Vidysea is developing an AI-powered platform to streamline the decision-making process for students seeking further education.

GoRally secures $750,000 pre-seed funding

GoRally, a pickleball chain, has raised Rs 6.6 crore (~$750,000) in a pre-seed funding round led by Sujeet Kumar, Co-founder of Udaan. 

The round also saw participation from investors, including Mohit Kumar and Vatsal Singhal (Founders, Ultrahuman), Viren Singhvi (former CFO, American Razor Safety Co), Kartik Kapoor (East Africa Racquet Sports), Abhishek Goyal (Founder and CEO, Tracxn), Deepak Singh (Founder and CEO, Gameskraft and AnzyGlobal), Arjun Vaidya (Founder, V3 Ventures and Dr Vaidya’s), Bharat Founders Fund, an IIT Delhi syndicate, and several US-based investors.

GoRally will use the funding to expand to eight centres with 40 pickleball and two paddle courts by April 2025, including the 40,000 sq. ft. GoRally Whitefield arena. It will launch a tech platform to enhance community engagement, expand coaching with top-ranked players, and grow its equipment retail business.

The company also plans to enter Delhi and Chennai through strategic partnerships while staying operationally profitable.

StepOut raises $500,000 in a seed round led by Rainmatter

StepOut, a sports performance analysis and ecosystem technology startup, raised $500,000 in a seed round led by Rainmatter, the investment fund founded by Zerodha CEO Nithin Kamath. Misfits Capital, founded by Amit Singh, IndigoEdge, and Marwah Sports Group also participated in this seed round. 

It will use the funds primarily for international expansion in the US, Australia, the Middle East, and Spain, along with product and AI development.

Founded by Jeet Karmakar and Sayak Ghosh, StepOut is a sports technology company focused on enhancing player and team performance through data and video analysis. 

The startup’s AI-powered platform automates data collection and provides insights for all levels of football, from grassroots to elite. By making data more accessible and affordable, StepOut aims to support talent identification and development within the sport.

Croft Beverages raises $125,000 pre-seed funding

Sustainable tea startup Croft Beverages raised $125,000 in a pre-seed funding round through a mix of equity and debt led by angel investors from the tea, sustainability, IT, and biotech industries.

The funding will enable Croft Beverages to implement its farmer-owned FPC model with its first mini-factory in Billicombai near Kotagiri. Each mini-factory supports 25 small farmers, tripling their incomes by turning them into entrepreneurs. 

The company plans to scale this model by establishing over 100 farmer-owned mini-factories by 2030 to produce sustainable and traceable Nilgiris tea.

Croft Beverages, founded by Harish Kannan, aims to create a sustainable model to improve the livelihoods of small tea growers.

Rapture Innovation Labs secures Rs 50 lakh from Peyush Bansal

Rapture Innovation Labs, a deeptech audio startup, secured Rs 50 lakh in funding from Peyush Bansal on Shark Tank India Season 4. This investment, which includes Rs 50 lakh for 1% equity and 1% advisory shares, values the company at Rs 50 crore.

The investment will support Rapture’s expansion by scaling manufacturing to meet demand for Sonic Lamb headphones, advancing hybrid driver technology for headsets and automotive applications, strengthening global marketing with a focus on the US, developing next-generation headphones, and expanding into the premium and luxury automotive audio market.

The startup focuses on innovation, research, and design to develop advanced audio products, including its flagship Sonic Lamb Headphones, which use patented technology. 

Lifesigns secures undisclosed investment from Healthcare Capital

Lifesigns, a provider of intelligent patient monitoring solutions, received undisclosed funding from Healthcare Capital, the investment arm of Kauvery Hospital Group, to develop its AI and predictive algorithms to enhance its patient monitoring platform.

Lifesigns specialises in intelligent patient monitoring solutions, focusing on remote monitoring, wireless wearable devices, and predictive analytics. The company provides scalable and secure technology designed to support healthcare professionals and institutions.

Its platforms integrate with existing healthcare systems to provide real-time insights, early warning alerts, and improved patient care, supporting healthcare teams in delivering effective outcomes in challenging environments.

JITO Shark Angels commit Rs 30 Cr to startups at JIIF Flames Summit

Four high-growth startups secured Rs 30 crore in funding at the JITO Shark Angels Pitch & Rise session during the JIIF Flames Summit. 

Investors leading the round included Madanlal Gundecha (Former Chairman, Madras Hire Purchase Association), Abhishek Sanghvi (Founder, Ecosystem Ventures), Kiran Dantewadia (CEO, Millennium Papier (India) Pvt. Ltd.), and Rajesh Jain (CEO, Futura Lights).

The investment was directed toward the D2C consumer tech sector, focusing on smart technology and sustainability. The funds aim to drive innovation and support high-growth ventures, strengthening India’s business landscape.

The JIIF Flames Summit featured discussions on investment trends, family business governance, and emerging market opportunities.

Other news

Billion Electric appoints Pirojshaw Sarkari as Lead of its Advisory Council

Billion Electric Mobility, an e-Mobility as a Service (eMaaS) platform, has appointed Pirojshaw Sarkari as the Lead of its Advisory Council. With over 30 years of experience in logistics and supply chain management, Sarkari brings expertise in business scaling and operational excellence.

In this role, Sarkari will focus on building a robust EV charging network along highways to support electric trucks and buses. His expertise in logistics and supply chain management will help expand Billion Electric’s infrastructure.

Beyond his executive roles, Sarkari has also been an active angel investor, contributing to the growth of emerging businesses through Inflection Point Ventures.

Sanctum Wealth appoints Mitesh Dalal as Head of Broking

Sanctum Wealth, a full-stack wealth management platform, appointed Mitesh Dalal as its Head of Broking, who will oversee equity and derivatives platform development, equity-broking research, and execution for Sanctum Wealth’s clients.

Based in Mumbai, he will report to Roopali Prabhu, the CIO and Head of Products and Solutions. Dalal brings over 35 years of experience in financial markets. He previously served as Director and Chief Investment Strategist at Standard Chartered Securities (India) Ltd., leading the investment strategy team. 

Tata Elxsi and Garuda Aerospace sign MoU

Tata Elxsi, a design and technology services provider, and drone manufacturer Garuda Aerospace have signed a Memorandum of Understanding (MoU) at Aero India 2025 to establish an Unmanned Aerial Vehicle (UAV) design, engineering, and certification centre to develop indigenous drone technologies for defence, agriculture, and smart cities, aligning with the ‘Make in India’ initiative.

Tata Elxsi will oversee the design, development, testing, and certification of UAV sub-systems, focusing on avionics, miniaturisation, ground control systems, secure communication, and energy optimisation.

Garuda Aerospace will lead business acquisition and delivery, leveraging its expertise as an OEM in defence and other sectors. These drones will support payload management, goods delivery, precision agriculture, and ISR (Intelligence, Surveillance, and Reconnaissance) missions, addressing key operational needs across industries.

Airtel Payments Bank revenue up 49%

Airtel Payments Bank has reported a revenue of Rs 700 crore for Q3 FY25—a 49% YoY growth. The bank's net profits rose by 70% YoY to Rs. 18.5 crore, while EBITDA grew by 66% to Rs. 87 crore.

The bank's monthly transacting users exceeded 100 million, showing a 62% YoY increase. Customer balances rose by 42% to Rs. 3,332 crore. Airtel Payments Bank processes over 8 billion transactions annually through its network of 500,000+ banking points, with 97,000 operated by women business correspondents.

Confluent partners with Jio Platforms

Confluent partnered with Jio Platforms to integrate its data streaming solutions with Jio Cloud Services to boost India's digital capabilities, making data streaming more accessible to businesses nationwide.

The agreement will make Confluent Cloud available on Jio Cloud Services, while Confluent Platform will be offered as a managed service with enterprise-grade security for both consumers and public sector organisations.

According to the 2024 Data Streaming Report, 94% of Indian IT leaders say data streaming platforms accelerate product launches, with 95% believing they enhance AI innovation.

Sasken Technologies opens centre in Ahmedabad

Sasken Technologies opened a new regional office and ODC centre in Ahmedabad through its subsidiary Sasken Silicon (formerly Anups Silicon Services). The 14,000 sq. ft. facility can accommodate 150 employees and includes a testing and development lab, meeting rooms, PODs, a training centre, and a conference room.

"This marks a pivotal milestone in our growth journey. Ahmedabad has long been a nexus for innovation and economic resilience, making it an ideal location for our new regional centre focused on analogue and chip design," said Rajiv C. Mody, CMD and CEO of Sasken Technologies.

The facility aligns with Sasken's 60x4x3 strategy and aims to drive growth in the Silicon design market.

Apna.co signs MoU with Advantage Vidarbha

Apna.co signed a memorandum of understanding (MoU) with Advantage Vidarbha 2025, an initiative organised by the Association for Industrial Development (AID) Nagpur. With 3,000 business associations and 3 lakh+ companies expected to benefit, this initiative represents a total valuation of Rs 60 crore, creating a significant employment boost for the Vidarbha region.

This partnership aims to enhance workforce development, hiring practices, and business growth for MSMEs, startups, and industry associations participating in the initiative. The collaboration provides hiring credits worth Rs 2,000 per company, unlocking free job postings and access to a database of 100 candidates per organisation.

Hitachi Payment Services picks minority stake in Spydra Technologies

Hitachi Payment Services has made a minority investment in Spydra Technologies to develop and introduce innovative offerings in the domains of Web 3.0, Central Bank Digital Currency (CBDC), and Blockchain Technology.

The investment in Spydra is part of the Hitachi Payments Accelerator (HPX) Program, an initiative that collaborates with fintech startups through partnerships and investment to meet the evolving needs of businesses, merchants, and customers. 

Through this partnership, Hitachi Payment Services aims to integrate blockchain-powered capabilities into its payment infrastructure, to develop innovative payment solutions, improve payment efficiency, enhance security and reduce fraud.

(This article will be updated with the latest news throughout the day.)