Startup news and updates: Daily roundup (April 7, 2025)

From Zepto quietly swapping Pass for Rs 1 ‘Daily’ programme to Rapido launching a fintech subsidiary, YourStory brings you today’s top stories.

Feature story

Gig workers to get a social security shield, but will moonlighting be a problem?

The gig economy is growing rapidly, and the opportunity for gig work is so great that foodtech platforms like Swiggy, Zomato, and Zepto tout themselves among India’s largest employment generators. As of June 2024, Swiggy supported over 4.5 lakh delivery partners per month, its IPO papers showed.

Meanwhile, Zomato’s delivery partner count exceeded 3.5 lakh in 2023, it noted in a LinkedIn post. However, these numbers aren’t as straightforward. Gig workers, especially those associated with last-mile deliveries, work across platforms.

For instance, a worker might deliver groceries in the morning, shift to ecommerce deliveries in the afternoon, and fulfill dinner-time food deliveries. While moonlighting enables them to earn more, it also creates a headache for governments, platforms, and policymakers seeking to access records or make regulations. 

Read more here. 

Latest news

Under wraps: Zepto silently replaces Pass with Rs 1 'Daily' programme

Quick-commerce unicorn Zepto is pulling the plug on its Zepto Pass subscription service, strategically pivoting to a new programme called Zepto Daily.

Zepto Daily, currently available by invite only in select pincodes, is set to replace Pass, as a quick browse on the app revealed. While Zepto Pass claims to offer extra benefits, there is no clarity on the difference between the two subscriptions.

In an aggressive user acquisition move, the company is courting select customers with a nominal Rs 1 entry fee to the new service. Zepto did not immediately respond to queries shared by YourStory.

Read more here.

After food delivery, Rapido plans new subsidiary for fintech

Ride-hailing startup Rapido is setting up a separate subsidiary to enter the fintech space, diversifying further beyond its core mobility business, two people aware of the matter told YourStory.

The company has begun internal groundwork for the new unit, which is expected to operate independently of its existing business lines. While the finer details remain under wraps, Rapido is exploring offerings in lending and adjacent financial services, the two sources said. “They are looking at a fintech subsidiary, but nothing has been finalised yet,” said one of the sources.

This would mark Rapido’s second major diversification, coming on the heels of its much-anticipated entry into the saturated food delivery market. Already, the WestBridge Capital-backed company has begun hiring and initiating partnerships with restaurants for its new zero-commission food delivery marketplace.

Read more here. 

Funding news:

Vimano raises Rs 25 Cr seed round Led by Ankur Capital

Nanotech startup Vimano has raised Rs 25 crore in a seed round led by Ankur Capital, marking the first investment from its new third fund.

The funding will support the company’s efforts to scale membrane production for redox flow batteries, green hydrogen electrolyzers, and PEM fuel cells, while expanding its team and launching pilot projects with energy partners to accelerate the shift to sustainable energy.

Founded in 2019 by materials scientists Murari Ramkumar (CEO) and Dr. Nagesh Kini (CTO), Vimano is a nanotechnology startup transforming energy systems through advanced membrane technology. Its tunable ion-conductive membrane platform enhances energy storage, conversion, and deployment by improving conductivity and performance while ensuring high efficiency, low crossover, and long life.

Backed by five years of R&D, Vimano’s membranes significantly reduce the cost of electrolyzers used in green hydrogen production and other long-duration energy storage (LDES) systems.

Calligo Technologies raises $1.1M to boost HPC and AI Chip innovation

Calligo Technologies, a semiconductor startup focused on accelerating high-performance computing (HPC) and AI workloads, has raised $1.1 million in a pre-Series A round led by Seafund and Artha Venture Fund.

The funding will support R&D for its second-generation POSIT-based silicon chip and platform, expansion of its engineering team, and development of partnerships with system integrators and OEMs/ODMs.

Founded by Anantha Kinnal, Rajaraman Subramanian, and Vinay N Hebbali, the company addresses computational bottlenecks in large-scale simulations and AI model training. Over the past year, CalligoTech has collaborated with U.S. universities, national labs, and supercomputing centers, soft launching operations in the U.S. It now aims to bring its current product to market and complete the tape-out of its ver2.0 System-on-Chip for mass production within 12–18 months.

Credit Saison India raises $300M in Maiden ECB to fuel growth

Credit Saison India, a NBFC, has raised $300 million through its maiden External Commercial Borrowings (ECB), marking its first external fund-raise to accelerate business expansion, digital transformation, and customer acquisition.

The multi-currency issuance—among the largest for a first-time issuer—comprises $200 million via a syndication deal with Axis Bank, DBS Bank, and CTBC Bank, and an additional $100 million secured bilaterally from a Public Sector Bank.

This capital infusion will bolster the company’s ability to scale its assets under management and enhance credit accessibility for underserved segments, aligning with its long-term goal of becoming a diversified and leading lending franchise in India.

Other News

EKI Energy backs Tvasta in strategic push toward sustainable manufacturing

EKI Energy Services Ltd. (EKI) has announced a strategic investment in Chennai-based Tvasta Manufacturing Solutions, a company specialising in additive manufacturing (3D printing) technology.

The partnership, finalised by April 30, 2025, is aimed at generating returns on EKI’s surplus funds while aligning with its climate-conscious investment strategy.

EKI and Tvasta will collaborate on integrating sustainable 3D printing technologies, which play a growing role in reducing material waste and boosting manufacturing efficiency. This move highlights EKI’s broader commitment to supporting innovative, eco-friendly businesses as part of its expansion in climate finance.

Founded in 2008 and listed on the Bombay Stock Exchange, EKI operates in over 16 countries, serving 3,500+ customers across 40+ nations. With over 200 million offsets supplied to date, EKI also holds the distinction of being the first Indian company to list a Plastic Project with global standards body Verra.

Also Read

Zettai’s proposed restructuring scheme receives majority creditors’ approval

OPL raises strategic funding from NABARD, HSBC to strengthen MSME credit access

OPL has secured strategic investments from NABARD and HSBC to strengthen its digital credit infrastructure and enhance financial inclusion.

The company, supported by shareholders such as SIDBI, SBI, Bank of Baroda, PNB, Mudra, SBI Card, BOB Capital Markets, Indian Bank, HDFC Bank, and TransUnion, focuses on developing technologies that digitize and automate lending processes for MSMEs and retail borrowers.

OPL leverages analytics and AI/ML algorithms to streamline credit delivery and improve decision-making for lenders. NABARD's involvement aligns with its vision to digitize the rural economy by integrating Regional Rural Banks and Agri Stack, aiming to bridge credit gaps and support grassroots-level financing.

Young Entrepreneurs Fund to back deep tech, clean energy, and rural startups

Veteran marketing strategist Harshavardhan Chauhaan has launched the Young Entrepreneurs Fund (YEF), a $10 million initiative funded entirely through proceeds from his new book, Nobody Cares About Your Brand (#NCAYB).

Designed to support early-stage founders working in Deep Tech, Clean Energy, Rural Platforms, and National IP, the fund emphasises societal impact over traditional metrics like pitch decks or financial forecasts.

Grants ranging from $10,000 to $250,000 will be offered to pre-revenue ventures, with additional mentorship from industry leaders including Ashish Soni, an AI expert and IIT Bombay alumnus.

Structured unconventionally, YEF reflects Chauhaan’s critique of legacy marketing models, aligning with the vision of Viksit Bharat, Karmyogi Bharat, and Vishwa Vyapi Bharat. It aims to support innovations in fields like AI, quantum computing, renewable energy, rural fintech, and indigenous IP, while promoting trust-based consumer engagement and scalable, self-reliant growth models.

Chanakya backs Sadbhav Future Tech ahead of IPO

SME-focused Chanakya Opportunities Fund has invested an undisclosed amount in Sadbhav Future Tech’s Rs 36 crore pre-IPO round, marking its continued commitment to the renewable energy sector where it has already deployed around Rs 18 crore.

Founded in 2020, Sadbhav Future Tech is a key player in India’s agri-renewable space, offering solar-based solutions including pumps, rooftop systems, and large-scale power plants, with over 50,000 solar pumps installed to date.

The company aims to impact one million farmers in the next decade and is an active supporter of the Government of India’s PM-KUSUM scheme, which promotes energy and water security for farmers while reducing diesel dependence and environmental impact.

(The copy will be updated with the latest news throughout the day)