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Startup News
Economic Times
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Ethnicwear brand Kisah Apparels raises Rs 13 crore from Wow Momo, others
- Kisah Apparels, a men's ethnicwear brand, has raised Rs 13 crore in funding led by Wow Momo founder Sagar Daryani.
- Other investors like Inflection Point Ventures and angel investors also participated in the funding round.
- The funding will be used to expand offline presence, scale D2C operations, and invest in brand building.
- The company plans to open more retail stores in various cities including Bengaluru, Gurugram, and Hyderabad.
- Kisah Apparels started with a marketplace-first model in 2018 and is now becoming an omnichannel brand.
- Approximately 73% of the company's revenue comes from marketplaces, 15% from D2C, and the rest from international markets.
- The branded Indian ethnicwear market is valued at Rs 30,000-35,000 crore and growing at 20-25% annually.
- Kisah Apparels targets Gen Z by modernizing ethnicwear styles to suit youth preferences.
- The startup closed FY25 with revenue of around Rs 50 crore and is currently operating at a run rate of about Rs 90 crore.
- Wow Momo's Daryani mentioned the importance of focusing on customers and solving real problems in large markets for brand success.
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Economic Times
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OpenAI has discussed raising money from Saudi Arabia, India’s Reliance Industries: The Information reports
- OpenAI has discussed raising $40 billion from investors including Saudi's PIF, India's Reliance Industries, and UAE's MGX for its model development and infrastructure plan Stargate.
- Investors could contribute hundreds of millions of dollars each, with SoftBank leading the financing.
- OpenAI CEO Sam Altman had talks with India's IT Minister regarding India's low-cost AI ecosystem plan and planned discussions with UAE's MGX for fundraise.
- The startup is also considering raising $100 million each from Coatue and Founders Fund, aiming for an extra $17 billion in 2027.
- The report's confirmation by Reuters is pending as OpenAI, PIF, Reliance Industries, MGX, and SoftBank did not immediately respond to requests for comment.
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Economic Times
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OpenAI in talks to raise fresh funds from Saudi Arabia’s PIF, India’s Reliance Industries: The Information
- OpenAI is in talks with Saudi Arabia’s PIF, Reliance Industries, and UAE’s MGX for its ongoing $40 billion fundraising.
- The company aims to raise about $30 billion by December, potentially valuing it at around $260 billion.
- SoftBank is leading the fundraising round and has already purchased shares from employees worth around $240 million.
- SoftBank is expected to contribute three-fourths of the $30 billion instalment, with the rest to be raised from new investors.
- OpenAI is considering investments from Coatue Management and Founders Fund, along with discussions with PIF and other investors.
- Saudi Arabia’s PIF might directly invest in OpenAI, marking a departure from its previous tech investments through venture funds.
- OpenAI's CEO had met with Saudi Crown Prince Mohammed bin Salman during a visit to Riyadh.
- In India, OpenAI is exploring a product and sales partnership with Reliance, targeting distribution of AI offerings in the country.
- ChatGPT, an OpenAI product, has seen a significant increase in weekly active users, pushing the company's capital needs higher.
- OpenAI expects to spend $35 billion on servers between 2025 and 2027 to support existing products and $55 billion on developing new models.
- Completion of the fundraising round depends on a corporate restructuring by year-end, with potential consequences for SoftBank's commitment.
- OpenAI, SoftBank, MGX, and Oracle are collaborating on Stargate, a $500 billion initiative to build global AI data centers.
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Dev
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Follow as we build the HotDog App with bolt.new: Your Dog's Progress Journal
- An adventurous couple with a reactive dog plans to develop a mobile app named HotDog using bolt.new and Expo for the World’s Largest Hackathon.
- The HotDog app aims to simplify life with a reactive dog by providing tools for consistent training, progress tracking, and logging training sessions effortlessly.
- Features include setting goals, logging triggers and wins, recording audio logs, sharing progress, and reflecting on the journey with simplicity and support.
- The platform will be built for both iOS and Android using Expo and will focus on consistency, progress tracking, and positive reinforcement in training, designed by reactive dog owners.
- The onboarding process will include a welcome screen, a multi-step onboarding flow introducing core concepts, and a sophisticated modal system for UI interactions.
- Key functionalities will include managing profiles, tracking training goals, logging daily sessions, maintaining detailed dog profiles, and engaging with a community feed.
- The app's design will feature clean, modern, and intuitive aesthetics, a card-based layout, support for light and dark modes, and a simple color palette with legible typography.
- The technology stack comprises React Native with Expo for frontend, Tailwind CSS for styling, and Supabase for backend and database management.
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Hitconsultant
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Eli Raises $12M to Launch the Hormometer™, The World’s First Real-Time Hormone Monitor
- Eli, a health technology company, raises $12M in Series A funding led by BDC Capital’s Thrive Venture Fund.
- The funding will support the launch of the Hormometer™, the world’s first real-time hormone monitoring system, addressing a gap in personalized health.
- Traditional testing methods for hormones offer only a single snapshot in time, leading to underdiagnosed health crises.
- 1 in 3 adults show signs of cortisol dysregulation, and 60% of adults experience symptoms related to hormone imbalances.
- The Hormometer by Eli tracks hormones instantly using saliva and a smartphone, providing results in minutes without laboratory testing.
- Eli's Hormometer offers real-time hormone monitoring, giving users immediate insights into their biology.
- The Hormometer is the result of years of R&D, featuring biochemistry for microfluidics, AI for signal interpretation, and customized hardware.
- Eli aims to scale production, expand audience access, and unlock more biomarkers like cortisol and progesterone with the new funding.
- The Hormometer will enable individuals to understand their bodies' current state and take informed actions based on the real-time data.
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Economic Times
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Paytm shares crash 10% as Finance Ministry dismisses MDR speculation
- Shares of One 97 Communications, the company behind Paytm, dipped by 10% on BSE to Rs 864.20 following Finance Ministry's denial of MDR imposition on UPI payments.
- MDR is a fee earned by banks and payment providers for processing payments; the government waived MDR charges on UPI transactions to boost digital payments.
- Reports speculated MDR might be reintroduced on large-ticket UPI transactions, causing the Finance Ministry to label these claims as baseless and alarming.
- In March, the Payments Council of India requested a 0.3% MDR for UPI payments by large merchants and a nominal MDR for RuPay debit card transactions.
- PhonePe and Google Pay dominate the UPI market with over 80% share, while newer players like Super.Money, Navi, BHIM, and Cred are gaining traction through incentives.
- May witnessed 18.68 billion UPI transactions amounting to 25.14 lakh crore rupees, a 33% surge in volume compared to last year.
- India's success with UPI has placed it as a leader in real-time payments globally, holding a 48.5% share by volume.
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Economic Times
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Former startup execs bag $101 million in seed funds for new ventures in 2024, up 243% YoY: Report
- Former operators transitioning to founders are three times more likely to secure seed funding, raising $101 million in 2024, a 243% increase from 2023.
- Operator-led startups captured 11.5% of all venture funding in 2024, up from 6% in 2023.
- The rise in funding is attributed to various factors like ESOP buybacks, talent returning from the US, and impact of layoffs.
- Around 238 former operators founded new ventures between 2022 and 2024.
- Operator-founded startups average a seed round of $1.56 million, outperforming other startups.
- Prominent examples include founders of Kissht launching Rezolv and Upgrad's founder starting Borderplus.
- Fintech and insurtech attracted the most investment between 2022 and 2024, followed by energy, sustainability, and supply chain tech.
- Founders moved into sectors like fintech, insurtech, ecommerce, edtech, SaaS, and healthcare with their new startups.
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Inc42
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Pine Labs To File DRHP For Up To $700 Mn IPO By June-End
- Pine Labs plans to file its DRHP for an up to $700 million IPO by the end of June, aiming to raise between INR 5,000 Cr to INR 6,000 Cr.
- The IPO might be valued between $4 billion to $5 billion, marking a 25% discount from its 2022 valuation.
- The company's CFO, Marc Mathenz, has resigned citing personal reasons before the IPO debut.
- Marc Mathenz was responsible for overseeing and scaling Pine Labs’ international business.
- Pine Labs' net loss in FY24 surged to INR 187.2 Cr while operating revenue increased marginally to INR 1,309.6 Cr.
- The fintech startup, founded in 1998, has raised around $1.6 billion in funding and provides payment solutions to businesses.
- Pine Labs began its IPO plans last year and is aiming for a public listing in the second half of 2025.
- The company is in the process of shifting to a public entity as it garners support for its IPO.
- Pine Labs appointed two new independent directors to its board in March 2025.
- The fintech unicorn is among the many Indian startups pursuing IPOs, including Meesho, Wakefit, Lenskart, and Groww.
- Ecommerce major Meesho is also gearing up to file its DRHP with SEBI in preparation for an IPO.
- Lenskart, Wakefit, and Groww are other startups in the process of converting into public entities for IPOs.
- Pine Labs has selected bankers like Axis Capital and Morgan Stanley for its IPO as part of its strategic preparations.
- CEO Amrish Rau mentioned the IPO launch is planned for the second half of 2025.
- The company has signaled intentions to raise additional capital, including through an IPO, by renaming to 'Pine Labs Limited.'
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Inc42
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Meesho’s Confidential Route To IPO, Q-Comm Platforms Under Lens & More
- Meesho is speeding up its IPO by taking the confidential pre-filing route, planning to raise $700 Mn to $800 Mn.
- Introduced by SEBI in 2022, the confidential route allows companies to keep their DRHPs private and address compliance gaps discreetly.
- Market debut for Meesho may face challenges due to its reported loss in FY24 and ongoing market volatility.
- Meesho focuses on zero-commission for sellers, broad user base, and low AOVs, resulting in significant operating revenue.
- Refyne secures $4 Mn in debt, Centre tightens norms for quick commerce platforms, and Nazara sees INR 380 Cr in bulk deals.
- Government clarifies no plans to reintroduce MDR on UPI payments, PowerUp Money raises $7 Mn, and discussions on revised ecommerce policy underway.
- Jio Financial Services and BlackRock joint venture approved as investment adviser, Tata invests in semiconductor partnership, and Soket AI aims to build India's foundational LLM model.
- Soket AI selected under IndiaAI Mission, plans to launch a 7 Bn-parameter model and raise $15 Mn to power India's AI dream.
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Inc42
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How Kunal Shah-Backed Mainstreet Hung Up Its Shoes
- Mainstreet Marketplace, once a rising star in India’s sneaker and streetwear scene, faces a crisis with closures in Delhi.
- Started as a YouTube channel by Vedant Lamba, it grew into a major player in the 'hype-drop' economy.
- Warehouse visited had zero stock, indicating severe operational challenges.
- Facing cash flow problems, Mainstreet shifted its warehouse to Mumbai.
- Heavy marketing spending post-funding led to financial strain and unsustainable practices, like high salaries and rent overpayments.
- Global sneaker industry slowdown and Mainstreet's business model issues contributed to its downfall.
- Problems with resellers not being paid led to delayed orders and damaged reputation.
- Refund issues, delayed deliveries, and poor customer communication raised concerns among consumers.
- Mainstreet plans to clear order backlogs through a new revenue-generating B2B studio business.
- Indian sneaker reselling scene faces challenges with declining exclusivity and authenticity concerns.
- The future of platforms like Mainstreet remains uncertain as the sneaker market evolves.
- Mainstreet's journey illustrates the changing dynamics of the sneaker industry.
- Inc42 couldn't verify the actual debt on Mainstreet regarding dues to resellers and customers, hindering clarity on the startup's financial situation.
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Economic Times
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AI security startup Repello AI raises $1.2 million from Venture Highway, Pi Ventures, others
- AI security startup Repello has raised $1.2 million in seed funding with Venture Highway, Pi Ventures, and others participating.
- Repello aims to defend generative AI systems by simulating real-world attacks to identify vulnerabilities and provide mitigation steps.
- Founded in 2024 by Aryaman Behera and Naman Mishra, Repello is based in Bengaluru for engineering, product, and R&D, with sales and marketing in San Francisco.
- The funding will be used to enhance product development, expand red teaming and threat intelligence capabilities, and scale go-to-market efforts.
- Repello focuses on proactive cybersecurity measures and offensive security to address vulnerabilities in the evolving AI landscape.
- Their flagship product is ARTEMIS, an Automated Red Teaming Engine for adversarial testing across text, image, and audio.
- Repello Guard provides threat monitoring and guardrails for AI applications, detecting AI-specific threats like unsafe output and system prompt leaks.
- Behera notes that cybersecurity is a cat and mouse game with the need to learn from attacker techniques to develop defense strategies.
- Repello's solutions are utilized by companies in India, Fortune 500, and global clients in the Middle East, with North America being a significant market due to high AI adoption.
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Medium
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Welcome to the AIverse: A Simulation Playground for AI’s Impact on Reality
- The AIverse is a simulated environment created to study the effects of AI on real human behavior before they impact the real world.
- It serves as a digital mirror to society, allowing for social experiments and predictive labs using virtual populations.
- Using advances in simulations and behavioral modeling, the AIverse replicates how users interact with AI-generated content.
- AI is rapidly changing communication norms, but with little understanding of the long-term consequences.
- The AIverse enables testing and reflection before deploying AI systems, acting as a wind tunnel for society.
- It consists of three main layers, functioning as a simulation and controlled experiment.
- The AIverse advocates for responsible AI development and usage, emphasizing the need for foresight in understanding AI's impact.
- It aims to shape a future where AI's role in society is actively influenced rather than reacted to.
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Siliconangle
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Securonix acquires threat intelligence startup ThreatQuotient
- Securonix Inc. has acquired cybersecurity startup ThreatQuotient Inc. to enhance breach prevention capabilities.
- The terms of the deal were not disclosed.
- Securonix, based in Addison, Texas and backed by over $1 billion in funding, focuses on AI-powered cybersecurity products.
- Securonix's EON product uses AI agents to detect and respond to malicious activity in corporate networks.
- Securonix also offers a SIEM platform to analyze cybersecurity logs from various sources and store data for up to a year.
- ThreatQuotient, founded in 2013, specializes in threat intelligence analysis for enterprises.
- ThreatQuotient's platform consolidates data from multiple sources to provide comprehensive information on hacker activity.
- The company's software automates tasks like prioritizing threat intelligence based on relevance and urgency.
- Securonix plans to use ThreatQuotient's technology to improve cybersecurity alerts and reduce false positives by up to 90%.
- Securonix intends to offer ThreatQuotient as a standalone product and as part of a broader cybersecurity toolkit.
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Siliconangle
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Stripe acquires crypto wallet infrastructure provider Privy
- Stripe has acquired cryptocurrency wallet infrastructure provider Privy.
- Privy, founded in 2021, focuses on privacy and user-owned wallets for online experiences.
- The company offers self-custody wallets generated at signup, utilizing secure enclaves and Shamir’s Secret Sharing.
- Privy provides a developer-friendly wallet infrastructure with API support for various crypto capabilities.
- Privy's technology is used for NFT wallets, with OpenSea as a notable user.
- Privy has facilitated more than 75 million accounts across 1,000+ developer teams.
- Before the acquisition, Privy had raised $41.3 million in funding from investors like Coinbase and Sequoia Capital.
- Stripe previously acquired fintech startup Bridge Ventures Inc. in February.
- Terms of the Privy acquisition were not disclosed, while it was reported Stripe paid $1.1 billion for Bridge Ventures Inc.
- Stripe's recent acquisitions highlight its focus on expanding its fintech offerings.
- Henri Stern, Privy co-founder, emphasized simplifying digital assets integration.
- Privy's system enables secure wallet creation, transaction signing, and on-chain event handling.
- The acquisition aims to enhance Stripe's crypto-related services and strengthen its position in the fintech industry.
- Privy's user-centric approach aligns with Stripe's vision to simplify online transactions.
- Stripe's acquisition of Privy underscores the growing interest in crypto and decentralized finance technologies in the industry.
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TechCrunch
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Sam Altman-backed Coco Robotics raises $80M
- Los Angeles-based Coco Robotics, a last-mile delivery robots startup, raised $80 million, including investments from Sam Altman and Max Altman.
- The funding round included VC firms like Pelion Venture Partners and Offline Ventures, bringing the total funding to over $120 million.
- Coco's robots can carry 90 liters of goods and have completed over 500,000 deliveries, working with retailers like Subway and Wingstop.
- Sam Altman is an angel investor in Coco, with OpenAI benefiting from a partnership allowing the use of real-world data collected by the robots.
- Founded in 2020, Coco Robotics was established by Brad Squicciarini and Zach Rash.
- TechCrunch has reached out to Coco for additional details about the funding and their operations.
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