Startup news and updates: Daily roundup (April 16, 2025)

From B2B commerce platform Ofbusiness raising Rs 100 crore from Cornerstone Ventures ahead of its public market debut to a noticeable rise in deeptech investments this year as VCs refine their strategies, YourStory brings today’s headlines that highlight significant developments across industries.

Here’s a roundup of key stories:

Featured news

From spray-and-pray to precision: VCs shift gears in deeptech playbook

Commerce Minister Piyush Goyal, never one to mince words, dropped what can only be described as a truth bomb on the world's third-largest startup ecosystem at Startup Mahakumbh earlier this month. The digital realm erupted almost immediately as founders and VCs who had arrived expecting validation found themselves on the defensive.

In recent months, the growing excitement around AI and deeptech has begun to reshape investor priorities.

Recognising the distinct growth trajectory of these companies, many Indian investors are now adapting their strategies—but not without caution. There is enthusiasm, but there is also a clear understanding that deeptech demands a different playbook. Funding activity in the segment reflects this shift. Some investors are now gaining access to longer windows to support follow-on rounds, while others are taking a more tailored approach, focusing on specific sub-segments within deeptech. It’s no longer a one-size-fits-all strategy.

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‘Our DNA is heavily product-centric’: Indkal Technologies CEO on developing Acer devices in-house

Acer has launched two new homegrown phones, the ZX and ZX Pro. They are made by Bengaluru-based electronics company Indkal Technologies. The Bengaluru firm, which previously engineered Acer's television and appliance lines for the Indian market, spent two years developing the 5G phones with competitive specifications.

Indkal Technologies is a unique player in India’s consumer electronics space. The company began its journey licensing the Acer trademark for televisions and later, surprisingly, washing machines—a bit of an odd foray for a brand better known globally for computing products.

“R&D is our largest manpower expense. We have a robust in-house engineering team, along with dedicated divisions for PCB design and validation. We also work with design solution partners when necessary. Our company DNA is heavily product-centric,” Anand Dubey, CEO, Indkal Technologies, tells YourStory.

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Latest news

Unicommerce CTO Bhupinder Garg steps down

Retail and ecommerce enablement SaaS platform Unicommerce has announced the resignation of Bhupinder Garg from the position of Chief Technology Officer (CTO). According to the company filings, Garg, who has served for over seven years, is leaving the firm due to personal reasons.

Kapil Makhija, CEO of Unicommerce, announced the news on a LinkedIn post. “I want to take a moment to express my deep appreciation for Bhupinder Garg, who has stepped down as our Chief Technology Officer after a long and remarkable journey with Unicommerce,” read the post.

“Over the past 7+ years, Bhupinder has been instrumental in shaping the architecture that powers our platform today. Under his leadership, we built not just systems but a strong, secure, cost-effective, and highly efficient technology foundation that underpins all of our operations,” he added.

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MeitY Startup Hub, Startup Policy Forum to collaborate to support startup ecosystem

The MeitY Startup Hub, an initiative under the Ministry of Electronics and Information Technology, has entered into a collaboration with the Startup Policy Forum, an industry-led group focused on policy engagement around emerging technologies.

The partnership aims to support initiatives in areas such as deep technology, artificial intelligence, and other emerging fields by encouraging research, knowledge exchange, and dialogue around regulatory and policy frameworks.

As part of the collaboration, Startup Policy Forum will work with MeitY Startup Hub on joint research, policy analysis, and stakeholder engagements. MeitY Startup Hub, in turn, will help extend the reach of Startup Policy Forum's initiatives through its network of incubators, centres of excellence, and TIDE 2.0 centres.

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Funding news

IPO-bound OfBusiness raises Rs 100 Cr from Cornerstone VC

B2B Commerce platform Ofbusinesshas raised Rs 100 crore from Cornerstone Ventures in a fresh funding round ahead of its public market debut. The investment marks the maiden round for Cornerstone Ventures' Fund 2, a $200 million vehicle launched about a year ago.

"This fund has a hybrid strategy to back both early-growth companies (about 70% of the corpus) and late-stage scaled B2B businesses (about 30% of the corpus). Our goal is to serve as an end-game partner through scale-up, consolidation, and eventual exit or IPO. OfBusiness is our first investment in the late-stage strategy and one of the opportunities we have been excited about for a while now," Abhishek Prasad, Managing Partner at Cornerstone Ventures, said in a press note.

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MS Dhoni-backed Garuda Aerospace scores Rs 100 Cr in Series B funding

MS Dhoni-backed drone startup Garuda Aerospace on Wednesday said it secured Rs 100 crore in a Series B funding round led by Venture Catalysts at a valuation of $250 million, as it gears up to accelerate its run rate in indigenous drone manufacturing and innovation.

The fresh capital puts the startup firmly on the front foot, boosting its capabilities in drone system production. The funds will also help scale up its production facility and fast-track the development of a state-of-the-art R&D and testing centre to design the next generation of defence drones.

The Chennai-based startup, holding over 20 patents, will allocate a dedicated portion of the newly secured funds to expanding its intellectual property portfolio and establishing a new design facility.

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Peppermint raises $4M in Series A funding

Autonomous robotic solutions provider Peppermint has raised $4 million (Rs 34 crore) in a Series A funding round from JDSS, Enrission India Capital, Indian Angel Network (IAN), Vinners, and other angel investors.

The company develops autonomous floor cleaning robots, material handling systems, and accessories such as docking stations. Its solutions are built on Peppermint OS and the proprietary "Skateboard" electronics platform.

Peppermint’s systems are supported by cloud-connected dashboards and mobile applications that provide real-time analytics for operational management.

“Today, as industries worldwide face increasing labor shortages and sustainability demands, our autonomous solutions are uniquely positioned to deliver both operational efficiency and environmental benefits. Our current round of funding will help us drive four priorities — enhancing our international product offerings & compliances, expanding into the EU, Japan and APAC regions, advancing our proprietary operating system to support both our robots and OEM partners, and building the infrastructure needed to meet growing demand,” said Runal Dahiwade, Founder and CEO, Peppermint.

Pujashree bags $1.5M in seed funding

Pujashree Products Global Pvt Ltd, a company offering over-the-counter Vedic ritual products, has launched operations with a seed capital of Rs 12 crore ($1.5 million). The company was founded by Rajiv Tiwary, Ravi Gupta, and Shashank Arya.

In its first quarter, the company reported a monthly revenue of around Rs 4 crore. Its products are available across online platforms, including Zepto, Amazon, and Flipkart, and through offline retailers such as Modern Bazaar and Le Marche.

The Delhi-based startup manufactures a range of packaged devotional products and is targeting a revenue of Rs 100 crore in the financial year 2025–26.

“Spirituality is deeply personal but often underserved in a rapidly modernizing retail environment. At Puja Shree, we are building a values-led brand rooted in precision and authenticity, while making access seamless for global Indians,” said Rajiv Tiwari, CEO and Founder of Puja Shree.

Nothing Before Coffee raises $2.3M in Pre-Series A round

Quick-service restaurant (QSR) coffee chain Nothing Before Coffee (NBC) has raised $2.3 million in a Pre-Series A funding round led by Prath Ventures, with participation from SYL Investments.

The company said it is focusing on expanding into Tier II and Tier III cities, targeting segments that remain underserved by premium coffee brands.

“This funding milestone is a strong validation of our vision and operating model. At Nothing Before Coffee, we've built a brand that combines affordability, quality, and deep cultural resonance—especially in India’s Tier-II and Tier-III markets. With strong unit economics and consistent consumer love, we are now well-positioned to scale rapidly. The capital will help us deepen our presence, invest in technology and talent, and unlock the next phase of growth as we work towards becoming India’s most loved and accessible coffee chain”, said Ankesh Jain, Co-founder, Nothing Before Coffee.

Founded in 2017 in Jaipur by Ankesh Jain, Anand Jain, Akshay Kedia, and Shubham Bhandari, NBC currently operates over 85 outlets across India.

Iyaso raises $500K in pre-seed round led by Malpani Ventures

Iyaso, an AI-driven speech therapy company, has raised $500,000 in a pre-seed funding round led by Malpani Ventures, with participation from several angel investors.

The company is developing AI tools for personalised speech therapy interventions. Its first product, Eloquent, launched in July last year, focuses on stuttering and has been used by over 20,000 users across more than 150 countries.

Eloquent was developed in consultation with speech-language pathologists and uses AI-based exercises and simulations to improve fluency. According to the company, early validation studies show a 53% reduction in stuttering severity and a 34% improvement in communication confidence.

“Nine out of ten of our users have never visited a speech therapist and likely never will. Eloquent offers a glimpse of how technology can deliver effective and scalable speech therapy to millions of people who are currently deprived of it,” said Viraj Kulkarni.

Other news

Zaggle secures TPAP approval from NPCI to offer UPI-based payment solutions

Zaggle Prepaid Ocean Services Ltd, a Mumbai-based spend management firm, has secured regulatory approval to operate as a Third-Party Application Provider (TPAP) allowing it to bring UPI-based transactions directly into its platform.

The firm, which serves over 3 million users, plans to merge UPI with its corporate expense automation tools, prepaid cards, and financial services. The integration aims to streamline business payments, reduce cash reliance, and offer users a consolidated interface for payments, investments, and bill settlements.

"Users will be able to access UPI payments integrated with Zaggle’s multi-wallet prepaid cards, including meal and fuel cards, enabling quick, on-the-go transactions," the company said.

"The platform will also offer a comprehensive suite of embedded financial services, ranging from discovery of credit line on UPI, personal loans and fixed deposits to mutual fund investments, BBPS utility bill payments, and OPD healthcare wallets – all powered through UPI rails.”

Akshat Bhatnagar joins Netscribes as Chief Operating Officer

Netscribes has appointed Akshat Bhatnagar as its new Chief Operating Officer (COO).

With over 26 years of experience across global operations, Bhatnagar previously served at Accenture as the Vice President of Operations, managing global delivery teams across India and the Philippines.

His previous roles include leadership positions at Firstsource, Standard Chartered, and Citigroup, where he managed portfolios across financial services and led initiatives in data solutions, analytics, digital transformation, risk mitigation, and business process optimisation.

“Akshat’s breadth of experience across solutions areas and technology and his ability to lead high-performance teams make him a great addition to the evolving Netscribes leadership team,” said Sourav Mukherjee, Founder and CEO of Netscribes.

Tyger Capital partners with Credgenics

Tyger Capital has partnered with Credgenics to adopt its SaaS-based debt collections and resolution platform.

As part of the collaboration, Tyger Capital will use Credgenics' AI-based SaaS platform to support borrower communications across digital channels such as WhatsApp, SMS, and email. The company will also deploy CG Collect, Credgenics’ mobile application for field agents, to digitise last-mile collection operations.

“We are excited to leverage Credgenics technology solutions in collections as we are committed to deliver unparalleled financial services powered by cutting-edge technologies and customer-centric approaches. This collaboration aligns with our mantra ‘Customer first’ and our focus on providing exceptional service to our customers while optimizing our operations through innovation and digital transformation,” said Rajaram Manian B, Chief Risk Officer of Tyger Capital.