Startup news and updates: Daily roundup (February 18, 2025)

From filmmaker-turned-entrepreneur Ronnie Screwvala talking about the pitfalls of Indian edtech companies taking the IPO route to the Good Glamm Group selling one of its brands, YourStory brings you all the developments happening in the Indian startup ecosystem.

Featured stories

No edtech company is ready for an IPO today: Ronnie Screwvala

Last year, India's startup ecosystem celebrated a milestone with 13 companies—including Swiggy, Ola Electric, and FirstCry—making their debut on the stock market. Yet one sector remained noticeably absent from this wave of public listings—edtech.

However, the edtech sector isn't primed for an IPO surge just yet, according to Ronnie Screwvala, Co-founder and Chairman of higher education and upskilling platform upGrad. The seasoned entrepreneur speaks frankly: the edtech industry hasn't reached true maturity, and no company is genuinely ready for public markets today.

Read more here.

Latest news

Tesla kicks off India hiring after PM Modi meets Elon Musk in the US

Elon Musk-owned Tesla is slated to enter the Indian market and is hiring for various positions in the country, according to listings advertised on LinkedIn. The US-listed electric vehicle manufacturer's entry into India was first reported in January 2021, when it registered its Indian entity, Tesla India Motors and Energy Pvt Ltd, in Bengaluru, according to Ministry of Corporate Affairs (MCA) filings.

Multiple media reports said the company was planning to launch its Model 3 in December 2020, but the talks fell through due to disagreements over import duties and local manufacturing requirements. However, the Elon Musk-led company is seemingly picking up where it left off and is making strides to recruit for its Indian subsidiary.

Read more here.

Full circle: Founders buy back Sirona from Good Glamm Group

Femtech startup Sirona founders Deep Bajaj and Mohit Bajaj have bought back their company from the Good Glamm Group for an undisclosed amount.​The deal is estimated to be valued around Rs 150 -180 crore and would help the Good Glamm Group to reduce its debt, which currently stands above Rs 500 crore.

"The goal was never just to sell, make money, and move on. From day one, the vision was to scale Sirona and take it global. For two years, we nurtured the brand with Good Glamm before stepping away. We had a good run together, with its highs and lows. But with Good Glamm’s changing priorities, we felt the best way forward was to reclaim the brand and lead its next phase of growth ourselves," Bajaj said in a post on LinkedIn on Tuesday.

Read more here.

Funding news

Swish Club raises $4.5M in pre-Series A round

Swish Club, a sustainable devices-as-a-service platform, has raised $4.5 million in a pre-Series A round. The funding comprised $3.3 million in equity and $1.2 million in debt financing.

The equity round was led by Powerhouse Ventures, with notable investors like Blume Ventures with Founders Fund, Touchstone Ventures with Eternal Capital, and Atrium Ventures joining in. The funding round also included industry leaders such as Livspace's Anuj Srivastava and Al Jazira Capital's Ajit Reddy, alongside Goldman Sachs veterans Deb Dutt and Tushar Patel and the head of Citi Ventures Jatin Mamtani.

Deeptech startup Spyne raises $16M in Series A round led by Vertex Ventures

Spyne, the Gurugram-headquartered deeptech startup focused on the automotive segment has raised $16 million in a Series A funding round led by Vertex Ventures. Existing investors Accel, Storm Ventures, and Alteria Capital also participated in the round.

Spyne, which offers software-as-a-service (SaaS) solutions, will use the fresh funds for market expansion and product development activities. In April 2022, the company raised $7 million in a pre-Series A funding round. Founded in 2020 by Sanjay Varnwal and Deepti Prasad, Spyne earlier focused on technology solutions based on computer vision platforms for ecommerce, food delivery, automotive, etc., segments. However, it decided to pivot to just one sector—automotive.

Lightstorm bags Rs 700 Cr funding from NIIF IFL

Lightstorm, an I Squared Capital portfolio company has raised Rs 700 crore in funding led by NIIF Infrastructure Finance Limited (NIIF IFL), a financial institution that supports infrastructure projects in India.

The company will use the capital to provide enterprises with network infrastructure and fuel their digital transformation initiatives. The funding will also help strengthen Lightstorm's connectivity business in India, allowing it to scale operations and meet demand for network solutions.

Transition VC invests $1.7M in deeptech startup Dynolt

Dynolt Technologies, a deeptech power electronics startup, has secured $1.7 million in a seed funding round led by Transition VC. The round also saw participation from marquee angel investor, Yashowardhan Shah.

Founded in 2022 and headquartered in Bengaluru, Dynolt develops cutting-edge power electronics solutions for clean energy sectors such as e-mobility, energy storage, renewables, and hydrogen. The company's current product line includes software-defined power converters for on-board/off-board chargers for two and three-wheeler EVs as well as swapping stations.

Through this funding, Dynolt plans to expand its footprint in mobility through higher power chargers—with wide bandgap semiconductors—for fast charging stations. The company also plans to enter new sectors like solar and hydrogen with its solutions for high-frequency inverters and DC-DC converters application.

The Energy Company secures $2M in pre-Series A funding

The Energy Company, an EV battery intelligence provider, has raised $2 million in a pre-Series A round. The company’s rapid growth from an early-stage startup to a key player in fast-charging battery solutions and adaptive battery intelligence has been driven by multiple strategic partnerships.

The latest funding round was led by Siana Capital, Callapina Capital, Z21 Ventures, 1Crowd, LetsVenture and other strategic investors.

This funding will allow the company to scale production of FlexiPack for wider EV adoption, advance battery intelligence capabilities for fleet operators and strengthen its footprint in the energy storage sector.

Other news

PURE EV partners with JioThings

Two-wheeler manufacturer PURE EV has signed an MOU with Jio Things Limited, a subsidiary of Jio Platforms Limited, to integrate smart digital clusters and telematics into its electric vehicles. This partnership aims to redefine user experience by leveraging advanced IoT solutions, seamless connectivity, and holistic digital integration.

PURE EV will explore JioThings smart digital clusters, which include end-to-end IoT solutions, into its E2Ws to enhance their functionality and interactivity. The incorporation of telematics enabled by 4G connectivity will allow customers to monitor vehicle performance in real-time and gain useful insights for more efficient operations.

Xoriant appoints Rohit Kedia as CEO

Xoriant, a ChrysCapital company, and a digital engineering specialist, has announced the appointment of Rohit Kedia as its new chief executive officer. Rohit brings over 28 years of experience in the technology and digital engineering space, having previously served as Chief Growth Officer at LTIMindtree, where he was the global leader for all technology practices and product businesses.

“Rohit brings a strategic vision, deep digital engineering expertise, and a passion for driving business transformation. We are confident that under his leadership, Xoriant will continue to accelerate its momentum as a trusted partner for customers helping them engineer platforms for growth at the convergence of software, data and AI," said Sanjay Jalona, Chairman of the Board, Xoriant.

Plum expands into personal insurance with a $6M investment over 24 Months

Insurtech platform Plum has expanded into the personal insurance sector. The company aims to simplify and democratise access to health coverage for individuals.

This expansion into the personal insurance sector comes as the company aims to meet the growing demand for accessible health coverage across the country.

Plum has appointed Atul Mishra as Head of Personal Insurance to spearhead its expansion in the sector.

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