Startup news and updates: Daily roundup (May 12, 2025)
YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Monday, May 12, 2025.
From a spacetech startup taking on industry giants with solid rocket propulsion tech to Ather Energy narrowing losses despite rising expenses, YourStory brings you today’s top stories from the Indian startup ecosystem.
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A spacetech odyssey: This startup is taking on big boys with solid rocket propulsion tech
A Bengaluru-based B2B and B2G space tech startup, SpaceFields specialises in solid rocket propulsion technology for aerospace, defence, and commercial purposes. With a 21-member team, it is presently incubated at IISc and has also set up its own firing facility at Challakere, Karnataka, where IISc has a bigger space.
SpaceFields has raised about Rs 11 crore to date in seed funding, mostly from angel investors and defence funds, Jamwant Ventures and Samarthya. The company is generating revenue from early adopters and has signed contracts, but is not yet profitable due to heavy R&D spending.
“We are working towards getting more funding. The plan is to develop and establish a dedicated manufacturing facility,” Masook says. The opportunities are immense.
“The space sector is growing, but the Indian space budget is less than $2 billion, one-tenth of the US budget. But we also have defence customers. Since India’s defence budget is almost $79 billion, that is where we are making most of our revenue presently,” he adds.
Makhana brand Farmley raises $40M from L Catterton
Makhana brand Farmley said it has completed a $40 million Series C fundraise led by L Catterton, a global consumer-focused investment firm.
The round, which was a mix of primary and secondary capital, saw participation from existing investor DSG Consumer Partners and BC Jindal. The Noida-based company plans to scale the dried fruits and nuts segment with the latest funding.
The company offers flavored makhanas, trail mixes, date bites and seeds. It clocked 55% growth in revenue in the past two years, making Rs 370 crore in FY25 and remaining profitable.
"Farmley has been able to astutely capitalise on long-term consumer trends with its better-for-you positioning and high-quality products which resonate with customers. Its robust dried fruit and nut sourcing capabilities, prolific new product development engine, and strategic partner status across key sales channels have been vital drivers of the company’s growth in its category," shared Anjana Sasidharan, L Catterton Partner and Head of India.
Ather Energy’s losses narrow, revenue jumps 29% in Q4 on the back of rising sales
EV maker Ather Energy has narrowed its losses to Rs 237.3 crore in Q4 FY25 from Rs 283.9 crore in the year-ago period, helped by rising margins from higher sales.
The Bengaluru-based company also reported a 29% year-on-year rise in quarterly revenue to Rs 676.1 crore on the back of rising demand for its vehicles, primarily its family scooter Ather Rizta.
During the quarter, Ather sold 40,700 units of its vehicles, compared with 35,908 units in the same period of FY24, as it looks to compete with legacy brands like TVS Motor and Bajaj Auto as well as Bhavish Aggarwal-led Ola Electric.
The company narrowed its loss despite its expenses spiking during the quarter to Rs 922.2 crore from Rs 818.7 crore in the year-ago period, fuelled by rising cost of materials consumed and other expenses.
JustDeliveries Rs 5.5 Cr in funding round co-led by VC Grid and NABVentures
JustDeliveries, a cold chain logistics startup serving India’s food and beverage sector, has raised Rs 5.5 crore in a funding round co-led by VC Grid and NABVentures, with participation from LetsVenture, Anay Ventures, FAAD Network, and others. The round brings the company’s total funding to Rs 2 million (approximately Rs 17 crore).
The startup plans to use the capital to expand operations to three new cities, including Lucknow and Chennai, and strengthen its technology stack. JustDeliveries currently operates in five metro markets—Bangalore, Delhi, Hyderabad, Mumbai, and Pune.
Founded to address inefficiencies in mid-mile logistics, JustDeliveries runs an asset-light, third-party logistics (3PL) platform catering to over 100 F&B brands, including ITC, Swiggy, and Naturals Ice Cream. The company reported 2.4x year-over-year revenue growth in FY25 and claimed city-level profitability across all five current locations as of December 2024.
