Category: News

  • Leadership Transition at PharmEasy: Siddharth Shah Resigns, Rahul Guha to Assume Role as CEO

    Leadership Transition at PharmEasy: Siddharth Shah Resigns, Rahul Guha to Assume Role as CEO



    API Holdings Leadership Transition: Siddharth Shah Steps Down

    API Holdings Leadership Transition: Siddharth Shah Steps Down

    API Holdings’ current CEO and cofounder, Siddharth Shah, is stepping down from his executive position. Effective August 27, 2025, he will assume the role of Vice Chairman and Director of the company.

    Rahul Guha’s New Role

    Rahul Guha, presently the MD and CEO of Thyrocare, is set to become the new MD and CEO of API Holdings. This change was disclosed in regulatory filings by Thyrocare on Wednesday, marking a significant leadership transition within the organisation. Guha will continue to manage operations at Thyrocare in addition to his new duties at API.

    Background on Rahul Guha

    Before this appointment, Guha held the title of President of Operations at API, where he played a crucial role in the integration and coordination across various group companies.

    PharmEasy’s Acquisition of Thyrocare

    For context, PharmEasy acquired a majority stake of 66.1% in Thyrocare for Rs 4,546 crore in June 2021. Guha’s new position underscores API’s commitment to consolidating leadership across its various sectors, especially as the company navigates a challenging funding landscape and anticipates a potential public listing.

    Funding and IPO Status

    API Holdings had submitted draft IPO papers in 2021 but later withdrew them due to unfavorable market conditions. PharmEasy has successfully raised approximately $1.1 billion from notable investors, including MEMG, Prosus, and Temasek. In April 2024, it secured $216 million at a significant 90% reduction in valuation, now standing at $710 million.

    Changes Among PharmEasy’s Cofounders

    Earlier this year, PharmEasy’s three cofounders, Dharmil Sheth, Dhaval Shah, and Hardik Dedhia, stepped back from the Bengaluru-based company. They have since launched a new venture named All Home, which has received an undisclosed investment round led by Bessemer Venture Partners, achieving a valuation exceeding $120 million. Siddharth Shah also participated in this investment round.


  • Bluestone Reports 56% Increase in Losses for FY25; Online Sales Constitute Only 7% of Revenue

    Bluestone Reports 56% Increase in Losses for FY25; Online Sales Constitute Only 7% of Revenue



    Bluestone IPO Reduction in Size Amid Increased Losses

    Bluestone IPO Reduction in Size Amid Increased Losses

    Bluestone, a vertically integrated jewellery brand, has announced a reduction in the size of its IPO according to its Red Herring Prospectus (RHP). This decision comes at a time when the company is facing a 56% year-on-year rise in losses that outstripped revenue growth in the last fiscal year (FY25).

    Financial Performance Overview

    Bluestone’s revenue from operations saw a remarkable increase of 40% year-on-year, reaching Rs 1,770 crore in the fiscal year ending March 2025, compared to Rs 1,266 crore in FY24, based on the restated financial statement provided in the RHP.

    Revenue Streams

    The company’s primary revenue source comes from the sale of jewellery, including diamonds, gold, platinum, gemstones, and pearls, with an average order value (AOV) of Rs 47,671 in FY25. This growth trajectory was attributed to enhanced store maturity and a diversified product portfolio. Based in Bengaluru, the company operated a total of 275 stores across 117 cities in 26 states and union territories by March 2025.

    Sales Channels

    Online sales accounted for merely 6.66% of total sales, indicating that the majority of income was derived from physical stores and other channels.

    Expense Analysis

    On the expense side, Bluestone’s cost of materials was the largest expenditure, rising by 46% to reach Rs 1,098 crore, which represented 54% of total expenses. Employee benefit expenses increased by 47% to Rs 203 crore, while advertising costs rose by 28% to Rs 159 crore compared to FY24. Additional operational and finance expenses accounted for Rs 643 crore, tabulating total expenses to rise by 42% to Rs 2,050 crore in FY25, up from Rs 1,446 crore in FY24.

    Net Loss and EBITDA

    As Bluestone’s expenses escalated at a quicker pace than its revenue growth, its net loss widened by 56% to Rs 222 crore in FY25, up from Rs 142 crore in FY24. Nevertheless, the company managed to achieve a positive EBITDA of Rs 133 crore, with an EBITDA margin of 7.27% in the last fiscal year.

    Operational Efficiency

    On a per-unit basis, the company incurred costs of Rs 1.16 to earn every rupee of operating revenue in FY25. By March 2025, Bluestone’s current assets stood at Rs 2,130 crore, inclusive of Rs 187 crore in cash and bank balances.

    Strategic Investments

    In FY25, Bluestone pursued two strategic investments. The company acquired a controlling interest in Ethereal House Private Limited (EHPL) for Rs 17 crore and subscribed to shares in Redefine Fashion Private Limited for Rs 11 crore. Notably, EHPL was devoid of operations or significant assets; thus, this acquisition was categorised solely as a corporate control transaction without goodwill or asset revaluation. As a result, all figures from FY25 are consolidated, while FY24 figures reflect the standalone balance sheet.


  • Biome Secures Initial Funding of Rs 100 Crore to Support Co-Founded Startups

    Biome Secures Initial Funding of Rs 100 Crore to Support Co-Founded Startups



    Biome Venture Studio Completes Capital Raise

    Biome Venture Studio Completes Capital Raise

    Biome, a venture studio, has successfully finalised its first capital raise, uniting a group of investors that includes experienced entrepreneurs and strategic family offices. Biome focuses on guiding seasoned founders who aim to launch startups from the ground up, providing extensive operational support. Each year, it partners with a select number of high-conviction startups through a unique model that integrates strategy, talent, and funding.

    Prominent Investors Join Biome

    This initial capital close features notable figures such as BVR Mohan Reddy, Prasad Yerneni, and Abhinav Reddy, alongside family offices of Raj Phani (Zaggle), Aditya Vuchi, and the Phoenix Group. These investors not only provide financial backing but also bring valuable strategic networks across various sectors, such as enterprise, infrastructure, and innovation.

    Commitment to High-Impact Startups

    Biome has pledged an investment of Rs 100 crore over the next three years to co-create and scale impactful startups with significant operational support. Some of its initial ventures include a stealth-mode AI project based in the United States, led by a renowned AI scientist, and Zoop.Money, an innovative startup rethinking access to home loans.

    Leadership at Biome

    Guided by Srinivas Kollipara, Madhu Poomalil, Kaustubh Patekar, and Zaran Bhagwagar, this venture studio not only seeds but also co-founds companies from their inception. The operating team integrates experienced product leaders, growth operators, and industry experts into each startup from the very beginning, streamlining validation, execution, and scaling processes.

    Biome’s Approach to Supporting Startups

    Srinivas Kollipara, Managing Partner at Biome, articulated the studio’s mission: “Biome has been structured to serve as the essential early partner that early-stage companies genuinely need: deeply engaged, focused on execution, and dedicated throughout all growth phases. The capital we provide does more than back businesses — it assists in constructing them, brick by brick.”


  • SuperGaming Secures  Million Funding Round Led by Skycatcher and Steadview

    SuperGaming Secures $15 Million Funding Round Led by Skycatcher and Steadview



    SuperGaming Secures $15 Million Funding for Global Expansion


    SuperGaming Secures $15 Million Funding for Global Expansion

    Gaming company SuperGaming has successfully secured $15 million in a Series B funding round, with contributions from existing investors Skycatcher and Steadview Capital. This funding round also saw participation from a16z’s Speedrun, Bandai Namco’s 021 Fund, Polygon Ventures, Neowiz, GFR Fund, IVC Japan, Loud.GG, and notable individual backers including Sandeep Nailwal, co-founder of Polygon.

    Based in Pune, SuperGaming previously raised $5.5 million during its Series A round in August 2021. Following this latest round, the company claims to have exceeded the $100 million valuation milestone.

    The company intends to use these funds to facilitate the international launch of its game Indus, starting in Latin America in collaboration with the Brazilian esports organisation Loud.GG. Additionally, the investment will support the enhancement of its game development and publishing infrastructure, as outlined in a press release from SuperGaming.

    About SuperGaming’s Origins and Success

    Founded in 2017 by industry visionaries Navneet Waraich, Sanket Nadhani, Avinash Pandey, Sreejit Jayanthan, and Roby John, SuperGaming is an Indian gaming powerhouse. The company has developed and published several mobile games, including MaskGun, Tower Conquest, and Silly Royale, collectively amassing over 200 million installs. Furthermore, SuperGaming operates a real-time multiplayer platform known as SuperPlatform.

    Venturing into Web3 Gaming

    In a significant step towards Web3 gaming, SuperGaming has formed a partnership with B3 GameChain, a gaming-centric Layer-3 blockchain built on the Base, which is the Ethereum Layer-2 network incubated by Coinbase. This collaboration allows SuperGaming to accommodate both Web2 and Web3 players across its diverse portfolio.

    Market research indicates that the Indian gaming market is set to reach $9.2 billion in annual revenue by FY29, reflecting significant growth potential.

    Silly Royale is now operational on SuperGaming’s custom Layer-3 chain powered by B3, featuring benefits such as asset continuity, interoperable progression, and digital ownership. For the fiscal year ending March 2024, the company reported a revenue of Rs 43.4 crore, along with a net profit of Rs 3.9 crore.


  • Ola Electric’s Z47 Stake Dips Below 2% Following Recent Partial Exit

    Ola Electric’s Z47 Stake Dips Below 2% Following Recent Partial Exit


    Ola Electric Stake Changes by Z47 and Tiger Global in April–June 2025

    Ola Electric’s early investors, Z47 (previously known as Matrix Partners India) and Tiger Global Management, have reduced their shareholdings in the Bengaluru-based company during the April to June 2025 quarter, according to stock exchange disclosures for this period.

    Z47 decreased its stake from 2.72% to 1.93%, marking a decline of about 0.81 percentage points. Based on an average share price of Rs 41, the venture capital firm is estimated to have profited approximately Rs 147 to 150 crore from this transaction.

    Tiger Global also slightly cut its stake from 3.45% to 3.24%, with an estimated profit of Rs 39 to 45 crore. The remaining shares held through Internet Fund III are currently valued at Rs 587 crore.

    This reduction in stake at Ola Electric coincides with Z47’s active search for secondary stake sales in other portfolio companies, including OfBusiness, Razorpay, and Dailyhunt’s parent company, VerSe.

    Even with these partial exits, both Z47 and Tiger Global continue to hold meaningful minority stakes in Ola Electric. Prominent investors in the electric vehicle company also include SoftBank, AlphaWave, Temasek, and Citigroup.

    Ola Electric’s Revenue Trends

    Ola Electric’s revenue has further decreased sharply in the latest quarter. The revenue from operations fell by 49.6% to Rs 824 crore in Q1 FY26, compared to Rs 1,644 crore in Q1 FY25. The company did, however, show a year-on-year growth of 23.3% in revenue, climbing to Rs 428 crore during the same period.

    As of 02 PM, the company is trading at Rs 40.7 per share, with a total market capitalization of Rs 17,925 crore (approximately $2.1 billion).

    Market Position and Challenges

    In July, Ola Electric dropped to third place in terms of registrations, recording 17,848 units, representing a 57% year-on-year decline, which has led to a market share decrease to 17.35%. Ather Energy has significantly narrowed the gap with 16,231 registrations and a 15.78% market share. This decline adds to the mounting challenges facing Ola Electric as rivals like TVS and Bajaj strengthen their positions in the market.

  • HYLENR Secures  Million in Pre-Series A Funding for Clean-Tech Innovation

    HYLENR Secures $3 Million in Pre-Series A Funding for Clean-Tech Innovation



    HYLENR: Pioneering Clean Energy with LENR Technology

    HYLENR: Pioneering Clean Energy with LENR Technology

    Clean energy startup HYLENR has successfully secured $3 million in a pre-Series A funding round, co-led by Valour Capital and Chhattisgarh Investments Limited. Additional contributions came from investors like Karthik Sundar Iyer and Anant Sarda. This influx of funds will help propel the company from its pilot phase to a market launch, reflecting the increasing confidence among investors in LENR as a practical substitute for fossil fuels, according to a recent press release from HYLENR.

    About HYLENR Technologies

    Established in 2024, HYLENR Technologies stands at the forefront of energy innovation. Their proprietary LENR-based hybrid heat systems are designed to transform thermal energy generation in various sectors, including manufacturing, oil and gas, district heating, and clean water desalination. The company claims that their LENR technology is now safeguarded by two patents: one for the product design and another for the innovative process involved.

    Key Developments and Future Plans

    Siddhartha Durairajan, the chairman and managing director of HYLENR, stated that recent laboratory results exhibit exceptional energy gain ratios. He emphasised that this funding will provide the necessary momentum to advance their product development agenda. Early proof-of-concept tests have already commenced, attracting interest from several governmental bodies and major corporations regarding their LENR systems. The next steps will concentrate on ramping up manufacturing and expanding their global presence.

    Current Projects and Product Pipeline

    HYLENR is currently running pilot projects with prominent government institutions and industry leaders, aiming to replace traditional fossil fuel systems with sustainable, next-generation alternatives. Their product line ranges from systems providing 7.2KW for household use to robust 1MW applications for large-scale industrial needs.


  • DPDzero Secures  Million Investment Led by GMO Venture Partners

    DPDzero Secures $7 Million Investment Led by GMO Venture Partners



    DPDzero Funding Success of $7 Million for Fintech Solutions

    DPDzero Funding Success of $7 Million for Fintech Solutions

    Fintech company DPDzero has successfully secured $7 million in a funding round spearheaded by GMO Venture Partners from Japan. This round saw participation from SMBC Asia alongside existing investor Blume Ventures. Additional support from prior investors such as Better Capital, Anmol Maini Ventures, and India Quotient has contributed $4.7 million thus far.

    Recently, Startup Superb reached out to the founder of DPDzero, Ananth Shroff, regarding this funding, but he indicated that their information was inaccurate at that moment.

    The Bengaluru-based business aims to allocate the new capital towards recruiting its own field collection agents, starting in Bengaluru and eventually branching out to Maharashtra and Uttar Pradesh. The inclusion of these agents will enable DPDzero to provide comprehensive and ethical collection services.

    Established in 2022 by Ananth Shroff and Ranjith Ramchandra, DPDzero assists banks, NBFCs, MFIs, and fintech firms with debt recovery through a blend of AI technology combined with human expertise. The company’s clientele includes notable names like RBL Bank, IndusInd Bank, L&T Finance, and Manappuram Finance.

    Currently, the startup processes collections for unsecured lending and is set to venture into personal loans and credit card collections. To date, it has managed collections for over 1 crore borrowers and works with approximately 18 lakh borrowers monthly.


  • Bluestone Scales Back IPO to ₹820 Crore; Slashes OFS by 42%

    Bluestone Scales Back IPO to ₹820 Crore; Slashes OFS by 42%



    Bluestone IPO: Updated Size and Structure for 2025

    Bluestone IPO: Updated Size and Structure for 2025

    Bluestone, the jewellery brand backed by Accel, has decreased its IPO size and adjusted both the fresh issue and Offer for Sale (OFS) components, as outlined in its Red Herring Prospectus (RHP) dated August 4, 2025. This adjustment comes just days before the anticipated public issue launch scheduled for August 11.

    Details on the Revised IPO Size

    The company plans to generate Rs 820 crore through fresh equity, a reduction from the previously suggested Rs 1,000 crore indicated in its Draft Red Herring Prospectus (DRHP). The size of the OFS has also seen a significant cut by over 42%, now standing at 1.39 crore shares down from 2.4 crore shares.

    Stake Reductions by Early Backers

    The revised OFS includes early investors such as Accel, Saama Capital, Kalaari Capital, Iron Pillar, and Sunil Kant Munjal from Hero Enterprise who will part-exit with smaller stake holdings. Accel is set to sell 26 lakh shares, Saama 41 lakh shares, Kalaari entities will collectively offload about 40 lakh shares, while Iron Pillar and Munjal are slated to sell 13 lakh and 19.3 lakh shares, respectively.

    IPO Timeline and Management

    The Bluestone IPO will be open from August 11 to August 13, with anchor investor bidding scheduled for August 8. The shares will be listed on the NSE and BSE. The book-running lead managers appointed for this IPO are Axis Capital, Kotak Mahindra Capital, and IIFL Capital.

    Company Overview and Financial Performance

    Established in 2011 by Gaurav Singh Kushwaha, Bluestone employs a hybrid retail model and operates 275 stores across more than 80 cities, complemented by a robust online presence. According to the company, the average revenue per store is reported at Rs 6.1 crore, while the average order value stands at Rs 47,671 for FY25.

    Shareholding Structure

    According to the RHP, founder Gaurav Singh Kushwaha is the primary individual shareholder with 17.7%, trailed by Accel India III at 13.8%, Hero Enterprise with 5.61%, and Kalaari Capital holding 5.12%. Other notable investors include MIH Investments, 360 One, IE Venture Fund, Iron Pillar, Peak XV Partners, and Steadview Capital.

    Revenue and Losses

    Bluestone reported a 40% year-on-year increase in revenue, reaching Rs 1,770 crore in FY25. Conversely, the company’s losses surged by 56.3%, amounting to Rs 218 crore in the last fiscal year (FY25) compared to Rs 142 crore in FY24. The RHP indicates that online sales contributed just 6.66% of total sales, with the bulk of revenue coming from physical stores and other channels.


  • The Sleep Company Secures ₹480 Crore in Groundbreaking Fundraising Round

    The Sleep Company Secures ₹480 Crore in Groundbreaking Fundraising Round



    Sleep Solution Investment: The Sleep Company Raises Rs 480 Crore

    Sleep Solution Investment: The Sleep Company Raises Rs 480 Crore

    Sleep solution startup The Sleep Company has successfully raised Rs 480 crore (approximately $56 million) in a funding round that includes equal parts primary and secondary investments, with lead investors being ChrysCapital and 360 One Asset. An ET report highlighted that Fireside Ventures made a partial exit through secondary share sales. The funds will be allocated towards team development and expanding the company’s retail presence.

    In a recent exclusive report by Startup Superb, details emerged regarding The Sleep Company’s investor interest surrounding the latest funding round. In December 2023, the startup secured $22 million in a Series C round, led by Premji Invest and Fireside Ventures.

    About The Sleep Company

    Founded in 2019, The Sleep Company operates as a direct-to-consumer (D2C) sleep solutions startup, offering an array of products such as mattresses, pillows, cushions, bedding, and office chairs. Their products are accessible via both e-commerce platforms and physical retail channels.

    Expansion Plans

    The Sleep Company aims to enhance its market presence by introducing 130 to 150 new stores within the next two years, supplementing its current network of 160 stores spread across 47 cities.

    Funding Overview

    According to various startup data intelligence platforms, The Sleep Company has successfully raised over $100 million to date, with notable investors such as Premji Invest and Fireside Ventures.

    Financial Performance

    For the fiscal year ending March 2024, The Sleep Company experienced a remarkable revenue increase of 2.5 times, reaching Rs 312 crore, up from Rs 127 crore in FY23. However, despite this growth, the company’s losses rose by 58% to Rs 58.69 crore during the same period.

    Industry Competition

    The Sleep Company competes with brands like Wakefit, SleepCat, and Duroflex. Recently, Wakefit filed its Draft Red Herring Prospectus (DRHP) with SEBI to raise Rs 468 crore through a fresh issue.


  • Cautio Secures  Million in Seed Funding with Amal Parikh at the Helm

    Cautio Secures $3 Million in Seed Funding with Amal Parikh at the Helm



    AI-powered Video Telematics | Cautio Raises $1.8 Million



    AI-powered Video Telematics: Cautio Secures $1.8 Million in Funding

    AI-powered video telematics startup Cautio has successfully raised $1.8 million in a recent funding round led by Amal Parikh. The investment also saw contributions from 8i Ventures, AU Small Finance Bank, Venture Catalysts, Vibha Chetan from Cheravi Ventures, Raveen Sastry of Multiply Ventures, Vivekananda Hallekere from Bounce, and Nishchay AG of JAR.

    This new injection of capital has increased Cautio’s total seed funding to $3 million, with a previous raise of $1.2 million in April as part of the same funding series.

    Funding Utilisation and Expansion Plans

    The funds raised will be primarily directed towards improving research and development capabilities, scaling up AI technologies, and expanding its deployment and servicing framework throughout India.

    About Cautio and Its Offerings

    Founded by Ankit Acharya and Pranjal, Cautio specializes in AI-powered dashcams tailored for fleet operators. These innovative devices provide real-time safety alerts aimed at preventing road accidents. The technology is currently deployed across various sectors, including public transport, school buses, and commercial fleets, enabling operators to swiftly identify and react to potential risks.

    Current Operations and Impact

    Cautio is operational in 46 cities and boasts a customer base of over 60. The startup is committed to enhancing safety on Indian roads by leveraging predictive technology to minimise the risks associated with accidents.