Booble AI Attracts $1.5 Million in Series D Funding
Booble AI Attracts $1.5 Million in Series D Funding
Booble AI, funded by Xiaomi, is in the process of raising $1.5 million (Rs 12.9 crore) from its existing investor, gaming powerhouse Krafton, as part of its Series D funding round. This funding round appears to be ongoing, and the company may secure additional capital in the future.
Details of the Funding Round
The board at Booble AI has approved the issuance of 600 Series D2 compulsory convertible preference shares at a price of Rs 2,14,940 each to accumulate the stated amount, according to a regulatory filing retrieved from the Registrar of Companies (RoC).
Utilization of Funds
The funds will be allocated for general corporate purposes. Startup Superb has estimated the valuation of Booble AI at Rs 834 crore ($98 million), reflecting a decrease of nearly 30% from its Series C valuation of Rs 1,172 crore ($138 million).
About Booble AI
Founded in 2012, Booble AI offers an AI-driven Indic keyboard that supports over 120 languages and features facial recognition for customised GIFs and stickers. This keyboard is compatible with applications like WhatsApp and Facebook, capturing user intent in real-time. The company generates revenue through targeted advertisements, consumer data insights, subscription offerings, and branded merchandise.
Previous Funding and Stake Holdings
According to various sources on startup data intelligence, the Gurugram-based company has raised around $35 million, which includes Rs 206 crore ($26 million) in a combination of primary and secondary capital from Krafton Inc in September 2022. During this round, it acquired a 12.34% stake from Affle. After this latest funding, Krafton will hold a 24.84% stake in the company.
Financial Performance
For the fiscal year ending March 2024, Booble AI reported a 25% increase in revenue, reaching Rs 37.67 crore. However, losses also grew by 40% to Rs 60.88 crore during the same period. The firm has not yet disclosed its financial figures for FY25.
Krafton’s Investments
Krafton, known for its BGMI game, has recently invested in various platforms, including the social networking site Shuru and JetSynthesys, which is backed by Sachin Tendulkar. Other significant investments by Krafton encompass Kuku FM, Cashfree, One Impression, Pratilipi, and Nautilus, among numerous others.
Rifa AI: Transforming Customer Interactions with Conversational AI Solutions
Rifa AI: Transforming Customer Interactions with Conversational AI Solutions
Rifa AI, a pioneering conversational AI platform, has successfully secured $1.1 million in funding, primarily led by Seaborne Capital, with notable contributions from NASSCOM and FalconX. This funding is intended to expand Rifa AI’s operations across North America and to enhance its conversational AI offerings for call centres. The aim is to develop compliant, modular, and scalable voice solutions tailored to meet the rigorous demands of regulated industries, as stated in a recent press release.
Innovative Conversational AI for Enterprises
Founded in 2023 by Sameer Fulzele and Shubham Khoker, Rifa AI presents a unique conversational AI platform crafted to enhance customer interactions specifically within regulated sectors. The focus is to assist contact centres in restructuring their operations around intelligent systems rather than relying solely on human effort.
Advanced Voice AI Solutions
According to Rifa AI, the platform implements Voice AI Agents at scale, allowing for seamless integration with existing enterprise systems. By merging advanced AI models with structured decision trees, policy-driven workflows, and backend APIs, it guarantees real-time, independent voice interactions that uphold compliance with industry standards like HIPAA and TCPA.
Potential and Impact on Compliance
Sameer Fulzele, co-founder of Rifa AI, highlighted that the development has been focused on complexity from the outset, and the new funding will facilitate the extension of their platform to a broader range of enterprise clients. The intent is to amplify voice workflows in industries where human interaction has traditionally been vital due to compliance complexities. The critical question remains: can AI agents function effectively in high-stakes environments where it is essential?
Significant Achievements in Voice Interactions
Rifa AI has made remarkable strides, processing over 3 million minutes of customer interactions across various domains, including insurance and financial services. The platform has managed to decrease the number of calls handled by human agents by up to 70%, while facilitating AI voice agents to resolve up to 60% of queries entirely.
Peak XV Partners is experiencing notable staff changes, as Anuj Sahai, the Chief Product Officer, has announced his departure from the company. This adds to a series of recent exits of high-ranking personnel within the venture capital firm.
Anuj Sahai’s Announcement
In a post on LinkedIn, Sahai stated, “After an eventful run as Chief Product Officer at Peak XV, I’m turning the page and looking forward to the next adventure. The role gave me a front-row seat to the startup ecosystem—partnering with founders and ideas that are shaping markets—and hands-on experience with AI technologies. Huge thanks to Peak XV Partners for the opportunity!”
Background on Anuj Sahai
Sahai has been a part of Peak XV (previously known as Sequoia Capital India & Southeast Asia) since 2023. He built a career by leading product and monetization strategies at renowned companies such as Flipkart, Ola, Payback, and Yahoo!
Recent Departures at Peak XV Partners
The venture capital firm has seen multiple high-level departures in recent months. Notably, managing partners Shailesh Lakhani and Abheek Anand resigned in February 2025 following extensive tenures at the firm. Investor Shraeyansh Thakur also exited in March after nearly ten years. This trend follows earlier significant exits, including Piyush Gupta, Anandamoy Roychowdhary, and several others.
Deepak Mehrotra Resigns as CEO of Aakash Educational Services Limited
Deepak Mehrotra Resigns as CEO of Aakash Educational Services Limited
Deepak Mehrotra, the Managing Director and CEO of Aakash Educational Services Limited, has stepped down from his role, as reported by sources familiar with the matter. This resignation comes 16 months after his appointment in April 2024. According to insider information, Mehrotra has formally submitted his resignation and is currently in his notice period.
While there has been no official statement from Mehrotra, a recent post on his LinkedIn mentioned that over the past 481 days of rebuilding the company, he has given his all but found the experience rewarding. He highlighted travels across nearly 70 branches to engage with employees, focusing on their aspirations and fostering trust. Emphasis has been on strengthening faith in leadership, developing new business models, and promoting technology adoption.
In response to inquiries from Startup Superb, a spokesperson for Aakash commented that, at this time, they would prefer not to make any statements. Efforts to reach Mehrotra for a response have also been initiated.
Strategic Direction under Mehrotra
Upon joining Aakash, Mehrotra was entrusted with the task of guiding the company through its Aakash 2.0 strategy, which aims at transforming the business model, consolidating roles, and aggressively seeking new talent.
Recent Developments and Layoffs
The company faced significant changes recently, including layoffs in September, where approximately 80 to 100 employees were let go. This marked the first substantial job reductions since Byju’s acquisition of Aakash for nearly $1 billion in 2021.
Startup Superb previously reported last year that Mehrotra’s annual salary would be Rs 5 crore, effective from the last fiscal year (FY25). Additionally, Aakash granted him employee stock ownership plans (ESOPs) valued at Rs 25 crore, which are set to vest over four years starting from April 2025.
Internal Challenges
This leadership transition occurs amidst ongoing internal strife within Aakash Educational Services Limited (AESL), as the founding Chaudhry family has been resistant to full integration. In March of the previous year, both entities retracted their merger petition, choosing to operate separately under the Think and Learn brand.
Aakash has yet to submit its annual report for FY24 and FY25.
Ola Electric Revenue Decline in Q1 FY26 – Comprehensive Overview
Ola Electric’s Revenue Decline in Q1 FY26
Ola Electric continues to witness a downward trend in its revenue, with a notable drop in the most recent quarter. The electric vehicle maker reported a year-on-year revenue reduction of nearly 50% for the first quarter of FY26. Concurrently, losses expanded by 23.3%.
According to consolidated financial statements acquired from the National Stock Exchange (NSE), Ola Electric’s revenue from operations fell to 828 crore in Q1 FY26, down from Rs 1,644 crore for the same quarter the previous year.
Revenue Sources for Ola Electric in Q1 FY26
In the first quarter of FY26, sales from electric scooters remained the dominant source of revenue for Ola Electric, while battery sales contributed only a minimal amount. The total revenue for the company reached Rs 896 crore in Q1 FY26, sharply declining from Rs 1,718 crore during the same period last year.
Expense Breakdown and Financial Analysis
Procurement expenses represented 58% of Ola Electric’s total expenditures in Q1 FY26, amounting to Rs 614 crore, as noted in the company’s disclosure on NSE. The overall quarterly loss increased to Rs 1,065 crore, attributed to higher spending on employee benefits, advertising, and technical support.
Impact on Losses and Share Performance
The contracting scale of operations led to an increase in Ola Electric’s losses by 23.3% year-on-year, reaching Rs 428 crore in Q1 FY26, compared to Rs 347 crore during the same quarter last year. However, when compared sequentially to Q4 FY25, losses narrowed by 50.8%, while revenue experienced a 35% quarter-on-quarter increase.
Market Reaction Post-Quarterly Results
Following the announcement of its quarterly results, Ola Electric was priced at Rs 39.95 per share as of 11:25 AM on Monday, marking a 52-week low. The company’s market capitalisation is currently at Rs 17,612 crore ($2.1 billion), representing a substantial 75.6% drop from its peak value of $8.1 billion in August of the previous year.
Shashank Shekhar, who previously headed content strategy and operations at ShareChat, is securing $4 million for his new AI-led learning startup, as reported by two sources familiar with the matter. Peak XV Partners is spearheading this funding round, with various early-stage institutional and angel investors involved, as mentioned by an anonymous source. It has been noted that Shekhar has been developing this project discreetly over the last few months and already has initial prototypes ready.
Startup in Stealth Mode
This startup is currently functioning in stealth mode and is anticipated to launch later this year. The details are still sparse, but the business model reflects aspects similar to Seekho, a platform geared towards career-focused learning. Reports indicate that Seekho is in discussions to secure between $25-30 million in funding.
Shekhar’s Background
Shashank Shekhar held the position of Head of Content at ShareChat from December 2016 until May 2018. After that, he co-founded Circle Internet, a hyperlocal information platform that was acquired by ShareChat in August 2020. Post-acquisition, he took on the role of Head of Content Strategy and Operations at the Google-backed company until his resignation in March of this year.
Funding Round Information
The funding round is expected to conclude within the next few weeks. The startup is likely to allocate the raised capital towards expanding its AI and product teams, continuing the development process, and preparing for its initial rollout, as indicated by another source.
Startup Name and Competitors
The startup’s name has not yet been disclosed. Attempts to reach Shekhar and Peak XV for comments did not receive a response by the time of this publication. While Shekhar’s new venture will be the first direct competitor to Seekho, platforms such as YouTube Shorts and Instagram present indirect competition through their creator-driven educational content targeting the same demographic.
Smallcase Achieves Over 50% Year-on-Year Growth in Fiscal Year 2025
Smallcase Achieves Over 50% Year-on-Year Growth in Fiscal Year 2025
Smallcase, a leading wealthtech platform, has achieved an impressive growth rate of more than 50% year-on-year for the fiscal year ending March 2025. This remarkable performance is attributed to enhanced unit economics, as indicated by the data shared by various sources.
The revenue generated from Smallcase’s operations increased to Rs 106 crore in FY25, up from Rs 67.4 crore in FY24, according to the documents. Smallcase operates a platform that aids brokers in executing transactions in exchange-traded products, primarily earning revenue from transaction fees charged to these brokers. Additionally, the firm profits from research services and other related offerings.
The platform has facilitated transactions amounting to Rs 1.2 lakh crore, catering to a user base exceeding 10 million investors.
Despite recording over 50% growth in FY25, Smallcase has successfully managed its overall costs, leading to a decrease in its EBITDA losses to Rs 9 crore in FY25. Nonetheless, the Bengaluru-based company reported a net loss of Rs 34 crore for the last fiscal year.
Inquiries directed to Smallcase on Friday remained unanswered by the time this story was published.
Smallcase has raised approximately $120 million to date, including a $50 million Series D funding round completed in March this year. This round was led by Elev8 Ventures, with contributions from State Street Global Advisors, Niveshaay AIF, Faering Capital, among others. Previously, the firm had closed a $40 million round in 2022.
According to the startup data intelligence platform and several sources, Smallcase currently holds a valuation of between $285-290 million. Peak XV possesses the largest external stake at 16.2%, while Fearing Capital and Blume Ventures follow with stakes of 9.67% and 7.67%, respectively.
The startup Superb has recently analyzed the company’s latest valuation and detailed shareholding structure.
Smallcase faces competition from platforms such as INDmoney, which claimed Rs 70 crore in revenue for FY24, and Wint Wealth, which reported Rs 21 crore for the same period. Other competitors include Scripbox, Dezerv, and several emerging players in the wealthtech sector.
Indian Startups Funding Overview: $95 Million Raised This Week
Indian Startups Funding Overview: $95 Million Raised This Week
This week, Indian startups attracted about $95 million in funding, comprising 5 growth-stage and 10 early-stage deals, while 2 companies opted not to disclose their funding amounts.
Growth-Stage Deals
In terms of growth and late-stage funding, the total reached $72.9 million. Smartworks, a proptech company preparing for an IPO, led the way with a pre-IPO round of $20 million. Education-focused NBFC Varthana followed suit, raising Rs 159 crore (approximately $18.5 million) in debt. The clean-label food brand Kehtika also secured $18 million in a Series B round, spearheaded by Narotam Sekhsaria Family Office and Anicut Capital. Additionally, fintech company Credit Wise Capital and Avis Hospital also attracted funding.
Early-Stage Deals
Ten early-stage startups collectively garnered around $22.11 million, with tech-enabled NBFC InPrime Finserv leading the charge by raising approximately $6 million in its Series A round, supported by Pravega Ventures. Other notable mentions include fintech startup Belong, microdrama OTT platform Chai Bisket, home service marketplace Clean Fanatics, and deeptech startup Green Aero. Conversely, cybersecurity startup LdotR and SaaS startup Monetize360 have raised funds without disclosing the exact amounts.
For a complete funding breakdown, various sources can provide more detail.
City and Segment-Wise Deals
Bengaluru-based startups dominated the funding landscape with 6 deals, followed by Delhi-NCR with 4 deals. Companies in Mumbai, Hyderabad, and other locations also secured funding.
Segment-wise, fintech startups reigned supreme with 4 deals. Deeptech and SaaS startups each recorded 2 deals, while sectors like proptech, foodtech, and OTT also saw activity this week.
Series-Wise Deals
Seed funding was the most prominent with 7 deals, while Series A and pre-Series A each secured 2 deals. Additionally, there were deals in pre-IPO, debt, and Series B funding rounds.
Week-on-Week Funding Trend
This week experienced a 67% decline in startup funding, amounting to $95 million, compared to approximately $290.28 million raised the previous week. The average funding over the last eight weeks stands at around $205.24 million, with 21 deals each week.
Key Hirings and Departures
This week featured significant appointments within various companies. CoinDCX, a cryptocurrency exchange, announced Amol Wanjari as the Head of Engineering and Sangeeth Aloysius as the Head of Product. Foodtech major Eternal, formerly known as Zomato, welcomed Aditya Mangla as the CEO of its core food delivery operations. Autodesk appointed Kamolika Gupta Peres as Vice President for its business in India and SAARC.
For more details, various sources can be consulted.
Mergers and Acquisitions
Workspace solution provider Incuspaze acquired VSKOUT, a B2B SaaS offering curated data analytics for the commercial real estate sector, as part of a strategic move to integrate advanced technologies. Additionally, Infinity Fincorp Solution, a non-bank lender in India, entered into a share purchase and subscription agreement with Partners Group, whereby Partners Group will acquire a significant majority stake in the company.
To view a breakdown of series-wise deals along with amounts, various sources can provide insights.
Fund Launches
IndiGo Ventures, the corporate venture capital arm of IndiGo, announced the first close of its inaugural fund at Rs 450 crore. Furthermore, IIT Madras is launching a Rs 200 crore VC fund aimed at supporting early-stage startups, specifically in the deeptech sector.
New Launches and Partnerships
Awfis is branching into the furniture business to explore new revenue streams and reduce costs. Flipkart Ventures has introduced Leap Ahead 4.0 to support early-stage startups. ClearTax launched a multilingual AI solution for filing income tax returns. PhysicsWallah partnered with YCMOU to offer UGC-compliant online degree programmes. Meanwhile, Flipkart collaborated with Pebble to unveil India’s first smart ring featuring digital displays and gesture controls. Dhruva Space formed a partnership with Pixxel, and Shaadi.com ventured into spiritual technology with the new launch of AstroChat.
Financial Results This Week
Redcliffe Labs reported revenue of Rs 419 crore for FY25, while narrowing EBITDA losses. Smartworks reported Rs 1,374 crore in revenue with Rs 62 crore in losses for FY25.
News Flash This Week
Pocket FM is seeking Rs 85.7 crore in damages from KuKu FM, with the rival asserting that the charges are motivated. PhonePe and Google Pay held a combined 82% market share in UPI transactions during June, while BHIM made a return to the top 10 after a prolonged absence. The Enforcement Directorate conducted raids on the opinion trading platform Probo, seizing assets worth Rs 284 crore. Groww maintained its lead over Zerodha and Angel One despite a decline in user numbers in June. A US court held Byju Raveendran in contempt for bypassing bankruptcy orders. LetsVenture has rebranded as LVX and expanded its focus to include growth-stage investment.
On a weekly basis, startup funding fell by 67% to $95 million, compared to around $290.28 million raised the previous week. The legal dispute between Pocket FM and Kuku FM progressed to the Delhi High Court, with Pocket FM suing Mebigo Labs for allegedly plagiarising five audio series and seeking Rs 85.7 crore in damages and a ban on their content and artwork.
India’s UPI network recorded 18.4 billion transactions worth Rs 24.04 lakh crore in June, experiencing a slight decrease compared to the previous month, according to NPCI data. Despite the dip, PhonePe and Google Pay maintained their leadership in the sector, together handling over 82% of UPI transactions by volume. The active user base in the Indian stock market decreased from 49.67 million in January to 47.89 million in June, although it had a 2% month-on-month rise in May. Groww retained its leading position with a 26.27% market share, despite a 1.67% reduction in users, bringing the total to 12.58 million in June, as per NSE data. The Enforcement Directorate also executed raids on opinion-trading platform Probo, seizing assets worth Rs 284.5 crore, with the company under investigation for alleged transgressions of gambling laws under the Prevention of Money Laundering Act.
Swiggy, the food delivery and rapid commerce platform, has officially launched a fresh employee stock option (ESOP) programme valued at Rs 150 crore (approximately $17.5 million).
Details of the ESOP Grant
According to filings with the NSE, Swiggy Limited has issued 38.86 lakh stock options as part of its ESOP 2024 initiative. With the current market price standing at Rs 385.3 per share, this grant is evaluated at around Rs 150 crore.
The disclosed stock options carry an exercise price of Rs 1 each and convert into a fully paid-up equity share upon vesting. Employees can exercise these options any time after the vesting period until the company undergoes liquidation.
Recent Developments and Expansions
This announcement follows the recent entry of Swiggy into the travel concierge and lifestyle management sector with the launch of a new app named Crew, as reported exclusively by startup Superb.
Earlier in April of this year, the Bengaluru-based enterprise revealed additional employee stock options under its ESOP 2024 scheme for eligible employees, totalling Rs 443.4 crore (about $52 million).
Financial Performance Overview
In the fourth quarter of FY25, Swiggy’s losses escalated by 95% year-on-year, reaching Rs 1,081 crore, despite a 45% increase in revenue, which amounted to Rs 4,410 crore. For the full fiscal year, the total revenue reported was Rs 15,227 crore.
In comparison, rival Zomato achieved profitability with Rs 39 crore in the last quarter of the previous fiscal year (Q4FY25), while Zepto managed to reduce its losses to Rs 1,248 crore in FY24.
Market Standing
At the end of trading on Friday (July 11, 2025), Swiggy’s shares were priced at Rs 385.3, leading to a market capitalisation of Rs 96,080 crore (around $11.3 billion).
Flipkart Employee Stock Option Plan Liquidity Opportunity
Flipkart Employee Stock Option Plan Liquidity Opportunity
Flipkart has unveiled a new chance for liquidity through its Employee Stock Option Plan (ESOP), as shared in an internal memo from the chief executive officer, Kalyan Krishnamurthy. This initiative allows eligible employees to sell up to 5% of their vested ESOPs starting from July 5, 2025, at a buyback price set at $174.32 per option. Employees can expect payouts to be made in August 2025 under the Flipkart Stock Option Plan 2012.
Details of the ESOP Buyback
According to an ET report, the total buyback size for the ESOP is estimated at $50 million, potentially benefiting between 7,000 to 7,500 employees. Currently, Flipkart holds a valuation of approximately $36 billion.
Future Liquidity Options
Krishnamurthy mentioned that if essential performance metrics are achieved by the end of 2025, there could be another 5% liquidity opportunity available in early 2026. A Flipkart spokesperson has corroborated this development to Startup Superb.
Previous Achievements and Future Prospects
This announcement comes on the heels of Flipkart’s record-breaking $700 million payout to employees in 2023, marking one of the most significant ESOP buyback events in the history of Indian startups. Media reports further suggest that the company is preparing to launch its IPO with a valuation between $60 and $70 billion. In addition, the board has sanctioned the transition of its holding structure from Singapore to India.
Market Trends in ESOP Liquidity
In 2025, a number of startups including Darwinbox, Rapido, Univest, Deserve, and Even Healthcare have introduced ESOP buyback and liquidity initiatives totaling around $67 million. In 2024, more than 20 startups executed a total of $200 million in such programs. Data from various sources indicates that the total ESOP buyback or liquidity amount reached $802 million in 2023, $440 million in 2021, and $200 million in 2022.
