StartupSuperb

Category: News

  • Cookd Secures ₹16 Crore in Pre-Series A Funding Round Driven by Spring Marketing Capital

    Cookd Secures ₹16 Crore in Pre-Series A Funding Round Driven by Spring Marketing Capital



    Cookd Secures Funding to Expand in South India



    Cookd Secures Funding to Expand in South India

    Cookd, a prominent consumer food brand, has successfully raised Rs 16 crore (approximately $2 million) in its pre-Series A funding round, which was led by Spring Marketing Capital. The investment also saw participation from Eternal Capital, Sun Icon Ventures, and PeerCheque.

    Planned Expansion and Product Innovation

    Based in Chennai, Cookd aims to use the raised funds to strengthen its market presence in Tamil Nadu, make inroads into Kerala, and enhance product innovation in various categories such as masalas, gravies, and ready-to-use kits.

    Diverse Product Offerings

    Founded in 2019, Cookd provides an array of cooking essentials, including biryani kits, masalas, pastes, and recipe kits. All products are free from preservatives, prioritising taste, convenience, and control. Customers can find Cookd’s offerings through D2C channels, offline retail, and quick commerce platforms such as Swiggy Instamart, Blinkit, and Zepto.

    Market Presence and Growth

    With a solid presence in Tamil Nadu, Cookd is now actively expanding throughout South India. The brand currently operates in over 1,600 retail outlets and is a leader in the biryani kit market within the quick commerce sector.

    Driving Growth Through Content

    The impressive growth of Cookd is supported by its content strategy, boasting over 6 million followers and accumulating more than 150 million monthly video views across various social media channels. By merging product innovation with creator-led content, Cookd employs a chef-influencer model to collect real-time consumer insights and foster trust in its brand.

    Backing from Spring Marketing Capital

    Spring Marketing Capital’s previous investments include successful brands such as Purplle, Jar, and Giva, underscoring its commitment to nurturing innovative startups.


  • AstroTalk Aims for Unicorn Status in Upcoming Funding Round

    AstroTalk Aims for Unicorn Status in Upcoming Funding Round


    AstroTalk’s New Funding Round and IPO Prospects

    AstroTalk, a platform dedicated to astrology, is currently in the midst of negotiations to secure a new funding round estimated between $50-100 million, as reported by three informed sources. This new round of funding discussions comes after a 12-month hiatus for the Noida-based company.

    One source, who requested anonymity, mentioned that the conversations are progressing with various investors, including some existing financial backers. It is anticipated that this funding round will mark the final stage before the company submits its Draft Red Herring Prospectus (DRHP) for a public listing within the next six months.

    Sources indicate that AstroTalk aims to initiate its IPO process in just a few months.

    AstroTalk successfully concluded a $14 million funding round in June of the previous year. Thus far, the company has raised a total of $34 million from investors including Left Lane and Elev8 Capital.

    According to another source, who chose to remain anonymous due to the confidentiality of the discussions, AstroTalk is aiming for a valuation between $1.3 and $1.5 billion in the upcoming funding round, which is expected to be finalised in the coming months. This represents a significant increase from its previous valuation of $300 million.

    If AstroTalk achieves this valuation, it will join the ranks of Jumbotail, Drools, Porter, Netradyne, and Juspay, all of which have become unicorns in the current calendar year (2025).

    For those unfamiliar, AstroTalk is an online platform that allows users to consult with professional astrologers via the internet, phone calls, and chat. The platform boasts a network of 45,634 professionals, including astrologers, tarot readers, numerologists, and Vastu experts, and offers personalised predictions and guidance across various domains such as marriage, relationships, career, health, and more.

    Under the leadership of Puneet Gupta, the company has demonstrated robust growth over the past two fiscal years. An internal document reviewed by Startup Superb revealed that AstroTalk concluded FY25 with revenues amounting to Rs 1,182 crore and profits exceeding Rs 250 crore. This follows a notable increase in FY24, where they reported revenues of Rs 651 crore and profits of Rs 100 crore.

    AstroTalk opted not to comment on this matter.

    Recently, AstroTalk expanded its offerings by launching a direct-to-consumer (D2C) vertical that focuses on spiritual and wellness products. This includes services such as puja bookings, gemstones, and astrological remedies. Co-founder Anmol Jain stated that the D2C sector is expected to contribute 25-30% of total revenue while upholding profitability.

    The planned IPO is timely, as profitable consumer-tech startups are experiencing renewed interest from investors. If successful, AstroTalk will become the first venture-funded entity in the online astrology sector to enter the public market. The company continues to face competition from established platforms like Astrosage, Astroyogi, GaneshaSpeaks, and InstraAstro.

  • Awfis Ventures into Furniture Industry to Diversify Income and Reduce Expenses

    Awfis Ventures into Furniture Industry to Diversify Income and Reduce Expenses



    Awfis Launches Furniture Manufacturing for Enhanced Co-Working Solutions

    Awfis Expands into Furniture Manufacturing

    Awfis, a prominent co-working solutions provider, has ventured into the realm of furniture manufacturing and sales, representing a significant shift from its primary focus on co-working spaces. This expansion was made possible by gaining shareholder consent to modify the company’s Memorandum of Association, thereby adding this new business sector.

    Strategic Cost Reduction through Vertical Integration

    The company’s objective behind this diversification is to cut expenses linked to the establishment and furnishing of its co-working centres through vertical integration. By fabricating and sourcing furniture internally, Awfis anticipates notable cost reductions and enhanced operational efficiency.

    Furniture Solutions for Third-Party Clients

    In addition to serving its own needs, Awfis aims to provide comprehensive office furniture and furnishing solutions to external clients. The recent filing indicates that the company is now equipped to produce, import, export, trade, and repair diverse furniture and related items. This includes carpet, rugs, curtains, blinds, glass products, woodwork, and a variety of home decor accessories.

    Flexibility in Operations

    The newly amended object clause grants Awfis the freedom to operate as a manufacturer, retailer, wholesaler, stockist, agent, and service provider for furniture crafted from an array of materials, including wood, steel, plastic, leather, and fibre. Moreover, it opens doors for additional services such as cleaning, upholstery, packing, and moving as outlined by the company’s disclosure.

    Financial Performance Highlights

    During the last quarter (Q4 FY25), Awfis reported a remarkable 47% year-on-year rise in revenue, reaching Rs 340 crore compared to Rs 232 crore in the same quarter last year. The company’s profit surged eightfold to Rs 11.2 crore in this period. Over the course of FY25, Awfis documented total revenues of Rs 1,208 crore, with an overall profit of Rs 68 crore.

    Market Performance

    As of 10.41 AM, Awfis shares are trading at Rs 644.20, reflecting a total market capitalization of Rs 4,593 crore (approximately $540 million).


  • Flipkart Ventures Unveils Leap Ahead 4.0 to Support Emerging Startups

    Flipkart Ventures Unveils Leap Ahead 4.0 to Support Emerging Startups


    Flipkart Ventures Launches Flipkart Leap Ahead 4.0 for Early-Stage Startups

    Flipkart Ventures has officially introduced the fourth iteration of its accelerator initiative, Flipkart Leap Ahead 4.0, aimed at supporting early-stage startups that are innovating within India’s digital economy.

    This programme will provide equity investments reaching up to $500,000 and offer selected startups structured mentorship from Flipkart’s leadership team, experts in various fields, and diverse venture ecosystem partners.

    This year, Flipkart is particularly keen to back startups focused on AI technologies, drone innovations, and quick commerce solutions.

    Initially launched in 2022, Flipkart Leap Ahead has previously supported notable startups such as Dopplr, Livwell, Rightbot, Saara, and FlexifyMe. These companies have successfully secured additional funding and expanded their operations with the strategic assistance of Flipkart.

    With Flipkart Leap Ahead 4.0, Flipkart Ventures reinforces its dedication to the Indian startup ecosystem, assisting founders in developing scalable solutions for the country’s next 500 million internet users.

  • Probo Commits to Full Collaboration Following ED Searches

    Probo Commits to Full Collaboration Following ED Searches


    Probo Addresses Enforcement Directorate Raids and Asset Seizures

    Probo, a startup based in Gurugram, has responded publicly following the Enforcement Directorate’s raids that resulted in the seizure of assets valued at Rs 284 crore. The company stated that it is fully cooperating with law enforcement in the ongoing investigation and is optimistic about overcoming these challenges.

    Probo’s Commitment to Compliance

    A spokesperson for Probo indicated, “In light of recent developments, we would like to assure all stakeholders and the public that Probo is cooperating with law enforcement authorities in the ongoing inquiries.” The company further emphasized its role in developing transformative technology and expressed confidence in India’s regulatory environment.

    Trust in India’s Regulatory Framework

    Probo expressed its belief in India’s robust regulatory framework, stating, “We remain confident that our commitment to compliance and innovation will help us emerge stronger.” The spokesperson reiterated their trust in the country’s vision for responsible technological advancement.

    Probo’s User Base and Platform Offerings

    Probo claims to operate a skill-based platform and positions itself as India’s leading information marketplace. The company provided information about its extensive user base, noting that more than 4.2 crore users have accessed its platform. Probo aims to provide wealth creation opportunities that extend beyond conventional financial systems.

    User Safety and Trust as Priorities

    Further, Probo confirmed its dedication to observing relevant laws and highlighted user safety and trust as its top priorities amidst the ongoing scrutiny. The action taken by the Enforcement Directorate is part of a wider investigation into what has been identified as “illegal online betting operations under the guise of opinion trading,” with Probo being one of several platforms currently under review.

  • Pocket FM Seeks ₹85.7 Crore in Damages from KuKu FM; Rival Claims Allegations Are Self-Serving

    Pocket FM Seeks ₹85.7 Crore in Damages from KuKu FM; Rival Claims Allegations Are Self-Serving


    Pocket FM vs Kuku FM Legal Battle in Delhi High Court

    The ongoing legal battle involving audio platforms Pocket FM and Kuku FM has escalated at the Delhi High Court, where both parties have laid out comprehensive arguments regarding claims of copyright and trademark infringements.

    Pocket FM has initiated legal action against Mebigo Labs, the owner of Kuku FM, alleging that the latter has unlawfully replicated five of its audio series. The company is pursuing Rs 85.7 crore in damages as well as a permanent injunction to prevent further utilisation of its content formats, titles, and artwork.

    Arguments Presented by Pocket FM

    During the virtual proceedings, Pocket FM accused Kuku FM of appropriating its content for more than four years. This includes the imitation of shows, thumbnails, episode formats, and the overall presentation, which Pocket FM claims misleads users and diminishes its audience. The plaintiff also referenced prior legal measures that resulted in content removal or temporary resolutions.

    Kuku FM’s Response

    In rebuttal, Kuku FM refuted the sweeping accusations and informed the court that the five contested series were developed through extensive research and analysis. The company requested a minimum of two weeks to present a detailed counter-argument.

    Furthermore, Kuku FM suggested that Pocket FM’s continuous legal manoeuvres are strategically timed to undermine investor and public trust, especially as Kuku FM approaches a potential IPO. The court acknowledged this angle but primarily concentrated on the present copyright assertions.

    Court Directions and Next Steps

    Recognising the intricate nature of the case, the court instructed Kuku FM to submit its written response within a fortnight. It also requested a Chartered Accountant (CA) certificate that would outline the revenue generated from the five allegedly infringing series since their respective launch dates. The next court session is set for August 29.

    The court noted that both parties offered a “balanced approach” in their arguments and opted not to issue any immediate directives on content removal or relief, which allows the legal proceedings to advance.

    Previous Legal Clashes

    This is not the first confrontation between the two firms. They have engaged in multiple legal disputes since 2022. One such case was resolved in December 2022 after Pocket FM accused Kuku FM of releasing audio summaries of books that Pocket FM held exclusive rights to.

    Most recently, on May 30 of this year, the Delhi High Court granted an injunction against Kuku FM in a separate case brought by Pocket FM. This claim contended that Kuku FM had replicated original content, including a voiceover that urged listeners to “aage ki kahani ke liye, log in kariye Pocket FM par,” directly imitating Pocket FM’s established format.

  • “PhonePe and G-Pay Dominate UPI Market with 82% Share as BHIM Reenters Top 10 Rankings”

    “PhonePe and G-Pay Dominate UPI Market with 82% Share as BHIM Reenters Top 10 Rankings”



    UPI Transactions in India – June 2023 Overview

    UPI Transactions in India – June 2023 Overview

    UPI, the Unified Payments Interface, witnessed a total of 18.4 billion transactions valued at Rs 24.04 lakh crore in June 2023, according to data from the NPCI. This figure represents a slight decrease compared to the preceding month. However, PhonePe and Google Pay maintained their dominance, collectively accounting for over 82% of all transactions by volume.

    PhonePe and Google Pay Dominate UPI Transactions

    PhonePe topped the list with 8.55 billion transactions amounting to Rs 11.99 lakh crore, securing 46.5% of the total UPI volume and nearly 50% of the overall transaction value.

    Google Pay followed closely with 6.54 billion transactions and a total value of Rs 8.41 lakh crore, capturing a market share of 35.6% by volume and 35% by value.

    Other Notable Players in the UPI Ecosystem

    Paytm secured third place, recording 1.27 billion transactions worth Rs 1.34 lakh crore. This Noida-based company accounted for 6.9% of the overall UPI volume and 5.6% of its total value.

    In the emerging sector, super.money surpassed CRED regarding transaction volume, albeit with a significantly lower value. New entrants like Navi and FamApp by Trio reported 406 million and 113 million transactions, respectively. Navi achieved a value of Rs 21,815 crore, while FamApp reached Rs 1,440 crore.

    Transaction Figures of Other Apps

    Amazon Pay and BHIM recorded 93 million and 73 million user-initiated transactions, respectively, with transaction values of Rs 9,942 crore and Rs 11,726 crore. Notably, the government-promoted app BHIM made a comeback into the top 10 UPI applications by volume after a hiatus of 17 months.

    Private Bank UPI Applications

    UPI applications led by private banks, such as Axis Bank Apps, reported a modest volume of 24 million transactions, amounting to Rs 5,231 crore. Remarkably, it was the only app to report business-to-consumer UPI transactions, handling 102 million transactions worth Rs 4,155 crore in this segment.

    Global Expansion of UPI Services

    Beyond India, the UPI system is operational in countries such as Bhutan, Nepal, Mauritius, Sri Lanka, Singapore, France, Oman, and the UAE. Reports suggest that NPCI is looking to extend UPI services to additional nations, including Qatar, Thailand, Malaysia, and other Southeast Asian regions. The UK, Oman, and the Maldives have expressed interest or initiated early integration stages, while Namibia is preparing to launch UPI services in 2025.


  • Edtech Faces Challenges While Loan Providers Thrive: Insights from Startup Superb

    Edtech Faces Challenges While Loan Providers Thrive: Insights from Startup Superb

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    Edu-Fintech in India: Current Trends and Funding Landscape

    The edu-fintech sector has witnessed various challenges since the post-pandemic era. Startups in this domain raised nearly $6 billion, with several achieving unicorn status. The turmoil at Byju’s notably influenced the wider edu-fintech scene, resulting in layoffs at firms like Unacademy and Vedantu. Other than PhysicsWallah’s IPO and a few substantial funding rounds involving companies such as Eruditus and upGrad, notable activities within the sector have been relatively limited since January 2024. In comparison, fintech startups concentrating on education have expanded their footprint over the past 18 months.

    Data from multiple sources indicates that edu-fintech startups raised $1.2 billion since 2024. Interestingly, more than 35% of this funding—around $424 million—has been allocated to startups focusing on education loans. This trend highlights that while overall investor enthusiasm for edu-fintech may have diminished, there remains a robust demand for educational financing platforms assisting students and their families with the increasing costs of education.

    Leading Edu-Fintech Startups Funded Since January 2024

    Leap Finance emerged as a frontrunner, securing $165 million over two funding rounds. This amount includes $100 million in debt and $65 million through a combination of primary and secondary capital, with Apis Partners spearheading the investment. Both funding rounds occurred in 2025. Avanse, an education-centric non-banking financial company (NBFC), obtained $117 million (Rs 1,000 Cr) in primary funding from Mubadala Investment. Additionally, Auxilo, based in Mumbai, raised $48 million through three rounds in 2024, with $18 million coming from two debt rounds.

    Another significant funding achievement includes Bengaluru’s Varthana, which raised $42.25 million across four rounds, while Propelld secured $25 million through a debt round. Other notable players include Mumbai’s GrayQuest, the education loan marketplace startup GyanDhan, Invest4Edu, and Lorien Finance.

    Year-on-Year Funding Trends

    The edu-fintech sector aimed at education has experienced marked changes over recent years. In 2021, more than $100 million was attracted in funding, with companies such as Eduvanz, Leap, and Leverage Edu raising capital across several rounds. By 2022, the momentum increased, bringing funding to approximately $169 million. However, in 2023, there was a significant decline in investments, dropping by over 55% to $76 million. Since 2024, the sector has shown recovery signs, as venture capital funding climbed to $424 million.

    Financial Performance of Edu-Fintech Startups in FY24

    In FY24, Avanse dominated the sector with an operating revenue of Rs 1,726 crore, followed closely by Auxilo, Varthana, Leap, and Propelld, which reported revenues of Rs 357 crore, Rs 278 crore, Rs 201 crore, and Rs 82 crore, respectively. More than half of these startups, including GreyQuest, Leap, and Auxilo, achieved revenue growth exceeding 100% compared to the previous fiscal year (FY23).

    Regarding profitability, Avanse reported the highest profit at Rs 332.5 crore, while Auxilo and Varthana reported profits of Rs 69.2 crore and Rs 31 crore, respectively. In contrast, Leap reported a loss of Rs 21.6 crore, Propelld faced a Rs 43.14 crore loss, and GreyQuest encountered a Rs 36.8 crore loss during the same timeframe. Notably, these losses are lower compared to core edu-tech companies. Furthermore, none of the edu-fintech startups have announced layoffs since January 2024.

    In a nation where the Right to Education was finally granted after considerable delay, and basic literacy remains a challenge, the surge into edu-fintech has been easy to understand. The immense market size created opportunities for various providers. However, what should concern stakeholders is the expansion into diverse education sectors. The expense of obtaining a ‘quality’ education in India has escalated at a rate surpassing inflation, causing significant unease for many, potentially more than what the government realises. While a widespread backlash has yet to be seen, it may emerge as the election period approaches in 2029. This also provides ample time for numerous students who have taken loans for education to assess whether the loans, or the education itself, yield adequate returns in terms of job quality. It has been frequently highlighted how stagnant entry-level salaries in the IT sector have remained for over 15 years, even as the costs to qualify for such positions have increased more than three times.

    The prospects in the professional education sector, where employees pursue their own funding for clear objectives, continue to be promising. However, the extension into graduate and undergraduate education poses risks that are presently significantly underestimated.


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  • Partners Group Set to Take Majority Stake in Infinity Fincorp for ₹1,950 Crore

    Partners Group Set to Take Majority Stake in Infinity Fincorp for ₹1,950 Crore



    Infinity Fincorp Solution: Significant Investment from Partners Group

    Infinity Fincorp Solution: Significant Investment from Partners Group

    Infinity Fincorp Solution, a leading non-bank lender in India, has recently formed a share purchase and subscription agreement with Partners Group, allowing Partners Group to acquire a substantial majority stake in the organisation.

    Investment Details

    The investment totals Rs 19.5 billion (approximately $230 million) in Infinity, spearheaded by Partners Group, with support from existing investor Jungle Ventures. This funding package includes a primary issuance of Rs 6 billion (around $70 million) along with a secondary purchase from Indium IV (Mauritius) Holdings Limited, a fund managed by Global Opportunity Advisors (Mauritius) Limited, which is under the guidance of True North Managers LLP, in addition to other stakeholders.

    Utilisation of Funds

    According to Infinity, the investment will be utilised to expedite its branch rollout and invest in advanced technology aimed at improving customer onboarding and experience.

    Target Audience and Services

    Based in Mumbai, Infinity targets unbanked and under-banked Medium Small & Micro Enterprises (MSMEs) across India, helping small businesses and entrepreneurs unlock their growth potential. The company provides tailored secured loans to entrepreneurs and small business owners through over 120 branches spanning eight states. Infinity currently manages assets exceeding Rs 12 billion (around $140 million).

    Customer Base

    Infinity boasts a customer base of approximately 50,000 individuals, with many operating within the agriculture, trading, and manufacturing industries, typically residing in smaller towns and cities across the nation.

    Market Insights

    Market research indicates that the credit gap for the MSME sector is estimated at Rs 33 trillion and is witnessing a growth rate of around 16% annually.

    Industry Trends

    Infinity operates within the MSME segment in India, which is experiencing several supportive trends, such as robust economic growth, the formalisation of lending processes, increasing government backing, and rapid digitalisation. These factors are contributing to a quicker transition from customer onboarding to loan disbursal.


  • Probo Commits to Full Collaboration Following ED Searches

    ED Uncovers Major Fraud in Probo Trading Platform, Seizes Assets Valued at ₹284 Crore



    Probo Under Investigation by ED for Alleged Gambling Violations

    Probo Under Investigation by ED for Alleged Gambling Violations

    Probo is currently in the spotlight as the Enforcement Directorate (ED) has executed searches at its offices located in Gurugram and Jind, leading to the seizure of assets valued at Rs 284.5 crore. The investigation is being carried out under the Prevention of Money Laundering Act (PMLA), with allegations indicating that Probo’s operations have breached public gambling laws.

    Details of the Investigation

    This action follows increased scrutiny of Probo’s activities, which are now being examined by various investigative and judicial authorities. According to the ED, Probo has been facilitating users to place bets on events with binary outcomes, masking this as “opinion trading,” which resembles online gambling.

    The ED also reported that multiple incriminating documents and digital data were collected during the raids. These searches were initiated based on FIRs filed in Gurugram, Palwal, and Agra, in accordance with the Public Gambling Act and relevant clauses of the Bharatiya Nyaya Sanhita.

    Legal Challenges and Public Interest Litigation

    As the financial investigation proceeds, Probo is concurrently engaged in a legal battle at the Haryana High Court. A Public Interest Litigation (PIL) has been submitted, asking for a prohibition on applications like Probo, which are accused of operating as betting platforms while claiming to be technology startups. In reaction to these concerns, the Haryana government has enacted a new statute, the Prevention of Gambling Act, 2025, aimed at regulating such platforms. Nonetheless, this new law has stirred up debates within the gaming industry, with numerous stakeholders questioning its broad applicability and constitutional validity.

    Financial Performance of Probo

    Despite these legal and investigatory challenges, Probo has successfully secured approximately $28 million over several funding rounds. As per insights from a startup data intelligence platform, Peak XV holds the largest share at 21.72%, with Elevation Capital and The Fundamentum Partnership being notable investors.

    In the fiscal year ending March 2024, Probo reported remarkable growth, achieving a 5.4X increase in revenue from Rs 86 crore in FY23 to Rs 459 crore in FY24. Concurrently, the company’s profits surged to Rs 92 crore for FY24, while it has yet to disclose its figures for FY25.