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Author: preethy
In a significant demonstration of the Tamil Nadu startup ecosystem’s resilience, Chennai-based CaratLane has reported impressive financial results for Q2 FY25, with total income reaching INR 829 crore, marking a robust 27.9% year-on-year growth. The Tata-owned omnichannel jewellery brand’s performance was primarily driven by strong customer demand for its studded products, reinforcing its position as a leading player in India’s organized jewelry retail sector.The company’s Q2 performance highlights include an EBIT (earnings before interest and tax) of INR 58 crore, maintaining a healthy 7% margin. Notably, the studded category emerged as a key growth driver, with revenue jumping 41% year-on-year and its contribution to overall revenue increasing by 7 percentage points to reach 79% during the quarter.Avanti Krishnamurthy, retail…
In a significant regulatory crackdown, the Financial Intelligence Unit-India (FIU-IND) has imposed a substantial penalty of ₹9.3 crore on cryptocurrency exchange Bybit for violations of anti-money laundering regulations. The action comes as part of India’s broader efforts to regulate digital asset platforms operating within its jurisdiction.The penalty, announced through an order dated January 31st, 2025, stems from Bybit’s continued operation in India without securing mandatory registration with FIU-IND, as required under the Prevention of Money Laundering Act (PMLA). The development marks another major regulatory action in India’s evolving cryptocurrency landscape, particularly affecting the burgeoning digital asset ecosystem in Tamil Nadu.”The…
In a significant development for India’s food-tech sector, Captain Fresh, the tech-enabled seafood and animal protein supply chain platform, has successfully raised ₹250 crore from its existing investors as part of its pre-IPO funding round. This latest investment marks a crucial step in the company’s journey toward its anticipated initial public offering (IPO) and reinforces its position as a leading global player in the seafood industry.The funding round saw participation from the company’s existing marquee investors, including Accel, Tiger Global Management, Prosus Ventures, and Z47 (formerly Matrix Partners India). Notable additions to the investor roster include family offices of prominent…
The Indian startup ecosystem witnessed a notable funding week with 17 companies collectively raising $196.4 million, though marking a significant 75% decrease from the previous week’s $800.5 million across 21 deals. The fintech sector emerged as the frontrunner, with Northern Arc, a non-banking financial company (NBFC), securing the largest round of $75 million through non-convertible debentures from Dutch bank FMO.This week’s funding landscape showcases a diverse spread across sectors, with fintech startups leading the pack at $77.4 million across three deals. E-commerce followed with $48.3 million spread over five deals, while enterprise tech secured $25.8 million through three separate funding…
The Tamil Nadu startup community joins the nationwide chorus as entrepreneurs and investors eagerly await the Union Budget 2025, scheduled for February 1. The expectations center around critical reforms in taxation, particularly regarding Employee Stock Ownership Plans (ESOPs), and initiatives to boost rural fintech infrastructure.In the wake of the government’s previous move to reduce TDS rates for ecommerce operators from 1% to 0.1% in October 2024, startup founders are advocating for further tax relief measures. This reform comes at a crucial time when Tamil Nadu’s startup ecosystem is experiencing rapid growth, with particular emphasis on fintech and rural development initiatives.A…
The spiritual technology landscape in India received a significant boost as Utsav, a digital platform for religious services, announced securing ₹6.35 crore in a funding round led by Mumbai-based Equanimity Investments, with participation from existing investor India Quotient. The investment marks a growing trend of venture capital interest in devotional technology platforms, particularly as the sector experiences increased demand during major religious events.Founded in 2021 by Ankita De, Sourajit Basu, and Prajata Samanta, Utsav has established itself as a bridge between traditional religious practices and modern technology, offering virtual puja services, prasad delivery, and priest consultations through its digital platform.…
In a remarkable demonstration of the growing digital financial services sector in Tamil Nadu, PB Fintech Ltd., the parent company of leading insurance marketplace Policybazaar and lending platform Paisabazaar, has reported a substantial 92% year-on-year increase in net profit for the third quarter of fiscal year 2025. This strong performance underscores the company’s successful penetration into South Indian markets, particularly Tamil Nadu’s burgeoning insurance sector.The company’s revenue from operations witnessed a robust growth of 48.3% year-on-year, reaching Rs 1,291.62 crore, while maintaining effective cost management strategies. This performance reflects the increasing adoption of digital insurance and lending products in the…
Fino Payments Bank, a key player in India’s digital banking sector, has reported a marginal increase in its net profit for Q3FY25, reaching ₹23.1 crore compared to ₹22.8 crore in the same period last year. The modest growth comes despite a significant 21% year-on-year increase in net revenue, highlighting the impact of new tax obligations on the bank’s bottom line. The bank’s performance in the third quarter demonstrates resilience in its core business operations, with net revenue climbing to ₹148 crore from ₹122 crore in the corresponding quarter of the previous fiscal year. This revenue growth reflects the continuing expansion…
In a significant boost to Tamil Nadu’s startup ecosystem, Prudent Investment Managers, founded by former IIFL Asset Management CEO Prashasta Seth, has announced the launch of a ₹500 crore fund targeting early-stage startups. The Category II Alternative Investment Fund (AIF) has already secured commitments worth ₹250 crore from various family offices, marking a strategic shift in early-stage investment approaches in the region.The Chennai-based investment firm is currently in the process of obtaining its Category II AIF license from the Securities and Exchange Board of India (SEBI) and expects to close the fund by June 2024. This development comes at a crucial time for Tamil Nadu’s startup ecosystem, which has been seeking more structured funding channels to support its growing entrepreneurial base.”We will focus…
In a remarkable display of growth that highlights Tamil Nadu’s emerging travel technology sector, ixigo’s shares jumped nearly 5% following the announcement of exceptional first-quarter results for FY25. The Chennai-headquartered travel technology company reported a 78% year-on-year increase in profit after tax, reaching Rs 14.9 crore and setting new benchmarks for the state’s digital enterprises.The company’s strong performance saw its stock rise to an intraday high of Rs 178.20 per share, significantly outperforming the broader market as the BSE Sensex traded 0.86% lower. This robust showing demonstrates the resilience and growth potential of Tamil Nadu’s technology sector, particularly in the…