Author: startnet
In a significant move that could reshape India’s quick commerce landscape, Chennai-headquartered Zepto is considering a substantial increase in its initial public offering (IPO) size to between $800 million and $1 billion, marking one of the largest startup public offerings in recent years. The company, which has emerged as a frontrunner in the competitive quick delivery space, is simultaneously projecting ambitious gross sales of $5.5 billion by the fourth quarter of FY26.CEO Aadit Palicha has been actively engaging with major mutual funds to discuss the company’s public offering strategy, which has evolved considerably since its initial planning phase in mid-2024.…
Netradyne, the AI-powered fleet safety solutions provider with significant operations in Tamil Nadu, has successfully raised $90 million in Series D funding from Point72 Private Investments. This latest investment marks a significant milestone for the region’s growing deeptech ecosystem and reinforces Tamil Nadu’s position as a hub for advanced technology development.The company, which pioneered AI-enabled dashcams for fleet safety, plans to utilize the fresh capital to accelerate its growth through strategic investments in research and development (R&D) and go-to-market (GTM) strategies, with a particular focus on expanding its Chennai-based technology center.Founded in 2015 by Avneesh Agrawal and David Julian, Netradyne…
In a significant development for Tamil Nadu’s fintech landscape, Jio Financial Services (JFS) has announced its Q3 FY25 financial results, posting a consolidated net profit of INR 294.78 crore, marking a marginal increase of 0.3% year-over-year. The results highlight the company’s steady expansion in South India’s digital banking and financial services sector.The financial services arm of Reliance Industries Ltd, which was carved out in 2023, demonstrated resilience in its operations with a 5.7% rise in revenue to INR 438.35 crore during the quarter, despite challenging market conditions. This growth reflects the company’s increasing penetration in key markets, including Tamil Nadu,…
In a significant shift in India’s retail investment landscape, IPO-bound Groww has further consolidated its market leadership position, reaching 1.32 crore active users in December 2024. The platform’s impressive growth comes as traditional market leader Zerodha experienced a slight decline in its user base, highlighting the changing dynamics in India’s investment technology sector.According to the latest NSE data, Groww added 3 lakh new active clients in December alone, while Zerodha’s active user base decreased marginally from 81.25 lakh to 81.20 lakh during the same period. This widening gap between the two platforms marks a notable shift in the competitive landscape…
In a significant boost to India’s electric vehicle manufacturing sector, Delhi-based Euler Motors has secured up to $20 million in debt funding from responsAbility Investments AG. This latest financial injection aims to amplify the company’s production capabilities and expand its distribution networks, while bolstering research and development initiatives in the commercial EV space. The funding announcement comes shortly after Euler Motors successfully closed its Series C round, where it raised ₹200 crore from prominent investors including British International Investment, Blume Ventures, and Piramal Alternatives India Access Fund. This consecutive funding success signals strong investor confidence in India’s growing commercial EV…
In a significant move that underscores the growing global interest in India’s beauty sector, Chennai-based D2C skincare brand Foxtale has secured $30 million (approximately ₹250 crores) in Series C funding, led by Japanese cosmetics multinational KOSÉ Corporation. The investment round, which also saw participation from existing investors Panthera Growth Partners, Z47, and Kae Capital, marks a pivotal moment in the Indian beauty industry’s evolution. The partnership brings together Foxtale’s deep understanding of Indian consumers with KOSÉ Corporation’s century-long expertise in global beauty markets, creating a powerful alliance that aims to revolutionize skincare solutions for Indian consumers. This collaboration comes at…
Freo, a prominent digital banking platform formerly known as MoneyTap, has demonstrated remarkable financial improvement in FY24, reducing its net losses by 64.54% to ₹14.16 crore from ₹39.94 crore in the previous year. This significant turnaround, coupled with an 11% increase in operational revenue to ₹111.46 crore, marks a crucial milestone for the company and holds promising implications for Tamil Nadu’s growing fintech ecosystem.The Bengaluru-based startup, which has a strong presence in Tamil Nadu’s tech corridor, has shown impressive progress in optimizing its operations, reflected in its improved EBITDA margin of -11% in FY24, up from -37% in the previous…
India’s startup revolution has reached a historic milestone, with the Department for Promotion of Industry and Internal Trade (DPIIT) announcing that the country now hosts over 158,000 startups that have collectively raised $155 billion in funding. This remarkable achievement, revealed during a recent DPIIT briefing, holds particular significance for Tamil Nadu’s burgeoning startup ecosystem. The transformation since the launch of the Startup India initiative in 2016 has been nothing short of extraordinary, with the number of startups growing from approximately 400 to its current impressive figure. For Tamil Nadu, which has emerged as a key startup hub outside of traditional…
Reliance Retail-owned Justdial has reported a robust 42.7% year-on-year increase in net profit to ₹131.50 crore for Q3 FY25, demonstrating strong growth in Tamil Nadu’s digital business landscape. The hyperlocal search platform, which maintains a significant presence in the state with over 40,000 registered businesses from Chennai alone, achieved this despite a sequential decline of 14.3% from the previous quarter’s ₹153.52 crore.The company’s performance reflects the growing digital adoption among Tamil Nadu’s small businesses, with net revenue from operations reaching an all-time high of ₹287.33 crore, marking an 8.4% increase year-on-year. Including other income of ₹77.41 crore, the total income…
The digital economy of Tamil Nadu faced significant challenges in 2024 as part of India’s broader internet shutdown landscape, with the country experiencing economic losses of ₹2,660 crore ($322 million) due to internet disruptions. According to a comprehensive report by UK-based review platform Top10VPN, these shutdowns have particularly impacted the state’s burgeoning startup ecosystem.Tamil Nadu, home to over 4,000 registered startups and a rising technology hub, witnessed the ripple effects of these disruptions despite having fewer direct shutdowns compared to other states. The state’s digital infrastructure, crucial for its startup community, was affected by both regional and nationwide internet governance…