Author: Vijaya

In a significant escalation of BYJU’S legal challenges, a federal judge has held the company’s manager Vinay Ravindra and business ally Rajendran Vellapalath in contempt of court, imposing potential daily fines of $25,000. This development marks another setback for the edtech giant, which has been grappling with multiple legal and financial challenges in both India and the United States.The contempt order stems from their refusal to answer questions regarding the seizure of assets from BYJU’S US-based subsidiaries, Epic! and Tangible Play. The case has drawn particular attention in Tamil Nadu’s startup ecosystem, where BYJU’S maintains significant operations and serves as…

Trifecta Capital, India’s pioneering venture debt firm, has marked a significant milestone with the first close of its fourth and largest venture debt fund, targeting ₹2,000 crore with an additional greenshoe option of ₹500 crore. The announcement signals growing confidence in India’s startup ecosystem, particularly in emerging tech hubs like Tamil Nadu, where the firm sees substantial growth opportunities.While the exact amount remains undisclosed, the firm has secured commitments for approximately half of the targeted fund size, demonstrating strong investor interest despite current market conditions. The final close is expected by the end of 2024, positioning Trifecta to expand its…

Lenskart, the omnichannel eyewear unicorn, has taken a significant step toward its initial public offering (IPO) by appointing Kotak Mahindra Bank and Morgan Stanley as lead bankers for its potential Mumbai listing this year. This development marks a crucial milestone in the company’s journey from a startup to a publicly-traded entity.According to sources familiar with the matter, the company is actively working to expand its roster of investment bankers as it targets an ambitious pre-IPO funding round of approximately $1 billion. The move comes at a time when India’s startup ecosystem is showing renewed interest in public markets, despite global…

The Tamil Nadu government has announced a groundbreaking initiative to accelerate digital adoption among the state’s Micro, Small, and Medium Enterprises (MSMEs) through a partnership with the Open Network for Digital Commerce (ONDC). The MSME Trade Enablement And Marketing (TEAM) program, backed by a substantial allocation of ₹277.35 crore, marks a significant step toward digitalizing the state’s vast MSME sector.The initiative, unveiled today, aims to revolutionize how small businesses operate in the digital marketplace by providing them with essential tools, financial assistance, and technical support. With a target of onboarding 500,000 MSMEs, the program places special emphasis on supporting women-led…

The shares of Delhivery (BSE: DELHIVERY), one of India’s largest logistics and supply chain services companies, touched a new 52-week low of INR 306.50 during intraday trading on January 28, 2025, before staging a recovery. The stock, which has been under pressure in recent months, managed to rebound and was trading 1.21% higher at INR 317.45 by early afternoon, reflecting the volatile sentiment surrounding tech-enabled logistics companies.The decline marks a significant moment for the Gurugram-based company, which has seen its market capitalization settle at INR 23,601.22 crore. Trading volume remained robust with approximately 7.7 lakh shares changing hands, indicating strong…

Tamil Nadu’s digital payment landscape has witnessed a revolutionary transformation as the Unified Payments Interface (UPI) firmly establishes its dominance, accounting for an overwhelming 85% of all digital transactions in 2024, according to the latest data from the Reserve Bank of India (RBI).The RBI’s Payments System Report 2024 reveals that out of 20,787 crore digital payments recorded during the year, an impressive 17,221 crore transactions were conducted through UPI, marking a significant milestone in the state’s journey toward digital financial inclusion.This remarkable growth trajectory becomes even more apparent when compared to 2018 figures, where India recorded 1,683 crore digital payments,…

In a significant development for India’s digital lending landscape, the Reserve Bank of India’s (RBI) Unified Lending Interface (ULI) has facilitated loans worth INR 38,000 crore through 7.5 lakh transactions since its pilot launch in August 2023. This milestone, announced by RBI Chief General Manager Suvendu Pati, demonstrates the platform’s growing impact on financial inclusion and digital lending infrastructure.The ULI platform, designed to streamline the lending process through standardized APIs, has shown remarkable growth in recent months. Just last month, the platform had recorded 6 lakh loans worth INR 27,000 crore, indicating an acceleration in adoption and lending activity.”The ULI…

In a significant development for India’s e-commerce landscape, Bengaluru-based Meesho has successfully closed a funding round of $250-270 million, marking a crucial step in its journey toward public listing. The round, predominantly structured as a secondary share sale, welcomed new investors including Tiger Global, Think Investments, and Mars Growth Capital, despite a slight valuation markdown to $3.9-4 billion.The funding news comes as Meesho takes concrete steps toward its anticipated IPO, including filing an application with the National Company Law Tribunal (NCLT) to shift its domicile to its Indian entity, Fashnear Technologies. This strategic move positions the company for a potential…

Kotak Alternate Asset Managers (Kotak Alt) has achieved a significant milestone by marking the first close of its dedicated life sciences fund at INR 250 crore (approximately $29 million). The fund, with an ambitious target corpus of INR 1,600 crore (around $185 million), demonstrates the growing investor confidence in India’s life sciences and healthcare innovation ecosystem.The fund has attracted a diverse group of investors, including family offices, ultra-high-net-worth individuals (UHNIs), industry veterans, and institutional participants. This broad-based support underscores the strategic importance of life sciences startups in India’s evolving technological landscape.Ashish Ranjan, director of private equity at Kotak Alt, emphasized…

In a significant milestone for the Tamil Nadu startup ecosystem, IIFL Fintech Fund has successfully marked the final close of its second investment vehicle, raising INR 200 crore to support emerging fintech startups with a strategic focus on generative AI technologies. The fund, known as IIFL Fintech Fund – Series II, represents a targeted approach to nurturing innovative financial technology solutions in the rapidly evolving Indian startup landscape.Managed by IIFL Finance, a prominent non-banking financial company (NBFC), the fund underscores the growing importance of technological innovation in the financial services sector. This latest fundraise demonstrates strong investor confidence in the…