Finance Minister Nirmala Sitharaman announced the abolition of the angel tax in the Union Budget 2024-25, addressing a major concern of Indian startups. This tax, imposing around 30% on external investments, was seen as a barrier to growth. The startup community has widely welcomed this move.
Digital payments platforms PhonePe and Google Pay saw a slight decline in UPI transaction volume and value in June, while Paytm’s growth remained flat. UPI overall experienced a 1% drop in total transaction volume to 13.9 billion and a minor decrease in transaction value to Rs 20.07 lakh crore.
Kraków-based marketing tech company Digital First AI secured €3.5M in funding led by 4growth VC, with participation from Plug&Play, Sher Ventures, Hub71, and McCANN Poland owners. Founded in 2021, the AI-powered SaaS platform plans to use the funds to expand operations, development efforts, and business reach.
A Helsinki-based precision fermentation company raised €14M from the European Innovation Council Accelerator Program and Series A investors. The funding will expedite the company’s EU market entry and secure regulatory approval from the European Food Safety Authority (EFSA).
Cairo-based fintech Dopay raised $13.5M in Series A funding led by Argentem Creek Partners. The funds will accelerate its expansion in Egypt, introduce new financial services, and extend its platform to other markets. Dopay provides secure, instant payroll and payments, driving financial inclusion for unbanked employees with Mastercard-backed prepaid debit cards.
Copenhagen-based biotech company Draupnir Bio secured €12M in seed funding to develop its preclinical pipeline of oral, small molecule protein degraders. These degraders target extracellular disease-causing proteins, leveraging lysosomal machinery. Led by CEO Andrew Hotchkiss, Draupnir Bio focuses on advancing targeted protein degradation, spun out from Aarhus University and the Max-Planck Society.
Swiggy Instamart has appointed Himavant Srikrishna Kurnala as SVP and head of product, and Mayank Rajvaidya as VP of the fruits & vegetables vertical. Additionally, Manu Sasidharan and Kumar Rahul have joined as AVPs. The quick commerce arm aims to strengthen its market position and enhance fresh produce offerings.
Google-backed edtech company Adda247 has launched its first employee stock ownership plan (ESOP) buyback for over 130 employees, averaging 40 times the initial purchase price. This move comes as the company prepares for an IPO in 2026. Recently, Adda247 acquired CA test prep platform Ekagrata Eduserv.
Nazara Technologies has acquired an additional 48.42% stake in Paper Boat Apps (PBA) for Rs 300 crore, now owning 100% of the company. Paper Boat Apps, founded by PR Rajendran, R Kalpana, and PR Jayashree, develops the children’s learning app Kiddopia. Most of Kiddopia’s revenue comes from the US.
Wealthtech startup Stable Money raised Rs 123 crore ($15 million) from RTP Capital, Lightspeed India, and Matrix Partners, becoming one of the few startups to close two funding rounds within a year. The Bengaluru-based company, founded in late 2022, focuses on fixed-return investments and financial literacy.
