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.

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.

Social learning platform Bluelearn announced its closure due to challenges in scaling. The three-year-old Bengaluru startup will return 70% of its raised capital, nearly $4 million, to investors including Elevation Capital and Lightspeed. Co-founder Harish Uthayakumar cited difficulties in building a venture-scale business as the reason for the shutdown.

HR technology platform Umwelt.AI secured $125K in a seed funding round led by Upekkha. The funds will support global expansion and enhance its people analytics and employee experience solutions. Launched in 2023, Umwelt.AI helps organizations improve employee engagement and retention using behavioral science, chatbot technology, and advanced analytics.

Workspace solution provider Incuspaze raised $8 million in its first funding round, led by India Inflection Opportunity Fund (IIOF) and other institutions. The funds will enhance its workspace solutions for enterprises, MSMEs, and startups. Incuspaze, led by Sanjay Choudhary, manages 3 million square feet across 18 cities and plans expansion in southern India.

Bengaluru-based drone business intelligence provider Aereo secured $15 million in Series B funding led by 360 ONE Asset, with StartupXseed Ventures and Navam Capital participating. Co-founded by Vipul Singh and Suhas Banshiwala, Aereo serv industries like mining and infrastructure, enhancing productivity and safety.