Cleartrip’s Chief Business Officer, Prahlad Krishnamurthi, has resigned to become CEO of Bizongo’s NextBuy. Krishnamurthi joined Cleartrip in 2021 after key roles at ITC Limited. His departure follows Cleartrip CEO Ayyappan Rajagopal’s exit earlier this year, while Cleartrip continues to face significant financial losses.
Intra-city logistics firm Porter achieved a 56% revenue increase, crossing Rs 2,700 crore in FY24. The company reduced losses by 45%, bringing them under Rs 100 crore. Most of Porter’s revenue came from goods transportation services, while fleet operator costs formed the bulk of its expenses.
VentureSoul Partners raised Rs 146.5 crore in the first close of its Rs 600 crore fund. The debt firm plans to invest in 20-25 startups, with ticket sizes between Rs 25-60 crore, focusing on Series A or later-stage fintech, B2C, B2B, and SaaS companies.
Starbucks India overtook Coffee Cafe Day as the largest coffee chain in terms of revenue, growing by 12% to Rs 1,218 crore in FY24. Despite its success, losses tripled, with increased costs from employee benefits, rent, and coffee procurement contributing to Rs 1,320 crore in total expenditure.
Nautical Wings Aerospace has raised an undisclosed pre-Series A round from Venture Catalysts and 1Crowd. The funds will support R&D, team expansion, and scaling operations. Founded in 2020, the company is developing its flagship Integrated Electric Propulsion Unit (iEPU), simplifying electric propulsion adoption for drone and air mobility companies.
Ola Electric is set to launch its electric three-wheeler (e-rickshaw) by the end of 2024, aiming to compete with Mahindra, Piaggio, and Bajaj. The company will offer both passenger and goods carrier variants, expand its distribution network, and leverage government incentives for EV manufacturing.
Customer support platform LiaPlus AI raised Rs 2 crore in a Seed round led by Inflection Point Ventures. The funds will drive product advancements, expand the team, and enhance sales strategies. LiaPlus offers AI-driven multilingual support, handling millions of calls with real-time interactions across India, Africa, and more.
SaaS-based lending platform Arthmate faces chaos following a two-year legal battle with Gameskraft, leading to the arrest of co-founder Vihaan Kumar and employee exits. Gameskraft accuses Kumar of financial irregularities, resulting in Rs 12.15 crore losses. Despite profitability, Arthmate struggles with fallout from the controversy.
Ride-hailing app Rapido secured $200 million in Series E funding, led by WestBridge Capital. With this investment, Rapido’s valuation hit $1.1 billion. The funds will expand its four-wheeler services, competing with Ola and Uber. Rapido processes 16.5 lakh daily rides, positioning it second after Uber in India.
Swiggy’s operating revenue surged 36% to Rs 11,247 crore in FY24, while reducing its losses by 44% to Rs 2,350 crore. Its food delivery grew 17%, contributing Rs 6,100 crore. The company is preparing for an IPO, aiming to raise up to Rs 3,750 crore.
