Mobility startup Rapido has achieved unicorn status after raising $120 million in a Series E round led entirely by WestBridge Capital. The funding, detailed through regulatory filings, values Rapido at approximately $1.02 billion. The funds will support the company’s expansion and growth initiatives.
BharatPe has introduced secured loan facilitation for its merchant partners, offering two-wheeler loans up to Rs 2.5 lakh and loans against mutual funds up to Rs 1 crore. Partnering with OTO Capital and Volt Money, BharatPe plans to expand its loan offerings over the next three months to better serve its merchants.
ReshaMandi has laid off its entire workforce, and its website has been down for a week, signaling the end of the Creation Investments-backed firm. The company has faced corporate governance issues, revenue inflation, and mounting liabilities. Amid financial woes, its auditor resigned, and several CFOs have left the firm.
MobiKwik bounced back in FY24 with a 62% revenue jump to Rs 875 crore and achieved profitability after an Rs 84 crore loss in FY23. The fintech’s strong performance, driven by increased lending and payment gateway growth, enhances its IPO prospects. Total costs also rose by 36.4% during the period.
Fintech unicorn Slice has received NCLT approval for its merger with North East Small Finance Bank (NESFB). The merger, announced in October 2023, will enhance financial inclusion by combining advanced technology with deep community insights. Slice had previously acquired a 5% stake in NESFB for $3.42 million.
MSME-focused fintech lender FlexiLoans has raised Rs 75 crore through non-convertible debentures from JM Financial. This debt, with a 12.05% annual interest rate and a 24-month tenure, will support ongoing operations. FlexiLoans is also poised to secure $35 million from Fundamentum, further bolstering its growth trajectory.
Fintech unicorn BharatPe has invested $8-9 million in its NBFC arm, Trillion Loans, raising its stake to nearly 60%. The move aims to bolster confidence among stakeholders and positions BharatPe to potentially acquire full ownership of Trillion Loans within the next 24 months.
Deeptech startup Saarthi.ai has reduced its workforce by over 70%, from 140 to 40 employees, since March 2023. The company has failed to pay long-due salaries and has not remitted tax deductions for the past two fiscal years, as it faces ongoing financial difficulties.
Deepak Mehrotra, recently appointed MD and CEO of Byju’s-owned Aakash Educational Services Limited (AESL), will earn Rs 5 crore annually starting FY25. His package includes a Rs 41.66 lakh monthly salary and potential bonuses. Mehrotra also received ESOPs worth Rs 25 crore, vesting from April 2025.
Online beauty and fashion platform Nykaa saw a 4.7% rise in revenue to Rs 1,746 crore and a 51% profit increase to Rs 13.6 crore in Q1 FY25. The beauty segment contributed 91% of income, while fashion added 8.4%. Nykaa also expanded its stake in subsidiaries Dot & Key and Earth Rhythm.
