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.
Electric intercity bus startup Fresh Bus raised Rs 87.5 crore ($10.5M) in Series A funding led by Maniv, with participation from Shell Ventures and others. The funds will support expanding routes, deploying 150 new buses, enhancing technology, and scaling operations. Fresh Bus aims to reach 1,000 electric buses nationwide in four years.
Gurugram-based Prudent Equity has launched its first growth strategy Portfolio Management Service (PMS) aimed at long-term capital appreciation. With a minimum investment of Rs 50 lakh, the fund targets HNWIs and UHNWIs, leveraging a value investing approach. Prudent Equity aims to reach Rs 250 crore in AUM by 2025.
Singapore-based investment platform Syfe secured $27 million in funding led by Valar Ventures and Unbound, bringing its total raised to $79 million. The funds will drive growth across Asia, with a focus on new products and expanding the tech team at its Gurugram headquarters.
Gaming and sports media company Nazara Technologies saw a marginal 6.06% decline in operating revenue to Rs 250 crore in Q1 FY25. However, the firm’s profit surged by 38.53% to Rs 23.62 crore, largely due to reduced expenses and lower deferred tax.
IPO-bound hospitality firm Oyo reported a Rs 230 crore profit in FY24, a significant turnaround from Rs 1,286 crore losses in FY23. Despite the profit, Oyo’s revenue slightly declined by 1.4% to Rs 5,389 crore compared to the previous fiscal year.
Ola Electric’s Q1 FY25 revenue increased by 2.9% to Rs 1,644 crore, with losses reduced by 16.6% to Rs 347 crore. The company’s revenue primarily came from electric scooter sales. Cost-cutting measures contributed to the improved financials, while Ola maintained a leading 39% market share in the electric two-wheeler sector.
Online travel aggregator Yatra saw a 6.4% revenue decline in Q1 FY25, dropping to Rs 100.8 crore from Rs 107.67 crore in Q4 FY24. Profits plunged 27.5% to Rs 4.4 crore. The company spent heavily on employee benefits and other costs, impacting its overall financial performance.
