Education-focused NBFC Auxilo has raised Rs 100 crore ($12 million) through non-convertible debentures. Dezerv Securities contributed Rs 26.39 crore, while MAS Financial Services and CredAvenue Securities each invested Rs 25 crore. This funding follows Auxilo’s recent $33.6 million round led by LeapFrog Investments.

Nykaa plans to raise Rs 125 crore ($15 million) by issuing 12,500 non-convertible debentures at Rs 1,00,000 each. The funds, raised from an undisclosed foreign investor, will support its UAE subsidiary Nysaa Beauty. Nykaa’s FY24 revenue grew by 24.1%, with a 90.5% profit increase.

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.