Dharana Capital, an offshoot of Vy Capital, purchased $50 million in secondary shares from Urban Company employees, early investors, and founders as part of a $63 million secondary round. Following the transaction, Dharana’s founder Vamsi Duvvuri will join Urban Company’s board. Urban Company operates in 62 cities and has a network of over 55,000 service professionals.
Openplay Technologies and Halaplay Technologies, subsidiaries of Nazara Technologies, received GST notices to pay Rs 1,120 crore in retrospective taxes for FY18-FY23. Openplay owes Rs 845.72 crore, while Halaplay owes Rs 274.21 crore. The liabilities relate to GST on player sums pooled, not gross gaming revenues. Both subsidiaries are consulting legal and tax advisors.
NBFC Seeds Fincap raised over $8.5 million in Series A funding led by Lok Capital and Matrix Partners India (now Z47). The funds will expand lending capabilities, enhance technology, and increase branch footprint. Founded in 2021, Seeds Fincap provides tailored credit products to MSMEs and has disbursed over Rs 600 crore in loans.
Watertech startup Boon raised $5 million in Series A funding, led by Roca Group Ventures. This funding will scale Boon’s AI-enabled WaterIo platform. Co-founded by Vibha Tripathy and Advait Kumar, Boon uses AI for predictive filter maintenance, offering sustainable water purification solutions. Boon previously secured $1.6 million in February 2021.
Healthcare startup Icanheal secured Rs 15 crore in seed funding from IvyCap Ventures. The funds will enhance operations, hire staff, invest in technology, and expand geographically. Founded by Girish Poddar and Amit Backliwal, Icanheal provides customized healthcare financing solutions to improve patient access to advanced medical treatments.
Corvi LED secured $8 million in a growth capital round led by Enam Investments. This funding will help the Mumbai-based company expand geographically, diversify products, and enhance technology. Founded in 2012, Corvi offers over 100 products and holds 100+ patents. Despite a revenue dip in FY23, the firm aims to strengthen its B2C and B2B market presence.
Corvi LED secured $8 million in a growth capital round led by Enam Investments. This funding will help the Mumbai-based company expand geographically, diversify products, and enhance technology. Founded in 2012, Corvi offers over 100 products and holds 100+ patents. Despite a revenue dip in FY23, the firm aims to strengthen its B2C and B2B market presence.
Fintech platform Perpetuity Capital has raised Rs 7 crore through Non-Convertible Debentures (NCDs) from N+1 Capital and RevX Capital. The funds will enhance lending capabilities and expand the loan book in East India, promoting environmentally friendly mobility solutions. Led by Karamveer Dhillon, the platform finances electric vehicle purchases for commercial use.
Skincare brand SkinInspired has secured Rs 12.25 crore ($1.5 million) in a seed round led by Unilever Ventures and Dr. Vaidya’s co-founder Arjun Vaidya. Founded in 2022, the brand will use the funds for R&D, strategic marketing, and expanding its go-to-market strategy.
Swiggy has launched a $65 million ESOPs liquidity programme, its fifth since 2018, benefiting staff across levels. The company has enabled over Rs 1,000 crore in ESOP liquidity for 3,200 employees over five events. This move comes as Swiggy prepares for its IPO, aiming to raise approximately $1.25 billion.
