UK-based startup Drift Energy raised £4.65 million in seed funding to advance its vessel design program and expand it team. Led by CEO Ben Medland, the company aims to produce green hydrogen at sea using high-tech sailing vessel driving the global transition to clean energy.
Logistics firm Ecom Express has filed its draft red herring prospectus with SEBI for an IPO, seeking to raise Rs 2,600 crore. The offering includes a fresh issue of Rs 1,284.5 crore and an OFS of Rs 1,315.5 crore. The company plans to utilize the funds to expand its operations.
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.
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.
Rhinestone, a startup offering tools for developers to enhance smart account features, raised $5M in seed funding led by 1kx, with support from CoinFund, Circle Ventures, and others. The funds will be used to expand operations and its smart account infrastructure, enabling developers to create customizable onchain products.
Alaska Airlines has invested in JetZero, a Long Beach-based company developing a blended-wing body (BWB) aircraft. The investment supports Alaska’s sustainability strategy. JetZero’s BWB aircraft aims to reduce fuel burn and carbon emissions by up to 50%, with plans to enter commercial service by 2030.
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.
