Tata Elxsi partners with National Aerospace Laboratories for advanced air mobility 

Tata Elxsi and CSIR-National Aerospace Laboratories (CSIR-NAL) have signed an MoU to establish a partnership for advanced air mobility. The collaboration would focus on Unmanned Aerial Vehicles (UAVs), Urban Air Mobility (UAM), and electric vertical take-off and landing (eVTOL) aircraft.

The partnership will speed up product development by offering access to advanced testing infrastructure and expertise. Tata Elxsi and CSIR-NAL will collaborate on technologies like aerodynamic design, autonomous systems, and secure communications for manned and unmanned air mobility systems.

Fundalogical Ventures launches FV Trailblazers programme 

Fundalogical Ventures, a fund specialising in sustainable supply chain and logistics, launched the inaugural edition of FV Trailblazers, which aims to support companies with access to up to $5 million in growth capital, mentorship from industry leaders, and strategic guidance.

It will target companies in critical sectors such as supply chain optimisation, logistics, automation, and green logistics, among others. Applications for the programme will close on January 18, 2025, with shortlisted companies notified within two weeks of the deadline, it said in a statement.

The fund is backed by industry veterans like Krishna Kotak (JM Baxi Group), Tushar Jani (Blue Dart Express), Suryakant Parekh (Parekh Group), Khalid Vohra (Sai Shipping), and Mehernosh Currawalla (Fak Cargo).

BluSmart expands to Mumbai

EV ride-hailing startup BluSmart has expanded its services to Mumbai, adding to its presence in Bengaluru, Delhi-NCR, and Dubai. 

Beginning with rentals and airport rides, the service will cover key areas from Goregaon to Bandra, including the commercial hub of Bandra Kurla Complex (BKC), with plans for gradual citywide expansion.

Founded in 2019, BluSmart is an electric, full-stack ride-hailing platform, with its own EV charging infrastructure network.

Myntra partners with GetVantage for the D2C Rising Star initiative

Fashion marketplace Myntra has partnered with growth capital financer GetVantage, enabling the latter’s portfolio brands with exclusive access to the D2C Rising Star initiative. 

In this collaboration, select GetVantage portfolio companies—Tjori, Valkyre, Ornaz, Nua Woman, Jade Forest, and Elaver Sports—will join Myntra’s invite-only D2C Rising Star initiative and benefit from its platform scale, trend-based insights, and dedicated account management.

Myntra aims to onboard 500 D2C brands in fashion, beauty, and grooming through its D2C Rising Star initiative by year-end. Previous participating brands have experienced an average growth of 2X in demand.

New Relic appoints Ved Antani as SVP of Engineering

AI platform New Relic has appointed Ved Antani as Senior Vice President of Engineering and Managing Director of the Hyderabad Innovation Center, under the company’s plans for expansion in the region. 

Antani has over 15 years of experience in scalable platform and product development across ecommerce, gaming, and enterprise tech. He will now focus on attracting top engineering talent and supporting broader business growth in the new role. 

Before joining New Relic, Antani served as Chief Product and Technology Officer at BetterPlace and Managing Director of Twilio India. He has also held senior growth and engineering leadership roles at SendGrid, JioCinema, Myntra, and Electronic Arts.

(This article will be updated with the latest news throughout the day.)

Pune Start-Up Fest (PSF), the much-anticipated annual event organised by COEP Technological University in collaboration with BHAU’s Innovation and Entrepreneurship Cell, is back for its 7th edition. Set to take place on January 11th and 12th, 2025, PSF’25 promises to be a beacon for budding entrepreneurs and innovators. With the compelling theme ‘Voyage of Visionaries,’ this year’s event aims to inspire students, entrepreneurs, and startups to embark on transformative journeys, making bold strides in the entrepreneurial ecosystem.

A Platform for Innovation and Inspiration

PSF’25, under the guidance of Dr. Prakash Shinde, seeks to provide young entrepreneurs with a stage to shine and connect with industry leaders and investors. Over the years, the festival has grown into a hub for groundbreaking ideas and startup success stories. This year will continue that tradition with dynamic opportunities for collaboration, networking, and learning.

Key Highlights of PSF’25

Expert-Led Masterclasses and Keynote Sessions

One of the most exciting aspects of this year’s fest is the lineup of six expert-led masterclasses. Attendees can expect to learn from distinguished speakers such as Manish Pandey, Saptarshi Prakash, Harsh Goela, Pooja Shah, Vinayak Godse, and Teja Gudluru. Adding to the excitement is a keynote session by Shantanu Deshpande, the founder of Bombay Shaving Company. These sessions will provide invaluable insights into entrepreneurship, leadership, and industry trends.

Exciting Competitions and Events

PSF’25 will feature 12 engaging events designed to challenge participants and foster innovation. Some of the key events include:

• Bullrun – Test your strategic investment skills.
• Brandscan – Dive deep into market research and analysis.
• Budge-It – Master financial planning and budgeting.
• Bidwars – Engage in thrilling bidding wars.
• Spectra – Showcase your creative and artistic skills.
• CEO Challenge – Step into the shoes of a CEO and tackle real-world problems.
• Bizwatch – Stay ahead with business and market updates.
• Optify – Compete in categories like logo design, videography, and photography.
• Shishya – A mentorship-driven challenge.
• Courtroom Clashes – Simulate legal battles and develop advocacy skills.

Investor-Led Events

For startups looking for investment, PSF’25 offers three key investor-led events:

1. Pitcher’s Valley – A Shark Tank-inspired event where 8-10 startups pitch their ideas to a panel of renowned investors like Bhawna Bhatnagar, Shashank Randev, Sushil Sharma, and Mahavir Pratap Sharma.
2. Lightning Pitch – Startups pitch in under 3 minutes to investors such as Yamika Mehra and Dinesh Singh.
3. Startup-Investor Panel – A discussion fostering direct dialogue between startups and investors.

Legacy of Success

The 6th edition of PSF, held in January 2024, was a phenomenal success, attracting over 110 startups, 20 patents, and 150+ investors. Investments totaling ₹16.5 crores were facilitated, solidifying PSF as a significant event on India’s startup calendar. Supported by initiatives like StartUp India, Make in India, Skill India, MoE’s Innovation Cell, and AGNII, the fest has consistently championed innovation and entrepreneurship.

Why Attend PSF’25?

Pune Start-Up Fest is more than just an event; it’s a transformative experience. By participating, students and young entrepreneurs gain unparalleled exposure, mentorship, and the chance to turn ideas into impactful solutions. The fest creates an environment where collaboration thrives and dreams take flight.

Be Part of the Movement

Don’t miss this opportunity to be part of Pune Start-Up Fest’25. Whether you’re an aspiring entrepreneur, a student with groundbreaking ideas, or an investor looking for the next big thing, PSF’25 is the place to be.

For more information and to register your startup, visit:

Event Website: https://www.punestartupfest.in/

Startup Registration: https://forms.gle/2F79pqJPfMPaqLvP6

Digital payments company Mobikwik has reported a consolidated net loss of Rs 3.59 crore for the second quarter of FY25, a reversal from the Rs 5.22 crore profit it recorded in Q2 FY24.

Mobikwik’s total income for Q2 FY25 rose 41.98% YoY to Rs 293.66 crore from Rs 206.83 crore in Q2 FY24. However, sequentially, income fell 15.08% from Rs 345.82 crore in Q1 FY25.

Mobikwik, in a statement, said it adopted a “prudent and selective approach” in distributing credit products during Q2 FY25 to align with prevailing macroeconomic conditions and mitigate risks.

The company reduced the scale of its small-ticket credit product ‘ZIP’ which provides instant credit for transactions.

ZIP GMV (gross merchandise value) disbursed declined by 35.4% quarter-on-quarter (QoQ) to Rs 950 crore in Q2 FY25.  ZIP EMI, a larger ticket size credit product, saw GMV decline by 22.9% QoQ to Rs 675.8 crore.  

The company said it emphasised quality over quantity in disbursements, prioritising risk-adjusted growth. This strategy impacted revenue from financial services, which was Rs 75.7 crore in Q2 FY25, a sharp decline from Rs 136.7 crore in Q2 FY24.

Payment gateway costs surged by a staggering 214.3% year-on-year to Rs 135.65 crore in Q2 FY25, up from Rs 43.16 crore in the same quarter last year. Employee benefits expenses also saw a significant increase of 72.49% YoY, reaching Rs 43.59 crore.

Total expenses for the quarter amounted to Rs 286.86 crore, a 46.34% rise from Rs 196.01 crore in Q2 FY24, but declined sequentially from Rs 343.59 crore in Q1 FY25.

After September 30, 2024, Mobikwik entered into a waiver agreement with a lending partner. Under this, the company decided to forgo Rs 24.21 crore in income from Q1 FY25, which was adjusted against the current quarter revenue. In return, the partner waived Rs 42.16 crore in facilitation fees, mainly related to Q1 FY25, reducing current quarter expenses.

Operationally, Mobikwik added 6 million new users, expanding its total base to 167 million, and onboarded 1.4 lakh new merchants, taking the merchant count to 44 lakh.

MobiKwik made a remarkable debut on the stock market on December 18, 2024, with its shares closing at Rs 530 apiece on the Bombay Stock Exchange, nearly double the IPO price of Rs 279. The stock surged 90.07% from its issue price and 19.91% from its debut price, reaching Rs 530.30 by the market close.

MobiKwik’s IPO, which was open for bidding from December 11 to 13, 2024, became the second-most subscribed new-age tech IPO in India, with the offering subscribed 119.38 times.