OpenAI’s India surge🚀
ONDC postpones network charges, Swiggy loss widens to Rs 799 cr, CRED and Newtap to lead Rs 550 cr investment, Funding Deals and more.
Good morning and welcome to Thursday’s edition of Rise & Shine!
"If you want to fly, you have to give up the things that weigh you down."
— Toni Morrison
Today, Toni Morrison’s wise words remind us that growth and success often require letting go—whether it’s fear, doubt, or past burdens.
These burdens keep us grounded, whether it’s self-doubt, toxic relationships, or fear of failure. Releasing them creates space for new opportunities, freedom, and personal growth.
Tech Updates
India should develop the full stack of AI; want to partner, invest here: OpenAI CEO Sam Altman
OpenAI CEO and cofounder Sam Altman said the company will ramp up product launches and pricing adjustments to counter rising competition, including China’s DeepSeek. India is very important to us, and we hope to have more to share soon. We want to do more in this market and are working on some large partnerships. It'll be a core part of our future. We love what the government is doing with its AI policy and want to invest here.
ONDC postpones network charges implementation
The government-backed Open Network for Digital Commerce (ONDC) has delayed the introduction of the proposed network infrastructure development and services fee from January 1 to April 1 after receiving feedback from network participants and stakeholders.
Swiggy loss widens to Rs 799 crore in Q3, Instamart margins hit amid competition
Swiggy reported a 31% increase in operating revenue for Q3, but its losses widened by over a third, largely due to investments in its quick commerce business. This has resulted in Swiggy ($1.8 billion) sliding to third place in India’s heavily contested quick commerce space, with Zepto at $3 billion annualised gross sales and market leader Blinkit at $3.7 billion.
Kunal Shah’s CRED and Newtap to lead Rs 550 Cr investment in NBFC arm
Non-banking financial company Newtap Finance Private Limited is planning to raise Rs 550 crore (around $64 million) from Newtap Technologies and CRED in the near to medium term. CRED founder Kunal Shah’s Newtap Technologies is the majority shareholder in Newtap Finance (formerly Parfait).
Funding Deals
Women’s wellness and hygiene brand Nua has raised ₹35 crore in a pre series C round led by Mirabilis Investment Trust. The round also saw participation from distinguished investors including Samir Singh, EVP - Asia, Colgate Palmolive & Former Chair of Unilever SE Asia, Shuchi Kothari, Head of DSP Family Office and SRF Limited.
Battery technology startup Dreamfly Innovations has raised Rs 12 crore in its seed round led by Avaana Capital, with participation from Sunicon Ventures and other existing investors.
Foodtech startup Mealawe has raised $1 million in funding from a mix of Foreign Direct Investment (FDI), a network of Shark Tank founders, and angel investors associated with companies such as Goldman Sachs and Oracle.
Fitspire, a family health nutrition and protein supplements brand, has secured $1 million in a bridge round for Series A preparation led by McDonald's India (North and East) Promoter Anant Agarwal, MM Agrawal Group (MMG), along with angel investors from AKG financials at a valuation of more than Rs 100 crore (over $12 million).
Babynama, a digital pediatric care platform, has raised $700,000 in its seed round led by Good Capital. The round also saw participation from Amplify and angels, including Abhishek Gupta (Founder, Fashinza), Ankit Gupta (Founder, Bicycle Health), Akshay Saxena (Founder, Avanti), Dhruv Dhanraj Bahl (Ex-COO, BharatPe), along with other founders from the IIT Bombay network.
Presage Insights, a provider of IoT and AI-based predictive maintenance, has raised Rs 5.6 crore in a seed funding round led by YourNest Venture Capital. It comes as part of the YourNest-SanchiConnect Velocity Program 2024.
Gaming commerce startup PlaySuper has raised $500K in its seed round led by IAN Angel Fund and 100X.VC. The round also saw participation from angel investors, including Uday Sodhi, KRS Jamwal, Pratham Mittal, Rajit Bhattacharya, and Ankit Das, among others.
GenAI startup Origamis AI has raised $500K in a seed funding round co-led by Vikas Gautam and Naveen Agarwal.
𐄷 Short Story: The Weight of the Past
Neha dreamed of starting her own business but was haunted by a past failure. Whenever she considered taking action, she reminded herself of what had happened.
One day, she realized that holding onto past mistakes was stopping her from moving forward. She made peace with her past, let go of her fears, and leaped. Free from the weight of doubt, Neha finally turned her dream into reality.
Tweet of the day🐥
Today, ask yourself—what is weighing you down? What would happen if you let it go?
Rise & Shine reminds you that freedom and growth come when we release what no longer serves us.
Have a light and liberating Thursday!
Thanks for reading till the end!