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Electric ride-hailing startup BluSmart has reportedly paused ride bookings in parts of Delhi-NCR and Bengaluru, sparking concerns about its future.

The move follows an ongoing SEBI investigation into Gensol Engineering, a firm closely associated with BluSmart, which has reportedly uncovered financial mismanagement and fund diversion.

While the app is still available on both the Google Play Store and Apple App Store, users are currently unable to book rides for any time slot.

In a related advisory, Delhi International Airport confirmed that BluSmart has temporarily ceased operations at the airport, adding to the mounting uncertainty.

Founded in 2019 by Anmol and Puneet Jaggi, along with Punit Goyal, BluSmart stands apart from competitors like Ola, Uber, and Rapido with its scheduled ride model and fully electric fleet.

The company was in the midst of raising a $50 million Series B round, having already secured Rs 61 crore ($7 million) from 26 individual investors, with the remainder expected soon.

Amid ongoing uncertainty, sources suggest BluSmart may be shifting from its core ride-hailing model to becoming a fleet partner for Uber, possibly transferring 700–800 EVs to the platform.

Also Read : Magma Raises $5 Million in Series A Funding Round

Users are also frustrated by BluSmart’s prepaid model, which required advance payments via the Blu Wallet. With services suspended, many are stuck with unused balances, and the app offers no clear refund process or reliable customer support.

Meanwhile, SEBI has accused co-founder Anmol Singh Jaggi of misusing funds from Gensol Engineering, leading to a trading ban on Gensol and a temporary disqualification of its promoters.

As the crisis unfolds, both users and investors await clarity on refunds and BluSmart’s future direction.

Magma, the fast-growing B2B industrial solutions startup, has raised $5 million in a Series-A funding round led by Capria Ventures, with additional backing from Avinya Ventures, Sanjiv Rangrass, and existing investors General Catalyst, Accion Venture Lab, and WEH Ventures.

This round builds on the company’s previous $3.3 million fundraise, which saw participation from General Catalyst, Titan Capital, and other prominent early-stage backers.

The newly raised capital will help Magma deepen its core industrial offerings, enhance backward integration, and scale up its technology stack to boost procurement agility for its growing customer base.

Launched in 2022 by Neal Thakker, Magma is on a mission to transform how Indian factories operate by offering a vertically integrated ecosystem that spans customized raw materials, green energy solutions, biomaterials, waste recycling, and logistics.

The startup positions itself as a crucial enabler of sustainable and efficient growth for India’s manufacturing landscape.

Also Read: Swiggy Enters the Gig Economy with AI-Led Platform ‘Pyng’

In just two years, Magma has earned the trust of over 250 industrial clients across sectors like ceramics, chemicals, and packaging. With a current Rs 250 crore revenue run rate and operational profitability, the company is gearing up for its next big leap.

Looking ahead, Magma is targeting a Rs 1,000 crore revenue run rate in the next 24 months, fueled by its growing footprint in India’s SME manufacturing sector.

Food delivery giant Swiggy is expanding beyond its core offerings with the launch of “Pyng”, a dedicated platform designed to connect users with verified professional freelancers across more than 100 specializations.  

The app, now available in Bengaluru on both Android and iOS, marks Swiggy’s official foray into the professional services space. 

Originally launched as a seller app earlier this year, Pyng now features an AI-powered interface that enables users to discover and connect with professionals in areas such as health, wellness, finance, education, travel, events, and more.  

From yoga instructors and tax planners to career advisors, DJs, and makeup artists, Pyng offers a wide array of experts tailored to individual needs. 

Also Read : Cashfree Payments Appoints Piyush Anchliya as New CFO

“As our lives become increasingly fast-paced, the demand for professional assistance — from tax planners and counsellors to yoga trainers — is growing across both personal and professional spheres,” Nandan Reddy, co-founder and head of innovation at Swiggy, said in a statement. “With Pyng, we’re offering a reliable, spam-free platform where users can connect with trusted experts.” 

The platform leverages smart AI assistants to enhance user experience. Users receive real-time recommendations based on their queries, and each professional has a dedicated AI assistant that provides service details and answers questions before bookings. 

The app also includes a refund option for unsatisfactory experiences, ensuring trust and transparency. 

Swiggy has already onboarded over 1,000 professionals and aims to scale this to 10,000+ in the coming months. Pyng is part of Swiggy’s broader strategy to simplify urban lifestyles by offering trusted solutions for everyday needs. 

Cashfree Payments, a leading fintech company specializing in payments and API banking solutions, has appointed Piyush Anchliya as its new Chief Financial Officer (CFO).

Anchliya will oversee the company’s financial strategy and operations, playing a key role in guiding Cashfree’s growth and innovation initiatives. He will report directly to Akash Sinha, CEO and Co-founder of Cashfree Payments.

With over 15 years of experience in investment banking, M&A, corporate strategy, and finance, Anchliya has held senior roles at Barclays, IDFC, and Bandhan Group.

Most recently, he was CFO of Bandhan AMC (formerly IDFC AMC). He is an alumnus of IIM Ahmedabad and holds a B.Tech. from IIT Kharagpur.

Welcoming the new appointment, Akash Sinha said, “We’re thrilled to have Piyush join the leadership team at such a critical juncture. His extensive experience across the financial services sector will be instrumental in scaling our business sustainably and strengthening our financial architecture. As Cashfree continues to evolve into the financial backbone for a wide array of businesses, Piyush’s leadership will be pivotal.”

Piyush Anchliya expressed his enthusiasm about joining Cashfree at this exciting phase, noting the company’s leadership in India’s rapidly evolving digital finance landscape.

He looks forward to contributing to strategic initiatives, creating value for stakeholders, and advancing Cashfree’s mission to provide businesses with seamless payment solutions.

Also Read: Ice Cream Brand NOTO Raises Rs 21 Crore in Pre-Series A Round

With his diverse expertise across both public and private markets, Anchliya is well-positioned to help Cashfree achieve its ambitious goals. His focus on sustainable growth will be key to refining operational efficiencies and providing strategic financial leadership.

This leadership change comes at a key moment for Cashfree Payments, which has recently secured three crucial RBI licenses—PA-PG, PA-CB, and PPI—further solidifying its position as a trusted fintech partner.

With $80 billion in annual transactions for over 800,000 businesses and a $53 million funding boost from KRAFTON and Apis Growth Fund II, Cashfree is now poised for accelerated growth and innovation.

Mumbai-based startup NOTO, known for its healthy ice cream offerings, has raised ₹21 crore in a pre-Series A funding round led by Equentis Angel Fund. 

This round follows the company’s ₹15 crore fundraise in February this year and saw participation from notable investors including IPV, JITO, Signal Ventures, and others. 

The fresh capital will be used to scale production, expand distribution, launch offline stores, and build strategic partnerships to strengthen the brand’s footprint across key markets. 

Also Read: BeastLife Raises ₹1.9 Crore from Cricketer Rinku Singh

NOTO Ice Cream Co-Founder & CEO, Varun Sheth said,” This funding fuels our expansion into Tier I and Tier II cities…” 

Founded in 2019 by Varun Sheth and Ashni Shah, NOTO offers a range of low-calorie, no-sugar, and vegan ice creams and desserts, catering to health-conscious consumers seeking indulgent yet nutritious treats. 

NOTO is backed by prominent investors such as Zerodha’s Rainmatter, White Whale Partners, WEH Ventures, Snapdeal co-founders Kunal Bahl and Rohit Bansal, and Bollywood actor John Abraham. 

Indian cricketer Rinku Singh has invested ₹1.9 crore in sports nutrition brand BeastLife, valuing the company at ₹120 crore.

The cricketer’s backing goes beyond financial support, as he also aims to use his platform to raise awareness about clean and effective supplements within the athlete community.

BeastLife, founded in 2024 by fitness influencer Gaurav Taneja and entrepreneur Raj Vikram Gupta, operates as a digital-first platform offering a range of sports nutrition and bodybuilding supplements.

From protein powders and BCAAs to a unique roti protein mix, the brand caters to modern fitness needs with an emphasis on scientific formulation and ingredient integrity.

“BeastLife stands for something bigger than just supplements,” said Rinku Singh. “It’s about creating the finest products with top-quality ingredients, backed by science and integrity. What really drew me in was the brand’s vision to make world-class sports nutrition accessible in India. That’s something I believe in deeply and am proud to support.”

The brand had previously raised $479,000 in an angel round and boasts notable backers including Varun Alagh, co-founder of Mamaearth, who holds a 30% equity stake. Taneja retains a 40% stake, Gupta 15%, with the remaining 15% allocated to the ESOP pool.

Also Read : At-home wellness brand Cura Care raises Rs 5 crore in pre-seed round

Despite being a relatively young player in the market, BeastLife has shown strong traction—achieving ₹50 crore in Gross Merchandise Value (GMV) within a year, while reporting positive EBITDA.

The company is currently tracking an Annual Recurring Revenue (ARR) of ₹80 crore, with performance marketing spend kept at a lean 15%.

BeastLife competes with established industry giants like MuscleBlaze, Optimum Nutrition, GNC, and The Whole Truth, but positions itself uniquely with a focus on “Ultrasorb Tech”, clean formulations, and a community-driven brand ethos.

Cura Care has raised ₹5 crore in a pre-seed funding round led by Zeropearl VC, with additional backing from friends, family, and notable angel investors, including Shripad Nadkarni and the late Rohan Mirchandani.

The fresh capital will be used to fine-tune its product-market fit and elevate the customer experience by delivering high-quality, at-home wellness services, the company shared in a press release.

Launched in January 2025, Cura Care was founded by Abhinav Kumar, Chinmay Mittal, and Paminder Singh with a vision to transform oral hygiene in India.

With over 120 crore Indians affected by poor oral health, the startup is working to make oral wellness an integral part of everyday self-care.

Also Read: SportsSkill Raises Pre-Seed Funding led by Waimea Bay Investments

The startup offers premium at-home dental services, including teeth cleaning, scaling, polishing, and whitening, all carried out by DCI-certified dentists using customized portable dental units.

The model ensures a focus on safety, hygiene, and convenience, creating a seamless and trusted experience for customers in the comfort of their homes.

Since its inception, the brand has already served over 1,000 customers through direct home visits and oral wellness camps. The company has achieved an impressive Net Promoter Score (NPS) of over 90% and an average customer rating of 4.87, showcasing strong early traction and customer satisfaction.

Pune-based sports technology startup SportsSkill has raised an undisclosed amount in a pre-seed funding round led by Waimea Bay Investments.

The fresh capital will be used to expand into international markets by the second half of the year and deliver a unique, tech-driven training experience to athletes worldwide.

Founded in 2021 by Chetan Desai and Abhinav Sinha, SportsSkill is reimagining athletic training through state-of-the-art, gamified training centers designed for athletes at all levels.

These centers combine fitness with interactive, game-like experiences—making workouts more engaging, competitive, and effective.

At the core of its offering is an AI-powered training app that provides athletes with valuable insights and personalized coaching to boost performance and track progress. By merging physical training with smart digital tools, SportsSkill aims to make elite-level training accessible both in India and globally.

Also Read: Optimized Electrotech Raises $6 Million in Series A Funding Round

The startup is actively working with schools across India to bring advanced training tools to young athletes. By introducing AI-backed sports solutions into educational settings, SportsSkill hopes to shape the future of sports in India from the grassroots level.

Looking ahead, the company plans to broaden its platform by adding more sports, increasing its appeal to a wider range of athletes.

By late 2025, SportsSkill will transition to a B2B2C model, collaborating with sports organizations, educational institutions, and businesses to offer customized training solutions and forge strategic partnerships.

Deep-tech company Optimized Electrotech, which specializes in imaging surveillance technology, has secured $6 million in a Series A funding round.

The round was co-led by Blume Ventures and Mela Ventures, with participation from 9Unicorns and existing investors like Rajiv Dadlani Group and Venture Catalysts.

This follows an earlier $4.5 million raised from its existing investors.

The funds will be used to develop next-generation AI imaging payloads, high-speed space-based surveillance solutions, and to expand into global markets.

Founded in 2017 by Sandeep Shah and Dharin Shah, Optimized Electrotech focuses on delivering AI-driven imaging solutions for ISR (Intelligence, Surveillance, and Reconnaissance) and other critical strategic applications.

Also Read: Jasprit Bumrah Invests in D2C Luggage Brand Uppercase

The company develops advanced electro-optic systems that enhance defense, space, border security, and aerospace operations. By integrating onboard analytics, their solutions provide real-time intelligence, improving situational awareness in high-stakes environments.

“Driven by strong government policies and an increasing focus on indigenous capabilities, it’s important to build critical mass within this window of opportunity. This funding round is a testament to the confidence our investors have in our vision. We are committed to leveraging this capital to further enhance our technological capabilities, expand our footprint, and contribute meaningfully to India’s strategic and security objectives,” said Sandeep Shah, founder & MD Optimized Electrotech.

Optimized Electrotech’s products are used by governments, defence services, paramilitary forces, and large corporations, helping them respond quickly to security threats, such as unauthorized drone attacks.

Indian cricketer Jasprit Bumrah has made an undisclosed investment in the Mumbai-based direct-to-consumer luggage brand Uppercase.

Bumrah, who has been the brand ambassador for Uppercase since its inception, will also co-create a new product line that includes luggage, backpacks, and gym bags designed specifically for sportspersons.

A portion of the profits from these products will be shared with Bumrah, according to a press release from the company.

Sharing his motivation, Bumrah said,

 “I have always admired uppercase’s ethos of creating environmentally friendly bags from recycled materials — a mission that strongly resonates with both my wife and me. By choosing to invest in uppercase, I feel proud to be part of a movement that aligns with my values and aspirations for a more sustainable planet.”

Founded in 2021 by Sudip Ghose, Uday Sodhi, Arnob Mondal, Dheeraj Goyal and Nidhi Rajora, Uppercase offers a wide range of eco-friendly travel products.

The collection includes backpacks, trolley bags, duffle bags and shoulder bags, all crafted from recycled materials using sustainable manufacturing practices.

The company recently raised $9 million in a Series B funding round led by Accel. It currently sells its products at 1,600 retail points across India and plans to expand to 4,000, aiming to capture a significant share of India’s ₹10,000 crore backpack market.

Also Read: Delhivery CEO Sahil Barua Resigns from Swiggy’s Board of Directors

Uppercase has witnessed strong growth, with revenue from operations jumping to ₹62.2 crore in FY24 from ₹10.7 crore in FY23.

Most recently, global footwear brand Skechers announced the signing of Bumrah as part of its expanding roster of cricket athletes. His increasing association with lifestyle and performance-driven brands highlights his growing influence beyond the pitch.