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STARTUPS

Clensta Looking to Raise $10 Million from Amazon and Others 

TradeCred, an existing backer of the company, is likely to lead the round.

Clensta, a personal-care brand that is backed by actor Parineeti Chopra, is looking to raise $10 million (Rs 83 crore) in a Series-B funding round and is expecting to onboard Amazon as a new investor. 

TradeCred, an existing backer of the company, is likely to lead the round. The company is also expecting Arrow Capital and Singapore-based Jafco Asia to participate in the funding round. However, the final terms of the deal are still under negotiation. 

Puneet Gupta, co-founder of Clensta, confirmed that the fundraising is still under talks but hasn’t shared the details. 

Gupta, in a statement, said, “We are in advanced discussions with several global venture capital firms. Due to confidentiality clauses, I’m unable to disclose the identities of all investors at this stage. However, I can confirm that there are significant players involved.”

This fundraising round comes a year after the company raised $9 million (Rs 75 crore) through a mix of debt and equity led by TradeCred, which is an alternative debt financing firm. 

Since the company was founded in 2016, the company has raised Rs 105 crore ($12 million) and counts IAn, Venture Catalysts, Inflexion Point Ventures, Hem Securities, and Exim Bank as its backers. 

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BUSINESSSTARTUPS

BluSmart May Exit Cab Services, Could Join Uber as Fleet Partner: Report

Dhruva Kulkarni

Cash-strapped startup BluSmart is planning to exit its core cab business and transition into a fleet partner for Uber, nearly six years after it entered the ride-hailing space in 2019.

The company’s shareholders have approved a phased transition of its fleet to Uber, starting with 700–800 cars in the coming weeks. The exact timeline is still being finalised.

BluSmart is reportedly burning over Rs 20 crore every month. Its founders, Anmol Singh Jaggi and Puneet Singh Jaggi have been infusing funds with support from external investors. However, with their other venture, Gensol Engineering, facing a major debt crisis, fresh capital for BluSmart has become harder to secure.

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This financial crunch has reportedly caused delays in salary payments and raised concerns among investors.

BluSmart began in 2019 as a fleet operator listing electric vehicles on Uber. Later that year, it launched its ride-hailing platform. In 2022, it placed an order for 10,000 EVs with Tata Motors, followed by a $50 million funding round in 2023. But as the Gensol crisis intensified in 2025, BluSmart started exploring a return to fleet operations.

Gensol Engineering is scrutinised over alleged falsified debt documents and high debt levels. The company has denied any wrongdoing and launched an internal investigation.

Got Gensol Engineering Questions? The Analyst is Ready.

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MeitY Startup Hub Collaborates With Startup Policy Forum  

Ali Waghbakriwala

MeitY Startup Hub (MSH) has joined with the Startup Policy Forum (SPF) to encourage technological innovation and support deeptech startups.

The collaboration will concentrate on companies in several industries, including artificial intelligence, deep technology, and other developing technologies.

SPF will assist MSH with a number of projects, including joint research, policy analysis, and stakeholder engagement.

MSH, on the other hand, plans to support SPF’s efforts, such as TIDE 2.0 Centres, incubators, and Centres of Excellence. The government-run organization will also facilitate networking opportunities.

MeitY Startup Hub chief executive officer Panneerselvam Madanagopal said, “This partnership with the Startup Policy Forum aligns policy, innovation, and entrepreneurship to unlock that potential. By uniting diverse expertise across sectors, we aim to create new economic opportunities and establish India as a global technology leader.”

Meanwhile, Shweta Rajpal Kohli, president and CEO of the Startup Policy Forum, stated that AI and deeptech are not just the next step toward innovation, but also the foundation for future industry transformation. 

SPF, founded by Kohli in December 2024, is a startup organization dedicated to encouraging constructive collaboration among entrepreneurs, politicians, and regulators.

SPF’s initial members include companies and unicorns such as Razorpay, CRED, Pine Labs, Groww, Acko, OYO, Swiggy, Practo, Dream11, MPL, and others. 

Furthermore, SPF is actively working with government agencies such as the Department for Promotion of Industry and Internal Trade (DPIIT) to boost the Indian startup ecosystem.

SPF and DPIIT partnered in January to develop specialized immersive programs that link international investors with India’s flourishing startup scene.

Recently, the startup body conducted research on startup finance in partnership with the Indian Institute of Technology (IIT) Madras.

According to DPIIT data, India has more than 1.61 lakh startups as of January 31, 2025.

In the meantime, the government is launching a number of programs to support the expansion of the deeptech industry in the nation.

For example, Nirmala Sitharaman, the finance minister, stated in her budget address for the fiscal year 2025–2026 (FY26) that the government will consider creating a fund of funds (FoF) for the deeptech industry in order to assist the upcoming generation of companies.

Additionally, the Budget said that INR 20,000 Cr had been set aside to support research and innovation.

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STARTUPS

Optimized Electrotech Raises $6 Million in Series A to Advance AI Surveillance and Space Tech

Ali Waghbakriwala

Optimized Electrotech, a deeptech surveillance startup, has secured $6 million in a Series A funding round co-led by Blume Ventures and Mela Ventures. The round also drew support from returning investors such as Venture Catalysts, 100 Unicorns, and Rajiv Dadlani Group, along with personal investment from cofounder and Managing Director Sandeep Shah.

The startup will use the funds to accelerate the development of AI-powered imaging payloads and high-speed surveillance systems for space applications. It also plans to expand its presence in international markets.

According to Shah, the funding will bolster the company’s R&D capabilities, support the rollout of next-generation technologies, and expand its footprint across key sectors in India and globally. The company is also gearing up to launch a new subsidiary focused on the space tech domain and is eyeing an additional $5 million raise in the next six months, primarily from semiconductor industry players.

Founded in 2017 by Sandeep Shah, Anil Yekkala, Dharin Shah, Kuldeep Saxena, and Purvi Shah, Optimized Electrotech develops electro-optic imaging systems for defence, aerospace, and border security. Its AI-driven platforms are designed to help government bodies, military, paramilitary forces, and mining companies tackle threats like unauthorized drone incursions.

The company operates in the multi-spectral imaging space, competing with industry leaders such as Bharat Electronics and Tata Advanced Systems.

On the financial front, the company reported a revenue dip in FY25 to Rs 3 crore, down from Rs 4.4 crore in the previous year. Net losses also widened to Rs 8 crore from Rs 5.7 crore in FY24.

The funding comes amid growing interest in deeptech startups, with increased attention from both investors and government bodies. In 2024, the Indian deeptech ecosystem saw $460 million raised across 78 deals. Netradyne, another deeptech venture, became the sole unicorn in the space during the year.

The government has also been encouraging a shift in the startup ecosystem toward high-impact sectors such as semiconductors, robotics, and deeptech. Union Minister Piyush Goyal recently highlighted the importance of moving beyond low-value businesses and prioritizing innovation-driven growth. Meanwhile, Finance Minister Nirmala Sitharaman proposed a new Rs 10,000 crore fund for startups in the 2025 Budget, alongside an additional Rs 10,000 crore for SIDBI’s startup initiative, taking the total to Rs 20,000 crore.

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Xindus Raises $10 Million to Scale Cross-Border Logistics for SMEs

Ali Waghbakriwala

Gurugram-based cross-border logistics startup Xindus has secured $10 million (approximately Rs  83.5 crore) in a Series A funding round led by 3one4 Capital. The round also saw participation from Orios Venture Partners, along with existing backers Shastra VC and Caret Capital.

The company plans to deploy the fresh funds to expand its operations over the next 12–18 months, aiming to grow its gross merchandise value (GMV) from $30 million to $200 million.

Cofounder Saurabh Goyal highlighted that this funding round marks a crucial step toward building the necessary infrastructure for Indian SMEs to compete globally. He noted that evolving trade regulations often hinder growth, and Xindus aims to simplify this landscape.

Founded in 2022 by Goyal, Madan Mohan, Jaikaar Singh, and Saptarshi Datta, Xindus offers a full-stack logistics platform. Its services include shipping, warehousing, compliance, returns management, and financial solutions—primarily catering to SMEs in sectors like fashion, home decor, jewellery, wellness, and Ayurveda, as well as D2C brands expanding internationally.

The investment comes amid a surge in interest in India’s logistics sector, which is gaining momentum alongside the country’s rising export ambitions. A report by Protium predicts that MSMEs will account for 45% of India’s exports, placing the country 9th globally in cross-border trade growth.

This funding trend aligns with broader sector activity, as several logistics firms prepare for IPOs. Shiprocket, for example, rebranded as “Shiprocket Limited” in January in anticipation of its public debut. Shadowfax also converted to a public entity last month, eyeing an IPO in the Rs  2,500–3,000 crore range after raising Rs  65.4 crore from its cofounders at a $750 million valuation.

In a strategic move, Delhivery recently acquired Ecom Express for $165 million to enhance its last-mile delivery capabilities. Additionally, the Indian government is working to reposition India Post as a major logistics player to boost rural commerce and SME growth, as announced in the Union Budget 2025–26.

According to Mordor Intelligence, India’s logistics industry is projected to grow from $349.4 billion in 2025 to $545.6 billion by 2030, reflecting a CAGR of 9.32%. The e-commerce logistics segment alone is expected to grow from $3.98 billion in 2024 to $10.40 billion by 2033.

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Sunfox Technologies Wins Startup Maharathi Award in Health-Tech Category

Ali Waghbakriwala

Sunfox Technologies, renowned for its portable AI-powered ECG devices, has been honoured with the Startup Maharathi Award in the Health & Bio track at Startup Mahakumbh 2025, held at Bharat Mandapam, Pragati Maidan, New Delhi. The recognition was part of the Startup Maharathi Challenge 2025, where Sunfox emerged as a frontrunner in the health-tech innovation space.

The company was selected through a rigorous multi-stage evaluation process, with the award officially presented during the Startup Mahakumbh Recognition Ceremony on April 5, 2025. Union Minister of Commerce and Industry Piyush Goyal presented the award to Sunfox’s co-founders in the presence of key industry leaders.

Shark Tank judge Piyush Bansal, also in attendance, praised the company’s life-saving technology—especially its role during the Kedarnath Yatra. He called Spandan, Sunfox’s portable ECG device, his “best investment” on Shark Tank, highlighting the meaningful impact it has made: “I’m truly proud to see innovation saving lives.”

Rajat Jain, Founder of Sunfox, expressed gratitude and pride, saying that this award marks a significant milestone for us. It motivates us to keep developing life-saving solutions and making healthcare more accessible to everyone.

Startup Mahakumbh 2025 brought together thousands of startups, investors, and ecosystem enablers, serving as a national stage to celebrate entrepreneurial excellence. Sunfox’s recognition reinforces its leadership in India’s med-tech landscape.

With a mission to democratize access to advanced healthcare tools, Sunfox’s Spandan ECG continues to transform heart monitoring in underserved regions. Through innovation and impact, the company strives to bridge healthcare gaps and improve outcomes across the country.

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