Startup news and updates: Daily roundup (April 24, 2025)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, April 24, 2025.

Apr 24, 2025 - 10:21

Startup news and updates: Daily roundup (April 24, 2025)

From LPs pushing fund managers to scale down, to Atlys simplifying visa applications with technology, and Databricks investing $250 million in India, YourStory brings you today’s headlines with the latest developments across sectors.

Featured stories

LPs are making fund managers shrink; many prefer it that way

In India’s private capital market, smaller is starting to look smarter.

Venture capital and private credit managers are increasingly moving away from raising large funds and leaning into leaner, sub-$100 million vehicles. That shift isn’t just being driven by tighter capital conditions—it’s being reinforced by a structural realignment of incentives across limited partners and general partners.

Traditionally, larger funds meant higher assets under management (AUM) and, in turn, greater compensation for managers. However, investor priorities are changing. Many limited partners (LPs) now favour disciplined fund sizes focusing on long-term performance rather than asset accumulation. Read more.

No more visa woes, says Atlys

Travelling to a new country sounds exciting, but applying for a visa is a strong deterrent for many. The process is long and overwhelming, with a whole lot of paperwork.

And if the travel involves many countries, the challenge multiplies manifold. This is what Mohak Nahta, a former software engineer at Pinterest, experienced when he tried to obtain five different visas for a work trip.

However, during the process, he also realised that, although each country had a different visa procedure, the documents required were largely the same. He wondered if he could create a tech platform that could consolidate the documentation and simplify the entire visa application experience for travellers. Read more.

Latest news

MobiKwik forms wholly-owned NBFC unit to revive lending amid partner pullback

One MobiKwik Systems Ltd has incorporated a wholly owned subsidiary—Mobikwik Financial Services Private Limited (MFSPL)—as part of its strategic venture into the NBFC (non-banking financial company) space.

The company disclosed this in a filing to stock exchanges on April 23.

The Gurugram-based fintech firm said the new entity has been approved by the Ministry of Corporate Affairs and will be engaged in a range of financial services under the NBFC framework, including leasing, hire purchase, and financing of machinery, vehicles, property, and other assets. Read more.

Funding news

Databricks to pump in $250M in India

AI and data analytics firm Databricks will invest over $250 million in India over the next three years.

The investment will primarily support training and enablement, research and development (R&D), and go-to-market resources, the company said in a statement. Databricks also plans to increase its headcount by more than 50% to over 750 employees in the country at the end of this fiscal year. Read more.

AI travel tech startup Rimigo raises $550,000 in pre-Seed funding

AI travel tech venture Rimigo has secured $550,000 in pre-seed funding. The latest round was led by Japan-based Reazon Capital and SGgrow Capital.

The round also witnessed participation from prominent Indian angel investors such as S Ramadorai, former CEO of TCS; Ravi Nigam, former MD of Tasty Bite Eatables; Shashank Deshpande, MD of Pentathlon Ventures; and Ujjwal Jain, CEO of Share.Market, ex founder WealthDesk. Read more.

Avaana Capital leads Rs 32 Cr investment in GreenGrahi

Avaana Capital, a venture capital fund specialising in deep-tech and frontier innovation, has led a Rs 32 crore (approximately $3.8 million) seed funding round in GreenGrahi—a next-generation biotech company developing resilient and scalable alternatives to conventional animal feed and chemical agricultural inputs through insect biotechnology.

The round also saw participation from existing investors—Huddle Ventures, Campus Fund, Blume Founders Fund—as well as prominent angel investors including Nitin Sharma (Nexus Ventures), Anchit Gupta (Samara Capital), David Chen (Equilibrium Capital), and Sameer Brij Verma (Northpoint Capital).

The funds will be used to establish India’s largest black soldier fly (BSF) bio-factory, with a daily processing capacity of 150 tonnes of feedstock. The company also plans to expand its scientific team and enter international markets, including the US, UK, and EU.

Other news

Candere founder launches lab-grown diamond jewelry brand Lucira

Rupesh Jain, who built Candere into one of India’s leading online fine jewellery platforms before its acquisition by Kalyan Jewellers, is launching a new venture, Lucira.

A modern lab-grown diamond jewellery brand, Lucira is designed for the conscious, design-focused consumer and aims to reshape how people engage with fine jewellery.

Akums, Tamil Nadu Agricultural University partner for pharmaceutical innovation

Akums Drugs and Pharmaceuticals has signed a Memorandum of Agreement (MoA) with Tamil Nadu Agricultural University (TNAU). The agreement aims to facilitate collaboration between academic research and the pharmaceutical industry in the development of sustainable healthcare solutions.

Under the partnership, Akums and TNAU will collaborate on research into sustainable formulation development. The Department of Processing and Food Engineering at AEC&RI, TNAU, will explore agri-based inputs for pharmaceutical and nutraceutical use, with a focus on plant-derived resources.

TNAU will support the initiative by coordinating research, overseeing technical aspects of product development, and ensuring effective collaboration with Akums. It will also run capacity-building programmes involving dedicated research fellows.

AASOKA by MBD Group crosses Rs 100 Cr revenue milestone

AASOKA, the edtech platform of MBD Group, has surpassed Rs 100 crore in revenue.

AASOKA has grown from 300 schools and Rs 10 crore in revenue in 2022 to partnering with over 4,000 schools, reaching 9.5 lakh students and 80,000 teachers, and surpassing Rs 100 crore in four years. AASOKA aims to reach 20,000 schools in the next three years.

AXISCADES appoints Anurag Sharma as CEO of Germany-based subsidiary

AXISCADES Technologies Limited has appointed Anurag Sharma as CEO of its Germany-based subsidiary, add-solution GmbH, which specialises in wiring harness design and testing for aerospace, automotive, and industrial sectors, as well as drone development and thermal management in Europe.

Sharma, an IIT Roorkee alumnus, joins as CEO of add-solution GmbH, bringing over 30 years of experience in product development, sales, business development, and large-scale engineering programmes.

He has held leadership roles at Siemens, Segula Technologies, Altran India, Ansys India, and Altair Engineering, notably establishing Segula's India presence.

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

Edited by Kanishk Singh