Startup news and updates: Daily roundup (May 13, 2025)

YourStory presents the daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Tuesday, May 13, 2025.

May 13, 2025 - 11:20

Startup news and updates: Daily roundup (May 13, 2025)

From JSW One Platform entering the unicorn club after raising Rs 340 Cr to Zepto nearing a $350 million secondary share sale to increase domestic ownership, YourStory brings today’s headlines that highlight significant developments across industries.

Here’s a roundup of key stories:

Latest news

SoftBank posts profit in FY24 as global bets offset headwinds from Indian companies

SoftBank Group Corp on Tuesday reported a profit of 517.18 billion yen ($3.49 billion) in the fiscal year ended March 2025, helped by gains on its SoftBank Vision Fund I investments despite offsets from Indian portfolio companies.

The Japanese investment conglomerate, led by Masayoshi Son, made a 177.26 billion yen ($1.19 billion) profit on investments at SoftBank Vision Funds during this period, despite Vision Fund II continuing to struggle. Vision Funds (SVF1 and SVF2) sold investments totalling $5.35 billion in the year ended March 2025, including full exits from portfolio companies such as DoorDash and SenseTime (including six investments transferred to Robo HD), and partial exits from several others.

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Funding news

JSW One Platform enters unicorn club after raising Rs 340 Cr

B2B ecommerce platform JSW One Platforms has raised Rs 340 crore at a $1 billion valuation, in a round led by Principal Asset Management, OneUp, JSW Steel, and other investors.

The unicorn valuation is a 3x jump from its earlier round in April 2023, wherein it raised Rs 205 crore in funding from Japan’s Mitsui & Co to scale its credit and logistics capabilities and expand into new markets, the company said in a statement.

"JSW One’s goal is to enable reliable procurement for MSMEs through quality materials, timely delivery, and the right credit solutions. This capital allows us to expand our service network, scale our private brands and NBFC arm, and invest further in tech and logistics. We’re building a supply chain that will continue to add efficiency for MSMEs across India," said Gaurav Sachdeva, Joint Managing Director and CEO, JSW One Platforms, in the statement.

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Zepto nears $350M secondary share sale to increase domestic ownership

Quick commerce unicorn Zeptois about to close a $350 million secondary share sale at about $5 billion valuation as it looks to increase domestic ownership.

According to a report by ET Now, a major domestic entity has committed $100 million as part of the deal, while remaining $250 million is likely to come from family offices, HNIs, and other mutual funds. Motilal Oswal Wealth and Hero FinCorp are among the deal investors.

The transaction will provide partial exit to foreign investors like Nexus Ventures, Glade Brook, Stepstone, and General Catalyst, who will be selling a proportionate 15% of their stake in Zepto to domestic investors.

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Biryani Blues bags $5M to spur store expansion

Omnichannel quick service restaurant Biryani Blueshas raised $5 million in a pre-series C round led by Carpediem Capital’s new fund Yugadi Capital, along with participation from other investors. The capital infusion will support its expansion strategy, invest in hiring and upgrade operation and logistics network, it said in a press note.

The company plans to hire across functions like operational, delivery, and corporate roles as it looks to support its target of opening 100 new outlets over the next three years.

"After optimising operations and turning profitable over the past year, the company has set itself distinctly apart from competitors in this space. We believe that the food business is a long-term play, and increasing our lead in North India, before expanding to other regions remains our first priority," noted Aparna and Raymond Andrews, founders of Biryani Blues.

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Hyperbots raises $6.5M in Series A funding co-led by Arkam and Athera Ventures

Agentic AI platform Hyperbots has raised $6.5 million in a Series A funding round co-led by Arkam Ventures and Athera Venture Partners.

The round also saw participation from JSW Ventures, along with existing backers Kalaari Ventures, Sunicon Ventures, and Darashaw & Company. Headquartered in the US, with an engineering centre in India, the firm develops AI co-pilots for mid-market finance teams.

“Securing this investment is far more than fresh capital—it is our springboard for a new era of finance-and-accounting transformation in the US mid-market,” said Rajeev Pathak, Co-founder and CEO of Hyperbots.

The fresh capital will be utilised to expand its go-to-market initiatives in the US and launch new AI co-pilots, including HyperLM, a large language model (LLM) trained specifically on finance and accounting data.

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Be Clinical raises seed round led by Titan Capital

Skincare brand Be Clinical has raised Rs 2 crore in seed funding led by Titan Capital, with participation from P-TAL founder Aditya Agarwal.

With the new capital, Be Clinical plans to bring manufacturing in-house to improve quality control, protect its formulations, and expand into new anti-ageing categories.

“Securing this investment is a strong validation of our vision. Anti-ageing has often been treated as an afterthought in skincare, but at Be Clinical, it’s our primary focus. We’re building a brand that addresses a real and growing need-especially among Indian Gen Z and Millennial consumers, who are now seeking targeted, effective solutions earlier in their skincare journey,” said Hemangi Dhir, Founder of Be Clinical.

Enrission India Capital leads $550,000 seed round in LUZO

Salonsurf Ventures, the parent company of LUZO, has raised $550,000 in a seed funding round led by Enrission India Capital Inc, with participation from several investors, including the founders of Swiggy Dineout and Orra.

Founded by Anurav Dave, Nikhil Kalwani, and Maan Jetley, LUZO is a digital marketplace for salons, spas, and wellness clinics. The platform simplifies the discovery and booking of premium beauty and wellness services, catering to the demand among urban Indian consumers for tech-enabled self-care experiences.

“LUZO’s model is grounded in clear market demand, user-first design, and efficient execution. The beauty and wellness space in India is undergoing a digital transformation, and LUZO is well-positioned to play a defining role in shaping its evolution,” said Harsh Deordhar, Principal at Enrission India Capital.

Other news

IAMAI appoints M.N. Srinivasu as Chairman

The Internet and Mobile Association of India (IAMAI) has elected M.N. Srinivasu, Co-founder of Billdesk, as its new Chairman for the 2025–2027 term, replacing Harsh Jain, Co-founder and CEO of Dream Sports.

Harshil Mathur, CEO and Co-founder of Razorpay, has been elected Vice Chairman, and Sameer Nigam, Founder and CEO of PhonePe, will serve as Treasurer. They succeed Rajesh Magow of MakeMyTrip and Satyan Gajwani of Times Internet, respectively.

Srinivasu, Mathur, and Nigam will form the executive council along with ex-officio member Dr. Subho Ray, President of IAMAI. The new 24-member governing council and executive council will assume charge at IAMAI’s upcoming annual general meeting. Council elections are held every two years.

Edited by Jyoti Narayan