Top Startup News Today: Groww IPO Buzz, upGrad Turns Profitable & Zepto’s Festive Record | 31st October

As India’s startup ecosystem enters the festive season with renewed momentum, we see a flurry of developments across sectors — from IPO announcements and profit milestones to new funding rounds and leadership shake-ups.

Here’s your comprehensive daily roundup of all that’s shaping the business and innovation landscape.

Featured Startup News

Unicommerce Doubles Down on Profitability and Global Expansion

A year after going public, SaaS leader Unicommerce continues to prove why its IPO remains one of the most successful startup listings in recent memory. Backed by AceVector (the parent company of Snapdeal), the firm had posted ₹100 crore in revenue (FY23) at the time of its listing. Since then, it has focused on strengthening its profitability and expanding its global footprint.
In a recent interaction, Kapil Makhija, MD and CEO of Unicommerce, said the company’s acquisition of Shipway has significantly enhanced its logistics capabilities and accelerated growth. With fundamentals rooted in strong profitability, Unicommerce is now eyeing deeper global integrations as it continues scaling across new markets.

India’s Electric Tractor Revolution Takes Shape

India’s farmlands are witnessing a quiet but powerful revolution. A growing number of farmers are exploring electric tractors to cut operational costs and reduce emissions. Startups like Moonrider, backed by AdvantEdge, are racing to capture this emerging opportunity.
According to the Vahan registry, 25 electric tractors were registered in 2025 — a small but meaningful number that represents a 66% year-on-year growth. The nascent but promising sector is seen as a key step towards sustainable agriculture and rural electrification.

Meta’s Strong Ad Growth Boosts Revenue Despite One-Time Tax Hit

Meta posted robust revenue growth in Q3 2025, powered by surging demand for AI-led advertising. The company’s revenue rose 26.2% year-on-year to $51.2 billion, though profits took a hit due to a one-time tax charge.
The company reported a net profit of $2.7 billion, down 82.7%, after accounting for a non-cash tax charge of $15.93 billion under the One Big Beautiful Bill Act. Without this adjustment, Meta’s profit would have stood at a healthy $18.64 billion — underlining the company’s strong operating fundamentals amid the AI boom.

Alphabet Crosses $100 Billion in Quarterly Revenue, Riding AI Wave

Tech giant Alphabet, the parent of Google, has recorded a historic milestone — clocking $100 billion in quarterly revenue for the first time. CEO Sundar Pichai credited the company’s AI-powered innovation across Search and Cloud for doubling its quarterly revenue over the past five years.
“This was a terrific quarter for Alphabet, driven by double-digit growth across every major part of our business,” Pichai said, adding that Google is “firmly in the generative AI era.” The company’s continued investment in AI is transforming both its revenue engine and its long-term product strategy.

Latest Startup News

Groww Sets IPO Price Band at ₹95–₹100, Eyes ₹61,700 Cr Valuation

Fintech unicorn Groww, owned by Billionbrains Garage Ventures Ltd., has set its IPO price band at ₹95–₹100 per share, seeking a valuation of about ₹61,736 crore.
The issue, which opens on November 4 and closes on November 7, includes a ₹1,060 crore fresh issue and a ₹5,572 crore offer for sale. The listing marks one of India’s most awaited fintech IPOs of the year, giving existing investors a major liquidity event.

upGrad Turns EBITDA Positive as AI-Led Expansion Fuels Growth

Edtech major upGrad has turned EBITDA positive in FY25, marking a significant turnaround. The company posted a gross revenue of ₹1,943 crore, translating to total income of ₹1,650 crore after Ind-AS adjustments.
Led by AI-driven expansion and rising enterprise demand, upGrad continues to cement its position as a profitable, scalable, and globally expanding learning powerhouse. The company also has ₹556 crore in collected but unrecognised revenue to be realised in future quarters.

Shiprocket Reports ₹1,632 Cr Revenue, Narrows Losses

Logistics-tech unicorn Shiprocket has achieved positive cash EBITDA for the first time in FY25, with revenue rising 24% year-on-year to ₹1,632 crore.
Its core domestic shipping platform and value-added tech solutions together contributed ₹1,306 crore in revenue, with stable margins of around 12%. Net losses narrowed sharply to ₹74 crore, compared to ₹595 crore last year — the remaining deficit largely attributed to non-cash ESOP expenses of ₹91 crore.

General Atlantic Doubles Its Stake in PhonePe with $600M Deal

Private equity giant General Atlantic has doubled its stake in PhonePe to nearly 9% through a $600 million secondary transaction.
The move, aimed at enabling employee liquidity and tax settlements, brings the firm’s total investment in PhonePe to around $1.15 billion since 2023. The deal underscores continued investor confidence in India’s leading digital payments platform.

Funding News

Drip Capital Secures $50M Credit Line from TD Bank

Trade-finance startup Drip Capital has raised a $50 million committed credit facility (with an additional $25 million option) from Toronto-Dominion Bank.
This marks Drip Capital’s first partnership with TD Bank and pushes its total debt funding to over $500 million. The capital will help expand its Buyer Finance programme in North America and strengthen global SMB trade-finance operations.

SalarySe Raises $11.3M in Series A Round

Fintech platform SalarySe has secured $11.3 million in Series A funding, led by Flourish Ventures with participation from Susquehanna Asia VC, Peak XV’s Surge, and Pravega Ventures.
The startup plans to use the funds to enhance its salary-powered financial services, including affordable credit, payments, and money management tools — bringing personalised finance closer to working professionals.

Jupiter Money Raises ₹115 Cr from Mirae Asset, BeeNext, 3one4 Capital

Neobank Jupiter Money has raised ₹115 crore in a fresh round from Mirae Asset, BeeNext, 3one4 Capital, and its founder Jitendra Gupta.
After doubling its revenue last fiscal, the company aims to further expand its integrated platform that offers savings, credit, loans, insurance, and investment services — all under one digital ecosystem.

IntrCity SmartBus Raises ₹250 Cr in Series D Funding

Intercity mobility platform IntrCity SmartBus has raised ₹250 crore ($28 million) in a Series D round led by A91 Partners, valuing the company at about ₹1,200 crore.
The funds will be used to enhance its travel experience, upgrade technology, and expand operations into Tier-II and Tier-III cities. The company aims to double its current fleet from 600 to 1,000 buses in the coming years.

PointAI Raises ₹47 Cr to Strengthen Deeptech Capabilities

Deeptech startup PointAI has raised ₹47 crore in a pre-Series A round led by Yali Capital, along with Lip-Bu Tan and Tremis Capital.
Formerly known as Try N D Buy, the company plans to accelerate innovation, expand internationally, and strengthen its AI stack across sectors.

Exiles Interactives Raises $355,000 for Next-Gen Gaming Platform

Bengaluru-based gaming startup Exiles Interactives has raised $355,000 in a pre-seed round led by Chimera VC, with participation from Warmup Ventures, IndigoEdge, and angels including Dhruv Vohra.
The funds will go towards developing Centarius, a next-gen social gameplay platform. The company plans to collaborate with creators on TikTok, Twitch, and YouTube, and establish a global presence at major gaming events.

Tattva Invests ₹6 Cr in Mad Over Buildings

Tattva, the corporate VC arm of Somany Impresa Group (parent of Hindware), has invested ₹6 crore in Mad Over Buildings (MOB) — a fintech-enabled B2B platform for construction materials.
The collaboration will leverage Hindware’s distribution network to expand MOB’s reach and enhance liquidity for smaller retailers through a credit-backed marketplace.

Beyond Renewables & Recycling Raises ₹5 Cr Pre-Seed

Climate-tech startup Beyond Renewables & Recycling has raised ₹5 crore in pre-seed funding led by Momentum Capital.
Founded in 2024, the startup has developed a proprietary recycling process for solar panels, achieving high recovery rates for materials like silver and silicon. The funds will scale operations and address India’s rising solar waste challenge.

Vijya Fintech’s MIDASX Raises ₹12 Cr, Acquires AI Startup

Vijya Fintech, the parent of MIDASX, has raised ₹12 crore in seed funding while also acquiring an undisclosed AI startup.
The move will help MIDASX transition into a B2B2C multi-asset marketplace, integrating stocks, bonds, FDs, and unlisted equities. The acquisition adds AI-driven features such as predictive analytics and portfolio scoring.

Redacto Raises ₹12 Cr for AI Privacy Infrastructure

AI-driven data governance startup Redacto has raised ₹12 crore in seed funding led by PeerCapital and Antler India.
Founded by Shashank Karincheti and Amit Kumar, Redacto automates enterprise privacy compliance and data protection — serving leading fintechs and NBFCs gearing up for India’s DPDP Act.

Other Startup News

BharatPe Appoints Harshita Khanna as CHRO

Fintech company BharatPe has named Harshita Khanna as its new Chief Human Resources Officer. With 18 years of experience at Home Credit, Aon Hewitt, and Alcatel Lucent, she will focus on driving leadership development and organisational transformation as BharatPe enters its next growth phase.

Emversity Strengthens Leadership Team

Industry-skilling platform Emversity has elevated four founding members to senior roles — Manish Kumar (CTO), Akash Kalp (CBO–SMART), Rahul Raj (CBO–EDGE), and Megha Lal (CHRO) — as it scales its technology, partnerships, and learning network across 22 states and 13 universities.

Razorpay Enables UPI Payments in Malaysia

Fintech major Razorpay has expanded into Malaysia, allowing Indian travellers to make UPI payments via its local entity Curlec in partnership with NPCI International.
The integration allows payments in Indian apps with settlement in Malaysian ringgit, marking a major step in UPI’s global expansion.

Zepto Crosses 2 Million Daily Orders During Diwali Week

Quick-commerce unicorn Zepto recorded a festive season high, crossing 2 million daily orders during Diwali week.
CEO Aadit Palicha said Zepto consistently outperformed peers by 30–40% in daily orders while improving cash efficiency. The company plans to sustain 20%+ order growth in the coming quarters.