By Team Ys

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From closing a $150-million refinancing deal to Amazon Pay and ICICI Bank renewing their co-branded credit card partnership, YourStory brings you stories that highlight significant developments across industries.
Featured stories:
How Bengaluru’s Empire restaurant built a Rs 560 Cr food business
Bengaluru is as much about its craft beer as it is about the culture that’s brewed around it. And no matter how the night unfolds, whether it is a house party that runs too late or pub hopping in the city, it almost always leads to one place—the iconic Empire Restaurant.

The order remains the usual too—steaming short-grained ghee rice, dal fry, with a side of crispy kebabs, the simple biryani, or the coin parotta and butter chicken combo. Empire Restaurant has carved out a place for itself in the hearts of Bangaloreans—in some as a habit, others as a memory, and for many, a saviour meal at odd hours.

In a way, this was how Abdul Rahim Haji, Founder of parent company NKP Empire, had envisioned the brand when he set out to start the food and beverage (F&B) venture in 1966.

Cleevo is making cleaning easier with eco-friendly solutions
For many generations, Indian households relied on natural and manual cleaning methods using ash, soap bars, or hand scrubbing, all inconvenient approaches requiring excessive effort. In the 1960s, low-cost powders like Nirma and premium solutions like Hindustan Unilever’s Surf marked a shift from labour-intensive scrubbing, making home cleaning faster and easier. Home hygiene care brand Cleevo aims to bring about another shift.

Founded in Chennai in 2022 by Mayank Jain and Karan Shah, it’s built on the belief that “home cleaning needs a complete reset, not just a small change.” Cleevo, short for ‘Cleaning Evolution’, is reimagining household cleaners with compact, non-toxic concentrates that are easier to store, cheaper to transport, and far gentler on the planet. Its range covers kitchens, floors, dishes, glass, and all-purpose cleaning, all designed for reusable, refillable containers.

Latest news
Eruditus locks in major refinancing as it pushes for profitable growth
Edtech firm Eruditus has completed a refinancing deal worth up to $150 million. The arrangement is led by MARS Growth Capital, a joint venture between Liquidity and MUFG Bank of Japan, together with HSBC.

The new facility consists of $130 million in immediate refinancing and a further $20 million available as a scale-up option. MARS Growth Capital will provide up to $100 million, while HSBC will provide up to $50 million. “This refinancing reinforces our long-term growth strategy, giving us the financial flexibility to accelerate profitable expansion across international markets,” said Ashwin Damera, chief executive and co-founder of Emeritus and Eruditus.

Funding news
Battery circularity startup PeakAmp bags Rs 12 Cr in seed funding
PeakAmp, a battery circularity startup founded in 2024 by Vijay Gond and Aditya Sudhanshu, has raised Rs 12 crore ($1.37 million) in seed funding led by Caret Capital, with participation from IIM Ahmedabad Ventures, angel investor Basant Sharma and Group, and others from the clean-tech, mining, and recycling sectors.

The startup works across the battery lifecycle—covering logistics, disassembly, diagnostics, and materials recovery—and has already piloted projects with industry players while building partnerships to strengthen its reverse-logistics and recycling network. Its approach emphasises compliance, traceability, and second-life applications, alongside advanced recovery processes for critical metals such as lithium, nickel, and copper.
BacAlt Biosciences raises Rs 18 Cr to scale sustainable bio-based ingredients
BacAlt Biosciences, a biotech startup founded by a team of biotechnologists, has raised Rs 18 crore ($2 million) in funding led by Avaana Capital with participation from Lubrizol InnoVentures.

The funding will be used to expand R&D, set up pilot production facilities, strengthen hiring, and build go-to-market strategies for wider adoption and global expansion.

The company develops bio-based polymers and speciality ingredients through energy-efficient fermentation processes that utilise circular feedstocks and waste valorisation, aimed at reducing microplastic pollution and dependence on petrochemical-based materials.
Ember raises $3.2M, partners with Chef Saransh Goila
Ember, a cookware startup founded in 2024, has announced a partnership with chef and entrepreneur Saransh Goila, who joins as partner and investor to lead its Innovation Lab for product R&D and consumer education.

The startup recently raised $3.2 million in seed funding, led by HNIs, family offices, and existing investors, with participation from Suhasini Sampath (Co-founder, Yogabar) and Apurva Salarpuria.

With Goila’s involvement and fresh capital, the company plans to scale manufacturing, expand R&D, and strengthen its market presence.
EV ride-hailing startup SnapE Cabs secures $2.5M
SnapE Cabs (EC Wheels India Pvt Ltd), an electric mobility company founded by Mayank Bindal, has raised $2.5 million in a bridge round led by Inflection Point Ventures with participation from Ah Ventures and other investors. The funds will be used for operational expenses, leasing EVs, and product development.

Founded by Mayank Bindal, SnapE operates a fully electric fleet and charging infrastructure platform for ride-hailing and fleet operators. The company currently runs over 1,100 EV cabs, up from 500 in late 2024, with operations in Kolkata and a recent expansion into Delhi-NCR through a partnership with Rapido.
SnapE turned EBITDA positive in January 2025, has crossed 3.2 million rides with over 1.2 million paying users, and reported Rs 120 crore in gross revenue.
TERN Group secures $24M o expand global nurse mobility platform
TERN Group, a UK-headquartered global talent mobility platform founded by IIT Bombay alumni Avinav Nigam and Krishna Ramkumar, has raised $24 million in Series A funding led by Notion Capital, taking its total funding to $33 million.

The company supports nurses and care workers across India, the UK, Germany, the GCC, and North Africa, with expansion into Japan and the US. Over 650,000 professionals from 13 countries use its platform for training, career pathways, and job opportunities. In India, it trains 1,000–2,000 nurses annually and holds a 25% share of the German language training market.
GVFL backs Biokraft Foods with Rs 2 Cr pre-seed investment
GVFL has invested Rs 2 crore in Biokraft Foods, a foodtech startup founded in 2023 by ICT Mumbai alumnus Kamalnayan Tibrewal, developing structured cultivated meat with biotechnology and 3D bioprinting. Supported earlier by incubators iCREATE, SPTBI, and ICT-NICE, the company is working on India’s first sustainable, slaughter-free meat products that mimic conventional taste and texture.

Biokraft uses a hybrid model combining cultivated meat with food-safe ingredients for affordability and scale, and has conducted over 400 consumer trials. Its pipeline includes cultivated seafood and pet food, targeting both consumers and businesses.
San Francisco-Based Klaar raises $5M
, a San Francisco-based performance management platform founded by HR leaders, has launched in the US, while raising $5M in Series A funding led by Prime Venture Partners, with participation from existing investor Shastra VC.

The funds will support US expansion, client onboarding, and scaling its India engineering hub, which will grow by 40% to advance AI-driven solutions. Klaar’s platform provides tools for goals, OKRs, reviews, feedback, calibrations, development plans, and 360 surveys, integrating into workplace apps to deliver real-time insights, reduce bias, and enable data-driven talent decisions.

The platform addresses engagement, retention, and productivity challenges in hybrid and distributed work environments across sectors, including technology, finance, professional services, and manufacturing.
Inamo bags $3M to expand quick commerce infra
Inamo, a full-stack quick commerce enablement company founded by Sumit Anand (ex-Dunzo, Ola) and Rupesh Thakare (ex-Goldman Sachs, Ninjacart, Apnaklub), has raised $3 million in seed funding led by Shastra VC, with participation from Antler India, Gemba Capital, and Scope Promoters.
The funds will support the expansion of its dark store network, enhancement of technology and infrastructure, and recruitment of talent.

Operational in six metro cities with over 50 dark stores and a dedicated last-mile fleet, Inamo provides an integrated warehousing, fulfilment, and delivery solution, offering a plug-and-play infrastructure-as-a-service model that helps platforms and brands scale quick commerce efficiently.

Amazon Pay, ICICI Bank renew credit card partnership
Amazon Pay and ICICI Bank have renewed their partnership for the Amazon Pay ICICI Bank Credit Card, which has over 5 million users since its launch in 2018.

Starting October 11, 2025, the card will lower forex markup on international transactions from 3.5% to 1.99%, while continuing to offer 5% cashback on Amazon Pay purchases and travel bookings for Prime members, and 3% for non-Prime members.

The updates extend the card’s benefits beyond everyday spends to international usage and travel.

(This article will be updated with the latest news throughout the day.)
(Edited by Kanishk Singh)