By Team Ys

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From PhonePe filing confidential IPO papers to Good Capital closing a $30 million second fund to back AI-driven startups, YourStory brings you today’s headlines with the latest developments across sectors.
Featured stories
From selling posters in Delhi’s footpaths to building a gifting empire: 46 years of Archies
Before Instagram reels and WhatsApp forward wishes became the norm, millennials had greeting cards and slam books—where our school memories and emotions growing up were shared, cherished, and carefully tucked away.

For millennials, at the heart of all these exchanges, emotions, and memories was one brand—. What started with a single poster on the footpaths of Delhi’s Connaught Place has grown into a gifting powerhouse, adapting to changing consumer trends and preferences, retail challenges, and now expanding into global markets.

According to Archies, its total income from operations for FY25 stood at Rs 69.70 crore. It is now looking at scaling global operations, with a focus on cultural offerings. Read more
This agritech startup bets on hydrogen-powered lightweight drones to boost agriculture
In 2021, engineering batchmates Vinay Yadav and Hitesh Borana co-founded agritech startup Visron to support farmers in Uttar Pradesh and Rajasthan. But the duo encountered many challenges while working with battery-powered drones.

The following year, Yadav and Borana, the COO, pivoted their agritech startup into a deeptech venture, focusing on hydrogen-powered drones. Today, their 22-member team operates out of a manufacturing facility at their headquarters in Jhalawar. Read more.
Latest news
PhonePe files confidential IPO papers, plans to raise Rs 12,000 Cr
Walmart-owned digital payments major confidentially filed a pre-filed DRHP with the SEBI and stock exchanges, as it gears up for one of India’s largest initial public offerings. This allows PhonePe to engage with regulators and receive feedback before releasing trade-sensitive financial details to the public.

Meanwhile, another Bengaluru fintech company, Groww—which took a similar route in May this year—is now finally moving ahead with its IPO plans and has released an updated DRHP. Read more.
Allen appoints Rakesh Ranjan as CEO of digital arm Allen Online
has named Rakesh Ranjan as the CEO of Allen Online, its digital education platform. Ranjan will lead the institute’s digital strategy, focusing on scaling technology- and AI-enabled learning solutions.

“India‘s massive education deficit can only be solved with the use of technology. We need to unlock every child’s potential by delivering quality learning outcomes at scale,” said Nitin Kukreja, CEO, Allen Career Institute. Read more
Funding news
Good Capital raises $30M in final close of second fund to back AI-driven startups
Early-stage VC firm raised $30 million (~Rs 260 crore) in the final close of its second fund, which it launched in 2023 to raise $35 million initially.

The VC firm, which has backed companies like ecommerce platform Meesho and diagnostics lab chain Orange Health, has secured commitments largely from family offices across Asia and Europe.

With the close of this fund, it is looking to double down on its strategy to invest in new-age and technology-first startups with a focus on AI-driven companies.

Good Capital has already begun dispersing money from this fund in instant pharmacy delivery startup Rio, digital freight forwarding platform Xhipment, and consumer appliances firm Nuuk, among others. Read more.
Y Combinator-backed Gullak raises $7.5M
Bengaluru-based digital-gold fintech Gullak secured $7.5 million in Series A funding, betting that India’s centuries-old obsession with gold can be reshaped for the smartphone age.

The round was led by Chiratae Ventures, with participation from White Venture Capital, Samved Ventures, and existing investors Y Combinator, GMO Fintech Fund, and Rebel Fund.

Gullak plans to deploy the capital primarily for brand building, expansion into Tier II and III cities, and deepening partnerships with major jewellers to develop innovative solutions for India’s gold buyers. Read more.
Oolka raises $7M funding for its agentic credit assistant
Bengaluru-based Oolka raised $7 million in a seed round led by Lightspeed India Partners and Z47, with participation from 8i Ventures and a roster of angel investors, including Meesho’s Vidit Aatrey and Sanjeev Barnwal, and M2P’s Madhusudanan R.

Oolka will use the fresh capital to hire in engineering and data science departments and develop new AI tools, including voice-based services.

“In the long run, what we see is a mega opportunity to build a true AI distribution play and then cross-sell different products just like any fintech distribution arm that has been there in the country,” said Utkrishta Kumar, Founder of Oolka. Read more.
P-TAL raises $3M in Series A round
P-TAL (Punjab Thathera Art Legacy), a handcrafted copper, brass, and bronze brand, raised $3 million in a Series A funding round to expand its presence in India, accelerate international growth, product development, supply chain improvements, and artisan empowerment.

The round was led by VC Grid, with participation from Ekamya Ventures, the Salarpuria Group, LNB Group, Rainmatter (backed by Zerodha’s Nithin Kamath), and other family offices and founders.

US-based Connecticut Innovations also joined the round, marking its first investment in an Indian company. Other investors included Anicut Capital, Zero Pearl VC, Jaipur Rugs Family Office, Ramakant Sharma (Livspace), Sanjay Kapoor (Genesis Luxury), Avnish Anand (Caratlane), Shibam Das (Atomberg), and Dr Ritesh Malik (Innov8).

Exports currently account for over 55% of P-TAL’s business, with key markets in the US, UK, Europe, and the Middle East.

Since its last fundraise, P-TAL’s revenue has grown from Rs 5 crore ARR to Rs 50 crore ARR. The company now targets Rs 150 crore ARR within the next year.
Xbattery raises $2.3M seed funding
Hyderabad-based deeptech startup Xbattery raised $2.3 million in seed funding led by the Bipin Patel Family Office, with participation from Jhaveri Credits.

It will use the funds for R&D, hardware sourcing, team expansion, and scaling prototypes toward commercialisation.

Founded in 2024 by Satish Reddy, Sonu Mishra, and Varshith Rao, Xbattery develops Battery Management Systems (BMS) and Battery Energy Storage Systems (BESS) for electric vehicles and renewable energy applications.

The company aims to provide cost-effective domestic alternatives to imported BMS technologies, focusing on improving safety, efficiency, and durability.

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