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IdeaForge secures ₹137-Cr drone order from Indian Army

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ideaForge Technology announced on Monday that it has secured an emergency procurement order valued at approximately ₹137 crore from the Indian Army for its hybrid mini unmanned aerial vehicles (UAVs).

The Indian Army has selected ideaForge’s drones—designed for intelligence, surveillance, and reconnaissance (ISR) missions—through a fast-track procurement process aimed at addressing urgent operational needs. Furthermore, these hybrid Mini UAVs incorporate a vertical take-off and landing (VTOL) system that combines fixed-wing capabilities with quadcopter-style lift. As a result, they can operate efficiently in challenging terrains without requiring a runway.

ideaForge stated that the Indian Army previously tested and deployed these drones during Operation Sindoor, the recent cross-border mission against Pakistan. Their ability to deliver real-time surveillance proved vital to the success of the military operation.

One of the key conditions of this emergency procurement was that none of the drone’s core components could originate from countries sharing a land border with India. To comply with this, ideaForge underwent rigorous inspections. Notably, two independent technical teams conducted site visits to its manufacturing facilities and thoroughly verified the Indian origin of every critical component. As a result, the company successfully met this requirement.

The Mini UAV from ideaForge has already received certification as “Fit for Indian Military Use” from the Directorate General of Quality Assurance (DGQA), signifying that it meets the military’s rigorous standards for durability and operational performance.

ideaForge is scheduled to complete the ₹137 crore order within 12 months.

This procurement, therefore, aligns with a broader initiative by the Indian armed forces to swiftly acquire critical defense equipment—including loitering munitions, counter-drone technologies, anti-tank guided missiles, and artillery ammunition—following recent operations along the western border. As per the 2025–26 Union Budget, this emergency procurement cap currently stands at ₹24,000 crore.

Walmart-backed PhonePe is seeking to raise $1.5 Bn from India IPO: Bloomberg

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Walmart-backed Indian fintech company PhonePe is reportedly gearing up to file preliminary documents for its much-anticipated initial public offering (IPO), aiming to raise up to $1.5 billion, according to a Bloomberg report citing sources familiar with the matter.

The proposed IPO could value the digital payments giant at approximately $15 billion. According to the report, PhonePe plans to submit its draft red herring prospectus (DRHP) by August, taking a major step toward its public market debut.

As of now, neither PhonePe nor its parent company Walmart has issued an official response to requests for comment from Reuters regarding the development.

The company ranks among the most widely used digital payment platforms in India and plays a leading role in driving transactions through the Unified Payments Interface (UPI), the real-time payment system developed by the National Payments Corporation of India (NPCI).

With a robust user base of over 600 million registered users, PhonePe has established a strong presence across the country. More than 40 million merchants, from small local vendors to large retail chains, accept PhonePe as a payment platform. The platform handles over 310 million digital transactions every day, underscoring its critical role in India’s rapidly growing digital economy and its dominance in the fintech space.

PhonePe’s plans to raise $1.5 billion through an IPO not only reflect its strong market position but also highlight the growing investor confidence in India’s digital payments ecosystem. With a massive user base, extensive merchant network, and high transaction volumes, the company is well-positioned to capitalize on its momentum and further strengthen its leadership in the fintech space.

Saya Group partners with Lemon Tree Hotels to launch new hospitality project

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Saya Group has formed a strategic partnership with Carnation Hotels Pvt Ltd, a subsidiary of Lemon Tree Hotels—one of India’s leading hospitality brands.

As part of this strategic collaboration, Lemon Tree Hotels will assume responsibility for operating and managing 336 fully-serviced BIZTOP Business Class Suites. These suites are located within Saya SouthX—furthermore, the group’s flagship mixed-use development in Greater Noida West.

Consequently, the alliance aims to provide high-quality business accommodation that effectively meets the rising demands of professionals, entrepreneurs, and corporate travelers in the region.

Strategically situated between the seventh and 25th floors of Saya SouthX, each BIZTOP suite spans an average of 668 sq ft. Moreover, the suites seamlessly blend contemporary design, modern amenities, and professional services to offer a premium business stay experience. Operated under the BIZTOP brand, Lemon Tree Hotels will manage these suites, delivering high hospitality standards and smooth operations throughout.

Vikas Bhasin, MD of Saya Group, said, “This collaboration with Lemon Tree Hotels aligns perfectly with our vision of integrating business efficiency with comfort. With BIZTOP at Saya SouthX, we are not just building spaces; we are creating business destinations.”

Vilas Pawar, CEO of Carnation Hotels Pvt. Ltd., added, “We are delighted to partner with Saya Group for BIZTOP. The synergy between our hospitality experience and Saya’s high-quality infrastructure will deliver a truly premium business accommodation solution in Greater Noida West.”

Saya SouthX stands as a vibrant commercial hub, strategically spread across 3 acres with a total built-up area of approximately 6.8 lakh sq ft. Moreover, the development offers a diverse mix of attractions, including retail outlets, fine dining restaurants, food courts, a multiplex, gym, infinity pool, banquet spaces, and the newly launched business suites—creating a dynamic destination for work, leisure, and lifestyle.

Expected to draw over 50,000 visitors daily and serve a catchment of more than 5 lakh residents, the project strengthens Saya Group’s foothold in the premium commercial real estate space. To date, the Group has already delivered 5.37 million sq ft of residential projects. Furthermore, it is nearing possession of 2.37 million sq ft in commercial developments—reinforcing its strong track record of quality, innovation, and timely delivery.

PharmEasy founders unveil new venture All Home

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Dharmil Sheth, Dhaval Shah & Hardik Dedhia, co-founders, PharmEasy

The co-founders of digital pharmacy PharmEasy, Dharmil Sheth, Dhaval Shah, and Hardik Dedhia—have launched a new venture called All Home, marking their entry into the architectural and interior design sector.

All Home plans to collaborate with existing brands in the space by investing in them and providing strategic support, including technology integration, internet-driven manufacturing and distribution, and data-backed market insights.

Sheth, Shah, and Dedhia stepped down from their operational roles at PharmEasy in January. At the time, the company announced that while the founders would continue as board members or observers, they would scale back their involvement in daily executive functions.

Earlier this year, the three founders officially exited PharmEasy’s day-to-day operations, coinciding with the epharmacy company’s revival of its IPO plans—two years after it had put them on hold.

In an interview, Dhaval Shah revealed that All Home has secured funding from Bessemer Venture Partners, along with several angel investors. These include PharmEasy co-founder and CEO Siddharth Shah, Niket Shah (CIO, Motilal Oswal Asset Management), Shalibhadra Shah (Group CFO, Motilal Oswal Financial Services), and Kabir Narang (Founding General Partner, B Capital).

Shah confirmed that All Home is valued at $120 million following the funding round, although he did not disclose the exact amount raised. However, insiders suggest the total round—comprising both equity and debt—was close to $20 million. Notably, Bessemer Venture Partners had also backed PharmEasy in its early stages.

To date, All Home has partnered with three interior décor brands: Colour Coats, House of W, and Fiamarc. Shah added that the platform aims to bring three more brands on board in the coming weeks.

He also noted that the $60-billion interior and home improvement market in India remains largely fragmented, with limited brand presence in categories like sanitaryware, furniture, kitchens and wardrobes, furnishings, lighting, and home hardware.

“Consumers are increasingly willing to invest in their living and working spaces, yet often lack access to the appropriate channels and products. Our platform aims to address this gap,” Shah said.

Sheth pointed out that the All Home team has recognized major inefficiencies in the existing procurement process for interior and architectural products. Designers often have to juggle multiple vendors, deal with extended turnaround times, face challenges in maintaining design consistency, and encounter limited after-sales support.

Bessemer Venture Partners’ partner Anant Vidur Puri said, “The home infrastructure and interior design sector in India is at a pivotal inflection point, driven by rising aspirations and disposable incomes across the country. Despite its size, the market remains highly fragmented and underserved, with consumers and designers facing persistent challenges around quality, transparency, and efficiency.”

With All Home, the PharmEasy founders aim to streamline the fragmented interior design and home improvement industry by addressing critical pain points such as vendor coordination, delayed deliveries, and inconsistent support.

Campus Fund launches $100 Mn third fund to back student-led startups

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Richa Bajpai, Founder, Campus Fund

Campus Fund, India’s first and only SEBI-registered AIF Category II venture capital fund focused solely on student and college dropout-led startups, has announced the launch of its third and largest fund to date—a $100 million corpus. With over 50% of the fund already committed, it has successfully completed its first close and made two initial investments.

Founded by serial entrepreneur Richa Bajpai, Campus Fund is reshaping the venture capital landscape by investing in first-time founders who are still in university, have dropped out, or are within three years of graduating. After co-founding Goodera—backed by Nexus, Omidyar, Elevation, and Binny Bansal—Richa formulated the idea for Campus Fund during her time at London Business School in 2020. What started as a modest initiative has now grown into a $100 million institutional platform empowering India’s future generation of innovators.

“Campus Fund is not just a VC firm—it’s a movement to unlock the genius scattered across campuses,” said Richa. “With Fund III, we double down on our conviction that student founders aren’t just dreamers—they’re doers, redefining the future from dorm rooms, garages, and labs.”

Richa began her own entrepreneurial journey in 2009, during her final year of engineering. “This is a full-circle moment for me,” she added. “I started in a dorm room with nothing but an idea and ambition. To now back students chasing bold ideas—that’s the most meaningful chapter of my career.”

Today’s student entrepreneurs are breaking out of the boundaries of elite institutions, emerging from Tier 2 and Tier 3 colleges, small towns, and unconventional backgrounds. Many are college dropouts who choose to build rather than follow traditional paths. As access to knowledge continues to grow, Campus Fund is using Fund III to actively democratize capital for this bold new generation of founders.

“The next unicorn may not come from Silicon Valley or Bengaluru—it might come from a hostel room in Bhopal or a garage in Surat,” Richa added.

Campus Fund operates through a robust network of over 100 student scouts across universities and evaluates more than 7,000 startups each year. With Fund III, the firm plans to invest in up to 60 startups over the next four years, issuing initial checks ranging from ₹1 crore to ₹8 crore. Campus Fund has reserved 50% of the fund specifically for follow-on investments to support the growth of its portfolio companies.

The fund has previously backed a diverse range of startups, including Expand My Business (a managed marketplace for digital services), Digantara (space situational awareness), EtherealX (fully reusable rockets), Sama (online dispute resolution), D-Nome (decentralized genomics infrastructure), Sarla (flying taxis), and GreenGrahi (insect protein). Many of these ventures have gone on to secure follow-on funding from top-tier global investors such as Peak XV Partners, Accel, a16z, AlphaWave, and DST Global.

Fund III is backed by a diverse group of supporters, including family offices, successful entrepreneurs, industrialists, and financial institutions such as 360 One. Many limited partners from Fund II have also recommitted. Prominent backers include Kanwaljit Singh (founder, Fireside Ventures), Bharat Shah (co-founder, HDFC Bank), Jaimin Bhatt (former group CFO, Kotak Mahindra Bank), Asha Jadeja Motwani (early investor in Google), and Sameen Farooqui (global head of FX, Deutsche Bank).

With this strong momentum, Campus Fund solidifies its position as India’s most active early-stage investor in youth-led innovation—setting a bold precedent for venture capital in emerging markets. Supporting student and dropout founders is no longer a fringe idea; it’s proving to be one of the smartest and most transformative investments of this decade, offering not just financial returns but generational impact.

Ramee Group of Hotels expands footprint with new property in Munnar

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Ramee Group of Hotels has recently unveiled its newest property, the Ramee Wolkenburg Resort & Spa, nestled in the tranquil hills of Anachal, Eatty City, Munnar. As part of its ongoing expansion, this four-star resort seamlessly blends comfort, natural charm, and warm hospitality. Consequently, it serves as an ideal retreat for travelers seeking to unwind in the serene and picturesque highlands of Kerala.

The resort offers 40 elegantly designed accommodations, including Bay Rooms, Premium Rooms, Executive Valley Suites, Premium Villas, and Jacuzzi Villas. The resort equips each unit with modern conveniences such as high-speed Wi-Fi, LCD TVs, minibars, and ergonomic workspaces. For those seeking a more luxurious experience, the Jacuzzi and Premium Villas provide enhanced privacy and indulgence.

Guests can enjoy dining at Speziato, the resort’s multi-cuisine restaurant that artfully combines Indian and international flavors. Additionally, the property features Saptaswara, a rooftop banquet hall perfect for events and corporate functions. To enhance the guest experience, the resort also includes a full-service spa and a well-equipped fitness centre.

“The launch of Ramee Wolkenburg Resort & Spa in Munnar is a significant milestone in our journey to bring immersive, high-quality hospitality experiences to India’s most scenic destinations. Kerala is one of the most popular travel destinations in India. We are delighted to bring this unique hospitality experience to our guests,” said Saurabh Gahoi, Senior Vice President, Ramee Group of Hotels. “This resort reflects our vision of combining premium stays with nature, where guests can truly unwind while enjoying world-class amenities. We are excited to welcome travelers from across the globe to discover Munnar through the warmth and excellence that define the Ramee Group of Hotels.”

With its scenic location, thoughtfully designed accommodations, diverse dining options, and premium wellness facilities, Ramee Wolkenburg Resort & Spa promises a memorable and rejuvenating stay. The launch further strengthens the brand’s presence in South India, offering travellers a perfect blend of nature, luxury, and comfort in the heart of Munnar.

Atmosphere Core signs new luxury property in Jaipur

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Salil Panigrahi, Managing Director of Atmosphere Core.

Atmosphere Core has officially signed Aryaville By Atmosphere Jaipur in collaboration with Harbinger Recreations LLP. This partnership, in turn, marks a significant step toward strengthening the brand’s footprint in the culturally vibrant state of Rajasthan, further expanding its presence under the Atmosphere Hotels & Resorts portfolio.

The new resort will launch in Q1 2028, building on the success Atmosphere Core previously achieved with its first Jaipur venture under The OZEN Collection. Conveniently located just an hour from Jaipur International Airport and in close proximity to the city’s historic core, Aryaville By Atmosphere Jaipur, moreover, aims to offer guests a rich and luxurious taste of authentic Rajasthani heritage.

“This landmark signing underscores our commitment to expanding across India and South Asia, aligning with our strategic objective to sign 25 properties by 2025. Conceptually, Aryaville By Atmosphere will cater to both domestic and international leisure travellers, corporate retreats, and destination weddings”, stated Salil Panigrahi, managing director of Atmosphere Core.

Reflecting on the new venture, Souvagya Mohapatra, regional managing director of Atmosphere Core for India, Nepal, Sri Lanka, and Bhutan, expressed his enthusiasm about their latest project. “Rajasthan has become a focal point for us as we aim to establish exceptional luxury hotels and resorts. Jaipur, being the iconic heritage city of India, is rapidly becoming a key tourism hub on a global scale. Its stunning landscapes, rich cultural history, and significant location have always motivated our efforts. I’m thrilled to announce our second property in this prestigious region and am confident that our collaborative endeavours will turn this property into a sought-after destination.”

Alop Mehta, partner at Harbinger Recreation LLP, expressed his enthusiasm about the collaboration, stating, “We are thrilled to join forces with Atmosphere Core in transforming this property into a premier luxury resort. Their esteemed commitment to exceptional quality and service aligns seamlessly with our vision. This partnership represents a strategic move into the Rajasthan market and is destined to establish a new standard in luxury hospitality.”

Operating under the ‘By Atmosphere’ sub-brand, the upcoming resort will offer 244 stylish accommodations, ranging from one-bedroom cottages to expansive three-bedroom villas equipped with private plunge pools. The designers carefully crafted each unit to offer panoramic views of Jaipur’s vibrant skyline and the picturesque Aravalli hills.

Aryaville’s villas and cottages form an exclusive collection of luxury accommodations nestled in the serene Aravalli hills. Thoughtfully designed to offer a peaceful retreat for guests who value living in harmony with nature, these spaces seamlessly blend comfort with sustainability. Moreover, the eco-resort embraces green living principles and functions as a fully self-sustainable haven, thereby setting a new benchmark in responsible recreation and hospitality.

Aryaville By Atmosphere Jaipur aims to become a premier culinary destination, offering a diverse array of dining experiences. To begin with, guests can indulge in an expansive all-day dining venue with alfresco seating. Additionally, the resort will feature specialty restaurants that celebrate the rich flavors of Rajasthan and North India. For those with a sweet tooth or a love for artisanal treats, a handcrafted bakery and a cozy café will be available. Furthermore, an elegant lounge and a lively bar will provide the perfect settings to unwind—each thoughtfully curated to delight even the most discerning food enthusiasts.

Cluely raises $15M from a16z

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Neel Shanmugam & Roy Lee, Co-founders, Cluely

Cluely, a startup that says it assists users in “cheating” during job interviews, exams, and sales calls, announced on Friday that it has secured $15 million in Series A funding, led by venture capital firm Andreessen Horowitz.

Just two months ago, Abstract Ventures and Susa Ventures co-led Cluely’s $5.3 million seed funding round, which preceded its latest capital raise.

Twenty-one-year-olds Roy Lee and Neel Shanmugam founded the startup earlier this year after Columbia University suspended them for developing “Interview Coder,” an undetectable AI tool that helps engineers cheat in technical interviews.

In April, Cluely released a polished yet controversial launch video featuring cofounder Roy Lee using a concealed AI assistant to deceive a woman during a date at an upscale restaurant—lying about his age and pretending to have knowledge of art.

Earlier this week, Cluely had planned to host a large after-party following Y Combinator’s two-day AI Startup School event. However, the police shut it down after approximately 2,000 people attempted to enter the venue, according to Lee. After their arrival, he told TC, “We did some cleanup, but the drinks are all there waiting for the next party.”

Cluely’s rapid rise—backed by major investors, viral marketing, and bold claims—has sparked both excitement and controversy in the tech world. As the startup continues to blur the lines between innovation and ethics, its future will likely depend on how it navigates growing scrutiny and regulatory attention.

MakeMyTrip secures $3.1 Bn funding to cut down Trip.com holdings

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Online travel platform MakeMyTrip has secured $3.1 billion through a combination of equity and debt, according to its banker Morgan Stanley.

In a regulatory filing on Tuesday, MakeMyTrip announced plans to raise $3 billion to repurchase shares from Trip.com Group, thereby bringing down the Chinese firm’s stake from 45% to 20%.

This marks the largest capital raise to date by a publicly listed Indian internet company.

“Primary equity follow-on offering of 18,400,000 ordinary equity shares priced at $90 per share and five-year convertible senior notes offering, at zero percent coupon and 35.0% conversion premium, together represent APAC’s largest concurrent offering of equity follow-on and convertible notes since 2022,” said Kamal Yadav, managing director, investment banking, at Morgan Stanley.

MakeMyTrip cofounders Deep Kalra and Rajesh Magow currently control 4.6% of the company’s voting rights and both continue to serve on the board—Kalra as chairman. They also maintain the authority to appoint three independent directors.

Following the share buyback, Trip.com’s stake in MakeMyTrip has decreased from 45.34% to 19.99%, and its board representation has been reduced from five members to two.

This development comes just a month after the company faced criticism over concerns that its Chinese ownership could compromise the travel data of Indian army personnel.

Trip.com initially invested in MakeMyTrip in January 2016 by purchasing $180 million worth of convertible bonds. In 2019, Ctrip, now known as Trip.com, acquired a 42% stake in MakeMyTrip from Naspers through a share-swap deal by offering Naspers a 5.6% stake in Ctrip in return.

Krutrim acquires BharatSah’AI’yak to strengthen AI presence in public sector

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Bhavish Aggarwal, Founder of Ola Krutrim

Krutrim, the AI startup founded by Ola’s Bhavish Aggarwal, has acquired BharatSah’AI’yak, an AI-driven platform created by Samagra, as part of its strategy to strengthen its presence in India’s public sector technology ecosystem.

This acquisition brings into Krutrim’s fold a platform that has been instrumental in advancing AI adoption across various government programs, including those in education, agriculture, and governance. The financial details of the transaction remain undisclosed.

Through this deal, Krutrim aims to enhance BharatSah’AI’yak’s national footprint by integrating its own proprietary large language models, cloud infrastructure, and agentic AI technologies—such as those powering its recently launched assistant app, Kruti.

“At Krutrim, we have boarded the country’s brightest minds to develop a platform that reflects the diversity, depth and richness of Indian languages and culture,” said a Krutrim spokesperson. “This integration enhances our ability to build AI that is inclusive, intuitive and deeply rooted in the lived realities of India.”

Krutrim has also brought on board Samagra’s core AI team to maintain innovation continuity and ensure a smooth transition. Krutrim has integrated BharatSah’AI’yak with its cloud infrastructure, agentic platforms, and proprietary LLMs, positioning itself to support a wide range of use cases and government applications across various sectors.

Experts note that this acquisition underscores Krutrim’s broader mission to democratize artificial intelligence across India, with a focus on enhancing both public services and citizen-facing platforms. The deal also reflects the rising influence of homegrown AI companies in shaping the country’s digital governance framework, as the government increasingly turns to emerging technologies to boost service delivery and streamline administrative processes.

BharatSah’AI’yak is known for developing Bharat-centric, vernacular AI bots based on Retrieval Augmented Generation (RAG), offering both text and voice-based interactions tailored for Indian users.

The platform’s effectiveness is already visible through several notable deployments. One standout example is KumbhSah’AI’yak, India’s first AI-powered chatbot designed for Maha Kumbh 2025. Created to assist millions of pilgrims, the chatbot provides 24/7 support on religious practices, site navigation, lodging options, and local attractions. Notably, Krutrim’s hosted open-source large language model services power the chatbot’s core functionality.

With Krutrim’s advanced AI models, robust cloud infrastructure, and the agentic platform that powers Kruti, these specialized assistants are now equipped to scale effectively. They can serve a wider user base across various domains, delivering intuitive, efficient, and language-inclusive interactions tailored to India’s diverse population.

Krutrim recently launched Kruti, India’s first agentic AI assistant, built to surpass the limitations of traditional chatbots. Unlike passive tools, Kruti marks a paradigm shift in AI by actively executing tasks on behalf of users. It can handle functions such as cab booking, food ordering, bill payments, image creation, and even conduct in-depth research. Additionally, Kruti supports read-aloud responses and offers advanced features like image generation and research tools—all free of cost for users, making powerful AI capabilities more accessible than ever.

Krutrim achieved unicorn status last year after securing $50 million in equity during its inaugural funding round, which valued the company at $1 billion. The round saw participation from prominent investors, including Matrix Partners India.

Earlier this year, founder Bhavish Aggarwal committed to significantly scaling the company’s AI ambitions, announcing a ₹2,000 crore investment in Krutrim, with plans to invest an additional ₹10,000 crore by next year. As part of its long-term vision, the company also launched the Krutrim AI Lab and shared portions of its work with the open-source community, reinforcing its commitment to collaborative innovation in AI.

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