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RenewBuy raises $10 Mn with backing from Apis and 360 One

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Gurgaon-based insurance broking startup RenewBuy has raised $10 million (approximately ₹86 crore) in a fresh funding round from its existing investors, London-based Apis Partners and 360 One (formerly IIFL Wealth), according to sources familiar with the development.

The funding comes as RenewBuy moves forward with its planned merger with rival insurance broker InsuranceDekho.

“These funds will help in business development till the time the merger gets closed,” said one of the persons, who did not wish to be identified.

InsuranceDekho is in advanced discussions to acquire RenewBuy, valuing the insurtech startup between $300–350 million. The proposed merger aims to create a billion-dollar entity in the insurance broking space. However, the deal is still pending regulatory approval from the Insurance Regulatory and Development Authority of India (IRDAI).

In the meantime, RenewBuy plans to utilize the newly raised $10 million to support ongoing operations and expand its footprint.

Founded in 2014, RenewBuy has secured a total of $141 million in funding from prominent investors, including Japanese insurer Dai-ichi Life Insurance, Apis Partners, and Lok Capital. Tracxn reported that investors valued the company at approximately $324 million following its equity round in June 2023.

RenewBuy distributes motor, health, and life insurance products through a widespread network of physical agents, commonly referred to in the industry as point-of-sale persons (PoSPs). For the financial year 2023–24, the company reported total revenue of ₹410 crore alongside a net loss of ₹114 crore.

In the competitive insurance broking space, the startup faces stiff competition from key players such as InsuranceDekho (backed by CarDekho), Turtlemint (backed by Peak XV Partners), and PB Partners, a subsidiary of Policybazaar.

Man Infraconstruction establishes new real estate arm MICL Shreepati August LLP

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On June 19, 2025, Man Infraconstruction announced the incorporation of a new subsidiary, MICL Shreepati August LLP, to pursue real estate and related business activities.

According to a regulatory filing, the company has contributed ₹50,500, representing a 50.50% partnership stake in the newly formed entity, which has a total capital infusion of ₹1 lakh.

While operations are yet to commence, the company clarified that neither its promoters nor the promoter group hold any personal interest in the new venture.

With this strategic move, Man Infraconstruction continues to strengthen its presence in the real estate sector. Currently, the company operates across two key verticals—engineering, procurement, and construction (EPC), and real estate development. Over the past five decades, ManInfra has built a solid track record in executing large-scale EPC projects across India, including ports, residential complexes, commercial hubs, industrial zones, and road infrastructure.

As a real estate developer, the ManInfra Group has consistently delivered several successful residential projects in Mumbai. As a result, it has earned a strong reputation for superior construction quality and reliable, on-time project delivery.

The launch of MICL Shreepati August LLP marks another strategic step in the company’s expansion, reinforcing its commitment to delivering excellence in real estate.

The company reported a 50.2% increase in consolidated net profit, reaching ₹97.2 crore in Q4 FY25, even as revenue from operations remained largely flat at ₹293.8 crore compared to Q4 FY24.

Following the earnings announcement, the stock edged up 0.38%, closing at ₹158.90 on the BSE.

Man Infraconstruction’s incorporation of MICL Shreepati August LLP marks a strategic step in expanding its real estate footprint. Coupled with strong financial performance and a legacy of engineering excellence, the company is well-positioned to deepen its presence in India’s infrastructure and real estate landscape.

ELIVAAS Privé launches ‘The Royce’ luxury villas in Kasauli

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Mr. Ritwik Khare, Founder & CEO, ELIVAAS

ELIVAAS has officially unveiled The Royce, an exclusive collection of villas nestled in the picturesque hills of Kasauli, Himachal Pradesh. As part of the brand’s ultra-luxury privé line, this boutique retreat effortlessly blends classic Victorian charm with modern luxury.

With features such as private pool villas, sweeping mountain views, and personalised hospitality, The Royce promises a uniquely indulgent and serene getaway.

Guests can choose between Royce Cottages and Royce Villas—both designed to embody the ELIVAAS privé ethos, where each stay feels like a destination.

While villas offer luxuries like plunge pools, jacuzzis, steam rooms, and fire-pit lounges, the cottages provide a quieter, more secluded escape surrounded by nature.

These spacious 4BHK retreats stand out with their colonial-inspired design and thoughtful details. The team curates personalized services, assigns dedicated guest managers, offers bespoke welcome gestures, and provides 24/7 butler support to ensure an exceptional stay. Aligned with the ELIVAAS privé philosophy, The Royce offers intimate, handpicked sanctuaries where luxury feels personal and unforgettable.

Crafted to enhance the luxury living experience, the villas boast floor-to-ceiling windows that flood the interiors with natural light, along with elegant chandeliers that add a touch of timeless sophistication. Guests can also enjoy exclusive amenities such as dedicated barbecue areas, high-speed Wi-Fi, and tastefully curated common spaces—all designed to ensure a seamless, indulgent, and memorable stay.

“With The Royce, we aimed to redefine what luxury living means in the hills, not only through beautiful architecture and high-end amenities but by creating a peaceful and calming atmosphere for our guests. The villas are designed to be perfect for families, couples, or friends who want to relax, celebrate special moments, or even work remotely while enjoying the serene mountain surroundings. Each villa offers private pools, spacious balconies, and thoughtful features that make the stay comfortable and memorable. The Royce is an important addition to our growing collection of boutique luxury properties located in offbeat destinations, where guests can experience both elegance and tranquility—because here, luxury isn’t just offered; it’s reserved for those who truly seek the exceptional,” said Mr. Ritwik Khare, Founder & CEO, ELIVAAS.

At The Royce, luxury goes beyond physical comfort—it invites guests to connect deeply with their surroundings. Guests at The Royce can start their day with tranquil sunrise yoga sessions on private lawns and unwind in the evenings with leisurely tea under vintage-style gazebos. The team curates each experience to inspire stillness, reflection, and meaningful connection. Whether couples seek a romantic escape, families plan a gathering, or guests celebrate special milestones, the property delivers unmatched privacy and warmth, enhanced by the signature ELIVAAS blend of indulgence and mindfulness.

This conscious approach extends to sustainability as well. The Royce embraces eco-friendly living by providing refillable toiletry kits, using biodegradable amenities, and implementing energy-efficient systems.

ELIVAAS has created a rare sanctuary in The Royce by designing thoughtful villas, offering bespoke services, and embracing sustainable practices. It caters to discerning travellers who seek both indulgence and purpose in every aspect of their stay.

Finland backs ICEYE’s space tech growth with strategic R&D investment

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Rafal Modrzewski, CEO, ICEYE

Finland’s business promotion agency, Business Finland, has awarded research and development funding to space tech firm ICEYE, the organizations announced on Thursday. This move further underscores Europe’s continued push to bolster its rapidly growing space sector.

ICEYE, a privately held company, has seen rapid expansion in recent years and now operates the world’s largest fleet of 48 Synthetic Aperture Radar (SAR) satellites, delivering near real-time imaging to clients including Ukraine, NATO, and Japan.

As part of its efforts to cement ICEYE’s leadership in space and defence innovation, Business Finland has allocated €41.1 million ($47.2 million) towards the company’s €250 million ($287 million) investment plan.

“It will strengthen the entire space and defence sector and have a wide-ranging positive impact across the whole ecosystem,” head of Business Finland Lassi Noponen said in a statement.

Amid rising global security threats and the ongoing Ukraine war near its borders, the European Union has launched an €800 billion programme to strengthen its defence capabilities, with technology startups like ICEYE expected to play a pivotal role.

ICEYE explained that its satellite constellation uses Synthetic Aperture Radar (SAR) technology, which involves bouncing radar signals off the Earth’s surface from around 550 kilometers (342 miles) in orbit. As a result, the system can generate high-resolution ground images regardless of weather conditions or daylight, ensuring consistent, round-the-clock monitoring.

“We have clearly ended up being in the right place at the right time with this technology. There is a great need to develop such sovereign capability,” ICEYE chief of strategy Pekka Laurila said.

Besides providing satellite data, ICEYE also sells radar imaging satellites, catering to the growing demand from countries aiming to establish their own round-the-clock Earth observation capabilities.

According to ICEYE CEO Rafal Modrzewski, the surge in interest in space technology is fueled by both rapid technological advancements and the Ukraine war, which has underscored the critical role of satellite-based surveillance and intelligence.

“This technology will be critical for national security,” Modrzewski said.

ICEYE stated that its €250 million investment programme will enable the company to scale up satellite manufacturing, while also developing advanced sensors and enhancing its satellite platform technology. Together, these efforts aim to strengthen ICEYE’s position at the forefront of space and defence innovation.

ZOFF Foods enters ready-to-cook segment in a partnership with Reliance Retail

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Akash Agrawalla, Co-Founder, ZOFF Foods

Raipur-based spice brand ZOFF Foods has entered the ready-to-cook (RTC) segment through a strategic partnership with Reliance Retail, launching a new range of quick, homestyle food products. This expansion reflects the brand’s commitment to making Indian cooking faster, easier, and free from preservatives, while maintaining authentic flavour and high quality.

The new range includes 5-minute gravies priced at ₹150 and 1-minute marinades at ₹75, now available across India through Reliance Retail stores, ZOFF’s official website, and soon on major e-commerce and quick-commerce platforms.

ZOFF’s latest offering taps into the rising demand for convenient food options that don’t compromise on taste or nutrition. The gravies are available in both vegetarian and non-vegetarian options, such as Paneer Gravy, Magic Mix Gravy, Chicken Gravy, and Mutton Gravy. ZOFF crafted the marinades to recreate traditional Indian dishes in under a minute, offering options like Paneer Tikka, Chicken Chettinad, Fish Fry, and Tandoori Chicken.

Consumers need only add fresh, perishable ingredients—like meat, paneer, or mushrooms—giving them greater control over both hygiene and flavour.

“Indian kitchens are celebrated for their rich traditions and the love poured into every meal,” said Akash Agrawalla, Co-Founder, ZOFF Foods. “With our 5-minute gravies and 1-minute marinades, we’re introducing a convenient solution for today’s fast-paced lifestyles—without compromising on flavour or quality. This is our next step in ensuring ‘Ab poora India cook karega.”

ZOFF announced plans to rapidly expand its offline presence, aiming to reach over 400 Reliance Retail stores by July 2025. The company sees this new range as a logical evolution of its brand promise. Co-founder Ashish Agrawal added, “We’ve always believed in innovation rooted in purity and tradition. This new product line brings together freshness, flavour, and convenience—honouring India’s culinary heritage while meeting modern needs.”

With its entry into the ready-to-cook segment, ZOFF Foods has taken a bold step to redefine convenience cooking in India. By partnering with Reliance Retail, the brand has expanded its reach and introduced a product line that combines speed, taste, and health.

Attero plans ₹100-Cr investment to expand rare earth recycling in India

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Nitin Gupta, Co-Founder & CEO, Attero

E-waste recycling firm Attero plans to invest ₹100 crore to scale up its rare earth recycling capacity from 300 tonnes to 30,000 tonnes over the next 12 to 24 months, according to CEO and Co-Founder Nitin Gupta.

The move comes at a time when China, the world’s largest producer of rare earths, imposed export restrictions in April. These critical minerals are essential for manufacturing a wide range of technology products, including electronics and automobiles.

Gupta noted that the investment aligns with the rising global and domestic demand for rare earth magnets—a segment where industries in India and worldwide remain heavily reliant on Chinese supply.

“With our existing capability and technology leadership, we are ready to scale our REE recycling capacity from 1 to 100 tonnes per day to reach a total of 30,000 tonnes annually and explore further expansion as demand accelerates. We plan to invest Rs 100 crore towards this expansion,” he said.

The company will concentrate on extracting rare earth minerals such as Neodymium (Nd), Praseodymium (Pr), and Dysprosium (Dy), achieving over 98% efficiency and 99.9% purity. These high-value elements are crucial to core industries like electric vehicles, wind energy, and consumer electronics.

“We are proud to be the only Indian company with proven deep-tech and globally patented processes to refine black mass and recover rare earth elements. The current global environment only reinforces the urgency of building domestic infrastructure,” Gupta said.

Gupta stated that Attero’s expansion directly aligns with the Indian government’s National Critical Mineral Mission (NCMM), which seeks to reduce import dependency and foster self-reliance in critical mineral supply chains.

Attero cited industry estimates stating that the global rare earth elements (REE) market will reach USD 10.9 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.6%. Additionally, the company projected that the REE magnets market will exceed USD 30.3 billion by 2033.

Gupta also highlighted that Attero holds over 46 global patents, including recent approvals in the rare earth domain across India and strategic international markets such as Oman, Qatar, Saudi Arabia, Kuwait, the UAE, Bahrain, China, and Taiwan.

“Attero’s patented technology enables the extraction of REEs from e-waste and end-of-life electronics such as hard disk drives, laptops, neckbands, and earphones; components that contain high concentrations of Nd, Pr, Ce, Gd, and Dy. The process is energy-efficient, cost-effective, and significantly reduces greenhouse gas emissions compared to traditional mining,” Gupta said.

In FY25, Attero reported processing over 1.5 lakh tonnes of e-waste and 15,000 tonnes of lithium-ion batteries annually, with a target of 100% year-on-year growth. As part of its global expansion strategy, the company also plans to extend its operations into Europe and the United States.

Looking ahead, Attero aims to scale up its annual e-waste processing capacity to 4,15,000 tonnes and battery recycling to 50,000 tonnes. Attero designed this growth initiative to expand its global footprint and reinforce India’s leadership in critical mineral and e-waste recycling.

Wyndham Hotels expands wellness portfolio through G Wellness partnership

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G Wellness Company Limited has entered into a strategic partnership with Wyndham Hotels & Resorts, the world’s largest hotel franchisor, to introduce the first internationally branded resort in Banjul, The Gambia. The property will operate under the globally recognized Ramada by Wyndham brand.

This landmark venture represents a major step forward for The Gambia’s expanding tourism and hospitality industry, further establishing the country as an emerging travel destination in West Africa.

The Gambia, nestled along the Atlantic coast, proudly showcases its lively culture, rich history, and natural charm. Moreover, as the smallest nation on mainland Africa, it has made remarkable progress in positioning tourism as a cornerstone of its national growth strategy.

In 2019 alone, the country welcomed more than 620,000 tourists, with continued government investments in infrastructure and travel services aimed at enhancing its global attractiveness.

Wyndham will open the upcoming Ramada Resort in the vibrant coastal town of Kotu, a popular tourist destination known for its picturesque beaches and bustling local markets. Conveniently, the resort is ideally positioned around 22 kilometers from Banjul International Airport and 15 kilometers from the city center. Moreover, it will feature 65 stylishly designed guest rooms, offering guests a comfortable and elevated stay experience.

Guests can enjoy a range of amenities, including an all-day dining restaurant, a lounge bar, an ocean-view swimming pool, a wellness spa, and meeting facilities—catering to both leisure and business travelers seeking a premium stay experience.

“Partnering with Wyndham Hotels & Resorts for this landmark project in Banjul marks an important milestone for us,” said Manish Tilokani, Chairman of MP Trading Group. “Bringing the first internationally branded resort in The Gambia is a meaningful step in our growth, and with Ramada by Wyndham, we are committed to delivering high-quality hospitality standards. We look forward to welcoming guests to the resort by mid-2026,” he added.

This collaboration with G Wellness Company Limited represents a significant addition to our portfolio in West Africa,” said Govind Mundra, Head of Development – Middle East & Africa at Wyndham Hotels & Resorts. “It reflects our ongoing focus on expanding into high-potential, underserved markets and supporting our partners in delivering trusted, branded hospitality. We value our relationship with Manish and his team and see strong potential for further development across the region.”

The partnership between G Wellness Company Limited and Wyndham Hotels & Resorts marks a pivotal moment for The Gambia’s tourism sector, bringing global hospitality standards to one of West Africa’s most promising destinations.

This development not only underscores The Gambia’s growing appeal on the global tourism map but also reinforces its commitment to long-term economic growth through strategic hospitality investments.

Wix acquires Base44 for $80M in all-cash deal

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Maor Shlomo, Founder, Base44

Wix acquired vibe-coding startup Base44 for $80 million in an all-cash deal, the company announced Wednesday.

Though often described as a solo-founded venture by Maor Shlomo, Wix confirmed that Base44 had a team of eight employees. Wix allocated $25 million of the total acquisition amount as a “retention” bonus for the Base44 team. However, it did not disclose details like the vesting period or payout terms.

Base44’s meteoric growth and impressive exit have become a hot topic in the vibe-coding community. Within just six months, the platform grew to 250,000 users, hitting 10,000 in its first three weeks alone. According to Shlomo’s posts on X and LinkedIn, the company was already profitable—generating $189,000 in profit in May—despite substantial costs from LLM token usage, which he had openly documented.

“Base44 is a moonshot experiment — helping everyone, technical or not, build software without coding at all,” he explained on LinkedIn when he launched it to the public.

Despite the growth and the profits — or really because of it — he sold his still-bootstrapped company because “the scale and volume we need is not something we can organically grow into … If we were able to get so far organically, bootstrapped, I’m excited to see our new pace now that we have all the resources in place,” he wrote.

For its part, Wix acquired a proven, rapidly growing local vibe-coding platform at a relatively modest price—largely due to the startup’s early-stage status.

Wix, known for its no-code website builder that helps users create professionally designed sites, has made a strategic move by adding a profitable LLM-powered vibe-coding product to its portfolio. The acquisition aligns well with its broader vision to enhance AI development tools.

Mahaveer Finance raises ₹200-Cr in a funding round

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Mahaveer Finance, a Chennai-based non-banking financial company (NBFC) specializing in loans for used commercial and passenger vehicles, has secured ₹200 crore in a Series C funding round. The round was led by Elevation Capital, with continued support from existing investors BanyanTree and First Bridge Capital.

The funds will help the company expand its branch network across South India, enhance its proprietary credit evaluation system, and scale lending operations targeting underbanked customers. Currently managing assets exceeding ₹1,000 crore, Mahaveer aims to grow its assets under management (AUM) fivefold by FY28.

Founded in 1981, Mahaveer Finance ventured into used vehicle financing in 2001 and has developed what CEO Deepak Dugar describes as a “valuation-led underwriting model” that evaluates a vehicle’s price, usage history, and specifications “down to ownership changes and body type.”

“A major challenge in used vehicle lending is price discovery. We tackled this by backward integrating into the resale business early on. That helped us build a deep grid-based model that powers our credit decisions,” Dugar said.

Since 2016, under the second-generation leadership of CEO Deepak Dugar and CFO Praveen Dugar, Mahaveer Finance has grown its presence to 80 branches spanning Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, and Puducherry.

According to the company, around 70% of its borrowers are either first-time vehicle owners or individuals new to credit, typically between the ages of 30 and 45.

Elevation’s investment is seen as a validation of Mahaveer’s growth strategy in a
segment still heavily dependent on informal lending. “Around 35% of the market is
unorganised. Our value lies in helping customers buy right by guiding them on
vehicle pricing and keeping defaults low,” said Praveen Dugar.

Mahaveer’s proprietary credit engine, Surety, seamlessly integrates customer inputs, asset information, and API-based KYC verification to provide near-instant loan offers at the branch level. As a result, the company reports a notable increase in field executive productivity, rising from processing three to four loan files per month. This improvement is largely driven by a shift away from cash collections and the adoption of technology-enabled assessments.

Cash collections, which stood at 60% before the pandemic, have now dropped to around 10–15%, enabling executives to focus more on customer sourcing, according to CEO Deepak Dugar.

Mahaveer is also exploring opportunities in secured MSME lending and considering a future entry into EV financing, although it anticipates the used EV segment will take a few more years to mature.

With over 40 lending partners, including SBI and HDFC, and a consistently profitable track record, the company stated it has adequate capital to support operations for the next 12 to 18 months. While it did not disclose valuation or promoter stake details, Mahaveer has strengthened its governance by appointing new independent board members, including a former RBI Chief General Manager.

Honeywell set to cross $1 Bn revenue in India

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Ashish Modi, President of Honeywell India

Honeywell expects its India operations to surpass $1 billion in revenue by 2025, rising from the current $900 million, driven by strong growth fueled by the integration of 5G, cloud computing, and artificial intelligence.

“India provides an opportunity to grow at double digits over the next several years for companies like us. It’s one of our fastest-growing markets globally. We plan to be a $1-billion company in 2025,” said Ashish Modi, president of Honeywell India.

Honeywell has maintained a presence in India for over 90 years, starting in the 1930s by licensing technology for the country’s first refinery in Digboi, Assam. Over the decades, the company has played a vital role in various national initiatives, including its contributions to India’s 100 Smart Cities project.

Modi stated that Honeywell’s operations in India now align with three major megatrends: automation, aviation, and the energy transition. The company provides a diverse portfolio of products and services spanning aerospace, industrial and building automation, and energy systems.

He also mentioned a recent development from the company. “We recently announced what we call the airport ground lighting system,” he said, without providing further details.

Honeywell’s deep-rooted presence in India, combined with its alignment to transformative megatrends such as automation, aviation, and energy transition, positions it strongly for sustained double-digit growth. Planning to surpass $1 billion in revenue by 2025, the company aims to drive India’s technological and infrastructure advancements, further solidifying its legacy in the region.

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