Rapido achieves $1.25 Bn gross order value in FY25, marks 2.5x growth

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May 23, 2025

Urban mobility startup Rapido saw its gross order value (GOV) more than double in FY25, reaching $1.25 billion, driven by the launch of new services, according to sources familiar with the matter.

However, this 2.5x increase from $500 million in FY24 has come at a cost, as the company has moved further away from profitability, with a noticeable rise in its cash burn in recent months.

“The company is fulfilling 3–3.5 million orders per day across its different platforms—two-, three-, four-wheelers and hyperlocal logistics—but this has come at the cost of deviating from its path to profitability,” one of the people cited above said.

“Overall, across ride-hailing form factors, Rapido has captured about 40% market share. In the four-wheeler segment, specifically, it has eaten into Ola’s share,” the person added.

Rapido launched its four-wheeler ride-hailing service in December 2023 and announced plans in January to expand the offering to 500 cities across India.

In 2024, the Bengaluru-based startup secured $200 million in a funding round led by WestBridge Capital, which valued the company at $1.1 billion. This was followed by an additional $30 million investment from Dutch investor Prosus in February 2025.

With this fresh influx of capital, Rapido has been aggressively increasing its spending to capture a larger share of the market.

Rapido’s monthly cash burn rose to $4–5 million (Rs 40–45 crore) in 2025, marking a significant shift from its earlier focus on reducing losses, according to the sources mentioned above. In contrast, during the July–September 2024 quarter, the company had managed to cut its losses to Rs 17 crore, down from Rs 74 crore in the same period the previous year.

“The burn is likely to increase further as Rapido steps up customer acquisition in ride-hailing and prepares to launch its food delivery vertical,” an investor aware of the developments said without raising any concern over the move.

“It hasn’t spent millions like its peers to build supply,” the person explained, citing Rapido’s subscription model that charges drivers a flat fee for access to customers—unlike Uber and Ola, which operate on a commission basis for four-wheeler ride hailing.

As first reported in March, Rapido is getting ready to launch its own food delivery service. The company has started recruiting talent from Zomato and Swiggy and is currently in discussions with Indian franchisees of major QSR brands like McDonald’s, KFC, and Pizza Hut, along with other high-volume cloud kitchen operators and quick-service restaurant chains.

It’s worth noting that Swiggy, a publicly listed food delivery leader, is one of Rapido’s investors, and Prosus holds investments in both companies.

A senior executive from the food delivery sector cautioned that Rapido’s achievements in ride-hailing might not directly carry over to food delivery, which requires different operational strengths. “In ride-hailing, there’s minimal interaction between stakeholders. In food delivery, restaurants expect a point of contact to resolve issues. Rapido will need to build that muscle,” the executive said.

Rapido, founded in 2015 by Arvind Sanka, Pavan G, and Rishikesh SR, has been handling food delivery for Swiggy since the latter invested in the company in 2022.

“There’s a learning curve Rapido will have to navigate in this segment,” the investor mentioned earlier added.

Rapido’s evolution from a mobility startup to a potential player in the food delivery space marks a significant expansion in its business strategy. While its rapid growth in ride-hailing and strong investor backing provide a solid foundation, entering the food delivery market presents new operational challenges.

With strategic hires and partnerships underway, Rapido is positioning itself to compete—but as industry experts note, success in this segment will depend on its ability to adapt and build the necessary infrastructure to meet the unique demands of food delivery.

Tresind Studio becomes first Indian restaurant in Dubai to get three Michelin stars

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May 23, 2025

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Tresind Studio becomes first Indian restaurant in Dubai to get three Michelin stars — Bhupender Nath, founder of Tresind Studio

Tresind Studio made history on Thursday by receiving the highest distinction of three Michelin stars—the first time Indian cuisine has ever earned this honor globally.

The audience broke into applause as Tresind Studio was announced as a three-star winner during the Michelin Guide’s fourth ceremony in Dubai, alongside FZN by Bjorn Frantzen.

For the first time, Michelin has awarded its prestigious three-star rating to restaurants in the United Arab Emirates.

“Today I realised what is the word called ‘only’ and how heavy it is when we are awarded (the three stars) as the only Indian restaurant,” said Bhupender Nath, founder of Tresind Studio.

Chef Himanshu Saini, 38, expressed his pride in the fine-dining restaurant’s historic achievement.

“I hope this motivates all the younger upcoming chefs,” he said, adding “it’s a dream which is possible”.

Michelin Guide International Director Gwendal Poullennec praised Chef Himanshu Saini as a “pioneer” who has “paved the way for many more talents to join the industry in India.”

According to its website, the restaurant strives to redefine how Indian cuisine is viewed “by showcasing flavours both new and familiar through a creative lens.”

The 20-seat restaurant, featuring an open kitchen and situated on Dubai’s iconic man-made island, the Palm, stated that it prioritizes locally sourced ingredients from organic and sustainable farms within the UAE.

“Tresind Studio in Dubai has just made culinary history, becoming the first-ever Indian restaurant to earn Three MICHELIN Stars,” the Michelin Guide said on its website.

“While The MICHELIN Guide is not in India, the global spotlight is brighter than ever. Indian chefs in cities from London to Dubai have been rewriting the playbook, fusing time-honoured flavours with boundary-pushing techniques,” it added.

Originally created in 1900 by André and Édouard Michelin of the Michelin tire company to assist motorists, the Michelin Guide has since evolved into a benchmark for culinary excellence, known for its power to shape or shatter careers in the food industry.

Tresind Studio’s historic achievement not only places Indian cuisine on the global fine-dining map but also marks a major milestone for the UAE’s culinary scene. With its commitment to creativity, sustainability, and local sourcing, the restaurant exemplifies the evolving standards of excellence celebrated by the Michelin Guide. This recognition signals a new era for Indian gastronomy and sets a powerful precedent for future culinary talents across the region and beyond.

Anthropic unveils more powerful Opus Model technology

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May 23, 2025

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Anthropic unveils more powerful Opus Model technology — Mike Krieger, chief product officer, Anthropic

Anthropic is preparing to launch two upgraded versions of its Claude AI software, including a much-anticipated update to its premium Opus model, as it competes in an increasingly crowded AI landscape.

On Thursday, the company will introduce Sonnet 4 and Opus 4—its most advanced AI system to date. These new models more accurately follow instructions and independently handle tasks such as coding and answering complex queries.

Founded in 2021 by former OpenAI employees, Anthropic has aimed to set itself apart with more advanced AI models and a strong focus on ethical development. Despite this mission, the company—like many of its competitors—faced challenges last year in delivering AI systems that offered significant performance gains relative to their high development costs.

In March 2024, Anthropic released three models, including Opus 3. Anthropic rolled out updates to the other two Claude models in the following months but left the Opus model unchanged. According to news reports, internal testing revealed that the new version, Opus 3.5, did outperform its predecessor but not to the extent expected based on its increased model size.

Ultimately, Anthropic decided against releasing the 3.5 version of its Opus model, even though it had earlier indicated a 2024 launch. Mike Krieger, Anthropic’s Chief Product Officer, said the company believed the updated Opus model didn’t offer significant enough improvements over the Sonnet model to justify a release or create meaningful differentiation.

“We’ve had large models trained internally. We’ve used them even internally for other applications,” Krieger said. “But we wanted the next one that we released publicly to feel like it is that leap.”

For Opus 4, Anthropic’s research team concentrated on enhancing the model’s ability to operate autonomously for extended periods while maintaining awareness of its ongoing tasks, according to Chief Product Officer Mike Krieger. In early testing, Japanese e-commerce giant Rakuten Group Inc. successfully used Opus 4 for seven continuous hours to refine open-source code—demonstrating its improved performance and long-term task handling capabilities.

“In the past, the model would be able to come up with a plan that was a several hour plan,” Krieger said, but eventually it would “get stuck somewhere” or lose its coherence.

Both Opus 4 and Sonnet 4 come with a relatively new feature that allows users to choose between receiving a quick, straightforward answer or a more in-depth, time-consuming response that simulates human-like reasoning.

With the launch of Opus 4 and Sonnet 4, the AI startup is signaling a significant leap forward in AI performance, autonomy, and user customization.

Yuki expands in Bengaluru with fourth outlet in Sarjapur

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May 22, 2025

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Yuki Cocktail Bar & Kitchen has officially launched its fourth outlet in the lively neighborhood of Sarjapur, marking a significant step forward in the brand’s mission to deliver authentic Asian flavors to Bengaluru’s food lovers.

Following the success of its existing locations, Yuki Sarjapur introduces a thoughtfully crafted menu featuring a rich mix of Japanese, Korean, Malaysian, and Thai cuisines. Diners can savor house favorites like cream cheese dumplings, truffle edamame dumplings, and the crowd-pleasing fried sushi (Yasai Futomaki Age). The menu also includes regional gems such as Larb Gai from northeastern Thailand, Burmese chickpea tofu, and original Kampung rice from Malaysia—offering something for every taste, including vegetarian and vegan options.

In addition to its diverse culinary offerings, Yuki’s acclaimed cocktail program brings a distinctive flair to the Sarjapur experience. To elevate the dining journey even further, Yuki’s mixologists thoughtfully craft signature drinks like the Geisha’s Garden, Pandan Teq-Tea, and the indulgent Fig & Cheese Old Fashioned. These creations not only complement the menu but also highlight the brand’s ongoing commitment to quality, creativity, and innovation in mixology.

The interiors of the Sarjapur outlet stay true to Yuki’s signature style—a fusion of authenticity and modern elegance. The designers drew inspiration from Japanese cherry blossoms and Neo Art Deco design, adorning the space with earthy tones, black-and-white flooring, and teal and pink furnishings. A recurring koi fish motif symbolizes Yuki’s journey of culinary excellence, while the prominent Yuki logo reinforces its strong brand identity.

“Our commitment to providing a memorable dining experience extends beyond the plate. The elegant interiors, influenced by Japanese cherry blossoms and Neo Art Deco design, create an ambiance that complements the exceptional flavors on offer. The koi fish motif, weaving its way through our outlets, symbolizes the journey of our culinary excellence from one location to another. Yuki is not just a restaurant; it’s an invitation to embark on a gastronomic adventure. We invite you to join us and explore the tantalizing world of Pan-Asian cuisine, where tradition meets modernity, and every bite is a celebration of flavor,” said Sai Shivani and Priyesh Busetty, co-founders of Yuki.

With its distinctive fusion of bold flavors, inviting hospitality, and immersive design, Yuki’s new Sarjapur outlet is set to become a culinary landmark in the neighborhood. Signature offerings such as cream cheese dumplings, fried sushi, Larb Gai, Kampung Rice, and the decadent Japanese cheesecake take guests on a flavorful journey through some of Asia’s most cherished culinary traditions.

The thoughtfully designed space features cozy, intimate corners ideal for lingering over cocktails or sharing small plates, making it a destination not just for dining—but for connection, conversation, and memorable experiences.

Century Real Estate raises ₹1,850-Cr from Ares Asia & SC Lowy

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May 22, 2025

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Century Real Estate raises ₹1,850-Cr from Ares Asia & SC Lowy — Ravindra Pai, Managing Director, Century Real Estate

Century Real Estate has raised ₹1,850 crore through structured debt funding in a round led by global investors Ares Asia and SC Lowy. This marks one of the largest private debt deals secured by a regional real estate developer in recent quarters.

The capital infusion will allow the Bengaluru-based developer to activate projects with a combined Gross Development Value (GDV) of ₹14,000 crore over the next five years.

Ares Asia has committed ₹1,600 crore across two tranches, while SC Lowy contributed ₹250 crore. The company stated that it will use the funds to scale up residential and Grade A commercial developments across Bengaluru’s high-demand micro-markets.

“With Bengaluru’s real estate market witnessing unprecedented demand for both residential and Grade A commercial spaces, this capital infusion empowers us to accelerate our expansion, deliver world-class developments, and reinforce our leadership in the industry. Balancing both residential and commercial growth, we are committed to meeting the high demand for premium living and business spaces. Our strong FY25 performance has set the foundation for an ambitious year ahead, and we remain dedicated to shaping Bengaluru’s skyline with innovative, high-quality spaces,” said Ravindra Pai, Managing Director, Century Real Estate.

Century Real Estate has sustained a strong growth trajectory, recording over 2x year-on-year growth, driven by the surging demand for branded residential spaces in Bengaluru. In H1FY25 alone, the developer reported pre-sales of ₹1,024 crore, reflecting a 121% increase in residential bookings compared to FY24.

This latest fundraising highlights the renewed investor confidence in India’s real estate sector, particularly in core urban markets like Bengaluru, where demand for lifestyle-centric housing and institutional-grade office spaces continues to outstrip supply.

Bengaluru is rapidly emerging as a key player in India’s luxury real estate market, with Knight Frank’s Wealth Report 2025 noting that investors can acquire significantly more square footage for $1 million in Bengaluru compared to Mumbai and Delhi. This cost advantage, combined with the city’s rising status as a destination for Global Capability Centers (GCCs)—including major firms like Google — is further reinforcing Bengaluru’s reputation as a business and innovation hub.

Century Real Estate boasts a land bank exceeding 3,000 acres and a development portfolio of over 20 million sq. ft. This includes a diverse mix of premium residential and commercial assets, such as hotels, office spaces, luxury residences, educational institutions, and integrated townships.

Krafton India invests in hyperlocal community app Shuru

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May 22, 2025

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Krafton India invests in hyperlocal community app Shuru — Sean Hyunil Sohn, CEO, KRAFTON India

KRAFTON India has invested in Shuru, a rapidly expanding hyperlocal community app that connects users across India by delivering real-time local updates. The Series A funding round, led by KRAFTON India, also saw continued support from Omidyar Network India and Eximius Ventures.

In addition to trending updates, Shuru offers users a diverse range of localized content—including shop listings, buy-sell classifieds, and community news. As a result, the platform fosters strong local engagement and currently serves over 2 million monthly active users across India.

As hyperlocal platforms continue to thrive both in India and globally, this partnership will further enable KRAFTON India to deepen its connection with regional audiences, enhance grassroots-level engagement, and ultimately expand the visibility of its gaming portfolio across local markets. Backed by KRAFTON’s industry expertise, Shuru also plans to integrate high-engagement gaming features to enrich user experience and drive further growth.

Sean Hyunil Sohn, CEO, KRAFTON India, commented, “The hyperlocal digital ecosystem in India holds immense promise, and we see it as a vital driver of connectivity and community engagement. Shuru is uniquely positioned to lead this transformation in India. Shuru’s user-centric approach aligns with KRAFTON India’s vision of providing tailored experiences for local users across the country. We are excited about the possibilities this partnership will unlock in reaching grassroots audiences.”

Mayank Bhangadia, CEO & Co-Founder of Shuru App, added, “Imagine an India where every village, town, and city is connected, empowered, and thriving. Shuru App is making this vision a reality. With 650,000+ locations on board and recently crossing 1 crore installations, we’re creating a platform that will redefine the way Indians live, work, and interact. As we continue to grow, we’re unlocking unprecedented opportunities for civic engagement, local updates, and business development—and we’re just getting started. The partnership with KRAFTON India opens unparalleled opportunities for Shuru to innovate and scale. Their expertise in engaging diverse user bases, particularly in gaming and entertainment, complements our vision of building India’s leading hyperlocal platform. We look forward to leveraging this partnership to empower and resonate with users across India.”

Nihansh Bhat, Lead – Corporate Development, KRAFTON India, emphasized, “This investment is a natural extension of our strategy to partner with Indian startups and emerging ecosystems like hyperlocal platforms. By working closely with Shuru, we aim to enhance user experiences, amplify regional connect, and contribute meaningfully to the evolving Indian hyperlocal digital landscape.”

With approximately $200 million already invested in Indian startups, KRAFTON India’s partnership with Shuru marks yet another milestone in its ongoing commitment to supporting and nurturing India’s rapidly growing startup ecosystem.

360 ONE Asset launches ₹500 Cr VC fund to back early-stage startups

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May 22, 2025

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360 ONE Asset launches ₹500 Cr VC fund to back early-stage startups — Sameer Nath, CIO & Head, Private Equity & Venture Capital, 360 ONE Asset

360 ONE Asset, the investment arm of wealth management firm 360 ONE WAM, has launched a ₹500 crore early-stage venture capital fund to back early-stage startups. The fund has already invested in four startups across various industries, strengthening the firm’s comprehensive “Idea to IPO” investment approach.

According to a press release, the fund will primarily target seed and Series A rounds in sectors like consumer technology, fintech infrastructure, generative AI, and frontier technologies such as space tech, defense, and precision manufacturing.

Backed by 360 ONE Asset’s $3 billion private equity platform, the new early-stage startups strategy not only emphasizes active involvement, including board participation, but also aims to provide long-term capital support to portfolio companies throughout their growth journey.

“As India approaches its next wave of startup-led economic transformation, 360 ONE Asset’s early-stage strategy aims to be at the forefront, identifying, backing, and shaping the companies that will define the next generation of unicorns,” said Sameer Nath, CIO & Head, Private Equity & Venture Capital, 360 ONE Asset.

Abhishek Nag, Senior Fund Manager and Strategy Head of Early-Stage VC at 360 ONE Asset, stated that the firm aims to bridge the gap between India’s micro-VC ecosystem and large global investment funds. Moreover, he emphasized that 360 ONE Asset will offer patient, long-term capital, thereby ensuring consistent support for startups throughout their growth journey.

“We follow a disciplined investment process with rigorous diligence, clear value creation plans, and defined exit strategies. We also offer active co-investment opportunities for strategic partners, all while staying focused on long-term macro trends like domestic consumption, financial infrastructure, healthcare, AI-led services, and deep tech innovation,” Nag added.

The early-stage investment strategy is already underway, with several deals in advanced stages of due diligence. These include a hybrid-casual gaming startup whose India-focused title garnered 10 million downloads in just three months, a hot sauce brand promoting Indian flavors in global markets, a SaaS company offering a “mutual fund AMC in a box” solution, and a space tech firm developing indigenous Synthetic Aperture Radar (SAR) technology leveraging ISRO expertise, the company revealed.

Backing these investments is an advisory board comprising prominent entrepreneurs and tech leaders such as Gaurav Kushwaha, Nigel Vaz, Vaibhav Domkundwar, and Ashwin Mittal.

With the launch of its ₹500 crore early-stage VC fund, the firm is poised to become a significant player in India’s startup investment ecosystem.

Data Sutram raises $9 Mn from B Capital, Lightspeed

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May 22, 2025

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Data Sutram raises $9 Mn from B Capital, Lightspeed — L-R: Aisik Paul, Rajit Bhattacharya & Ankit Das, co-founders, Data Sutram

Regulatory technology startup Data Sutram has raised $9 million in Series A funding, with global venture capital firms B Capital and Lightspeed co-leading the round.

The company plans to use the capital to enhance its AI-driven fraud detection and compliance platform, targeting expansion into new sectors and global markets.

According to a statement, the funds will support the company’s efforts to extend its fraud prevention solutions beyond the banking industry into areas like insurance, gaming, and cryptocurrency, while also growing its team and scaling international operations.

Founded in 2019 and based in Mumbai, Data Sutram leverages alternative data and artificial intelligence to help financial institutions identify fraud, stay compliant with regulations, and reduce non-performing assets.

Data Sutram’s platform analyzes over 110 million individual identities, delivering real-time risk insights through its proprietary “Trust Score.” This score evaluates behavioral patterns across digital footprints to flag potential threats like synthetic identities, collusion, and identity theft.

When a user enters basic details—such as a name, phone number, or email—the system scans millions of digital and social data points from sources including government records, telecom providers, ecommerce platforms, logistics, and payment networks to instantly generate a fraud risk profile.

“Our USP is external intelligence,” said Rajit Bhattacharya, co-founder and CEO. “Most of our partners had never sold data before.”

Data Sutram aims to provide deep insights into a customer’s behavior beyond traditional banking environments—right from the first interaction. Whether it’s opening a new account, applying for a loan, or purchasing insurance, the platform helps institutions determine the trustworthiness of each transaction from the outset.

With its recent $9 million Series A funding, Data Sutram aims to strengthen its position in the regulatory technology space, expanding its AI-driven fraud detection and compliance solutions across diverse sectors and global markets.

By offering deep behavioral insights and real-time risk assessments, the company is redefining how financial institutions identify fraud and ensure trust—right from the very first customer interaction.

Aarthi Ramamurthy launches Schema Ventures with $20 Mn fund

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May 21, 2025

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Aarthi Ramamurthy launches Schema Ventures with $20 Mn fund

Startup investor and podcast host Aarthi Ramamurthy officially announced on Wednesday the launch of her $20 million venture fund called Schema Ventures. The fund will specifically focus on sectors such as industrial software, workflow intelligence, and developer tools and infrastructure.

In a LinkedIn post, Ramamurthy explained that she intends this strategic focus to address key areas of innovation and growth that the current venture landscape often overlooks. Therefore, her approach aims to fill these gaps and ultimately drive meaningful progress in the industry.

Notable investors, including former Google executive Gokul Rajaram, angel investor Elad Gil, Marc Andreessen of Andreessen Horowitz, and Y Combinator’s fund of funds, among others, actively back the fund.

“I grew up an outsider. I moved to San Francisco, built two startups, and shipped products at Microsoft, Netflix, and Meta. My story – figuring it out without a roadmap – is the blueprint for Schema,” Ramamurthy said in the post.

“Schema backs exceptional outsiders: early-stage founders building from lived experience, not from pedigree or proximity. Sometimes there’s no pitch deck yet, no co-founder, no capital — just conviction and technical insight. That’s where we come in,” she added in the post.

At Fortune’s Most Powerful Women International Summit in Riyadh, Aarthi Ramamurthy discussed the launch of her fund. Many in the VC community believe there are already too many funds; however, she emphasized that startup founders often highlight a gap in available support. As a result, Schema Ventures aims to bridge this divide by backing early-stage startups. Schema Ventures aims to address this disconnect by providing much-needed backing for early-stage companies.

With the launch of Schema Ventures, Aarthi Ramamurthy aims to bridge a critical gap in the venture capital landscape by specifically supporting early-stage startups in underserved tech segments.

Consequently, this initiative could foster greater innovation and growth within these areas. Moreover, high-profile investors back the $20 million fund, which further strengthens its potential to empower innovative founders working in industrial software, workflow intelligence, and developer infrastructure.

Google and Volvo Cars expand partnership to enhance Android software in vehicles

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May 21, 2025

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Google and Volvo Cars expand partnership to enhance Android software in vehicles — Alwin Bakkenes, Head of Software Engineering at Volvo Cars

Volvo Cars and Google’s parent company Alphabet announced on Wednesday that the Swedish automaker has become the primary development partner for Android software. This collaboration will allow Volvo customers to access the latest software updates well ahead of competitors in the automotive industry.

“We’re going to be able to be fast in bringing new capabilities, new features and new experiences to our customers,” Alwin Bakkenes, Volvo’s head of global software engineering, said. “This really gives us an edge in building fantastic customer experiences.”

The two companies have been working together for a decade, but the deeper partnership means Google engineers will drive Volvo cars with the latest android software to “experience how their product behaves in a real context much earlier and much faster”, Bakkenes said.

He said on average the auto industry was about two Android software releases behind mobile phones, which “means things you can do on your mobile phone, in many cases you cannot do in the car”.

Volvo vehicles currently run on Android 13, but at Google’s I/O developer conference in Mountain View, California, the company showcased its flagship EX90 electric SUV operating on Android 15—the newest version of Google’s mobile OS. This upgraded system is expected to be featured in production models later this year.

“Others might have to wait two years to get” that latest version of Android, Bakkenes said.

At the I/O conference, Volvo and Google also showcased the integration of Google’s Gemini artificial intelligence model in the EX90. Volvo plans to introduce this AI feature across its vehicles equipped with Google built-in systems.

Bakkenes explained that instead of drivers manually searching their phones for a destination, they can simply ask Gemini to look through their emails or messages to find it. Additionally, drivers can, for example, request Gemini to search for recipes and then add the ingredients to a shopping list on their phone, creating what Bakkenes described as “a human-centric experience.”

The deepening partnership between Volvo Cars and Google marks a significant leap in automotive innovation, combining cutting-edge Android software with powerful AI capabilities. With Volvo becoming the lead development partner and integrating the latest Android 15 and Gemini AI into its vehicles, drivers can look forward to a more personalized, intuitive, and connected driving experience.

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