upGrad in talks to acquire Unacademy at $300–400 Million valuation: Report

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November 7, 2025

Edtech major upGrad is reportedly in advanced discussions to acquire Unacademy in a deal that could value the Bengaluru-based company at ₹2,500–3,300 crore ($300–400 million), according to a report.

The term sheet for the transaction is expected to be signed within the next three weeks, though no official announcement has been made yet. The proposed valuation represents a sharp decline from Unacademy’s $3.44 billion valuation in 2021, when it raised $440 million in a Temasek-led Series H round.

The structure ensures that upGrad will not hold any equity in AirLearn. As part of the deal, Unacademy will spin off its language-learning app, AirLearn, into a separate entity, while upGrad will acquire the core test-prep business, including the company’s expanding offline learning centres.

Over the past three years, Unacademy has undertaken aggressive cost-cutting, reducing its annual cash burn from over ₹1,000 crore to around ₹100 crore, while maintaining ₹1,200 crore in cash reserves, making it an attractive acquisition target.

The talks come amid internal restructuring at Unacademy. In September 2025, Unacademy appointed co-founder Sumit Jain, who joined through the CommonFloor acquisition, as CEO of its test-prep business to lead offline expansion and profitability, while founders Gaurav Munjal and Roman Saini stepped back from daily operations to focus on AirLearn.

Founded in 2015, Unacademy gained prominence during the pandemic-driven edtech boom, backed by investors such as General Atlantic, SoftBank, and Temasek. However, following the post-pandemic slowdown, the company pivoted to offline test preparation and shut down non-core verticals.

For FY24, Unacademy reported ₹839 crore in revenue, down 7% year-on-year, while net losses narrowed by 62% to ₹631 crore, according to regulatory filings.

Also founded in 2015 by Ronnie Screwvala, upGrad offers online degree and professional certification programs in partnership with global universities. Both companies share a common investor—Temasek, which led upGrad’s $120 million round in April 2021 and invested another $60 million in October 2024.

MoEngage raises $100 Mn to boost AI marketing agents and global expansion

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November 7, 2025

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MoEngage raises $100 Mn to boost AI marketing agents and global expansion — Raviteja Dodda & Yashwanth Kumar, co-founders, MoEngage

AI-led customer data and engagement platform MoEngage has raised $100 million in a new funding round led by Goldman Sachs Alternatives and A91 Partners, marking a significant milestone in its growth journey. The investment underscores the increasing global demand for next-generation AI-powered marketing technology.

The fresh capital will drive product innovation, support global expansion, and strengthen MoEngage’s presence across North America, SoutheastAsia (SEA), Australia, and New Zealand (ANZ). With this round, the company’s total funding now exceeds $250 million, solidifying its position as a leading player in the AI-driven customer engagement space.

MoEngage plans to use the new funds to scale its Merlin AI suite—a collection of intelligent agents designed to help marketing and product teams make data-backed decisions, automate campaigns, and boost customer conversions.

“Our global momentum, built on our category leadership in Asia, validates that brands are moving beyond legacy marketing clouds,” said Raviteja Dodda, CEO and co-founder of MoEngage. “More than 300 enterprises worldwide have turned to MoEngage for its AI-led agility and ease of use. This investment will fuel our next phase of growth across North America and EMEA, while allowing us to double down on innovation and customer success in our key markets across SEA and ANZ.”

The company currently serves over 1,350 global brands, including SoundCloud, McAfee, Flipkart, Domino’s, Deutsche Telekom, and Travelodge, engaging with over two billion consumers each month.

“MoEngage has been an incredible partner in our growth journey,” said Hope Barrett, Sr. Director of Martech at SoundCloud. “Their platform enabled us to seamlessly migrate more than 120 million users in just 12 weeks and leverage AI-driven insights to accelerate product launches that have strengthened retention across our paid user base.”

“Our investment in MoEngage reflects Goldman Sachs’ commitment to backing category-leading technology platforms that are leveraging AI for serving enterprises globally,” said Rajat Sood, Managing Director at Goldman Sachs Alternatives. “By leveraging our global network, expertise, and capital, we look forward to helping the company accelerate growth, expand into new markets, and deliver lasting value to its customers.”

Kaushik Anand, Partner at A91 Partners, added, “We have gotten to know the MoEngage team over the last six years and have been impressed by their ability to constantly innovate and expand their product offerings. We are excited to back MoEngage as they look to scale their global customer footprint by empowering marketing and product teams with cutting-edge technology to build and retain customer relationships.”

The SEA and ANZ regions remain key growth frontiers for MoEngage, where digital economies in Singapore, Indonesia, the Philippines, Australia, and New Zealand continue to expand. The company partners with top retail, e-commerce, financial services, and telecom brands to deliver personalized, omnichannel customer experiences.

Its regional clientele includes Kredivo, Alfamart, Blibli, XL Axiata, Trust Bank, GoTyme, Robinsons Retail Holdings, RedONE, RupaRupa, Atome, Home Credit, CIMB Bank, Stan Entertainment, 13Cabs, Canstar, TFE Hotels, Nine Entertainment, NOVA Entertainment, and Beforepay.

Globally, MoEngage works with iconic brands like 7-Eleven, Adidas, Coca-Cola, Starbucks, Samsung, Domino’s, Pizza Hut, KFC, and Nestlé. Avendus acted as the exclusive financial advisor to the company and its shareholders.

Headquartered in Bengaluru and San Francisco, MoEngage empowers marketers with actionable insights and AI-driven automation to engage customers across web, mobile, email, social, and messaging channels. The platform’s Merlin AI suite helps launch campaigns faster and improve conversions through AI decisioning.

Recognized as a Customers’ Choice in Gartner Peer Insights™ Voice of the Customer for Multichannel Marketing Hubs (May 2025) and a Strong Performer in The Forrester Wave™: Cross-Channel Marketing Hubs (Q4 2024), MoEngage continues to strengthen its position as a global martech innovator.

Pine Labs raises ₹1,754-Cr from anchor investors ahead of IPO

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November 7, 2025

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Pine Labs raises ₹1,754-Cr from anchor investors ahead of IPO — Amrish Rau, CEO, Pine Labs

Fintech firm Pine Labs has successfully raised ₹1,754 crore from anchor investors, a day before opening its much-anticipated ₹3,900 crore IPO for public subscription.

The anchor round drew strong interest from 71 global and domestic funds, including Franklin Templeton, Nomura, Morgan Stanley Asia Singapore, Amundi Funds, MIT, BNP Paribas, and Eastspring Investments. Indian participants included SBI Mutual Fund, Aditya Birla Sun Life MF, HSBC MF, Tata MF, Edelweiss MF, and ICICI Prudential Life Insurance.

Pine Labs allocated 7.93 crore shares at ₹221 each to anchor investors. Notably, 12 mutual funds secured 3.75 crore shares, representing 47.26% of the total anchor allocation.

The IPO opens on November 7 and closes on November 11, with a price band of ₹210–₹221 per share, valuing the company at over ₹25,300 crore. It includes a fresh issue worth ₹2,080 crore and an Offer for Sale (OFS) of ₹1,819.9 crore by investors such as Peak XV Partners, Actis, PayPal, Mastercard, Temasek, Invesco, Sofina Ventures, and co-founder Lokvir Kapoor.

Funds raised will go toward debt repayment, IT infrastructure upgrades, technology development, and international expansion through subsidiaries in Singapore, Malaysia, and the UAE.

The Noida-based fintech major operates across digital payments, merchant solutions, and card issuance, processing ₹11.42 lakh crore in transactions across 5.68 billion payments in FY2025. Its network serves over 9.88 lakh merchants and 716 consumer brands, competing with Paytm, Razorpay, PhonePe, PayU, and Infibeam in India.

Pine Labs’ shares are scheduled to list on November 14.

Royal Orchid strengthens North India portfolio, launches Regenta Resort in Bathinda

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November 6, 2025

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Royal Orchid & Regenta Hotels has announced its expansion in Punjab with the signing of a new 51-key Regenta Resort in Bathinda, developed in collaboration with Firdaus Hotels. Spread across 2.2 acres with a built-up area of 80,500 sq. ft., the new property underscores the group’s commitment to strengthening its footprint in Tier-II cities.

The upcoming resort will offer a multi-cuisine restaurant and bar, swimming pool, gymnasium, spa, and multiple banquet halls, complemented by two large lawns ideal for weddings and social gatherings. Conveniently located just 15 km from Bathinda Railway Station and 38 km from Bathinda Airport, the resort will ensure seamless accessibility for travelers.

Commenting on the development, Arjun Baljee, President, Royal Orchid & Regenta Hotels, said, “Bathinda is emerging as one of Punjab’s most promising cities, with strong growth in both tourism and commerce. With the signing of this 51-key resort, we are deepening our presence in the state and continuing to bring our brand of reliable, contemporary hospitality to new markets.”

Adding to this, Amit Paul Singh, Director, Firdaus Hotels, shared, “We are delighted to collaborate with Royal Orchid & Regenta Hotels to introduce a premium resort experience in Bathinda. This partnership reflects our shared vision of offering guests exceptional comfort, quality service, and memorable stays.”

This signing marks another milestone in Royal Orchid & Regenta Hotels’ expansion strategy, as the brand continues to strengthen its presence across emerging Indian destinations with a focus on premium comfort and regional growth.

Espire Hospitality strengthens portfolio with Country Inn signing in Dehradun

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November 6, 2025

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Espire Hospitality strengthens portfolio with Country Inn signing in Dehradun — Akhil Arora, CEO & Managing Director of Espire Hospitality Limited

Espire Hospitality Limited has announced the signing of a new Country Inn Hotel in Dehradun, further solidifying its presence in North India’s leisure and business travel market.

Set to open in February 2026, the upcoming property will offer a blend of comfort, convenience, and the signature warmth that defines the Country Inn brand. Designed for both business and leisure travelers, the hotel will feature 61 well-appointed rooms—the largest inventory in Dehradun—along with a multi-cuisine restaurant and three spacious banquets covering over 10,000 sq ft, capable of hosting up to 600 guests.

Commenting on the development, Akhil Arora, CEO & Managing Director of Espire Hospitality Limited, said, “We are truly delighted to bring the Country Inn experience to the soulful city of Dehradun, a place that beautifully blends nature’s tranquillity with a spirit of progress. Dehradun holds a special charm that makes it both a leisure traveller’s choice and a thriving urban center. Our new Country Inn hotel will celebrate this harmony, offering guests a combination of warmth, comfort, and heartfelt service that reflects the very essence of the city.”

The signing marks a key milestone for Espire Hospitality, representing its ninth property addition in just three months, following new signings in Rishikesh, Udaipur, Jalandhar, North Goa, and Varanasi. With this, the company moves closer to its strategic goal of operating 30 hotels by FY26.

Espire continues to expand its diverse portfolio across segments, anchored by its boutique luxury brand ZANA Luxury Resorts and the established Country Inn Hotels & Resorts chain. Since its landmark debut with Six Senses Fort Barwara in partnership with InterContinental Hotels Group (IHG), Espire has evolved into one of India’s fastest-growing hospitality players.

With the addition of this new Dehradun property, Espire Hospitality Limited further strengthens its footprint in Uttarakhand, reaffirming its commitment to creating distinctive travel experiences that combine regional charm with global service standards.

Edtech unicorn PhysicsWallah eyes ₹28,000-Cr valuation with upcoming IPO

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November 6, 2025

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Edtech unicorn PhysicsWallah eyes ₹28,000-Cr valuation with upcoming IPO — Alakh Pandey and Prateek Maheshwari, co-founders, PhysicsWallah

Indian edtech platform PhysicsWallah has set a price band of ₹103–₹109 per share for its upcoming ₹3,480 crore initial public offering (IPO), aiming for a valuation of ₹28,073 crore ($3.19 billion) at the upper end, according to the estimates.

Backed by WestBridge and Hornbill Capital, the company will open its IPO for retail investors on November 11 for a three-day bidding window, while anchor investors can place bids a day earlier on November 10. The shares will debut on Indian stock exchanges on November 18.

The IPO will include fresh equity shares worth ₹3,100 crore and an offer for sale (OFS) of ₹380 crore by co-founders Alakh Pandey and Prateek Maheshwari, who have reduced their planned stake sale from the earlier ₹720 crore.

Valued at $2.8 billion as of September 2024, PhysicsWallah continues to hold strong amid the challenges faced by other edtech peers such as Unacademy, Vedantu, and Byju’s, the latter once valued at $22 billion but now struggling with financial setbacks and layoffs.

Giga raises $61 Mn to develop AI voice agents for customer care centres

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November 6, 2025

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Giga raises $61 Mn to develop AI voice agents for customer care centres — Esha Manideep and Varun Vummadi, co-founders, Giga

Agentic AI startup Giga has raised $61 million (around INR 510 crore) in a Series A round led by Redpoint Ventures, with participation from existing investors Y Combinator and Nexus Venture Partners.

The company plans to use the new funds to expand its technical team, accelerate go-to-market (GTM) initiatives, and scale enterprise deployments.

Founded in 2023 by IIT Kharagpur alumni Varun Vummadi and Esha Manideep, Giga initially focused on helping enterprises secure on-premise deployment of large language models (LLMs). It later pivoted to building AI-powered customer support agents capable of understanding human emotions and resolving queries autonomously—without human intervention.

Giga’s platform also offers analytics, compliance, and quality control tools, enabling enterprises to manage customer interactions efficiently. The system can ingest a company’s knowledge base and instantly create AI agents that operate across multiple languages and policies. Currently, Giga’s AI handles millions of customer interactions each month for large enterprises in e-commerce, financial services, healthcare, and telecom.

Previously known as Giga ML, the startup raised $3.6 million in 2023 in a seed round led by Nexus Venture Partners. Since then, it has evolved from infrastructure to applications—moving up the AI stack to deliver ready-to-use conversational AI agents built on its proprietary foundation models. This pivot mirrors the broader industry shift toward verticalized, application-layer AI products designed to drive faster adoption and monetization.

The agentic AI ecosystem has been buzzing with activity in 2025. UnifyApps raised $50 million in a Series B round to enhance its enterprise AI stack, Lyzr secured $8 million to help companies build custom AI agents, and Mem0 bagged $24 million to scale its AI memory infrastructure. Another significant raise came from Graas.ai, which picked up $9 million in Series B funding to expand its agentic AI stack for e-commerce.

Freshworks boosts FY25 growth forecast on strong Q3 performance

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November 6, 2025

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Freshworks boosts FY25 growth forecast on strong Q3 performance — Dennis Woodside, CEO, Freshworks

Listed software-as-a-service (SaaS) company Freshworks has raised its revenue growth forecast for the third straight quarter after reporting a 15% year-on-year rise in July–September revenue to $215.1 million. The company’s quarterly growth, which surpassed earlier projections, was driven by greater adoption of its AI solutions among enterprise clients.

Its GAAP loss narrowed sharply to $7.5 million, compared to $38.9 million in the same quarter last year. GAAP (Generally Accepted Accounting Principles) are standardized accounting guidelines used by companies to prepare financial statements.

For fiscal year 2025, It now expects revenue in the range of $833.1 million to $836.1 million, reflecting 16% growth. In July, the company had projected a 14–15% revenue rise.

“Freshworks once again exceeded our previously issued estimates across growth and profitability metrics,” said Dennis Woodside, CEO & President of the San Mateo, California-based firm. “Business leaders are realizing that AI belongs in the software their teams use every day. They choose Freshworks because our unified platform delivers real productivity gains, not more complexity strains. From intelligent automation across IT and HR to proactive AI-assisted customer support, Freshworks is helping businesses turn intelligence into impact, creating meaningful value for customers, employees, and shareholders.”

Ayurvedic babycare brand Babyorgano raises $2.2 Mn in funding round

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November 5, 2025

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Ayurvedic babycare brand Babyorgano raises $2.2 Mn in funding round — Riddhi and Ripul Sharma, co-founders, BabyOrgano

BabyOrgano, a maker of Ayurvedic wellness products for children, has raised ₹20 crore ($2.4 million) in a pre-Series A funding round led by RPSG Capital Ventures, with participation from existing investor Sauce.vc.

The company plans to utilize the funds for product development, marketing initiatives, and scaling operations, as it aims to achieve ₹100 crore in revenue by FY27.

Founded in 2020 by Riddhi and Ripul Sharma, BabyOrgano offers Ayurveda-based, over-the-counter wellness solutions for children’s daily health needs. The brand has already built a community of over one million parents and boasts a repeat purchase rate exceeding 40%.

Its product portfolio includes immune-boosting and daily wellness items such as Baalprashan Swarnaprashan Drops, Cold Relief Roll-On, Cough Syrup, Sitopaladi Churna, Chocovita Milk Mix, and Ayurvedic gummies. These products are available through online marketplaces and retail outlets.

With the fresh funding, BabyOrgano plans to focus on product innovation, expand its distribution network, and strengthen its brand presence across India. The company also intends to invest in supply chain and operational processes to support its next growth phase.

Operating in the kids’ Ayurvedic and natural wellness space, BabyOrgano competes with brands such as Mamaearth (kids range), The Moms Co., Chicco (natural line), Mother Sparsh, Dabur (kids Ayurvedic range), Himalaya BabyCare, and Kapiva Kids.

Crimson Hotels to launch Citron Dehradun by 2028

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November 5, 2025

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Crimson Hotels has announced the signing of a new property under its upscale Citron brand in Dehradun, slated to open in 2028. The move marks a significant milestone in the company’s strategy to expand into high-potential markets, reinforcing its vision of creating hotels that seamlessly blend business, leisure, and social experiences.

Strategically positioned in one of North India’s most dynamic cities, the upcoming hotel will feature 65 modern rooms, three food and beverage outlets with varied dining experiences, and spacious banqueting and conferencing facilities capable of accommodating up to 500 guests. Tailored for both corporate and leisure travelers, Citron Dehradun aims to tap into the city’s rising demand for premium hospitality.

Commenting on the signing, Sandeep Maitraya, Founder & Director at Crimson Hotels, said, “Dehradun today is more than just a gateway to the hills. It has become a vibrant city attracting a wide range of travelers. From business meetings to weddings, the demand for well-designed venues and reliable service is growing rapidly. Citron Dehradun will bring fresh energy to the city with its event offerings, dining options, and welcoming atmosphere.”

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