From Manastu Space raising $3 million in an extended Series A led by Capital-A to Elever securing $1.1 million in a pre-Series A round targeting Rs 1,000 crore AUM, YourStory brings today’s special headlines that highlight significant developments across the ecosystem.
Featured Stories
India Vision Foundation’s prison reform model scales across states
India Vision Foundation, founded by Kiran Bedi in 1994 with her Ramon Magsaysay Award, runs rehabilitation programmes inside and outside prisons across Delhi, Haryana, Uttar Pradesh, Uttarakhand, and Maharashtra, reaching over 3 lakh beneficiaries annually.
Its Inside Prison programme follows the “4S Model”—Shiksha (Education), Sanskar (Values), Swasthya (Health), and Skills—while early childcare crèches serve children aged 0–6 living with incarcerated mothers. The 2006 RD Upadhyay judgment mandated crèches in all prisons after early pilots.
The Children of Vulnerable Families programme now prioritises CWC-registered care and long-term education support; 450 alumni have graduated with reported 100% desistance from crime. Director Monica Dhawan said, “We believe in a “cradle to career” model as it’s important to save these children from becoming victims of their parents’ incarceration.” Read more.
Launch debuts ai-native site builder that ships production code
Bengaluru startup Launch publicly released its AI-native platform in June 2025, letting users create full websites and web apps from plain-English prompts.
Founder Prakash Sanker says the system goes beyond UI scaffolding: “We’re not just generating front-end templates.” “We’ve built an AI agent that actually generates usable, production-grade code—backend and all.” Conceived in 2022 and built in stealth before a pivot, Launch targets faster MVP cycles by combining natural-language workflows, integrations, and human support.
Sanker, a Stanford graduate and former Palantir engineer who also served as CTO at Xelp, says the product aims to compress weeks of development into minutes while remaining usable for non-developers. The company says it has attracted thousands of users globally since launch and that it generates deployable backends alongside the front end. Read more.
Latest News
Atomic Capital closes debut fund at Rs 400 Cr
Mumbai-based Atomic Capital closed its maiden venture fund at Rs 400 crore, up from a first close of Rs 155 crore in 2024. Founded by Apoorv Gautam, the firm will back consumer tech and consumer enablers across F&B, nutraceuticals, personal care and beauty, jewellery, apparel and footwear, pet care, travel and accessories, electronics accessories, home furnishing, logistics, financial services, ecommerce SaaS, omnichannel infrastructure, and manufacturing.
It plans 10–12 investments with average cheque sizes of Rs 10–30 crore at pre-Series A to Series stages. The firm has deployed Rs 50 crore across four startups—ConsciousChemist, Doodhvale Farms, Rio Beverages, and Anny—over the last 12 months.
Speciale Invest targets Rs 600 Cr for third fund
Deeptech-focused VC Speciale Invest announced the close of its third fund with a target corpus of Rs 600 crore, above an initial Rs 500 crore aim. Between 2025 and 2029, the fund plans to invest in 18–20 startups across spacetech, advanced manufacturing, energy, health, and AI, allocating 50% for follow-on rounds.
Speciale, an investor in spacetech firm Agnikul Cosmos, said it will avoid crossover investments from this vehicle. The firm’s Rs 185 crore growth fund, launched in 2023, will continue follow-ons in earlier portfolios (Funds I and II). Read more.
Online marketplaces and groceries drive UPI growth from April to July
UPI spending on online marketplaces rose 55.76% between April and July 2025, reaching Rs 8,053.72 crore in July from Rs 5,170.52 crore in April, according to NPCI category data.
In value terms, the largest merchant group remained ‘Others’—unidentified merchants—at about Rs 3.48 lakh crore in July. Debt repayment flows to collection agencies totalled Rs 93,857.47 crore in July, reflecting larger ticket sizes, while groceries and supermarkets recorded Rs 64,881.98 crore.
The data show sequential growth in marketplaces through the period, whereas several other categories fluctuated. Department stores saw a decline over April–July, underscoring mixed trends across discretionary retail. Read more.
Funding News
Kimirica raises $15M from Carnelian
Kimirica secured about $15 million from Carnelian Asset Management LLP, led by Vikas Khemani, to accelerate growth in its luxury beauty and hospitality business. The company aims to scale revenue from Rs 300 crore to Rs 1,000 crore over the next three to four years and strengthen B2B arm Kimirica Hunter alongside D2C brand Kimirica Lifestyle.
Founded in 2013 by Mohit, Rajat, Kimi, and Rica Jain, Kimirica localised hotel toiletry manufacturing in an import-heavy market and now exports to more than 70 countries. It supplies over 10,000 hotels and airlines, including Marriott, Hilton, Hyatt, Accor, Leela, and Air India. Read more.
Pronto raises $11M in Series A funding to expand instant househelp services
Quick services platform Pronto raised $11 million in Series A funding co-led by General Catalyst and Glade Brook Capital, with continued participation from Bain Capital Ventures.
The NCR-based company connects households with trained, background-verified workers for services such as cleaning, laundry, and utensil washing, operating via hyperlocal hubs with a shift-based model and sub-10-minute instant bookings.
The company recently completed a reverse flip to India and had previously raised $2 million from Bain Capital in May. Read more.
Elivaas raises Rs 87 crore in Series B round led by Vertex Ventures
Luxury vacation rental platform ELIVAAS raised Rs 87 crore (about $10 million) in a Series B round led by Vertex Ventures Southeast Asia & India, with participation from existing investors Peak XV Partners’ Surge and 3one4 Capital.
Funds will support expansion across key Indian leisure and business destinations, preparation for select international markets, and technology upgrades to improve operations and customer experience. Founded in 2023 by Ritwik Khare and Karan Miglani, ELIVAAS operates in second-home ownership and luxury travel, and introduced premium brand Privé alongside ELIVAAS and AlayaStays.
In September 2024, it raised $5 million in Series A led by 3one4 Capital with participation from Peak XV Surge and angels. CEO Ritwik Khare said, “This round will enable us to not only grow aggressively in India but also lay the groundwork for international expansion.” Read more.
Seeds Fincap raises Rs 50 Cr in pre-Series B round
Seeds Fincap, an MSME-focused NBFC, raised Rs 50 crore in a pre-Series B round led by existing investors Z47 and Lok Capital, with new participation from Norinchukin Capital and Alteria Capital.
Founded in 2021 by Subhash Chandra Acharya and Avishek Sarkar, the lender operates 120 branches across eight states, has disbursed over Rs 1,000 crore, and manages more than Rs 500 crore in assets, with NPAs below 2%, according to the company.
Proceeds will fund expansion into new regions, technology and risk infrastructure, and growth ahead of a planned Series B. Read more.
Manastu Space raises $3 million in extended Series A round
Manastu Space raised $3 million in an extended Series A led by Capital-A, with participation from Capital 2B, IAN, E2MC, the Bhagnani family office, Jeet Chandan, and other angels.
Proceeds will support the commercial rollout of green propulsion and debris-avoidance solutions and the development of in-orbit servicing technologies such as refuelling, deorbiting, and mission-life extension.
The company is expanding across the United States, Europe, and Asia, engaging satellite OEMs and constellation operators.
“At Manastu, our goal has always been to reimagine propulsion and satellite servicing from the ground up, making them safer, greener, and capable of extending mission life,” said Co-founder and CEO Tushar Jadhav.
Capital-A said Manastu’s successful in-orbit demonstration gives it an advantage as demand grows for sustainable systems.
<figure class="image embed" contenteditable="false" data-id="578833" data-url="https://images.yourstory.com/cs/2/ebefb4a0b2a011edb86579ca40e04503/Left-AshteshKumarCofounderCTORight-TusharJadhavCo-founderandCEO-1754989437359.jpeg" data-alt="Ashtesh Kumar and Tushar Jadhav" data-caption="
Manastu Space was established in 2017 by Ashtesh Kumar (L) and Tushar Jadhav (R) both alumni of IIT Bombay.
” align=”center”> Manastu Space was established in 2017 by Ashtesh Kumar (L) and Tushar Jadhav (R) both alumni of IIT Bombay.
Elever raises $1.1 million pre-Series A; targets Rs 1,000 crore AUM
Elever, a SEBI-registered portfolio manager, raised $1.1 million in a pre-Series A round from Brand Capital, global CXOs, existing investors, and promoters, taking total funding to $4 million.
The Bengaluru firm will use the capital to scale its rule-based, factor-driven PMS strategies, strengthen brand, and deepen investor engagement.
“Elever’s technology-led, rule-based approach to portfolio management reflects the future of investing in India,” said Srini Vudayagiri, President & Head of Brand Capital.
Spike AI raises $1.9M in pre-seed funding led by Sorin Investments
Spike AI raised $1.9 million in pre-seed funding led by Sorin Investments, with co-investment from Principal Venture Partners and participation from strategic investors, including GSI.
The Mumbai/Bangalore startup is building an autonomous marketing intelligence system; its MAGI platform analyzes channels, identifies friction, and deploys improvements in real time.
“The trillion-dollar marketing industry doesn’t need more dashboards and tools; it needs intelligent orchestration,” said CEO Deepesh Kumar.
Other News
All In Capital, CJ Darcl’s Nikhil Agarwal launch TorQLabs
All In Capital and CJ Darcl Logistics President Nikhil Agarwal launched TorQLabs, a pre-seed platform backing startups in supply chain, logistics, and adjacent sectors.
The platform will invest in two early companies and offer capital, operational mentorship, and access to industry networks; focus areas include FreightTech and Logistics SaaS, mobility and fleet optimisation, infrastructure and smart warehousing, AI, automation, IoT, and sustainability.
“There is immense potential at the intersection of logistics, technology, and infrastructure,” said Agarwal.
TorQLabs will run a dual-leadership model: All In Capital will identify startups while Agarwal provides mentorship based on operating experience.
Felicity opens Singapore HQ; to invest $1 million in APAC build-out
Felicity set up Felicity Labs Pte. Ltd. in Singapore as its Southeast Asia headquarters, targeting 2x growth by March 2026.
The entity will support acquisitions and operations, expand studio partnerships, and help grow the regional user base to more than two million, with a focus on Vietnam and Thailand.
The company plans to invest $1 million over 12–18 months to build leadership, expand hiring, and deepen APAC penetration; it has operations in India and Türkiye.
“APAC is home to 1.5 billion gamers and a $70B market… This expansion with Singapore, will strengthen our ability to engage with local talent, partners, and communities,” said Founder & CEO Anurag Choudhary. Felicity has raised $3.7 million to date.
upGrad launches ‘CodeEd’ AI-in-education hackathon
upGrad announced “CodeEd”, a national AI-in-education hackathon to be run as a 24-hour on-ground sprint in Mumbai in early September, inviting coders and technologists to build solutions around access, affordability, and innovation in India’s education system.
A jury drawn from education, technology, and AI will evaluate entries. Registrations are open for two weeks; shortlisted teams will compete for a ₹1 lakh cash prize, a pre-placement offer at upGrad, and entry into the company’s AI Incubator.
“India is at the epicentre of a global talent shift – but unlocking that opportunity needs the right enablers,” said Ronnie Screwvala, Co-founder & Chairperson, upGrad.
Edited by Jyoti Narayan
