From Aarin Capital Co-founder TV Mohandas Pai calling the Budget’s Rs 10,000 crore startup fund insufficient for India’s AI ambitions to The ePlane Company partnering with ICATT to supply 788 air ambulances for rapid medical response across districts, YourStory brings today’s headlines that highlight significant developments across industries.
Here’s a roundup of key stories:
Featured news
Budget is very good for startups but more funds should have been allocated: Mohandas Pai
Former Infosys board member and Aarin Capital Co-founder TV Mohandas Pai said that while the Budget is excellent for startups, the government’s Rs 10,000 crore allocation for the startup fund is not enough if India wants to become a leading player in artificial intelligence (AI) and GenAI.
The Union Budget for 2025-26 allocated an additional Rs 10,000 crore for the startup fund, alongside the announcement of a dedicated deeptech fund. These measures were welcomed by the startup community as a step in the right direction. However, Pai, in an interview with YourStory, emphasised that these provisions should have been much more. “As a nation, we need to have bigger ambition on AI and this can be driven only by startups,” he stated. Read more.
Funding news
Luke Coutinho & Narendra Firodia, Co-founders at You Care Lifestyle
Luke Coutinho, Narendra Firodia invest $1M in You Care Lifestyle (YCL)
Serial entrepreneur Luke Coutinho and promoter Narendra Firodia—co-founders of You Care Lifestyle (YCL)—have invested $1 million in the company that conducts independent third-party lab tests on food, skincare, and health and wellness products.
YCL plans to allocate part of the funding to strengthen its product verification and authentication processes. A portion of the funds will also go toward supporting emerging clean brands.
Abakkus leads Rs 175 Cr funding in Stelmec Ltd
Mumbai-based Stelmec Limited, a manufacturer of electrical power products, has raised Rs 175 crore from a consortium led by Abakkus Four2Eight Opportunities Fund to support its expansion plans, enhance R&D efforts, and grow its presence in domestic and international markets.
Solitario Lab Grown Diamonds raises $3.6M in pre-IPO funding
Solitario Lab Grown Diamonds raised $3.6 million in a pre-IPO funding round. Co-founded by jewellery industry veteran Ricky Vasandani and Bollywood actor Vivek Oberoi, it offers lab-grown diamond jewellery.
The round saw participation from investors such as Neeraj Gupta (Meru Cabs), Mauritius-based FPI Investi Global, Vicco Group, Seema Manish Nuwal (Promoter, Solar Industries), Amit Agarwal, Rajesh Singla, Garima Theti, and Sandeep Singh.
It will use the fresh capital to expand its retail network in domestic and international markets, enter new geographies, enhance branding and marketing, diversify its product portfolio, and strengthen its manufacturing capabilities.
The company operates 18 stores across 10 major Indian cities and has 38 outlets internationally in Dubai, Malaysia, and Spain. Its 30,000-square-foot manufacturing facility in Surat employs over 300 people.
Other news
KiranaPro becomes India’s first ONDC-powered quick commerce company
KiranaPro, an AI-powered quick commerce platform, has become the first company to integrate with the Open Network for Digital Commerce (ONDC), enabling it to connect millions of kirana store owners with customers across India.
With ONDC integration, KiranaPro plans to onboard products from over seven lakh registered vendors across India, provide small retailers with greater access to digital markets, and create new business opportunities.
Unlike traditional quick commerce platforms that depend on centralised warehousing, KiranaPro operates a hyperlocal model that directly connects customers with neighbourhood kirana stores. The company uses an AI-driven interface designed to simplify the digital transition for small businesses and expand the reach of local retailers in the growing quick commerce market.
Advait Energy Transitions signs MoU with Haryana City Gas Distribution
Advait Energy Transitions Ltd (AETL) signed a Memorandum of Understanding (MoU) with Haryana City Gas Distribution (Bhiwadi) Ltd to establish a 2000 MTPA Green Hydrogen Plant.
As part of the agreement, AETL will supply 15MW alkaline-based electrolysers and deliver turnkey EPC solutions, including Balance of Plant systems. The company will also oversee operations and maintenance for one year after the plant is commissioned.
The MoU further covers consultancy and advisory services to evaluate the potential of green hydrogen in industrial and commercial sectors. Additionally, it would explore the feasibility of green ammonia production and opportunities related to carbon credits.
Garuda Aerospace signs MoU with HFCL to develop advanced UAV solutions
Drone startup signed a Memorandum of Understanding (MoU) with Himachal Futuristic Communications Limited (HFCL) at Aero India 2025 to develop advanced UAV (Unmanned Aerial Vehicle) technologies. The partnership will combine HFCL’s expertise in payload systems with Garuda Aerospace’s drone manufacturing capabilities to strengthen India’s UAV ecosystem.
The collaboration will focus on developing UAV applications for sectors like defence, agriculture, surveillance, industrial inspection, disaster response, and logistics. HFCL will design payloads such as EO/IR sensors, LiDAR, and AI-driven communication systems, while Garuda Aerospace will integrate these technologies into its drone platforms.
The drones will be equipped with AI capabilities for disaster management, industrial inspections, smart city surveillance with 5G networks, and cargo logistics. The initiative will also support real-time monitoring for the Namo Drone Didi and Viksit Bharat programmes, assisting farmers with enhanced agricultural solutions.
(This article will be updated with the latest news throughout the day.)
