Atomberg Eyes Rs 200 Cr Funding for B2B Arm Pre-IPO

Atomberg Technologies is in talks to secure Rs 150-200 crore for its B2B engineering division, which develops motors and components. This funding round precedes the parent company’s planned Rs 2,000-crore initial public offering.

General Catalyst is leading the current fundraise, with Mirae Asset Management also considering participation. The engineering arm generated Rs 17 crore in revenue during FY25.

The company projects its engineering arm will surpass the consumer business in revenue within two to three years. Atomberg’s overall operating revenue for FY25 increased by 20% to Rs 958.4 crore, while net losses decreased by 41% to Rs 117.4 crore.

Neoclouds Eye India’s Data Centers

At least six Nvidia-backed ‘neocloud’ companies are actively seeking to lease data center capacity across India. These firms aim to support their artificial intelligence operations.

CoreWeave, Together AI, Nebius, Lambda Labs, Crusoe, and Nscale are engaging with major Indian operators including Sify Technologies and Yotta Data Services. India offers a 20-year tax holiday for foreign cloud providers, a skilled engineering workforce, and competitive infrastructure costs.

Neoclouds differentiate themselves by exclusively providing Nvidia GPU clusters for AI training and inference, distinct from traditional hyperscalers.

Swiggy Instamart Appoints New CEO

Swiggy has named Nandita Sinha, formerly Myntra’s CEO, as the new Chief Executive Officer for its quick commerce segment, Instamart. Her tenure is scheduled to commence on August 3.

This appointment comes as Instamart faces decelerated growth and lags behind competitors like Blinkit and Zepto in order volumes. The segment reported an operating loss of Rs 858 crore in the January-March quarter.

Sinha, credited with guiding Myntra to profitability, now faces the task of revitalizing Instamart within a highly competitive market landscape.

Quarterly Financial Updates

Merchant payments firm Pine Labs reported a fourfold increase in its Q1 consolidated net profit, reaching Rs 19.6 crore. Revenue from operations rose 20% to Rs 736.9 crore, with FY27 growth projected at 21-23.5%.

Digital payments firm Easebuzz saw FY26 revenues increase 10% to Rs 723 crore. However, its profit after tax declined 41% to Rs 11.15 crore due to heightened competition and regulatory changes.

IT solutions provider Coforge announced a 63.3% year-on-year surge in net profit, hitting Rs 518.6 crore. Revenue also increased 49.2% to Rs 5,527.7 crore in Q1, driven by robust demand from the Americas.