Top startup stories this week SEBI vs Gensol, Gabify’s impact, Just dogs’ ₹94 cr Revenue

Welcome “India” Bulls!

When ambition turns into entitlement, founders cross a dangerous line. SEBI just exposed a wild case: Gensol’s promoters allegedly diverted over ₹200 Cr-meant for electric vehicle procurement - into personal luxuries. We’re talking high-end flats at Camellias, luxury golf kits, overseas vacations… all while claiming it as business activity. Only 4,700 EVs were delivered out of the planned 6,400. Where did the rest of the money go? You already know.

Let’s dive into this week’s Startup Drama!

P.S. The Sunday Special is designed to help you discover the most important Startup insights outside of Share Markets. Our regular Share Market updates will resume as usual on Monday.

Startup Menu

• Startups this Week: Gensol, Gabify & Just Dogs

• Funding Space

• Policy Talks

• Everything else you need to know

• Life Hack in Video: The single biggest reason start-ups succeed.

• The Journey: Srikanth Bolla: From Rejection to ₹1,200 Cr

STARTUPS THIS WEEK

1. Gensol Promoters Used EV Funds for Flats & Foreign Trips: SEBI busted Gensol’s promoters for siphoning ₹200 Cr meant for EVs into luxuries , think Camellias flats, golf kits, and overseas vacations. Only 4,700 EVs were bought instead of 6,400.

2. Gabify Is Giving Neurodivergent Kids a Voice, With AI: Gabify, a Bengaluru startup, is using AI to transform speech therapy for kids with neurodevelopmental delays. It delivers personalized care plans and early assessments, all on one digital platform.

3. Just Dogs Hits ₹94 Cr Revenue- But Bleeds ₹11 Cr in Losses: Pet care startup Just Dogs clocked ₹94 Cr in FY24 but saw losses balloon to ₹11 Cr. High spends on rent, staff, and marketing outpaced the revenue gains.

FUNDING SPACE

💰 Weekly Funding Spotlight: Major Startup Investments (April 12 -April 18)

The past week witnessed significant investments across various sectors:

▪️ Mind-blown: Goodfire secured a $50M Series A to develop Ember, a platform that unveils the inner mechanics of AI models. By making neural networks more transparent, they're addressing the 'black box' issue in AI.

▪️ Sunny: Rayzon Solar, a Surat-based solar panel manufacturer, raised $18M in its first external funding round, valuing the company at $844M. The round saw participation from cricket legend Sachin Tendulkar and other investors.

▪️ Sparkle: Peppermint Robotics raised $4M in Series A funding to enhance its autonomous cleaning and material handling robots. The Pune-based startup plans to use the funds to expand into Europe, Japan, and the APAC regions, addressing labor shortages with its innovative solutions.

▪️ InsureTech: FurtherAI secured $5M in seed funding led by Nexus Venture Partners to advance its AI solutions for the insurance industry. With clients already writing over $15B in premiums, FurtherAI is poised for significant impact.

POLICY TALKS

Modi-Musk Meet, TN's Space Policy, Karnataka Bank Audit

▪️ Powerplay: Prime Minister Narendra Modi and Elon Musk reconnected to explore collaborations in electric mobility, renewable energy, and space technology. Tesla is considering setting up manufacturing in India, while Starlink awaits regulatory clearance to launch satellite internet services.

▪️ Lift-off: Tamil Nadu's cabinet approved the Space Industrial Policy 2025, aiming to attract ₹10,000 crore in investments and create 10,000 high-value jobs. The policy focuses on developing 'Space Bays' for manufacturing satellites, launch vehicles, and propellant chemicals, positioning the state as a hub for space-tech innovation.

▪️ Oops: Karnataka Bank has appointed forensic auditors to investigate discrepancies in cross-border UPI transactions amounting to ₹18.87 crore.The bank assures that operations and customer services remain unaffected, emphasizing its commitment to addressing the issue promptly.

FROM THE WAR ZONE

Everything else you need to know

🌿 Greenlight: India's sustainable tourism market is projected to grow from $37M to $216M in a decade, as per MakeMyTrip founder Deep Kalra. With 82% of Indian travelers considering eco-friendly options, the sector is poised for significant expansion.

🤖 Runbot: In a groundbreaking event, 21 humanoid robots participated alongside humans in Beijing's Yizhuang half-marathon. Tiangong Ultra, developed by the Beijing Innovation Center, completed the race in 2 hours and 40 minutes.

⚡ Infra: Sify inaugurated an AI-ready data center in Chennai, aiming to create 10,000 jobs. With a capacity of 130 MW and 60% renewable energy usage, it's set to support AI workloads for various sectors.

🚀 Boost: JIIF has backed RawRX, a natural wellness brand, and Nautical Wings Aerospace, specializing in electric propulsion. These investments highlight JIIF's commitment to fostering innovative startups in health and aerospace sectors.

💰 Cha-ching: Zepto's ad vertical achieved a $200M ARR, a fivefold increase from the previous year, according to CEO Aadit Palicha. This growth underscores the potential of integrating advertising into quick commerce platforms.

LIFE HACKS

The single biggest reason why start-ups succeed

THE JOURNEY

Srikanth Bolla: From Rejection to ₹1,200 Cr

This one hit me hard.

Srikanth Bolla was born blind, told not to bother with school, and was literally rejected by IITs because of his disability.

Most people would’ve stopped there.

He didn’t.

➡️ Graduated from MIT
➡️ Returned to India and launched Bollant Industries
➡️ Today it’s valued at ₹1,200 Cr
➡️ Clients include Infosys, Tata Motors, Reliance
➡️ Oh, and he just became the first blind guest shark on Shark Tank India

What’s wild? 60%+ of his team is differently-abled.
This isn’t just a success story, it’s a blueprint for inclusive entrepreneurship.

You don’t need a level playing field. You need a reason so strong that obstacles become noise.

When purpose is at the core, the rest follows.

“I was told I couldn’t do anything. So I decided to do everything.”

That’s a founder mindset right there.

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Thanks for reading.

Until tomorrow!

Mohit & the OneZero-F team

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