Founders fight back at Piyush Goyal "cheap labour" jibe

Welcome “India” Bulls!

SIDBI and Jocata have unveiled 'Sumpoorn,' India's inaugural MSME Economic Activity Index, offering real-time insights into the sector's health. By analyzing anonymized GST sales data from over 50,000 MSMEs, Sumpoorn provides a data-driven snapshot of economic activity, bridging critical information gaps for policymakers and financial institutions. This groundbreaking tool is poised to enhance strategic decision-making, fostering sustainable growth in India's MSME landscape.​

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: Navi, Kissht & The Good Bug

• Funding Space

• Policy Talks

• Everything else you need to know

• Life Hack in Video: How to Succeed with a Startup

• Mindset: The Startup Story: From Small Town Dreams to a ₹2,000 Cr Empire

STARTUPS THIS WEEK

1.Navi hits 20M users, eyes FY26 IPO: With a booming 20 million-strong user base, Navi is setting its sights on an FY26 IPO. Backed by Flipkart co-founder Sachin Bansal, the fintech firm is riding high on momentum-making calculated moves while keeping profitability at the core. Could this be India’s next financial giant in the making?

2.Kissht preps $225M IPO amid fintech frenzy: Kissht is gearing up for a whopping $225 million IPO-signaling strong investor appetite for Indian fintech plays. Known for its quick-credit solutions, the company’s listing plan could redefine access to financial inclusion at scale. Is this the spark that ignites a new wave of fintech IPOs?

3.The Good Bug unveils gut-health revolution: Microbiome startup The Good Bug just dropped a game-changer-an innovation targeting gut issues rooted in modern lifestyles. Their mission? To reboot health from the inside out with science-backed formulations. Is this the dawn of personalized wellness as the new standard?

Today’s Fastest Growing Company Might Surprise You

🚨 No, it's not the publicly traded tech giant you might expect… Meet $MODE, the disruptor turning phones into potential income generators.

Mode saw 32,481% revenue growth, ranking them the #1 software company on Deloitte’s 2023 fastest-growing companies list.

📲 They’re pioneering "Privatized Universal Basic Income" powered by technology — not government, and their EarnPhone has already helped consumers earn over $325M!

Invest in their pre-IPO offering before their share price changes on May 1st.

Invest in Mode's pre-IPO offering at just $0.30/share.

_{*An intent to IPO is no guarantee that an actual IPO will occur. Please read the offering circular and related risks at invest.modemobile.com.
*The Deloitte rankings are based on submitted applications and public company database research.}

FUNDING SPACE

💰 Weekly Funding Spotlight: Major Startup Investments (March 29 -April 04)

The past week witnessed significant investments across various sectors:

▪️SolarRise: Clean-tech startup Aerem just raised ₹100 crore in Series A, aiming to supercharge solar adoption across Indian businesses. With India chasing renewable goals, Aerem's platform could become the backbone of next-gen energy financing. Is solar the new startup gold rush?

▪️Swipe Up: Scapia just raised a solid $40M in Series B, led by Peak XV, to revamp how Indians experience travel through smart credit offerings. With Gen Z and millennials chasing rewards and wanderlust, is Scapia the next fintech favorite to watch?

▪️Agri Lift: Agri-fintech firm Jai Kisan has secured fresh capital in its extended Series B round, continuing its mission to bring credit and tech to India’s rural heartland. Could this be the boost needed to truly digitize Indian agriculture?

▪️Beyond AI: Further AI is going deeper into the generative AI race, raising $5M led by Nexus. With a focus on enterprise AI products, they’re not just catching up-they’re building from the ground up. Will this be India’s answer to enterprise-grade GenAI?

▪️Waste Wise: Bengaluru-based Hasiru Dala Innovations just secured ₹6 crore to expand its sustainable waste management model. Backed by years of grassroots work, their plan is to turn waste into wealth-literally. Can social innovation scale like a startup?

▪️Visionary: Tonbo Imaging just raised a whopping ₹175 crore to sharpen its edge in defense imaging and AI-powered surveillance. From thermal sights to night vision, they’re making “smart eyes” for modern warfare. Is this the rise of India’s deeptech defense game?

POLICY TALKS

Piyush Goyal sparks heated debate in India’s Startup circle

“India must innovate like Chinese startups,” said Union Minister Piyush Goyal-seven words that set off a wave of mixed reactions across the country’s entrepreneurial ecosystem.

⚡ What Happened?
Speaking at a recent industry event, Goyal encouraged Indian startups to take inspiration from China’s tech sector, known for its aggressive scaling, bold product development, and deep state-backed infrastructure. His comments were intended to light a fire under India’s innovators-to think bigger, move faster, and embrace global competition.

But not everyone was cheering.

💬 The Reactions: Applause & Pushback
▪️Some founders and venture capitalists agreed with Goyal’s sentiment, praising China’s focus on scale, ambition, and market dominance. They see value in adopting some of the "China-style hustle"-rapid iteration, vertical integration, and customer obsession.
▪️Others, however, hit pause. Critics warned against mimicking a system that thrives under vastly different political, regulatory, and funding conditions. India’s open-market ethos, democratic governance, and consumer diversity call for a unique innovation model-not a carbon copy.

As one startup leader noted, “We should learn from China, not become China.”

📍Why It Matters
▪️This isn’t just a soundbite. Goyal’s remarks reflect a deeper national question: What kind of startup ecosystem does India want to build?
Should it be state-directed like China’s, investor-fueled like the U.S., or something entirely its own?
▪️The debate also touches on sensitive issues like data privacy, government intervention, IP protection, and global trust-where India has increasingly positioned itself as a neutral, democratic alternative to China.

🧠 A Thought to Ponder:
▪️ Is borrowing from China’s playbook ambition or imitation? And more importantly-can India scale like China while staying true to its unique values?

⚔️Clash: With ₹70 crore up for grabs, the government’s new "Startup Maharathi Challenge" aims to uncover India’s next innovation titans. Focused on real-world impact, this contest isn’t just about money-it’s about momentum. Will your startup be the next to break out?

⚡Charge: India’s journey to a $30 trillion economy could hinge on fintech, according to top voices in the sector. From UPI to credit democratization, the path is tech-first and financially inclusive. Are fintechs ready to power India’s economic engine?

FROM THE WAR ZONE

Everything else you need to know

🚀Surge: India is now the world’s fastest-growing market for ChatGPT, fueled by a surprising twist-the viral Studio Ghibli trend. From college campuses to corporate teams, AI is going mainstream in the most unexpected ways. What does this AI boom say about India’s digital future?

🍟Fry Point: McCain India just hit ₹1,200 crore in FY24 revenue, but profits took a 29% dip. While fries are flying off shelves, rising input costs are biting margins. Is India’s frozen food giant due for a strategic pivot?

🐢Slowdown: India’s once-thriving services sector is showing signs of fatigue as growth slows. While still expanding, the deceleration hints at deeper structural shifts in the post-pandemic economy. Could this be a warning bell for broader economic trends?

⚖️Equalizer: Legendary investor Vinod Khosla believes AI will level the playing field-shrinking the economic gap between a farm worker and a doctor. It’s a bold vision with radical implications. Could AI be the great equalizer the world didn’t see coming?

🐣Nest Egg: FirstCry is investing ₹167 crore into two subsidiaries to supercharge its expansion plans. The babycare giant is eyeing deeper market penetration and vertical growth. Is this the beginning of FirstCry’s next big leap?

LIFE HACKS

How to Succeed with a Startup

MINDSET

The Startup Story: From small town Dreams to a ₹2,000 Cr empire

How Three Friends Redefined Rural Finance in Bihar: What happens when ambition meets impact in the heart of rural India? You get the story of Save Financial Services-an NBFC built from scratch by three friends that's now managing over ₹2,000 crore in assets.

🌱 The Origin: A Modest Start, A Bold Mission
It all began in 2009, when Nagesh Kumar, Rakesh Kumar, and Jai Prakash decided to tackle one of India's most under-addressed challenges: access to credit in underserved rural areas. Armed with little more than vision and determination, the trio set up shop in Bihar—a region often overlooked by mainstream lenders.

▪️ Their goal? Financial inclusion, grassroots-first.
▪️ Their tool? A non-banking financial company (NBFC) focused on small, meaningful loans for farmers, women entrepreneurs, and micro-businesses.

📈 The Growth Story: Grit Over Glamour
In a market dominated by big-city fintechs and VC-backed startups, Save Financial’s success looks different. It’s built not on flashy tech, but on community trust, local presence, and operational discipline.

▪️ Today, with ₹2,000 crore in AUM (assets under management), 300 branches, and a footprint across 10 states, the company serves more than 13 lakh customers, most of whom had never accessed formal credit before.
▪️ This isn’t just business growth-it’s socioeconomic upliftment.

💡 What Makes Them Different?
▪️ Hyper-local approach: Branches are staffed with locals who understand the pulse of rural customers.
▪️ Paperless but personal: While tech enables operations, it’s the human touch that builds loyalty.
▪️Impact-first philosophy: From financial literacy to women-led lending groups, they’re not just giving loans—they’re changing lives.

🚀 Bigger Picture: A Blueprint for Bharat
Save Financial’s journey stands as proof that big things can come from small towns. It’s also a call-to-action for other founders: Rural India isn't a charity case—it's a growth engine waiting to be unlocked.

So the next time someone says “you can’t scale from Bihar,” point them to this ₹2,000 crore counterargument.

Your Opinion Matters!

Got more feedback or just want to get in touch? Reply to this email and we’ll get back to you.

Thanks for reading.

Until next week!

Mohit & the OneZero-F team

If you find the contents of this email useful, subscribe now & share with your friends.

OneZero-F Analytics is SEBI registered Research Entity in terms of SEBI (Research Analyst) Regulations, 2014 with SEBI Research Analyst No: INH000013837. For more details, Click Here.

Click Here for Other DISCLAIMERS & DISCLOSURES