Team SNFYI

Fintech unicorn Razorpay has made a strategic entry into India’s booming consumer UPI segment by investing approximately $30 million in payments startup POP. This investment aims to help POP strengthen its product suite, grow its merchant base—particularly in the D2C and lifestyle sectors—and enhance its rewards system powered by POPcoins.

Razorpay’s Co-founder and CEO, Harshil Mathur, stated that the partnership aligns with their goal of boosting customer loyalty for D2C merchants, noting that POP offers a unique platform combining seamless payments, instant rewards, and brand discovery.

Founded in June 2024, POP operates a UPI-based app built around a rewards-first model. It allows users to earn and redeem POPcoins—a multi-brand, brand-funded loyalty currency—for discounts across a wide range of partner merchants. In its first year, POP has grown rapidly, clocking over 600,000 daily UPI transactions, crossing 1 million monthly active users, shipping over 200,000 orders monthly, and issuing 40,000+ RuPay credit cards in collaboration with Yes Bank.

POP Founder Bhargav Errangi emphasized the need for a loyalty-focused payment platform rather than just another cashback app, and said Razorpay’s backing would help scale their vision. POP now ranks 21st in India’s UPI ecosystem, having processed 13.6 million transactions worth over ₹500 crore in May 2025, according to NPCI data.

This investment follows Razorpay’s earlier acquisition of PoshVine to boost its loyalty tech stack under the Razorpay Engage banner. Meanwhile, India’s UPI market continues to be dominated by PhonePe and Google Pay, which command over 80% of transaction volumes. Other players like Paytm, Amazon Pay, and newcomers such as Jar—now a UPI TPAP with BharatPe and Unity SFB—are looking to gain a foothold through niche innovations.

The move also comes amidst ongoing discussions around the MDR (Merchant Discount Rate) policy. The finance ministry recently denied rumors of a new MDR levy on high-value UPI transactions, while earlier this year, the Payment Council of India urged the government to review the zero-MDR framework. As of early June, UPI has crossed over 640 million transactions in a day, surpassing Visa’s daily transaction average.

MakeMyTrip has announced plans to raise over $2 billion to reduce the stake held by its Chinese investor, Trip.com Group, following public concerns raised by EaseMyTrip’s founder Nishant Pitti. The capital will be raised through $1.25 billion in convertible senior notes for institutional buyers and a $1.23 billion primary share offering based on current Nasdaq stock prices. The company has already signed a share repurchase agreement with Trip.com, which currently holds a 45.95% stake in MakeMyTrip. Despite reducing its share, Trip.com will remain the largest minority shareholder. The move follows national security concerns expressed by Pitti, who claimed the Chinese-backed board could potentially compromise user data. MakeMyTrip dismissed these allegations as baseless, emphasizing its compliance with Indian laws and data privacy standards. Financially, MakeMyTrip’s revenue rose 25% to $978.3 million in FY25, though net profit fell 56% due to the absence of one-time gains from the previous year. Meanwhile, EaseMyTrip reported nearly flat revenues and a modest 5% rise in net profit.

Radico Khaitan, one of the largest spirits companies in India, has cemented its position on the global stage with eight of its brands featuring in the Drinks International The Millionaires’ Club 2025. This prestigious ranking lists the brands that sold over one million nine-litre cases in the 2024 calendar year. Radico Khaitan now ranks third globally, alongside industry giants, making it the only Indian company among the global Top 5 in terms of the number of millionaire brands.

Published annually, The Millionaires’ Club is widely regarded as the definitive benchmark of global spirits success. Radico Khaitan’s inclusion not only reflects its strong sales performance but also marks a significant milestone for Indian-made brands as they gain increasing recognition and demand worldwide.

In this year’s edition, the Company added one more brand to the Club taking the total number of brands surpassing the one-million-case threshold to eight:

• Magic Moments Vodka: 6^th largest vodka globally
• After Dark Whisky: 3^rd fastest growing brand globally
• 8PM Premium Black Whisky: 13^th largest Indian whisky
• Morpheus Brandy: Fourth fastest growing and 10^th largest brandy, globally
• 1965 Spirit of Victory Rum: Fastest-growing and 7^th largest rum, globally
• 8PM Whisky: Ranked #29 largest brand globally
• Old Admiral Brandy: Third fastest growing and fourth largest brandy, globally
• Contessa Rum: 9^th largest rum globally

This remarkable achievement features Radico Khaitan’s strength in managing a well-balanced portfolio, garnering strong consumer traction across global and Indian markets.

Expressing his pride in the Company’s brand rankings, Mr. Abhishek Khaitan, Managing Director, Radico Khaitan, said, “This appreciation is a proud moment for Radico Khaitan. It reflects how our brands are competing with the best in the world, on the strength of quality, innovation, and deep consumer understanding. We have always believed in building brands that are world-class yet deeply rooted in Indian values, and this achievement reinforces that belief.”

Radico Khaitan’s momentum isn’t limited to volume; it is also a leader in growth. Three of the Company’s brands including After Dark Whisky, Old Admiral Brandy and Magic Moments Vodka are ranked among the Top 30 fastest-growing spirits globally. Among these, After Dark Whisky stood as a standout performer, making its debut in the Millionaires’ Club with remarkable growth – a clear testament to rising consumer preference for the brand.

Mr. Amar Sinha, Chief Operating Officer, Radico Khaitan added, “Having eight of our brands rank among the world’s best-sellers highlights the impact of our strategy, the dedication of our team, and our ability to deliver at scale. We remain committed to delivering excellence and expanding the Company’s presence across international markets.”

The Company’s robust performance in The Millionaires’ Club is aligned with its long-term global vision. With operations in over 100 countries and growing investments in premium offerings like Rampur Indian Single Malt, Jaisalmer Indian Craft Gin, Sangam World Malt Whisky, Royal Ranthambore, etc. Radico Khaitan is accelerating its journey from domestic leadership to global recognition.

Radico Khaitan at a Glance:

Radico Khaitan Limited (“Radico Khaitan” or the Company) is among the oldest and one of the largest manufacturers of IMFL in India. Earlier known as Rampur Distillery Company, Radico Khaitan commenced its operations in 1943 and over the years emerged as a major bulk spirits supplier and bottler to other spirit manufacturers. In 1998 the Company started its own brands with the introduction of 8PM Whisky. Radico Khaitan is one of the few companies in India to have developed its entire brand portfolio organically.

The Company’s brand portfolio includes Rampur Indian Single Malt Whiskies, Sangam World Malt Whisky, Spirit of Victory 1999 Pure Malt Whisky, Jaisalmer Indian Craft Gin, Royal Ranthambore Whisky, Morpheus and Morpheus Blue Brandy, Magic Moments Vodka, Magic Moments Remix Pink Vodka, Magic Moments Dazzle Vodka (Gold & Silver), Magic Moments Verve Vodka, 1965 The Spirit of Victory Premium XXX Rum and Lemon Dash Premium Flavored Rum, After Dark Whisky, 8PM Premium Black Whisky, 8PM Whisky, Contessa Rum and Old Admiral Brandy.

Radico Khaitan is also one of the largest providers of branded IMFL to the Canteen Stores Department (CSD), which has significant business barriers to entry. The Company has distilleries situated in Rampur, Sitapur and Aurangabad, Maharashtra which is a 36% joint venture. The Company has a total owned capacity of 320 million litres and operates 43 bottling units (5 owned, 29 contract and 9 royalty bottling units). It is also one of the largest exporters of Alcoholic beverages from India, with brands available in over 102 countries.

NayaOne, the Vendor Delivery Infrastructure (VDI) platform trusted by leading global banks and regulators, has launched the Kingdom’s first fully Saudi-hosted platform, marking its entry into Saudi Arabia with support from AstroLabs, the Gulf’s leading business expansion platform.

The deployment enables banks, insurers, and fintechs to design, test, and launch products in weeks – directly contributing to Vision 2030’s goal of creating a digitally advanced, inclusive financial ecosystem.

Supported by the UK’s Department for Business and Trade (DBT), this launch provides Saudi institutions access to the local tech ecosystem as well as the wider NayaOne ecosystem globally, rich synthetic data assets, and modular test environments that cut proof-of-concept cycles from months to days, without compromising on security or compliance. 

Most recently, NayaOne was selected to provide infrastructure for a supercharged sandbox by the Financial Conduct Authority (FCA), in collaboration with Nvidia, to help financial institutions in the UK safely experiment with AI to accelerate innovation.

This expansion marks a key moment in UK-Saudi fintech collaboration, bridging British innovation with Saudi market momentum. Headquartered in the UK, NayaOne’s entry into the Kingdom underscores its leadership role in shaping the future of localized fintech innovation within this high-growth market.

Several Saudi banks and fintechs are already live on NayaOne’s sandbox environment, testing solutions in areas like embedded finance, cybersecurity, SME lending journeys, cross-border remittance, and AI adoption.

Additional institutions are expected to join in the coming months, further strengthening the VDI’s role as the foundational layer for secure, repeatable vendor delivery across the financial ecosystem.

“Hosting our platform inside the Kingdom removes data-sovereignty friction and lets institutions move from idea to execution in weeks,” said Karan Jain, Founder and CEO of NayaOne. 

“We are grateful to have flagship clients, partners like AstroLabs, support from the KSA ecosystem, and encouragement from the UK Government to grow our impact globally. At NayaOne, we look forward to helping other UK businesses who are interested in operating in KSA.” 

UK Minister for Investment Baroness Gustafsson CBE said, “The UK is home to some of the best tech businesses in the world, so I’m delighted that NayaOne will help boost financial innovation in KSA, reflecting the strength of UK-Saudi collaboration in digital and financial innovation. Our upcoming modern Industrial Strategy will be international from the start, working and deepening our partnerships with countries like Saudi Arabia to support our economic growth.”

Commenting on NayaOne’s expansion, Alex Nicholls, Director of Expansion at AstroLabs, said, “NayaOne’s expansion will accelerate the development of a new subset of products that meet the demands of a fast-moving market and support financial inclusion. With its newly launched hub in Riyadh, NayaOne is uniquely positioned to deliver a greater impact by fostering closer partnerships with leading FIs and fintech innovators in Saudi Arabia, making it a powerful catalyst for innovation within the local financial services and banking sector.”

Saudi Arabia’s fintech market has witnessed sustained growth over recent years thanks to a strategic blend of government initiatives, regulatory support, and growing appetite for financial services. As a result, fintech is expected to reach a market value of $87 billion in 2029, up from $64 billion in 2024.

With Saudi Arabia aiming to establish 525 fintechs by 2030, NayaOne’s early entry puts it at the core of this growth. As one of the first fully Saudi-hosted VDI platforms, it’s positioned to equip the next wave of fintechs with the tools to build, test, and launch faster.

Xportel, a tech-first platform enabling Indian businesses to go global through cross-border logistics and export solutions, has raised capital in its ongoing seed funding round. The round saw co-investment from Rukam Sitara and Flipkart Ventures, with additional backing from venture catalysts and a group of notable angel investors from the trade-tech and logistics space. The presence of notable early backers sets a strong foundation for Xportel, positioning it well to accelerate growth and drive India’s export ambitions forward.

Founded by Anshul Mahindru, Darpan Lamba and Sanchit Narang with a vision to make global selling as seamless as domestic commerce, Xportel is helping Indian SMEs and emerging digital-first brands expand beyond borders by offering a full-stack platform to manage everything from export opportunity discovery and documentation to logistics and compliance. 

The capital infusion will be deployed toward expanding Xportel’s tech capabilities and strengthening the operations and sales teams, onboarding a wider network of exporters over the next year, and investing in marketing and product innovation. The company also aims to deepen its tech stack to further automate compliance workflows, customs documentation, and post-shipment tracking, making the entire export journey seamless and efficient for Indian businesses. 

Speaking on the investment, Archana Jahagirdar, Founder & Managing Partner, Rukam Sitara, said: “At Rukam Sitara, we are constantly looking for value driven ventures that solve real friction points for underserved but high-potential markets. The export readiness gap in India, especially for MSMEs and digitally native brands, is an opportunity waiting to be unlocked. Xportel’s vision of simplifying and digitizing exports directly aligns with India’s ambition to become a global export powerhouse. We are excited to partner with them in building a cross-border trade ecosystem that is inclusive, intelligent, and truly scalable.”  

Commenting on the fundraise, Sanchit Narang     , Co- Founder of Xportel said, “We’re building Xportel to make exports as easy as domestic selling for Indian businesses. The eventual  goal is to create a cross-border ecosystem for anything and everything ranging from pre-order processes to post order logistics. This partnership is a huge boost to our mission of putting Indian products on every global shelf” 

India’s export landscape is at a critical inflection point. With the government setting an ambitious target of $2 trillion in total exports by 2030, the focus has sharply shifted to strengthening infrastructure that can enable micro, small and medium businesses to compete globally. Despite contributing nearly 45–50% of India’s export volume, Indian MSMEs often face major hurdles from fragmented documentation processes to opaque logistics and limited access to international buyers. 

Xportel is building for this very gap. By digitizing the entire export workflow from compliance and paperwork to seamless booking and real-time shipment tracking, the platform aims to be a one-stop solution for India’s next generation of global sellers. Its offering becomes even more critical in the context of a global sourcing reset, where buyers across the world are increasingly diversifying away from traditional hubs and turning to India as a credible alternative. 

The rise of platforms like Xportel also coincides with a broader policy and infrastructure shift in the country. Government programs like RoDTEP, PLI schemes, and initiative to integrate international trade into ONDC reflect India’s seriousness in nurturing export-ready businesses. Alongside, new courier-focused measures like CSB-IV and CSB-V have streamlined customs clearance for international courier shipments, particularly benefiting low- to mid-value goods. This has made cross-border trade more accessible to individuals, small businesses, and D2C brands.  With the rise of cross-border e-commerce, increasing digital infrastructure, and growing interest from institutional investors, the export-tech sector is rapidly becoming a key pillar supporting India’s goal of establishing itself as a global trade leader.

Rukam Sitara, through its Fund I, continues to focus on early-stage investments in high-impact consumer and technology companies that are aligned with the evolving aspirations of New India. Its investment in Xportel is not only a bet on a fast-scaling startup but also a commitment to the long-term potential of India’s role in the global trading system. 

About Rukam Sitara 

Rukam Sitara is a venture capital (VC) fund located in New Delhi, committed to fostering the growth and development of early-stage technology startups. It focuses on investment activities of enterprises founded by innovative and ambitious Indian entrepreneurs. Rukam Sitara’s mission is to identify, invest in, and accelerate the progress of the most promising tech ventures in India. Its purpose extends beyond financial investment; we are committed to supporting and nurturing the spirit of entrepreneurship and innovation in India. We believe in the power of ideas, the strength of determination, and the potential of technology to create a better future. 

About Xportel 

Xportel is an export enablement platform helping Indian businesses identify global opportunities, access compliance guidance, manage logistics needs, and digitize the entire export process. We intend to support Indian SMEs and E-commerce brands for global growth through seamless export and cross-border logistics with a vision to empower every Indian product to find a global market.

~ Fashion meets function as NEWME enters the everyday wardrobe with a bold new category

NEWME, India’s most loved fashion-tech brand for Gen Z, has today announced its collaboration with actress and GenZ style icon, Anushka Sen to rewrite the rules of office wear with its first-ever co-designed collection – WorkSenIty. Anushka Sen and NEWME have co-created this collection to empower Gen Z women to bring their bold, individual style to the workplace. GenZ is getting into workforce now and a majority of new employees in next 2-3 years will be GenZ. Keeping this consumer in mind, launching Workenity just gives one more chance to GenZ women to express themselves at their workplace. 

Created for the 9-to-5, the NEWME X Anushka Sen #WORKSENITY line features over 500 new styles from power co-ords and oversized blazers to elevated basics, wide-leg trousers, and soft tailoring in muted tones and pastel hues. Every piece is designed to balance elegance, confidence, and creative edge — a workwear wardrobe that actually works for GenZ women.

“When we started NEWME three years ago, our goal was simple — to make fashion more aspirational, relevant, and boldly expressive for India’s Gen Z women,” said Sumit Jasoria, Co-founder & CEO,  NEWME. “With 14+ experience stores and one of the fastest delivery models in the country, we’ve built a brand that mirrors the mindset and momentum of this generation. WorkSenity is our way of evolving with them — showing up as they step into their first jobs, internships, startups, shoots, and side hustles, with the same individuality and self-expression they bring to every part of life.”

He further added, “Collaborating with Anushka Sen — someone who naturally embodies the creativity, confidence, and ambition of Gen Z – felt like the right way to bring this vision to life. Her hands-on involvement, from concept to styling, brought an energy and authenticity to the collection that we believe will really connect with our audience.”

NEWME, with this launch has also kicked off a larger campaign, #StaySenAtWork — spotlighting individuality, ambition, and self-expression at work, on your own terms. The brand films, starring Anushka Sen, highlight individuality and ambition through a fresh lens — ditching outdated ideas of formalwear for something far more dynamic and real. No longer confined to outdated formals, this collection introduces a versatile, expressive wardrobe that reflects how Gen Z shows up — at work, at college, and everywhere in between.

“I’ve always admired NEWME for how boldly it celebrates Gen Z style, so getting to partner with one of my favorite brands—this time as Creative CEO—has been such a special journey,” said Anushka Sen. “Workwear is often overlooked when it comes to fashion, but it’s such an important space for Gen Z women to feel confident, expressive, and seen. That’s exactly what WorkSenIty stands for—bringing your whole self to work, with style that reflects who you really are. I’m so proud to have co-created a collection that helps young women feel powerful and authentic. NEWME’s deep understanding of what Gen Z wants made the process both exciting and seamless”

Exclusively available on the NEWME app and website, and across all NEWME experience stores the collection reinforces NEWME’s commitment to accessible, high-impact style. Whether it’s a coffee run between calls or a client pitch on the go, Gen Z now has a wardrobe that works just as hard — and looks even better.

Founded in 2022, NEWME has grown into a cult-favourite brand with a fiercely loyal Gen Z audience. With 14+ experience stores and one of the fastest delivery models in the country, NEWME drops over 500+ trend-first styles each week. The entry into workwear is more than a category launch — it’s a signal that NEWME is growing with its audience, catering to their evolving needs and identities of GenZ

About NEWME:

NEWME was founded by Sumit Jasoria, Vinod Naik, Shivam Tripathi, and Himanshu Chaudhary in 2022, NEWME targets more than 500Mn GenZ customers in India and Southeast Asia. NEWME believes in the transformative power of technology to enhance designs and solve for accessibility and affordability in fashion. The brand genuinely celebrates the spirit of self-expression and individualism among youth and offers thousands of designs and trends to choose from every day. The carefully curated collection of trendsetting products, released weekly, aims to empower youthful, raw, and high-energy consumers, meeting their desire to be their ‘NEWME’ every day.