Automated warehouse facility with packaged goods on conveyor belts
In a significant leadership transition, BigBasket co-founders Hari Menon and Vipul Parekh have stepped down from their day-to-day operational roles. Amit Nanda, an former Amazon India executive, has been appointed as the new CEO. This move signals a strategic shift for the online grocery platform, now owned by Tata Group, as it navigates intensified competition in the quick commerce space. BigBasket reported a net loss of INR 2,006 Cr in FY25, with operating revenue contracting by 2% YoY, highlighting the pressure on the new leadership to improve financial performance and market share.
In other funding news, nutrition-focused D2C brand TruNativ has raised $30 million (INR 290 Cr) in a Series B round led by OrbiMed. The capital will be used to expand its offline distribution, explore partnerships, and bolster its R&D for supplements. TruNativ reported a revenue of INR 130 Cr in FY26, a 350% year-over-year increase.
In the IPO space, insurtech startup Turtlemint is set to launch its Initial Public Offering (IPO) on June 19th, with a price band of INR 144-152 per share. The offering includes a fresh issue of INR 660.7 Cr and an offer for sale. The company, valued at approximately $475 million at the upper end of the price band, recorded INR 741 Cr in operating revenue for the first nine months of FY26, with losses at INR 187 Cr.
The IT Ministry has also taken action by temporarily restricting access to the Telegram messaging platform in India until June 22nd, 2026, in response to alleged exam-related fraud concerning the NEET-UG 2026 examination. This measure aims to curb the spread of misinformation and prevent the sale of fake exam paper access.
In the venture capital landscape, YourNest, a deeptech-focused VC firm, has closed its continuation vehicle, the YourNest Continuum Fund I, with a corpus of INR 400 Cr. The fund will support follow-on investments in its top-performing portfolio companies.
Lastly, rooftop solar solutions provider SolarSquare has raised $53 million (INR 510 Cr) in a Series C round led by Lightspeed. The funds will facilitate expansion into new cities, enhance technological capabilities, and scale its platform. SolarSquare claims to be achieving an annual revenue run rate of INR 1,000 Cr.
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