Daily Indian Funding Roundup & Key News - 12 November 2026: mistEO Raises ₹18 Crore, Ola Electric's Q2 Revenue Falls 39%
Greenjoules, mistEO and Hundo Pizza led five funding deals, as Ola Electric's Q2 revenue fell 39%, CCPA fined Ola and Gaurav Munjal stepped down as Unacademy CEO.
Five funding deals were announced around 12 November 2026, in sectors ranging from renewable fuels and climate tech to food and recycling. Amazon's Smbhav Venture Fund, MGF Kavachh and Titan Capital were among the lead investors. Ola Electric also reported a 39% drop in Q2 revenue, while the CCPA fined Ola INR 10 lakh over advance tipping.
Daily Indian Startup Funding Roundup - 12 November 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Greenjoules | Renewable Fuels | ₹150 Cr | Series B | Amazon Smbhav Venture Fund, Climate Pledge Fund |
| mistEO | Climate Tech | ₹18 Cr | Seed | MGF Kavachh |
| Hundo Pizza | Food | ₹7.5 Cr | Undisclosed | Titan Capital |
| QB MEN | Fashion | Undisclosed | Pre-Seed | BeyondSeed |
| Recykal | Recycling | Undisclosed | Strategic | Sachin Tendulkar |
Greenjoules Raises INR 150 Crore in Series B Round Co-Led by Amazon Funds
Greenjoules raised INR 150 crore in a Series B round co-led by Amazon's Smbhav Venture Fund and Climate Pledge Fund, with Rainmatter also taking part. It also secured an INR 100 crore loan from the Technology Development Board. The company will use the money to build a renewable fuel plant at Khed City, Pune.
Founded in 2018, Pune-based Greenjoules turns farm waste into biocrude, which is then made into renewable diesel and bio-naphtha. Its diesel can run in existing vehicles without changes. The planned plant will produce 2 lakh litres of biocrude a day.
mistEO Raises INR 18 Crore in Seed Round Led by MGF Kavachh
mistEO raised INR 18 crore in a seed round led by MGF Kavachh, with Seafund and others also taking part. The company will use the money to grow its climate risk platform for banks, insurers and farm businesses across India and Asia.
Founded in 2019 by Samuel John and Ambarish Narayanan, Thiruvananthapuram-based mistEO uses AI to turn weather data into risk insights. Its forecasts help lenders judge how weather affects farms, assets and loans. It is also building a storm forecasting model with the Indian Air Force.
Hundo Pizza Raises INR 7.5 Crore Led by Titan Capital
Hundo Pizza raised INR 7.5 crore in its first institutional round, led by Titan Capital. Indian Silicon Valley Capital and Haresh Chawla also took part. The brand will use the money to expand across Mumbai, enter a new city and build a central kitchen.
Founded in 2020 by Kabir Moorjani and Ronak Rajani, Mumbai-based Hundo Pizza is a delivery-first pizza brand with seven outlets. It was bootstrapped until this round. Its FY26 revenue was INR 18 crore, and it now has an annual run rate of INR 35 crore.
QB MEN Raises Pre-Seed Funding Led by BeyondSeed
QB MEN raised an undisclosed amount in a pre-seed round led by BeyondSeed, with Rajkot Ventures and Prajay Advisors also taking part. The brand will use the money for brand building, content, customer retention and wider distribution.
Founded by Yash Bothra, Jaipur-based QB MEN sells printed menswear such as shirts, kurtas and jackets. It mixes traditional Indian prints with modern styles. It sells through its website, Myntra and select stores.
Sachin Tendulkar Invests in Recykal
Sachin Tendulkar has invested in Recykal as a strategic investor. The amount and valuation were not disclosed.
Founded in 2015 by Abhay Deshpande and Abhishek Deshpande, Hyderabad-based Recykal runs a technology platform for waste management and recycling. It works with about 650 brands, including Hindustan Unilever and Samsung. In June 2026, it raised $23 million in a bridge round.
Muskaan Kapoor
Key Business News for 12 November 2026
Ola Electric's Q2 FY27 Revenue Falls 39%, Loss Narrows to INR 362 Crore
Ola Electric's revenue from operations fell 39% to INR 421 crore in Q2 FY27, down from INR 690 crore a year earlier. Its net loss narrowed 13% to INR 362 crore.
Revenue also fell over 7% from INR 455 crore in the previous quarter. Its EV registrations dropped 17% to 41,650 units.
CCPA Fines Ola INR 10 Lakh Over Advance Tipping
The Central Consumer Protection Authority has fined Ola INR 10 lakh over its advance tipping feature. The feature asked riders to tip before a driver accepted their booking.
The CCPA called it a misleading dark pattern and told Ola to stop the feature. Ola must submit a compliance report within 15 days.
Gaurav Munjal Steps Down as Unacademy CEO
Unacademy co-founder Gaurav Munjal is moving to the role of Executive Chairman, with Chief Business Officer Akhilendra Kumar set to become CEO. Munjal said he will stay involved in daily operations and help with upGrad's IPO.
The change comes about two months after upGrad completed its acquisition of Unacademy in September 2026. The all-stock deal valued Unacademy at just over $200 million.
Norwest Closes $4 Billion Global Fund
Venture firm Norwest has closed its 18th fund at $4 billion, the largest in its history. The close takes its assets under management to about $18 billion.
The fund will back technology, healthcare and consumer companies in the US, India and Israel. Its Indian portfolio includes Swiggy, Amagi and OfBusiness.
Spotify Launches Audiobooks in India
Spotify has launched audiobooks in India with more than 3.5 lakh English titles and nearly 7,000 titles in Indian languages. The Audiobooks+ add-on costs INR 199 a month for 15 hours of listening.
Indian-language titles are available in seven languages, including Hindi, Tamil and Bengali. The add-on is open to both free and Premium users.
