Daily Indian Funding Roundup & Key News - 23 October 2026: Firstwork Raises $15 Million, Tonbo Imaging Lists at 66% Premium
Firstwork raised $15 million, and Konwert closed a pre-Series A round, as Tonbo Imaging and Zetwerk made their market debuts and Swiggy shares fell 16% after Q2.
Two funding rounds were announced on 23 October 2026, in HR tech and electric vehicle retrofits. Earlybird Venture Capital and The Chennai Angels led the rounds. Zetwerk and Tonbo Imaging also made their stock market debuts, while Swiggy's shares fell 16% after its Q2 results.
Daily Indian Startup Funding Roundup - 23 October 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Firstwork | HR Tech | $15 Mn | Series A | Earlybird Venture Capital |
| Konwert India Motors | Electric Vehicles | Undisclosed | Pre-Series A | The Chennai Angels |
Firstwork Raises $15 Million in Series A Round Led by Earlybird Venture Capital
Firstwork raised $15 million in a Series A round led by Earlybird Venture Capital, with Legion VC and Deel Ventures joining as new investors. Existing investors Gradient and Y Combinator also took part. The company will use the money to grow its AI, engineering and sales teams and expand in the US and Europe.
Founded by former Deel executives Vardhan Kapoor and Shubham Choudhary, Firstwork uses AI agents to handle hiring paperwork for frontline workers. Its agents verify documents, run background checks and manage onboarding and compliance. The company is based in San Francisco, with about 80% of its team in Bengaluru.
Konwert India Motors Raises Pre-Series A Round Led by The Chennai Angels
Konwert India Motors raised an undisclosed amount in a pre-Series A round led by The Chennai Angels. Existing investors Campus Angels Network, Keiretsu Forum Chennai and Native Angel Network also took part. The company will use the money to grow sales, add products and enter new markets in India and abroad.
Founded in 2019 by Nickendra Manikandan, Coimbatore-based Konwert makes kits that turn petrol, CNG and LPG auto-rickshaws into electric vehicles. The conversion costs about half the price of a new electric auto-rickshaw. The company says its patented process takes 90 minutes.
Muskaan Kapoor
Key Business News for 23 October 2026
Tonbo Imaging Lists at 66% Premium, Zetwerk Debuts 5.5% Higher
Defence electronics maker Tonbo Imaging listed at INR 1,162 on the BSE on 23 October, 66% above its IPO price of INR 700. It closed the day at about INR 1,133, still 62% above the issue price.
Tonbo's IPO had been subscribed 135.9 times. Zetwerk also listed on the same day at INR 159.25 on the NSE, 5.5% above its issue price of INR 151.
Swiggy Shares Fall 16% After Q2 Results
Swiggy shares fell as much as 17.2% to a 52-week low of INR 174.90 on the BSE, a day after its Q2 results. The stock closed 16.3% lower at INR 176.70.
Losses at quick commerce arm Instamart rose to INR 895 crore, higher than analysts expected. HSBC and Bank of America cut their price targets for the stock. Swiggy said it will start moving Instamart to a model where it owns the stock it sells.
Jio Platforms IPO Subscribed 6.76 Times on Final Day
Jio Platforms' INR 30,213 crore IPO was subscribed 6.76 times by late morning on its final day. Qualified institutional buyers led demand at 14.18 times, while the retail portion was subscribed 1.99 times.
The issue was subscribed 5.57 times at the end of its second day. The shares are expected to list on 28 October.
CoinDCX Admits Losses From Old Wallet Deposits
Crypto exchange CoinDCX has admitted to losses after a process for securing deposits sent to old, compromised wallet addresses failed. It said it absorbed the losses and that all affected users' deposits were credited.
The old addresses were compromised in a July 2025 hack, when CoinDCX lost about $44 million. The exchange denied any breach of its active wallets and said customer assets remain in separate cold wallets. It did not disclose how much it lost.
