Daily Indian Funding Roundup & Key News - 24 September 2026: Ema Raises $77 Million, PB Fintech Crashes 36% On IRDAI Commission Cap Plan
Here's your daily dose of Indian startup funding roundup and key business news for 24 September 2026. Ema raises $77 million, and PB Fintech crashes 36% on IRDAI's commission cap plan.
Four funding rounds closed on 24 September 2026, spanning enterprise AI, lab-grown diamond jewellery, AI coding agents and primary healthcare infrastructure. Creaegis, Divisa Family Office, Y Combinator and SteerX VC were among the day's lead investors. The headline raise is Ema's $77 million Series B round to scale its agentic AI Employee platform.
Away from funding, PB Fintech crashed 36% and Turtlemint hit its lower circuit after IRDAI proposed sweeping insurance distribution reforms, NSE made a muted stock market debut, and Moneyview's IPO was subscribed 65% on its first day of bidding.
Daily Indian Startup Funding Roundup - 24 September 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Ema | Enterprise AI (HQ: San Francisco) | $77 Mn | Series B | Creaegis |
| ONYA | Lab-Grown Diamond Jewellery | ₹12.5 Cr | Pre-Series A | Divisa Family Office |
| ByteAsk | AI Coding Agents (HQ: San Francisco) | $1 Mn | Pre-Seed | Y Combinator |
| MyRx | Primary Healthcare Infrastructure | Undisclosed | Seed | SteerX VC |
Ema Raises $77 Million Series B Funding
Ema raised $77 million in a Series B round led by Bengaluru-based venture firm Creaegis, with existing investors Accel, S32 and Prosus all increasing their stakes. The round takes Ema's total funding to $140 million and more than quadruples its valuation from its $50 million Series A in 2025, though the company did not disclose the new figure. The funds will scale Ema's go-to-market organisation, with several senior leaders already hired, and continue investment in its platform.
Founded by Surojit Chatterjee, San Francisco-based Ema builds an enterprise platform for agentic AI Employees that automate work across HR, IT and finance functions. The company's AI Employees now handle more than 1 million IT service management tickets and 1 million calls across 15 languages annually, supporting an employee assistant used by more than 240,000 associates across 65 countries.
ONYA Raises INR 12.5 Crore Pre-Series A Funding
ONYA raised INR 12.5 crore in a pre-Series A round led by Divisa Family Office, with existing investor Zeropearl VC doubling down after leading the startup's INR 5.5 crore pre-seed round in November 2025. The fresh funds will accelerate retail expansion into Pune and Hyderabad, strengthen digital customer acquisition and online personalisation, and deepen R&D in jewellery design and manufacturing.
Founded in 2024 by Himani Yadav and Gaurav Choudhary, ONYA is a Bengaluru-based lab-grown diamond jewellery brand offering IGI-certified diamonds set in BIS-hallmarked gold, along with a lifetime exchange and buyback policy. The company has scaled to eight flagship stores across Bengaluru, Pune and Hyderabad within 20 months, with a monthly recurring revenue of INR 3.5 crore.
ByteAsk Raises $1 Million Pre-Seed Funding
ByteAsk raised $1 million in a pre-seed round led by Y Combinator, with participation from Entrepreneur First and angel investors from global quantitative trading firms. The funds will go towards product and infrastructure development, hiring engineers in San Francisco and India, GPU compute and training data, and building enterprise-grade security, privacy and on-premises infrastructure for clients in sensitive industries.
Founded in June 2026 by IIT Delhi alumni Anirudha Kulkarni and Pratyush Saini, ByteAsk is a San Francisco-based developer-tools company building AI coding agents specialised in C and C++ codebases, targeting engineers working on mission-critical applications across defence, aerospace, robotics, high-frequency trading, automotive and semiconductors. The founders previously built and sold legal AI startup LawSutra AI to online legal research platform Manupatra.
MyRx Raises Seed Funding From SteerX VC
MyRx raised an undisclosed amount in a seed round led by SteerX VC. The proceeds will expand its doctor network, strengthen technology and clinical quality systems, and simplify enterprise integrations as it scales its digital clinic model.
Co-founded in 2019 by Sourav Das, Surjit Das and Neel Rath, MyRx is a primary healthcare infrastructure company that combines a doctor network with teleconsultation, electronic prescriptions and clinical workflow technology. The company says it has achieved a 95th-percentile first doctor-call response time of 30 seconds as it works to make doctor-led primary care accessible at scale.
Key Business News for 24 September 2026
PB Fintech Crashes 36%, Turtlemint Hits Lower Circuit On IRDAI Commission Cap Plan
PB Fintech shares tumbled as much as 36% to INR 1,207.20 on the NSE, marking the company's biggest single-day fall, while Turtlemint hit its 20% lower circuit at INR 109.04. The sharp decline wiped out more than INR 25,000 crore from PB Fintech's market capitalisation after IRDAI proposed a sweeping overhaul of insurance distribution economics.
The regulator's consultation paper proposes nil commission on new-vehicle third-party insurance, a 5% cap on new-vehicle own-damage cover, and health insurance commission limits of 15% on first-time sales and 5% on renewals. Jefferies estimates a 10% cut in new business commission rates could translate into a 10-12% decline in earnings for distributors like PB Fintech and Turtlemint, with IRDAI inviting stakeholder feedback on the proposals until 25 October.
NSE Makes Muted Stock Market Debut
The National Stock Exchange made its stock market debut, with shares listing at INR 1,800 on the BSE, just a 0.84% premium over its INR 1,785 issue price, before climbing more than 5% intraday. The listing followed NSE's INR 22,561 crore IPO, entirely an offer for sale, which was subscribed 5.71 times with qualified institutional buyers leading demand at 12.68 times.
The muted debut fell short of grey market expectations, which had pointed to a listing price of around INR 1,825-1,865. NSE is India's largest stock exchange with more than 129 million registered investors as of March 2026, and its listing marks the end of a near decade-long wait tied to regulatory hurdles, including the exchange's co-location controversy.
Moneyview's INR 1,092 Crore IPO Subscribed 65% On Day 1
Moneyview's INR 1,092 crore IPO was subscribed 65% on the first day of bidding, led by 93% demand in the retail portion, while qualified institutional buyers put in bids for just 41,895 shares against 6.51 crore shares reserved for the category. The digital lending platform had earlier raised INR 327.5 crore from 20 anchor investors, including SBI Mutual Fund, HDFC Mutual Fund and Goldman Sachs, at INR 34 apiece, the top of its INR 32-34 price band.
The IPO comprises a fresh issue of shares worth up to INR 750 crore and an offer for sale of up to 10.05 crore shares, valuing the company at around INR 5,985 crore at the upper end of the band. Moneyview's consolidated net profit jumped 2.6X to INR 173.8 crore in the June 2026 quarter, and the issue closes on 28 September, with listing expected on 1 October.
Amazon Pay India's FY26 Losses Widen 33% To INR 1,149 Crore
Amazon Pay India's standalone net loss widened 33% to INR 1,148.5 crore in FY26 from INR 865.7 crore a year earlier, even as operating revenue grew 18.5% to INR 2,484.4 crore, reversing a decline in FY25. Total expenses rose 22.2% to INR 3,741.1 crore, with payment processor fees up 35% to INR 1,140.6 crore and advertising and promotional costs rising 11% to INR 1,767.6 crore.
The company's UPI market share has continued to shrink amid intensifying competition, standing at just 0.39% in August 2026. Amazon Pay India enables payments for shopping on Amazon and other services, including utility bills, mobile recharges and peer-to-peer UPI transfers, and also offers digital wallets, insurance and credit products.
Muskaan Kapoor
