Daily Indian Funding Roundup & Key News - 28 September 2026: Balwaan Krishi Raises ₹100 Crore, SC Refuses To Stay UPI MDR
Three funding rounds closed on 28 September 2026, spanning agricultural machinery, experience tech and AI software testing. First Bridge India Growth Fund, Powerhouse Ventures and Flipkart Ventures were among the day's lead investors. The headline raise is Balwaan Krishi's INR 100 crore Series B round to expand its farm equipment manufacturing.
Away from funding, the Supreme Court refused to stay the UPI MDR framework set to take effect on 15 October, while the ED attached another INR 442 crore of assets in its probe into Gameskraft's RummyCulture.
Daily Indian Startup Funding Roundup - 28 September 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Balwaan Krishi | Agricultural Machinery | ₹100 Cr | Series B | First Bridge India Growth Fund Private Equity |
| Alive App | Experience Tech | $1 Mn | Seed | Powerhouse Ventures, Flipkart Ventures |
| Keploy | AI Software Testing | Undisclosed | Funding Round | Flipkart Ventures |
Balwaan Krishi Raises INR 100 Crore Series B Funding
Balwaan Krishi raised INR 100 crore in a Series B round led by First Bridge India Growth Fund Private Equity, with participation from other institutional investors. The fresh capital will expand domestic manufacturing capacity, strengthen dealer and service networks in Southern India, and develop farm equipment with predictive maintenance and IoT capabilities.
Founded in 2016 by Rohit Bajaj and Shubham Bajaj, Jaipur-based Balwaan Krishi makes agricultural equipment designed for Indian farming conditions. The company has more than 800 dealers across Northern India and serves over four lakh farmers, with products priced between INR 10,000 and INR 1 lakh aimed at small and marginal farmers.
Alive App Raises $1 Million Seed Funding
Alive App raised $1 million in a seed round led by Powerhouse Ventures, with participation from Flipkart Ventures. The Bengaluru-based startup had previously raised INR 6 crore in a pre-seed round led by Powerhouse Ventures last year. The funds will expand its product and experience supply as it seeks to increase how often urban consumers book leisure activities.
Founded in 2023 by Vivek Kumar, Alive App is an AI-powered experience-tech platform that helps users discover curated experiences across adventure, food, wellness, art, culture and learning. It offers more than 500 experiences through over 400 creators and partners across Bengaluru, Hyderabad, Mumbai, Chennai, Delhi and Goa, and reported its first profitable quarter in Bengaluru.
Keploy Raises Funding From Flipkart Ventures
Keploy raised an undisclosed amount from Flipkart Ventures, the investment arm of Flipkart. Along with capital, the startup will receive strategic mentorship, operational expertise and access to Flipkart's broader ecosystem to help it build and scale.
Keploy is a native-AI software testing platform that converts real application traffic into replayable regression tests and digital twin sandboxes. Enterprises use it to reproduce production scenarios locally and in CI/CD pipelines, helping engineering teams catch regressions in new releases and AI-generated code earlier.
Key Business News for 28 September 2026
SC Refuses To Stay UPI MDR, Seeks Centre's Response On INR 2,000 Threshold
The Supreme Court refused to stay the Centre's decision to introduce merchant discount rate charges on select UPI payments above INR 2,000, while seeking responses on the legal basis and nature of the levy. The bench directed the Centre, the RBI and the NPCI to file their responses within four weeks, and the framework is still scheduled to take effect from 15 October.
The petition argued the levy could squeeze merchants' working capital, push traders to refuse or split UPI payments, and eventually raise consumer prices. Under the framework, eligible merchant payments above INR 2,000 attract a 0.4% MDR capped at INR 300, while person-to-person transfers and small merchants receiving up to INR 1 lakh a month through UPI QR codes stay exempt.
ED Attaches Another INR 442 Crore in Assets In Gameskraft's RummyCulture Probe
The Enforcement Directorate provisionally attached another INR 442.35 crore of assets in the money laundering case involving Gameskraft Technologies, the operator of the RummyCulture app. The latest order covers fixed deposits, commercial shops, a villa and residential properties held by shareholders' family members, private family trusts and associated entities, taking total assets attached, frozen and seized to around INR 2,843 crore.
The ED alleges that proceeds from the gaming operations were routed to shareholders through dividends and share buybacks, and that the platforms used bots against users and restricted withdrawals. The case adds to Gameskraft's troubles after last year's nationwide ban on real-money gaming, which effectively shut its rummy platforms and led it to cut more than 400 jobs.
Muskaan Kapoor
