Daily Indian Funding Roundup & Key News - 4 November 2026: EloElo Raises $80 Million, Nykaa's Q2 Profit Triples to ₹101 Crore
EloElo raised $80 million and six more startups closed rounds, as Nykaa, Lenskart and PhysicsWallah posted strong Q2 profits and BHEL won INR 28,000 crore orders.
Seven funding rounds were announced on 4 November 2026, in sectors ranging from microdramas and robotics to banking tech and green building materials. Hornbill Capital, NBCUniversal, pi Ventures and Crane Venture Partners were among the day's lead investors. Nykaa, Lenskart and PhysicsWallah also posted strong Q2 profits.
Daily Indian Startup Funding Roundup - 4 November 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| EloElo Group | Entertainment | $80 Mn | Series C | Hornbill Capital, NBCUniversal |
| Peppermint Robotics | Robotics | ₹100 Cr | Pre-Series B | pi Ventures, Crane Venture Partners |
| Ottonomy | Robotics | ₹40.6 Cr | Post-Seed | Undisclosed |
| OneStack | Fintech | ₹12.5 Cr | Undisclosed | Shepherd's Hill |
| Cellegant | Drone Tech | ₹2.61 Cr | Undisclosed | GVFL, CoCreate Aarambh, IIEC |
| ECOPATH | Construction Materials | ₹2.25 Cr | Seed | Social Alpha, Gemcorp |
| Shortgun Games | Gaming | Undisclosed | Strategic | Mahesh Babu |
EloElo Group Raises $80 Million in Series C Round Led by Hornbill Capital and NBCUniversal
EloElo Group raised $80 million in a Series C round led by Hornbill Capital and NBCUniversal. MIT Investment Co. and existing investors Kalaari Capital, Play Ventures and Griffin Gaming Partners also took part. The company will use the money for original content and to take its microdrama app Story TV abroad, including to the US.
Founded in 2020 by former Flipkart executive Saurabh Pandey, Bengaluru-based EloElo runs Story TV, which has over 5,000 short dramas in six languages. It also runs a learning app and AI creative tools. The company says it has over 40 million monthly active users.
Peppermint Robotics Raises INR 100 Crore in Pre-Series B Round Led by pi Ventures and Crane
Peppermint Robotics raised INR 100 crore in a pre-Series B round led by pi Ventures and Crane Venture Partners, with Asiana Fund also taking part. The round included both new shares and the sale of existing shares. The company will expand manufacturing and set up an assembly line in North America.
Founded in 2019, Pune-based Peppermint Robotics makes self-driving robots that clean floors and move materials. Its robots work in factories, hospitals, airports and warehouses across nine countries, with the US as its largest market. The company says its revenue grew nearly six times between FY24 and FY26.
Ottonomy Raises INR 40.6 Crore in Post-Seed Round
Ottonomy raised INR 40.6 crore in a post-seed round, with Japan-based Enrission India Capital taking part. The company will use the money to expand globally, mainly in healthcare and industrial automation.
Founded by Ritukar Vijay, Ottonomy builds AI-powered delivery robots that work indoors and outdoors. Its flagship robot, Ottobot, carries medicines, medical equipment and supplies for hospitals and businesses.
OneStack Raises INR 12.5 Crore From Shepherd's Hill
OneStack raised INR 12.5 crore from new investor Shepherd's Hill and existing backers Pentathlon Ventures and AVNM Ventures. The company will use the money to reach more cooperative banks and NBFCs and build new payment and compliance products.
Founded in 2019 by Amit Kapoor, Mumbai-based OneStack helps small banks offer mobile banking, UPI and debit cards without building their own systems. It also offers core banking software. The company says it serves more than 200 banks across India.
Cellegant Raises INR 2.61 Crore From GVFL, CoCreate Aarambh and IIEC
Cellegant raised INR 2.61 crore from GVFL Prarambh Fund Trust, CoCreate Aarambh and IIEC, the incubator at IIT Gandhinagar. The startup will use the money to build hydrogen-powered drive systems for long-range drones. Its first goal is a 35 kg hydrogen-powered drone.
Cellegant Energy Systems was founded at IIT Gandhinagar by Prof Atul Bhargav. It builds hydrogen fuel cell systems for drones and other uses. The startup has also received grants from the Gujarat government and works with DRDO.
ECOPATH Raises INR 2.25 Crore in Seed Round
ECOPATH raised INR 2.25 crore in a seed round from Social Alpha and Gemcorp. The company will use the money for factory production, supply chains, hiring and research.
Founded in 2024 by Sourabh Kumar and Abhishek Chhazed, Bengaluru-based ECOPATH makes concrete without cement using steel industry waste. Its products include paving blocks, drains, slabs and ready-mix concrete. The company says its order book is above INR 40 crore.
Mahesh Babu Invests in Shortgun Games
Actor Mahesh Babu has invested in Shortgun Games as a strategic investor. The amount and the size of his stake were not disclosed.
Founded by Jeet Chandan and Vidhit Mehta, Mumbai-based Shortgun Games makes games for PC, PlayStation 5 and Xbox. Its main title, Project Takedown, is an action-adventure game aimed at global players. The studio raised a $1 million seed round in August 2025.
Muskaan Kapoor
Key Business News for 4 November 2026
Nykaa's Q2 FY27 Profit Triples to INR 101 Crore
Nykaa reported a net profit of INR 101 crore for Q2 FY27, about three times the INR 33 crore it made a year earlier. Its revenue from operations rose 28% to INR 3,006 crore.
Beauty brought in INR 2,700 crore, about 90% of revenue, while fashion added INR 287 crore. For the first half of FY27, Nykaa's profit rose to INR 181 crore.
Lenskart's Q2 FY27 Profit Rises to INR 232 Crore, Revenue Up 36%
Lenskart reported a net profit of INR 232 crore for Q2 FY27, up from INR 103 crore a year earlier. Its revenue from operations rose 36% to INR 2,845 crore.
India revenue grew 35.5% to INR 1,668 crore, while international revenue rose 36.5% to INR 1,201 crore. Its EBITDA grew 50% to INR 622 crore.
PhysicsWallah Returns to Profit in Q2 FY27
PhysicsWallah reported a net profit of INR 143.6 crore for Q2 FY27, up from INR 69.7 crore a year earlier. Its revenue from operations rose 18.2% to INR 1,242.3 crore.
The edtech company had posted a loss of INR 88.3 crore in the previous quarter. Its total expenses rose 10.6% to INR 1,105.4 crore.
Unilever to Invest EUR 35 Million in India Research Hubs
Unilever will invest EUR 35 million to upgrade its research centres in India. Bengaluru will become a global science and technology hub, while Mumbai will get a new product innovation centre.
Unilever will also put EUR 5 million over five years into a research alliance with Bio-Futures. Its Indian centres employ more than 800 researchers, scientists and designers.
BHEL Wins Orders Worth Up to INR 28,000 Crore From Adani Power
BHEL has won orders worth up to INR 28,000 crore from Adani Power for four thermal power projects. Each project has two 800 MW units.
BHEL will supply boilers, turbines, generators and related equipment and services. Each of the four deals is worth between INR 5,000 crore and INR 7,000 crore.
