Daily Indian Funding Roundup & Key News - 5 November 2026: altM Raises $10.3 Million, Shiprocket Swings to Q2 Profit
altM raised $10.3 million and two more startups closed rounds, as Shiprocket, Amagi and Tonbo posted Q2 profits and the Cabinet cleared an INR 2,814 crore scheme.
Three funding rounds were announced on 5 November 2026, in specialty chemicals, space tech and biotech. Rainmatter, Mela Ventures, Rebright Partners and Speciale Invest were among the day's lead investors. Shiprocket, Amagi and Tonbo Imaging also posted Q2 profits, while the Cabinet cleared an INR 2,814 crore scheme for lithium and nickel processing.
Daily Indian Startup Funding Roundup - 5 November 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| altM | Specialty Chemicals | $10.3 Mn | Series A | Rainmatter, Mela Ventures |
| Cosmoserve Space | Space Tech | $6 Mn | Seed | Rebright Partners |
| Venomics AI | Biotech | $2.7 Mn | Pre-Seed | Speciale Invest, South Park Commons |
altM Raises $10.3 Million in Series A Round Led by Rainmatter and Mela Ventures
altM raised $10.3 million in a Series A round led by Rainmatter by Zerodha and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact also took part. The company will use the money to move from pilot production to full-scale manufacturing and expand research.
Founded in 2022 by former Tesla manufacturing leaders Apoorv Garg and Yugal Raj Jain, Bengaluru-based altM makes industrial chemicals from farm waste. It uses rice straw and sugarcane bagasse as raw material. Its products are used in beauty, textiles, construction and packaging. Its first products include a sunscreen booster and a natural ingredient for cosmetics.
Cosmoserve Space Raises $6 Million in Seed Round Led by Rebright Partners
Cosmoserve Space raised $6 million in a seed round led by Japan-based Rebright Partners, with Aranya Holdings and Naandi Ventures also taking part. Existing investors AUM Ventures and Shakti VC increased their investment. The company will use the money for test missions and its new facility in Hyderabad.
Founded in June 2025 by former ISRO scientist Chiranjeevi Phanindra, Hyderabad-based Cosmoserve is building a system to remove dead satellites and space debris. It uses soft robotic arms to capture objects in orbit. The company aims to finish its test missions by 2027 and start commercial operations by 2028.
Venomics AI Raises $2.7 Million in Pre-Seed Round Led by Speciale Invest and South Park Commons
Venomics AI raised $2.7 million in a pre-seed round co-led by Speciale Invest and South Park Commons, with Operators Studio also taking part. This is the company's first institutional round. It will use the money to grow its data, AI tools and lab testing.
Founded in May 2026, Bengaluru-based Venomics AI is a spin-off from the Indian Institute of Science. It studies snake and other animal venoms to find new drug candidates. The company is part of the NVIDIA Inception programme.
Muskaan Kapoor
Key Business News for 5 November 2026
Shiprocket Swings to Profit in Q2 FY27, Revenue Up 35%
Shiprocket reported a net profit of INR 0.6 crore for Q2 FY27, against a loss of INR 20.30 crore a year earlier. Its revenue from operations rose 34.8% to INR 674 crore.
Its main shipping business brought in INR 461.5 crore. Newer businesses such as cross-border shipping and fulfilment grew 60.6% to INR 212 crore.
Amagi's Q2 FY27 Profit Jumps to INR 75 Crore
Amagi reported a net profit of INR 75 crore for Q2 FY27, up from INR 2.53 crore a year earlier. Its revenue from operations rose 27% to INR 476 crore.
Founded in 2008, Bengaluru-based Amagi offers cloud software for TV channels and streaming ads. Most of its revenue comes from abroad, mainly the US.
Tonbo Imaging Turns Profitable in Its First Results After Listing
Defence tech firm Tonbo Imaging reported a net profit of INR 23.5 crore for Q2 FY27, its first results since listing. Its revenue from operations jumped to INR 183.3 crore from INR 8.9 crore a year earlier.
Its shares rose 20% to hit the upper circuit at INR 1,530.3. Tonbo makes thermal cameras, weapon sights and missile seekers.
Blinkit to Charge INR 2,500 for Non-Emergency Ambulance Trips
Deepinder Goyal said Blinkit will charge a flat INR 2,500 for non-emergency ambulance bookings. Emergency trips will stay free.
Goyal said people were using the service for routine check-ups and hospital transfers. Over the past two years, Blinkit Ambulance has handled about 42,000 cases, including about 20,000 emergencies.
Cabinet Clears INR 2,814 Crore Scheme for Lithium and Nickel Processing
The Union Cabinet has approved an INR 2,814 crore scheme to boost lithium and nickel processing. It will run for five years, from 2026-27 to 2030-31.
Eligible units can get a 30% capital subsidy, capped at INR 500 crore for lithium and INR 900 crore for nickel projects. The scheme will support four processing units and aims to cut India's reliance on imports.
