Daily Indian Funding Roundup & Key News - 7 October 2026: Quanfluence Raises $10 Million, Maharashtra Mandates Electric Bike Taxis
Quanfluence raised $10 million and seven more startups closed rounds, as Maharashtra told bike taxi platforms to go electric and JioHotstar launched in the Middle East.
Eight funding rounds were announced on 7 October 2026, in sectors ranging from quantum computing to wealth management and healthtech. Chiratae Ventures, Elevar Equity and Prime Venture Partners were among the day's lead investors. Maharashtra also told bike taxi platforms to switch fully to electric vehicles by July 2027.
Daily Indian Startup Funding Roundup - 7 October 2026
| Startup | Sector | Funding | Round | Lead Investors |
|---|---|---|---|---|
| Quanfluence | Quantum Computing | $10 Mn | Series A | Chiratae Ventures |
| byteXL | Edtech | $9 Mn | Undisclosed | Elevar Equity |
| Sunfox Technologies | Medtech | $7 Mn | Series A | Ashish Kacholia, Lashit Sanghvi, Alchemy Capital, 3one4 Capital |
| Zomint | Wealthtech | ₹36 Cr | Seed | Lightspeed, Prime Venture Partners |
| Desible.ai | AI Software | ₹32 Cr | Seed Plus | Prime Venture Partners |
| Credfix | Fintech | ₹16.1 Cr | Seed | Tanglin Venture Partners |
| The Dough Therapy | Food and Beverage | ₹5.25 Cr | Seed | Michigan Capital Advisors |
| Ionage | EV Charging | $1.3 Mn | Pre-Series A | Strategic Investors |
Quanfluence Raises $10 Million in Series A Round Led by Chiratae Ventures
Quanfluence raised $10 million in a Series A round led by Chiratae Ventures, with Rainmatter by Zerodha and existing investor Pi Ventures also taking part. The startup will use the money to build and launch a four-qubit quantum computer, and aims to build a 100-qubit prototype by 2029.
Founded in 2021, Bengaluru-based Quanfluence builds quantum computers that use light and run at room temperature. Its machines are designed to solve complex planning problems in areas such as logistics, staff scheduling and financial risk. The company has six co-founders, including Sujoy Chakravarty and Anil Prabhakar.
byteXL Raises $9 Million in Round Led by Elevar Equity
byteXL raised $9 million in a round led by Elevar Equity. Existing investors Kalaari Capital and the Michael & Susan Dell Foundation also invested. The edtech startup will use the money to partner with more colleges, improve its AI platform and launch new skilling programmes.
Founded by brothers Karun and Sricharan Tadepalli, byteXL teaches technology and AI skills as part of regular courses at engineering colleges in smaller cities. It currently reaches about 2 lakh students across 40 institutions. The company plans to reach 120 institutions and 5 lakh students across 15 states within two years.
Sunfox Technologies Raises $7 Million in Series A Round
Sunfox Technologies raised $7 million in a Series A round co-led by Ashish Kacholia, Lashit Sanghvi, Alchemy Capital and 3one4 Capital. The medtech startup will use the money to grow across India and abroad, build its team and invest in research.
Founded in 2016 in Dehradun, Sunfox makes Spandan, a portable, medical-grade ECG device for hospitals, clinics and home use. The company has deployed 60,000 Spandan devices across India and is present in more than 15 countries. It earlier raised INR 15 crore in a pre-Series A round led by Venture Catalysts.
Zomint Raises INR 36 Crore in Seed Round From Lightspeed and Prime Venture Partners
Zomint raised INR 36 crore in a seed round from Lightspeed and Prime Venture Partners. The wealth management startup will use the money to grow its wealth and investment teams, improve its technology and create learning material for investors.
Founded in September 2025 by Aman Mittal and Shavir Bansal, Zomint gives working professionals and families a dedicated wealth expert backed by AI tools. Clients can start with a monthly SIP of INR 25,000 or a lump sum of INR 5 lakh. The founders also run the personal finance content platform Bekifaayati.
Desible.ai Raises INR 32 Crore in Seed Plus Round Led by Prime Venture Partners
Desible.ai raised INR 32 crore in a seed plus round led by Prime Venture Partners, with existing investor Invention Engine also taking part. The startup will use the money to expand its AI agents, strengthen its compliance systems and build more products for banks and insurers.
Founded in 2025 by Uttam Tiwari and Omkar Raikar, Bengaluru-based Desible.ai automates customer service, collections and compliance work for banks, NBFCs and insurers. Its AI agents work across voice calls, WhatsApp, SMS and email. The company works with more than 40 financial institutions and handles over 1 crore customer interactions a month.
Credfix Raises INR 16.1 Crore in Seed Round Led by Tanglin Venture Partners
Credfix raised INR 16.1 crore in a seed round led by Tanglin Venture Partners, with Stargazer also investing. The startup will use the money to build its product, improve its AI tools and expand its borrower support network across India.
Founded in 2025 by Ranjan Agarwal, Neeraj Kulkarni and Ayush Kedia, Credfix uses AI to help struggling borrowers understand their debts. Its tools include an AI financial assistant, an AI call shield and an AI legal assistant. The startup serves more than 2 lakh borrowers, about 40% of them from smaller cities.
The Dough Therapy Raises INR 5.25 Crore in Seed Round
The Dough Therapy raised INR 5.25 crore in a seed round led by Michigan Capital Advisors, at a valuation of INR 35 crore. Equiglobe Investment also invested. The pizza brand will spend most of the money on new outlets, with the rest going to marketing, supply chain and kitchen technology.
Founded in 2020 by Abhishek Dedhia, Mohit Chheda and Gaurav Majrekar, Mumbai-based The Dough Therapy serves more than 30 vegetarian and vegan gourmet pizzas. It runs 10 outlets in Mumbai and plans to reach 20 within a year. The brand also plans to enter more Indian cities through its own and franchise outlets.
Ionage Raises $1.3 Million in Pre-Series A Round
Ionage raised $1.3 million in a pre-Series A round co-led by strategic investors and a group of executives from energy and infrastructure companies. The startup will use the money to cover all active EV charging networks in India, improve charger search and payments, and support smaller charging operators.
Founded in 2021 by Vimal Kumar V and Varun Chandran, Bengaluru-based Ionage helps EV drivers find, use and pay for chargers across networks. It has onboarded more than 25,000 four-wheeler charge points. The platform is present in 33 states and Union Territories and nearly 3,000 cities.
Muskaan Kapoor
Key Business News for 7 October 2026
Maharashtra Tells Bike Taxi Platforms to Go Electric by July 2027
Maharashtra has ordered bike taxi platforms to switch from petrol motorcycles to electric vehicles by July 2027. The order affects platforms such as Rapido, Ola and Uber.
The state legalised bike taxis for the first time in July 2025 under the Maharashtra Bike Taxi Rules. A riders' welfare group has raised concerns about the lack of charging points and the cost of EVs for drivers. The state had earlier revoked provisional licences in March 2026 over alleged non-compliance.
JioHotstar Expands to Middle East and North Africa Through STARZPLAY
JioHotstar has launched in the Middle East and North Africa through a partnership with STARZPLAY. Its content will be available inside the STARZPLAY app in countries including the UAE, Saudi Arabia, Qatar and Egypt.
Viewers can choose a Plus plan at AED 34.99 a month or a Max plan, which adds sports and cricket, at AED 49.99. The service offers shows and films in up to 10 Indian languages. JioHotstar says it has 500 million monthly active users worldwide.
IndusBridge Ventures Raises INR 2,000 Crore Defence Fund
IndusBridge Ventures has raised an INR 2,000 crore fund to invest in India's defence and aerospace sector. The firm, co-founded by Ravi Kapoor and Rahul Devjani, doubled its original target of INR 1,000 crore after strong demand.
Backers include family offices, banks and wealthy individuals. The fund will invest in companies building technology with both civilian and military uses. It aims to help reduce India's dependence on foreign defence suppliers.
Insurance Brokers Oppose IRDAI Plan to Cap Commissions
The Insurance Brokers Association of India has opposed IRDAI's proposal to bring back product-wise commission caps and tighter expense limits for insurers. The association says broker revenue could fall by 60% to 70% under the new rules.
IRDAI made the proposal after commissions paid to distributors rose much faster than premiums. Between FY23 and FY27, general insurance premiums sourced through brokers rose 37%, while commission payouts grew 173%. The association wants the deadline for feedback extended from 25 October to the end of December.
