Daily Indian Funding Roundup & Key News - July 7, 2026: Econovus Packaging Raises Rs 40 Cr Led by Rainmatter, Cult.fit Files DRHP for Rs 950 Cr IPO
Here's your daily funding and key business news roundup for July 7, 2026. Pune-based Econovus Packaging raised Rs 40 crore led by Rainmatter and Physical AI startup Mowito closed a $3 million pre-seed, backed by PyTorch co-creator Soumith Chintala's network.
On the business front, fitness unicorn Cult.fit filed its DRHP for a Rs 950 crore fresh-issue IPO, D2C footwear brand Fizzy Goblet onboarded Kareena Kapoor Khan as a strategic investor, and Koo co-founder Mayank Bidawatka shut his AI photo-sharing startup PicSee within a year of launch.
FUNDING NEWS
| Startup | Sector | Funding | Round | Lead Investor |
|---|---|---|---|---|
| Econovus Packaging | Sustainable Industrial Packaging | Rs 40 Cr (~$4.2 Mn) | Pre-Series A | Rainmatter by Zerodha |
| Mowito | Physical AI / Industrial Robotics | $3 Mn | Pre-Seed | Version One Ventures |
| Stylework | Flexible Workspaces / SaaS | $1 Mn | Pre-Series B (2nd close) | Auxano Capital |
| Onpoint | Consumer Rewards / Fintech | $600K | Pre-Seed | First Cheque, Whiteboard Capital |
Econovus Packaging Raises Rs 40 Crore Led by Rainmatter
Pune-based sustainable packaging company Econovus Packaging has raised Rs 40 crore in a pre-Series A led by Rainmatter by Zerodha, with participation from Rockstud Capital. Founded in 2019 by Ramesh Prasad, the company designs bespoke end-to-end packaging for automotive, lithium-ion batteries, solar infrastructure, steel, defence, and industrial supply chains using IP-backed materials and space optimisation methodology. Its portfolio includes UN-certified lithium-ion battery packaging, CKD/SKD/CBU automotive packaging, and returnable formats. Funds will support expansion across these high-growth export-driven sectors.
Mowito Raises $3 Million in Pre-Seed Round
Bengaluru-based Physical AI startup Mowito has raised $3 million in a pre-seed round led by Version One Ventures, with participation from All In Capital, Unisol, iSeed, and angels including PyTorch co-creator Soumith Chintala and Vaibhav Domkundwar of Better Capital.
Co-founded in 2024 by Puru Rastogi, Adityanag Nagesh, and Safar V, the company develops Physical AI foundation models that allow industrial robot arms to learn manufacturing tasks through demonstrations rather than conventional programming. Funds will support US expansion and manufacturing scale-ups across automotive and electronics.
Stylework Raises $1 Million in Pre-Series B Second Close
Flexible workspace platform Stylework has raised $1 million in the second close of its pre-Series B, led by Auxano Capital. Taking total pre-Series B proceeds to over $3.5 million, the platform now connects businesses to more than 10,000 workspace centres across 125 cities. Founded in 2016 by Spaarsh Khandelwaal, the company reported a GMV of over Rs 340 crore and an annual net revenue run rate exceeding Rs 50 crore, claiming profitability for the second consecutive year. Funds will support Tier 1 and 2 expansion and technology strengthening.
Onpoint Raises $600K in Pre-Seed Round
Consumer rewards startup Onpoint has raised $600,000 in a pre-seed round co-led by First Cheque (IndiaQuotient) and Whiteboard Capital, with participation from angels including former Meta and Google directors and Kellogg alumni.
Founded in 2025 by former Meta employees Nakul Khanna and Anurag Gupta, the platform lets users earn reward points on everyday purchases through a payment-agnostic model covering gift vouchers and partner brands. Points can be redeemed across Air India's Maharaja Club, IndiGo BluChip, Flipkart SuperCoins, and gift cards from 300+ brands. Funds will grow the merchant network and user base.
Muskaan Kapoor
Key Business News for 7 July 2026
Cult.fit Files DRHP for Rs 950 Crore IPO
Fitness unicorn Cult.fit has filed its draft red herring prospectus with SEBI for an IPO comprising a Rs 950 crore fresh issue and an offer for sale of up to 17.86 crore shares by existing investors including Temasek Holdings (via MacRitchie Investments), Schroders Capital, Accel, Tata Digital, and co-founder Mukesh Bansal.
The company had reportedly been targeting a Rs 3,500 to Rs 4,000 crore raise at a valuation of around $2 billion. Cult.fit operated 708 fitness centres and had nearly 9.87 lakh paid members as of March 31, 2026. In FY26, it posted operating revenue of Rs 1,720.6 crore and a net loss of Rs 251 crore.
Fizzy Goblet Onboards Kareena Kapoor Khan as Strategic Investor
D2C footwear and accessories brand Fizzy Goblet has onboarded Kareena Kapoor Khan as a strategic investor, nearly four years after she was appointed brand ambassador. The financial terms were not disclosed. Kapoor will now participate in the design selection process and help drive awareness in India and international markets.
Founded in 2013 by Laksheeta Govil, Fizzy Goblet operates 16 company-owned stores and sells through its own website, shipping to the US, UK, UAE, Canada, and Australia. The brand claims an ARR of around Rs 60 crore and is targeting Rs 100 crore in the next year.
Koo Co-Founder Mayank Bidawatka Shuts AI Photo-Sharing Startup PicSee
Within a year of launching, Koo co-founder Mayank Bidawatka has shut PicSee, his AI-enabled mutual photo-sharing startup, citing an inability to solve distribution at scale despite strong early retention. PicSee used AI face recognition to help users retrieve photos from friends' phones via a barter model. Bidawatka said the challenge was acquiring entire friend networks, not individual users.
The startup had raised about Rs 33 crore from Blume Ventures, General Catalyst, and Athera Venture Partners; investors will receive back nearly 65% of that amount. This is Bidawatka's second startup failure after microblogging platform Koo shut in 2024.
