Hello,
Rupee depreciation amid geopolitical tensions weighed on investor sentiment in April, with venture capital and private equity funds investing $2.7 billion across 83 deals, per a report by the lobby group IVCA and the consultancy firm EY. The bets were around 50% lower than in the year-ago period.
Shipsy, a logistics AI startup, has crossed $25 million in Annual Recurring Revenue as enterprises accelerate the shift from legacy logistics software to AI-driven platforms.
AI agents, which are built on top of LLMs, can reason and take actions on behalf of users. Businesses use these bots to send emails and even run applications. However, not all companies can equally access these agents, meaning that while larger ones scale rapidly, smaller players are struggling to compete. It's a new kind of digital divide, according to an article in Rest of the World.
Lastly, how relevant are developers in a world where AI writes and fixes code? On May 30, YourStory will bring that conversation to the forefront at DevSparks Bengaluru 2026, its flagship developer-only summit at Marriott Hotel Whitefield.
From tech creator Arsh Goyal to Director of AI Research at Zoho Corp Ramprakash Ramamoorthy, here are the speakers headlining the premier developer summit.
In today's newsletter, we will talk about
- GCC growth lifts Awfis earnings
- A Rs 2,000 Cr AI & deeptech fund
Here's your trivia for today: Who is Edson Arantes do Nascimento better known as?
News
GCC growth lifts Awfis earnings
Workspace provider Awfis Space Solutions has crossed Rs 1,490 crore in annual revenue as demand from enterprises and global capability centres (GCCs) continued to reshape the country's office market.
The company reported operating revenue of Rs 1,493 crore for the year ended March 2026, up 24% from the previous year, driven by a 35% increase in revenue from its core co-working and allied services business.
Office space:
- Profit after tax rose 66% year-on-year to Rs 71 crore, while operating EBITDA climbed 37% to Rs 550 crore, with margins expanding to 36.8%.
- The performance caps a year in which flexible office operators benefited from a combination of return-to-office mandates, growing demand from multinational corporations, and the rapid expansion of GCCs across India.
- The company continued to expand aggressively during the year, adding 41 new centres and around 30,000 seats.
Startup: Fairdeal.Market
Amount: $15M
Round: Series A
Startup: Flexprice
Amount: $1,5M
Round: Seed
News
A Rs 2,000 Cr AI & deeptech fund
Fundamentum Partnership co-founder Ashish Kumar announced the launch of Fundamentum Frontier Advisors (F2A), an AI and deeptech-focused investment platform targeting a corpus of Rs 2,000 crore to invest in consumer, enterprise, and physical AI startups.
Key takeaways:
- The platform, which has secured SEBI approval, is backed by a mix of institutional and individual investors, with Nandan Nilekani coming on board as the anchor investor.
- F2A will also manage up to Rs 1,000 crore in parallel co-investments alongside the main fund.
- Founded in 2017, Fundamentum is a growth-stage investment firm that backs technology-led companies operating in large and evolving markets.
News & updates
- Appointment:Edtech firm upGrad has named Mukesh Mundra as its new chief financial officer (CFO), replacing Venkatesh Tarakkad, who held the position for almost two years after taking charge in March 2024.
- Audio content: Spotify said it is rolling out narrated articles from top publications such as Rolling Stone, The Atlantic, Vogue, Variety and Vanity Fair for its audiobook users, as the platform diversifies its content.
- Acquisitions:Eli Lilly on Tuesday said it plans to acquire three companies for almost $4 billion in cash, as it looks to expand its research and development business into infectious diseases.