Recent notable developments in the world's third-largest startup ecosystem (January 2, 2024)

Zomato hikes platform fee by 33% to Rs 4 per order

Indian food delivery giant Zomato has raised its platform fee to Rs 4 per order, marking a 33% increase from the earlier Rs 3.

According to an ET report, the change, which is effective from January 1, applies to key markets and is part of its strategy to improve its profitability.

PhonePe-owned Indus Appstore co-founder Rakesh Deshmukh resigns

Rakesh Deshmukh, co-founder of the Indus Appstore, previously known as Indus OS, recently announced his departure from the company.

"In 2013, Akash Dongre, Sudhir Bangarambandi, and I set out on a journey to create something meaningful. Indus OS became our canvas, and together, we painted a story of innovation and impact that I'm immensely proud of. Today, as I bid farewell to the role of CEO, I reflect on the incredible milestones we achieved," Deshmukh wrote in a LinkedIn post.

Co-living startup Settl raises Rs 10Cr led by Gruhas, WFC, and others

Co-living operator Settl has raised Rs 10 crore in a pre-Series A funding round as it now aims to expand its business operations.

The round saw participation from Gruhas and We Founder Circle, along with other notable investors like Anthill Ventures, and Inflection Point Ventures, Ah! Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures LLP, and Ekyum.

Tech-driven manufacturer Porus Labs appoints Radhesh Welling as CEO

Porus Labs, a manufacturer in the agricultural and specialty chemicals sector, has appointed Radhesh Welling, a veteran in the specialty chemicals industry, as its Chief Executive Officer.

“I am delighted to join Porus Labs, a true multi-generational business renowned for its innovation and leadership in contract manufacturing and specialty chemicals. This is a once-great opportunity to partner with Bain Capital to deliver immense value to our international customers," said Radhesh.

Established in 1994 in Hyderabad, Porus Labs started with a single manufacturing unit for Sulpha-based drugs. Over the years, it has expanded its capabilities to support domestic API manufacturers and scaled its agrochemical capabilities.