LoanTap Mourns, Swiggy’s Genie Vanishes, and Ola Electric Denies Rumors

LoanTap mourns the tragic loss of cofounder Vikas Kumar, even as Ather Energy’s IPO revs up with eye-popping returns—40X for IIT Madras and 8.3X for Tiger Global. Meanwhile, Swiggy’s errand-runner Genie vanishes from the app, Ola Electric fends off insider trading buzz, and Ullu lands in controversy over an explicit show, drawing fire from the NCW. Besides, there’s also Startup Spotlight to savor.

Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Rest In Peace”: LoanTap Cofounder Vikas Kumar Passes Away

LoanTap’s cofounder and CTO, Vikas Kumar, tragically passed away in an accident on April 30, leaving the startup world in shock.

Known for building the fintech platform with Satyam Kumar in 2016, Vikas combined tech acumen with a runner’s grit—literally, as a passionate marathoner. His sudden loss leaves a void not just in business, but in spirit.

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“It’s The Time To Disco”: IIT Madras To Make 40X Gains, Tiger Global To Rake In 8.3X Returns In Ather Energy’s IPO

Ather Energy’s IPO is turning early believers into multi-crore legends—cofounders Tarun Mehta and Swapnil Jain are cruising toward 15.2X returns each.

IIT Madras, which got in almost for free, is set to clock a whopping 40X gain—proving it’s not just an academic powerhouse but a smart investor too. Meanwhile, Tiger Global is roaring loud with an 8.3X return, cashing in ₹12.8 Cr from just ₹1.5 Cr invested.

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“Thodi Toh Sharam Kar Lo”: Ullu Takes Down ‘Explicit’ Show House Arrest, NCW Summons CEO

Ullu’s latest show House Arrest has landed in hot water, with clips showing host Ajaz Khan pushing participants into explicit acts despite clear refusals.

The NCW has swiftly stepped in, summoning both the CEO and the host, demanding answers by May 9. As outrage builds, MP Priyanka Chaturvedi has joined the chorus, asking why the app hasn’t been banned yet.

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“Vanishin’ In Thin Air”: Swiggy Suspends Delivery Service Genie

Swiggy’s all-purpose delivery sidekick, Genie, has mysteriously vanished from the app in major cities—leaving users wondering where their errands ran off to.

The company assures fans on X that Genie will be back soon, but no firm date has been given. This “pause” comes as Swiggy shifts gears, putting more muscle behind its quick commerce play—think groceries in minutes, not laundry in hours.

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“Dekhiye Hum Imandar Hai”: Ola Electric Issues Clarification After Report Says Company Under SEBI Lens

Ola Electric has hit back at reports of an insider trading probe, calling them factually off-track and reputationally damaging.

SEBI is sniffing around two trades from late 2025—but Ola insists it’s all routine ESOP action, not shady backdoor dealing. As the EV giant gears up for its IPO, the spotlight is getting hotter, and Bhavish Aggarwal isn’t letting the narrative slip into low gear.

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1. Kaleidofin has bagged $5.3 Mn from IDH Farmfit Fund to boost its lending game and expand its credit tech stack. The fintech aims to scale smarter with new partnerships across scoring, middleware, and risk services.
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2. Entvin AI, founded by three IIT Bombay grads, has emerged from beta with $500K in Y Combinator-backed funding. The startup is set to scale its AI tools for pharma and life sciences firms globally, eyeing bigger clients and sharper tech.
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“Chai Piyo Aur Biscuit Khao”: Blue Tea Is Brewing India’s Herbal Revolution

Blue Tea is brewing more than just herbal infusions—it’s steeping a quiet revolution in India’s wellness scene.

After its Shark Tank spotlight, the flower-powered brand surged to ₹5 Cr in monthly revenue and cracked Amazon’s top 10 in the US. Now, with plans for mall cafés and iced tea bottles, it’s eyeing a 10% sip of India’s ₹4,000 Cr green tea market.

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