Meragi’s Margin Problem, Zomato’s Lay Off, and Satvacart Shuts Shop

Meragi is raising ₹28.7 crore at a post-money valuation of about ₹305 crore. That is almost the same valuation it had two years ago, even though revenue from operations grew from ₹12.05 crore in FY24 to ₹41.96 crore in FY25.

The change is easier to see through the revenue multiple. At ₹305 crore, Meragi was valued at roughly 25 times FY24 operating revenue. On FY25 revenue, the same valuation is just over seven times. Revenue has grown nearly 3.5 times, but investors are paying far less for every rupee of it.

The reason is visible in the costs. Meragi spent ₹94.86 crore in FY25 to generate ₹41.96 crore of operating revenue and reported a loss of ₹50.08 crore. Employee expenses alone were ₹38.35 crore. For every ₹1 of operating revenue, the company spent about ₹2.26 and lost roughly ₹1.19.

Growth also came below earlier expectations. In July 2024, founder Abhinav Chandran said Meragi wanted to reach ₹100 crore in revenue during the financial year. The FY25 filing eventually showed operating revenue below ₹42 crore.

So the ₹28.7 crore round appears to be buying Meragi time to improve the business rather than simply fund another phase of expansion. Its FY25 operating cash outflow was about ₹45.7 crore. At the same burn rate, the new money would last less than eight months.

The wedding market itself still has investor interest. The Wedding Company raised another ₹25 crore in June and says service orders grew from ₹51 crore in FY25 to ₹115 crore in FY26.

Meragi’s problem may be the amount of work required to earn its revenue. Eximius Ventures estimated its take rate at only 7 to 8% of wedding GMV, with gross margins around 30% and CM1 around 20%. Those margins can disappear quickly once planners, designers, sales teams and people on the ground are added.

Meragi now seems to be trying to reduce that complexity. Its website puts more emphasis on managed venues, fixed décor, standard menus and a repeatable “wedding system”. That gives it more control over how each wedding is delivered.

Accel and Peak XV are investing again, while DG Daiwa is joining the cap table. Investors have not walked away. But after two years of growth, they have also not increased the valuation.

Meragi has proved that couples will pay for organised wedding services. The next proof is harder: whether those weddings can be organised at a cost that leaves money behind.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Baad Mein Aana, Haan”: Zomato Lays Off 240 Employees

Zomato has laid off 240 employees and shut its Hyderabad customer support operations as it leans more on external partners and automation.

The remaining in-house support will be consolidated in Gurugram, with affected employees getting four months’ pay.

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“Aakhri Salam Lete Jaana”: Online Grocery Startup Satvacart Shuts Down

After a 12-year run, Gurugram-based online grocery startup Satvacart has shut shop and disbanded its team.

Founder Rahul H Saxena said funding and acquisition talks failed to materialize, leading the startup to wind down operations.

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“Cancel Cancel Cancel”: Zomato Bans Sale Of Analogue Dishes

Zomato has banned dishes containing analogue dairy products from its platform with immediate effect.

The move comes amid growing scrutiny over food quality and ingredient disclosures, pushing restaurants to be more transparent about what’s on the plate.

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“Peeta Hoon Gam Bhulane Ko”: Bira 91 Faces Fresh Insolvency Threat

Bira 91 is facing a fresh insolvency threat over alleged dues of ₹11.77 Cr to glassmaker HNGIL.

The brewer now has 10 days to clear the dues or prove a pre-existing dispute, adding to its mounting creditor pressure.

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“Modi Hai Toh Mumkin Hai”: Centre Notifies ₹1.28 Lakh Cr Semicon 2.0 Scheme

The Centre has notified the ₹1.28 Lakh Cr Semicon 2.0 scheme, targeting 1 lakh additional semiconductor engineers.

The program will back chip design, packaging, R&D and manufacturing, with startups eligible for up to ₹15 Cr in seed funding.

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“Aaram Haram Hai”: Pernia’s Pop-Up Parent IPO, Issue Subscribed 8%

Pernia’s Pop-Up parent Purple Style Labs’ IPO had a slow start, with the issue just 8% subscribed on Day 1.

Investors bid for 5.59 lakh shares against 68.50 lakh shares on offer, with the issue closing on September 2.

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“Janmo Ke Saathi”: State Street Invests ₹580 Cr In Groww

State Street Investment Management has completed its ₹580 Cr investment in Groww AMC after receiving regulatory approvals.

The deal gives State Street a 23% economic interest, while Groww gains expertise in ETFs, index funds and global market access.

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“Waah Kya Scene Hai”: NPCI To Let Users Port UPI AutoPay Mandates

NPCI is set to make UPI AutoPay interoperable, letting users port recurring payment mandates across apps.

The move could make switching providers easier for both consumers and merchants while reducing the grip of dominant players.

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“Feature Phone Bhi UPI Karega”: PhonePe Launches UPI 123Pay

PhonePe has launched UPI 123Pay, allowing feature phone users to make UPI payments without internet. The service supports person-to-person transfers, merchant payments, balance checks and transaction history.

It will come pre-installed on select Nokia, HMD, Lava and Itel feature phones.

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“Humko Tumse Pyaar Hai”: Truemeds Eyes DealShare Acquisition

Truemeds is reportedly eyeing DealShare in a share-swap deal that could value the ecommerce startup at just over $90 Mn.

That’s nearly 95% below DealShare’s $1.7 Bn peak valuation in 2022, after a sharp business slowdown.

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1. Meragi is set to raise ₹28.68 Cr from Accel India, Peak XV Partners and DG Daiwa Ventures.
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2. YOGa Clean Air has raised ₹20 Cr in its first external funding round, led by Info Edge Ventures, to scale its clean-air systems across India.

   Read more here

3. Good Flippin’ Burgers is set to raise ₹55 Cr from Delhi-based S.R. Foundation, marking its first funding round in 2.5 years.

   Read more here

4. DocPharma has raised $2 Mn in Pre-Series A funding led by Equentis, with participation from 100Unicorns, Vinners and strategic angels.
   Read more here

5. Next Bharat Ventures has invested ₹20.76 Cr across five startups: Blackfrog Technologies, eBik, CIBOS, Velaan Mart and SGB Agro.
   Read more here