VC Returns Get Real, Finance Ministry’s Rules, and Flipkart Minutes’ Pykd

Elevation Capital has sold nearly ₹5,993 crore worth of shares in Paytm, Meesho, ixigo and Urban Company over roughly 15 months. It still holds listed shares worth more than ₹20,000 crore. For its investors, the first number matters because it represents actual cash, not another mark-up on a private company.

That is where DPI comes in. Distributions to Paid-In Capital measures how much money a fund has returned to its limited partners against what they contributed. If LPs put ₹1,000 crore into a fund and receive ₹1,000 crore back, DPI is 1x. The remaining portfolio is additional potential return.

Elevation does not disclose enough fund-level information to calculate DPI from these exits. Its holdings sit across different SAIF and Elevation vehicles, with different investment costs and LP pools. The ₹5,993 crore should not be confused with profit. Still, these sales improve cash distributions for older funds while Elevation continues to hold roughly ₹9,000 crore each in Paytm and Meesho.

Peak XV is doing this at a larger scale. It has reported more than $7.5 billion in gross realised proceeds since inception, including over $1 billion in both 2024 and 2025, while retaining billions in listed securities. Peak XV, Y Combinator and Ribbit were also among investors that sold ₹5,326 crore of Groww shares in a large block transaction.

Accel has followed the same route. Its early Urban Company investment generated roughly ₹390 crore through the IPO sale while it retained a meaningful stake. SoftBank recently sold around ₹2,873 crore of Lenskart shares and still owns a sizeable position.

One Indian VC has disclosed the number more clearly. 3one4 Capital said Fund I crossed 1x DPI within seven years of final close. That means LPs had received their original capital back while the fund still had substantial unrealised value left.

India's IPO cycle is changing how VC exits work. Listing is no longer necessarily the final exit. A fund can sell some shares during the IPO, trim more after lock-ins expire, distribute cash to LPs and keep part of the holding for further gains.

For the next generation of Indian VC funds, unicorn count will matter less. LPs will increasingly ask a simpler question: how much money did you actually return?

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.

“Har Cheez Ka Daam Hota Hai”: Finance Ministry Rules Out Consumer UPI Charges Amid MDR Debate

UPI isn’t getting a price tag anytime soon, with the Finance Ministry ruling out consumer charges even as the debate over MDR heats up.

Small merchants will also remain protected from MDR, keeping everyday digital payments free while the government explores MDR on select business UPI transactions.

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“Bachke Kahan Jaoge”: IPO-Bound Cult.fit’s Rishabh Telang Accused of Forging Co-Founder’s Signatures

IPO-bound Cult.fit is facing a fresh legal wrinkle after cofounder Deepak Poduval filed an FIR against Rishabh Telang over alleged forgery, cheating and conspiracy linked to a 2016 transaction.

Telang has denied the allegations, while Cult.fit says neither it nor its subsidiary is an accused in the case.

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“Guess Who’s Back Back Again”: Flipkart Minutes Enters Premium Grocery Segment With Pykd

Flipkart Minutes is taking a premium turn with its private label Pykd, entering the gourmet grocery and specialty foods market.

From cheese, coffee and kombucha to ramen, ghee, namkeen and chips, Pykd is going beyond everyday staples.

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“Jaldi Ka Kaam Shaitan Ka”: After Boycott Calls, Swiggy To Refund Alleged Unauthorized Charges To Restaurants

Swiggy is set to refund restaurants over alleged unauthorized charges, helping cool a standoff that had pushed more than 250 Bengaluru eateries to threaten delisting.

The industry bodies have now reportedly extended their Swiggy exit deadline to September 1, giving both sides more time to find common ground.

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“Maamla Legal Hai”: Swiggy, Zomato, Zepto May Face EV Mandate, 2% Welfare Levy In Maharashtra

Swiggy, Zomato and Zepto could soon face Maharashtra’s proposed EV mandate and a 2% rider welfare levy under new bike-taxi rules.

The proposal also brings GPS tracking, insurance and a welfare fund into the mix, potentially raising compliance costs for delivery platforms.

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“Hum Bhi Hai Josh Mein”: Hero MotoCorp To Debut Maiden Electric Motorcycle Next Year

Hero MotoCorp is finally plugging into the EV race, with its first electric motorcycle set to debut next year for urban riders.

It also plans a high-performance e-bike for adventure seekers, marking its first serious push into electric motorcycles.

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“AI Waala Scooter”: E3 Electric.AI Launches Intelligent E-Scooter TRION

Bengaluru-based E3 Electric.AI has launched E3 TRION, an AI-powered electric scooter built with connected diagnostics, predictive service features and modular architecture.

The C1x variant offers an IDC-certified range of 165 km, while the C2 variant has a top speed of 82 km/h. Prices start at Rs 1,09,999 for C1x and Rs 1,19,999 for C2.

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“Mai Chali Mai Chali”: Peak XV’s Vice President Kriti Gupta To Leave VC Firm After Five Years

Peak XV Partners VP Kriti Gupta is set to leave the VC firm after five years, taking some time off before deciding her next move.

Her exit comes amid an ongoing leadership reshuffle at Peak XV, which has seen several senior executives depart in recent years.

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1. D2C athleisure brand BlissClub has raised ₹160 Cr led by Singularity AMC to fuel its next growth phase.

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2. PayGlocal is set to raise Rs 36.38 Cr from existing investor BEENEXT at an estimated Rs 1,140 Cr valuation. The cross-border payments startup enables Indian businesses to accept international payments.
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3. Mumbai-based dosa chain, Benne has raised Rs 35 Cr in a pre-Series A round led by Ranjan Pai’s Claypond Capital.
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