Jio Platforms Lists at Rs 12.5 Lakh Crore as Startup Funding Slips 14%

Jio Platforms debuted on the NSE at Rs 1,358 a share — a 21% premium over its Rs 1,119 issue price — valuing the Reliance Industries-backed company at roughly Rs 12.5 lakh crore and making it India's second-largest listed company by market capitalisation. The listing capped a week in which 28 Indian startups raised $115 million across four growth-stage and 24 early-stage deals, including one undisclosed round, according to Entrackr's weekly funding tracker.

That's a slowdown. The previous week, 15 startups had collectively secured about $133.9 million — so weekly funding fell 14%. The eight-week average is far healthier: around $210 million across 23 deals per week.

Where did the growth money go?

Growth-stage startups raised $42.34 million across four deals. Simplismart and Live2.ai led with $14 million each. E-commerce brand Troovy raised $11.5 million in a Series B led by Sharrp Ventures, with Info Edge, WaterBridge and Better Capital participating.

Early-stage activity was broader: $72.25 million across 24 deals. Healthtech startup Cent topped the table with $15 million in a Series A led by Blume Ventures and South Park Commos. Gaming startup Matiks raised $10 million in a pre-Series A led by General Catalyst.

Other notable rounds:

• Ace Blend, an e-commerce platform, raised $9.91 million in a Series A from 3one4 Capital
• Luxury watch brand Rotoris raised Rs 70 crore (about $7.4 million) in a Series A led by Blume Ventures
• Fintech brand Mochatrade, gaming startup Let's Game Now, manufacturing firm Venttup, healthtech startup Jagruti Rehabilitation Centre and QwikBuild also closed rounds

Which cities and sectors drew the capital?

Bengaluru dominated with 14 deals, followed by Delhi-NCR with five and Mumbai with three. Chennai, Pune, Rourkela, Kerala and Hyderabad also recorded funding.

E-commerce startups led sectors with eight deals; AI startups took six. Healthtech, gaming, deeptech, fintech and spiritual tech startups also raised money. Seed rounds led by stage with eight deals, ahead of pre-seed at seven; Series A, pre-Series A and pre-Series B rounds rounded out the week.

Who moved in the corner offices?

Info Edge founder Sanjeev Bikhchandani will take over as MD and Group CEO from December 3, 2026, as Hitesh Oberoi steps down. Shoonya, the trading and investment platform of Finvasia Group, appointed Basant Dhawan as Chief Marketing Officer. CheQ hired Rupal Rajal as head of human resources.

Former Criteo executive Medhavi Singh joined Aleph as country head of India, and Bellatrix Aerospace appointed Kiran U as CFO.

What new ventures and partnerships launched?

Air India and SBI Card, India's largest pure-play credit card issuer, will launch a Visa-powered co-branded credit card offering travel and lifestyle benefits to members of Air India's Maharaja Club loyalty programme.

Anjali Sardana, founder of instant household services startup Pronto, set up Provision Labs, a US-based physical AI venture that collects real-world data to train and test AI systems for robotics. Its backers — Lachy Groom, Glade Brook, General Catalyst and Bain Capital Ventures — have all also invested in Pronto. The move comes as Pronto expands Pronto Verified, an opt-in service recording service sessions and using anonymised footage for AI training.

Digital lending platform Fibe partnered with Canadian cleantech fintech Hygge Energy to integrate loan financing with rooftop solar infrastructure, supporting adoption under the PM Surya Ghar: Muft Bijli Yojana. Hygge operates a peer-to-peer rooftop solar trading marketplace in Bengaluru.

Bengaluru-based spacetech company Pixxel set up a US subsidiary, Pixxel Federal, to sell Earth observation technology, software and satellite systems to American defence and intelligence agencies. Pixxel's hyperspectral imaging identifies materials by how they reflect light, with uses in defence, mineral exploration, environmental monitoring and agriculture. The company already holds contracts with NASA and the National Reconnaissance Office.

What else moved the needle?

Cross-border payments platform Skydo received final IFSCA authorisation to operate as a Payment Service Provider at GIFT City, following in-principle approval in May 2026. The licence lets it expand into multi-currency accounts, merchant collections and payment infrastructure for exporters, overseas investment platforms and trade finance providers.

Ola Electric shares surged 19.5% to Rs 35.78 on October 27 as its Rs 1,000 crore rights issue stayed in focus. The issue closed October 30, with Motilal Oswal and Calliope Capital applying for 2.39 crore shares. SoftBank affiliate SVF II Ostrich cut its stake from 12.9% to 11.7% through share and rights entitlement sales, per a regulatory filing.

Cricketer Virat Kohli raised his stake in Agilitas Sports to 6.4% from 1.8% following the merger of his sportswear brand one8 with the company, Agilitas said on October 29. Kohli had earlier invested Rs 40 crore at a Rs 3,100 crore valuation and made no fresh investment in the stake increase. The Mumbai bench of the NCLT approved the merger.

Entrackr also took its D2C community initiative, The Spur, to Bengaluru on October 23, hosting over 30 founders at The Bier Library — supported by PhonePe Payment Gateway — after a Gurugram debut on September 25 drew over 40 founders and 10 investors.

The takeaway: Jio's Rs 12.5 lakh crore listing shows public-market appetite for Indian tech remains deep, even as private weekly funding runs at barely half its recent average.