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RBI drafts new rules for prepaid wallets splitting KYC, limits and foreign travel use

RBI drafts new rules for prepaid wallets splitting KYC, limits and foreign travel use

The RBI has released draft Master Directions on Prepaid Payment Instruments (PPIs) to replace the 2021 framework, tightening oversight for banks, fintechs and wallet operators. The proposal sharply categorises PPIs by KYC levels, sets strict monthly and outstanding caps, expands UPI-linked options for foreign visitors, and mandates escrow, reporting, and clearer customer disclosures—while limiting cross-border use.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
L&T forms Vyoma.AI subsidiary to build sovereign AI cloud data centres for Indian enterprises

L&T forms Vyoma.AI subsidiary to build sovereign AI cloud data centres for Indian enterprises

Larsen & Toubro has incorporated wholly owned subsidiary Vyoma.AI to launch data centres and AI infrastructure, positioning it as a next-gen sovereign AI cloud. The company plans jurisdiction-first architecture so enterprise data, workloads and systems stay within approved Indian regulatory boundaries. Vyoma follows L&T’s NVIDIA partnership and its AI-first sovereign cloud platform launched earlier this year.

Summarised by Beize from a story on Inc42 on 24 Apr 2026

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Online Gaming Act 2025 Reshapes India’s Real Money Rules May 1 OGAI Powers Start

Online Gaming Act 2025 Reshapes India’s Real Money Rules May 1 OGAI Powers Start

India’s Online Gaming Act 2025 is set to overhaul the sector from May 1, with MeitY notifying the framework that creates the Online Gaming Authority of India. OGAI will classify games, enforce compliance, and can penalize or shut down platforms. Payments will face added scrutiny as banks and payment gateways must verify gaming registration certificates, while new user protections include age checks and responsible gaming safeguards.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
PhonePe surges past 1000 crore UPI transactions in March as Google Pay and Paytm lose share

PhonePe surges past 1000 crore UPI transactions in March as Google Pay and Paytm lose share

PhonePe strengthened its lead in India’s UPI ecosystem in March, with transactions up 88% to 1,050 crore and overall UPI volume hitting record highs. NPCI data shows the month’s transaction value climbed to 29.53 lakh crore. Google Pay and Paytm saw slight market-share declines, while smaller players like Navi and super.money gained modest ground. Regulatory moves on PPIs and new UPI use cases also loom.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Anthropic’s Claude Mythos found thousands of zero days and banks are now on alert worldwide

Anthropic’s Claude Mythos found thousands of zero days and banks are now on alert worldwide

Finance minister Nirmala Sitharaman met bank heads after Anthropic’s limited release of Claude Mythos, an AI system built to find high-severity zero-day vulnerabilities. Regulators including the RBI, MeitY, NPCI and global central banks are assessing how fast such models could enable cyberattacks in banking and legacy systems. Banks are told to tighten monitoring, pre-emptively secure IT, and report incidents immediately.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
RentoMojo IPO Faces NCLT Fight as Cofounder Alleges Fraud and a Coerced Sale

RentoMojo IPO Faces NCLT Fight as Cofounder Alleges Fraud and a Coerced Sale

RentoMojo’s IPO road has hit an NCLT roadblock after ex-COO Ajay Nain alleged he was coerced into selling his 9.41% stake at a fraction of value. Nain says executives hinted at imminent liquidation and used “fraud and misrepresentation,” pressing for the deal to be voided and the IPO halted. RentoMojo says the matter is sub-judice.

Summarised by Beize from a story on Inc42 on 24 Apr 2026

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PlaySimple files DRHP for Rs 3,150 cr OFS only IPO as MTGx readies exit plans

PlaySimple files DRHP for Rs 3,150 cr OFS only IPO as MTGx readies exit plans

PlaySimple, the MTG-owned Swedish casual mobile game developer, has filed a DRHP with SEBI for an OFS-only IPO worth Rs 3,150 crore, with MTGx Gaming Holding AB as the sole seller. The firm runs 30 live games across 110+ countries, with 4.99 million DAUs. Revenue rose 20% in 2025, but profits fell 31% as expenses—led by ad and commissions—jumped sharply.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
RentoMojo IPO in Jeopardy as Ex Cofounder Ajay Nain Alleges Forced, Undervalued Exit Deal

RentoMojo IPO in Jeopardy as Ex Cofounder Ajay Nain Alleges Forced, Undervalued Exit Deal

Ajay Nain, former COO and cofounder of IPO-bound RentoMojo, has petitioned NCLT Bengaluru claiming he was pushed out through a misleading, undervalued share sale in 2023. He alleges fraud and pressure to sell his 9.41% stake, while later buyouts and funding priced shares much higher—casting doubt on the “financial stress” narrative and potentially stalling the proposed IPO.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Flipkart Minutes may get its own app as quick commerce races toward profitability

Flipkart Minutes may get its own app as quick commerce races toward profitability

Flipkart is reportedly considering a standalone app for its quick commerce arm, Flipkart Minutes, potentially launching before this year’s Big Billion Days sale. A pilot could roll out by July, with a full launch targeted before year-end. Minutes has already scaled to 800 dark stores and is racing toward 1,200, amid heavy competition and Flipkart’s pre-IPO funding plans.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
STCH pivots AI to fabric manufacturing raises funds but cuts announced amount in update

STCH pivots AI to fabric manufacturing raises funds but cuts announced amount in update

AI fashion backend startup STCH, founded by ex-Zetwerk executives, says it raised $5.5 Mn in its Pre-Series A round led by Omnivore, with Kae Capital and WVC. The update came after an earlier $7 Mn figure. The company plans to expand AI capabilities, build its fabric R&D lab, and scale a CDMO platform that recreates fabrics in about 45 days.

Summarised by Beize from a story on Inc42 on 24 Apr 2026

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Reliance appoints ex Google leader Parminder Singh to run its AI subsidiary REIL

Reliance appoints ex Google leader Parminder Singh to run its AI subsidiary REIL

Reliance Industries has named former Google executive Parminder Singh CEO of its AI subsidiary Reliance Enterprise Intelligence Ltd (REIL), effective immediately. Jio Infocomm chairman Akash Ambani said Singh will lead hiring a world-class team, as REIL runs a Meta-backed JV aimed at enterprise AI using Llama models. The move dovetails with Reliance’s push into deeptech.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Centre weighs stricter AI governance with new expert committees to tackle deepfakes cybersecurity and critical-sector risks

Centre weighs stricter AI governance with new expert committees to tackle deepfakes cybersecurity and critical-sector risks

India is considering a major shift in AI governance, moving away from its earlier “light-touch” approach as risks mount around cybersecurity, deepfakes, and threats to critical sectors. A Mint report says a six-member TPEC and a 10-member inter-ministerial AIGEG are preparing fresh guidelines, potentially reshaping policy direction. The push comes amid Grok controversies, tighter intermediary rules, and court action over deepfakes.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Kabeer Biswas startup M raises ₹102 Cr seed led by Peak XV with CRED and Blume backing

Kabeer Biswas startup M raises ₹102 Cr seed led by Peak XV with CRED and Blume backing

Kabeer Biswas’ new venture M has secured ₹102 crore in a seed round led by Peak XV Partners, with major participation from Blume Ventures and fintech unicorn CRED. MCA filings show Peak XV led with ₹46.4 cr, Blume put in ₹37.1 cr, and CRED invested ₹18.6 cr. The startup has already raised ₹83.5 cr and plans to issue ~55K Series Seed CCPS to investors.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Jio Financial Services Signs Allianz JV Deal for 50 50 India General Insurance Launch

Jio Financial Services Signs Allianz JV Deal for 50 50 India General Insurance Launch

Jio Financial Services’ board has approved and signed a joint venture agreement with Allianz for a 50:50 domestic general insurance company. The JV, Allianz Jio Reinsurance Ltd, was incorporated in September 2025 and will begin operations after regulatory clearances. JFS says the venture will combine its digital reach with Allianz’s product expertise, following a July 2025 collaboration announcement and a ₹147.5 crore infusion.

Summarised by Beize from a story on Inc42 on 24 Apr 2026

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Zomato Drops Price Parity Clause After Restaurant Backlash and Unused Mystery Shopping

Zomato Drops Price Parity Clause After Restaurant Backlash and Unused Mystery Shopping

Zomato has withdrawn a contract term that required restaurants to match dine-in and website prices to its platform rates, Reuters first reported. The clause also allowed Zomato to impose fines up to three times the price difference and investigate via complaints or “mystery shopping,” though sources say it was never enforced. The move follows ongoing commission-model discussions amid intensifying competition.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Gold price surge forces BlueStone to slow store expansion in FY26 plans

Gold price surge forces BlueStone to slow store expansion in FY26 plans

BlueStone’s store-addition targets in FY26 were derailed by a sharp jump in gold prices. In its Q4 earnings call, management said it adopted a cautious, demand-led approach after gold spiked to about ₹1.42 lakh per 10g. While 17 stores were added in Q4, the FY26 total hit only 65 versus a projected 290. Inventory turnover and ROIC also took a hit via revaluation.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
LightFury Games raises 11 million to build AAA mobile cricket game eCricket

LightFury Games raises 11 million to build AAA mobile cricket game eCricket

LightFury Games has secured $11 million in pre-Series A funding to develop eCricket, its debut AAA mobile title built on Unreal Engine 5. Backed by Blume Ventures and others, with leading Indian and international cricketers as strategic investors, the game will support real-time multiplayer, AI commentary, and esports events. The push comes as India’s new online gaming rules take shape.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Zerodha’s Zero1 shifts from finfluencers to in house channels as SEBI crackdown tightens

Zerodha’s Zero1 shifts from finfluencers to in house channels as SEBI crackdown tightens

Zerodha’s media venture Zero1, co-run with LearnApp, is moving away from creator-led influencer partnerships toward in-house, owned channels. The pivot aims to curb misinformation amid SEBI’s growing finfluencer crackdown, which restricts unregistered financial advice and limits intermediary tie-ups. Zero1 claims its owned channels already drive about 400 million annual views with strong long-form retention.

Summarised by Beize from a story on Inc42 on 24 Apr 2026

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BitDelta Launches in India as Crypto Exchange with MPC Custody and New FIU Registration

BitDelta Launches in India as Crypto Exchange with MPC Custody and New FIU Registration

Global crypto exchange BitDelta has launched digital asset trading services in India after registering with the FIU-IND as a virtual digital asset service provider. Positioning itself as security-first, it touts Fireblocks-powered MPC custody, cold storage, 24/7 risk monitoring, and third-party security ratings. The move comes as India’s investor base stays huge despite tax friction and evolving FIU compliance requirements.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
Can ElasticRun turn D2C quick commerce into its most profitable growth engine yet

Can ElasticRun turn D2C quick commerce into its most profitable growth engine yet

ElasticRun is reshaping India’s quick commerce playbook by shifting from traditional B2B distribution to a D2C-led fulfilment model. As brands demand same-day and even two-hour delivery, the company decentralises inventory across cities and repurposes delivery stations into fulfilment centres—promising asset-light economics, better network utilisation, and lower working capital strain.

Summarised by Beize from a story on Inc42 on 24 Apr 2026
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