Weekly VC funding stays subdued at $115M; Prosus gets CCI nod for Navi investment

Dear Reader, 

AI investments are beginning to translate into measurable business gains, with companies reporting stronger earnings and improved operational efficiency. Santander said its AI initiatives generated €194 million ($216 million) in business value in the first nine months of 2026, while Novartis and Standard Chartered reported profitability improvements. Meta credited AI with boosting advertising revenue, while Google Cloud’s revenue more than doubled to nearly $31 billion in Q3, highlighting the growing commercial returns from the technology.

Closer home, Dutch investment group Prosus is a step closer to acquiring a stake in Sachin Bansal-led Navi, after the Competition Commission of India (CCI) approved the proposed deal. The approval follows Navi’s $100 million fundraise from Prosus in August, marking the Bengaluru-based fintech’s first institutional capital raise. The deal will deepen Prosus’ presence in India’s digital financial services market.

In other news, Binance says it has replenished approximately 95% of the $6.3 billion in assets stolen in a major security breach, using company funds and reserves. The exchange has begun restoring cryptocurrency withdrawals in phases after completing security checks, while working to source the remaining 5% of less-liquid tokens. Binance has reiterated that users will not bear the financial losses.

Meanwhile, countries at the UN’s COP17 biodiversity summit have agreed on a roadmap to accelerate nature conservation by 2030. The plan calls for reducing harmful subsidies and increasing conservation funding, although a significant financing gap remains a challenge to meeting global biodiversity targets.

In today’s newsletter, we will talk about 

• Weekly VC funding stays subdued at $115M
• India needs greater control over app distribution: Indus Appstore and Eloelo   

Here’s your trivia for today: What was the name of the very first internet search engine, created in 1990? (Scroll down for the answer)

Funding

Weekly VC funding stays subdued at $115M

Venture capital funding into Indian startups remained subdued in October, with the absence of large-value deals weighing on overall inflows. The trend continued in the final week of the month, with startups raising $115 million across 29 deals. The largest transaction was a $15 million investment in healthtech startup Cent, while AI startups accounted for two of the deals. As 2026 draws to a close, the funding environment is expected to remain largely unchanged, with hopes of a recovery shifting to 2027.

Key takeaways: 

• Startups raised $115 million across 29 deals in the last week of October, up from $96 million in the previous week, but large-ticket investments remained elusive.
• Healthtech startup Cent led the week's transactions with $15 million, followed by AI infrastructure startup Simplismart and AI startup Live2.ai, which raised $14 million each.
• AI funding activity showed early signs of momentum, with two pure-play AI startups securing investments. However, the broader funding environment is expected to remain subdued through 2026.

TechSparks

India needs greater control over app distribution: Indus Appstore and Eloelo

India’s app-first economy has yet to unlock the full potential of its digital goods market, with distribution barriers and high platform commissions limiting opportunities for developers. At TechSparks 2026, Indus Appstore’s Priya Narasimhan and Eloelo Group’s Sagar Gaonkar argued that India needs greater control over app discovery, distribution and billing. They also highlighted how AI-ready platforms, localised experiences and affordable pricing could help bring the next 500 million users online.

Key takeaways: 

• India needs a stronger digital goods marketplace, as high commissions of 15–30% charged by dominant app stores make it difficult for developers to sell lower-priced digital products.
• Digital sovereignty extends beyond chips and AI models to three critical layers: app discovery and distribution, monetisation and billing, and data trust and consent.
• AI could reshape app discovery and content personalisation, while platforms need to offer locally relevant experiences and flexible pricing to tap India's next 500 million digital users.

News & updates

• EV Manufacturing: EKA Mobility has expanded its manufacturing footprint with six new facilities across Pune and Pithampur, taking its network to 11 plants with an annual capacity of over 40,000 electric vehicles. The expansion, backed by investments exceeding Rs 3,500 crore, comes as the company reports 1,243% year-on-year growth in H1 FY27 and an order book of over 11,000 buses.  

• Global EV push: BYD recorded its sixth consecutive month of year-on-year sales growth in October, selling 4.9 lakh vehicles, up 11% from a year earlier. Overseas shipments surged 102.8% to 1.7 lakh units, helping offset sluggish domestic demand and intense price competition in China.  

What you should watch out for

• The Bengaluru Skill Summit 2026, organised by the Department of Skill Development, Entrepreneurship and Livelihood, Government of Karnataka, will take place from November 3 to 5 at The Lalit Ashok, Bengaluru.

• Devcon 8, Ethereum’s flagship global developer conference focused on blockchain infrastructure, decentralised applications, Web3 and the future of the Ethereum ecosystem, will take place in Mumbai from November 3 to 6, 2026.

What was the name of the very first internet search engine, created in 1990?

Answer: Archie

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