Indian Startup Sector Update: Swiggy Q2 Results, eMudhra Exit and Capital Raises

Foodtech major Swiggy reported a mixed second quarter for fiscal year 2027. While its food delivery business achieved record operating margins, heavy investment in its Instamart quick commerce arm continued to impact net losses. To counter this, Swiggy is transitioning Instamart toward an inventory-led model, aiming to optimize its working capital cycle and improve contribution margins by mid-Q3.

Cybersecurity firm eMudhra confirmed it will wind down its global SSL/TLS certificate business. The decision follows a security flaw that led browsers like Google and Mozilla to distrust the company’s certificates. The firm stated that it intends to pivot its focus toward digital trust solutions, including AI and quantum computing, as the legacy certificate business accounts for approximately 1% of its global revenue.

Broader market activities include a ₹100 Cr pre-Series C funding round for healthtech firm CureBay and a ₹1,000 Cr rights issue for Ola Electric. Meanwhile, defence tech company Tonbo Imaging concluded its ₹852 Cr initial public offering, with early investors and founders offloading significant stakes ahead of the company's market debut.