The CapTable

The CapTable is designed to reflect India's vibrant new economy and help you make impactful choices. How did we get here? For rapidly expanding businesses, a capitalization table (cap table) outlines all shareholders — including founders, employees, and investors — along with their respective equity stakes. It embodies the core of a company. We are committed to providing this crucial information to you. Our team is dedicated to considering all perspectives and presenting the most accurate version of the truth. We see this as our ethical duty to you, our audience. Why is this important now? India's startup scene is capturing global attention due to its vast market potential and innovative developments. However, this swift growth has also led to some confusion and noise, which we aim to clear up for you. We will equip you with timely news, in-depth analysis, and valuable insights — everything you need to make informed decisions.

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Turf wars expose the Make-in-India mirage of Indian drone companies

3 days ago | the-captable.com | Pratap Vikram Singh |Parvathi Benu

Key Takeaways India’s Rs 1,700-crore drone sector relies heavily on Chinese components despite a 2022 import ban Policy loopholes, weak enforcement, and white-labelling have allowed companies to bypass localisation rules Allegations between major players, including IdeaForge and Garuda, reveal industry infighting and opaque practices With defence and agriculture ministries pushing for indigenisation frameworks, drone makers face mounting pressure to localise On April 17, Tej Pratap Singh, who...
Inside Medikabazaar’s crisis: A whistleblower, missing millions, and angry investors

1 week ago | the-captable.com | Anuj Suvarna

Key Takeaways A whistleblower complaint in December 2023 uncovered widespread financial fraud at Medikabazaar FY23 statements have since been restated to correct inflated revenues, unverified inventory, and false transactions PwC resigned as auditor after flagging unverifiable inventory and assets, and filing a fraud report with the MCA Series C investors have triggered a Rs 279 crore indemnity claim, alleging fundraising misstatements New leadership is attempting a turnaround amid forensic...
The new cab wars: Uber, Rapido, Ola bet on segmentation for success

1 week ago | the-captable.com | Pranav Balakrishnan

Key Takeaways India’s cab-hailing market is shifting from uniformity to segmentation, offering differentiated services based on rider needs The battle has moved beyond pricing—speed, reliability, and personalisation now shape user decisions Post-pandemic challenges around cancellations and driver availability have triggered structural changes in the ecosystem Ride-hailing is entering a maturity phase, marked by experimentation across formats, pricing models, and user experience levers The...
The shadow CFO: How Anita Kishore got pulled into Byju’s legal storm

1 week ago | the-captable.com | Nikhil Patwardhan

Key Takeaways Anita Kishore, once Byju's most trusted aide, is now formally implicated in a US case against the troubled edtech The complaint alleges that Kishore played an active role in executing and concealing the transfer of funds from Byju’s Alpha Inc to a sham hedge fund, even after the company’s lenders had taken control of the former Her inclusion in the case marks the first time someone outside Byju’s founding family has been formally pulled into the legal proceedings Once hailed as...
Not slowdowns or markdowns, but an exam has India’s VCs sweating

2 weeks ago | the-captable.com | Nikhil Patwardhan |Anuj Suvarna

Key Takeaways India's VC firms are grappling with a new Sebi-mandated exam that has disrupted the industry, pushing seasoned fund managers back into academic mode The exam has been criticised for its theory-heavy, hedge-fund-centric syllabus, seen as misaligned with the practical realities of fund management As firms rush to comply before the May 9 deadline, VCs are promoting compliance professionals; some are even considering shifting fund domiciles offshore Though Sebi has shown openness to...
Rapido’s recipe to disrupt the Zomato-Swiggy food delivery duopoly

2 weeks ago | the-captable.com | Pranav Balakrishnan

Key Takeaways Rapido is entering food delivery with a zero-commission model, targeting value-conscious users in a market where growth is stalling The ride-hailing firm already has more users and drivers on its platform than either Swiggy or Zomato Rapido’s food delivery strategy echoes its playbook in ride-hailing—expand the market by onboarding first-time users and boosting order frequency through low-cost offerings The CapTable has also learnt that Rapido is setting up a separate subsidiary...
WayCool Foods faces NCLT heat amidst mounting debt and auditor resignation

2 weeks ago | the-captable.com | Parvathi Benu

April could be the beginning of the end for WayCool Foods, the agritech firm once tipped to be India’s first agritech unicorn. On April 28, the National Company Law Tribunal’s (NCLT) Chennai bench will hear three separate petitions against the company. One of these petitions has been filed by Vinod Dasari, a director in the company, while a second has been filed by agri fintech startup Kushal Finnovation Capital Pvt Ltd.
India’s legal Davids taking on trillion-dollar tech firms

3 weeks ago | the-captable.com | Pratap Vikram Singh

Key TakeawaysTech platforms have increasingly come under scrutiny of the Indian government, courts, and competition regulatorBig Tech employs top law firms and senior lawyers to defend its interests.
Making sense of Dailyhunt’s bold 75% growth claims after FY24 slip

3 weeks ago | the-captable.com | Nikhil Patwardhan

Key Takeaways Despite claims of "double-digit growth," VerSe Innovation’s revenue declined 13% in FY24, attributed to reduced ad spends from key sectors and a focus on cost-cutting While the company’s focus on cost-cutting saw revenue decline, its loss almost halved to Rs 710 crore in FY24 VerSe’s growth strategy in FY25 relies heavily on acquisitions, particularly ValueLeaf, which is expected to contribute significantly to revenue alongside the expansion of Dailyhunt Premium VerSe is...
From batteries to bust: Inside the collapse of Peak XV-backed Log9

1 month ago | the-captable.com | Pranav Balakrishnan

Key Takeaways From a peak headcount of 350 to under 50 employees today, Log9 is facing severe financial challenges with unpaid salaries and mounting debt The startup's critical error was betting exclusively on LTO battery technology, which proved commercially unviable in the EV ecosystem Its vehicle leasing strategy failed due to expensive vehicles, low deployment, and challenges collecting lease rentals Despite raising $90 million, the company has accumulated over Rs 200 crore in debt,...