Temple’s Valuation Jackpot, PhonePe’s FY26 Losses & More

Temple Hits $375 Mn Valuation

Temple is riding a valuation surge. Deepinder Goyal’s wearable startup is undertaking its first ESOP buyback programme at a valuation of $375 Mn, nearly double its valuation from four months ago. With investor interest running even higher, the liquidity event comes at the perfect time.

Unlocking The Value: The valuation bump arrives as external investors are looking to enter the startup’s cap table at an even higher $500 Mn valuation. By allowing nearly 20 employees to sell up to 25% of their vested ESOPs at a $375 Mn valuation now, the startup is effectively giving them a chance to cash in before a fresh infusion pushes the valuation again.

A Well-Timed Strategy? The timing also suggests that Temple is trying to convert market interest into internal momentum. A higher ESOP valuation, even below the rumored external interest, can help reinforce employee conviction at a stage when the startup is still building towards a commercial launch. In that sense, the buyback could help boost internal morale and retention as much as optics.

Goyal’s Temple Run: Temple sits at the intersection of consumer wearables, preventive healthcare and longevity. Combined with Goyal’s pedigree as the founder of one of the biggest names in the Indian startup ecosystem and his deep pockets, the startup has emerged as one of the most closely watched ventures in the category. Partnerships with manufacturing players like Zetwerk also suggest that Temple is preparing for scale rather than a simple research project.

The Longevity Bet: Temple’s soaring valuation reflects the growing investor confidence in the broader longevity ecosystem. Basic fitness trackers are becoming passé as a new crop of startups like BioPeak and Gabit are building AI-powered sensors and metabolic intelligence to cater to rising demand for personalised health insights and proactive wellness tech.

As competition heats up, can Temple justify its soaring valuation momentum? Let’s find out…

From The Editor’s Desk

PhonePe’s FY26 Loss Widens

• The fintech major’s net loss surged 62% YoY to ₹2,792 Cr in FY26 as higher employee costs, elevated marketing spends, ESOP expenses, and exceptional write-offs offset double-digit revenue growth.
• Meanwhile, operating revenue rose 11.5% YoY to ₹7,920.5 Cr during the fiscal under review on the back of UPI incentives, sale of services and gains from divesting its stake in MapmyIndia. In line with this, expenses also surged over 16% YoY to ₹10,588.5 Cr.
• The lacklustre financial performance comes as PhonePe has put its OFS-only IPO on hold. The fintech major was earlier looking to raise up to $1.5 Bn via its IPO at a likely valuation of up to $10.5 Bn.

New Norms For Crypto Exchanges

• The CBDT has issued the Crypto-Asset Reporting Framework, which mandates crypto service providers to identify trading users, establish their tax residency and file details of transactions via Form 167. It will come into effect beginning CY26.
• While it does not bring in new taxes for virtual digital assets, the guidelines seek to bring visibility into crypto-assets that are held outside the traditional financial system and across national borders.
• The Indian crypto industry has broadly welcomed the guidelines, saying it brings greater certainty to compliance, strengthens tax transparency and creates more consistent reporting standards across the industry.

Omega Seiki Bags ₹50 Cr

• The EV manufacturer has raised around $5.2 Mn in a fresh round from Saket Aggarwal Family Office, Securocorp Securities and others to expand manufacturing capacity, strengthen R&S, launch new products and scale its nationwide dealer network.
• Founded in 2018, Omega Seiki sells electric two-wheelers, three-wheelers and trucks for commercial use. With facilities in Faridabad and Pune, the startup reported a revenue of ₹333 Cr in FY26 against a net profit of ₹7.3 Cr.
• The fundraise comes amid growing adoption of electric vehicles. Buoyed by subsidy support, electrification mandates and heavy demand from ecommerce players, the homegrown EV market is projected to become a $132 opportunity by 2030.

Zepto Vs Zepto Finance

• Following a trademark infringement case filed by the quick commerce major, the Delhi HC has issued an ex-parte interim injunction against entities operating under the name “Zepto Finance”, restraining them from using the Zepto trademark.
• In its plea, Zepto alleged that NBFC Naman Finlease was using the domain name “zeptofinance.com” to offer lending services. The court observed that the use of “Zepto Finance” could cause confusion among consumers and issued summons. 
• The order comes as Zepto is gearing up to list on the bourses. As per its updated DRHP, the quick commerce major’s IPO will comprise a fresh issue of shares worth ₹8,010 Cr and an OFS of up to 11.35 Cr shares.

IndiaMART Doubles Down On Fleetx

• The B2B ecommerce platform will invest about ₹65 Cr in the fleet management startup to expand its portfolio of B2B SaaS solutions. Post the completion of the deal next month, IndiaMART will own 25.8% stake in Fleetx. 
• Founded in 2017, Fleetx offers AI-powered solutions that enable businesses to track vehicles in real time, monitor fuel consumption and optimise routes. Having raised $40 Mn to date, the startup reported a revenue of ₹77.8 Cr in FY25.
• The acquisition comes after IndiaMART saw decline in paid suppliers for the third consecutive quarter in Q1 FY27. Despite this, it reported a 12% YoY jump in profits to ₹172.2 Cr during the quarter, while operating revenue rose 11% YoY to ₹414.4 Cr. 

Inc42 Markets

Inc42 Startup Spotlight

Can TakeMe2Space Build An AI Data Centre In Space?

Satellites generate vast volumes of imagery, but most of this data still has to travel back to Earth before AI can make sense of it. This creates delays, bandwidth costs and inefficiency for users, who only need a few insights. Enter TakeMe2Space, a startup trying to fix this problem.

Compute In Orbit: Founded in 2023, TakeMe2Space wants to turn satellites into processing units that enable enterprises to process Earth observation data directly in space. Its flagship satellite, MOI-1A, is designed as a flying compute node with onboard 17 TOPS AI processing, multispectral imaging and software that lets customers upload and deploy their own models. 

Beyond Imaging: The startup also sells a SaaS tool, called OrbitLab, which lets developers deploy AI models on their orbital workloads without learning space-specific software. While it is yet to put its maiden workload in space, TakeMe2Space already works with the likes of universities, enterprises and AI startups across geographies. 

The Indigenous Stack: To fuel its orbital data centre vision, TakeMe2Space has also built a portfolio of proprietary technologies from scratch, spanning satellite hardware, radiation protection, power electronics, thermal management and orbital deployment. It now plans to build low-cost solar cells and optical inter-satellite links – both targeted to become flight-ready by 2027.

The Road Ahead: The startup, which has had to deal with a failed PSLV mission earlier this year, now plans to fly again in October aboard a SpaceX Falcon 9. It is also raising a $55 Mn Series A round to support a six-satellite constellation and expand its orbital cloud vision. So, can TakeMe2Space build the AWS of space?

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