Ather Turns Profitable, Paytm Q2 PAT Rockets & More

Ather’s Profit Milestone Meets A Manufacturing Crunch 

Electric two-wheeler maker Ather Energy turned its maiden profit in Q2 FY27, and now plans to sustain its growth momentum via accelerated investments in its manufacturing capabilities as demand continues to outpace its production. 

Let’s steal a glance at the OEM’s Q2 FY27 numbers:

• Net profit of ₹1.3 Cr against a net loss of ₹154.1 Cr in Q2 FY26
• Operating revenue climbed 62.9% to ₹1,464.2 Cr, up 20.3% QoQ
• EBITDA profit widened to ₹74.2 Cr from ₹9 Cr a year ago
• Sales of scooters rose 42% YoY to 93,211 units

Other Income Drives Maiden Profit: After 13 years of innovating EV technology, Ather Energy posted its first-ever profitable quarter after turning EBITDA profitable in the preceding quarter as revenue growth far outpaced expenses, which rose 39.4% YoY to ₹1,526 Cr.  However, its operating revenue was ₹61.5 Cr lower than total expenses during the quarter, and the difference was plugged by other income, highlighting a continued quest to improve profitability margins. 

Manufacturing Boost On The Cards: The OEM will invest ₹122 Cr to add 2.25 Lakh units annually to its manufacturing capacity. Its under-construction Factory 3.0 in Maharashtra will receive ₹64 Cr to add 1.5 Lakh units of annual capacity over the planned 5 Lakh units. At its Hosur plant, Ather will invest ₹53 Cr to add capacity for 75,000 units and also set up a new battery line to offset supply chain worries. 

Ather Bleeds On Demand Front: The EV maker believes that it is losing 18,000-20,000 units in demand monthly due to its supply shortfall, with the Hosur plant now operating at 98% capacity and Factory 3.0 yet to go live. This comes as customer enquiries surged 109% YoY to around 10 Lakh, and pre-orders more than doubled to 1.8 Lakh. 

With demand outpacing production and factories nearing capacity, its next challenge is to keep the growth engine running. While we will keep an eye out for just that, here’s how Ather Energy fared in the second quarter of FY27.

From The Editor’s Desk

 Paytm’s Profit Spree

• The fintech major’s Q2 FY27 net profit surged 10.7X YoY to ₹225 Cr from ₹21 Cr a year ago, edging up from ₹220 Cr in Q1 FY27.
• Operating revenue grew 28% YoY and 8% QoQ to ₹2,648 Cr, while total expenses rose 23% YoY to ₹2,531 Cr.
• Paytm’s profitability gains follow a strong Q1 FY27, when net profit rose 78.8% YoY to ₹220 Cr and EBITDA profit jumped 182% to ₹203 Cr, with an EBITDA margin of 8%.

 Imarticus To File ₹1,000 Cr IPO Soon

• The edtech startup is planning to file its DRHP with SEBI through the confidential route in the next two to three months for a ₹1,000 Cr IPO, up from its earlier ₹750 Cr plan.
• The company plans to use the proceeds to expand its business, set up more Centres of Excellence, strengthen its School of Finance and Business and B2B operations, and pursue acquisitions. This follows its recent ₹800 Cr acquisition of Singapore’s BELLS Institute of Higher Learning.
• The IPO plans come amid a slowdown in edtech funding and growing consolidation, with upGrad recently acquiring Unacademy in a deal valuing the startup at just over $200 Mn, down more than 90% from its peak valuation of $3.5 Bn.

 Unacademy Cofounders’ ₹700 Cr VC Play 

• Gaurav Munjal and Roman Saini are raising ₹700 Cr for Longshot Capital, an early stage fund that has secured ₹250-300 Cr in commitments and is targeting its first close in January 2027.
• The Bengaluru-based fund plans to back 25-28 AI and deeptech startups at the seed and pre-Series A stages, with initial cheques of 500K-1.5 Mn across sectors such as manufacturing, space, defence and robotics.
• The move follows upGrad’s acquisition of Unacademy in an all-stock deal valuing the edtech startup at ₹1,955 Cr, over 90% below its peak valuation. The fund also builds on the founders’ track record of over 200 angel investments worth more than ₹25 Cr.

Pronto Founder Finds Her New Gig In AI

• Anjali Sardana has launched an AI venture, Provision Labs, to collect real-world data for training and testing AI systems designed to perform physical tasks using robots and machines.
• The launch follows scrutiny over Pronto’s pilot that involved recording household chores to generate robotics training data, raising concerns around customer consent, data privacy and the use of footage.
• Provision Labs enters a growing market for real-world AI training data, with startups such as Human Archive, Awign and Objectways building pipelines to supply footage of human activities to AI and robotics developers.

Aequs Bloats Its Losses In Q2

• The contract manufacturer reported a consolidated net loss of ₹52.4 Cr in Q2 FY27, widening 154.4% YoY from ₹20.6 Cr. It reported a net loss of ₹53.2 Cr in Q1.
• Operating revenue grew 45.3% YoY to ₹409.1 Cr, led by its aerospace business, which contributed ₹351.4 Cr, while consumer business revenue rose 52% to ₹57.7 Cr.
• Expenses excluding finance costs, depreciation and amortisation surged 56.2% to ₹395.2 Cr, outpacing revenue growth. Sequentially, the net loss narrowed marginally from ₹53.2 Cr in Q1 FY27.

AI Trading Platform Tradl Raises $4.1 Mn 

• Bengaluru-based Tradl raised $4.1 Mn in a seed round led by Nexus Venture Partners and Stellaris Venture Partners, with participation from angel investors.
• Founded in 2025 by IIT Guwahati graduates Shubham Bansal and Nilesh Raj, Tradl combines AI and quantitative analysis to help retail traders screen stocks, analyse markets, and backtest strategies.
• The fundraise comes amid rising investor interest in AI startups, with the segment attracting $438 Mn across 35 deals in Q3 2026, up 265% YoY.

Inc42 Markets

Inc42 Startup Spotlight

Inside Pulse’s Bet To Make Medical Equipment In India

India’s hospitals remain dependent on imported medical devices that can be costly, difficult to service and poorly adapted to local needs. Pulse is trying to build a domestic alternative by combining MSME manufacturing with product design under a single medtech brand.

Going Asset-Light: Founded in 2025, Pulse designs, sources and supplies medical devices and consumables. Instead of owning a large manufacturing base, it provides engineering, product standardisation, certifications, regulatory compliance and service infrastructure to small businesses. This enables these SMEs to build medical equipment that can compete with global manufacturers. 

The Essential Approach: Pulse is initially targeting low- and mid-complexity devices across critical care, renal care and cardiac care. The company is also focusing on mid-tier hospitals, particularly facilities with 50-200 beds, where reliable equipment at accessible prices can have a direct impact on healthcare delivery. 

The Quality Layer: The startup currently works with nearly 20 MSME partners across Delhi NCR, Gujarat, Kolkata and Mumbai. It is also establishing an R&D hub at the Andhra Pradesh MedTech Zone in Visakhapatnam. Going forward, the 3one4 Capital-backed startup plans to scale product development and distribution. 

As hospitals seek affordable and dependable alternatives to imported equipment, can Pulse turn India into a medtech manufacturing hub?

Infographic Of The Day

From Peyush Bansal’s ₹5.7 Cr salary to founders taking home over ₹3 Cr a year, here’s a look at how much India’s startup leaders earned in FY26.

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