GFF 2026 Day 2 Unpacked, RentoMojo’s IPO & More

AI Takes The Stage At Global Fintech Fest

It was an action-packed second day at the Global Fintech Fest 2026 yesterday. As usual, fintech startups and regulators rolled out a slew of new products, while RBI governor Sanjay Malhotra positioned India’s next fintech leap around AI, tokenisation and quantum computing.

AI Layer For UPI: At the event, Malhotra launched UPI Tap & Pay, which allows users to make payments by tapping their NFC-enabled smartphones on POS terminals. He also unveiled MyUPI, an AI-powered platform designed to offer a unified view of transactions. With these features, UPI aims to evolve from a basic payments rail into an AI-powered consumer interface.

The Trust Infrastructure: The RBI governor’s larger message was that emerging technologies must solve real problems. He urged the fintech startups to go beyond urban users and cater to MSMEs and consumers in smaller towns. Malhotra, however, cautioned that speed should not replace confidence in financial services. He called on the startups to effectively manage AI-related risks and treat consumer data as a responsibility. 

The Fintech Showcase: Meanwhile, product launches continued unabated on the second day of GFF 2026. Mahindra Finance expanded its voice-AI deployment with Sarvam, while Yes Bank and Open launched an agentic layer to prevent payment failures. Concurrently, Navi and IndusInd Bank banded together to strengthen UPI-processing infrastructure and Gnani AI rolled out its sovereign agentic AI platform, Artha, for the BFSI sector.

The Tokenisation Test: Much of the chatter at the GFF yesterday also centred around tokenisation. The RBI and SEBI announced plans for a framework to oversee tokenised corporate bonds, with Nandan Nilekani arguing that tokenised assets and AI agents will help unlock credit for the masses. He added that startups and small businesses will drive job creation in the AI era.

Together, these announcements show that India’s fintech ecosystem is moving towards an AI-led and tokenised future. So, what else happened on day two of GFF 2026? Let’s find out…

From The Editor’s Desk

RentoMojo IPO Day 2

• The furniture and appliance rental startup’s public issue was subscribed 4.71X on the second day of bidding, with investors placing bids for 10.25 Cr shares against 2.18 Cr shares on offer. 
• NIIs led the demand charts and subscribed their portion 11.6X. Following suit were retail investors, who also oversubscribed their quota 4.19X. However, the portion reserved for QIBs remained undersubscribed at 0.45X. 
• RentoMojo’s ₹1,256 Cr IPO comprises a fresh issue of shares worth ₹150 Cr and an OFS component of up to 2.7 Cr shares worth ₹1,105.6 Cr. At the upper end of its ₹384 to ₹404 price band, the IPO values the startup at around ₹4,206 Cr.

Swish Bags $24 Mn

• The quick food delivery startup has raised about ₹228 Cr in a funding round led by Bertelsmann India Investments to expand its kitchen network to 1,000 over the next five years, enter new cities and strengthen its supply chain infrastructure.
• Founded in 2024, Swish delivers food in under 15 minutes in Bengaluru and Delhi NCR. With 250 SKUs under its belt, it owns and manages its kitchens and last-mile delivery operations. Including the latest round, Swish has raised $78 Mn to date.
• The fundraise comes even as the viability of ultra-fast food delivery remains under scrutiny due to weaker margins and high operating costs. As a result, rival Zing pulled the plug on quick food delivery last year, while Swiggy shut down SNACC.

VinFast’s Strategic India Reset

• The Vietnamese EV maker is now said to be eyeing the development of two new electric vehicles for the Indian market. It is currently in early discussions with multiple Indian suppliers for the two new models, internally codenamed VF X and VF Y.
• The two models mark a shift in VinFast’s India strategy, with the OEM now looking to develop vehicles specifically for the Indian market instead of adapting its global models. The VF X is expected to be an affordable EV with a price below $12,000.
• The development comes days after reports suggested that the company is halting its production in India. However, a VinFast representative later said that the company will continue CKD assembly of its models at its Thoothukudi plant.

Beco Vs HUL

• The Delhi HC has restrained the D2C brand from continuing its advertising campaign, which purportedly targeted HUL’s Surf Excel and Vim products. However, this is an interim order and the Court is yet to give a final ruling on the matter.
• While observing that Beco failed to establish the truth of the message conveyed through the campaign, the HC directed the D2C brand to remove and recall all advertisements containing the offending statements within a week.
• The ad in question compared Beco’s cleaning products with Surf Excel and Vim dishwash gel. The campaign claimed that certain ingredients in HUL’s products could lead to skin irritation and allergic reactions.

Theater Nets ₹75 Cr

• The D2C fashion and accessories brand has raised around $7.8 Mn in its Series A funding round led by Niveshaay to expand its offline retail footprint across Tier I and II cities. It raised the fresh funds at a post-money valuation of about $43 Mn.
• Founded in 2021, Theater sells cruelty-free fashion and accessories such as footwear, stockings, perfumes, and bags. The startup claims to have grown eightfold over the past two years. 
• The funding comes as a growing number of Indian D2C brands are moving into the offline realm. Startups are increasingly using physical stores to improve brand discovery and customer experience while continuing to leverage ecommerce for scale.

Inc42 Markets

Inc42 Startup Spotlight

How Keydroid Is Turning Ordinary Car Keys Into Smart Devices

Older and mid-range cars often lack connected features now common in premium models, while aftermarket upgrades can be expensive and complicated. Keydroid is trying to close this gap by transforming car keys into a touchscreen-enabled smart device for access and security.

The Interactive Interface: Founded in 2022, Keydroid develops smart car keys with touchscreen displays, proximity-based locking and unlocking, remote controls and tracking capabilities. Its products are designed to add connected-car functionality without requiring owners to replace their vehicles.

Beyond Smart Keys: The startup is also expanding into adjacent automotive accessories, including keyless-entry systems, dashcams, location trackers, LED bulbs, protective cases and other car-care products. Its new offerings show how Keydroid is gradually building a broader aftermarket technology portfolio rather than remaining only a smart-key company.

Carving A Niche: Keydroid’s opportunity lies in upgrading India’s large population of conventional vehicles. Its smart-key variants are sold between ₹15,000 and ₹17,000, while accessories are sold at lower price points. The startup is also investing in local manufacturing and R&D to develop products suited to Indian vehicles and consumer preferences. 

With India’s automotive aftermarket projected to become a $36 Bn opportunity by 2034, can Keydroid make car upgrades affordable for India’s mass-market?

Infographic Of The Day

India’s tableware market is projected to become a $9.91Bn opportunity by 2032, and it’s not because people are eating more. It’s because the dinner plate has quietly become a design statement…

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