RentoMojo Vs Cofounder, The Mythos Threat & More

Inside The Legal Battle At RentoMojo

RentoMojo’s road to IPO has hit a legal speed bump. Cofounder and ex-COO Ajay Nain has moved the NCLT, alleging that he was coerced into selling his stake in the company at a fraction of its value.

Golden Chance Narrative: Nain alleges that cofounder and CEO Geetansh Bamania and other senior executives used fraud and misrepresentation to push him into selling his stake. He claims that Bamania hinted at the imminent liquidation of the company, and framed the buyout of Nain’s 9.41% stake for ₹1.5 Cr as a ‘golden chance’ to exit before the shares became worthless.

It is this transaction that Nain wants to be declared void, his roughly 9.41% holding restored, and the IPO halted until the dispute is resolved.

Fight Over Valuation: The core of the grievance lies in the share price that Nain claims he was pressured into accepting. The ex-COO claims he was told the business was under severe stress, only to see later rounds take place at sharply higher valuations. According to the plea, shares that left his hands at ₹6,748 each in August 2023 were later traded at multiples of that price, including in secondary deals and a 2024 fundraise.

Other Allegations: Beyond the money, Nain also alleges a pattern of ‘oppression and mismanagement’. He claims he was kept in the dark about AGMs, denied financial information, and even left exposed to a legal FIR regarding provident fund contributions that he wasn’t informed about.

An IPO Under Pressure? The dispute lands just as RentoMojo has filed its DRHP for a public issue, which comprises a fresh issue of shares worth up to ₹150 Cr and OFS of up to 2.84 Cr shares. RentoMojo meanwhile remains tight-lipped, saying that it is treating the matter as sub-judice.

With the NCLT now weighing the matter, here is why RentoMojo cofounder is at odds with the very company he built… 

From The Editor’s Desk

Regulatory Anxiety Over Mythos

• FM Nirmala Sitharaman yesterday held a meeting with the heads of banks amid growing concerns over cybersecurity risks posed by the recent controlled release of Anthropic’s Claude Mythos model, which reportedly identified vulnerabilities in several major operating systems.
• Discussions also covered the safeguards and response mechanisms needed to address AI-driven cybersecurity threats. Banks were urged to take pre-emptive measures to strengthen the security of their systems and customer data.
• This comes amid global concerns around Mythos, an AI model that can autonomously find thousands of high-severity, zero-day vulnerabilities in major operating systems and web browsers.

BlueStone’s Q4 Show

• The omnichannel jewellery brand retained its profitability for the second consecutive quarter, posting a consolidated net profit of ₹31.2 Cr as against a net loss of ₹51.3 Cr in the year-ago quarter. 
• The surge in bottom line came on the back of the company reporting a 48% YoY jump in operating revenue to ₹681.5 Cr. In line with the top line, total expenses also zoomed 24% YoY to ₹664 Cr in Q4. 
• Founded in 2011, BlueStone is an omnichannel jewellery company that offers more than 10,000 designs across rings, pendants, earrings and other products. It also entered the lab grown diamond segment last year. It has raised $289 Mn to date.

LightFury Games Bags $11 Mn

• The gaming studio has raised ₹103 Cr in its pre-Series A round from Blume Ventures and others to develop its debut title, and bolster its live operations and infrastructure content pipeline.
• Founded in 2024, LightFury is a AAA-focused gaming studio building AI-powered gaming experiences. It raised $8.5 Mn in its seed funding round led by Blume Ventures in 2024.
• This comes close on the heels of MeitY notifying the Online Gaming Act, 2025, which will come into effect from May 1. The new rules cement the ban on real-money games and mandate measures like age verification and grievance redressal.

Amazon’s Q-Comm Plans

• The ecommerce major plans to invest ₹2,800 Cr to expand its quick commerce vertical Amazon Now and strengthen its logistics network. The company is looking to double its dark store network to 600 by 2026-end.
• The company launched its quick delivery service Amazon Now in Bengaluru last year in June 2025 and later expanded the service to parts of Delhi and Mumbai. It currently operates 300 dark stores across the country.
• India’s quick commerce market is projected to become a $40 Bn opportunity by 2030. While Blinkit, Instamart and Zepto continue to lead the race, the entry of newer players like Flipkart and Reliance’s JioMart has further intensified the competition. 

PhonePe Tops UPI Charts Again 

• The IPO-bound fintech giant continued to tighten its grip on the UPI ecosystem in March, clocking 1,050 Cr transactions worth ₹14.48 Lakh Cr. Its market share increased 0.2% month-on-month to 46.7% at the end of the month.
• Google Pay and Paytm followed suit, with 753.5 Cr and 177 Cr transactions, respectively. Google Pay’s market share declined to 33.5% from 34% in the previous month, while Paytm’s market share also declined marginally to 7.9% from 8% in February. 
• Notably, UPI transactions touched an all-time-high at 2,264 Cr last month. The value of the transactions stood at ₹29.53 Lakh Cr. 

Inc42 Markets

Inc42 Startup Spotlight

Can IndieSemiC Turn India Into A Low-Cost SoC Hub?

India’s semiconductor story still has much ground to cover. Too many products are imported, while local companies struggle to build affordable chips that are both scalable and customised for Indian use cases. IndieSemiC is trying to change this with its fabless model.

From Modules To Momentum: Founded in 2023, IndieSemiC began by selling certified RF modules for Bluetooth and Wi-Fi connectivity by using off-the-shelf chipsets. That strategy gave it initial traction, and helped the company build a portfolio of 15-plus modules and led to the deployment of around 60K units in the past year.

The SoC Push: The startup’s bigger bet is a general-purpose microcontroller in two variants: one for non-IoT applications and another with integrated IoT capability, including long range connectivity. It is also working on ISC-R1, a quad-core AI processor aimed at next-gen automotive, surveillance, radar, lidar and real-time vision workloads.

Localised Advantage: IndieSemiC is not trying to win only on price. It wants to stand out through system-level integration, firmware customisation and local support for Indian OEMs. The company follows a fabless model, with packaging and testing anchored in India. It also leans on domestic IP, including VEGA architecture from C-DAC, to reduce reliance on foreign tech over time. 

IndieSemiC claims to have onboarded over 8,200 customers so far and is now preparing its first institutional round to fund tape-out and scale-up. Can IndieSemiC win China’s 20-cent chip challenge to India? 

Infographic Of The Day

Thrift is no longer a vibe, it’s a business model. From take-back programmes to bio-loop materials, circular fashion has quietly become India’s most exciting retail movement. So, who is trying to carve a niche in this space?

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