The travel fintech startup Scapia has announced the launch of its first Employee Stock Ownership Plan (ESOP) buyback program worth Rs 20 crore, equivalent to approximately $2 million. This initiative was implemented just two months after the company raised $63 million in a Series C funding round.
This program allows eligible employees to exchange up to ten percent of their vested options for short-term liquidity. The ESOP buyback program is a process where the company or its investors acquire vested employee shares, typically after their exercise, for monetary compensation. This gives employees the opportunity to gain liquidity without needing an Initial Public Offering (IPO) or acquisition, with the price tied to the company's latest valuation.
Anil Goteti, founder and CEO of Scapia, noted that the company's goal was to create a new category for travelers who think and spend differently. He emphasized that creating something new requires passion and conviction, and the company was fortunate to have an incredible team. Goteti added that this buyback is a way of recognizing the team's contribution, and he hopes it will not be the first such occasion.
Scapia conducted its latest funding round in May. Prior to this, the Bengaluru-based firm raised $40 million in a Series B round in April 2025. Over the past year, the company has also expanded its collaborations, adding BOBCARD as a co-branded credit card partner after initially launching cards in partnership with Federal Bank.
Earlier this year, the fintech company Cashfree Payments also announced an ESOP buyback program for current and former employees on the occasion of its tenth anniversary. The company reported that the program would cover over 400 employees, including 175 former workers. Furthermore, in December 2024, Razorpay provided all its employees with ESOPs worth 1 lakh rupees.
The Ahmedabad-based Alternative Investment Fund (AIF) manager Steptrade Capital has achieved the first close of its CAT II AIF, named Chanakya Opportunities Fund II (COF II), securing investment commitments totaling 100 crore rupees.
Chanakya Opportunities Fund II was launched in February 2026 with a target capital of 500 crore rupees. Commitments were received for the fund from Ultra High Net Worth Individuals (UHNIs), family offices, and other investors. The company reported that after completing the first close and the planned capital deployment start in August, the fund is opening the next allocation round for a wider range of suitable investors.
According to Steptrade Capital, investor interest in India's private markets continues to grow as more companies prefer to remain private longer before going public. Furthermore, it is noted that investors are increasingly seeking to participate in business development during the final stages of private ownership rather than waiting for access to the public market.
COF II is built around three long-term investment themes expected to benefit from India's structural economic transformation. The first theme is advanced manufacturing, covering semiconductors, specialty chemicals, aerospace and defense, as well as electronics and ESDM. The second theme is energy and infrastructure transition (iInfrastructure), including battery energy storage systems, electric vehicle ecosystems, power transmission, transformers, grid modernization, and data center infrastructure. The third theme is new drivers, encompassing robotics and AI, digital healthcare diagnostics, biomanufacturing, and rare earth element supply chains.
CA Kresha Gupta, Fund Manager of Chanakya Opportunities Fund I and II, and Director of Steptrade Capital, stated that the response to the first close reflects growing investor confidence that the pre-IPO stage has become an important part of long-term wealth creation. She emphasized that the company's focus remains on identifying enterprises that benefit from structural changes in manufacturing, energy, and technology before they become widely accessible.
COF II is designed for growth-stage and pre-IPO companies. At this stage, businesses have typically achieved commercial scale while remaining outside public markets, where their valuation is often adjusted after an IPO, as noted in the statement.
Groyyo, an AI-powered fashion industry supply chain platform, has successfully raised 90 crore rupees in the first closing of a Series B funding round totaling 200 crore rupees. Cornerstone Ventures led this round, with participation from existing investors.
According to Groyyo's statement, the obtained capital will be used to strengthen the company's artificial intelligence capabilities, expand its manufacturing network, and accelerate global scaling. The platform's goal is to digitize the processes of clothing sourcing and production.
The startup, based in Gurugram and founded in 2021 by Pratik Tiwari and Subin Mitra, connects global fashion brands with a network of apparel manufacturers through a technological platform. This system manages the entire production lifecycle: from trend forecasting and design to quality control and logistics. The company claims that its platform allows reducing production times from months to weeks while increasing transparency and operational efficiency for suppliers and brands.
Groyyo plans to use the funds to expand its factory network in new production centers across India, improve its AI-based trend forecasting platform, and deepen its presence in international markets, including North America, Europe, and the Middle East. Furthermore, the company aims to support the National Mission on Manufacturing in India by stimulating export demand for small and medium-sized apparel manufacturers and optimizing capacity utilization.
Previously, the startup had attracted Series A funding from Tiger Global, Alpha Wave Global, Sparrow Capital, and Strides Ventures. In recent years, Groyyo has increased its presence by collaborating with leading brands in the US and the UK. For the current fiscal year 2026, the company's annual revenue is approximately 500 crore rupees, and over the next three years, the company aims to achieve revenues exceeding 3,000 crore rupees while simultaneously improving profitability.
Subin Mitra, co-founder of Groyyo, noted that 'fashion supply chains have operated on relationships and spreadsheets for decades. We set out to create an operating system that this industry truly needs.' He added that the new funding will help the company scale its AI infrastructure and manufacturing network. Cornerstone Ventures emphasized that Groyyo has developed a technologically advanced platform that solves inefficiency problems in the global fashion supply chain. Currently, the startup works with over 470 manufacturers and 45 international brands in 10 countries, providing end-to-end visibility from product development to final delivery.
