Welcome to the Backstage with Millionaires weekly Indian startup news show, hosted by Caleb Friesen. This week, the Good Glamm Group is officially breaking up and selling its brands, CoinDCX loses $44 million in a major crypto hack, Blinkit expands its 10-minute ambulance service across Gurugram, BITS Pilani-born Apollyon Dynamics delivers kamikaze drones to the Indian Army, and Indian startups raise $61 million across 5 deals.
0:00 Apollyon Dynamics Builds Kamikaze Drones for Indian Army
1:42 Blinkit’s 10-Minute Ambulance Service
3:45 The End of Good Glamm Group
5:36 CoinDCX Crypto Heist: Hackers Steal Crypto Worth $44M
7:17 Quick News Updates
7:57 What Did You Build This Week?
9:07 Indian Startup Funding News
Apollyon Dynamics Builds Kamikaze Drones for Indian Army
Apollyon Dynamics, founded by Jayant Khatri and Sourya Choudhury at BITS Pilani Hyderabad, has delivered indigenously built UAVs—including kamikaze drones—to Indian Army units in Jammu, Chandimandir, Panagarh, and Arunachal Pradesh. The drones were built entirely in-house and tailored to India’s defence needs. Apollyon Dynamics also provides training to Army personnel, enabling even first-time users to operate the drones. Their kamikaze drones can reach speeds over 300 km/h while carrying 1 kg payloads. The startup recently showcased its work to Kumar Mangalam Birla and is already working on next-gen VTOL and fixed-wing systems.
Blinkit’s 10-Minute Ambulance Service
Blinkit, under Deepinder Goyal’s leadership at Eternal, has expanded its 10-minute ambulance service in Gurugram. Launched in January 2025 with 5 ambulances, the service now runs 12 ambulances across 6 depots, covering nearly half the city. Blinkit has responded to 594 emergency calls, 83% of which were answered within 10 minutes. Each Blinkit ambulance is staffed with trained personnel and equipped with oxygen, AEDs, and emergency medication. Deepinder Goyal emphasized that this initiative prioritizes trust and quality over profit. Blinkit is also launching a paramedic training program to elevate emergency care standards across India.
The End of Good Glamm Group
The Good Glamm Group, once a $1.2 billion digital-first FMCG unicorn, is being dismantled after lenders enforced their charge on remaining brands. Founder Darpan Sanghvi confirmed the breakup, with MyGlamm, Moms Co, Organic Harvest, and St. Botanica now up for sale. Despite hiring restructuring expert Arjun Vaidyanathan and selling brands like Sirona, ScoopWhoop, and Miss Malini, the recovery plan failed. Darpan Sanghvi has pledged 25% of future post-tax earnings to a "Good Glamm Restitution Fund" for dues owed to employees, vendors, and shareholders. The Good Glamm Group’s IPO dreams have officially ended.
CoinDCX Crypto Heist: Hackers Steal Crypto Worth $44M
CoinDCX suffered a major hack, with $44 million in crypto stolen from one of its internal treasury wallets. Blockchain investigator ZachXBT first flagged suspicious wallet activity on July 19. CoinDCX confirmed the breach hours later and is now working with Sygnia, Seal911, and CERT-In. CoinDCX has launched a Web3 bug bounty offering up to 25% of recovered funds to ethical hackers. CoinDCX has promised full coverage of the losses and continued operation for users.
Quick News Updates
Reliance has launched Ajio Rush, a fashion-focused quick commerce platform offering 4-hour delivery in six major cities.
Myntra is under ED investigation for allegedly violating FDI norms by masking retail as wholesale transactions worth ₹1,600 crore.
Paytm has posted its first-ever quarterly profit—₹123 crore in Q1 FY26—driven by cost-cutting and operational efficiencies.
What Did You Build This Week?
Raj built an Anki Flashcard Maker extension that auto-generates spaced-repetition cards while reading online.
Ashish and Arnold created FinalRun, a no-code AI-based testing tool for mobile apps.
Rahul built Celect, an AI hiring engine that reads resumes, matches candidates to jobs, and provides feedback—fully automated.
Indian Startup Funding News
Thiruvananthapuram-based Netrasemi raised ₹107 crore ($12.5M) in Series A to build smart AI chips for edge devices like cameras and drones.
Mumbai’s Enlite secured ₹46 crore ($5.32M) to retrofit buildings with AI-powered sensors that optimize energy and climate control.
Bengaluru’s iTuring.ai raised $5M in Series A for its no-code enterprise AI development and monitoring platform.
Chennai’s Inbound Aerospace raised $1M in pre-seed for reusable mini-spacecraft for rapid scientific experimentation.
Chennai’s Plenome Technologies raised ₹6.5 crore ($750K) to build secure AI-blockchain solutions for healthcare and public systems.
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