One quick thing: Japan's Mizuho picks majority stake in top startup banker Avendus 

In today’s newsletter: 

• Inside Digantara's pivot from space to defence
• Google Pay takes UPI beyond bank balance
• Atlys in talks to raise around $40 million

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It seems that for space tech to be taken seriously, the defence industry has to pay the bills. 

Digantara's $50 million Series B signals a deliberate shift away from weak commercial demand towards defence-led space surveillance.

• The startup's CEO, Anirudh Sharma, says commercial space situational awareness (SSA) demand is still “quite insignificant”, making defence the only viable anchor customer today

SSA is the knowledge of where everything is in space, which includes satellites, debris and so on.

Governments and defence agencies remain the biggest spenders in space situational awareness.

Digantara's core tech includes fast-moving objects — satellites, debris, and now missiles.

• Sharma said that the same SSA stack is being adapted for missile detection, including hypersonic and sub-orbital threats

Digantara has six defence customers across India, the US, UK, Japan, Australia and Singapore.

• They will be investing heavily in the US to meet “Made in America” defence procurement norms

• The India team will focus on software, algorithms and optical payloads

Multiple launches planned over the next year, with a larger constellation rollout in 2026.

• Immediate priority: executing already-won defence contracts

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Google has another global first out of India…

• …a RuPay credit card that can be linked to UPI

The move allows users to pay merchants on UPI, not just from their bank balance, but also using credit.

The co-branded RuPay credit card has been launched in partnership with Axis Bank, expanding Google Pay’s financial services footprint. 

Google is entering a space where rivals have already tested the waters.

• Paytm, which started its monetisation push earlier, launched its RuPay credit card in 2023

• In June this year, market leader PhonePe launched its own RuPay credit card in partnership with SBI Cards

Google often points out that it was not the first to launch a search engine, email or a browser…but it has repeatedly scaled such products globally.

Google already has a partnership with Axis Bank to distribute the Ace Visa credit card. But RuPay has gained significant ground over the past few years.

• Around 18% of all credit card transactions in India now happen through RuPay

Only RuPay credit cards can currently be linked to UPI, as both networks are operated by the National Payments Corporation of India (NPCI).

Find out more

India’s cities are growing fast - and so is their energy demand. Siemens is helping turn that challenge into an opportunity. From smart buildings that optimise their energy use to digital grids that adapt in real time, Siemens technologies are making urban infrastructure more resilient, efficient, and low-carbon. With Siemens Xcelerator at its core, cities can connect data, assets, and people to drive measurable climate impact, building smarter, greener, and more livable futures. Read the full story 

As skies get busier and passports get stamped, Atlys is back on investor radars.

Atlys, a visa processing startup, is in talks to raise $35-40 million in a new round, sources told us. 

• Susquehanna International Group (SIG), a global tech investor, and Sofina, a Belgian investor, are likely to invest in the company
  
  
• Travel tech company MakeMyTrip (MMT) is also likely to participate in the round, we were told 

The three investors will put in a bulk of the planned fundraise, around $30 million or so. 

• Existing investors will invest the remaining. Current backers include Peak XV Partners, Elevation Capital and others
  
  
• The company is being valued at around $200 million
  

Atlys, however, denied the development and said it is not raising any funding round at all.

While we reported that Atlys is stitching together a round, another deal we exclusively broke in July was confirmed today. 

• We reported in July that MoEngage was in talks to raise $200 million from ChrysCap, A91 Partners and others
  
  
• The company today confirmed it has closed the round at around $280 million to flip back to India and expand its operations
  
  
• Dragon Fund, Schroders Capital, TR Capital and B Capital, among others, are investors

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• Amazon.com is in talks to invest $10 billion in OpenAI, in a potential deal that could value the artificial intelligence company at over $500 billion.
  
  
• Britain’s financial watchdog warned that banks’ race to adopt agentic AI, capable of making decisions and acting autonomously, could create new risks for retail customers, and said it will step in to ensure their interests are protected.

Homebound is going global. Neeraj Ghaywan’s film has been shortlisted for the Oscars 2026 International Feature Film category.

• Only 15 films remain in the race, with the final nominees to be announced on January 22

Actor Vishal Jethwa said the recognition feels “humbling,” crediting Karan Johar for believing in the story. The 98th Academy Awards will take place on March 15. Read more

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