Startup news and updates: daily roundup (October 16, 2026)

From AI startup RapidCanvas raising $29 million to BharatPe launching Agentic AI amid festive season, YourStory brings you today’s headlines with the latest developments across sectors.

In the middle of the festive season, BharatPe Agentic AI brings an intelligent, 24x7 assistant to the BharatPe for Business app, built with Gemini Enterprise Agent Platform on Google Cloud.

The Agentic AI brings assistance, context and task execution together within the BharatPe for Business app. It can proactively follow up on requests, flag relevant issues and share updates, helping merchants spend less time navigating support processes and more time managing their businesses.

With India’s festive demand already showing strong momentum, BharatPe Agentic AI brings an AI-first approach to supporting the merchants powering the country’s festive economy, helping them manage everyday business requirements with greater ease, responsiveness and personalisation.

Biotech research and innovation organisation, C-CAMP has been selected as one of five RDI Fund’s Focus Research Organisations or FROs with a declared funding allocation of Rs 500 crore by the Government of India towards investment in India’s deeptech innovation sector.

C-CAMP will collaborate with its private partners and investors to build a total consortium funding of Rs1000 crore+ for supporting India’s most transformative deeptech life sciences startups that can create impact in India and beyond.

As the only dedicated biotech organisation in the list, C-CAMP will aim to fund high-risk yet gamechanging biotech innovations that can redefine India’s healthcare, agriculture and environment.

Gurugram-based fragrance startup Bla Bli Blu has turned EBITDA-positive. The company has achieved an annual run rate of Rs 250 crore, up from the Rs 100 crore it reported six months ago.

Founded in 2025, Bla Bli Blu addresses a glaring gap in India’s fragrance market: shoppers’ options were limited to buying indistinguishable mass-market perfumes or paying a steep premium for international labels. Their quest for better consumer experience has manifested in Bla Bli Blu’s extensive, growing range of premium perfumes built around personalities and moods.

Pharmaceutical and nutraceutical company Steadfast Limited has invested over Rs 100 crore in establishing a fully integrated in-house Formulation Research & Development (FR&D) facility in Noida.

The company states that with this investment in the facility, which commenced operations recently, it aims to contribute to building world-class research and nutraceutical manufacturing capabilities in India and strengthen the country’s self-reliance in nutraceutical manufacturing.

The plant is capable of manufacturing supplements across different delivery formats, including tablets, powders, effervescent tablets, and capsules. It has an annual production capacity of 900 million tablets, 130 million capsules, 900 million effervescent tablets, and 6500 metric tonnes of powder.

AI execution company RapidCanvas has raised $29 million in Series B funding led by Vertex Ventures SEA & India. The round also saw participation from Hitachi Ventures and existing investors, including Accel, Peak XV Partners, Valley Capital Partners and Titanium Ventures.

The startup has raised a total funding to $52.5 million. RapidCanvas will use the Series B funding to grow its go-to-market teams and expand its network of private equity and advisory partners, who bring managed AI execution to their portfolio companies and clients. It will also grow its field AI engineering team across India, the U.S. and Brazil.

Space robotics startup Cosmochute has raised $1.5 million in a pre-seed funding round led by Accel and Prosus Ventures, as part of the Atoms X program. IIMA Ventures’ Deep-tech and Aerospace Acceleration Fund, Operators Studio and Chinmayi Muthyala also participated in this round.

The company is building robotics and infrastructure for the emerging lunar economy. Cosmochute joins six other startups from the inaugural Atoms X cohort launched earlier this year.

The latest funding will enable Cosmochute to continue product development, strengthen its engineering team and advance its commercial roadmap as it works towards its next phase of growth.

Banaraswala, Ghat se Ghar Tak, known for its Banarsi cuisine, has raised $2 million in seed funding from Prax Impex Private Limited.

The money raised will help the brand enter new markets, innovate its menu and grow through franchises.

Banaraswala is a company established by Vibhanshu Mishra and currently operates three outlets across Delhi and is in the process of expanding. The fresh capital will be deployed towards accelerating the brand’s pan-India expansion in QSR and banarasi molecular cuisine, strengthening its presence across emerging markets and significantly broadening its product portfolio over the coming months.

(The copy will be updated with the latest news)