Here's your daily funding and key business news roundup for July 7, 2026. Pune-based Econovus Packaging raised Rs 40 crore led by Rainmatter and Physical AI startup Mowito closed a $3 million pre-seed, backed by PyTorch co-creator Soumith Chintala's network. On the business front, fitness unicorn Cult.fit filed its DRHP for a Rs 950 crore fresh-issue IPO, D2C footwear brand Fizzy Goblet onboarded Kareena Kapoor Khan as a strategic investor, and Koo co-founder Mayank Bidawatka shut his AI photo-sharing startup PicSee within a year of launch. Pune-based sustainable packaging company Econovus Packaging has raised Rs 40 crore in a pre-Series A led by Rainmatter by Zerodha, with participation from Rockstud Capital. Founded in 2019 by Ramesh Prasad, the company designs bespoke end-to-end packaging for automotive, lithium-ion batteries, solar infrastructure, steel, defence, and industrial supply chains using IP-backed materials and space optimisation methodology. Its portfolio includes UN-certified lithium-ion battery packaging, CKD/SKD/CBU automotive packaging, and returnable formats. Funds will support expansion across these high-growth export-driven sectors. Bengaluru-based Physical AI startup Mowito has raised $3 million in a pre-seed round led by Version One Ventures, with participation from All In Capital, Unisol, iSeed, and angels including PyTorch co-creator Soumith Chintala and Vaibhav Domkundwar of Better Capital. Co-founded in 2024 by Puru Rastogi, Adityanag Nagesh, and Safar V, the company develops Physical AI foundation models that allow industrial robot arms to learn manufacturing tasks through demonstrations rather than conventional programming. Funds will support US expansion and manufacturing scale-ups across automotive and electronics. Flexible workspace platform Stylework has raised $1 million in the second close of its pre-Series B, led by Auxano Capital. Taking total pre-Series B proceeds to over $3.5 million, the platform now connects businesses to more than 10,000 workspace centres across 125 cities. Founded in 2016 by Spaarsh Khandelwaal, the company reported a GMV of over Rs 340 crore and an annual net revenue run rate exceeding Rs 50 crore, claiming profitability for the second consecutive year. Funds will support Tier 1 and 2 expansion and technology strengthening. Consumer rewards startup Onpoint has raised $600,000 in a pre-seed round co-led by First Cheque (IndiaQuotient) and Whiteboard Capital, with participation from angels including former Meta and Google directors and Kellogg alumni. Founded in 2025 by former Meta employees Nakul Khanna and Anurag Gupta, the platform lets users earn reward points on everyday purchases through a payment-agnostic model covering gift vouchers and partner brands. Points can be redeemed across Air India's Maharaja Club, IndiGo BluChip, Flipkart SuperCoins, and gift cards from 300+ brands. Funds will grow the merchant network and user base. Fitness unicornCult.fit has filed its draft red herr
