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Q-Comm Poaching Wars, Table Space’s IPO & More

noreply@blogger.com (Unknown) — Wed, 29 Jul 2026 04:24:21 +0000

Quick Commerce’s New Battleground

It is poaching season in India’s quick commerce arena. Swiggy Instamart has brought in a CEO from Myntra, while Nykaa has poached an executive from the Sriharasha Majety-led giant to scale its quick commerce arm. So, is a talent war brewing ahead of the festive season sale?

New CEO At Instamart: The quick commerce major is refreshing its leadership bench with the appointment of ex-Myntra CEO Nandita Sinha as its new chief executive. Succeeding Amitesh Jha, she is expected to sharpen Instamart’s assortment-led strategy, steady operations and lead its push toward an inventory-led model amid intense competition and pressure to rein in losses.

Rejig At Nykaa: The beauty ecommerce major has roped in former Instamart COO, Ankit Jain as the business head of its quick commerce arm, Nykaa Now. With proven quick commerce expertise from his tenures at Flipkart and Swiggy, he is expected to double down on ultrafast deliveries and expand its dark store network.

Talent Wars: Behind the trend is a likely deficit of a battle-tested leadership that has expertise in managing inventory, dark store logistics and supply chains. As legacy juggernauts like Nykaa and Flipkart lock horns against natives like Instamart, Blinkit and Zepto, everyone seems to be on a hunt for top talent to bypass the steep learning curve in quick commerce.

Q-Comm Mania Continues: Beyond dedicated apps, quick commerce is now also reshaping traditional retail. Vishal Mega Mart is doubling down on 30-minute deliveries to further drive revenues and bring new customers to its fold. In Q1 FY27, Vishal Mega Mart’s ultrafast delivery network expanded to 767 stores, with the service contributing 2-9% to a store’s revenue.

In a market where talent, formats and strategies are all in flux, can new leadership turn operational challenges into profits? Let’s find out…

From The Editor’s Desk

Cursor’s India Rate Card

The AI coding platform has introduced an India-only subscription plan, priced at ₹649 per month. This comes weeks after SpaceX announced plans to acquire the startup for $60 Bn in an all-stock deal.
By localising pricing, Cursor will look to convert its large user base in the country into paying customers. With its users in India tripling to 3 Mn in the past year, the country has emerged as the platform’s third-largest market globally.
This comes at a time when global AI giants are doubling down on the Indian market. OpenAI launched the lower-priced subscription tier, ChatGPT, Go last year, while Anthropic rolled out Rupee-denominated pricing for Claude earlier this month.

Pine Labs’ Q1 Profit Run

The fintech major’s net profit surged over 4X YoY to ₹19.6 Cr in Q1 FY27 on the back of improving margins, growing top line, stronger payment volumes, a rising merchant base and expansion of its international businesses.
Operating revenue also rose 20% YoY to ₹736.9 Cr in Q1. Nevertheless, expenses continued to bite and rose about 11% YoY to ₹728.1 Cr during the June quarter.
On the operational front, Pine Labs processed nearly ₹4.22 Lakh Cr in GTV across 201 Cr transactions. It also added 40 new merchants on its platform in Q1, including the likes of ixigo, OLA, IRCTC and BSES.

Table Space Gears Up For IPO

The managed workspace provider plans to file its DRHP with SEBI for a $350 Mn IPO next month. The public issue, which will comprise a fresh issue of shares worth $104 Mn and an undisclosed OFS component.
Founded in 2017, Table Space offers managed office solutions to 425+ enterprises. It claims to manage over 11 Mn sq ft of workspace across 80-plus centres in nine Indian cities. It reported a loss of ₹1,561 Cr in FY25 against a top line of ₹1,360 Cr.
Buoyed by growing demand for flexible workspace solutions, a number of coworking startups have gone public in the past two years, including the likes of Awfis, Smartworks, WeWork India, and IndiQube.

More Layoffs At Krutrim

In its second round of retrenchments this year, the troubled AI unicorn has laid off another 20-25 employees. The layoffs, which impacted nearly half of its workforce, primarily affected the product and engineering teams.
While Krutrim executives internally attributed the layoffs to AI-led automation, multiple employees alleged that reimbursements for travel, food and accommodation expenses have remained unpaid for over five months.
The retrenchments come months as Krutrim grapples with overstretched ambitions, a funding crunch and revenue concentration. In the past year, it has pivoted from building LLMs to cloud services, discontinued its AI assistant and seen multiple top-level exits.

New Management At Bira91

In a major ownership shift at the troubled alcobev brand, Anicut Capital has taken control of founder Ankur Jain and his family’s 17% stake in Bira91. The firm will also nominate three directors to its board and will lead the restructuring efforts.
This comes a week after Jain gave up executive control and exited the D2C brand’s board as part of a settlement with lenders and investors. Existing backers are now expected to recapitalise the startup to clear pending dues and restart production.
Founded in 2015, Bira91 quickly scaled into one of India’s well-known beer brands. However, troubles erupted after it converted into a public company, which triggered fresh excise approvals, disrupted production, write-offs and delayed vendor payments.

Snitch Acquires Berrylush

With an eye on expanding beyond menswear, the D2C fashion brand has acquired the women’s fashion label for an undisclosed amount. Post the deal, Berrylush will retain its brand identity and will continue operating under its existing team.
Founded in 2018, Berrylush sells dresses, co-ord sets, jumpsuits, workwear for Gen Z and millennial women. It is now looking to become a ₹1,000 Cr brand in the coming years by leveraging Snitch’s tech stack, supply chain and omnichannel footprint.
Snitch began as an offline menswear brand before pivoting to ecommerce during the pandemic. It currently operates 115 stores across India, and closed FY26 with an operating revenue of ₹900 Cr and an EBITDA of roughly ₹18-27 Cr.

Inc42 Markets

Inc42 Startup Spotlight

Building The Data Download Layer For Satellites

India’s spacetech boom has created a new bottleneck: satellites are generating far more data than the legacy radio infrastructure can download. QOSMIC is trying to fix this problem with its optical ground stations that can receive data faster, cheaper and at much larger volumes.

A Laser Sharp Bet: Founded in 2025, QOSMIC is building a system that uses precision telescopes and optical-mechanical tracking systems to receive laser signals from satellites. Its ground stations act like high-speed data docks for satellites to pull down far more information per pass than traditional radio links.

The Indigenous Edge: QOSMIC claims that its critical IP sits in its proprietary optical front-end and pointing, acquisition and tracking chain. Meanwhile, the cost advantage comes from its integrated architecture, under which it manufactures most critical parts locally but sources some externally. On the business front, it plans to earn revenue by running a ground-station-as-a-service model instead of one-time hardware sales.

Scale & Validation: The startup claims to have already validated its full chain over a 10 km terrestrial link and has reached technology readiness level 6. Its next milestone is an in-space demonstration and in-orbit validation scheduled for next year. Backed by Accel and Prosus, QOSMIC is also pursuing partnerships with players like TakeMe2Space to build orbital data centres.

With the startup seeing strong demand from international satellite operators in the near term, can QOSMIC become the backbone that helps satellites send more data home?

Infographic Of The Day

As influencers champion body positivity, the conversation around fashion is changing. A new generation of brands is racing to serve India’s rapidly growing plus-size apparel market. Here is all about it…

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AI Data Centres To Consumer 26.3 GW Power By FY32: MoS Power

noreply@blogger.com (Unknown) — Tue, 28 Jul 2026 23:24:24 +0000

The power ministry expects AI data centres to guzzle 26.3 gigawatts (GWs) of power by fiscal year 2031-32 (FY32).

In a written reply before the Parliament, minister of state (MoS) for power, Shripad Naik, said that this additional data centre load will primarily be served by renewable energy capacity. Overall, peak electricity demand is expected to cross 388 GWs by March 2032.

“… An additional load of 26.3 GW from artificial intelligence (AI) data centres is projected by 2031-32, which is expected to be integrated into the grid and primarily served by renewable energy capacity,” said Naik.

The latest data is almost 2X the government’s last projection in March this year. At the time, the Centre estimated that electricity demand from data centres could reach 13.56 GW by FY32.

Naik added that the ministry is building transmission infrastructure in a phased manner and adding capacity, including renewable energy, to address the growing electricity demand.

Meanwhile, The Indian Express reported that the ministry is currently holding discussions with industry stakeholders on building reliable power supply and embedding transmission and grid balancing to offset the spiky power load from data centers. Talks are also said to have centred on data centres away from urban centres to avoid transmission congestion.

The comments come as homegrown conglomerates continue to announce plans to build large scale AI data centre clusters. While Adani Group has partnered with manufacturing company Jabil Inc to build a vertically-integrated data centre infrastructure, Reliance plans to invest up to ₹10 Lakh Cr in AI over the next seven years. Last week, IT giant HCLTech also signed an MoU with AI giant Sarvam AI to set up a $1.5 Bn AI data centre in Odisha.

Amid this boom, major global tech players have also announced plans to set up data centres within the country. While Google has begun construction on its $15 Bn AI data centre hub in Visakhapatnam, Microsoft has committed $3 Bn to expand its cloud and AI infrastructure in India.

Despite aggressive expansion plans, operators continue to grapple with high power consumption, limited access to reliable renewable energy, land acquisition hurdles, cooling requirements and rising capital costs.

AI workloads are making data centres significantly more energy-intensive, raising questions over the country’s grid readiness and stainability. As a result, many citizens have also taken to the streets to raise these concerns.

In Maharashtra’s Thane, many are are protesting against Amazon’s proposed 422MW data centre over fears of noise pollution from backup diesel generators, high electricity demands and tree felling.

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SEDEMAC’s Q1 Profit Soars To ₹33 Cr, Revenue Up 43% YoY

noreply@blogger.com (Unknown) — Tue, 28 Jul 2026 20:24:39 +0000

Deeptech company SEDEMAC Mechatronics’ net profit zoomed 95.1% to ₹33.3 Cr in the first quarter (Q1) of the fiscal year 2026-27 (FY27) compared to ₹17.1 Cr in the year-ago quarter. On a sequential basis, profit rose a mere 3.8% from ₹32.1 Cr.

This profit surge came on the back of operating revenue zooming 42.5% to ₹309.8 Cr in the quarter under review as against ₹217.4 Cr in Q1 FY26. On a quarter-on-quarter (QoQ) basis, the top line rose 7.7% from ₹287.7 Cr in the preceding quarter.

Including other income of ₹86 Lakh, the company’s total income for the quarter stood at ₹310.6 Cr. Meanwhile, total expenses jumped 41.9% YoY and 9.3% QoQ to ₹269.3 Cr in Q1 FY27.

The company, which designs and manufactures advanced electronic control systems, improved its EBITDA by 30% YoY to ₹60 Cr in Q1 FY27. Meanwhile, its EBITDA margin worsened to 19.4% from 21.2% in the year ago quarter, primarily due to rising raw material costs and the “tightening” semiconductor supply chain.

However, the company expects its EBITDA margin to either hold or improve for the rest of the ongoing fiscal compared to Q1 FY27.

Giving a segment-wise breakdown of its results, SEDEMAC said that the mobility segment contributed ₹281 Cr to its operating revenue pool during the quarter, up 53.4% YoY. On the other hand, the top line from its industrial solutions vertical declined 15.7% YoY to ₹28.7 Cr in Q1 FY27.

On the operational front, the listed deeptech company said that it has cumulatively sold more than 1.3 Cr electronic control units (ECUs) to vehicle and industrial OEMs across India, the US and Europe till date.

Founded in 2007 by IIT Bombay professor Shashikanth Suryanarayana along with Pushkaraj Panse, Sharma and Dixit, SEDEMAC designs and manufactures components for vehicles. Its products include engine control units, motor controllers, among others deployed in vehicles by automotive OEMs.

It also provides industrial automation and control solutions, including electronics, embedded systems, and energy-efficient motor control technologies for manufacturing and industrial applications. Its clients include the likes of Tata Motors, Bajaj Auto, Hero MotoCorp, Mahindra Group, Ashok Leyland and TVS Motor.

Where Did SEDEMAC Spend In Q1?

Cost Of Materials Consumed: This was the biggest cost centre for the company. Expenses under this header rose 40% to ₹200 Cr in Q1 FY27 as against ₹143 Cr in the year ago quarter.

Employee Benefits Expense: SEDEMAC spent ₹24.2 Cr towards employee welfare, including salaries and PF contributions, during the quarter under review, up 22.2% from ₹19.8 Cr in Q1 FY26.

Other Expenses: Expenses under this bucket zoomed nearly 62.3% % to ₹32.5 Cr Cr in Q1 FY27 compared to ₹20 Cr in the year-ago quarter.

Shares of SEDEMAC ended Tuesday’s trading session 2.38% lower at ₹2,710.45 on the BSE.

The post SEDEMAC’s Q1 Profit Soars To ₹33 Cr, Revenue Up 43% YoY appeared first on Inc42 Media.

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Krutrim Cuts Nearly Half Of Remaining Workforce In Fresh Layoffs

noreply@blogger.com (Unknown) — Tue, 28 Jul 2026 08:24:27 +0000

Bhavish Aggarwal-led AI startup Krutrim has reportedly laid off another 20-25 employees in its second round of layoffs this year, with the latest exercise affecting nearly half of its estimated remaining workforce.

The latest job cuts primarily impacted the startup’s product and engineering teams, ET reported, citing sources. The startup had an estimated 40-50 employees before the latest restructuring exercise. Krutrim’s sales, go-to-market, and business operations teams had already been significantly reduced in earlier rounds of restructuring.

Employees were informed about the layoffs individually through calls with the HR team, which described the exercise as part of an organisational restructuring. According to the report, several teams have now been reduced to a single employee.

The startup is now trying to automate a significant portion of internal operations, employing AI across workflows wherever possible.

Separately, multiple employees alleged that reimbursements for travel, food and accommodation expenses have remained unpaid for over five months. They also claimed delays in leave encashment and salary payments, with one employee telling ET that pending dues were being cleared in installments.

“Krutrim continues to be in an active phase of scaling its operations and, like any growing business, periodically reviews its team structure to align with evolving priorities. We do not have anything further to share on the specifics referenced in your query at this time,” a Krutrim spokesperson said in response to questions shared by Inc42.

The layoffs come months after Krutrim pivoted away from its original ambition of building a full-stack AI ecosystem spanning indigenous large language models (LLMs) and semiconductor capabilities. Instead, the startup has shifted its focus to AI cloud infrastructure and enterprise services. Krutrim also discontinued its consumer-facing AI assistant Kruti, while continuing to offer Krutrim Cloud and Krutrim Maps.

Multiple Restructuring Exercises At Krutrim

Krutrim has steadily reduced its workforce over the past year through multiple restructuring exercises. In July 2025, the startup laid off around 50 employees. It followed this up with another round of layoffs in September 2025, affecting about 100 employees, largely from its linguistics team.

Sources told Inc42 earlier that Krutrim’s workforce shrank from more than 550 employees in August 2025 to nearly 150-160 by March this year following multiple rounds of restructuring.

The startup also witnessed a series of senior-level exits across its AI research, engineering, design, and semiconductor teams over the past year.

Despite the restructuring, Krutrim said earlier this year that its revenue crossed ₹300 Cr in FY26, nearly three times the previous fiscal. It also claimed to have reported its first annual net profit following its strategic pivot towards AI cloud services.

However, Inc42 had earlier reported that nearly 90% of Krutrim’s FY25 operating revenue of ₹101.7 Cr came from Ola Group companies, highlighting its dependence on internal customers even as it looks to expand its external enterprise client base. The startup has since said it works with more than 25 enterprise customers across sectors such as mobility, fintech and ecommerce, although it has not publicly disclosed their name.

Founded in 2023 by Aggarwal, Krutrim became India’s first AI unicorn in 2024 after it raised a $50 Mn in a funding round led by Matrix Partners India and other investors.

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Temple’s Valuation Jackpot, PhonePe’s FY26 Losses & More

noreply@blogger.com (Unknown) — Tue, 28 Jul 2026 03:24:26 +0000

Temple Hits $375 Mn Valuation

Temple is riding a valuation surge. Deepinder Goyal’s wearable startup is undertaking its first ESOP buyback programme at a valuation of $375 Mn, nearly double its valuation from four months ago. With investor interest running even higher, the liquidity event comes at the perfect time.

Unlocking The Value: The valuation bump arrives as external investors are looking to enter the startup’s cap table at an even higher $500 Mn valuation. By allowing nearly 20 employees to sell up to 25% of their vested ESOPs at a $375 Mn valuation now, the startup is effectively giving them a chance to cash in before a fresh infusion pushes the valuation again.

A Well-Timed Strategy? The timing also suggests that Temple is trying to convert market interest into internal momentum. A higher ESOP valuation, even below the rumored external interest, can help reinforce employee conviction at a stage when the startup is still building towards a commercial launch. In that sense, the buyback could help boost internal morale and retention as much as optics.

Goyal’s Temple Run: Temple sits at the intersection of consumer wearables, preventive healthcare and longevity. Combined with Goyal’s pedigree as the founder of one of the biggest names in the Indian startup ecosystem and his deep pockets, the startup has emerged as one of the most closely watched ventures in the category. Partnerships with manufacturing players like Zetwerk also suggest that Temple is preparing for scale rather than a simple research project.

The Longevity Bet: Temple’s soaring valuation reflects the growing investor confidence in the broader longevity ecosystem. Basic fitness trackers are becoming passé as a new crop of startups like BioPeak and Gabit are building AI-powered sensors and metabolic intelligence to cater to rising demand for personalised health insights and proactive wellness tech.

As competition heats up, can Temple justify its soaring valuation momentum? Let’s find out…

From The Editor’s Desk

PhonePe’s FY26 Loss Widens

The fintech major’s net loss surged 62% YoY to ₹2,792 Cr in FY26 as higher employee costs, elevated marketing spends, ESOP expenses, and exceptional write-offs offset double-digit revenue growth.
Meanwhile, operating revenue rose 11.5% YoY to ₹7,920.5 Cr during the fiscal under review on the back of UPI incentives, sale of services and gains from divesting its stake in MapmyIndia. In line with this, expenses also surged over 16% YoY to ₹10,588.5 Cr.
The lacklustre financial performance comes as PhonePe has put its OFS-only IPO on hold. The fintech major was earlier looking to raise up to $1.5 Bn via its IPO at a likely valuation of up to $10.5 Bn.

New Norms For Crypto Exchanges

The CBDT has issued the Crypto-Asset Reporting Framework, which mandates crypto service providers to identify trading users, establish their tax residency and file details of transactions via Form 167. It will come into effect beginning CY26.
While it does not bring in new taxes for virtual digital assets, the guidelines seek to bring visibility into crypto-assets that are held outside the traditional financial system and across national borders.
The Indian crypto industry has broadly welcomed the guidelines, saying it brings greater certainty to compliance, strengthens tax transparency and creates more consistent reporting standards across the industry.

Omega Seiki Bags ₹50 Cr

The EV manufacturer has raised around $5.2 Mn in a fresh round from Saket Aggarwal Family Office, Securocorp Securities and others to expand manufacturing capacity, strengthen R&S, launch new products and scale its nationwide dealer network.
Founded in 2018, Omega Seiki sells electric two-wheelers, three-wheelers and trucks for commercial use. With facilities in Faridabad and Pune, the startup reported a revenue of ₹333 Cr in FY26 against a net profit of ₹7.3 Cr.
The fundraise comes amid growing adoption of electric vehicles. Buoyed by subsidy support, electrification mandates and heavy demand from ecommerce players, the homegrown EV market is projected to become a $132 opportunity by 2030.

Zepto Vs Zepto Finance

Following a trademark infringement case filed by the quick commerce major, the Delhi HC has issued an ex-parte interim injunction against entities operating under the name “Zepto Finance”, restraining them from using the Zepto trademark.
In its plea, Zepto alleged that NBFC Naman Finlease was using the domain name “zeptofinance.com” to offer lending services. The court observed that the use of “Zepto Finance” could cause confusion among consumers and issued summons.
The order comes as Zepto is gearing up to list on the bourses. As per its updated DRHP, the quick commerce major’s IPO will comprise a fresh issue of shares worth ₹8,010 Cr and an OFS of up to 11.35 Cr shares.

IndiaMART Doubles Down On Fleetx

The B2B ecommerce platform will invest about ₹65 Cr in the fleet management startup to expand its portfolio of B2B SaaS solutions. Post the completion of the deal next month, IndiaMART will own 25.8% stake in Fleetx.
Founded in 2017, Fleetx offers AI-powered solutions that enable businesses to track vehicles in real time, monitor fuel consumption and optimise routes. Having raised $40 Mn to date, the startup reported a revenue of ₹77.8 Cr in FY25.
The acquisition comes after IndiaMART saw decline in paid suppliers for the third consecutive quarter in Q1 FY27. Despite this, it reported a 12% YoY jump in profits to ₹172.2 Cr during the quarter, while operating revenue rose 11% YoY to ₹414.4 Cr.

Inc42 Markets

Inc42 Startup Spotlight

Can TakeMe2Space Build An AI Data Centre In Space?

Satellites generate vast volumes of imagery, but most of this data still has to travel back to Earth before AI can make sense of it. This creates delays, bandwidth costs and inefficiency for users, who only need a few insights. Enter TakeMe2Space, a startup trying to fix this problem.

Compute In Orbit: Founded in 2023, TakeMe2Space wants to turn satellites into processing units that enable enterprises to process Earth observation data directly in space. Its flagship satellite, MOI-1A, is designed as a flying compute node with onboard 17 TOPS AI processing, multispectral imaging and software that lets customers upload and deploy their own models.

Beyond Imaging: The startup also sells a SaaS tool, called OrbitLab, which lets developers deploy AI models on their orbital workloads without learning space-specific software. While it is yet to put its maiden workload in space, TakeMe2Space already works with the likes of universities, enterprises and AI startups across geographies.

The Indigenous Stack: To fuel its orbital data centre vision, TakeMe2Space has also built a portfolio of proprietary technologies from scratch, spanning satellite hardware, radiation protection, power electronics, thermal management and orbital deployment. It now plans to build low-cost solar cells and optical inter-satellite links – both targeted to become flight-ready by 2027.

The Road Ahead: The startup, which has had to deal with a failed PSLV mission earlier this year, now plans to fly again in October aboard a SpaceX Falcon 9. It is also raising a $55 Mn Series A round to support a six-satellite constellation and expand its orbital cloud vision. So, can TakeMe2Space build the AWS of space?

Infographic Of The Day

On the surface, it’s about ordering food. Behind the scenes, it’s a battle for billions of revenue, millions of users and Lakhs of restaurant partners. Here is how Zomato and Swiggy stack up against each other on key business metrics…

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Tata Digital Posts Nearly ₹5,000 Cr Loss In FY26 As BigBasket Bleeds

noreply@blogger.com (Unknown) — Tue, 28 Jul 2026 00:24:14 +0000

Digital juggernaut Tata Digital’s net losses ballooned 7.9% to ₹4,974 Cr in the fiscal year 2025-26 (FY26) as against ₹4,610 Cr in the year ago period.

The losses came primarily on the back of BigBasket, which continued to guzzle cash and accounted for nearly 64% of the digital giant’s losses during the fiscal. Nevertheless, other portfolio digital brands continued to drive volume.

According to Tata Sons’ annual report for FY26, Tata Digital’s revenue rose 11.9% to ₹35,990 Cr in the fiscal under review as against ₹32,188 Cr in FY25. GMV also scaled to ₹46,515 Cr within four years of launch, said Tata Group chairman Natarajan Chandrasekaran.

“Over the past few years, Tata Digital has navigated multiple complexities across its businesses. The Indian ecommerce market shifted rapidly towards quick commerce, which BigBasket is adapting to. In FY26, Tata Digital reported a loss of ₹4,974 Cr. But Tata Digital’s ambitions are great and are beginning to show progress. It has scaled to a GMV of ₹46,515 Cr within four years of launch…,” said Chandrasekaran in a shareholder letter.

Amid rising losses, the conglomerate appears to have changed the course of Tata Neu, pivoting the super app to financial services. Chandrasekaran said that the Tata Neu card has become one of India’s largest co-branded credit cards adding that Neu will now focus on financial services and loyalty offerings.

“… The Tata Neu card is one of India’s largest co-branded credit cards. We have made a decisive shift – refocusing Tata Neu on financial services and loyalty. In the coming year, Tata Neu will double down on financial services, aim to increase payments monthly transacting users by 10X, and expand our ecosystem across lending and insurance,” added the Tata Group’s top executive.

Meanwhile, Tata Digital remained a work in progress. From BigBasket and Tata 1mg to Tata Neu and Daily Ninja, most digital verticals generated losses in FY26.

Hyperlocal delivery arm BigBasket’s B2C arm, Innovative Retail Concepts Pvt Ltd, generated a loss of ₹3,073.1 Cr in FY26 against a turnover of ₹8,223 Cr. On the other hand, BigBasket’s B2B arm, Supermarket Grocery Supplies Pvt Ltd, clocked a turnover of ₹2,298.2 Cr, while losses stood at a nifty ₹101.7 Cr during the fiscal.

The situation was no different at digital pharmacy subsidiary Tata 1mg, where revenue is split across two entities. While Tata 1mg Technologies minted a profit of ₹17.5 Cr in FY26, the flagship epharmacy and diagnostics arm Tata 1mg Healthcare Solutions reported a loss of ₹310 Cr. On similar lines, payment aggregator arm Tata Payments also returned a loss of ₹85 Cr during the fiscal.

Meanwhile, Tata Cliq, the fashion ecommerce platform of the Tata Group, reported a turnover of ₹354.4 Cr in FY26 while net loss stood at ₹252.8 Cr. Croma, the omnichannel consumer electronics and goods subsidiary, also clocked a turnover of ₹21,532 Cr during the fiscal under review as against a net loss of ₹614 Cr.

The negative portfolio came despite Tata Sons’ direct investment in Tata Digital standing at ₹22,903 Cr as of March 2026.

Meanwhile, on the semiconductor front, Chandrasekaran said that the chip manufacturing arm, Tata Electronics, has become the fourth-largest subsidiary within the Tata Group by revenue, with a top line of ₹1.31 Lakh Cr, up nearly 97% YoY. He further added that the vertical has already achieved breakeven.

As per the annual report, Tata Electronics’ losses grew multifold from a mere ₹70 Cr in FY25 to ₹1,611 in FY26, suggesting that the conglomerate is spending heavily to scale its semiconductor manufacturing capabilities.

“Tata Electronics is currently constructing India’s first high-volume fab in Gujarat, and packaged India’s first indigenous microprocessor. We will develop advanced packaging, indigenous electronics and semiconductor solutions, capabilities in semiconductor materials, and work with the most advanced lithography tools in Dholera (in Gujarat),” added Chandrasekaran.

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EV Manufacturer Omega Seiki Nets ₹50 Cr To Expand Capacity

noreply@blogger.com (Unknown) — Mon, 27 Jul 2026 11:24:04 +0000

Electric vehicle manufacturer Omega Seiki Mobility (OSM) has secured ₹50 Cr ($5.2 Mn) in a fresh funding round from Saket Aggarwal Family Office, Securocorp Securities, angel investors Sangeeta Pareekh and Vanshika Sharma.

The startup said that the fresh capital will be used to expand manufacturing capacity, strengthen research and development, enhance its nationwide dealer and service network, while also accelerating the rollout of next-generation electric mobility solutions.

Founded in 2018 by Uday Narang, OSM is an EV manufacturer working across multiple vehicle categories including two-wheelers, cargo and passenger three-wheelers, and trucks tailored for commercial use. Its EV models include Rage+, Stream, and Mopido.

It is part of a consortium of global family-owned businesses, The Anglian Omega Network, which is present in 6 countries, namely India, UAE, Switzerland, Thailand, Japan and Hong- Kong. Anglian Omega Group consists of more than 20 companies.

OSM competes with players such as Mahindra Electric, Euler Motors, Altigreen, and Piaggio Vehicles. While its peers largely doubled down on cargo EVs, OSM built a broader product stack across cargo three-wheelers, passenger EVs, premium two-wheelers, and light commercial vehicles.

With production facilities in Faridabad and Pune, OSM said that it is expanding its footprint across cargo three-wheelers, passenger vehicles, premium electric two-wheelers, and electric light commercial vehicles.

Prior to this round, the Delhi NCR-based startup raised $3 Mn in a seed round led by EXEDY.

On the financial side, OSM said that its FY26 revenue stood at ₹333 Cr, and its profit after tax was ₹7.3 Cr, with a 7.7% EBITDA margin.

The fundraise comes at a time when India’s logistics sector continues to see electrification gather pace, particularly in commercial mobility. EV manufacturers are gaining huge demand from ecommerce and FMCG companies, and subsidy support under PM E-DRIVE schemes, convincing investors for bigger bets in these businesses.

For instance, electric commercial vehicle maker Euler Motors raised ₹437.5 Cr ($47 Mn) in a Series E funding round in March, to expand its product line as well as manufacturing capacity.

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Infosys Cofounder Nandan Nilekani To Lead PM Modi’s Exam Reforms Task Force

noreply@blogger.com (Unknown) — Mon, 27 Jul 2026 08:24:26 +0000

Prime Minister Narendra Modi has constituted a high-powered task force, headed by Infosys cofounder Nandan Nilekani, to recommend reforms aimed at making India’s public examination system more transparent, reliable, and resistant to paper leaks.

The announcement came a day after the Centre reached an agreement with student protestors, bringing an end to agitation over alleged NEET exam irregularities and paper leaks.

In a social media post, Modi said the government would implement the task force’s recommendations and extensively use technology to strengthen the credibility of examinations conducted by the National Testing Agency (NTA).

“Our examination system needs to be reliable and transparent, and it must make maximum use of technology,” the PM said.

“Keeping all these factors in mind, we have decided to constitute a high-powered task force under the leadership of the world-renowned technology expert Nandan Nilekani. This task force will focus on examination reforms, and based on its report, steps will be taken to ensure the credibility of upcoming examinations at the earliest,” he added.

Apart from Nilekani, the task force includes former ISRO chairman S Somanath, former Intelligence Bureau director Tapan Deka, IIT Madras director V Kamakoti, former education secretary Anita Karwal, and logistics expert Amrit Lal Meena.

Nilekani’s appointment underscores the government’s preference for a technology-led approach to addressing paper leaks and broader shortcomings in India’s examination ecosystem.

Why Nandan Nilekani?

Nilekani is widely regarded as one of the principal architects of India’s digital public infrastructure.

The Infosys cofounder stepped away from Infosys in 2009 to become the founding chairman of the Unique Identification Authority of India (UIDAI), where he led the rollout of Aadhaar. The platform has since become a key pillar of India’s welfare delivery, financial inclusion, and digital identity ecosystem.

Beyond Aadhaar, Nilekani has advised successive governments on large-scale digital public infrastructure initiatives, including projects linked to GST and digital payments. In 2023, he was appointed co-chair of the G20 Task Force on Digital Public Infrastructure for Economic Transformation, Financial Inclusion and Development.

His work across governments led by different political parties has made him one of India’s most influential technology policymakers.

Government Tightens Focus On Exam Reforms

The announcement followed more than a month of protests, led by the Cockroach Janta Party (CJP), at New Delhi’s Jantar Mantar over the alleged NEET-UG 2026 paper leak, irregularities in the CBSE’s on-screen marking process, and wider concerns about the conduct of public examinations.

Following three rounds of talks, the Centre and the CJP reached an agreement on July 25 (Saturday). As part of the agreement, Union education minister Dharmendra Pradhan resigned.

Alongside the task force, the Centre has also stepped up its legislative response to examination fraud. It has established dedicated fast-track courts to hear cases under the Public Examinations (Prevention of Unfair Means) Act, 2024.

The government is also expected to introduce amendments in the Lok Sabha that would mandate fast-track courts in every state, require investigations to be completed within two months, and enhance penalties to up to 10 years’ imprisonment and fines of ₹50 Lakh for individuals convicted of examination-related offences. Organised paper leak rackets could face fines of up to ₹10 Cr.

The post Infosys Cofounder Nandan Nilekani To Lead PM Modi’s Exam Reforms Task Force appeared first on Inc42 Media.

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Crypto Debate Resurfaces, Weekly Funding Tanks & More

noreply@blogger.com (Unknown) — Mon, 27 Jul 2026 03:24:25 +0000

Parliamentary Panel Reignites Crypto Debate

For years, India’s approach to cryptos revolved merely around taxation. A parliamentary panel has now suggested creating a self-regulatory organisation (SRO) to fill this regulatory gap. So, is the country finally inching towards a real crypto rulebook?

A New Crypto Regime? The Parliamentary Standing Committee on Finance has proposed creating an interim mechanism to regulate virtual digital assets (VDAs) through an SRO, operating under a designated regulator. It has also sought more clarity on tokenised securities and crypto investment products under the proposed Securities Markets Code, 2025.

The Vacuum: The panel acknowledged that excluding VDAs from securities law has created a regulatory grey area. While the current policy imposes a 30% tax on gains from cryptos and mandates transaction reporting, the crypto ecosystem still lacks a dedicated framework. This gap has left startups and investors in an uncertain environment, where compliance exists but market structure does not.

Industry Cheers On: Crypto executives are calling the recommendations significant as they move the conversation beyond punitive taxation. Many see the recommendations as the first step toward clearer rules, better investor protection and a framework that distinguishes different digital asset classes within the crypto ecosystem.

Questions Remain: Nevertheless, uncertainty remains. Industry leaders claim that VDAs are too varied to fit into one bucket and under one regulator. As per them, tokenised securities should fall under SEBI, payment-linked assets under the RBI and a dedicated framework should oversee crypto-native assets. They also want the SRO’s powers to be limited to audits, setting standards and grievance redressal, while the regulator retains licensing and enforcement power.

As crypto platforms ponder if the Parliamentary recommendations actually translate into a law, is this the beginning of a real regulatory framework for cryptocurrencies? Let’s find out…

From The Editor’s Desk

Weekly Startup Funding Tanks

Indian startups cumulatively raised $209 Mn across 14 deals last week, down 26% from $281 Mn across 24 deals in the preceding week. Zetwerk and Veriqus took home the biggest cheques last week at $52 Mn and $40 Mn, respectively.
Manufacturing emerged as the most funded sector last week and bagged $52 Mn. Following suit was the SaaS sector, which raised $50 Mn across two deals. AI startups managed to raise $259K, down 60% week-on-week.
Early-stage activity remained thin as seed-stage startups raised about $1.8 Mn across three deals. However, Series A startups managed to bag $31.7 Mn across three rounds. Norwest emerged as the most active investor last week, backing two startups.

Bearish Week For Startup Stocks

Of the 59 new-age tech stocks under Inc42’s coverage, only 16 ended last week in the black, gaining between 0.15% to 29%. The remaining 43 stocks declined between 0.03% to over 9%.
BlueStone and E2E Networks gained the most last week, while Swiggy and Ather emerged as the biggest losers. The combined m-cap of the 59 new-age tech companies stood at $138.25 Bn last week, down from $142.41 Bn commanded a week earlier.
Going forward, investors will closely track the US Federal Reserve’s policy decision, movements in crude oil prices, domestic macroeconomic data and the ongoing Q1 FY27 earnings season for market cues.

Inside ShareChat’s Turnaround

The social media giant is gearing up to list on the bourses. But ShareChat’s path to a $400 Mn IPO next year looks very different from a startup that spent years fighting slowing growth, layoffs and monetisation issues.
The unicorn crossed ₹1,000 Cr in top line in FY26 and reported profitability in Q1 FY27. This came on the back of stronger unit economics, a disciplined operating model and a management focused on sharper but fewer priorities.
But the biggest ace up its sleeve has been microdramas, which contributed 25% to ShareChat’s revenue in FY26. The unicorn is also leaning heavily into AI to lift engagement and improve both content distribution and decision-making.

Indian Startup FY26 Tracker

Of the 65 startups that have released their numbers, 49 generated a net profit of ₹12,016 Cr. However, the remaining 16 reported a cumulative loss of ₹14,932.4 Cr, underscoring that sustainable profitability remains a work in progress for a section of the ecosystem.
Even so, the scale of the Indian startup ecosystem continued to expand. The 65 companies generated ₹2.58 Lakh Cr in operating revenue in FY26, up 50% from ₹1.7 Lakh Cr in FY25.
Meanwhile, a growing number of startups are inching closer to profitability after years of cost rationalisation due to funding winter, geopolitical tensions and investors tightening their purses.

VAHDAM Sets Eyes On India

Most Indian consumer brands win at home before they dare to dream global. VAHDAM went the other way. It first spent a decade proving that Indian teas can compete on global shelves at Walmart and Costco, and is now turning its sights back to home turf.
In the past ten years, the startup has stitched together a farm-to-cup supply chain, sourcing teas and botanicals from thousands of farmers and shipping products directly to users across 180+ countries.
The tea brand is now eyeing ₹500 Cr in top line in FY27 and ₹1,000 Cr by FY29. As part of this, VAHDAM is focusing its energies on India: building local price points, everyday wellness products for sleep and immunity, and a digital-first playbook.

Inc42 Markets

Inc42 Startup Spotlight

Making India’s CCTV Networks Smarter

Much of India’s surveillance layer still depends on foreign computer vision systems, raising questions about sovereignty, customisation and control. ProactAI is trying to close this gap with an indigenous AI stack built for critical infrastructure.

A Sovereign Stack: Founded in 2024, ProactAI is developing what it calls India’s first vertical vision foundational model focused on object tracking and real-time intelligence. Its flagship product, Bhaskara, is designed to work on top of existing CCTV networks without new hardware, reducing dependence on imported tools.

The Vision Intelligence: Bhaskara converts conventional surveillance feeds into AI-powered monitoring systems that can identify persons of interest, track movement across multiple cameras and surface operational insights in real time. With 98% accuracy in person re-identification, ProactAI is positioning itself for deployments at airports, industrial plants and other large-scale facilities.

Eye On The Prize: Backed by ixigo, ProactAI claims to have already deployed its solutions across 500+ retail locations. The startup is now betting that it can build an affordable surveillance software with domestic control over data. With the global computer vision market projected to become a $53 Bn opportunity by 2030, can ProactAI help India secure its most sensitive spaces with AI?

Infographic Of The Day

The UPI race turned interesting in June as smaller players continued to expand their presence in the digital payments ecosystem. Here is how the numbers stack up…

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Swiggy Plummets, BlueStone Soars Amid Bearish Week For New-Age Tech Stocks

noreply@blogger.com (Unknown) — Sat, 25 Jul 2026 14:24:34 +0000

It was a bearish week for India’s new-age tech stocks as renewed geopolitical tensions and a broad-based market selloff weighed on investor sentiment.

Of the 59 new-age tech stocks under Inc42’s coverage, only 16 ended the week in the green, gaining between 0.15% to nearly 29%. Meanwhile, the remaining 43 stocks closed lower, declining anywhere between 0.03% to over 9%.

Swiggy emerged as the week’s biggest loser, tumbling 9.19% to ₹251.40, while Fractal also declined more than 9% to end at ₹787.20.

We have added AI cloud service provider E2E Networks to our weekly new-age tech stocks coverage from this week.

Quarterly earnings remained the biggest stock-specific trigger during the week, with investors rewarding strong performers while punishing weaker results and cautious outlooks.

Go Digit, for instance, declined 8.95% to ₹256.50 after reporting a sharp fall in its Q1 FY27 net profit. Investor sentiment around Paytm, Eternal, Turtlemint (Q4 FY26) and IndiaMART Intermesh also remained largely dictated by their respective quarterly disclosures.

Here’s a look at the key headline numbers from the Q1 earnings season this week:

At the other end of the spectrum, strong quarterly performances fuelled sharp rallies in BlueStone and E2E Networks. BlueStone surged 28.9% to end the week at ₹772.90, while E2E Networks climbed to a fresh all-time high of ₹516.95.

The week also saw eight new-age tech stocks — BlueStone, E2E Networks, Kissht, Amagi, Zelio E-Mobility, Lenskart, Aye Finance and Nykaa — touch fresh lifetime highs. In contrast, DevX and Zappfresh slipped to new lows.

The combined market capitalisation of the 59 new-age tech companies stood at $138.25 Bn at the end of the week, down from $142.41 Bn commanded by 58 companies a week earlier.

With that, here’s a look at some of the biggest developments from the week.

Key Updates Of The Week

Flipkart Sells Stake In Shadowfax: Shadowfax investors Flipkart and Eight Roads Ventures offloaded shares worth as much as ₹1,654.4 Cr through multiple block deals shortly after the lock-in period expired for the recently listed logistics company.
Paytm Drops Bonus Issue Plan: A week after the company floated the proposal, Paytm’s board decided against undertaking its maiden bonus issue, saying the company should instead focus on compounding growth and profitability to maximise shareholder value.
Ather Energy Closes QIP: The EV maker raised about ₹1,300 Cr through its qualified institutional placement, allotting 1.08 Cr equity shares at ₹1,202 apiece. The QIP forms part of Ather’s broader ₹2,500 Cr capital raise aimed at funding debt repayment, research and development, and marketing.
Klassroom To List Next: The edtech startup’s SME IPO will open on July 31. The public issue, comprising a fresh issue of up to 19.89 Lakh shares and an offer for sale of up to 4.66 Lakh shares, is priced at ₹151-159 per share and aims to raise ₹39 Cr.
Meesho Faces Fresh Allegations: Proxy advisory firm InGovern urged SEBI to inspect Meesho’s logistics arm Valmo over alleged GST underpayment and inadequate tax disclosures. Meesho rejected the allegations, maintaining that its tax positions are fully compliant with applicable laws and disclosure norms.
InMobi Braces For IPO: The SoftBank-backed adtech unicorn has appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital and Axis Capital to manage its proposed $1 Bn IPO. The company is expected to formally kick off the listing process shortly, though the final issue size and structure are still being finalised.
Zaggle Continues Acquisition Spree: The fintech SaaS company approved the acquisition of a 19.9% stake in cross-border payments startup Unobanc for ₹7.97 Cr. The investment is expected to strengthen Zaggle’s cross-border payments, forex and remittance offerings.
Zappfresh Claims Strong Growth In Q1: The SME-listed meat delivery startup said its revenue jumped 58% year-on-year to ₹74 Cr in Q1 FY27, driven by expansion across retail stores and quick commerce channels. The company is targeting ₹600 Cr in revenue by FY28.
TAC Infosec Enters Consumer Cybersecurity: The cybersecurity company plans to acquire Israel-based Safehouse Technologies, marking its entry into the consumer cybersecurity segment. Safehouse’s flagship app, which has crossed 1 Mn downloads, will operate under a new entity called TAC Safehouse Technologies.

With that, let’s take a look at broader market trends.

Markets Succumb To Rising Geopolitical & Crude Oil Risks

Indian equity markets ended the week on a weak note as benchmark indices extended their losing streak, weighed down by a sharp spike in crude oil prices, escalating tensions in West Asia and persistent foreign institutional investor (FII) outflows.

Investor sentiment deteriorated as Brent crude breached the $100-per-barrel mark following the escalation of the US-Iran conflict and disruptions in the Strait of Hormuz, raising concerns over imported inflation and pressure on corporate margins.

Consequently, the Sensex fell 2.68% to close at 76,059.77, while the Nifty declined 2.33% to settle at 23,767.45.

Despite the broader risk-off environment, domestic macroeconomic indicators offered some relief. Private sector activity remained in expansion territory, with the composite PMI coming in at 54.3, while India’s foreign exchange reserves rose to $675.16 Bn.

Stock-specific buying also emerged in the auto and FMCG sectors, with Bajaj Auto and TVS Motor outperforming following strong quarterly earnings.

From a technical standpoint, the Nifty has broken below its 23,800-24,400 consolidation range and is now trading below key moving averages, with immediate support placed near the 23,600 level.

Going ahead, investors will closely track the US Federal Reserve’s policy decision, movements in crude oil prices, domestic macroeconomic data, including June IIP and fiscal deficit numbers, and the ongoing Q1 FY27 earnings season.

Now, let’s take a closer look at this week’s biggest gainer and biggest loser.

BlueStone Stock Rallies On Strong Performance

BlueStone emerged as the week’s standout performer, with its shares rallying nearly 29%. The omnichannel jewellery brand started the week trading around the ₹600-610 mark before witnessing sustained buying interest, eventually touching a high of ₹792.30 and closing the week at ₹772.40.

Investors cheered the company’s strong Q1 FY27 performance. BlueStone remained profitable during the quarter, reporting a consolidated net profit of ₹5.9 Cr against a loss of ₹34.7 Cr a year earlier. Operating revenue also surged 50% YoY and 8% sequentially to ₹736.8 Cr.

Management commentary pointing to robust domestic demand, continued retail expansion and healthy same-store sales growth further boosted investor confidence.

Strong momentum in gold and diamond jewellery sales, coupled with improving margin profiles, also provided fundamental support for the stock’s sharp rerating.

Another Bad Week For Swiggy

Swiggy ended as the week’s worst-performing new-age tech stock, with its shares declining 9.19% to ₹251.40.

The selloff came after the foodtech major approved a proposal to cap foreign ownership at 49.5% in a bid to qualify as an Indian-owned and controlled company (IOCC).

While strategically important for the company, the move sparked concerns that Swiggy could be excluded from global benchmark indices such as the MSCI Standard Index and FTSE, potentially triggering sizable passive fund outflows.

According to Nuvama Alternative & Quantitative Research, Swiggy could see passive outflows of nearly $460 Mn if its foreign ownership limit is reduced to 49.5%, resulting in its removal from major global indices.

Investor sentiment was further dented by Flipkart’s plan to foray into the food delivery business, intensifying competition in a market currently dominated by Swiggy and Eternal-owned Zomato. Continued concerns around margin pressure in Swiggy’s quick commerce business, Instamart, also weighed on the stock.

Edited by Vinaykumar Rai

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Can Parliamentary Panel’s Latest Recommendations Break Crypto Policy Deadlock?

noreply@blogger.com (Unknown) — Sat, 25 Jul 2026 13:24:25 +0000

For years, India’s approach towards cryptocurrencies has largely revolved around taxation, anti-money laundering (AML) compliance and transaction reporting, while a comprehensive regulatory framework has remained elusive.

Now, the Parliamentary Standing Committee on Finance’s recommendations on the proposed Securities Markets Code, 2025, have reignited hopes within the crypto industry that the policy conversation may finally be moving beyond taxing crypto transactions towards regulating the market itself.

The committee has recommended creating an interim regulatory mechanism for virtual digital assets (VDAs) through a recognised self-regulatory organisation (SRO) operating under a designated regulator. It has also sought greater clarity on how crypto investment products and tokenised securities should be treated under the proposed law.

The recommendations do not change India’s regulatory framework. But for many in the industry, they represent something equally significant: a parliamentary panel formally acknowledging that the sector continues to operate in a regulatory grey area.

“It’s an important signal, though not yet a shift in policy. It’s a shift in official acknowledgement,” Mudrex founder and CEO Edul Patel told Inc42.

According to Patel, the committee has, for the first time in a parliamentary document, recognised that excluding VDAs from India’s securities framework has created a regulatory gap that needs to be addressed.

India currently taxes income from VDAs at 30%, levies a 1% TDS on specified VDA transfers above prescribed thresholds, and requires crypto exchanges and other VDA service providers to register with the Financial Intelligence Unit-India (FIU-IND) under the Prevention of Money Laundering Act (PMLA) framework. However, the country is yet to introduce a comprehensive law governing the sector.

SB Seker, head of APAC at Binance, believes the committee’s observations indicate that policymakers are beginning to look beyond compliance measures.

“The Parliamentary Standing Committee’s recommendations signal a shift in the right direction towards a more comprehensive framework for the regulation of digital assets,” Seker said.

Who Should Regulate Crypto?

The committee’s recommendations also revive another long-running debate: should all digital assets be regulated under one framework? Industry executives argue the answer is no.

They contend that cryptocurrencies, stablecoins, tokenised securities and other blockchain-based assets perform fundamentally different economic functions and therefore should not be regulated together simply because they are built on similar technology.

“VDAs are not one asset class, and treating them as one is what created the current grey area,” Patel said.

He suggested broadly classifying digital assets into three buckets – tokenised securities and real-world assets such as equities, bonds and gold; payment-oriented assets such as stablecoins; and crypto-native assets such as Bitcoin and Ethereum.

Under such a framework, tokenised securities could come under SEBI’s jurisdiction, payment-oriented assets could fall within the RBI’s remit, while crypto-native assets could be governed under a dedicated VDA framework supported by the proposed SRO.

WazirX vice president Rajgopal Menon said regulatory responsibilities should be assigned according to the nature of each activity, with coordination between regulators becoming increasingly important as digital asset businesses expand across multiple segments.

A Push For Tokenised Assets

Beyond cryptocurrencies, industry executives believe the committee’s recommendations could have implications for the tokenisation of traditional financial assets.

Tokenisation involves representing ownership of assets such as equities, bonds, fund units or even property through blockchain-based digital tokens. The committee’s emphasis on a technology-neutral Securities Markets Code suggests that a financial instrument should continue to be regulated according to its underlying characteristics, regardless of whether it exists on conventional market infrastructure or blockchain.

Manhar Garegat, India head at Liminal Custody, said this could remove a key ambiguity around tokenised securities.

“A security can exist on distributed ledger technology or blockchain in the form of a digital asset and still qualify as a security, provided it satisfies the criteria laid down under the Code,” Garegat said.

Sidharth Sogani Jain, founder, CEO and fund manager at Blue Aster Capital and CREBACO Global, further noted that tokenisation is increasingly being viewed globally as an evolution of financial market infrastructure rather than the creation of a new asset class. However, legal ownership, custody, settlement, investor protection, and market integrity would still need to be addressed before large-scale adoption.

Patel said the clarification could give issuers and market infrastructure institutions greater confidence to experiment with tokenised bonds, funds and other real-world assets without waiting for the broader VDA framework to be finalised.

Can An SRO Fill The Gap?

The committee’s proposal for an interim SRO has also received broad support from industry executives, although most see it as a bridge rather than a permanent solution.

Patel said an effective SRO should be empowered to prescribe membership standards, mandate disclosures and audits, suspend non-compliant platforms and operate an effective grievance redressal mechanism.

However, Garegat believes the quality of regulatory supervision will matter more than the breadth of SRO’s independent powers.

Seker described an interim SRO-led framework as a “pragmatic first step”, provided it is backed by clear governance standards, transparency and investor protection.

Industry stakeholders agree that licensing, statutory enforcement and policymaking must ultimately remain with the government and the designated regulator.

For now, the committee’s recommendations remain non-binding, and whether they translate into policy will depend on the government’s response and the actions it takes.

Whether this finally breaks India’s crypto policy deadlock remains to be seen. But for an industry that has spent years navigating uncertainty, the committee’s recommendations have at least restarted a conversation that had long appeared to be stuck.

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From Zetwerk To Veriqus — Indian Startups Raised $209 Mn This Week

noreply@blogger.com (Unknown) — Sat, 25 Jul 2026 05:24:31 +0000

Indian startup funding slowed in the fourth week of July. Between July 18 and July 24, Indian startups cumulatively raised about $209.1 Mn, down 26% from the $281.4 Mn raised in the preceding week.

Deal volume fell more sharply to 14 from last week’s 24 funding deals. Four rounds exceeding $40 Mn — Zetwerk, Veriqus, BUSINESSNEXT and Raghu Vamsi Aerospace — accounted for $172.1 Mn, or over 80% of the week’s total, leaving the remaining 10 startups to split about $37 Mn between them.

Date	Name	Sector	Subsector	Business Model	Funding Round Size	Funding Round Type	Investors	Lead Investor
24 Jul 2026	Zetwerk	Enterprise Services	Manufacturing Solutions	B2B	$52 Mn	–	Bharat Value Fund (Pantomath Group)	Bharat Value Fund (Pantomath Group)
20 Jul 2026	Veriqus	Fintech	Wealth Tech	B2C	$40.1 Mn	–	Norwest	Norwest
23 Jul 2026	BUSINESSNEXT	Enterprise Tech	Horizontal SaaS	B2B	$40 Mn	Series C	ServiceNow Ventures	ServiceNow Ventures
20 Jul 2026	Raghu Vamsi Aerospace	Advanced Hardware & Technology	–	B2B	$40 Mn	–	Norwest, Skegen Asset Management, Indus Bridge Ventures, GJNX Ventures, Ashish Kacholia (Lucky Investment Managers)	Norwest, Skegen Asset Management
20 Jul 2026	Plazza	Consumer Services	Quick Commerce	B2C	$15 Mn	Series A	Accel, Elevation Capital, Nexus Venture Partners, All In Capital, Better Capital	Accel, Elevation Capital, Nexus Venture Partners
23 Jul 2026	CARPL.ai	Enterprise Tech	Vertical SaaS	B2B	$10 Mn	Series A	International Finance Corporation, Stellaris Venture Partners	International Finance Corporation
21 Jul 2026	30 Sundays	Travel Tech	Listing & Discovery	B2C	$6.7 Mn	Series A	Bessemer Venture Partners, Info Edge Ventures, Eximius Ventures	Bessemer Venture Partners
23 Jul 2026	Farm Watt	Clean Tech	Climate Tech	B2B	$3.3 Mn	–	IAN Alpha Fund (India Angel Networks), Rainmatter	IAN Alpha Fund (India Angel Networks)
22 Jul 2026	Bioscan Research	Health Tech	Medical Equipments	B2B	$1 Mn	Seed	Unicorn India Ventures	Unicorn India Ventures
20 Jul 2026	LNGVTY	Ecommerce	D2C	B2C	$518K	Seed	Rukam Capital	Rukam Capital
21 Jul 2026	FireAI	AI	Application Layer	B2B	$259K	–	SucSEED Indovation Fund	SucSEED Indovation Fund
23 Jul 2026	NeuralKart	Fintech	Insurtech	B2C	$243K	Seed	Inflection Point Ventures	Inflection Point Ventures
21 Jul 2026	SolarSquare	Clean Tech	Climate Tech	B2B	–	Series C*	MS Dhoni (Cricketer)	MS Dhoni (Cricketer)
21 Jul 2026	Khageshvara Aviation Technology	Advanced Hardware & Technology	Aerial Vehicles	B2B	–	–	Finvolve, India Accelerator, Rukam Capital, ACIC-VGU	Finvolve, India Accelerator
	Source: Inc42 *Part of a larger round

Key Startup Funding Highlights Of The Week

Enterprise Services was the top-funded sector, drawing $52 Mn from a single deal — Zetwerk’s pre-IPO round. This round accounted for about 25% of the week’s total funding.
Enterprisetech sector was second, raising $50 Mn across two deals. BUSINESSNEXT led the segment with a $40 Mn Series C from ServiceNow Ventures.
AI’s share collapsed from nearly 60% of last week’s funding to a single $259K round raised by FireAI.
Early-stage activity was thin. Three seed-stage startups raised about $1.8 Mn between them, led by Bioscan Research’s $1 Mn round. Three Series A rounds accounted for $31.7 Mn.
Norwest backed two startups this week — Veriqus and Raghu Vamsi Aerospace — as did Rukam Capital, which invested in LNGVTY and Khageshvara Aviation Technology.

Startup IPO Updates Of The Week

Edtech startup Klassroom fixed a price band of ₹151-159 per share for its SME IPO, which opens on July 31 and closes on August 4. Parent Fusion Klassroom Edutech is seeking a valuation of ₹148.1 Cr and looking to raise ₹39 Cr at the upper end of the price band.
SoftBank-backed adtech unicorn InMobi has reportedly appointed JPMorgan Chase, Jefferies, Kotak Mahindra Capital and Axis Capital to helm its proposed $1 Bn (₹9,634 Cr) IPO.

Other Developments Of The Week

Ather Energy raised about ₹1,300 Cr through a qualified institutional placement, allotting 1.08 Cr equity shares at ₹1,202 apiece. It forms part of the electric two-wheeler maker’s broader ₹2,500 Cr capital raise, with proceeds going towards debt repayment, R&D and marketing.
Transition VC launched its second fund with a target corpus of ₹1,500 Cr (over $155 Mn) to back engineering-led startups across energy transition, advanced manufacturing and industrial deeptech. The fund will write cheques of $2 Mn to $5 Mn into more than 20 startups over four years, with deployment beginning in Q3 FY27.
Fintech SaaS company Zaggle Prepaid Ocean Services approved a strategic investment of up to ₹7.97 Cr in Unobanc for a stake of up to 19.9%. Unobanc, a wholly owned subsidiary of Hop Financial Solutions operating under the moneyHOP brand, holds a full-fledged money changer licence.

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Veefin Gets Board Nod To Raise ₹35 Cr Debt

noreply@blogger.com (Unknown) — Fri, 24 Jul 2026 20:24:27 +0000

BSE SME-listed Veefin Solutions has received board approval to raise up to ₹35 Cr via issuance of non-convertible debentures (NCDs).

In a filing with the exchanges, the company said that it will issue up to 3.5 Lakh NCDs, with a face value of ₹1,000 each. Veefin also said that the debt will be issued in one or more tranches via a private placement.

The company also noted that its board has authorised certain undisclosed persons to determine and finalize the terms and conditions for the fundraise.

“… We wish to inform you that the board of directors… has inter alia approved the raising of funds through issuance of non-convertible debentures… for an aggregate amount of up to ₹35 Cr in one or more tranches or series on a private placement basis,” read the filing.

Notably, this will be the company’s second capital fundraise since its SME listing in 2023. Last year, Veefin’s board also approved a ₹94 Cr fundraise through a preferential issue of equity shares and convertible warrants.

The development also comes a day after the company’s shareholders also cleared a plan for the mainboard listing of Veefin. All 1.1 Cr shareholders voted in favour of the proposal.

With clearance from stock exchanges still pending, the planned migration would mark a key milestone for the company that has been listed on the BSE SME platform since 2023. SME platforms are designed for smaller companies, while a migration to the main board typically reflects a company’s growth in scale, financial performance and market presence.

Founded in 2020 by Gautam Udani and Raja Debnath, Veefin develops supply chain finance and digital lending software for banks, NBFCs, fintech startups and enterprises. However, over the past year, Veefin has also expanded beyond its core business via acquisitions and strategic investments.

In recent months, the company has picked up stakes in digital marketing firm White Rivers Media, GenAI startup Walnut AI and lending enablement platform EpikInDiFi to broaden its fintech software offerings.

On the financial front, Veefin’s revenue from operations zoomed 339% YoY to ₹345.1 Cr in FY26, while net profit nearly doubled YoY to ₹32 Cr.

Shares of Veefin ended yesterday’s trading session 0.78% higher at ₹305.25 on the BSE.

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Flipkart Set To Enter Food Delivery Market In Coming Weeks

noreply@blogger.com (Unknown) — Fri, 24 Jul 2026 08:24:27 +0000

Walmart-owned ecommerce giant Flipkart is set to enter India’s food delivery market in the coming weeks, marking its latest expansion beyond ecommerce and quick commerce.

Flipkart Group CEO Kalyan Krishnamurthy told Moneycontrol that the company will launch its food delivery service in the coming weeks, taking on incumbents Swiggy and Eternal-owned Zomato in one of India’s most competitive consumer internet segments. Ride-hailing startup Rapido also recently entered the food delivery market with its ‘Ownly’ offering.

The move comes less than a year after Flipkart entered the quick commerce space with ‘Flipkart Minutes’ and underscores its strategy of increasing customer engagement through high-frequency, everyday services.

“Like everything else we do, we will launch food delivery first, test the value proposition with customers, take feedback and continue improving the product until it really appeals to the customer. After that, we’ll start scaling it,” Krishnamurthy was quoted as saying.

He added that the service will be available both as a standalone app and within the Flipkart app. The company is yet to disclose details about the launch city, branding, or operating model.

No Immediate IPO Timeline

Krishnamurthy also ruled out an immediate public listing, saying Flipkart has no fixed timeline for an IPO. He added that any listing would depend on the company’s readiness rather than a predetermined schedule.

Flipkart’s IPO plans have shifted several times over the past few years. The ecommerce major was earlier expected to go public by late 2025 or early 2026 and was also reportedly exploring a $2 Bn-$2.5 Bn pre-IPO funding round to establish a valuation benchmark.

In March this year, Flipkart completed its long-awaited reverse flip, shifting its holding company domicile from Singapore to India after securing the necessary regulatory approvals, removing a key hurdle for a domestic listing.

However, these plans were put on hold in May after Walmart asked Flipkart to prioritise profitability. The US retail giant, which owns about an 80% stake in Flipkart, wants the company to achieve EBITDA breakeven by the end of FY27 before pursuing an IPO or any external fundraise.

Quick Commerce ‘Just A Category’

Krishnamurthy also downplayed the significance of quick commerce as a standalone business, telling the publication that Flipkart views it as one of several customer value propositions within its broader marketplace strategy rather than a separate vertical.

Acknowledging the intensity of competition, he said the market may not be deep enough to sustainably support six or seven players over the long term, signalling that industry consolidation is likely. However, he ruled out mergers and acquisitions as a growth strategy.

“Quick commerce is just a category for Flipkart, we are not spending disproportionate time on it,” Krishnamurthy was quoted as saying.

The comments come as Flipkart continues to expand Flipkart Minutes. The company recently crossed 1,000 dark stores across more than 130 cities, strengthening its presence against Blinkit, Instamart, Zepto, BigBasket and Amazon Now.

The planned entry into food delivery suggests that while Flipkart has deferred its IPO ambitions, it continues to invest in adjacent consumer categories to increase engagement and strengthen its broader commerce ecosystem.

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Meesho’s Q1 Show, Skyroot’s New Era & More

noreply@blogger.com (Unknown) — Fri, 24 Jul 2026 03:24:35 +0000

Meesho’s Steady Q1 March

Meesho inched closer to profitability in Q1. Buoyed by strong revenue growth, improving unit economics, higher platform monetisation and a tighter leash on costs, the ecommerce major managed to narrow its losses during the quarter.

Here is quick looks at Meesho’s Q1 FY27 numbers:

Operating revenue grew 48% YoY to ₹3,707 Cr
Consolidated net loss shrank 54% YoY to ₹132.8 Cr
Total expenses zoomed sharply by nearly 43% YoY to ₹3,959 Cr

The Marketplace Engine: As usual, Meesho’s marketplace arm continued to do the heavy lifting on the back of healthy NMV, order growth, growing transacting users and expanding contribution margin. The core platform continued to benefit from better delivery conversion, lower cancellations and returns, better monetisation and optimised logistics. This suggests that Meesho’s value-focused approach is starting to generate more profit per Rupee of goods sold.

Other Bets: Meesho’s new initiatives are fast becoming a new growth engine. Branded commerce under Meesho Mall continued to scale up in Q1, while content-led commerce drove triple-digit NMV growth. Although these emerging bets widened adjusted EBITDA losses to ₹39 Cr, they significantly expanded the platform’s higher-margin monetisation potential.

Meanwhile, Meesho’s GenAI push doubled engineering productivity by shifting coding workflows to automated agents, while AI tools simplified onboarding for sellers.

The Grocery Push: Beyond the numbers, the listed marketplace’s board also cleared an additional ₹75 Cr investment into its grocery arm, signalling that value-focused grocery remains a strategic priority despite fierce competition. Simultaneously, the board also proposed amendments to its articles of association, formalising long-term board nomination thresholds for cofounders and other major institutional investors.

As the ecommerce major prepares for the upcoming festive sale season, will expanding margins and AI-driven efficiency keep it on the path to profitability? While that is a question for another day, for now, here is how Meesho fared on the financial front in Q1…

From The Editor’s Desk

Skyroot’s Commercial Era Begins

Last week, the spacetech unicorn became the first Indian private company to send its rocket into space. Its Vikram-1 rocket completed every major flight milestone, validating its propulsion, telemetry, avionics and navigation systems under real flight conditions.
With this, it is now preparing for commercial launches and developing the next generation of rockets. What gives the startup an edge in the space is its local manufacturing, dedicated mission flexibility and competitive pricing.
To carve a niche, the unicorn is also working on reusable launch systems. But, Skyroot’s next challenge will lie in executing reliable commercial launches, scaling production and winning global customers.

Inside VAHDAM’s India Pivot

Most Indian consumer brands win at home before they dare to dream global. VAHDAM went the other way. It first spent a decade proving that Indian teas can compete on global shelves at Walmart and Costco, and is now turning its sights back to home turf.
In the past ten years, the startup has stitched together a farm-to-cup supply chain, sourcing teas and botanicals from thousands of farmers and shipping products directly to users across 180+ countries.
The tea brand is now eyeing ₹500 Cr in top line in FY27 and ₹1,000 Cr by FY29. As part of this, VAHDAM is focusing its energies on India: building local price points, everyday wellness products for sleep and immunity, and a digital-first playbook.

Klassroom Prepares For IPO Test

The edtech startup is all set to list on the bourses next week. The SME IPO will open for subscription on July 31 and close on August 4. It has set a price band of ₹151 to ₹159 for the issue, seeking a valuation of ₹148.1 Cr.
Klassroom’s public issue comprises a fresh issue of up to 19.89 Lakh shares and an offer for sale of up to 4.66 Lakh shares. At the upper end of the price band, the edtech platform is looking to raise ₹39 Cr through the IPO.
Founded in 2016, Klassroom operates a hybrid learning platform. Besides operating an OTT platform, it runs 30 partner centres in Mumbai and claims to have over 2 Lakh paid users. The startup posted a top line of ₹23 Cr in FY26 against a profit of ₹7.6 Cr.

BUSINESSNEXT Bags $40 Mn

The AI-powered enterprise SaaS company has raised around ₹386 Cr in its Series C round from ServiceNow Ventures at a valuation of $700 Mn. As part of the deal, the US-based SaaS giant has acquired a 5% stake in the Delhi NCR-based platform.
Founded in 2001, BUSINESSNEXT offers AI-powered software tools to banks and insurers to manage customer relationships, lending, service operations and workflows. It claims to serve 120+ financial institutions, reaching over 1 Bn end customers globally.
As a growing number of financial institutions look to adopt AI tools, more and more homegrown SaaS startups are doubling down on AI-led capabilities to capture a piece of the $71 Indian enterprise AI opportunity by 2030.

Swiggy To Cap Foreign Ownership

With an eye on becoming an Indian owned and controlled company (IOCC), the foodtech giant’s board has approved a proposal to cap its aggregate foreign ownership at 49.5%. If approved by shareholders, Swiggy would qualify as an IOCC under FEMA rules.
As part of this, the listed major plans to reattempt amending its articles of association. Separately, the startup’s board also approved a proposal to reclassify the company’s authorised preference share capital into authorised equity share capital.
The IOCC status will pave the way for Instamart to pivot to an inventory-led model. Under this structure, the quick commerce arm would be able to directly procure products from brands, which could improve margins and curb cash burn.

Inc42 Markets

Inc42 Startup Spotlight

How Astrobase Is Building The Backbone For Space Access

India wants its own space station in orbit by 2035. Yet, the nation is held back by a major constraint: not enough heavy rockets are built fast enough. Astrobase is betting that a new kind of engine, and a new way of building it, can help change that trajectory.

Plugging The Gap: Founded in 2024, Astobase is building a launch vehicle aimed at both domestic and international customers, with propulsion designed for high thrust, reusability and cleaner combustion. It already operates a 46,000 sq ft factory in Bengaluru to build its new-age rockets.

The 3D Edge: The startup is building a full-flow staged combustion (FFSC) engine using liquid oxygen and liquid natural gas or methane. This advanced architecture runs both on fuel and oxidiser through separate pre-burners for efficiency and reuse. Astrobase is pairing this with large-scale additive manufacturing so engines can be printed, assembled and iterated faster, supporting higher production volumes.

Gearing Up For Launch: After cold-flow tests in 2025, the startup has already run a full-scale combustion test of its FFSC engine, and recently secured IN-SPACe funding support to advance its 80-tonne indigenous rocket engine. As the country races to build its own station, can Astrobase become the workhorse that lifts India’s space ambitions off the ground?

Infographic Of The Day

Payments brought the largest share of revenue for Paytm in Q1 FY27, but financial services, merchant solutions and marketing are quietly becoming meaningful growth engines. Here is how the fintech major made money during the quarter…

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Commerce Ministry Exempts Exports From FDI Restrictions

noreply@blogger.com (Unknown) — Thu, 23 Jul 2026 21:24:09 +0000

After years of industry lobbying, the commerce ministry has now relaxed foreign direct investment (FDI) rules to enable online marketplaces to export products from India.

In a press circular dated July 23, the commerce ministry noted that FDI is now permitted in B2B ecommerce and marketplaces models. It also clarified that foreign direct investments are still now allowed for B2C and inventory-based ecommerce platforms.

With this, all decks have now been cleared for players like Amazon and Walmart-owned Flipkart to buy products directly from Indian sellers and then sell them to customers overseas.

“In order to facilitate greater exports through easier and increased access of global markets by Indian sellers, the extant FDI Policy has been reviewed and it is decided that the restrictions on inventory-based model of e-commerce shall not apply in case of exports of domestically manufactured and/or produced goods/product,” read the press circular.

The norms come into effect immediately. Under current rules, the Indian government bars ecommerce platforms from stocking and selling goods directly to consumers. Instead, it only allows marketplaces to connect buyers and sellers for a fee. While these restrictions continue for local stock, the mandate has been removed for exports.

For years, Amazon and Walmart were at odds with the Centre over the restriction. However, officials began reviewing the demand in August last year after the commerce ministry held discussions with industry stakeholders to explore pilot projects to enable marketplaces to source products from Indian sellers for resale overseas.

During the meeting, ecommerce major Amazon reportedly lobbied heavily to exempt exports from FDI restrictions. However, several retail bodies pushed against the move, citing alleged deep-discounting tactics and favourable policies (for large sellers) employed by Amazon and Flipkart.

Thereafter in November 2025, the commerce ministry reportedly circulated a note on allowing FDI in inventory-based ecommerce models, solely for exports, to boost exports from the country without denting small retailers and businesses. It then also sought views and comments on the note from stakeholders.

With all decks cleared, the two ecommerce giants would be looking to scale exports out of India. Last year, Amazon said that its cumulative exports from India between 2015 and 2025 crossed the $20 Bn mark. The company has set a target of exporting goods worth $80 Bn from India by 2030.

This also fits neatly into Centre’s bid to enable $200-$300 Bn in ecommerce exports from India by 2030.

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Fractal Q1: Profit Zooms 92% YoY to ₹72 Cr, Revenue At ₹913 Cr

noreply@blogger.com (Unknown) — Thu, 23 Jul 2026 19:24:35 +0000

AI and advanced analytics company Fractal saw a nearly 92% jump in profit after tax to ₹72.3 Cr in the first quarter (Q1) of the fiscal year 2026-27 (FY27) as against ₹37.7 Cr in the year ago quarter. Sequentially, the bottom line declined 37.6% from ₹115.8 Cr in the preceding quarter.

The company’s revenue from operations grew nearly 20% to ₹912.5 Cr during the quarter under review from ₹760.5 Cr in Q1 FY26. Quarter-on-quarter (QoQ), the top line grew a mere 2.9% from ₹886.3 Cr in Q4 FY26.

In line with the top line, expenses also grew nearly 17% to ₹755.6 Cr in Q1 FY27 as against ₹699.6 Cr in the quarter ending June 2025.

(This story will be updated soon)

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SaaS Company BUSINESSNEXT Raises $40 Mn At $700 Mn Valuation

noreply@blogger.com (Unknown) — Thu, 23 Jul 2026 10:24:14 +0000

AI-powered enterprise SaaS company BUSINESSNEXT has raised $40 Mn (around ₹386 Cr) in its Series C round from ServiceNow Ventures at a valuation of $700 Mn. As part of the investment, the US-based enterprise software company’s venture arm has acquired a 5% stake in BUSINESSNEXT.

The Delhi NCR-headquartered startup said it will deploy the fresh capital to accelerate agentic AI-led autonomous banking operations, develop private AI systems, and expand its international footprint, particularly in Australia and New Zealand.

As part of the partnership, BUSINESSNEXT will also integrate ServiceNow’s AI platform, including AI Control Tower, with its products to help banks deploy and manage AI agents while maintaining governance and observability.

Founded in 2001 by Nishant Singh and Bidhan Chaudhary, BUSINESSNEXT offers software solutions to banks, insurers and other financial institutions to manage customer relationships, digital journeys, lending, service operations and AI-powered workflows.

Its agentic AI offerings enable financial institutions to automate tasks such as loan processing, document verification, approval routing, customer follow-ups, compliance checks and service request resolution.

The company claims to serve more than 120 financial institutions across domestic and international markets, including HDFC Bank, State Bank of India, Kotak Mahindra Bank, Arab Bank and the Reserve Bank of India. It also says its platform serves more than 1 Mn users across 75,000-plus branches, reaching over 1 Bn end customers globally.

According to Tofler, BUSINESSNEXT reported operating revenue of ₹265.3 Cr in FY25, up from ₹256.8 Cr in FY24. It also posted a net profit of ₹4.6 Cr during the year, compared with a net loss of ₹14.7 Cr in FY24.

In the banking technology market, BUSINESSNEXT competes with enterprise software providers such as Salesforce Financial Services Cloud, Microsoft Dynamics 365, FIS, Temenos and Pegasystems.

The development comes amid growing investor appetite for AI-native enterprise software companies serving regulated sectors such as banking and insurance. In recent months, several Indian SaaS startups have doubled down on AI-led offerings, with companies such as Freshworks, Whatfix and Perfios expanding their AI capabilities to automate enterprise workflows and decision-making.

The funding also reflects the broader shift among Indian SaaS companies towards AI-led enterprise offerings. Freshworks has repositioned itself as an AI-first software company by integrating Freddy AI across its product suite and launching industry-specific AI agents, while other SaaS startups such as Whatfix and Perfios have expanded their AI capabilities to automate enterprise workflows and decision-making.

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Eternal Jump 4.5% As Brokerages Cheer Q1 Growth, Blinkit Margin Outlook

noreply@blogger.com (Unknown) — Thu, 23 Jul 2026 07:24:29 +0000

Shares of Eternal jumped as much as 4.5% on the BSE today to hit an intraday high of ₹296.15 after brokerages issued positive commentary on the foodtech major’s Q1 FY27 performance and reiterated their bullish outlook.

The stock later pared some gains to trade 3.5% higher at ₹293.35 apiece at 11:30 IST, valuing the company at ₹2.83 Lakh Cr (about $29.3 Bn).

The rally followed Eternal’s June-quarter earnings, which reflected strong momentum across both Zomato’s food delivery business and Blinkit’s quick commerce operations. Brokerages highlighted Blinkit’s robust growth, improving profitability, and Eternal’s confidence in navigating rising competition.

JPMorgan maintained its ‘Overweight’ rating and ₹390 target, citing strong growth across Blinkit, food delivery and District. It also pointed to Blinkit’s improving margins, while noting that higher capex per store could weigh on costs.

Jefferies retained its ‘Buy’ rating with a ₹415 target, saying Eternal continues to prioritise profitable growth over aggressive discount-led market share gains. CLSA set a target price of ₹506 on Eternal, citing improving profitability of Zomato and Blinkit. It added that District and Bistro continue to broaden the ecosystem and drive engagement.

Nomura also maintained its ‘Buy’ rating and ₹350 target, highlighting faster food delivery growth and improving Blinkit profitability. Meanwhile, Citi retained its ‘Accumulate’ rating and raised Eternal’s target price to ₹385 from ₹360, saying Blinkit’s strong competitive position should help it withstand discount-led competition.

Eternal’s Q1 Performance

Eternal posted a consolidated net profit of ₹92 Cr in Q1 FY27, up nearly 3.7X from ₹25 Cr a year earlier, though profit fell 47% from the previous quarter.

Revenue rose 182% YoY and 17% QoQ to ₹20,211 Cr, largely because Blinkit now records the full value of goods sold under its inventory-led model rather than only commissions.

Blinkit remained the group’s biggest revenue contributor, with revenue rising nearly 7X YoY to ₹15,664 Cr. Its net order value grew 86% to ₹17,132 Cr, while operating profit increased by ₹100 Cr sequentially to ₹365 Cr.

The quick commerce business added 200 stores during the quarter, taking its network to 2,443. Inventory losses, including expiry, damage and pilferage, stood at about 1.8% of NOV.

Zomato’s food delivery revenue rose 37% YoY to ₹3,100 Cr, while operating profit reached ₹621 Cr.

Notably, competition has intensified with the entry of Swiggy-backed Toing and Rapido’s Ownly, though Eternal founder Deepinder Goyal said their impact on the business remained limited.

“There’s no new use case being unlocked here. The customer traction is purely price driven, and price-driven traction without structural economics tends to resolve itself,” he said.

Eternal is instead betting on Bistro to target lower-value food orders, while redesigning kitchens, automation and supply chains to improve speed and consistency. The company also plans to keep investing in Blinkit. CFO Akshant Goyal said Eternal had spent about ₹3,000 Cr over the past four years on stores and warehouses and would continue doing so as long as returns remained healthy.

In a post-earnings call, Eternal CEO Albinder Dhindsa said that the discount war in the quick commerce segment seems to be approaching its end as there is little room for competitors to increase discounts without significantly worsening their losses.

Elsewhere, Hyperpure reported revenue of ₹1,034 Cr and an operating profit of ₹14 Cr. District’s revenue rose 54% YoY to ₹318 Cr, though its loss widened to ₹61 Cr.

District’s NOV increased 60% YoY to ₹3,218 Cr. Goyal said the growth was not simply driven by the IPL season, but by higher engagement across the platform.

The ‘Others’ segment, which includes Bistro and AI support platform Nugget, reported revenue of ₹95 Cr, while its loss doubled to ₹90 Cr due mainly to higher R&D spending.

Eternal’s board also approved the transfer of Nugget to wholly owned subsidiary Carthero Technologies through a slump sale valued at ₹35 Cr.

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Eternal Rolls In Q1 Profits, Zetwerk Vs Ayr Energy & More

noreply@blogger.com (Unknown) — Thu, 23 Jul 2026 03:24:19 +0000

Eternal’s Q1 Profitable Show

It was business as usual for Eternal in Q1. Buoyed by Blinkit’s inventory model and food delivery vertical’s steady march, the foodtech giant posted yet another profitable quarter. The only hiccup appeared to be AI and going-out bets, which continue to be in investment mode.

Here is a quick look at Eternal’s Q1 FY27 numbers:

Net profit rose 3.7X YoY to ₹92 Cr
Operating revenue zoomed 182% YoY to ₹20,211 Cr
Total expenses soared 173% YoY to ₹20,314 Cr

Blinkit’s Growth Engine: The quick commerce arm remained Eternal’s primary growth engine, commanding over 77% of total operating revenues in Q1. Supported by 200 new dark store additions (taking total to 2,443) and rising user retention across major metro areas, Blinkit’s net order value continued to surge. This helped the vertical post an adjusted EBITDA of ₹102 Cr, demonstrating improving unit economics and scale.

Going forward, Blinkit plans to rely on dark store density, supply chain efficiency and gourmet offerings to build a moat even as CEO Albinder Dhindsa opines that the worst of discounting wars in the quick commerce space is over.

The Core Resilience: Zomato remained the foodtech giant’s profit driver, generating ₹3,100 Cr in operating revenue and ₹606 Cr in adjusted EBITDA in Q1. Higher order frequencies, network density and operating efficiencies helped Zomato improve margins, which helped eternal generate healthy cash flow despite rivals trying low-commission playbooks.

The District Story: Unlike Zomato, the going-out platform continued to grapple with rising losses even as usage and engagement continue to scale. With 45,000 restaurants and 5,000 movie screens under its belt, Eternal still appears to be in build-out mode in the going-out category.

AI & Other Bets: In tandem with its Q1 results, Eternal also announced an internal restructuring. The foodtech major is carving out AI-native platform Nugget into a dedicated subsidiary as it continues to scale investments into the vertical in Q1. It is also ring-fencing its community initiatives, including the Blinkit Ambulance Service and Feeding India, under a not-for-profit arm.

As the foodtech major continues to fire on all cylinders, here is how Eternal fared on the financial front in Q1…

From The Editor’s Desk

Inside The Semicon 2.0 Push

Earlier this month, the Union Cabinet approved India Semiconductor Mission 2.0, with a proposed outlay of ₹1.25 Lakh Cr. With this, the Centre aims to focus more on electronics systems and chip design, rather than just manufacturing.
The second phase of the mission introduces a grant-plus-equity model, under which the state will co-invest alongside private capital without seeking board seats. With this, the government aims to close the IP financing gap that hindered India’s fabless ambitions.
Yet founders and investors still have unresolved questions: how milestones will be linked to capital, how bridge funding between VC rounds will work, and what rules will govern government shareholding, veto rights and cross-border deals in the sector.

Zetwerk Vs Ayr Energy

Months after the IPO-bound contract manufacturer accused Ayr Energy and its founder of using stolen confidential information, the US-based transformer manufacturer has hit back with legal claims of its own.
Ayr Energy has accused Zetwerk of trade secret theft, trademark infringement and false advertising. It is seeking at least $1 Bn in damages and a ban on the import of the allegedly infringing transformers into the US.
This comes close on the heels of Zetwerk receiving SEBI’s nod to float its public issue. In March, the manufacturing major confidentially filed its DRHP for an IPO, which will comprise a fresh issue of $300 Mn and an OFS of up to $150 Mn.

InCred Finance’s FY26 Show

InCred Holdings’ lending tech arm reported a 17.1% YoY jump in its consolidated net profit to ₹438 Cr in FY26. This came on the back of total income zooming 36% YoY to ₹2,567 Cr during the fiscal under review.
Buoyed by strong expansion of its lending business, InCred Finance’s AUM stood at ₹15,881 Cr as of March 2026. However, return on managed assets declined to 2.7% from 3% a year earlier due to higher credit costs.
The results come as sister firm InCred Holdings is eyeing a D-Street debut. The company has received SEBI’s approval to launch its IPO, which will comprise a fresh issue of shares worth up to ₹1,250 Cr and an OFS of up to 9.9 Cr shares.

More Tax Scrutiny For Meesho

The proxy advisory firm has approached the SEBI, seeking an examination of the GST position adopted by the ecommerce major’s logistics arm Valmo and the adequacy of related disclosures to investors. Meesho has rejected the allegations.
As per InGovern, Valmo appeared to classify freight recovered from customers as a goods transport agency service to avail lower 5% GST treatment applicable to such services. For context, ecommerce services attract an 18% tax rate.
The proxy advisory firm also said that the financial benefits generated by the GST structure allow Meesho to subsidise shipping charges, offer competitive freight rates to sellers, fund customer discounts and improve its unit economics.

Rumblings At Bira91

The craft beer brand’s founder Ankur Jain has stepped down from the startup’s board and relinquished executive control and ownership. Jain and his family have surrendered their 17.8% stake in the D2C brand as part of a settlement with investors and lenders.
The settlement clears a key hurdle for a planned recapitalisation that could help revive the beer maker after a year of operational and financial stress
One of India’s earliest craft beer brands, Bira91’s conversion to a public company required the brand to obtain fresh excise approvals across several states. This disrupted sales, delayed salary payments, and kicked off vendor disputes and legal battles.

Inc42 Markets

Inc42 Startup Spotlight

How Khageshvara Is Redefining India’s Air Logistics?

There is no dearth of Indian startups building air taxis. Yet very few are building high‑payload, runway‑independent aircrafts that can move critical cargo where roads and runways fall short. Khageshvara is trying to fill this void with its indigenous eVTOL platforms.

Logistics In The Air: Founded in 2023, Khageshvara Aviation is developing electric vertical take-off and landing (eVTOL) aircraft for defence, disaster response and industrial logistics use cases. It is focusing on platforms that can operate without conventional runways while carrying payloads of up to 400 kg, addressing needs that pure multirotor drones or traditional aircrafts struggle with.

The Autonomous Approach: Khageshvara’s eVTOLs combine the vertical lift of multirotor drones with the range and efficiency of fixed‑wing aircraft using proprietary tilt‑rotor technology. The Jaipur-based startup has also built a ground control system and autonomy software stack featuring AI-based tracking, mission planning, object detection and GPS‑denied navigation.

An Indigenous Stack: Khageshvara’s under-development lineup includes K‑Vaayu for defence logistics and medical deliveries, K‑Rudra for industrial and tactical cargo, and K‑Ospera that is a heavy cargo eVTOL aimed at 400 kg‑class missions. Beyond eVTOLs, it also earns revenue through custom UAV development and licensing of its software and subsystems, with plans to launch an eVTOL‑as‑a‑service model soon.

With the broader Indian eVTOL market projected to become a $4.3 Bn opportunity by 2032, can Khageshvara become the backbone of India’s air mobility sector?

Infographic Of The Day

Be it L’Oréal’s signing a deal to acquire Innovist or Polygon picking up for Coinme, M&A activity is accelerating across the Indian startup ecosystem. Here is all about the biggest startup buyouts of H1 2026…

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Quick Commerce Discounting Wars Nearing End: Eternal CEO

noreply@blogger.com (Unknown) — Wed, 22 Jul 2026 20:24:31 +0000

Eternal CEO Albinder Dhindsa believes that the quick commerce industry’s discounting war may finally be approaching its end.

During the company’s Q1 earnings call, Dhindsa opined that the sector has reached peak competitive intensity, arguing that there is little room for competitors to deepen subsidies further without significantly worsening their losses.

He further said that the quarter represented the most aggressive phase of competition the industry has witnessed so far, driven by both a larger number of competitors and higher spending on customer incentives.

“Q1 so far was the peak of competitive intensity that we have seen till date… both because the number of players were higher and everybody was more aggressive.”

Important to highlight here that both Amazon and Flipkart announced plans of significant expansion and investments to bolster their quick commerce play over the past few months. Meanwhile, Blinkit’s close rival Zepto took a step further in its listing ambitions after filing an updated draft red herring prospectus for an IPO, which comprises a fresh issue worth INR 8,010 Cr.

However, Blinkit believes the industry’s competitive dynamics are becoming more predictable. As per Dhindsa, most of the competitive activity is centred around discounts rather than achieving structural advantages.

“We don’t think there is a lot of wiggle room for people to go much deeper than what they are currently doing because that would pollute losses very significantly,” he noted during the earnings call.

The comments come in the backdrop of Blinkit reporting its fifth consecutive quarter of adjusted EBITDA improvement in Q1. Blinkit’s revenue grew 18.4% sequentially to ₹15,664 Cr, while net order value (NOV) rose 19% QoQ to ₹17,132 Cr.

Important to highlight that Blinkit’s strong revenue growth has come on the back of the quick commerce platform moving to an inventory-led model in September 2025.

During the quarter, Blinkit added 200 net new dark stores, taking its network to 2,443 stores. In Eternal’s shareholder letter, CFO Akshant Goyal reiterated plans to continue investing aggressively in larger stores, warehousing and supply chain infrastructure. This, he believes, will be a more durable competitive advantage than discount-led customer acquisition.

In the shareholder letter, CFO Goyal also said that the company has invested about ₹3,000 Cr in capital over the past four years to build Blinkit’s network of stores and warehouses, adding that these investments in building the investments will continue as long as the company generates healthy returns.

Overall, Eternal reported a consolidated net profit of ₹92 Cr in Q1 FY27, up nearly 3.7X YoY, while operating revenue surged 182% YoY and 17% QoQ to ₹20,211 Cr.

The Quick Commerce Discounting Wars

During the earnings call, Dhindsa argued that platforms, which acquire users primarily through discounts, have limited ability to withdraw incentives later. Elaborating on this, he added that customers that come only for discounts are unlikely to remain loyal.

“If you acquire customers primarily through discounts, that’s what the business becomes,” Eternal CEO said. He further added that once discounts are withdrawn, there is little reason for those customers to stay if the platform has not created any other differentiated value proposition.

Citing Blinkit’s own experience with expansion into southern India for this observation, Dhindsa said that the quick commerce platform’s initial discount-led strategy failed to deliver sustainable outcomes. He added that growth improved only after the company invested in infrastructure, better service quality and operational execution.

This experience has shaped Blinkit’s current strategy, which focuses on expanding supply infrastructure and improving customer experience instead of matching competitors’ discounts.

Blinkit’s Infrastructure Bet

Rather than chasing customers with promotions, Blinkit plans to keep investing in infrastructure and product improvements, allowing customer value to improve gradually.

“Our study is that over time we give customers value as the platform has gotten (gets) bigger and better… This process will continue, but that’s a capital process where, as the platform gets bigger, we pass on the benefits to customers,” said Dhindsa.

The quick commerce platform also reiterated that it expects the current intensity of discounting across the market to ease over the coming quarters.

“We don’t think this level of discounting is sustainable… we expect this will not continue in the near future,” management said, adding that Blinkit expects competitive pressure to moderate as discounting normalises.

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Bira 91 Founder Ankur Jain Steps Down, Gives Up 17.8% Stake In Settlement

noreply@blogger.com (Unknown) — Wed, 22 Jul 2026 07:24:37 +0000

Ankur Jain, the founder of Bira 91 parent B9 Beverages, has stepped down from the board and relinquished executive control and ownership as part of a settlement with the institutional investors and lenders backing the alcobev startup.

According to an ET report, the settlement was signed yesterday, bringing to an end nearly two-year dispute between Jain, the promoter family, investors and lenders.

“I have stepped down from the B9 Beverages board,” Jain told the publication.

As part of the settlement, Jain and the promoter family will reportedly exit B9 Beverages by surrendering executive control and their combined 17.8% shareholding. In return, Jain will be released from personal liabilities, including guaranteed loans, while both sides will withdraw the legal cases filed against each other.

“We ran into rough weather in the last two years. However, with this resolution, the business will enter a new phase of growth, a phase in which I will be cheering for the company and the brand from the sidelines,” Jain was quoted as saying.

Financial Troubles Derail Bira 91’s Growth

The settlement comes after B9 Beverages endured a prolonged financial crisis that saw production come to a halt and its overall debt reportedly swell to about ₹1,000 Cr.

The company is expected to be recapitalised by its existing investors and lenders under a revival plan aimed at clearing statutory, employee and vendor dues and restarting operations.

B9 Beverages is backed by Peak XV Partners, Sofina and Japan’s Kirin Holdings. Its lenders include Anicut Capital and the family office of Hero Corporate Services.

The brewer’s troubles intensified last month after glass manufacturer Hindusthan National Glass & Industries Ltd sent it a legal notice over unpaid dues and uncollected inventory. The glassmaker alleged that B9 Beverages failed to collect more than 51 Lakh customised bottles and defaulted on payments, including bills, interest, storage and mould charges.

Founded by Jain in 2015, Bira 91 emerged as one of India’s earliest craft beer brands. It raised more than $200 Mn over the years, while its revenue crossed $100 Mn in FY23.

However, its fortunes changed after it converted from a private company to a public company ahead of a proposed IPO.

The change required the company to obtain fresh excise approvals across several states, disrupting production and sales. The transition required fresh excise approvals across multiple states, disrupting production and sales.

B9 Beverages subsequently wrote off inventory worth about ₹80 Cr and delayed payments to vendors. Jain had earlier said the company’s liabilities stood at around ₹300 Cr as of May 2025.

Since then, the startup has grappled with delayed salary payments, vendor disputes, disagreements with investors and legal battles involving its assets.

Inc42 reported last year that investors and lenders were seeking greater control over the company amid concerns over governance and financial management. They were also pushing for Jain’s exit.

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Zerodha’s Second Act, IndiaMART’s Q1 Snapshot & More

noreply@blogger.com (Unknown) — Wed, 22 Jul 2026 03:24:26 +0000

Zerodha Restacks Its Pyramid

Zerodha is quietly rewriting its own playbook. India’s discount broking poster child now wants to help companies list on the bourses, borrow capital and navigate complex deals. As regulations squeeze high-octane derivatives trading, can Zerodha’s second take off?

Zerodha’s New Avatar: Last month, Zerodha applied to SEBI for a Category-I merchant banking licence, a gateway to managing IPOs and advising on M&As. Once approved, this licence would place Zerodha in the same league as SBI, Kotak, Axis Capital and ICICI Securities. For a platform built on zero commissions, this is a big evolution .

The Retail Edge: Inside Zerodha, the bet is that its deep retail and HNI footprint can become a differentiator in the investment banking space. While a traditional merchant bank has to stitch together syndicate networks to distribute IPOs, Zerodha aims to tap into its 68 Lakh+ users and purported 10% of retail and HNI AUM through its wealth tech arm to carve a niche.

The idea is to walk into boardrooms with built-in investor access and data, positioning Zerodha as a more compelling partner for IPO-bound companies.

Beyond Broking: Beyond corporate dealmaking, the broking giant is also quietly building other monetisation channels through margin trading facilities, wealth management services and secured lending against securities. Many of these are already paying off, helping it insulate from speculative market swings.

Diversification Mandate: This reinvention is not happening in a vacuum. Over the past two years, SEBI has tightened norms and higher securities transaction taxes have deflated the F&O boom. This, in turn, dragged Zerodha’s operating revenue and net profit down in FY25. The new verticals aim to flatten the company’s revenue pyramid and lock in long-term enterprise predictability.

As the broking giant expands into new horizons, can Zerodha’s bid to morph into a full-stack financial institution pay off? Let’s find out…

From The Editor’s Desk

IndiaMART’s Q1 Snapshot

The B2B ecommerce major’s consolidated net profit rose 12% YoY to ₹172.2 Cr in Q1 FY27. This came on the back of operating revenue jumping 11% YoY to ₹414.4 Cr and EBITDA improving 10% YoY to ₹14.6 Cr during the quarter.
On the operational front, IndiaMART said it generated 26 Mn unique business enquiries during the quarter. Supplier storefronts increased 5% YoY to 8.8 Mn, while the number of paying suppliers stood at 2.18 Lakh at the end of June.
Separately, IndiaMART’s board approved the incorporation of a wholly owned subsidiary to provide short-term working capital financing to its business users. The incorporation remains subject to approvals from various regulatory authorities.

Ather Nets ₹1,300 Cr Via QIP

The EV maker has raised about ₹1,300 Cr through a qualified institutional placement (QIP), allotting 1.08 Cr shares to investors at an issue price of ₹1,202 per share. This was 2.8% higher than the ₹1,169.70 apiece floor price set by the company.
Among the largest allottees were HDFC MF, Aditya Birla Sun Life MF, Axis MF and Edelweiss MF, each receiving more than 5% of the total issue size. Following the allotment, Ather’s paid-up equity share capital increased to 39.41 Cr shares.
The fundraise is part of Ather’s previously announced plan to raise up to ₹2,500 Cr to repay or prepay borrowings, invest in R&D, and support marketing initiatives. The remaining ₹1,200 Cr is proposed to be raised through a preferential issue.

30 Sundays Bags ₹61 Cr

The travel tech startup has raised about $6.7 Mn in a Series A round led by Bessemer Venture Partners to strengthen its AI capabilities, expand its engineering team, invest in brand building, and enter new international markets.
Founded in 2024, 30 Sundays is an AI-native, full-stack holiday planning and booking platform for Indian travellers. It previously raised $770K in 2024 and currently clocks an annualised gross booking value run-rate of about ₹200 Cr across four destinations.
The fundraise comes amid sustained investor interest in India’s travel tech sector on the back of recovery in demand, AI integration and bundled packages. At the heart of all this is the homegrown online travel market, which is expected to cross $38.58 Bn by 2031.

Zaggle’s Acquisition Spree

The fintech SaaS company will acquire a 20% stake in cross-border payments enabler Unobanc in an all cash deal for up to ₹7.97 Cr. The investment, which will be made in one or more tranches, is expected to be completed within the next 90 days.
The acquisition is expected to strengthen Zaggle’s cross-border payments, forex and remittances businesses. Founded in 2019, Unobanc provides technology infrastructure for digital cross-border payments and remittances in India.
This is the latest in a series of inorganic deals undertaken by Zaggle in the past year. The listed company acquired GreenEdge last year for ₹125 Cr, followed by Rio.Money for ₹22 Cr. It is also acquiring DICE for ₹68 Cr.

LenDenClub’s FY26 Show

The P2P lending startup’s parent entity Vartis Platforms reported a 183% YoY jump in profit to ₹96.2 Cr in FY26, driven by stronger credit infrastructure and growth across its lending businesses. This marked the startup’s second consecutive profitable fiscal.
Operating revenue rose 43% YoY to ₹338 Cr in FY26 on the back of improving underwriting efficiency and reducing failed transactions. Meanwhile, total expenses zoomed 28% YoY to ₹241.7 Cr in the fiscal under review.
Founded in 2015, Vartis offers retail credit, digital lending and lending technology via three platforms — LenDenClub, InstaMoney and Vartis One. Overall, it processed transactions worth ₹5,000 Cr in FY26 and is targeting a revenue of ₹550 Cr in FY27.

Inc42 Markets

Inc42 Startup Spotlight

Inside Cent’s AI Stack For Early-Disease Detection

In India, most people enter a diagnostic centre only after a serious symptom appears. Even full-body checkups don’t catch life‑threatening conditions soon enough to change the outcome. Cent wants to flip this script by turning AI-led detection into a routine, annual ritual.

The Diagnostics Platform: Founded in 2025, Cent is a preventive healthcare platform that runs its own diagnostic centres in Bengaluru, Delhi-NCR and Mumbai. The idea for the startup began with longevity, but quickly narrowed to diagnosing diseases like cancers, cardiac disease and neurological conditions in time.

The Preventive Protocol: Cent’s core product is a once-a-year protocol built around a full-body MRI, which generates three to four GB of imaging data and screens for more than 300 conditions. The protocol also adds ECG and echocardiogram for heart function, a DEXA scan for metabolic health and over 120 blood and urine biomarkers, all bundled into a single package priced at around ₹27,500.

The AI Synthesis Layer: Cent’s proprietary AI system pulls together imaging, biomarkers and clinical data into an organ-by-organ risk score and prioritised action plan. Users book online, followed by a mandatory doctor consultation within 48 hours and an ongoing access to an AI companion that helps interpret reports.

Healthy Traction: Cent claims to have already completed around 7,000 scans, with current capacity at up to 3,000 scans per centre per month. It plans to open 20 to 25 new centres across India’s top cities over the next nine months. With the homegrown healthtech market projected to cross the $37 Bn+ mark by 2030, can Cent build an Indian AI stack for early-disease detection?

Infographic Of The Day

India’s Gen Z isn’t buying matcha just because it’s trendy. They are entering a broader ecosystem of wellness, rituals, aesthetics and community. This shift is creating a $167 Mn opportunity for India’s next wave of D2C brands. So, who’s winning the matcha race?

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InMobi Ropes In Four Bankers To Helm Its $1 Bn IPO

noreply@blogger.com (Unknown) — Tue, 21 Jul 2026 21:24:22 +0000

InMobi’s initial public offering (IPO) is back on track. The SoftBank-backed adtech unicorn has now reportedly appointed four merchant bankers to helm its upcoming $1 Bn (₹9,634 Cr) public issue.

Sources told Bloomberg that the startup has roped in JPMorgan Chase & Co., Jefferies, Kotak Mahindra Capital and Axis Capital to oversee its IPO. According to the report, InMobi is set to kick off its IPO proceedings later this week, and is eyeing a listing in the “next few” months.

However, the IPO size is yet to be finalised as discussions with bankers are still underway. As such, the plans are still not final and could still change.

This comes a year after Inc42 exclusively reported that InMobi was targeting a more than $1 Bn IPO, with a valuation of $8 Bn to $10 Bn. Subsequent reports noted that the unicorn was seeking a valuation of up to $6 Bn for its public issue.

Currently, InMobi is in the process of shifting its domicile to India from Singapore.

Founded in 2007 by Naveen Tewari, Piyush Shah, Mohit Saxena, and Abhay Singhal, InMobi provides marketing and monetisation solutions to brands, advertisers, and publishers. In 2019, it diversified its business with the launch of Glance, an AI-based unicorn that operates an Android lockscreen platform.

The SaaS platform has so far raised more than $320 Mn from marquee names such as Sherpalo Ventures, SoftBank, Kleiner Perkins, and others. It emerged as one of India’s earliest unicorns back in 2011.

Ahead of its potential listing in 2025, the adtech unicorn’s three cofounders – Tewari, Singhal and Shah – bought back around 25-30% stake in InMobi from early backer SoftBank. Following the buyback, the trio’s cumulative shareholding in the unicorn stood at around 60%.

Afterwards in May this year, it also acquired San Francisco-based mobile app marketing and analytics platform MobileAction for an undisclosed amount.

Notably, this is not the first time that the startup is gearing up for a D-Street debut. In 2021, it was reportedly planning for an IPO but shelved the plans due to adverse market conditions and funding winter. Subsequently in 2024 and 2025, reports once again surfaced that it was eyeing a listing on the bourses, but the plan did not materialise.

The development comes at a time when a growing number of new-age tech companies are making a beeline for the bourses. Last week, travel tech giant MakeMyTrip filed its DRHP with SEBI via the confidential pre-filing route for the IPO of its India subsidiary.

Earlier this month, fitness unicorn Cult.fit also filed its draft IPO papers with SEBI for a public issue, which will comprise a fresh issue worth up to ₹950 Cr and an offer-for-sale of up to 17.86 Cr shares.

In June, OYO parent PRISM also submitted its updated DRHP for an IPO, which will consist solely of a fresh issue worth ₹6,650 Cr.

Overall, seven startups have made their D-Street debut so far this year, while twenty eight others have already filed their DRHPs with SEBI.

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Paytm Eyes New Horizons With Enterprise AI & Wallet Revival

noreply@blogger.com (Unknown) — Tue, 21 Jul 2026 19:24:31 +0000

Nearly two years after shifting its focus from chasing scale to building a profitable fintech business, Paytm is now laying the groundwork for another transition.

This time, the company is looking beyond transaction fees and lending commissions to create new revenue engines: enterprise AI software while simultaneously working to bring back one of its oldest consumer products – the digital wallet.

During its Q1 FY27 earnings call, founder and CEO Vijay Shekhar Sharma said Paytm plans to commercialise several AI products that the company has built internally and sell them to merchants and enterprises.

At the same time, the management signalled that reviving Paytm’s wallet business remains an important part of its consumer strategy. However, it stopped short of providing an update on the company’s pending application with the Reserve Bank of India (RBI) for a prepaid payment instrument (PPI) licence, an authorisation necessary to offer digital wallets.

The strategy comes as Paytm posted one of its strongest quarterly performances in recent years. The fintech major reported a 78.8% YoY increase in consolidated net profit to ₹220 Cr in Q1 FY27, while revenue rose 27.6% YoY to ₹2,448 Cr.

The company attributed the performance to accelerating merchant payments, compounding merchant loan distribution, stronger consumer payments, improved monetisation through wealth products and operating leverage unlocked by AI deployment.

From Cost Optimisation To AI Products

While Paytm has previously spoken about using AI to improve productivity and reduce costs, Sharma in Q1 FY27 earnings call said that the company has now begun generating revenue from AI itself.

“I fundamentally believe that… we will start to see a revenue monetisation journey of AI,” he said, adding that some of the company’s AI offerings are already generating “a few Lakhs” in revenue.

According to Sharma, Paytm intends to package and commercialise AI tools that were originally built for its own operations. “Once we’ve done it, we’ll sell it to outside people. Why will we not sell it?” he said.

The fintech juggernaut plans to offer AI-powered solutions across merchant acquisition, customer engagement, collections, customer support and business automation.

Sharma said Paytm itself is the first customer for these products before external businesses. “We definitely have decided that we will go to the merchants and the businesses with the solutions and services that we created, and we ourselves are the users of them”.

He added that smaller merchants and larger enterprises would receive different AI offerings depending on their requirements.

The company also said AI is helping optimise its infrastructure by enabling it to run compressed language models on its own computing stack, reducing dependence on expensive external inference infrastructure.

During the call, chief financial officer (CFO) Madhur Deora also linked AI to Paytm’s long-term profitability, saying that the technology enables the company to “do more with less”.

Chiming in, Sharma indicated that AI, combined with the high-margin nature of financial services and software products, could eventually enable Paytm to target EBITDA margins beyond its existing long-term guidance of 15%-20%.

Wallets Still Part Of Consumer Playbook

Alongside AI, Paytm also continues to pursue the revival of its wallet business. Responding to an analyst’s question during the earnings call on the company’s PPI application, the management suggested that a combination of the wallet and Paytm Postpaid (its credit-on-UPI offering) could further strengthen its consumer payments ecosystem.

While the executives did not provide any update on the regulatory process, they also did not dispute the application. Instead, Deora highlighted the improving monetisation across the consumer business, citing tailwinds in Postpaid, personal loans, equity broking and wealth management products.

The comments a day after the fintech major, in an earnings release alongside its Q1 FY27 results, confirmed that Paytm Payments Services Ltd (PPSL) has applied to the RBI for a PPI licence, which would enable it to relaunch its wallet business following RBI’s clampdown on Paytm Payments Bank in 2024.

The wallet is unlikely to materially contribute to revenue on its own. However, industry analysts view it as an important engagement layer that could increase payment frequency and improve cross-selling opportunities across Postpaid, wealth management and consumer lending.

Sharma also identified wealth management as the company’s next major area of expansion, signalling that Paytm increasingly sees consumer financial services, not just payments, as a key growth driver.

Building Beyond Payments

Sharma’s viewpoint reflects a broader shift in Paytm’s business model. While payments remain the company’s largest revenue contributor, accounting for more than 56% (or ₹1,384 Cr) of its total revenue in Q1 FY27, financial services revenue climbed 45% YoY to ₹814 Cr, supported by merchant lending, personal loans, equity broking and wealth products.

The company also said AI-powered personalisation is increasing engagement and revenue per active customer across its investment and wealth tech offerings, while merchant loan distribution continues to benefit from its growing merchant ecosystem.

Separately, Paytm’s board approved an investment of up to ₹100 Cr in subsidiary Paytm Money to support technology investments, regulatory capital requirements and the expansion of its wealth management business. It also approved greater flexibility in utilising the remaining ₹1,686 Cr of IPO proceeds for strengthening its core ecosystem and pursuing new business initiatives through March 2029.

Taken together, the announcements suggest Paytm is entering a new phase where profitability is no longer the only objective.

Instead, the company is attempting to build multiple high-margin businesses, from AI software and wealth management to consumer financial services, while using a potential wallet revival to deepen engagement across its ecosystem. With this, it aims to reduce its dependence on transaction-led payments revenue over the long term and build a differentiated ecosystem.

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