Bullets

Elon Musk, a co-founder who sued OpenAI for "drifting from its mission" last year, had criticised its profit ambitions.

And after public pushback, OpenAI (creator of ChatGPT) dropped plans to go fully for-profit.

Now, it is making its biggest move yet—acquiring Windsurf (formerly Codeium) for ~₹25,308 Cr.

Windsurf builds AI tools that write code from natural language, putting OpenAI in direct competition with GitHub and Anthropic.

With AI advancing rapidly, could machines eventually replace human coders?

Cold-chain startup Celcius Logistics raised ₹250 Cr. (equity + debt) in a round co-led by Eurazeo and Omnivore. 

The funding is split: Equity = Expansion, and Debt = Daily Operations.

It plans to:

• Expand its network from 600 to 1,000 cities.

• Enhance its technological platform by the end of this FY.

• Increase its rider count from 250 to ~750-1,000.

Revenue generated in FY24 = ₹100 Cr, with 2.5x Y-o-Y growth. 

With big names like Zomato, Domino's, etc., in its client list, will Celcius lead India's cold-chain transformation?

A BCG report spills the truth about India's seemingly glamorous creator economy:

• India has ~20-25 L active creators, but only ~8%-10% can monetise.
• Most earn under ₹18,000/month, with small YouTubers making about ₹3.8 L/Yr.

Oversupply is the major hurdle. Earnings are skewed toward top-tier influencers, with ad revenue and brand deals concentrated at the top.

This shows that the creator economy is not the sustainable career path it seems.

India's creator economy may be booming, but is “Digital Influence = Economic Power?”

• The Supreme Court ordered BPSL's liquidation, cancelling JSW Steel's ₹19,700 Cr. rescue plan. 
   
• JSW violated IBC rules by funding the deal with a mix of equity and OCDs, and there were also delays in implementing the plan.
   
• Indian banks have exposure worth ₹31,300 Cr. in BPSL and had expected to recover ₹12,400 Cr.—now off the table.
   
• SBI risks 0.9% of its net worth, with PNB, Canara, Union Bank, and Indian Bank also exposed.

Will Indian banks ever get better at dodging billion-rupee bullets?

IBM and TCS are setting up India’s most advanced quantum computer—a 156-qubit IBM Quantum System Two—in Andhra Pradesh.

This breakthrough tech can solve problems that current computers can't, from fraud detection to drug discovery.

It gives local developers access to cutting edge tools that can revolutionise problem solving the fields of finance, healthcare, and logistics.

As quantum power grows, so do cyber risks—startups like QNu Labs (which recently raised ₹60 Cr.) are working on future proofing our data.

Can India lead in quantum while keeping its digital world safe?

• A new BCG report says India's creator economy influences ~$350 billion in annual consumer spending.
   
• It is expected to cross ~$1 trillion by 2030.
   
• Short-form videos, live commerce, and virtual gifting are new ways for creators to earn.
   
• Despite having ~25 L+ active creators, only 8-10% are earning. This highlights massive untapped potential.
   
• Creator marketing is central to brand strategies, and budgets are expected to rise 1.5-3x in the next 2-3 years.

Creators are now shaping not just trends, but wallets.

Can the creator economy boost India's GDP?

Here are the points:

• 25,000 tonnes of gold (worth ₹9 L Cr.) sit in Indian homes.

• However, only 35% of the total is tapped via formal gold loans.

• RBI’s April draft rules aim to fix this and tighten India's gold loan market.

• Startups like Rupeek, Indiagold & Oro Money are looking at co-lending deals with NBFCs and banks.

• Even big lenders like L&T Finance and Poonawalla FinCorp are all interested.

Will these new regulations help fintechs tap into a larger share of India’s gold loan market?

HUL is India’s FMCG giant with:

• Revenue: ₹60,000 Cr.

• Profit: ₹10,650 Cr.

But its volume growth hasn't crossed 5% in the last 15 quarters.

Profit margins dropped from 24.8% to 23.5% in FY25.

This may be due to 900+ D2C brands like SUGAR and Renee.

• SUGAR made ₹505 Cr. in FY24 alone. 

• Renee, earned ₹191 Cr. in FY24 (expected ₹400 Cr. in FY25)

In response, HUL bought Minimalist for ₹3,000 Cr. (₹500 Cr. revenue).

Will this bold move help HUL reclaim its dominance, or is it a step too late?

• IndusInd Bank admitted to a ₹1,959.98 Cr. loss due to incorrect accounting practices in its derivatives book.
   
• These losses are less than 2.5% of the bank's net worth, making it manageable unless further surprises emerge.
   
• The bank has hired EY to audit a ₹600 Cr. discrepancy from its microfinance portfolio.
   
• CEO Sumant Kathpalia resigned 2 days after the disclosure, which raised concerns over internal controls and corporate governance.

With past blow-ups like Yes Bank and RBL, is weak oversight becoming a pattern in private banking?

• Universal is in talks with Bharti Real Estate to launch its 1st Indian amusement park.
   
• This 3 L sq.ft. indoor park will be part of Bharti's 30 L sq.ft. mall near Delhi airport, opening in 2027.
   
• Bharti CEO confirms 10% of the mall is reserved for a global entertainment park.
   
• The Delhi project may generate over ₹5,000 Cr. in annual rental income.
   
• India already has 6.6 L. sq.ft. of indoor amusement centres (expected to grow to 110 L sq.ft. by 2028).

What does this mean for the Indian real estate industry?

Indian banks are largely unprepared to tackle climate-related financial risks.

A report by Climate Risk Horizons evaluated 35 Indian commercial banks, having a combined market cap of ₹45.8 L Cr. (as of March 2024).

The report highlights growing concerns over financial stability.

• Only 7 banks fully disclose their Scope 1, 2, and 3 emissions.
• Green finance portfolios are still missing at many institutions.

A sustainable banking shift is essential for long-term resilience.

How exposed are banking stocks to climate risk? Also, read in-depth about the Indian Banking Sector. 

• Quantum computers could one day crack today's encryption.
• That means no data, including your bank passwords or national defence secrets, is safe. But, QNu Labs is making sure we're ready.
• The IIT-Madras incubated startup raised ₹60 Cr., including ₹25 Cr. from the government's National Quantum Mission.
• It builds tools like quantum key distribution and post-quantum cryptography to keep our data safe from quantum computers.
• It has raised $20 million so far and has already worked with the Indian Defence Forces (BFSI, telecom and healthcare next).

Could this Bengaluru-based startup quantum-proof the internet?

• Paytm's gaming arm, First Games, got slapped with GST notice for taxes from January 2018 to March 2023.
   
• Tax officials claim 28% GST should apply to the total entry fee, not just 18% on the platform earnings.
   
• Many gaming companies are facing similar notices, and the matter is in the Supreme Court.
   
• First Games plans to challenge the notice in court, like others that have already won interim relief.
   
• Luckily for Paytm, it adds ~1% to its overall profits.

Could higher taxes ruin the fun of online gaming for users?

Accel-backed Urban Company has filed its DRHP for a ₹2,000 Cr. IPO.

• The offer includes a fresh issue of ₹500 Cr. and a secondary sale of ~₹1,500 Cr. by investors.

• Founders Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra won't sell their shares.

• The IPO size was cut down from an earlier plan of ₹3,000 Cr.

Kotak Mahindra Capital, Morgan Stanley, Goldman Sachs, and JM Financial are managing the issue.

For Q1 FY25, the company posted a pre-tax profit.

Will you add this "Urban" stock to your portfolio?

• Zepto’s founders are in talks to raise ~₹1,500 Cr. through structured debt to buy back shares from foreign investors before the planned IPO.
   
• It may help boost promoters’ stake from 18% to ~20%.
   
• Edelweiss is anchoring the deal and has already committed half of the amount.
   
• Lenders expect to make 18% returns if the IPO hits the right notes.

The aim is to boost domestic ownership and qualify as an Indian Owned and Controlled Company (IOCC).

Will this make Zepto’s IPO worth waiting for investors?

Ather Energy's ₹2,981 Cr. IPO opened for subscription on 28 April 2025, with a price band of ₹304–₹321 per share. 

• The offering includes a fresh issue of 8.18 Cr. shares and an OFS of 1.1 Cr. shares by promoters and early investors like Tiger Global and IIT Madras incubation cell.

• Funds will support a new EV plant in Maharashtra, debt repayment, R&D, and marketing.

Backed by Hero MotoCorp, will Ather take on Ola Electric in the two-wheeler EV listed race?

• For years, Zomato (51% market share) and Swiggy (42.9% market share) have ruled India's food delivery market. Rapido is planning to change that.
   
• It'll soon begin delivering food in Bengaluru, starting with big names in the QSR industry like McDonald's, KFC, and Pizza Hut.
   
• Instead of high commissions, it will charge restaurants a simple subscription + delivery fee.
   
• Rapido, already a ₹8,279 Cr. ($1 billion) Gross Merchandise Value (GMV) company, sees food delivery as its next big step.

It's been Zomato vs Swiggy—will it be Zomato vs Swiggy vs Rapido next?

Hindalco Industries, a key metal arm of Aditya Birla Group, is shifting to EV mode. 

• The group plans to invest 10% of its ₹45,000 Cr. capital expenditure in electric vehicle components.

• This includes investments in a battery foil unit for ₹850 Cr., a flat-rolled products plant in Odisha, and an extrusion plant in Silvassa.

• It has stepped into the manufacturing of auto components for EVs with an investment of ₹500 Cr. (plant in Pune).

Is Hindalco quietly building India’s EV era, or just test-driving the hype?

Apple plans to assemble all iPhones sold in the US in India by next year (moving away from China, thanks to the Trump tariffs).

India-made iPhone exports went up in March:

• Foxconn: ~₹11,335 Cr.

• Tata Electronics: ~₹5295.27 Cr.

Currently, the US accounts for 28% of global iPhone sales. And Apple aims to 2x India’s output to cover more than 6 Cr. annual US iPhone sales by 2026.

Could “Made in India” soon be on every American iPhone box?

India’s jewellery and textile exporters are reacting very differently to the US tariffs. 

• Jewellery exports from Mumbai's SEEPZ crashed by 70% after the 10% US tariff. 

• As a result, ~50,000 contract workers have been sent on leave.

• Meanwhile, textile units in Tirupur, Tamil Nadu, are booming as US buyers are seeking alternatives to Chinese suppliers, who now face a 145% tariff.

A 90-day delay on the extra 26% US tariff gives Indian exporters some breathing space.

Can India recover its jewellery shine and stitch up gains in its textile sector?