Bullets

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?

Tata Sons will focus on aggressive growth in both international and domestic verticals.

• Air India has become a larger entity post the Vistara merger and is focusing on expanding international routes. 

• Air India Express will focus on the domestic market, intensifying competition with IndiGo.

Through streamlined operations, Tata Sons aims for Air India to achieve operational breakeven by FY27-end.

What will Air India experience: breakeven or more turbulence?

PB Fintech, the parent company of Policybazaar and Paisabazaar, has invested ₹539.4 Cr. in its health subsidiary, PB Healthcare Services.  

• This is part of a ₹1,461.6 Cr. seed funding round for its health arm.

• PB Fintech’s stake in the subsidiary will dilute to 32.14% after the round.

• The funds will help build hospitals with a 1,000-bed capacity.

An ESOP pool has also been created to attract and retain talent.

Can this investment cure India's healthcare gaps?

Also read: Ayushman Bharat: Transforming Healthcare in India.

• On 9 April, the US announced a 90-day pause on high tariffs, offering small relief to global trade players.
   
• However, export-driven industries, SMEs, and consumers still face rising costs and uncertainty.
   
• Supply chains are scrambling to meet the 9 July deadline, with US shipments taking priority. 
   
• New Chinese orders are stalled, while US firms fear 145% to 200% tariffs.
   
• Since China makes up 16.5% of the US' imports, it's quite hard to replace, especially in electronics.

Can India's electronics industry rise to the challenge as the US looks beyond China?

Ather Energy is gearing up for its IPO later this month. 

• Tiger Global, an early backer since 2015, expects an 8.3x return.

• GIC and NIIF, which entered in 2022, anticipate 1.6x and 1.7x returns.

• Founders Tarun Mehta and Swapnil Jain will each sell shares worth ₹31.4 Cr.

• Promoter Hero MotoCorp is not selling any shares through OFS.

The IPO's fresh issue size is now reduced by 15% from ₹3,100 Cr. to ₹2,981 Cr.

Is Ather's IPO the next big thing in India's EV boom?

Agri-biotech startup GreenGrahi has raised ₹32 Cr.

The funding round was led by Avaana Capital. Other backers include Huddle, Campus Fund, Blume Founders Fund, and angel investors Nitin Sharma and Sameer Brij Verma.

• Founded in 2021 by Siddharth Sharma and Shivali Sugand, the startup is based in Delhi.

• It turns agricultural residue into insect-based protein, functional oils, and hydrolysates, which are used for animal and plant nutrition.

GreenGrahi currently serves 10+ B2B clients and has a strong demand pipeline worth ₹560 Cr. from them.

Will this startup turn agri-waste into investor gold?

In May 2023, Rakesh Ranjan became the CEO of food delivery at Zomato's parent, Eternal. He is now passing on the baton, but not to his team.

While Zomato looks for potential new CEOs, Deepinder Goyal (founder) will steer the ship.

Meanwhile, competitor Swiggy grabbed 43% of India's delivery orders in late 2024, and Zomato's growth barely rose.

To deal with it, Zomato rolled out a new rapid delivery option within the main app, through Blinkit.

Will this be enough to fix Zomato's food delivery challenges?

National Skill Development Corporation (NSDC) has signed an agreement with Rapido. The partnership would help to bridge the gap between skilling and employability for gig workers across the country.

• NSDC will co-develop standardised training curricula focused on technical, behavioural and safety skills.

• Training would provide certifications under this framework to enhance job readiness and service quality.

• The initiative will provide both part-time and full-time opportunities, targeting over 5 lakh driver partners monthly.

First, the Labour Ministry & Swiggy, now NSDC & Rapido. 

Can NSDC training + Rapido's two wheels = long-term employability?

• BankBazaar just raised ₹55 Cr. from Muthoot Fincorp + existing investors—at a valuation of ₹1,700 Cr.
   
• It's jumping into the gold loan market with a tie-up with Muthoot's 3,700 branches.
   
• Bankbazaar claimed a 46% CAGR in revenue but hasn’t filed FY24 financials. Its last reported revenue was ₹160 Cr. in FY23.
   
• The platform has raised over $167 million since 2008. 

The question is, what's the reason behind not disclosing its finances and will BankBazaar turn out to be a clumsy mess?

India's leading automakers are losing significant market share in FY25 as the competition heats up.

• Maruti Suzuki's PV market share has dropped to 40.9%, its lowest since FY13.

• Hyundai's share has also dropped to 14%, matching its 2012-13 levels.

In the two-wheeler space, Hero MotoCorp's share declined to a record low of 28%, from 45% in FY12. However, its rivals, TVS Motor and Honda Motorcycles, are catching up.

Meanwhile, Mahindra & Mahindra and Toyota Kirloskar's market shares saw growth amid lagging market conditions.

Are legacy auto leaders losing their edge?

Bengaluru-based shared mobility startup Yulu is in advanced talks to raise ₹650-₹700 Cr. to capitalise on the booming quick commerce sector.

• It’s backed by Bajaj Auto and Magna International, each holding an 18%-19% stake in the startup.

• The company currently operates a fleet of 40,000+ EVs and aims to grow it to 80,000 by 2025.

In FY24, Yulu, valued at ~₹1,764 Cr., reported ₹123 Cr. revenue (172% Y-o-Y increase), achieved EBITDA profitability and crossed ~₹252 Cr. ARR milestone. 

Is quick commerce the fuel Yulu needs to scale faster?