Bullets

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?

• Flipkart (the Walmart-owned e-commerce giant) is moving its holding company from Singapore to India.
   
• This is a big step as the company preps to make a stock market debut (possibly).
   
• Flipkart states that this move fits its India-first mindset, and Walmart still sees this IPO as a long-term plan.
   
• To get ready, Flipkart has brought in Lydia Jett, ex-SoftBank partner, to the board.

The Singapore-to-India move is pending approval—could it be part of the growing trend of Indian startups returning home?

Finodaya Capital, founded by former ICICI Bank executives Tomar, Abhishek Dixit, & Neeraj Biyani, has received its NBFC licence from the Reserve Bank of India. 

The company: 

• Raised ₹21.25 Cr. in seed funding led by White Venture Capital at a post-money valuation of ₹50 Cr.

• Will offer microloans against property to small businesses and microenterprises across the country. 

• Plans to establish 15 physical branches across MP in 6 months.

The goal: To disburse ₹50-100 Cr. in loans within a year.

Also read: Are Non-Banking Financial Companies (NBFCs) the new banks?

6-8% of quick commerce sales are now thanks to private labels, up from 1%-2% (in the past 2 years).

• BigBasket: BB Royal, Fresho, and others 

• Zepto: Daily Good, Relish 

• Swiggy Instamart: Supreme Harvest

However, this "private label" growth is only in the fresh produce/staples category because of high margins (25% - 30%) and low supply chain hurdles. 

Unlike its peers, Zomato's Blinkit has chosen not to participate. Will this shift away from private labels work in favour of or against it?

Tesla is in talks with Indian chipmaker CG Semi and the US-based Micron to diversify its global chip supply chain, after a deal with Tata Electronics.

• Micron is setting up an ₹23,000 Cr. ATMP facility in Gujarat

• CG Semi is building an ₹7,600 Cr. OSAT facility in Sanand.

• Tata Electronics is investing ₹91,000 Cr. in a fab unit in Dholera, Gujarat, and ₹27,000 Cr. in an OSAT facility in Morigaon, Assam.

Elon Musk wants to reduce its dependence on Chinese suppliers.

Will India become the world's next semiconductor capital?

Walmart-backed PhonePe becomes a public company, ahead of its planned IPO.

• Aims to list with the valuation of ₹1,200 Cr.

• It dominates the UPI market space with a 50% market share

• In FY24, the company reported a 73% Y-o-Y increase in revenue to ₹5,064 Cr.

• According to reports, Kotak Mahindra Capital, JP Morgan, Citibank Bank and Morgan Stanley have been appointed merchant bankers.

 Will PhonePe's IPO help India's UPI switch?

Zepto's 10-minute delivery was a solution to 2-3 hour wait times and has become a necessity with nuclear homes, limited cars and tight budgets.

But at what cost? Players like Zepto, Blinkit & Swiggy Instamart are experiencing monthly cash burn (₹1,300-₹1,500 Cr.).

These companies have raised ₹25,620 Cr. in total to keep delivering, with Blinkit's parent company capping foreign ownership at 49.5% to gain Indian-owned status, letting it hold inventory and boost margins.

Now the question is, "Can quick commerce really keep up with the high cash burn and impatient customers?"

• Gautam Adani to sell Australia’s North Queensland Export Terminal to Adani Ports and Special Economic Zones Ltd. (APSEZ).
   
• The deal is valued at ~₹20,400 Cr. via a preferential issue.
   
• Terminal is a major coal export hub; originally bought by Adani Ports in 2011, later transferred to the Adani family in 2013.
   
• The company aims to consolidate assets and expand globally.

Is this the move to set the stage for Adani's global takeover?

Wow! Momo has raised ₹130–150 Cr. in a bridge funding round.

The round was led by Malaysia's sovereign fund Khazanah and Haldiram’s promoter Kamal Agrawal.

• Earlier in 2024, it raised ₹350 Cr. from Khazanah, valuing the company at ₹2,400 Cr.

• The chain is expecting to raise ₹600–700 Cr. of funding in the next round by late 2025.

This QSR chain runs 680 outlets today and aims to add 200–250 more in the next 12–14 months.

Is this the MOMO moment investors have been waiting for?

From 8GW today to 100GW by 2047, India plans to grow its nuclear power 10 times, helping meet Net Zero by 2070.

Names like Adani (30GW), Jindal (18GW), and Vedanta (5GW) are stepping in.

Currently, India has 25 nuclear plants, fully controlled by NPCIL.

NPCIL plans 10 new reactors, NTPC aims to add 30GW by 2034, and private firms may fund 50% of the new capacity.

Will nuclear be India's clean energy solution? Also read: How to Benefit from India's Renewable Energy Sector?

Paytm founder Vijay Shekhar Sharma surrenders 2.1 Cr. shares worth ₹492 Cr, following regulatory scrutiny by SEBI. 

• He owned a 14.7% stake but transferred 3.09 Cr. shares to Axis Trusteeship Services.

• This brought his stake below 10%, which was enough for him to become eligible for ESOP and avoid promoter status.

Now, Vijay Sharma has agreed not to accept any fresh ESOPs for the next 3 years and to pay ₹2.79 Cr. to settle a case with SEBI.

What does this mean for Paytm's future?

Shapoorji Pallonji (SP) Group has requested the RBI to back Tata Sons' public listing.

• The group holds an 18.37% stake in Tata Sons.

• It says that the listing will benefit all stakeholders.

• It’s currently facing significant debt repayment pressure.

In 2022, the RBI classified Tata Sons as an Upper-Layer NBFC, which requires it to be listed by September 2025.

But in 2024, Tata Sons applied to deregister itself as CIC and avoid listing. The RBI is reviewing the request.

SP needs liquidity. Tata needs privacy. Whose side will the RBI take?

World's second-largest miner, Rio Tinto, is making a comeback in India after a decade.

It has signed an MoU with India-based AMG Metals & Materials to explore a low-carbon aluminium project.

• The goal is to produce 1 million tonnes of primary aluminium and 2 million tonnes of alumina annually.

• The entire process will be powered by renewable energy—solar and wind, backed by pumped hydro.

This project could help decarbonise industries like auto, construction, packaging, and many others.

Will green aluminium be India’s next big thing? Also read, How to Benefit from India's Renewable Energy Sector?

• The Labour and Employment Ministry signed an MoU with Swiggy to create 12 lakh gig and logistics job opportunities over the next 2-3 years.
   
• Swiggy's job listings will be featured on the National Career Service (NCS) portal.
   
• The goal is to provide verified, real-time opportunities, especially for job seekers from urban and semi-urban areas.

The collaboration gives Swiggy access to a diverse, skilled and job-ready talent pool. 

Will this have a long-term impact on India's logistics opportunities?