Ather Energy Hits New Record High, HSBC Increases Target Price to INR 700

After HSBC increased its target price (TP) for the company, shares of EV manufacturer Ather EnergyAther Energy Datalabs_in-article-icon rose 7.8% to INR 678.50, reaching a new all-time high during today’s intraday trading on the BSE. The TP for Ather was raised by the brokerage from INR 600 to INR 700. The new target price translates to an increase of over 11% from Ather’s closing price yesterday (INR 629.55). HSBC estimates that Ather’s sales volumes will consistently rise due to the growing number of stores. “Volumes have consistently risen over the past few months, even as competition from incumbents has intensified, due to the company opening more stores,” it stated in its report.HSBC anticipates Ather's sales to surge by 22% quarter-on-quarter in Q2 FY26, as retail sales during the quarter averaged 18,000 units. Ather’s EBITDA loss margin is projected to enhance by 110 basis points (bps) on a quarterly basis and by 420 bps on a yearly basis, owing to improved operating leverage. “Ather has positioned itself as a robust brand within the EV sector, and we anticipate that the response to the EL platform will surpass our prior expectations; consequently, we are increasing our estimates and adjusting our target price to INR 700 (up from INR 600),” it added. In the meantime, HSBC lowered its rating for Ola Electric from ‘Hold’ to ‘Reduce’ and reduced the target price from INR 55 to INR 45.The brokerage noted that Ola Electric was losing market share amid growing competition, even with catalysts that should have benefited it in Q2 FY26. “According to Vahan registrations, we anticipate a quarterly decrease of 20% in Ola volume, bringing it down to 55K units,” it stated. It does foresee, though, that Ola Electric’s gross margin will increase by 220 basis points quarter on quarter to reach 28% in the second quarter, thanks to cost optimisation from the Gen 3 platform. Additionally, the brokerage highlighted that Ola Electric incurs fixed costs that exceed those of its rivals.“Ola exhibits greater vertical integration in the production of components (such as batteries and motors). “The sales are conducted through COCO distribution models (company owned, company operated), which is detrimental to Ola’s profitability in the low-volume environment,” it said.  

FICCI FRAMES 2025: Kevin Vaz of JioStar advocates for "light-touch" legislation to enable India's aspirations for international content

Today, Kevin Vaz, Chairman of FICCI’s Media & Entertainment Committee, inaugurated the 25th edition of FICCI FRAMES, marking a crucial milestone for India’s media and entertainment sector. He called for a reimagining of growth, recalibration of regulation, and reaffirmation of India’s global storytelling ambitions. Vaz stated, while speaking to a full auditorium of industry leaders, policymakers, creators, and changemakers, “This goes beyond being an anniversary — it is a time for reflection, refocusing, and rising.” The event, themed RISE Together (Reimagine, Innovate, Strengthen, Empower), commemorates FRAMES' 25 years as a platform for policy dialogue, business exchange, and cultural diplomacy.A voyage from acknowledgment to self-reinvention Vaz, while reminiscing about the inception of FRAMES in 2001, underscored the pivotal moment when the Indian government granted industry status to the media and entertainment (M&E) sector. This decision opened the door for capital influxes, institutional investments, and a professional approach throughout the value chain. Vaz noted, “We’ve come a long way — from the rise of satellite TV and cable to the boom in OTT, VFX, and immersive tech,” acknowledging the contributions of stalwarts like Yash Chopra, Karan Johar, and Uday Shankar, who have guided the FICCI M&E Committee over the years. “Their legacy continues through our endeavors to expand the creative economy in India.”Television and Digital: An Indian AND Story Vaz challenged global assumptions about disruption by asserting that India is a rare “AND” market, where television and digital platforms are not rivals but co-existing engines of growth. “Pay TV, Free TV, and Connected TV are growing in tandem with digital. This dual-track growth is contributing to the overall expansion of the M&E pie, rather than dividing it,” he noted.Sports, Streaming Services, and the Emergence of Regional Narratives The sports ecosystem in India, particularly in cricket, kabaddi, and esports, is experiencing unmatched momentum. This growth is being fueled by digital platforms that enhance reach through interactive, multilingual, and immersive content. In the realm of film, regional cinema and Indian OTT are driving India’s soft power on the global stage. Vaz stated, “Our narratives, spanning from RRR to The Elephant Whisperers, are clinching Oscars, dominating box office sales, and capturing hearts.” Cross-border collaborations are being fueled by co-production treaties and a revitalized NFDC.Sports, Streaming Services, and the Emergence of Regional Narratives The sports ecosystem in India, particularly in cricket, kabaddi, and esports, is experiencing unmatched momentum. This growth is being fueled by digital platforms that enhance reach through interactive, multilingual, and immersive content. In the realm of film, regional cinema and Indian OTT are driving India’s soft power on the global stage. Vaz stated, “Our narratives, spanning from RRR to The Elephant Whisperers, are clinching Oscars, dominating box office sales, and capturing hearts.” Cross-border collaborations are being fueled by co-production treaties and a revitalized NFDC.  

JSW One Platforms Secures INR 575 Cr to Broaden Operations and Fortify NBFC Division

JSW Group’s B2B ecommerce marketplace, JSW One Platforms, has secured an extra INR 235 Cr, bringing the total of its current funding round to INR 575 Cr. State Bank of India (SBI), Principal Asset Management, One-Up, International Conveyors Ltd. (ICL), Scarlett Ventures, and JSW Steel participated in the funding round. This year in May, the company commenced the funding round. At that time, the JSW One Platforms declared a fundraising of INR 340 Cr at a unicorn valuation.JSW One Platforms stated that it will use the new capital to invest in its own technology platform, broaden its operations, and reinforce its non-banking financial company (NBFC) division. The company will use the funds to improve credit access, strengthen underwriting capabilities, and create tailored financial products for small businesses. It also intends to enhance its distribution and logistics network across key industrial clusters to improve last-mile delivery, fulfilment, and the provision of embedded financial services, according to a statement.JSW One Platforms, established in 2020, serves as a B2B tech-enabled marketplace aimed at construction and manufacturing MSMEs. Its services encompass procurement, credit, fulfilment, and private brands. JSW One Platforms also runs JSW One Homes, which links clients with contractors and professionals to manage the full process from purchasing a plot to constructing a home.In 2023, JSW One Platforms secured Series A funding amounting to INR 205 Cr ($25 Mn) at a valuation of INR 2,750 Cr. Mitsui & Co Ltd. took the lead in the round. The company stated at that time that the funding round in May resulted in a valuation increase of more than three times compared to the round in April 2023. JSW One Platforms stated that its gross merchandise value (GMV) grew 2.4 times year-on-year, reaching INR 12,567 crore in FY25. The firm stated that it is expected to exceed INR 8,000 Cr in GMV during H1 FY26. According to Tofler, the company reported a revenue of INR 70.7 Cr in FY24. The net loss amounted to INR 199.8 Cr.  

"On day five of the Zappfresh IPO, 94% of subscribers signed up; retail interest is still low. "

Today is the fifth day of Zappfresh's public offering, which was extended on September 30. By the end of October 3, 94% of the issue was subscribed, according to data from Chittorgarh. The company's IPO was most eagerly anticipated by qualified institutional buyers (QIBs), who oversubscribed their quota by 1.45 times. Against the 11.16 lakh shares that were set aside for them, these investors placed bids for 16.16 lakh shares. Additionally, non-institutional investors (NIIs) bid for 10.50 lakh shares against the 8.39 lakh shares designated for them, oversubscribing their quota by 1.25X.However, as of Day 5, the overall subscription was down due to a lack of interest from ordinary investors. A 51% subscription resulted from retail investors bidding for just 9.96 lakh shares, compared to the 19.54 lakh shares that were set aside for them. The BSE SME IPO was originally scheduled to close on September 30, but due to low investor interest, it has been extended to Monday, October 60, for subscriptions. Only 52% of the offering had been subscribed for at that point, with investors purchasing 22.44 lakh shares out of the 42.39 lakh available.Consequently, the meat delivery company changed its price range from INR 96 to INR 101 to INR 95 to 100 and prolonged the IPO. The company now wants to raise roughly INR 59 Cr from the public float at a valuation of about INR 223 Cr, which is at the upper end of the revised bracket.ZappfreshZappfresh Datalabs_in-article-icon raised INR 16.8 Cr from 11 anchor investors prior to the issue opening by offering 16.7 Lakh shares at INR 101 per. With an investment of more than INR 4 Cr, Craft Emerging Market Fund held the greatest proportion among them, followed by Viney Growth Fund with INR 2.5 Cr and Narnolia India Opportunity Fund with INR 2 Cr.  

With over 50 investors reshaping VC playbooks, MoneyX Dialogues makes its debut in Bengaluru.

The inaugural edition of MoneyX Dialogues — Venture Capital Unplugged brought together over 50 investors to discuss the evolving playbooks and sector priorities The fire-side chat featuring V. Vaidyanathan from IDFC FIRST Bank underscored the necessity for venture capitalists and banks to collaborate closely in order to establish a robust financial foundation for startups. With recast playbooks, rebuilt partnerships, and robust value creation in sight, the investing community plans to redefine the rules for VCs.In late August, it was a breezy evening in Bengaluru, and amidst an august gathering of investors, a chortle erupted. It was sufficiently loud to be overheard. Nothing appears more natural than the presence of artificial intelligence in business. Almost as a rule, every pitch deck appears to start with an AI-first approach. The laughter was set off by that. However, it pertained to understanding the truth of the technological era and was definitely not about a rhetoric that dismissed technology. Under the humor, there lay a serious truth: the deployment of capital in India is changing rapidly, and investors are adjusting their playbooks to balance conviction with caution.This was corroborated by a recent Inc42 investor survey, which found that AI was the top choice for both early and growth stage investments. In order to decipher these signals, Inc42 collaborated with IDFC FIRST Bank to organize the inaugural MoneyX Dialogues — Venture Capital Unplugged event, which was supported by Rukam Capital, in Bengaluru on August 21. Over the course of the evening, more than 50 of India’s most astute investment professionals gathered, including early-stage VCs, fund managers focused on emerging and growth stages, HNIs, family offices, and angel investors.The event included a closed-door roundtable discussion with early and growth stage fund managers, high-net-worth individuals, and family offices, moderated by Amit Nawka, a partner at PwC Deals. It also featured a fireside chat with V. Vaidyanathan, the MD and CEO of IDFC FIRST Bank, moderated by Inc42 cofounder and CEO Vaibhav Vardhan. They discussed the evolution of venture capital in India and the strategies that would drive the next wave of startups.  

Robotics startup EyeROV secures a contract worth INR 47 crore from the Indian Navy

The startup's UWROVs undergo testing in turbulent waters for deep-sea missions, including in the frigid depths of the Antarctic Sea. The EyeROV TROUT is a military-grade ROV rated for depths of 300 meters, designed for deep-sea missions and equipped with autonomous navigation and advanced imaging capabilities. Its clientele includes Tata, Adani, BPCL, DRDO, and the Indian Coast Guard.EyeROV, a startup specializing in underwater robotics, has landed a contract with the Indian Navy valued at INR 47 crore to provide advanced Underwater Remotely Operated Vehicles. The agreement represents an important advance in bolstering the nation’s naval capabilities with homegrown technology.Kochi-based marine robotics startup EyeROV has been awarded a contract worth ₹47 crores by the Indian Navy for advanced Underwater Remotely Operated Vehicles (UWROVs). The Navy's underwater surveillance and reconnaissance capabilities will be enhanced by EyeROV's locally developed underwater drones, which can operate at depths greater than 400 meters. The startup has executed more than 100 deployments worldwide and counts clients such as DRDO, the Indian Coast Guard, and CSIR. EyeROV, acknowledged as one of the leading defense-tech startups in India, has secured $1.2 million in funding and is in line with India's 'Make in India' campaign aimed at achieving defense self-sufficiency.The Indian Navy has awarded a ₹47 crore contract to EyeROV, a marine robotics startup based in Kochi, for the provision of advanced Underwater Remotely Operated Vehicles (UWROVs), marking a significant advancement for India's defense technology sector. The agreement represents a significant landmark in the nation’s drive for indigenous defense technology and maritime security capabilities.  

X, the platform owned by Elon Musk, plans to appeal a ruling by the Karnataka High Court regarding a confidential content removal system called ‘Sahyog’.

The Karnataka high court (HC) has reportedly added another layer to the confrontation between Elon Musk’s X and the central government by dismissing the former’s plea for relief from the Centre’s censorship orders. Justice M Nagaprassana dismissed X’s plea, stating that social media cannot function with total freedom, according to a report by LiveLaw The judge expressed the view that, referencing US regulations regarding social media posts, the government’s attempt to regulate speech on the platform cannot be considered illegal.“We will appeal this order to defend free expression,” X said in a post on the platform, in its first statement since the High Court of Karnataka ruled last week that there was no legal merit to the company's legal challenge to quash India's content removal mechanisms.X is deeply concerned by the recent order from the Karnataka court in India, which will allow millions of police officers to issue arbitrary takedown orders through a secretive online portal called the Sahyog. This new regime has no basis in the law, circumvents Section 69A of…"The Sahyog enables officers to order content removal based solely on allegations of “illegality,” without judicial review or due process for the speakers, and threatens platforms with criminal liability for non-compliance," X said on Monday. X owner Elon Musk, a self-described free-speech absolutist, has clashed with authorities in several countries over compliance and content takedown demands, but the company's Indian lawsuit targeted the entire basis for tightened internet regulation in the world's most populous nation, Reuters reported.Earlier on September 24, the Karnataka High Court dismissed X Corp's petition challenging the government's content takedown system under Section 79 of the Information Technology Act. The court emphasised that social media, as a “modern amphitheatre of ideas,” should not be allowed to operate in a state of “anarchic freedom” and must be subject to regulation.  

Government Considers Relaxing Export Regulations for Amazon and Other E-commerce Giants

To alleviate restrictions on foreign investment, the government has allegedly created a proposal permitting e-commerce multinationals such as Amazon to buy products directly from Indian vendors and sell them abroad.NEW DELHI, Sept 26 (Reuters) - A document revealed that the Indian government has prepared a proposal aimed at relaxing foreign investment regulations. This would permit e-commerce firms like Amazon (AMZN.O) to purchase products directly from Indian vendors and sell them to international customers.In India, foreign e-commerce firms are not permitted to sell products directly to consumers, whether domestically or internationally. They can only operate as a marketplace that connects buyers and sellers for a charge.As reported by Reuters, the policy has been disputed between New Delhi and Washington for years, with Amazon lobbying the Indian government to relax export rules. The suggested modifications align with initiatives from both India and the U.S. aimed at reconciling their disparities regarding a trade agreement that has been postponed for an extended period. Additionally, the proposals reject the call from groups supporting millions of small Indian brick-and-mortar retailers for the government to deny Amazon's request based on the assertion that the financial power of the U.S. company poses a threat to their businesses. As stated in a 10-page proposal from The Directorate General of Foreign Trade, which is not public but was reviewed by Reuters on Thursday, less than 10% of small Indian businesses that sell online domestically engage in global e-commerce exports due to being "constrained by complex documentation and compliance requirements."The proposal foresees a model for facilitating exports through a third party, in which compliance would be overseen by a dedicated export entity connected to e-commerce platforms. Neither Amazon nor the directorate responded to Reuters' inquiries. The proposal will need to be approved by India's cabinet. As reported by Reuters, Amazon stated that the move will benefit Indian exporters; however, the Confederation of All India Traders, representing millions of traditional retailers, opposed the proposal on Friday. It was stated that this could be exploited by foreign companies, resulting in increased control over supply chains. B C Bhartia, the national president of the confederation, stated, "It will create a slippery slope, making it nearly impossible to monitor whether goods are genuinely meant for exports or being diverted into the domestic market."  

Nothing Partners with Optiemus to Reinforce Commitment to Indian Manufacturing

Nothing has declared its collaboration with Noida-based Optiemus Infracom to position India as the worldwide production and export center for Nothing and CMF products The JV will facilitate the establishment of Nothing’s sub-brand CMF (Color, Material, Finish) as an independent entity, assisting the company in making India its hub for operations, research and development, and manufacturing in the future. Nothing’s CMF and Optiemus Infracom are collaborating to invest more than $100 million (INR 886.7 crore) in the country over the next three yearsThe smartphone giant Nothing, headquartered in London, has revealed its collaboration with Noida's Optiemus Infracom to create a global production and export center for Nothing and CMF products in India. The JV will result in the establishment of Nothing’s sub-brand CMF (Color, Material, Finish) as an independent entity, aimed at helping the company establish India as its hub for operations, research and development, and manufacturing in the future. Nothing has teamed up with Optiemus Infracom to enhance smartphone production in India, pouring in more than $100 million and generating 1,800 jobs. The company intends to position India as a worldwide center for its CMF brand, with an emphasis on research, development, and manufacturing.  

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P-TAL, a D2C brand, secures $3 million from investors including Grid and Rainmatter.

P-TAL, a D2C brand, has secured $3 million in its Series A funding round, which was spearheaded by the VC Grid syndicated fund from Venture Catalysts and Rainmatter, led by Nikhil Kamath. The funding round included contributions from the US-based VC firm Connecticut Innovations, Bipin Shah’s new VC fund Zero Pearl, Anicut Capital, and others. P-TAL stated that it will use the new funding for product innovation, creating technology-driven efficiencies in its supply chain, and empowering artisan communities in India.P-Tal (Punjab Thathera Art Legacy), a high-end kitchenware brand that is bringing back India’s traditional craftsmanship of hand-forging copper, brass, and bronze utensils, has secured $3 million in a new funding round. Connecticut Innovations, Anicut Capital, Zeropearl VC, and various angel investors also took part in the round, which was co-led by VC Grid and Rainmatter, an investment initiative founded by Zerodha’s Nithin Kamath. The firm intends to use the new funds for the purpose of expanding its international operations, which currently account for almost 60% of revenue. P-Tal, having established a stronger foothold in the US, is now aiming to penetrate the European, UK, and Middle Eastern markets and is focused on developing R&D capabilities for designing product lines tailored to these regions.P-Tal, established by Aditya Agrawal (CEO), is rethinking traditional Indian kitchenware for contemporary homes. Its offerings encompass cookware, dinnerware, serveware, and essentials for daily use, with prices beginning at ₹1,500. Each item is hand-made by over 110 artisan families from Moradabad and Chandigarh, merging cultural heritage with modern design. The brand's distribution channels include its D2C website, e-commerce and quick-commerce platforms, as well as two offline stores in India.P-Tal had previously raised approximately $550,000 in 2023 in a round spearheaded by Titan Capital, bringing its total funding to $3.6 million. The firm gained exposure by appearing on Shark Tank India (Season 3), where it obtained ₹1 crore from investors Aman Gupta, Anupam Mittal, Amit Jain, Namita Thapar, and Vineeta Singh. As global consumers increasingly seek authentic, sustainable, and artisanal products, P-Tal is establishing itself as India’s cultural ambassador in the premium kitchenware market.  

Zaggle Increases 5% Following Partnerships With Mastercard and AU Small Finance Bank

At 12:45 on the BSE, the stock had recovered some of its gains and was up 1.5% at INR 360.30, bringing the company's market capitalization to $544 million. The rally followed Zaggle's announcement of collaborations with Mastercard for co-branded domestic prepaid cards and AU Small Finance Bank (AU SFB) for co-branded retail credit cards, co-branded prepaid cards, and commercial cards. This year, the company's shares have mostly stayed in a corrective phase, reflecting the 18% year-to-date decline in the Nifty IT index and the 6% increase in the Nifty 50.Details of the Partnership The five-year partnership between Zaggle and Mastercard is outlined in the Customer Business Agreement, which goes into force on September 22, 2025, and ends on September 30, 2030. In order to establish and promote co-branded domestic prepaid cards on the Mastercard network, Mastercard will offer Zaggle incentives under this arrangement. Strategic Consequences For Zaggle, this collaboration is a big step toward increasing the range of prepaid cards company offers. Zaggle hopes to expand its product line and maybe gain market share in the quickly expanding fintech industry by utilizing Mastercard's extensive worldwide network and experience.Important Aspects of the Agreement Character of the Agreement: The contract is categorized as a Mastercard Domestic Prepaid Card Co-Branded with "Zaggle" Customer Business Agreement. Range: The transactions will be domestic in character, even if the cooperation involves an international organization (Mastercard Asia/Pacific Pte. Ltd). Duration: The agreement offers a solid foundation for sustained cooperation and lasts for just over five years. Governance of Companies According to Zaggle, there are no related party transactions involved in this arrangement. Furthermore, there is no interest in Mastercard on the part of the promoter or the promoter group, guaranteeing openness and compliance with corporate governance guidelines.  

Exclusive: Whoa! Momo is expected to raise $8.5 million in the current round.

Chain of quick-service restaurants Whoa! Momo is now seeking Rs 75 crore, or roughly $8.5 million, in its Series D round, which is being headed by 360 ONE and includes Kyrush Investments. Three months after Stride Ventures provided the company with debt finance of Rs 85 crore, the new investment was made.  Wow, with this! Over Rs 650 crore has been invested in Momo overall through its Series D financing. According to Wow! Momo's regulatory filings obtained from the Registrar of Companies (RoC), the board has decided to issue 7,837 Series D6 CCPS at an issue price of Rs 95,699 per share in order to raise Rs 75 crore.In this round, Kyrush Investments will contribute the remaining Rs 4.99 crore, while 360 One would invest Rs 70 crore. Entrackr estimates that the company's post-money valuation is between Rs $315 and Rs 320 million. These earnings will be used by the business for general corporate objectives, working capital needs, and capital expansion. According to the company's filing, Kyrush Investments will own 0.18% of the company, while 360 One Portfolio will control 2.53%.Wow! was introduced by Sagar Daryani and Binod Homagai in 2008. Momo owns brands including Wow! and runs more than 700 stores across 70 locations. Momo, Whoa! Wow, China! Wow, and chicken! Kulfi. In the following three years, the company also intends to build its HORECA sector, increase its FMCG business to Rs 100 crore, and open 1,500 outlets in 100 locations. Wow, according to the new data intelligence platform TheKredible! From Rs 413 crore in FY23 to Rs 470 crore in FY24, Momo's operating revenue increased 13% annually. In FY24, it continued to incur consistent losses of Rs 114 crore. The business has not yet disclosed its FY25 financials.  

To expand its omnichannel presence, lab-grown diamond startup Lucira secures $5.5 million.

diamond jewelry made in a lab Blume Ventures has lead Lucira's $5.5 million fundraising round. Other investors include the founders of Dot&Key, Livspace, Snitch, Bewakoof, SiriusOne Capital Fund, and Spring Marketing Capital. Notably, this is the biggest seed round ever raised by an Indian jewelry start-up. With the additional funding, the start-up will bolster its workforce, launch marketing campaigns, and grow its offline business.Indian buyers are looking for style, authenticity, and a brand they can relate to on an emotional level, going beyond simply purchasing jewelry as an investment. With this support, we hope to establish Lucira as India's most reputable design-first fine jewelry brand," stated Rupesh Jain, Lucira's cofounder. Established by jewelry industry veterans Rupesh and Vandana Jain, Lucira has produced a portfolio of over 1,000 customizable lab-grown diamond designs, all of which are guaranteed to last a lifetime and come with exchange and buyback policies.After transforming Candere into one of India's first digital jewelry success stories—later acquired by Kalyan Jewellers—the fundraiser represents a wager on Rupesh's "second innings. " This month, the brand is also opening its first retail location in Mumbai. By the end of FY26, Lucira intends to open four additional flagship locations to bolster its digital-first purchasing strategy and make investments in technology-driven personalization. In order to achieve our goal of making Lucira the most design-first fine jewelry brand in India, we must strategically develop our omnichannel presence, design leadership, and customer trust. This fundraise is a vote of confidence from partners who recognize we’re not simply selling jewelry, we’re influencing mindsets,” said Rupesh.We're making significant investments in our design studio, expanding both digital and physical retail, and making sure each item is backed by reliable certification and warranties. We envision Lucira being the preferred fine jewelry brand for a new generation of Indian consumers thanks to our methodical approach," he continued.Jain added that during the next three to five years, the lab-grown diamond market in India, which is currently worth $400–500 million, is anticipated to reach a value of about $1.5 billion. He previously started the jewelry company Candere, which Kalyan Jewellers later bought after acquiring an 85% interest in Singularity Strategic.  

PharmEasy Can Raise Debt of INR 1,700 Cr

This Sunday, here's an interesting thought for you: Startups that buy up larger companies or legacy firms typically don't end up successful. Consider the billion-dollar agreement between BYJU'S and coaching behemoth Aakash, which has largely fallen through due to BYJU's issues. Or Ola, a ride-hailing firm that spent around $200 million to buy FoodPanda and go into the food delivery business before realizing it was more than just buying a business.In June 2021, PharmEasy went one step further and became the first startup to purchase Thyrocare, a publicly traded firm, for INR 4,440 Cr (about $600 million at the time), a 9X revenue multiple.Although the company's FY25 loss of INR 1,517 Cr was 40% lower than FY24, its top line remained nearly unchanged, so this was not a significant improvement. Nevertheless, that is better than the 15% drop in revenue in FY24. Before delving further into the problems facing B2B and B2C pharmaceutical companies, let's take a look at this week's top stories from our newsroom:PhysicsWallah's Litmus Test for IPOs: The edtech giant submitted its revised DRHP earlier this week in an attempt to raise INR 3,820 Cr through an IPO. The ranking might be a welcome change in the deteriorating situation of Indian edtech. However, is the lauded listing from PW more smoke than fire? The Goldmine of Q-Commerce Ads: The world of rapid commerce has become a battlefield for marketers. What began as a convenience play has developed into the newest advertising goldmine in India, posing a threat to Meta and Google. The Premium Q-Comm Sizzle from FirstClub: The firm offers "high-quality" daily necessities and lifestyle items at reasonable costs, in contrast to other fast commerce companies. Can it compete with industry titans like Zepto, Blinkit, and Instamart with its premium-focused model?Building a comprehensive health and wellness platform that could source, prescribe, and sell medications through both online and offline touchpoints was the goal of Siidharth Shah, his close friends Dharmil Sheth, Dhaval Shah, Harsh Parekh, and Hardik Dedhia. Before losing steam, the startup managed to get halfway there. In order to expand verticals such pharmaceutical supply chain, health consultations, diagnostics, and testing, it purchased Aknamed in 2018, Thyrocare, and B2C pharmacy Medlife in 2021. During the pandemic, when the fiscal policy of zero interest rates was in effect, the corporation also took on a lot of debt. Although it was simple to raise these cash, PharmEasy found that repaying them grew increasingly expensive.Except for Thyrocare, cashburn was the cause of any growth at this point. Five years after that well-known transaction, PharmEasy, which was once valued at $5 billion, is having trouble turning a profit. The $300 million (INR 2,220 cr) loan from Goldman Sachs, which ultimately resulted in an annual interest rate of 17–18%, has been the primary cause of its difficulties.  

Real Money Gaming Ban: Zupee Axes 170 Jobs and Joins Peers

Following India's passage of a bill in August that outlawed online games involving money, Zupee announced on Thursday that it will lay off 170 workers, or around 30% of its workforce. Zupee is the latest real-money gaming (RMG) company to fire staff following the ban, including Games24x7, Baazi Games, and Mobile Premier League. "We had to make this difficult decision in order to adjust to the new legal framework. We will always be grateful for the contributions of our departing colleagues, who have played a crucial role in Zupee's development," stated Dilsher Singh Malhi, the company's founder and CEO. "We had to make this difficult decision in order to adjust to the new legal framework. We will always be grateful for the contributions of our departing colleagues, who have played a crucial role in Zupee's development," stated Dilsher Singh Malhi, the company's founder and CEO.Based in Gurugram According to Zupee, the company is providing the 170 workers with "additional financial support linked to years of service" in addition to money in place of the notice period. After the impacted employees depart the organization, their health and insurance coverage will remain in effect for the duration of their employment."To ensure that no one feels unprotected as they pursue their next opportunity, we have also established a medical support fund of Rs 1 crore," the statement added. When new positions become available, the organization will give priority to rehiring its employees. Zupee intends to concentrate on online social gaming and entertainment items, and it now has 150 million registered members.  

In FY25, Avanse's net profit increased 47% to INR 502 Cr.

The combined net profit of NBFC Avanse Financial Services, which focuses on educationIn the fiscal year that concluded on March 31, 2025 (FY25), Avanse Financial Services Datalabs_in-article-icon increased 46.6% to INR 502 Cr from INR 342.4 Cr in the prior fiscal year. The operating revenue of the IPO-bound NBFC increased by 36% from INR 1,727 Cr in FY24 to INR 2,347 Cr.In FY25, the company's total asset under management (AUM) climbed from INR 13,303 Cr to INR 18,985 Cr, a YoY rise of 1.4X. In the meantime, loan disbursement increased by 9% to INR 6,914 Cr in FY25 from INR 6,335 Cr the year before. Avanse, which was founded in 2013 by Amit Gainda, provides education loans to students who wish to study in India or outside. Additionally, it makes it easier for educational establishments like schools to obtain funding for the construction of infrastructure. The majority of the business for the Mumbai-based NBFC comes from Indian students who want to study overseas. During the year, loan disbursements totaled INR 5,152 Cr, while the segment's AUM was INR 15,275 Cr. The sector that serves educational institutions came next, with an AUM of INR 3,068 Cr and a total loan disbursement of INR 1,501 Cr in FY25.According to the company's annual report, the number of Indian students studying overseas has skyrocketed and continued to rise over time. From 9 Lakh in CY22 to 13.3 Lakh in CY24, this figure has increased by 48%. Additionally, India's education system is undergoing significant transformation as a result of its increased emphasis on providing pupils with comprehensive learning and development. This has forced them to spend money on edtech, labs, digital classrooms, and sports facilities for after-school activities.A significant portion of the lending major's revenue came from interest income, which rose 39.5% from INR 1,443.7 Cr in the prior fiscal year to INR 2,014.4 Cr in FY25. In FY25, revenue from fees and commissions increased by 23% year over year, while net gain on fair value charges increased by 10.6%. During the year, net gain on fair value charges was INR 14.6 Cr, despite fee and commission revenues totaling INR 227 Cr. The net benefits from the company's financial instrument derecognition increased its top line by INR 91 Cr in FY25, a 6% increase from INR 85.6 Cr the year before.  

Center Considers $20 Billion in Semiconductor Mission 2.0 Incentives

The Center is proposing a $20 billion package to boost the India Semiconductor Mission, which may greatly accelerate India's desire to become a semiconductor powerhouse. In order to increase the current incentives under ISM, the Ministry of Electronics and IT (Meity) has submitted a proposal to the finance ministry for approval. By December, the Union Cabinet is expected to give its final approval.Officials claim that Meity is working on an economic forecast study that will compare the first phase of ISM to other comparable international programs, such as those in the US, EU, and East Asia, and demonstrate the program's success and returns. While the EU has raised over €43 billion and nations like the US have implemented subsidies totaling $52 billion under the Chips Act, India wants to create a full-stack semiconductor ecosystem via design, production, and packaging. The government has so far approved billion-dollar projects under ISM, including those from CG Power-Renesas, HCL-Foxconn, Micron, TSAT, and Tata Electronics-PSMC. It is anticipated that the first fabs would go online in 2025. Stronger incentives for design-linked schemes are anticipated to be introduced in the second phase to support domestic participants and to draw in foreign investors by creating a stable policy environment.Although India has made positive strides, industry analysts point out that chipmaking is still very competitive and capital-intensive. In order to secure their places in the semiconductor supply chain, multinational corporations from China, Japan, and South Korea are also spending billions of dollars through grants, tax exemptions, and direct funding.  

PayU wants to raise $300 million before going public.

PayU, a payments business funded by Prosus, is reportedly looking to generate $300 million by selling off a minority stake. The company has enlisted HSBC as its financial partner for the project, which is still in its early stages, according to a Moneycontrol story. The minority share sale is intended to determine investor demand and provide a benchmark valuation for PayU's initial public offering (IPO), which is anticipated to take place in 2026. The fundraising effort precedes a plan to list on Indian stock exchanges.PayU purchased a 43.5% strategic investment in Mindgate Solutions, a company that develops real-time payment technology, in March. The business collaborates with the top banks in the nation and is among the biggest UPI technology service providers in the sector. Prosus is still a major shareholder in PayU, and it recently supported the Mindgate investment and invested $35 million in the company's credit division. Through a gateway that accepts cards, UPI, wallets, EMIs, and QR codes, PayU India assists companies in accepting digital payments. It provides no-code features like payment linkages and invoicing to make setup easier for its half a million businesses. Additionally, the business provides value with enterprise-grade capabilities including split payments, analytics, tokenization, fraud protection, and AI-driven recommendations.In terms of lending, PayU offers loans to people and companies that are underserved by conventional banks. With an NBFC license recognized by the Reserve Bank of India, it provides "buy now, pal later" options, EMIs, and quick loans.Transaction fees from its payments division and interest or processing fees from its loans division are how PayU makes money. PayU's overall revenue increased 21% to $669 million for the fiscal year that ended in FY25, while its India payments business climbed 12% to $498 million.