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  • Jio Financial Services Q2 Total Income Jumps ₹1,002 Cr, Net Income Surges 5x

    Jio Financial Services Limited (JFSL) has posted strong growth in the second quarter of the financial year 2025-26, ending 30 September 2025, with consolidated total income rising to ₹1,002 crore, up 44% year-on-year. Net income from business surged fivefold to ₹317 crore, while profit after tax stood at ₹695 crore. The results reflect strong operational momentum across JFSL’s NBFC, payments bank, asset management, and digital financial services businesses.

    Jio Financial Services Consolidated Financial Highlights for Q2 FY26:

    • Net Income from Business accounted for 52% of Consolidated Net Total Income (ex-dividend), up from 14% in Q2 FY25
    • NBFC Assets Under Management (AUM) reached ₹14,712 crore, up from ₹1,206 crore in Q2 FY25
    • AMC AUM stood at ₹15,980 crore; maiden NFO for actively managed flexi-cap fund garnered ~₹1,500 crore
    • Pre-provisioning Operating Profit: ₹579 crore, compared with ₹552 crore in Q2 FY25
    • Profit After Tax: ₹695 crore, compared with ₹689 crore in Q2 FY25

    JFSL, a digital-first financial services company catering to core financial needs, reported robust business growth and strong execution momentum in Q2 FY26, with Net Income from Business continuing its upward trajectory.

    Net Income from Business comprises gross fee and net interest income from the NBFC and the payments bank; gross fee income from the asset management company; fee and commission income from the payment solutions and insurance broking businesses; and gross fee income from digital gold sales.

    Consolidated Net Total Income (ex-dividend) is total consolidated income less finance costs on external borrowings, and includes total income from the AMC, fee and commission income from digital gold, and total income of the payments bank. JPBL was accounted for as an associate until 17 June 2025.

    Jio Financial Services Metric Q2 FY26 Q2 FY25 YoY Change
    Consolidated Total Income ₹1,002 crore ₹696 crore +44%
    Net Income from Business (NBFC, Payments Bank, AMC & Other Fees) ₹317 crore ₹65 crore ~5x
    Net Income as % of Consolidated Net Total Income (ex-dividend) 52% 14% +38 pp
    Profit After Tax (PAT) ₹695 crore ₹689 crore +1%

    Focus on Growth and Consolidation

    Even while pursuing risk-calibrated growth across businesses at various stages – six in incubation and five in scale-up the Company maintained a strong focus on unit economics.

    Following Jio Payments Bank Limited (JPBL) becoming a wholly-owned subsidiary in June 2025 after acquiring SBI’s remaining shareholding, its financials are now fully consolidated with JFSL. Q2 FY26 marks the first full quarter of this consolidation; in Q2 FY25, JPBL was accounted for as a joint venture.

    Products and Distribution

    JFSL accelerated new product launches and expanded its omni-channel distribution network. In just 16 months since the JioFinance app launch, JFSL now has ~18 million unique users across its digital platforms.

    Jio Credit Limited (JCL), the NBFC arm, reported 12x YoY growth in AUM, with traction across secured lending solutions spanning retail and corporate finance. The NBFC expanded its physical presence to 14 cities through 15 offices.

    JPBL introduced Savings Pro, allowing auto-investment of idle liquidity into overnight mutual funds. It also entered the toll processing business, managing operations at 12 toll plazas on National Highways, including two barrierless plazas under the government’s MLFF project. JPBL’s Business Correspondent network grew to ~200,000, with a customer base of 2.95 million and a deposit base of ₹421 crore – both roughly doubling YoY.

    Jio Payment Solutions Limited (JPSL) saw its Transaction Processing Volume rise 167% YoY to ₹13,566 crore. A new tap & pay contactless card payments service was launched in partnership with Mastercard, currently for a closed user group.

    Insurance and Asset Management

    Jio Insurance Broking Limited facilitated ₹347 crore in premiums and issued 2.9 lakh policies across life, health, and general insurance. Its Digital Point of Sales Person channel now spans 100+ cities across six states.

    Jio BlackRock Asset Management Private Limited, a 50:50 JV with BlackRock, launched six funds, including its first active equity fund using BlackRock’s AI-driven Systematic Active Equity approach. The Flexi Cap Fund attracted ~₹1,500 crore through its NFO. The AMC now serves 150+ institutional and 635,000+ retail investors.

    Technology and Analytics

    All JFSL entities operate dedicated data lakes for real-time analytics. These support live machine learning models for precise customer targeting and product propensity, with intelligent, contextual architecture to deliver the right product to the right customer at the right time.

    Hitesh Sethia, Managing Director and CEO, JFSL, said, “The significant growth in business income is a direct result of the initiatives taken over the last few quarters towards scaling up profitably, by pursuing a risk-calibrated growth strategy. Our expanding user base is a validation of the enthusiasm with which our offerings have been met in the market. As we design financial services of the future for all Indians, we are actively leveraging next-gen AI and analytics to position JioFinance as a trusted, intelligent, and simplified digital platform that delivers personalised, and fit-for-purpose products to each individual customer. The results of these efforts would become more pronounced over the coming quarters.”

    Jio Payments Bank forays into next-gen tolling services for Multi-Lane Free Flow (MLFF) road projects
    The payments bank is leveraging its digital payments capabilities to serve the nation through infrastructure-linked financial services Jio Payments Bank Limited (JPBL), a digital-first payments bank and a subsidiary of Jio Financial Services Limited (JFSL), has won a contract to implement the FASTag Automatic Number Plate Recognition (ANPR)-based MLFF
    StartupTalky- Business News, Insights and StoriesStartupTalky News

  • Daily Indian Funding Roundup & Key News – 16th October 2025: Zepto Raises $450 Mn, Kuku FM Secures $85 Mn, Galeries Lafayette Enters Mumbai & More

    India’s startup and corporate ecosystem witnessed significant developments on 16th October 2025. Quick-commerce, audio platforms, health tech, AI, and life sciences startups secured funding rounds to expand operations, enhance technology, and scale services. On the corporate front, French luxury retailer Galeries Lafayette announced its debut in Mumbai, while Goldman Sachs unveiled plans for further job cuts as AI-driven efficiency initiatives take shape.

    Daily Indian Funding Roundup – 16th October 2025

    Company Amount Round Lead investor(s) Sector
    Zepto $450 Mn Funding round CalPERS Quick-commerce / Grocery delivery
    Kuku FM $85 Mn Funding round Granite Asia and others Audio / Podcast platform
    Dashamlabs INR 12 Cr Seed round Speciale Invest Health tech / Lab diagnostics
    FireAI INR 4 Cr Seed round IPV AI / Productivity tools
    Graph AI $3 Mn Seed round Bessemer Venture Partners Life sciences / Pharmacovigilance AI

    Zepto raises $450 Mn led by CalPERS; plans IPO next year

    Quick-commerce startup Zepto has raised $450 million in a funding round led by CalPERS, marking one of the largest investments in the Indian instant grocery delivery space. The startup plans to utilize the funding to expand operations across multiple cities, enhance technology infrastructure, and prepare for an initial public offering next year, reinforcing its position in India’s competitive quick-commerce market.

    Kuku FM raises $85 Mn from Granite Asia and others

    Audio platform Kuku FM raised $85 million from Granite Asia and other investors to strengthen its position in India’s rapidly growing podcast and audio content market. The funding will be used to expand content offerings, invest in technology and recommendation algorithms, and scale marketing operations. This round positions Kuku FM to capture a larger share of the Indian audio consumption audience.

    Dashamlabs raises INR 12 Cr in seed round led by Speciale Invest

    Healthcare technology startup Dashamlabs secured INR 12 Cr in a seed round led by Speciale Invest. The funding will accelerate the development of its lab diagnostics platform, expand operational capacity, and enhance technological capabilities. Dashamlabs aims to provide affordable and accurate diagnostic solutions, improving access to healthcare services while building scalable infrastructure for the Indian healthcare market.

    FireAI raises INR 4 Cr in seed round led by IPV

    AI startup FireAI raised INR 4 Cr in a seed round led by IPV to expand its suite of AI-powered productivity tools. The funding will support product development, enhance AI capabilities, and enable market expansion. FireAI aims to make workplace and personal productivity smarter, helping users automate repetitive tasks while improving decision-making efficiency through advanced AI applications.

    Graph AI raises $3 Mn in seed round from Bessemer Venture Partners

    Life sciences AI company Graph AI raised $3 million in a seed round led by Bessemer Venture Partners to scale its pharmacovigilance and drug safety platform. The funding will help accelerate product development, expand global reach, and onboard enterprise customers. Graph AI aims to leverage artificial intelligence to streamline drug monitoring, ensure patient safety, and improve compliance in the pharmaceutical industry.

    Key Business News for 16th October 2025

    Galeries Lafayette to Open First Luxury Store in Mumbai with Aditya Birla Group

    French luxury department store Galeries Lafayette is set to debut in India with its first store in Mumbai, in partnership with Aditya Birla Fashion and Retail Ltd (ABFRL). Scheduled to open in early November, this flagship store will offer a curated selection of high-end fashion, beauty, and lifestyle brands. A second store is planned for Delhi, signaling Galeries Lafayette’s confidence in India’s growing luxury market. ABFRL, which already manages several international premium brands in India, aims to redefine the luxury retail experience by introducing a Parisian touch to Indian consumers.

    Goldman Sachs Plans Further Job Cuts as AI Drives Cost Savings

    Goldman Sachs has announced plans for another round of layoffs before the end of the year, as part of its “OneGS 3.0” strategy to enhance efficiency through artificial intelligence (AI). An internal memo indicated that the firm intends to “constrain headcount growth” and implement “limited reductions in roles across the firm.” Despite these cuts, the company expects its total headcount to rise slightly by year-end. The strategy focuses on integrating AI into areas such as vendor management, regulatory reporting, lending procedures, and client onboarding, aiming for greater speed and agility in operations.

    Daily Indian Funding Roundup & Key News – 15th October 2025
    India’s startup and corporate ecosystem saw notable developments on 15th October 2025. Startups like RARA Barefoot, Everbright Health, Consuma, Fragaria Fruits, Flowatt Battery Science, and Matters.AI secured pre-seed and seed funding to expand operations and scale technology.
    StartupTalky- Business News, Insights and StoriesStartupTalky News

  • Zepto Raises $450 Million at $7 Billion Valuation, Expands ESOP Pool Worth $169 Million Ahead of IPO

    India’s fast-growing quick-commerce platform, Zepto, has raised $450 million in a new funding round led by CalPERS (California Public Employees’ Retirement System), valuing the company at $7 billion. The funding round is one of the largest investments in the Indian startup ecosystem this year and sets the stage for Zepto’s planned IPO in 2026.

    What the funding means – cash, growth and market share

    Most of the round was reported to be a mixture of primary and secondary capital, with a significant portion being primary (new money into the business). Zepto’s founders say the fresh capital will be used to strengthen the company’s balance sheet, accelerate growth and help it regain market share in the highly competitive quick-commerce space. The startup also says it now has close to $900 million in net cash in the bank after the round.

    Analysts and company sources note that Zepto has been expanding fast but faced some operational challenges earlier in 2025, for example, pressure in parts of its food delivery vertical and some store-level difficulties. The new funding should give it more runway to invest in logistics, customer acquisition and product improvements.

    Investors, valuation and the IPO plan

    Founded by Aadit Palicha and Kaivalya Vohra, Zepto’s latest funding round was led by CalPERS and included participation from existing investors such as Avenir, Lightspeed, Nexus Venture Partners, Glade Brook, StepStone Group and others. Over the past two years, Zepto has raised multiple large tranches; this round brings the company’s total fresh funding to nearly $2 billion in under two years, according to reports.

    Zepto had earlier deferred plans for an initial public offering, saying at the time that private capital offered a better path. With this new backing and improved market position, Zepto is planning a 2026 listing, though final timing and markets have not been confirmed by Zepto publicly. Investors and founders typically monitor market conditions before taking that step.

    Zepto Funding Summary:

    Date Round Name Amount Lead Investors / Facilitators
    Oct ’25 Series H $450M CalPERS, Existing Investors
    Aug ’25 Series G $45.6M Corporate: Motilal Oswal
    Aug ’25 Series G $2.9M Corporate: MapmyIndia
    Jul ’25 Series G $866K Corporate: Elcid Investments
    Nov ’24 Series G $350M Institutional: Claypond Capital, Narotam Sekhsaria Family Office; Corporate: Motilal Oswal Private Wealth, Motilal Oswal AMC, Mankind Pharma, RP-Sanjiv Goenka Group, Haldiram, Cello, Happy Forgings, Mothers Recipe; Angel: Raamdeo Agrawal, Sachin Tendulkar, Abhishek Bachchan
    Aug ’24 Series G $340M Institutional: General Catalyst, Epiq Capital Advisors, StepStone Group, DST Global Partners, Contrary Capital, Dragon Funds, Lightspeed India
    Jun ’24 Series F $665M Institutional: Avra, Glade Brook Capital, Nexus Venture Partners, StepStone Group, Goodwater Capital, Avenir Growth Capital, Lightspeed India; Angel: Lachy Groom
    Nov ’23 Series E $31.2M Institutional: Goodwater Capital, Nexus Venture Partners, Mangum; Angel: Oliver Jung, Jung Lish Lee
    Aug ’23 Series E $200M Institutional: StepStone Group, Goodwater Capital, Nexus Venture Partners, Glade Brook Capital; Angel: Lachy Groom; Facilitator: Avendus
    May ’22 Series D $200M Institutional: Y Combinator, Nexus Venture Partners, Glade Brook Capital; Corporate: Kaiser Permanente; Angel: Lachy Groom
    Dec ’21 Series C $100M Institutional: Y Combinator, Glade Brook Capital, Nexus Venture Partners, Breyer Capital, Contrary Capital, Global Founders Capital; Angel: Lachy Groo

    Zepto’s financial growth

    Zepto’s growth trajectory continues to impress. The company’s revenue jumped from INR 2,026 crore in FY23 to INR 4,454 crore in FY24, while losses narrowed slightly from INR 1,272 crore to INR 1,249 crore during the same period.

    As per the company’s latest filings, turnover for FY25 reached INR 11,110 crore ($1.3 billion), more than doubling from the previous year. Although the company hasn’t disclosed full financials for FY25, this rise in turnover highlights growing demand for ultra-fast grocery delivery across key Indian cities.

    Zepto expands ESOP pool worth over $169 million

    Zepto has expanded its existing Employee Stock Ownership Plan (ESOP) by adding additional options worth more than $169 million (INR 1,486 crore), according to filings exclusively reported by Entrackr.

    According to filings with the Registrar of Companies (RoC), Zepto’s board has approved 39.39 lakh new ESOP options, taking the total pool to 1.22 crore options. This expansion increases the total ESOP valuation to approximately INR 4,637 crore ($527 million).

    The company is also extending an interest-free loan of up to INR 700 crore to the Zepto Employee Stock Option Trust to support the purchase or subscription of shares under the ESOP Plan I.

    The ESOP expansion coincides with Zepto’s Series H funding round and is seen as part of its broader plan to reward and retain key talent as it prepares for a potential public listing next year.

    Why this matters

    Zepto’s latest funding and ESOP expansion show that investor confidence in India’s quick-commerce market remains strong, even amid growing competition from Blinkit, Swiggy Instamart, and BigBasket Now.

    With a strong balance sheet, an expanding employee ownership plan, and solid revenue growth, Zepto appears to be gearing up for its next phase of expansion, one that could take it from startup status to one of India’s most anticipated public listings.

    Zepto Plans to Increase IPO Size to $1 Billion
    Zepto plans to increase its IPO size from $800 million to $1 billion, signaling strong growth ambitions and confidence in its market strategy.
    StartupTalky- Business News, Insights and StoriesNitin Konde

  • Thomas Kurian: How He Quietly Turned Google Cloud into an AI Powerhouse?

    When Thomas Kurian stepped into Google Cloud’s corner office in early 2019, some people expected the quiet executive from Oracle to spark such a turnaround. Drawing on more than two decades at Oracle, Kurian brought structure to a division once known more for its potential than its profits. 

    Under his mentorship, Google Cloud has grown into one of Alphabet’s strongest pillars, which posted $13.6 billion in revenue in the second quarter of 2025, up 32% from the previous year, building a $106 billion sales pipeline that clearly signifies growing trust from global enterprises. 

    What makes Kurian stand out isn’t a flair for headlines; it’s his ability to perfectly integrate strategy, engineering depth, and customer empathy to turn quiet progress into lasting momentum.

    Thomas Kurian – Biography

    Name Thomas Kurian
    Born 1966, Pampady, Kottayam, Kerala, India
    Nationality Indian-American
    Current Role Chief Executive Officer (CEO), Google Cloud
    Years of Experience Over 20 years in enterprise technology
    Key Achievements Transformed Google Cloud into a major AI and enterprise leader, and drove 30%+ annual growth

    Thomas Kurian – Early Life and Education
    Thomas Kurian – Career Beginnings
    Thomas Kurian – Career at Oracle
    Thomas Kurian – The Turnaround and Transformation of Google Cloud
    Thomas Kurian – Leadership Style
    Thomas Kurian’s Recent Statement – “AI is here to amplify human capability, not replace jobs”
    Customer Engagement Suite – A Real-World Example

    Thomas Kurian – Early Life and Education

    Thomas Kurian was born in Kerala to a chemical engineer father and a teacher mother who had migrated from Sri Lanka. His parents, pioneers in their own right, instilled in him and his twin brother, George (now CEO of NetApp), a strong sense of ambition and the value of education.

    Even as a child, Kurian showed a keen curiosity about the world. A simple anecdote, walking into an American sandwich shop and discovering multiple bread options, symbolizes the adaptability and cultural openness that would later define his leadership style.

    He earned a Bachelor of Science in Electrical Engineering and Computer Science from Princeton University (1986–1990), graduating with highest honors (Summa Cum Laude) and being inducted into Phi Beta Kappa, one of the nation’s most prestigious academic honor societies.

    Eager to combine technical expertise with business acumen, Kurian went on to pursue an MBA at Stanford University Graduate School of Business (1992–1994), where he was recognized as an Arjay Miller Scholar for outstanding academic performance. 

    This combination of rigorous technical training and advanced business education equipped him with the skills to navigate complex enterprise technology landscapes and lead global teams with strategic vision.

    Thomas Kurian – Career Beginnings

    Thomas Kurian began his professional journey at McKinsey & Company, where he spent several formative years shaping his strategic and analytical skills. He began as a Business Analyst (1990–1992), working in San Francisco and New York, where he gained exposure to complex business problems across multiple industries.

    He then progressed to Engagement Manager (1994–1996), leading consulting teams in Financial Services, Telecommunications, and High Technology. In this role, Kurian worked directly with CEOs on strategy and innovation initiatives, honing his leadership, problem-solving, and client management skills. 

    Thomas Kurian – Career at Oracle

    His 22-year tenure at Oracle was where he honed his leadership and sales acumen. Rising to the position of President of Product, he led Oracle’s cloud computing efforts and aimed to compete with giants like AWS, Microsoft Azure, and Google Cloud.

    Thomas Kurian, who is best known for his intense, results-driven approach, demanded high performance from his teams. He clashed with co-founder Larry Ellison over cloud strategy, advocating collaboration over isolation, a vision that he would later carry into Google Cloud. While Oracle didn’t fully realize its cloud ambitions, the experience set the stage for Kurian’s next big challenge.

    Thomas Kurian – The Turnaround and Transformation of Google Cloud

    Under Thomas Kurian’s leadership, Google Cloud has experienced unprecedented growth, with revenue more than doubling and outpacing the overall growth of its parent company, Alphabet Inc. While other divisions at Google faced hiring freezes or struggled to secure resources, Kurian expanded his team from 25,000 to 37,000 employees, nearly a 50% increase. He strategically recruited top talent not only from established competitors but also from innovative startups, strengthening the division’s capabilities.

    Kurian shifted Google Cloud away from its previous engineering-centric approach, where clients used the platform mainly for niche needs like AI and machine learning. Instead, he emphasized client-centric, strategic partnerships, moving away from transactional, project-based deals. This included bundling products and offering holistic solutions that helped enterprise clients grow their businesses more effectively.

    He also focused on areas where Google Cloud had previously lagged, such as database and analytics, traditionally dominated by Oracle. For example, Kurian introduced procedures that allowed banks to store sensitive data on Google Cloud while ensuring regulatory compliance, addressing a long-standing industry challenge. Despite the division posting losses; $5.6 billion in 2020 and $974 million in Q1 FY2021, Google Cloud’s market share grew from 7% to 9%, steadily gaining ground on Microsoft Azure (20%) and Amazon Web Services (33%). 

    Analysts suggest that if Google Cloud continues this trajectory and climbs to second or first place, Kurian’s prospects of becoming Google’s CEO could be cemented.

    Thomas Kurian – Leadership Style

    Once known at Oracle for a tough, no-nonsense approach, Kurian has adapted to Google’s collaborative culture, replacing public reprimands with mentorship, humor, and storytelling. Colleagues often hear him share playful anecdotes, including impersonations with his twin brother, reflecting a more personable side.

    Today, he takes lessons from past business battles with a customer-focused, empathetic approach, turning challenges into opportunities and shaping Google Cloud into a formidable force in the global cloud market.

    Thomas Kurian’s Recent Statement – “AI is here to amplify human capability, not replace jobs”

    In a 9 October interview with tech newsletter Big Technology, Alex Kantrowitz reported Thomas Kurian’s perspective on AI in the workplace. Kurian stressed that AI’s purpose is to enhance employee productivity, not reduce headcount. 

    He pointed to Google’s Customer Engagement Suite, an AI-driven suite of customer service tools launched last year, as an example. Despite initial concerns from clients that AI might replace human agents, Kurian noted that “almost none of our clients have let anyone go.”

    The technology, he explained, has mainly taken over tasks that were previously overlooked, such as addressing minor customer queries that didn’t require a service agent. “I think there is definitely a middle ground,” Kurian added, countering predictions of widespread job automation.

    Google Cloud CEO Thomas Kurian: AI Won’t Take Your Jobs
    Google Cloud CEO Thomas Kurian says AI won’t replace tech jobs but transform them, boosting human creativity and productivity across the industry
    StartupTalky- Business News, Insights and StoriesNitin Konde

    Customer Engagement Suite – A Real-World Example

    Thomas Kurian highlighted Google’s Customer Engagement Suite, a set of AI-powered tools for customer service, as proof that AI expands human potential. Initially, some clients worried that these tools might make customer service agents redundant. 

    However, AI has been taking over minor, repetitive queries, allowing employees to focus on higher-value tasks. As Kurian noted, “Almost none of our clients have let anyone go.”

    Boosting Productivity, Not Cutting Jobs

    His perspective aligns closely with Google CEO Sundar Pichai. During a June appearance on the Lex Fridman Podcast, Pichai revealed that Google’s engineers experienced a 10% productivity increase thanks to AI assistance, measured through additional engineering capacity created by AI. 

    Rather than reducing headcount, Google plans to hire more engineers, enabling them to focus on creative and strategic projects instead of repetitive work.

    Data-Backed Optimism

    The numbers reinforce this positive outlook. During Alphabet’s most recent earnings call, Pichai shared that over 30% of Google’s new code is now generated by AI, up from 25% six months earlier. This demonstrates that AI is enhancing efficiency and collaboration, empowering humans and machines to innovate together, without shrinking the workforce.

    FAQs

    Who is Thomas Kurian?

    Thomas Kurian is the Chief Executive Officer (CEO) of Google Cloud, known for transforming the division into one of Alphabet’s strongest growth engines.

    Where was Thomas Kurian born and educated?

    Thomas Kurian earned a Bachelor’s degree in Electrical Engineering and Computer Science from Princeton University (Summa Cum Laude) and an MBA from Stanford University.

    What did Thomas Kurian do before joining Google Cloud?

    Before leading Google Cloud, Thomas Kurian spent 22 years at Oracle, where he rose to become President of Product Development. He also worked at McKinsey & Company as a Business Analyst and Engagement Manager, developing strategic and leadership skills early in his career.

  • Paytm Restructures Operations, Brings Key Business Units Under Direct Ownership

    One97 Communications, the parent company of Paytm, has authorised an internal reorganisation plan to directly own a number of its technological and financial businesses. The business stated in a filing with the exchanges that the action is a component of its endeavours to enhance operational efficiency, fortify governance, and streamline its group structure.

    According to the plan, Paytm will pay up to INR 50 lakhs to founder Vijay Shekhar Sharma and his company VSS Investco Pvt Ltd for around 51.22% of the equity shares of Paytm Financial Services Ltd (PFSL). Following the purchase, One 97 Communications will acquire full ownership of PFSL.

    Later Paytm Plans to Move all these Entities Under One97 Communications

    After this, Paytm will directly or indirectly own Admirable Software, Mobiquest Mobile Technologies, Urja Money, and Fincollect Services, the companies in which PFSL has interests. The fintech major stated that it intends to use intra-group transfers in the future to transfer these holdings directly under One 97 Communications. Of them, Admirable Software, which offers IT services, reported INR 44 lakhs in FY25 revenue.

    Urja Money made INR 18.59 Cr, while Mobiquest, which provides tech and loyalty solutions, recorded a top line of INR 33.43 Cr. In the same year, Fincollect, a company that provides collection services, reported revenue of INR 220.47 Cr. For a maximum of INR 3.52 Cr, Paytm will also buy the remaining shares in Sharma and his owned companies’ Paytm Emerging Tech Ltd (previously Paytm General Insurance), Paytm Insuretech, and Paytm Life Insurance, converting each into a wholly-owned subsidiary.

    Additionally, Paytm intends to convert debentures and inter-corporate deposits valued at around INR 15 Cr at face value in order to enhance its ownership of Little Internet Pvt Ltd, an e-commerce company, from 62.53% to roughly 78%.

    Why Paytm Opted for this Shift?

    The reorganisation follows a year of portfolio changes by the fintech juggernaut with the goal of streamlining ownership among group companies and refocusing on its core business. The board of Paytm approved investments of INR 455 Cr across its subsidiaries in August 2025. These investments included INR 155 Cr in Paytm Services Pvt Ltd (PSPL), which offers manpower and related services, and INR 300 Cr in Paytm Money, the company’s wealth and investment arm.

    Paytm Money, which provides mutual fund distribution and stockbroking, reported a 10% decline in turnover from INR 194.1 Cr to INR 172.9 Cr in FY25. Paytm is still optimistic about the vertical’s long-term prospects, though. During the company’s Q1 earnings call, CFO Madhur Deora stated that Paytm is still doing well in the share broking space.

    Paytm Money’s licence as a research analyst was issued by SEBI earlier this year, potentially creating a new source of income in the wealth management industry.

    Quick
    Shots

    •Paytm initiates major restructuring
    to bring key business units under direct ownership of parent company One97
    Communications.

    •Move aims to boost operational
    efficiency, strengthen governance, and simplify group structure.

    •Paytm to buy 51.22% stake in Paytm
    Financial Services Ltd (PFSL) from founder Vijay Shekhar Sharma and VSS
    Investco Pvt Ltd for up to INR 50 lakh.

    •Post-acquisition, One97
    Communications will fully own PFSL.

  • BeastLife Partners with Annamrita Foundation to Nourish India’s Future — One Order at a Time

    BeastLife, one of India’s fastest-growing fitness and nutrition brands, has joined hands with Annamrita Foundation, a Mumbai-based NGO known for serving nutritious mid-day meals to children in government-aided schools.

    Through this partnership, BeastLife pledges that from October 16 onwards, for every order placed on its website, one child will receive a healthy, high-protein midday meal.

    This initiative marks a significant step in BeastLife’s mission to make sure that the strength and energy the brand stands for also reaches those who need it the most.

    Speaking about the collaboration, Gaurav Taneja, Founder of BeastLife, said:

    “At BeastLife, we’ve always believed that true strength is not just about building muscles — it’s about building a stronger, healthier society. With every order placed, we’re not just fueling fitness journeys, we’re also fueling hope and nourishment for children across India.”

    Raj Vikram Gupta, Co-Founder of BeastLife, added:

    “This collaboration with Annamrita Foundation is close to our hearts. We wanted to ensure that when our community chooses BeastLife for their nutrition, they are also empowering a child to live the BeastLife too. One order, one meal — it’s that simple.”

    This partnership is being officially commemorated on World Food Day (October 16, 2025) with the signing of a Memorandum of Understanding (MOU) between BeastLife and Annamrita Foundation — symbolising the start of a long-term journey to combat child hunger and promote better nutrition across India.

    Leading with Purpose, Not Just Profit

    In an era where startups are often focused on rapid scaling, BeastLife stands out by leading with purpose. The brand’s new initiative emphasises that growth can and should go hand in hand with giving back.

    Whether viewed through the lens of a consumer, a marketer, or a socially conscious business, this collaboration represents a new wave of purpose-driven entrepreneurship in India.

    “We’re building more than muscles; we’re shaping a stronger future.”

    Key Highlights of the Initiative:

    • 1 Order = 1 Meal: Every purchase on BeastLife’s website provides one nutritious, high-protein mid-day meal to a child in need.
    • Long-Term Partnership: A sustained collaboration aimed at improving nutrition access for children.
    • Purpose-Driven Growth: Reinforcing BeastLife’s vision that strength is about empowerment, not just fitness.


    https://www.instagram.com/reel/DP2_pAJjHwU/?utm_source=ig_web_copy_link&igsh=MzRlODBiNWFlZA==

    About BeastLife

    BeastLife is an Indian fitness and nutrition brand built on the philosophy of strength, consistency, and community. Founded by Gaurav Taneja and Raj Vikram Gupta, BeastLife offers a range of high-quality supplements and fitness products that empower individuals to live their strongest lives — both physically and mentally.

    About Annamrita Foundation

    Annamrita Foundation is a Mumbai-based NGO dedicated to providing nutritious mid-day meals to children studying in government-aided schools. With a mission to eliminate hunger and malnutrition among school-going children, Annamrita reaches millions of beneficiaries across India every day.

  • Zerodha CEO Nithin Kamath Falls for Phishing Scam, Warns About Online Safety

    Zerodha Founder and CEO Nithin Kamath has admitted that his personal Twitter (X) account was compromised after he clicked on a phishing e-mail link. The post, shared by Kamath on LinkedIn, has gone viral, not just because of who he is, but because it highlights how even the most tech-savvy people can make simple mistakes online.

    Kamath said the e-mail looked genuine and even passed through all spam filters. “I fell for a phishing e-mail early in the morning while at home when browsing on my personal device,” he wrote. “The e-mail got through all spam and phishing filters. I clicked on the ‘Change Your Password’ link and entered the password.”

    The attackers then gained access to his Twitter account and posted fake cryptocurrency links before being locked out.

    2FA Saved the Account from Complete Takeover

    Kamath revealed that two-factor authentication (2FA) saved him from a complete account takeover. “The attackers gained access to a single login session, using it to tweet a few scammy cryptocurrency links. I had 2FA enabled, so luckily, they couldn’t take over the full account apart from gaining access to one session,” he said.

    He also mentioned that the entire phishing attempt seemed AI-driven and not targeted at him personally. This reflects a growing trend where cybercriminals use automation tools and AI-generated messages to trick users.

    ‘All It Takes Is One Slip of the Mind’

    In his post, Kamath admitted that the incident happened due to a momentary lapse in attention. “It goes on to show that no matter how careful we are, all it takes is one slip of the mind,” he said.

    Kamath added that while technical measures like 2FA are important, they cannot completely protect against human mistakes. “2FA is absolutely essential, but clearly, it is not a technical solution to human psychology,” he wrote.

    He further noted that even though Zerodha regularly discusses cybersecurity awareness among its team, one moment of distraction was enough for him to fall victim. “Despite awareness, policies, systems, and conversations at Zerodha on these risks on a regular basis, all it took was one slight slip of the mind,” he said.



    Key Lesson: Cybersecurity Is Everyone’s Responsibility

    Kamath’s openness about the phishing attack has been praised across social media for its honesty and relevance. His experience serves as a reminder that cybersecurity isn’t just about technology, it’s also about constant awareness and cautious behaviour online.

    In today’s world, where phishing attacks are getting more advanced and realistic, Kamath’s message is clear: stay alert, double-check e-mails, and never click on unknown links, even if they look legitimate.

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  • Apple Urges India to Amend Tax Law Hindering its Expansion Plans

    According to reports, Apple is urging the Centre to loosen income tax regulations pertaining to the ownership of “high-end” iPhone equipment that the massive tech company supplies to its contract manufacturers. According to sources who spoke to Reuters, Apple executives have been in discussions with Indian officials in recent months to change the law to exempt the corporation from paying taxes for owning the equipment.

    According to the article, the business is concerned that the taxes will impede its ability to expand in the nation in the future. For example, Foxconn and Tata, Apple’s contract manufacturers in India, have invested billions of dollars to establish facilities there.

    However, the acquisition of these expensive tools for iPhone production accounts for millions of those costs. The report also asserted that contract manufacturers are limited in their ability to provide funds. Changes to the legacy law will make it easier for Apple to grow. India can raise its level of international competitiveness.

    Apple Finds Income Tax Act, 1961 is the Biggest Issue

    The Income Tax Act of 1961, which views foreign ownership of industrial equipment as a “business connection”, is at the heart of the controversy. As a result, Apple’s iPhone profits are allegedly subject to national taxes.

    The article further stated that if Apple changes its “business practices” in the nation without persuading the central government to amend the tax regulations governing foreign ownership of equipment used in India, the corporation may be subject to billions of dollars in additional taxes.

    According to reports, a top Indian official stated that talks were still going on and that it is a “tough call” because Apple’s expanded investments are “equally important. “Investments are needed in India. We must come up with a solution,” the official continued. The government apparently seems wary, though, because any modifications to the income tax regulations may make it less sovereign to tax a foreign corporation.

    Apple on an Expansion Spree in India

    This development coincides with the Cupertino-based titan’s aggressive expansion of its domestic production capability. As part of this, it started manufacturing the most recent iPhone 17 series in India as soon as it was released.

    According to reports earlier this month, Apple exported a record $10 billion worth of iPhones from India between April and September, a 75% increase over the $5.71 billion it exported during the same period last year. As trade tensions between Washington, DC, and Beijing flare, the business intends to move all of its iPhone assembly from the US to India by early next year. The corporation is increasing iPhone manufacture in India at the same time as the export.

    Foxconn’s new Bengaluru facility and Tata Electronics’ Hosur plant both started production in April of this year, bringing the big tech giant’s Indian manufacturing network to five locations. Foxconn has invested INR 15,000 Cr to strengthen its operations in the state and support internal R&D activities, according to a statement made a few days ago by Tamil Nadu’s industries minister, TRB Rajaa.

    Quick
    Shots

    •Apple urges India to amend tax laws
    affecting ownership of high-end iPhone production equipment.

    •Current Income Tax Act, 1961 treats
    foreign-owned industrial equipment as a “business connection,” subjecting
    Apple to national taxes.

    •Apple claims these taxes hinder
    expansion and increase operational costs for contract manufacturers like
    Foxconn and Tata.

    •Talks with Indian officials ongoing,
    but government cautious about modifying tax rules for foreign companies.

  • Goldman Sachs Plans Further Job Cuts as AI Drives Cost Savings

    As the bank seeks to further reduce costs and capitalise on efficiencies brought about by artificial intelligence (AI), Goldman Sachs has reportedly told its employees to anticipate another round of layoffs before the year finishes. According to an internal memo distributed to staff, the New York-based company intends to “constrain headcount growth through the end of the year” and implement a “limited reduction in roles across the firm,” according to Bloomberg.

    According to bank spokesperson Jennifer Zuccarelli, Goldman Sachs anticipates ending the year with a total rise in headcount despite the planned reductions. According to the study, the company had 48,300 workers overall as of the end of September, up roughly 1,800 from the end of the previous year.

    Goldman Sachs’ “OneGS 3.0” strategy

    The bank’s new “OneGS 3.0” strategy was unveiled in the memo, which also hailed the efficiency gains anticipated from AI as a means of achieving even higher growth. Top executives stressed that it would take a “multiyear effort” to integrate AI in areas such as vendor management, regulatory reporting, lending procedures, and client onboarding.

    In the memo, CEO David Solomon, President John Waldron, and CFO Denis Coleman stated that although they are still in the early stages of determining the best areas to implement AI solutions, it has become increasingly evident that their operational efficiency goals must take into account the benefits that these game-changing technologies will bring.

    In addition to retooling their platforms, the executives emphasised that in order for Goldman to “fully benefit from the promise of AI, we need greater speed and agility in all facets of our operations.” The anticipated cut comes after the bank’s regular yearly exercise earlier this year, which resulted in a 700-person decrease in net headcount during the second quarter.

    AI Fear Looms Over the US Market

    The biggest American banks’ remarks regarding AI are similar to those of technological titans like Amazon and Microsoft, whose executives have warned their employees to prepare for AI-related disruptions, such as layoffs and hiring freezes.

    As AI’s underlying models improve and investors reward companies that are considered as leaders in the field, corporations from a variety of industries have been more forthright this year about the potential effects of AI on workers.

    The prevalent belief in banking is that employees in operational positions, often known as the back and middle office, are typically most at risk of losing their jobs due to artificial intelligence. For example, a JPMorgan official informed investors in May that, despite an increase in business volumes, AI will result in a minimum 10% reduction in operations and support personnel over the next five years. Solomon appeared to caution the 48,300 workers of Goldman Sachs that some may find the upcoming years uncomfortable.

    Quick
    Shots

    •Goldman Sachs plans another round of
    layoffs as AI adoption boosts operational efficiency.

    •Internal memo warns staff of “limited
    reduction in roles” before year-end.

    •Total headcount expected to rise
    slightly despite the planned cuts; 48,300 employees as of September.

    •OneGS 3.0 strategy focuses on
    leveraging AI in vendor management, regulatory reporting, lending, and client
    onboarding.

  • Inside Openai’s $1 Trillion Expansion Plan: Is 5 Years Enough?

    OpenAI is planning to spend $1 trillion over the course of 10 years to solidify its massive computer systems and infrastructure. Yes, a trillion! According to TechCrunch, the company is making around $13 billion in annual revenue (that’s a big number) and would need just about $1,000 billion to go. So, several questions loom: how is OpenAI going to make that money? What’s it doing currently to support this $1 trillion investment push? Is it a realistic goal after all? Is OpenAI in big deals with other tech giants for the same? For all that, learn more.

    Openai’s Revenue in a Nutshell

    OpenAI apparently is making about $13 billion a year in revenue. Most of its revenue, approximately 70%, comes from its $20 monthly subscription for ChatGPT Plus users. Interestingly, that’s just 5% of its total 800 million users. So, if they push harder and turn more free users into paid, the target is still reachable. If that is the case, then it could possibly go against its non-profit mission (to make advanced AI benefits reach all of humanity).

    OpenAI’s Big Deals

    The company is in deals with tech giants like Oracle, Nvidia, AMD, and Broadcom to get access to 26 gigawatts of computing power. Do you know that these deals altogether have enough energy to power up several large cities? However, this computing power is necessary to run and train their powerful AI models, and it comes at a significant cost. In short, the company is spending more. 

    The Plan (Next 5 Years)

    To reach the $1 trillion goal, OpenAI drew a five-year plan and here’s what it sounds like:

    • Government contracts — The company plans to sell its AI services to governments and establish strategic connections.
    • Shopping tools — OpenAI will soon have AI-powered assistants for online shopping.
    • Video services — To build more tools to create or edit videos.
    • Consumer hardware — The company is in partnership with Jony Ive to develop new AI gadgets.
    • Becoming a computing supplier — OpenAI’s big project called Stargate, a data centre will rent out computing power to other tech companies.
    • Debt partnerships — The company is actively trying to raise more funds from investors and is also exploring debt partnerships.

    Why Does This $1 Trillion Matter to OpenAI?

    Several companies are heavily dependent on OpenAI for AI-related work. The company is planning to level up to support its big projects because if OpenAI fails, it could shake up the U.S. economy. OpenAI is under pressure to handle its finances well and deliver its promises.

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