There has been a big confusion, for a very long time now, that paying via UPI (like PhonePe, Google Pay, Paytm, etc.) is free. The UPI has become increasingly popular, with most of India adopting a cashless approach. According to the PIB website, in June 2025, UPI handled over ₹24.03 lakh crore in payments. Such a massive user base is. So far, the payments on UPI are free. But what about the future? So, the RBI Governor Sanjay Malhotra clarified. Learn more.
Why Was There Confusion?
The RBI Governor Sanjay Malhotra said:
UPI, in fact, isn’t free to run. The technology required to operate (along with maintenance and security) UPI for banks and payment companies is costly.
Apparently, these costs are covered via the government subsidies so that the technology stays free for users.
However, this could change in the long run because someone has to pay these costs. So, users may be charged.
As a result, the general public believed that the UPI would be charged.
What Exactly Did the Governor Clarify Now?
He repeated: He clarified that there’s no such proposal at the moment that the RBI would start charging people. So, you can relax.
Here’s the catch: UPI can’t be “free forever”, so someone has to bear the charges. We don’t know when.
His main point is that for the UPI system to be sustainable, anyone, whether users or the government, must pay for the services.
Why Is UPI Sustainability a Concern?
The UPI system has grown significantly, according to the RBI. In August 2025, UPI processed 20 billion transactions.
This is a massive 34% jump compared to last year.To maintain such a vast user base, there are requirements for servers, cybersecurity, fraud monitoring, etc.
At present, the bills are covered by government subsidies, so the UPI is free for everyone.
Hollywood is up against AI actors. The unions are taking to the streets with rallies. Big actors like Emily Blunt, Natasha Lyonne, and Whoopi Goldberg are being vocal about the situation. All are making the headlines everywhere. The rage started when a Dutch creator made a super-realistic AI actress named Tilly Norwood. Later, she was pitched to several agencies and a Hollywood project (although there is no confirmation yet), according to reports (according to the BBC). So what was the reaction of these actors? Will AI actors take over Hollywood one day? Learn more.
Image Credits -www.imdb.com
What’s Happening?
The fear of replacing humans has just reached Hollywood. A Dutch comedian and actress named Eline Van der Velden created an AI-generated character called Tilly Norwood. She has her own Instagram account, and it’s quite a buzz. She poses for photos, does skits and even spoofs BBC shows. She is popularly marketed as having “girl next door vibes.”
Why Is Hollywood Angry?
Most of Hollywood, along with the SAG-AFTRA union (Screen Actors Guild–American Federation of Television and Radio Artists), is furious. Here’s why:
The Union’s View: She is not an actor; she is a computer program trained to act like a real one.
Union says that it has no real feelings or life experiences.
It stresses that the audiences won’t like anything “fake” and stories without human emotions.
Hiring her would actually break the contracts Hollywood workers fought for in the 2023 strikes.
The strike was also about AI protections.
The union condemns the situation, calling it “stolen performances” because the AI indirectly learns from the real actors’ expressions and voices. And the fear of replacing the actors and jobs.
Hollywood Stars’ Reactions
Natasha Lyonne (from Orange Is the New Black and Russian Doll) reacted by saying that any talent agency working with Tilly should be boycotted. Furthermore, she calls the idea “deeply misguided & totally disturbed.”
Emily Blunt (Oscar-nominated actress), reacting to a video of Tilly Norwood, said, “That’s an AI? Good Lord, we’re screwed… Please stop taking away our human connection.”
Whoopi Goldberg (on The View) reached the conclusion that she isn’t worried at all about the AI. According to her, they don’t move or act like humans, as the faces, bodies, and movements are not similar.
What Does the Creator Say?
Eline Van der Velden, who made Tilly, says that:
Tilly is not meant to replace humans and is just a piece of art. She compared it to drawing a cartoon or writing a character.
She stressed that making Tilly was “an act of imagination and craftsmanship.”
She urged the public to view it as a new genre, rather than as a competitor to human actors.
On the contrary, at a Zurich summit last weekend, Eline Van der Velden openly announced her AI production studio and new AI talent agency (Xicoia).
She even hinted that Hollywood is secretly working on AI projects and a major announcement will be coming soon.
Why Does This Matter?
Background: In 2023, Hollywood saw big strikes about AI replacing writers and actors.
Now: Tilly Norwood is the fear come true. It is a treat for the hardworking actors.
The Risk: If any Hollywood project comes to fruition, it will mark the beginning of the end for real actors, and many more will adapt to the change.
In an effort to increase bank loan availability for both individuals and businesses, the Reserve Bank of India (RBI) recently announced a number of significant measures. In addition to loosening limitations on lending against shares and debt securities, the central bank has chosen to permit banks to finance acquisitions by Indian corporations.
Following the Monetary Policy Committee (MPC) meeting, Governor Sanjay Malhotra declared that the RBI would establish an enabling framework to assist banks in lending money for acquisitions.
Commenting on the development, Kresha Gupta, Director & Fund Manager, Steptrade Capital stated, “Raising the IPO financing limit per individual investor from INR 10 lakh to INR 25 lakh: – Indian primary market is buzzing, with almost one new issue opening every day. For investors, the calculation is simple: the interest on loans looks small compared to the returns IPOs are delivering. The higher limit enables retail and HNI participants to bid for larger allocations and actively participate in multiple IPOs, rather than being constrained by capital.”
Adding further, he stated, “Enhancing the loan limit against shares from INR 20 lakh to INR 1 crore and removing the ceiling on lending against listed debt securities:- Earlier, even investors with large stock portfolios could borrow only up to INR 20 lakh from banks. With the new limit raised to INR 1 crore, they can now access far greater liquidity by pledging their shares. In addition, by removing the ceiling on loans against listed debt securities such as bonds and debentures traded on exchanges, investors can borrow money on the debt securities also.”
RBI Gave a Nod to SBI’s Proposal
The action was taken in response to a request for such financing from the State Bank of India. Malhotra added that the regulatory cap on lending against listed debt securities has been lifted by the central bank. The loan ceiling against shares was raised from INR 20 lakh to INR 1 crore per person at the same time. The cap on IPO financing has been increased from INR 10 lakh to INR 25 lakh per individual.
High net worth individuals (HNIs) will benefit most from this move, which takes effect on October 1, 2024, as it will enable them to apply for higher amounts in public offerings.
Spree of New Initiatives Initiated by RBI
Additionally, the RBI has chosen to lower the cost of loans for infrastructure projects. It will lower the risk weights associated with loans to reputable infrastructure projects from non-banking financial organisations (NBFCs). A 2016 rule that prohibited lending to big borrowers with bank exposure over INR 10,000 crore has also been revoked by the regulator.
It is anticipated that this will increase the system’s total credit availability. Regarding regulatory timetables, Malhotra stated that banks will have ample time to adapt, as the Basel 3 capital structure and the expected credit loss (ECL) framework will take effect in 2027.
According to experts, the RBI’s actions are intended to promote corporate acquisitions, increase bank lending, increase IPO participation, and facilitate the availability of capital for infrastructure and company expansion.
Quick Shots
•RBI has raised the IPO loan limit from INR 10 lakh
to INR 25 lakh per individual, effective October 1, 2024, boosting
participation, especially from HNIs.
•The cap on loans against shares increased from INR
20 lakh to INR 1 crore per person.
•RBI has removed the regulatory cap on lending
against listed debt securities.
•Banks are now allowed to finance corporate
acquisitions, following a proposal from State Bank of India (SBI).
•Risk weights on loans to high-quality infrastructure
projects via NBFCs will be reduced to lower borrowing costs.
OpenAI has launched Sora 2, a new social media app for iOS (on September 30, 2025). The new version of Sora makes ultra-realistic, controllable videos with sound. Now, anyone can create cinematic films or anime-style scenes in minutes. The app has done significantly well since its launch in 2024. With this announcement, OpenAI is also ready to compete with Google’s Veo-3. So, how does it differ from its previous version of Sora? What’s new in Sora 2? And how to use it for social media? For all that, learn more.
OpenAI Lauched Sora 2
What Is Sora 2?
It’s an AI model that generates videos with text prompts in under a minute. The new version, Sora 2, has gone more realistic and cinematic, with various sounds and visual effects. OpenAI’s social media app has also become a buzz after the launch. It’s like Instagram or TikTok but powered by AI video generation.
What Makes Sora 2 Special:
More Realistic Physics
The older version of Sora made a weird mistake, for example, let’s say:
In a video where a basketball player missed a shot, the ball would automatically teleport into the hoop.
However, with Sora 2, the ball will bounce off the backboard, which is what would happen in real life.
Better Control (Controllability)
The AI can now take complex instructions, unlike its last version.
Example: Ask it to make the video with multiple camera shots, continuous scenes, and detailed action scenes. Sora 2 is capable of handling them all at once.
And it remembers well now. Say, if a character is holding a blue cup in the first shot, it won’t change to red in the second.
More Styles
It is perhaps the most crucial update that Sora 2 can now create cinematic films, anime-style scenes, realistic clips, and more.
Sound Generation
This feature in the app is just like the one in Google’s Veo-3. You can now work with background sounds, dialogue, and sound effects to match the video.
Humans & Real Objects
Sora 2 can include real humans and objects in its videos. However, OpenAI openly admits that it’s not perfect yet.
The company is working to make the tech closer to “simulating reality.”
Image Credits – Sora App
The Sora App (New Social Media Platform)
Alongside Sora 2, OpenAI launched its new app called Sora (iOS only for now).
Here’s what it offers:
Create & Remix → Now make your own videos and remix them with others via the Sora app for your social media right within the app.
Custom Feed → Let’s say it’s another TikTok or Instagram. On the app, you can better control what you see with your natural language instructions.
For instance, “Show me more funny anime-style clips”, and your feed is adjusted accordingly.
Upload Yourself → You can record yourself just once, and AI will insert you into the videos with different scenes.
For instance, you can make a cameo appearance in a cartoon, TV show, or movie.
Cameos → You can include your videos, just invite them to be part of the AI scenes with you.
Healthy Feed → With this, OpenAI aims to lower the doomscrolling and addiction or better avoid it altogether.
The app prioritises your feed to be from people you know and follow, and inspires you to make videos, not just consume them.
Why This Matters
For creators: The new social app, Sora 2, can change how videos are made. The videos can be made faster, with more creativity and within the budget.
For social media: Now, just post selfies; the app wants the public to enjoy making fun AI videos with remixes and trending sounds.
For competition: The launch is a direct competition to Google’s Veo-3, which is already popular in the market.
YouTube has drastically transformed from a casual video-sharing site into a global career platform for numerous content creators. India is home to some of the most popular content creators worldwide. Inspired by international icons like MrBeast, the biggest YouTuber in the world, Indian creators are now building million-dollar empires through content creation.
Today, YouTube is all about influence and income. These famous creators inspire many Indians to start an unconventional career path on YouTube. So, how much does YouTube pay in India? On average, creators earn between INR 30,000 and INR 1.5 lakh per million views. In India, a YouTube channel with 1 million subscribers can earn as much as INR 5 lakh per month when including brand deals and affiliate revenue.
In this blog, we rank the top richest YouTubers in India in 2025, based on net worth, subscriber count, and their primary sources of income.
Gaurav Chaudhary – Top Richest YouTubers in India in 2025
Gaurav Chaudhary, popularly known as Technical Guruji, is one of the richest YouTubers in India with 23.7M subscribers. Since starting his channel in 2015, his simple gadget reviews and tech explainers have made him a global name. With a net worth of INR 356 crore, his income comes from YouTube ads, brand collaborations, and business ventures in Dubai.
Ajey Nagar (CarryMinati)
YouTube Channel
CarryMinati
Launch Year
2010
Subscribers
45.2M
Genre
Comedy, Gaming, Rap
Popular Videos
TikTok Evolution, PubG India, Yalgaar
Net Worth
INR 131 crore
CarryMinati – Top Richest YouTubers in India in 2025
Ajey Nagar, better known as CarryMinati, is India’s most-subscribed YouTuber with over 45.2 million subscribers. At just 19, he was featured by TIME Magazine as one of the “Top 10 Next Generation Leaders.” Today, along with his main channel, Ajey also runs CarryisLive and CarryMinati Productions Official, further expanding his digital empire. His viral hits like “TikTok Evolution”, “PubG India”, and rap anthem “Yalgaar” continue to dominate YouTube trends, earning him an estimated INR 25 lakh per month.
Bhuvan Bam (BB Ki Vines)
YouTube Channel
BB Ki Vines
Subscribers
26M+
Genre
Comedy, Sketches, Music
Net Worth
INR 122 crore
Bhuvan Bam – Top Richest YouTubers in India in 2025
Bhuvan Bamzzzzzzzz is one of India’s most loved creators and among the top richest YouTubers in the country. His channel BB Ki Vines has over 26 million subscribers, making him the first Indian YouTuber to hit both 10M and 15M subscribers single-handedly. Known for his hilarious sketches where he plays multiple characters, Bhuvan has expanded into music videos, short films, and collaborations, maintaining his spot as a fan favorite.
Amit Bhadana
Subscribers
24.5M
Channel Started
2017
Net Worth
INR 80 crore
Videos Uploaded
100+
Category
Comedy
Sources of Income
YouTube ads, live shows, brand partnerships
Amit Bhadana – Top Richest YouTubers in India in 2025
Amit Bhadana is one of India’s earliest YouTube sensations, winning hearts with his comedy skits that reflect everyday Desi life. In 2019, he became the first Indian creator to cross 24.5M subscribers, setting a benchmark for the YouTube community. His mix of humour, relatability, and cultural flavour keeps his audience hooked.
Triggered Insaan
Subscribers
24.8M
Channel Started
2017
Net Worth
INR 65 crore
Videos Uploaded
400+
Category
Reaction & Comedy
Sources of Income
YouTube ads, sponsored content, live events
Triggered Insaan – Top Richest YouTubers in India in 2025
Nischay Malhan, aka Triggered Insaan, is known for his witty roasts, reaction videos, and humorous commentaries that strongly resonate with Gen Z. His relatable storytelling and edgy humour have helped him build one of India’s most loyal fanbases, pushing his channel past 24.8M subscribers.
Dhruv Rathee
Subscribers
29.1M
Channel Started
2014
Net Worth
INR 60 crore
Videos Uploaded
400+
Category
Education & Commentary
Sources of Income
YouTube ads, Patreon, brand collaborations
Dhruv Rathee – Top Richest YouTubers in India in 2025
Dhruv Rathee has made a name as one of India’s most influential digital voices, blending politics, education, and social commentary into simplified explainer videos. Beyond YouTube, he co-founded AI Fiesta, an AI super-app, and is also an active angel investor. His mix of activism, entrepreneurship, and content creation has built him a global following.
Ranveer Allahbadia (BeerBiceps)
Channels
BeerBiceps, Ranveer Allahbadia
Subscribers
18M+ combined
Genre
Lifestyle, Podcasts, Motivation
Net Worth
INR 60 crore
Ventures
Monke Entertainment, RAAAZ, BigBrainCo.
Ranveer Allahbadia – Top Richest YouTubers in India in 2025
Ranveer Allahbadia, aka BeerBiceps, started with fitness content in 2014 and evolved into one of India’s most successful podcasters and lifestyle creators. He runs two channels (BeerBiceps with 8.2M subscribers and Ranveer Allahbadia with 10.6M subscribers) and is known for interviewing celebrities and entrepreneurs. Beyond YouTube, Ranveer co-founded ventures like Monke Entertainment and BigBrainCo., building an empire.
Sourav Joshi (Sourav Joshi Vlogs)
Channel Name
Sourav Joshi Vlogs
Subscribers
34.3M
Genre
Daily Vlogs, Family Content
Net Worth
INR 50 crore
Videos Uploaded
1.5K+
Sources of Income
YouTube, sponsorships, affiliate links
Sourav Joshi – Top Richest YouTubers in India in 2025
Sourav Joshi started his content journey sharing sketches on Facebook before moving to YouTube in 2017. Today, he is one of India’s top family vloggers with 34.3M subscribers, admired for his relatable, wholesome daily-life content. His channel earns revenue through YouTube ads, sponsorships, and affiliate marketing.
Nisha Madhulika
Channel Name
NishaMadhulika
Subscribers
15M
Genre
Cooking, Food
Net Worth
INR 43 crore
Nisha Madhulika – Top Richest YouTubers in India in 2025
Nisha Madhulika is one of India’s most celebrated YouTube chefs, known for simplifying complex recipes into easy, homestyle cooking. She began by writing food blogs and launched her channel in 2011, which gained massive popularity by 2014. With over 15M subscribers, she has built an inspiring empire while also contributing to social initiatives like Tata Trusts’ Project Dhruv.
Sandeep Maheshwari – Top Richest YouTubers in India in 2025
Sandeep Maheshwari is India’s most followed motivational speaker on YouTube with 28.5M subscribers. His inspiring talks, business insights, and life lessons have made him a household name for students and young professionals. Founder of ImagesBazaar and winner of multiple awards, like the Creative Entrepreneur of the Year 2013.
Ashish Chanchlani (Ashish Chanchlani Ki Vines)
Channel Name
Ashish Chanchlani Ki Vines
Subscribers
30.8M+
Genre
Comedy, Entertainment
Net Worth
INR 40 crore
Ashish Chanchlani – Top Richest YouTubers in India in 2025
Ashish Chanchlani’s energetic comic timing and relatable sketches have earned him a massive audience across India. His channel Ashish Chanchlani Ki Vines has become a go-to for lighthearted entertainment. Beyond YouTube ads, Ashish earns through brand collaborations, sponsorships, and acting gigs, often collaborating with Bollywood celebrities.
Harsh Beniwal – Top Richest YouTubers in India in 2025
Harsh Beniwal is a top Indian YouTuber known for his comedic sketches and relatable humor. He has also appeared in films like Student of the Year 2 and received awards such as the Dadasaheb Phalke International Film Festival Award for Best YouTuber in 2018.
Kabita’s Kitchen (Kabita Singh)
Channel Name
Kabita’s Kitchen
Subscribers
14.4M
Genre
Cooking, Food
Net Worth
INR 7 crore
Sources of Income
YouTube ads, brand promotions
Kabita’s Kitchen – Top Richest YouTubers in India in 2025
Kabita Singh, the creator behind Kabita’s Kitchen, is a popular Indian YouTuber and food blogger known for her simple, quick, and delicious recipes. Starting her channel in 2014 as a hobby, she now entertains over 14.4 million subscribers and won the Best Food Creator Award in 2024. Kabita also collaborates with celebrities and earns through brand promotions, making cooking accessible and fun for millions of viewers.
Khan Sir (Faizal Khan)
Channel Name
Khan GS Research Centre
Subscribers
25.2M
Genre
Education, Competitive Exams
Net Worth
INR 5 crore
Sources of Income
YouTube, coaching institutes
Faizal Khan – Top Richest YouTubers in India in 2025
Faizal Khan, popularly known as Khan Sir, is one of India’s most respected educational YouTubers. Starting his channel during the COVID-19 lockdown, he quickly gained 25.2M subscribers by offering affordable, high-quality exam preparation for UPSC, SSC, BPSC, NDA, CDS, and more.
Conclusion
In 2025, India’s top YouTubers continue to impress with their creativity, consistency, and ability to connect with millions of fans. Each creator has carved out a unique niche, whether in comedy, tech, food, music, or motivational content, and built a personal brand that goes far beyond their videos.
These YouTubers not only entertain but also inspire, educate, and influence audiences across India and beyond. From diverse backgrounds and regions, they cater to varied interests, proving that passion, innovation, and perseverance can turn content creation into a flourishing career.
According to multiple media reports, Adar Poonawalla, the CEO of Serum Institute of India, was in negotiations with Diageo Plc, the owners of Royal Challengers Bengaluru (RCB), to potentially purchase the Indian Premier League’s (IPL) 2025 champion. Whether Diageo Plc intends to sell all of its shares in RCB is still unclear. United Spirits is a subsidiary of Diageo Plc.
Adar Poonawalla is the front-runner among other interested parties to acquire RCB, according to media reports, according to people familiar with the situation. According to media sources, the British multinational alcoholic beverage business is seeking a valuation of about $2 billion for RCB. According to Houlihan Lokey’s IPL Valuation Study 2025 report, RCB was the most valuable company this year, even in terms of business value.
IPL Valuation Study 2025 report
In its IPL Valuation Study 2025 report, Houlihan Lokey, a global, independent investment bank established in 1972, said that RCB’s performance went beyond the boundary. Off the pitch, the team expanded match-day experiences and grassroots projects throughout Karnataka, and it welcomed tech innovator Nothing as an associate sponsor.
RCB’s brand equity has been boosted by these community-driven initiatives, astute digital marketing, and the timeless appeal of international superstars.In February, private equity firm CVC Capital Partners agreed to sell the Gujarat Titans (GT) a 67% share to Ahmedabad-based Torrent Group through its holding company Torrent Investments.
GT is valued at about INR 7,453 crore, while this deal was valued at about INR 5,000 crore. Conversely, Diageo Plc officially joined the FIFA World Cup 26 as a North, Central, and South American tournament sponsor in June.
The recent FTA (foreign trade agreement) with the UK, which reduced the tax on importing Scotch in bulk, and the negative publicity following the M Chinnaswamy Stadium stampede, according to Ajimon Francis, managing director of Brand Finance, a valuation and strategy consultancy, could put pressure on the company’s margins because of increased competition.
“Some south-based conglomerate might be the first set of potential bidders,” Francis stated, adding that it might also be a group of investors, as was the case with GT. In general, RCB’s social media fan engagement, fan clubs, and fan groups are the foundation of its brand appeal.
The second lever that RCB has is Bengaluru’s pricing power, which draws corporate interest because it has one of the highest average revenues per seat among IPL sites, according to Francis. In a recent post on X, former IPL chairman Lalit Modi stated that there have been numerous rumours regarding the sale of an IPL franchise, notably @RCBTweets, but that these have previously be– it could be the only team which would be available as a whole as an IPL franchise.”
Quick Shots
•Adar Poonawalla, CEO of Serum Institute, is in
talks with Diageo Plc to acquire Royal Challengers Bengaluru (RCB).
•Diageo seeks around $2 billion for RCB, currently
the most valuable IPL team according to Houlihan Lokey IPL Valuation Study
2025.
•Poonawalla is reportedly the leading bidder among
multiple interested parties.
•Boosted by community initiatives, grassroots
projects, digital marketing, and international stars.
Zerodha (one of the biggest brokerage firms in India) is facing a revenue drop due to stricter SEBI regulations. Notably, the company’s numbers dropped by 15% (from INR 10,000 crore in FY24 to INR 8,500 crore in FY25). The profits dipped by INR 1300 crore (from ₹5,500 crore to ₹4,200 crore). This is not all; the prediction could be much worse, say a 40% revenue fall in FY26 (April 2025–March 2026). Why is the company struggling, while its competitors, such as Groww, are growing? What exactly are the reasons? Learn more.
What’s Happening With Zerodha?
Zerodha’s major earnings come from its customers trading stocks, futures & options, etc. As the new SEBI regulations came into effect, only a few are actively trading in the market, impacting Zerodha’s business numbers. Here’s what’s happening.
Zerodha’s revenue dropped from INR 10,000 crore in FY24 to INR 8,500 crore in FY25 (a 15% drop).
Its profits dipped from INR 5,500 crore to INR 4,200 crore.
Here’s a big prediction that these dipped numbers can decrease by 40% compared to FY24.
Image Credits – Zerodha
Why Is Zerodha’s Revenue Dropping So Fast?
The major reason is the new SEBI regulations + less trading activity:
STT (Securities Transaction Tax) on options was increased → So, this makes the trading of options very expensive, and only a smaller percentage can afford it.
Weekly expiries cut to 2 contracts instead of multiple → Meaning it lowers the trading opportunities for the public.
BSDA (Basic Services Demat Account) limit increased → This makes the demat account free for many or at least low-cost, so the brokers earn less.
Exchange transaction charge rebates removed → Meaning that brokers can no longer get certain cost benefits.
Overall market activity has slowed down → All of the reasons above lead to fewer trades = lower brokerage earnings for Zerodah.
Note: These rules came into effect in October 2024, so they didn’t impact FY24. But, FY25 and FY26 are going to hit the hardest.
Competition Situation
Groww is Zerodha’s biggest competitor, and it’s now preparing for an IPO:
Groww’s revenue in FY25 grew 31% to ₹4,056 crore.
Its profits skyrocketed 3x to ₹1,819 crore.
The company only had a 10% revenue drop in the June quarter vs Zerodha’s 40% fall.
Note: The business numbers for Groww appear far better because the company offers a more diversified range of products. It is less dependent on options trading and more focused on creating wealth products.
On the other hand, Angel One (it’s a listed company) is also facing similar heat, and revenue fell by 30%.
Upstox also joins the list with active investors falling.
Image Credits – Zerodha
Market Share Shifts
According to Zerodha, its active traders’ market share dropped from 22% (early 2023) to 16% now.
However, the positive is that its client assets (AUM – Assets Under Management) still hold ~10% of all retail and HNI assets in India.
Note: The company has fewer traders on board, but it’s managing a large portion of its investors’ money.
Future Risks
It’s huge that SEBI is considering removing the weekly options altogether. If this happens, then we can expect Zerodha to lose its biggest source of income.
Here’s what could happen: to survive in the market, Zerodha may start charging brokerage fees on equity delivery trades, which are currently free.
Market Sentiment Overall
India’s top 4 brokers (Groww, Zerodha, Angel One, and Upstox together have lost around 20 lakh active investors in 2025.
In 2025, the companies alone have lost at least 6 lakh investors.
Interestingly, all this happened at a time when stock markets were on the rise.
It could mean one thing: that people have lost interest in Futures & Options (FF & O trading, not in equity investing.
And the stricter rules are another drawback, reducing active participation in trading.
Accel-backed Infra.Market, a leading construction materials solutions firm, has filed for an initial public offering (IPO) worth INR 5,000 crore through SEBI’s confidential filing mechanism. The company plans to split the IPO equally between a fresh issue of shares and an offer-for-sale (OFS) by existing investors.
The Bengaluru-based company’s move comes weeks after it closed what is likely its final private funding round ahead of the IPO. The Series G round raised INR 730 crore ($84–85 million), led by Zerodha co-founder Nikhil Kamath’s family office NK Squared, along with INR 250 crore from founders Souvik Sengupta and Aaditya Sharda. Existing investors including Accel, Tiger Global, Nexus Ventures, and Evolvence also participated. The fresh capital allowed the founders to increase their combined stake to about 30 percent, officially classifying them as promoters ahead of the IPO.
Infra.Market reported a strong financial performance. For FY25, the company closed with revenues of around INR 18,000 crore, EBITDA of INR 1,500 crore, and profit after tax of INR 300 crore. In FY24, revenue grew 23 percent year-on-year to INR 14,530 crore, while net profit jumped 2.5 times to INR 378 crore.
The firm has also raised debt financing to support its growth. In June, it secured $150 million from Mars Growth Capital, a joint venture between MUFG Bank and Liquidity Group. Earlier this year, Infra.Market raised $120 million from a mix of existing and new investors.
Metric
FY24 (INR crore)
FY25 (INR crore)
Revenue
14,530
18,000
EBITDA
–
1,500
Profit After Tax
378
300
What Infra.Market Does
Founded in 2016, Infra.Market provides end-to-end construction materials solutions. Its portfolio spans over 15 categories, including concrete, steel, walling, tiles, paints, and electricals. The company operates through more than 250 manufacturing units and 10,000 retail touchpoints across India.
Infra.Market serves both institutional clients (B2B) and retail buyers (B2R). It is the second-largest player in India by revenue in ready-mix concrete and holds the second-largest capacity in AAC blocks and flooring tiles. The company has also expanded through acquisitions, buying stakes in Emcer Tiles, Metro Group, RDC Concrete, and Shalimar Paints in recent years.
Infra.Market opted for SEBI’s confidential pre-filing route, introduced in 2022. This allows companies to file IPO documents without immediately disclosing sensitive financial or strategic details. The method gives companies flexibility to keep rivals from accessing business information and allows them to withdraw or adjust plans based on market conditions.
Other notable firms that have used this route include PhonePe, Swiggy, PhysicsWallah, Groww, boAt, and Aequs. Investment bankers for the IPO include Kotak Mahindra Capital, ICICI Securities, Goldman Sachs, IIFL Capital, Jefferies, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management.
Infra.Market’s IPO comes as India’s construction and infrastructure sector grows rapidly. The move positions the company to capitalize on demand while giving existing investors a chance to exit partially. The filing marks a key milestone for the unicorn, which has raised over $700 million to date from marquee investors.
According to numerous sites, Elon Musk’s companies—Tesla, xAI, and social media platform X—are seeing a number of top departures. According to Reuters, Tesla lost a number of senior officials in 2024, including its chief information officer, head of US sales, and executives in charge of the energy and powertrain divisions.
The departures came after a round of layoffs that eliminated over 14,000 positions in April 2024. Bloomberg claims that Tesla also shelved a planned low-cost electric car that would have cost $25,000. Instead, the company is now focusing its investments on robotics, AI, and self-driving taxis. The project’s leader, Daniel Ho, departed Tesla to work for Google’s Waymo.
Showering of Resignations in Musk’s Firms
Drew Baglino, a senior vice-president in charge of energy and powertrain, quit in April, according to the Wall Street Journal. David Zhang, a senior supply chain executive, and Rebecca Tinucci, who oversaw the company’s EV charging division, also left. Turnover has accelerated at Musk’s artificial intelligence startup, xAI.
Mike Liberatore, the company’s chief financial officer, left after only 102 days in his position, according to the Financial Times. Liberatore claimed to have put in “seven days a week in the office; 120+ hours per week” in a post at the time. The general counsel for xAI, Robert Keele, departed in August, and an AI-generated film was used to announce his departure. According to the Financial Times, he left a few days after Liberatore.
The journal also stated that Musk’s competition with OpenAI and its CEO, Sam Altman, had influenced xAI. OpenAI was charged by xAI last week with employee espionage and trade secret misuse. The allegations were rejected by OpenAI as “the latest chapter in Musk’s ongoing harassment.”
Why People Leaving Elon Musk’s Firms?
There have also been leadership changes at Musk’s social media network X. According to media sources, Linda Yaccarino left her position as CEO in July 2025, having served for less than a year. According to the site, she left because she didn’t agree with Musk’s choices. WION claims that shortly after, Igor Babuschkin, a co-founder of xAI, departed to start an AI safety company.
After brief assignments, public relations executives John Stoll and Dave Heinzinger also left and went back to work for their previous companies. According to Reuters, a number of engineers who were close to Musk have departed the company. Musk’s management style has been blamed by former executives for the turnover.
“He’s the boss, the alpha, and anyone who doesn’t treat him that way, he finds a way to delete,” a former Tesla executive was reported by the Financial Times as saying. Insiders told the Financial Times that exhaustion, layoffs, and shifting objectives across Musk’s enterprises were the main reasons why several top staff members quit to launch their own businesses or take holidays after extended tenures.
Quick Shots
•Top departures include CFO Mike Liberatore (102
days tenure) and General Counsel Robert Keele, amid competition with OpenAI.
•CEO Linda Yaccarino resigned in July 2025, after
under a year in the role; several PR and engineering staff also left.
•Tesla shelved its $25,000 EV project, focusing on
robotics, AI, and self-driving taxis; project lead Daniel Ho left for Waymo.
•Former executives blame Musk’s intense management
approach, shifting goals, and exhaustive work culture for the turnover.
In a major agreement announced on 30 September 2025, pharmaceutical giant Pfizer has struck a deal with the Trump administration to lower the cost of prescription drugs sold to Medicaid, the U.S. government health programme for low-income Americans.
Under the deal, Pfizer will match what is known as “most-favoured nation” pricing: it will charge Medicaid the lowest price it gives to any other developed country. In return, the company secured a three-year grace period during which its products will be exempt from new pharmaceutical tariffs. In addition, the firm committed to invest $70 billion into research and development and domestic manufacturing initiatives.
What Did the Deal Involve?
Pricing concessions: Pfizer will guarantee that new drugs launched in the U.S. will be priced no higher than in comparable high-income countries.
Platform launch: The White House also unveiled plans for “TrumpRx,” a direct-to-consumer drug purchasing website, scheduled for launch in early 2026, that aims to offer treatments at an average 50 % discount.
Who Is Affected and Why It Matters
Who: The deal primarily affects Medicaid beneficiaries (about 70 million Americans) and Pfizer, as well as other pharmaceutical firms observing this precedent. Where & When: The agreement was announced in Washington, D.C., on 30 September 2025, with tariff protections effective immediately and set to expire in three years.
The why is twofold: the administration seeks to curb sharply rising drug prices in the U.S. and to exert pressure on pharmaceutical companies via the threat of tariffs. For Pfizer, the deal avoids punitive trade measures while securing favourable terms for its operations.
How Did This Come About?
The Trump administration has long criticised high U.S. drug prices, repeatedly linking domestic costs to lower international rates. In May 2025, Trump signed an executive order promoting the “most-favoured nation” approach. The deal with Pfizer is the first major outcome of those efforts. Officials admitted they used the looming 100 % tariff as leverage to clinch the agreement.
Reactions & Challenges
The market reacted quickly: Pfizer’s shares rose about 8% to a high of INR 5,422.95 on the Bombay Stock Exchange on 1 October 2025, reflecting investor approval of its avoidance of harsher penalties.
However, experts remain cautious. Some analysts argue that the drugs singled out for discounting are not among the most expensive or commonly used, limiting the real benefit for many patients. Others warn that past efforts to tie U.S. drug prices to international formulas have faltered when implementation complexities arise. Critics on both political sides say such a major pricing shift should be handled through legislation, not executive action.
Looking Ahead
The success of this initiative will depend on the implementation of the TrumpRx platform and the willingness of other pharmaceutical companies to enter into similar agreements. As the situation develops, it will be crucial to monitor the effects on both the pharmaceutical industry and the American public’s access to affordable medications.
Nitin Konde
