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The world is still dreaming about flying taxis and driverless cars, while Dubai is making AI-driven transport a reality. This is what the world’s first Chief AI Officer, Sol Rashidi, has to say. Not only that, but she also explained how Dubai is an ideal location for AI transportation. One might think, how is an AI so safe to drive a car? If so, when can the models be available in the market? Here’s everything that Rashidi spoke about at the Dubai World Congress and Challenge for Self-Driving Transport event. Read more.

World’s First Chief AI Officer: How Dubai Puts People First in AI

Who Is Sol Rashidi?

Sol Rashidi is the world’s first Chief AI Officer (in 2016). She held executive-level positions at multiple Fortune 500 companies worldwide. She recently spoke at the Dubai World Congress and Challenge for Self-Driving Transport. It’s a two-day event (September 24–25, 2025). There, she emphasised how Dubai is such a perfect place to test and grow AI-powered transportation (meaning driverless cars and flying taxis). And much more.

Why Transportation + AI Is a Big Deal

• According to Sol Rashidi, the use of AI in transportation is exciting, but the world thinks otherwise.
• She also acknowledges that it’s such a sensitive industry because of the safety concerns.
• Despite her excitement, Sol Rashidi believes that safety comes first, without which the idea won’t work.

The “What-If” Testing

• According to her, the driverless vehicles shall only be approved after every failure scenario is tested.
• Example: “What if the brakes fail?” “What if the camera doesn’t work?” “What if the road sensors break?” “What if there’s a bug and AI fails?” And more.
• She says, if there are 200 different uses of AI, then each one of them should be tested a hundred times for “what ifs.”

Dubai’s People-First AI Approach

• Here she praises that Dudai is a unique and perfect place to test the AI transportation designs.
• She stated that, in Dubai, the AI is specially designed to work with people and not forced.
• Dubai is putting its people’s trust first and working towards its safety with AI.

From Small Tests to Real Life AI

• Many places can be ideal for pilot projects (meaning trials), but the deal is to move from:

Pilot → Production → Mass Adoption

• For this to be successful, there comes the role of data management, governance, and security.
• And for the masses to adopt AI, safety and trust need to be built first. That’s the reason why Sol Rashidi thinks Dubai is well prepared.

What’s Already Happening in Dubai

• In some areas (selected) of Dubai, testing of autonomous taxis has already started.
• The city is preparing for the future of AI transport. Additionally, the city may witness the launch of commercial driverless taxi services by early 2026.  

VAP Group Set to Host Second Edition of Global AI Show in Dubai

Dubai, October 10, 2024: Web3 and AI consulting giant VAP Group is pleased to announce the second edition of the Global AI Show, taking place on December 12 and 13, 2024 at the Grand Hyatt Exhibition Centre, Dubai. The event will be held under the official support of the United

StartupTalkyShubham Kumar

A major cyberattack is worrying Tata Motors. The impact is so big that it has affected the shares, causing the price to fall by 4% after the news broke. The attack was done on Jaguar Land Rover (JLR, which is owned by Tata), not on Tata Motors itself. JLR factories have stopped production as of now because the loss could be over £2 billion (about ₹21,000 crore). But one might wonder, why was the effect shown on Tata Motors? What is the company doing to fix the situation? Will the share price of Tata Motors continue to decline? Learn the details.

Why Is This Cyberattack So Serious?

JLR Production Stopped:

• The issue is so big that the company asked the production team to halt its operation until September 24.
• Later, the date was extended to October 1 because the issue wasn’t fixed.
• Since everything has stopped, practically, there are no sales and revenue for the company.

Weekly Losses:

• The company is taking weekly losses. According to JLR, it is losing approximately £50 million ($68 million, around ₹560 crore) every week due to the production halt.
• It has asked most of its employees (currently, there are about 33,000 employees on board) to stay home until the cyberattack problem is solved.
• Layoffs can be possible if the same financial situation continues.

No Insurance Coverage:

• Well, several companies opt for cyber insurance to safeguard themselves from losses due to such attacks.
• Apparently, JLR is still negotiating a policy with Lockton (it’s the world’s largest independent insurance broker). However, nothing is final yet.
• And so, JLR is bearing the entire losses.

The Scale of Loss:

• Notably, JLR made a good profit of £1.8 billion in FY2025 (Profit After Tax).
• Let’s say that if the cyberattack costs the company £2 billion (without any insurance), then the profit of the entire last year is wiped out, plus some more.

Impact on Tata Motors:

• JLR is a crucial part of Tata Motors. The company gave it a huge amount of money, say 70% of Tata’s total revenue.
• That is the reason why the shareholders are worried, and the price of its stock is coming down. 
• And it is expected to go down more than 4%.

Stock Market Reaction (Tata Motors Share Price)

On the day of this news:

• The stock opened at ₹673 per share.
• It fluctuated between ₹675.35 and ₹655.30 on the BSE.
• That’s roughly a 4% fall in a single day.

According to Anshul Jain, Head of Research at Lakshmishree, Tata Motors, quoted by Mint, said, “A breakdown below this zone will accelerate selling momentum and likely drag the stock toward 608 in the coming sessions. Until it reclaims short-term averages decisively, the stock remains vulnerable to downside pressure.”

Tata Motors: Redefining the Automotive Industry with a Purpose | Founders | Business Model | Revenue Model

Tata Motors, part of the Tata Group, is a global leader in automotive manufacturing, offering innovative and sustainable mobility solutions across cars, trucks, and electric vehicles. Learn about its founders, funding and investors, business and revenue model, startup story, growth, revenue, challenges, future plans, and more.

StartupTalkyShevaughn Pimenta

Oversubscribed 3.5X, the fund signals confidence in India’s startup ecosystem at a time of global venture slowdown, with strong founder-LP backing, global institutional participation, and a fast, conviction-led investment model.

Zeropearl VC, India’s leading solo GP-led pre-seed and seed venture fund, today announced the final close of its maiden corpus at ₹159 crore (approx. USD 18 million). The fund, founded by veteran investor and IIT Bombay alumnus Bipin Shah, was oversubscribed more than 3.5 times its original ₹80 crore target, with commitments exceeding ₹280 crore before Shah chose to close at a disciplined level. Staying true to his conviction-led philosophy, he deliberately capped the fund at ₹159 crore, preferring to remain highly selective, backing only about 0.5% of companies he evaluates each year, and targeting performance consistent with his realised IRR of over 50% from the past decade.

The launch comes at a pivotal moment. While global venture capital activity has slowed, India continues to consolidate its position as the world’s third-largest startup ecosystem, with entrepreneurs in Tier-2 and Tier-3 cities as well as in frontier sectors such as AI, climate tech and healthtech driving a new wave of innovation. Zeropearl VC’s launch underlines that the earliest stage of funding, where conviction matters more than metrics, is attracting meaningful capital and credibility in India.

Shah, formerly a Partner at Titan Capital, is among India’s most prolific early-stage investors, with over 14 years of experience and a record of evaluating more than 50,000 startups, personally meeting 5,000 founders, and investing in over 250 companies at the seed and pre-seed stages. His portfolio includes early bets on standout successes such as Mamaearth, Credgenics, InVideo, Giva, and CityMall, along with notable outcomes like Beardo (acquired by Marico), Oziva (acquired by HUL), and SuprDaily (acquired by Swiggy).

An alumnus of IIT Bombay, Shah credits his education with shaping his passion for startups, saying, “My five years at the Entrepreneurship Cell, including leading Eureka!, Asia’s largest business plan competition, gave me exposure to multiple founder journeys, helping me develop empathy and belief in their potential. Back in 2012, I saw a huge gap in pre-seed funding in India, and since then, I’ve dedicated my life to supporting founders at this stage.”

His decision to take only ₹159 crore of the ₹280 crore committed reflects this discipline, keeping the fund tight, highly selective, and geared toward replicating the superior outcomes that have defined his career.

The fund has drawn unprecedented support from the startup ecosystem, with more than half its capital, 52%, coming from 31 successful founders, including 18 unicorn leaders and 21 entrepreneurs from IPO-listed or IPO-bound companies. These founder-LPs, many of whom were part of Shah’s earlier portfolio, bring more than just capital. They provide operational guidance, mentorship, and the collective wisdom of entrepreneurs who have scaled their companies from inception to IPO. The remaining commitments came from global funds-of-funds and select family offices, further validating the credibility of Zeropearl VC’s model.

Positioning itself as one of the first large-scale solo GP funds in India, Zeropearl VC is designed around speed, clarity, and conviction. Unlike larger venture firms where founders may face layers of gatekeeping, the fund offers direct access to decision-makers and a commitment to deliver clarity within seven days of an application. By prioritising selectivity and disciplined deployment, Shah aims to maintain the ability to generate the kind of superior returns, north of 50% IRR, that have defined his last decade of investing. Shah has already begun putting the model into action. Fund I has backed twenty companies to date, with seven publicly announced: Gully Labs, Cura Care, Zanskar, Catalogus, Akinna, Supply6, and Tryo, while evaluating more than 800 pre-seed opportunities each month.

Reflecting on the journey, Shah said, “Starting over again wasn’t easy, but this fund is both a fresh beginning and a tribute to the founders who dared to take early risks on themselves. Zeropearl VC is built to back the next wave of leaders shaping India’s future.”

Founders who have committed capital to the fund echoed that confidence. Among them is unicorn LP Aman Gupta, Co-founder & CMO of boAt, who shared: “I’ve known Bipin for 7 years, and what has always stood out is how deeply founder-friendly he is. At the pre-seed stage, when no one is picking up your call and it’s just you against the world, Bipin is that guy who shows up. Now, as he takes the solo GP plunge, I’m excited to back him and see him build a genuine pre-seed institution.”

With Fund I, Zeropearl VC plans to invest in 45 startups across sectors, with the ambition of seeing the majority raise significant follow-on rounds within 12 to 15 months, a goal supported by Shah’s track record of enabling two-thirds of his past portfolio companies to secure follow-on capital in a similar timeframe. Looking ahead, the firm intends to deepen collaborations with global venture funds, family offices, and institutions, while also expanding founder-LP engagement through structured workshops, peer learning circles, and networking sessions. The vision is to create not just a fund but a platform, one that identifies India’s most promising startups at their earliest stage and supports them through their formative years with both capital and counsel.

About Zeropearl VC

Zeropearl VC is India’s leading pre-seed solo GP fund with a corpus of ₹159 crore (USD 19 million). Founded by Bipin Shah, IIT Bombay alumnus and veteran investor, the Gurugram-headquartered firm partners with ambitious founders from Day Zero through a conviction-led, fast-decision model. Supported by 31 successful founder-LPs, unicorn entrepreneurs, IPO-linked leaders, and global funds-of-funds, Zeropearl VC combines capital with mentorship, making it one of India’s most founder-friendly early-stage venture firms.

1. With 9x MOIC and 40% IRR, Carpediem exits Flipspaces, valuing the company at ~USD 120 million
2. Flipspaces scaled revenues 11x, expanded into the U.S. market, and delivered projects for marquee clients, including TCS, during Carpediem’s investment period.
3. The exit strengthens Carpediem Fund I’s track record, which includes other successful investments such as Yaantra and Sukkhi, keeping it on course to deliver a realised IRR of over 30%.

Carpediem Capital, a private equity firm dedicated to creating SME leaders in India’s consumption and services sectors, has announced its full exit from Flipspaces, a tech-enabled commercial design-and-build leader, delivering 9x returns for Carpediem Capital Fund I.

Carpediem partners with high-potential SMEs that build consumer brands or bring structure to fragmented service sectors, typically through significant minority or control stakes, and often as the first or sole institutional investor.

The exit was concluded in August 2025 through a secondary sale to PE funds and family offices, as part of a larger Series C primary funding round led by Iron Pillar, with participation from other investors including Synergy Capital Partners, Prudent Investment Managers, Panthera Growth Partners, Crescent Enterprises’ CE-Invests, and SMBC Asia Rising Funds. In total, funds amounting to USD 50 million were raised. The transaction valued Flipspaces at ~USD 120 million, delivering an impressive ~9x multiple on invested capital (MOIC) and ~40% IRR for Carpediem.

Carpediem first invested USD 1.8 million in Flipspaces in December 2018 during its Series A round, acquiring a significant minority stake through equity shares. The investment thesis was driven by the founding team’s entrepreneurial strength, Flipspaces’ advanced tech-enabled approach with VR visualisation technology, its end-to-end design-and-build solution, and the opportunity to organize a highly fragmented, execution-heavy market.

Since Carpediem’s investment, Flipspaces has achieved 11x revenue growth, expanded into international markets such as the U.S. (now contributing ~20% of revenues), strengthened its proprietary tech stack, and delivered projects for marquee clients, including TCS. Today, Flipspaces operates with 400 in-house employees, having served over 1,000 clients, covering 8.5 million sq. ft. of commercial space globally.

Carpediem supported Flipspaces’ entry into new geographies, including the U.S. market and large enterprise accounts, opening avenues for scalable growth. The firm strengthened the company’s leadership depth by appointing a Finance Head and introducing robust corporate governance frameworks to enhance reporting and tracking efficiency. By leveraging its network, Carpediem connected Flipspaces with large real estate companies and SME clients, fostering long-term relationships and repeat business opportunities.

Nurturing First-Generation Founders

Carpediem’s approach is, its partnership with first-generation entrepreneurs, entering early stage and catalysing their growth journeys:

• Yaantra: Carpediem successfully exited Yaantra, a mobile repair and refurbishment company, through its USD 40 Mn sale to Walmart-owned Flipkart in February 2022.
• Thea Kitchen (Biryani Blues): NCR’s leading biryani QSR chain with 67 outlets, Biryani Blues, with Carpediem’s support, enhanced operations, expanded its footprint, secured strategic investment from Rebel Foods, and drove growth across delivery and dine-in channels.
• Adinath Agro Processed Foods: Built by first-generation entrepreneur brothers, the company was backed by Carpediem to scale sauce and ketchup production, deepening reach in regional markets.
• Sukkhi: One of India’s leading fashion jewellery brands, Sukkhi has evolved from a marketplace seller to an omni-channel brand with an expanding offline presence, backed by Carpediem’s strategic support.
• Nysaa Retail (1-India Family Mart): Led by first-generation founders, the company received not only expansion capital but also guidance for their retail strategy from Carpediem’s leaders, who joined the board. 
• Sindhuja Microcredit: Carpediem’s Series A investment fueled a women-centric rural microfinance platform, empowering 28,000+ women entrepreneurs and extending critical financial inclusion across underserved regions.

Hithendra Ramachandran, Managing Director, Carpediem Capital, said, “Flipspaces has been one of the standout performers in our portfolio, validating our thesis of backing businesses that bring structure to fragmented service sectors. This success reflects Carpediem Capital’s approach of not merely being a provider of capital, but as a true partner in building businesses. The management team at Flipspaces has shown the rigour and resilience to manoeuvre profitable growth despite facing existential challenges during the pandemic days.”

Kunal Sharma, Co-Founder, Flipspaces, added, “Carpediem has been more than an investor. They have been a true partner in our journey. Their belief in us, strategic guidance and active support have enabled us to innovate, expand and build a strong presence across domestic and international markets. With our new investors joining in, we’re ready to take the next big leap and redefine what’s possible in commercial interiors, while remaining deeply grateful to Carpediem for the foundation and trust we built together.”

Flipspaces’ high-return exit, alongside other successful exits like Yaantra and Sukkhi, underpins Carpediem Capital Fund I’s path toward realized IRR track record of over 30%.

About Carpediem Capital

Carpediem Capital is an Indian private equity fund manager focused on investing in emerging SME leaders within the Indian consumption market. The fund primarily targets two key consumption driven themes: companies building consumer brands and those providing organized services to traditionally unorganized and fragmented sectors.

Led by a team of senior professionals with extensive investment and operational experience, Carpediem Capital has a deep understanding of the sectors in which it invests. The fund specializes in making significant minority and control investments in rapidly growing SME companies. As a committed partner, Carpediem often serves as the sole or largest institutional investor, working closely with entrepreneurs to implement transformative strategies and build successful companies.

• Hyderabad (82%), Bengaluru (79%), and Pune (79%) lead the top-city rankings, while  Visakhapatnam (76%), Nagpur (71%), and Chandigarh (68%) dominate beyond metros. • Ahmedabad (60%), Kolkata (55%), Jamshedpur (54%), Madurai (52%), and Rajkot (48%) show  comparatively lower levels of digital adoption, highlighting the diversity in payment  behaviours across cities 
• Everyday categories like personal grooming (83%), education (81%) and dining (80%) lead the  adoption charts, while groceries (68%) and fuel (63%) are fast catching up 
• Nearly 80% business revenue of young retailers is coming from digital transactions; Seasoned  entrepreneurs (age 50+) are catching up fast with 68% 
• Smaller businesses (<₹1 Cr turnover) have 79% digital retail transactions, outpacing mid- and  large-sized businesses 

Digital retail transactions spanning UPI payments to merchants, credit cards, and debit cards have become an integral part of everyday retail spending, with usage continuing  to rise across India. The top 29 cities in India are rapidly closing the digital gap, with digital spends now accounting for 74% of all retail transactions, up from 45% two years ago. In other words, out of every ₹100 spent on retail in these cities, ₹74 is paid digitally. This surge reflects a deep behavioural shift among consumers, who are increasingly choosing convenience and speed of transacting digitally, as revealed by NeoGrowth’s latest NeoInsights study released today. 

The findings come at a time when India’s digital economy is poised to contribute nearly one-fifth of national income by 2029-30, making digital inclusion a key pillar of the country’s growth agenda.  Government and industry data underscore the scale of this transformation, showing that nearly half of India’s total private consumption expenditure is now made through digital payments. With a larger share of private consumption now digital than in many advanced economies, it is a strong indicator of the country’s rapid progress towards a fully digital economy. 

NeoGrowth, a new age digital lender known for offering quick and hassle-free business loans to  MSMEs, drew insights from the banking behaviour of over 21,000 MSME retail outlets across 29 cities,  covering an estimated ₹35,000+ crore in annual revenue. The 9^th edition of NeoGrowth’s NeoInsights  Report titled ‘How India Pays’ studied digital payment behaviour in the retail space. As India shifts to becoming a digitally empowered economy, in FY25 alone, digital retail transactions touched a staggering ~Rs 98 lakh crore, growing 23% year-on-year. By leveraging trends from the digital payments ecosystem, NeoGrowth has been able to create inclusive, data-led lending solutions tailored to India’s diverse MSME landscape. 

Arun Nayyar, Managing Director and CEO of NeoGrowth said: “Digital payments in India have moved  on from being an urban privilege to becoming a national standard. What we are witnessing is a  behavioural transformation, powered by technology. From kiranas to kiosks, India’s retailers are  redefining adoption and efficiency in digital modes of transacting. This is accelerating the formalisation  of the economy by creating digital trails. At the same time, it’s generating rich data and laying the  groundwork for more democratic access to credit. We believe this shift is not just about convenience  of payment, it’s about trust in a future-ready ecosystem.”

**% of Digital Retail Transactions refers to the volume of Digital Retail Transactions, divided by business revenue.

City-Wise Adoption 

The study revealed India’s digital payment habits are now deeply embedded in everyday life. From personal grooming (83%) to grocery runs (68%) to vehicle maintenance (80%), digital retail transactions rule across both discretionary and essential categories. While groceries (68%) and fuel (63%) are fast catching up. 

Cities such as Hyderabad (82%), Bengaluru (79%), and Pune (79%) lead digital payments adoption in the top cities, while Visakhapatnam (76%), Nagpur (71%), and Chandigarh (68%) rank highest among the cities beyond metros. 

In contrast, cities such as Ahmedabad (60%), Kolkata (55%), Jamshedpur (54%), Madurai (52%), and  Rajkot (48%) still rely more on cash. The gap, however, is not due to lack of access – it may be a behavioural aspect. A higher dependency on cash-based transactions, coupled with resistance to changing familiar payment patterns, may have contributed to slow digital uptake. 

Younger Retailers Lead the Way 

By offering customers the choice to pay via UPI, credit cards, or debit cards, retailers play a decisive role in driving digital payment adoption. Young entrepreneurs in their 20s and 30s lead the way with nearly 80% of their business revenues now coming from digital modes. Interestingly, seasoned retailers aged 50s and above are also quickly closing the gap, with digital usage in their stores  surging from close to 40% to nearly 68% in just two years. 

Small Businesses Embrace Digital First 

Contrary to traditional assumptions, the study finds that smaller businesses are ahead in the digital adoption curve. Retailers with turnover below Rs 1 crore stand at 79% of digital retail transactions,  outpacing larger players. The larger players with a turnover of over Rs 5 crores stand at 63% of digital retail transactions. Early-stage businesses (under three years old) also show a high inclination to integrate digital payments into their operations from the outset.  

For today’s retail entrants, digitally-enabled payments are not an add-on but a must-have, which positions them as key accelerators of India’s rapidly evolving digital payment ecosystem. This consistent digital footprint is not just reshaping how these businesses operate – it is also enhancing their route to formal credit. By leveraging this behaviour, NeoGrowth is able to underwrite and disburse business loans to MSMEs, helping them scale and have long-term growth. 

Policy and Infrastructure Tailwinds 

India’s transition to a digitally driven payment ecosystem is being shaped not just by evolving consumer and small business behaviour, but also by strong policy support. The Indian Government recently approved a Rs 1,500 crore UPI incentive scheme under the Zero MDR (Merchant Discount Rate)  policy that keeps UPI and RuPay transactions free for merchants and customers. The JAM trinity and the expansion of BharatNet have laid a strong foundation. This, coupled with rising smartphone and internet penetration and the ease of app-based payments, is making digital transactions fast becoming second nature across the country. 

As India marches towards its centennial as an independent nation, the digital economy is poised to contribute one-fifth of the country’s overall economy by 2030, surpassing traditional sectors such as agriculture and manufacturing. The ‘How India Pays’ report underscores that this digital revolution is not only urban, but increasingly Bharat-led, youth-powered, and retailer-enabled.

**% of Digital Retail Transactions refers to the volume of Digital Retail Transactions, divided by business revenue 

About NeoGrowth

NeoGrowth is a new-age lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). It is a Middle  Layer Non-Banking Financial Company (NBFC-ML), offering a wide range of products tailored to the dynamic needs of small businesses. Its data science and technology-led approach enable it to offer quick and hassle-free loans to MSMEs across 75+ segments across 25+ locations in India. NeoGrowth offers a unique daily repayment option to its customers with multi-channel repayment modes. It has served and engaged with 1,50,000+  businesses and supported them with their growth ambitions. It not only helps small businesses grow but also drives financial inclusion, making a positive social impact. 

Founded by industry veterans, its Board of Directors comprises experts who guide the leadership team toward its strategic goals. NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan a decade ago and is backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.

About NeoInsights

Having served the needs of 1,50,000+ MSMEs since inception, NeoGrowth has deep customer connections across  70+ segments PAN India. Over the years, the company has gathered a large pool of data on MSMEs and the intelligent insights derived from this data are key to creating an enabling credit ecosystem for the MSMEs. Under NeoInsights, the company leverages its primary data and other sources to identify new and interesting trends in India’s evolving ecosystem, published in various formats, to ignite new ideas and share MSME sector trends with the industry.

**% of Digital Retail Transactions refers to the volume of Digital Retail Transactions, divided by business revenue 

Edtech unicorn PhysicsWallah (PW) is ramping up its offline presence in India and select overseas markets, as it prepares to hit the capital markets with a fresh equity issue of ₹3,100 crore and an offer for sale (OFS) of ₹720 crore.

As of March 31, 2025, the company operated 198 offline centres across 109 cities in India and the Middle East, under three formats including PW Vidyapeeth, PW Pathshala and PW Other Centres. The rapid offline expansion marks a significant shift in the company’s model, which started as a pure-play digital learning platform. Between FY23 and FY25, its offline footprint grew at a staggering CAGR of 165.9%, underscoring its ambitions to dominate both online and offline learning markets.

The company has earmarked ₹460.55 crores from the IPO proceeds for setting up new offline and hybrid centres in India. Of this, ₹234.37 crores will go towards Vidyapeeth centers that focus on JEE, NEET, and foundation courses; ₹49.89 crores towards hybrid Pathshala centers, where students attend live-streamed online classes with on-site faculty support; and ₹176.29 crores towards “Other Centers,” which will cater to diverse segments including defence, chartered accountancy, government exams, and vocational skills.

All new centres will operate on a leasehold basis, with the company yet to finalise exact locations. However, potential expansion into tier-2 and tier-3 cities such as Muzaffarpur, Dhanbad, Akola, Latur, Rajkot, Ujjain, Bhatinda, Jorhat, and Chennai has been indicated in the DRHP. The final choice of cities will depend on demographic demand, lease economics, and other prevailing business conditions.

PW’s offline push is being guided by data-driven insights from its vast online student community. By leveraging digital engagement metrics, the company identifies potential demand clusters before deciding whether to launch new Vidyapeeth or Pathshala centres or enter new course categories through PW Other Centres. This hyperlocal hub-and-spoke strategy is designed to provide local access to quality coaching while reducing student migration to bigger cities.

The fundraising will also allow PhysicsWallah to strengthen its brand presence in cities where it already operates, while broadening course offerings across offline channels. The emphasis on defence, accounting, and government exams signals a diversification beyond its traditional stronghold of engineering and medical entrance preparation.

While several players have scaled back operations or pivoted in response to funding constraints, PW is doubling down on physical infrastructure. The strategy mirrors the broader industry trend of “phygital” models, where offline presence complements digital reach, offering students both accessibility and credibility.

Analysts point out that offline centres could offer a more predictable revenue stream compared to online courses, where price sensitivity and free alternatives remain high. Moreover, offline centres open up ancillary opportunities such as test series, doubt-solving workshops, and region-specific exam preparation. 

The expansion into hybrid Pathshala centres also reflects a balancing act. By blending live-streamed online delivery with local faculty support, PW aims to keep costs manageable while ensuring a personalised student experience. This format may help the company penetrate deeper into tier-3 markets where affordability and access to high-quality teachers remain challenges.

With 198 offline centres already operational and growing, PhysicsWallah could set a template for how digital-first education firms scale sustainably in India’s vast, fragmented market.

Physics Wallah Business Model | How Physics Wallah Makes Money

Discover how Physics Wallah’s business model operates and learn about the various revenue streams that enable this EdTech platform to generate income and sustain its operations. Learn about the PW revenue model, franchise cost, valuation, revenue, and more. Explore the Physics Wallah (PW) franchise cost in India. Learn about PW Vidyapeeth partnership fees, investment range, and how to start your own center.

StartupTalkyNitin Konde

IPO Subscription Opens on 30^th September and Closes on 3^rd October

Zelio E-Mobility, a rapidly expanding electric two and three-wheeler manufacturer that has been doubling its growth year-over-year, today announced its ₹78 crore SME IPO – a move that signals not just expansion, but a bold declaration of intent in India’s rapidly evolving electric vehicle ecosystem. The IPO opens for subscription on Tuesday, 30^th September, and closes on 3^rd October.

In FY25, the company posted revenue of ₹172 crore, EBITDA of ₹21 crore, and PAT of ₹16 crore. Its net worth stood at ₹26.67 crore, while ROE/ROCE was 59.96%. Between FY23-25, the company delivered a revenue CAGR of 83% and a PAT CAGR of 128%, underscoring its strong growth trajectory.

The IPO is structured as a combination of a Fresh Issue and Offer for Sale, comprising a total of 57,60,000 equity shares of ₹10 each. This includes a Fresh Issue of 46,20,000 equity shares to raise new capital for the company, and an Offer for Sale of 11,40,000 equity shares. It is scheduled to open for subscription on 30th September 2025 and close on 3rd October 2025, with anchor investor allocation on 29th September 2025.

The IPO will have a price band of ₹129–₹136 per share, with a lot size of 2000 shares and multiples thereof, making the minimum application value per lot ₹2,58,000–₹2,72,000.

Commenting on the IPO, Kunal Arya, Managing Director of Zelio E-Mobility, said, “We are doubling our growth every year, but the market is growing even faster. With demand outpacing our capacity, this IPO comes at the right time to accelerate expansion and innovation. The proceeds will enable us to build world-class facilities, launch new models, strengthen after-sales support, and meet the rising expectations of our customers. We are grateful to our team, partners, and customers for their support, and this milestone is a step forward in our journey to drive India’s transition to electric mobility.”

Hem Securities Ltd. has been appointed as the Book Running Lead Manager, and Maashitla Securities Pvt Ltd will act as the Registrar to the Issue. The company’s promoters are Niraj Arya, Kunal Arya, and Deepak Arya. Proceeds from the IPO will be primarily utilised for repayment and pre-payment of borrowings, funding capital expenditure towards setting up a new manufacturing unit, meeting working capital requirements, and general corporate purposes.”

About ZELIO E Mobility Ltd.

ZELIO E Mobility Ltd. headquarter in Haryana, founded in 2021 with a mission to create vehicles that drive our present towards a sustainable future. ZELIO E-Mobility offer a range of sturdy and comfortable e-scooters, available in a variety of vibrant colours. Known for their stylish looks, powerful features, and excellent mileage, ZELIO E-Mobility’s products are designed to win hearts across the nation. With over 300+ dealers nationwide, ZELIO E-Mobility’s strength lies in its extensive research and development. This focus on innovation ensures that their products are industry-leading in terms of technology and user experience. ZELIO E-Mobility is committed to providing easy-to-handle, environmentally friendly vehicles supported by reliable customer service.

Zelio E-Mobility Secures SEBI Nod for SME IPO, Set to List on BSE to raise INR 78 crores

Zelio E-Mobility Ltd., a rapidly growing electric two- and three-wheeler manufacturer, has received approval from SEBI for its SME IPO to raise INR 78 crore.

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