Satya Nadella, the CEO of Microsoft, has acknowledged that he has a disturbing notion that keeps him up at night: what if the computer giant fails to survive the AI revolution? An innocent query about workplace culture ultimately led to a rare moment of weakness from the guy in charge, which prompted his open revelation during an employee-only town hall.
Nadella, who has led Microsoft into its current AI-driven renaissance, acknowledged that the company’s largest and most lucrative endeavours might not be as significant in the future. According to him, some of the company’s largest ventures may not be as significant in the future.
Nadella Narrates the Ordeal of DEC
The CEO cited Digital Equipment Corporation (DEC), a well-known cautionary tale from Silicon Valley’s history. Early in the 1970s, DEC was a major force in computing, but it lost its appeal when it couldn’t keep up with new developments, especially the Reduced Instruction Set Computing (RISC) architecture. Nadella acknowledged that the IT sector is replete with examples of once-great businesses that have simply vanished.
He went on to say that DEC is the specific one that haunts him. He disclosed that his first computer was a DEC VAX, and he had previously fantasised of working there; thus, the reference also had a personal sting. He pointed out that Microsoft ended up reaping unanticipated benefits from DEC’s downfall. He recalled that several of the developers of Windows NT were from a DEC lab that had been laid off, highlighting the fact that industry disruptions frequently cause talent to go from one company to another.
When a UK-based employee noted that Microsoft felt noticeably different, colder, more rigid, and lacking in the empathy Microsoft had come to respect, then the topic of corporate mortality came up. The criticism was courageous, and Nadella did not brush it off. Rather, he acknowledged that the emotion was accurate and pledged to consider how leadership could improve.
Survival in a Fast-Evolving Industry is the Need of the Hour: Nadella
In addition to addressing the market’s AI-driven uncertainties, Nadella recognised that the corporation had to foster an atmosphere where workers feel encouraged, appreciated, and heard. After all, surviving in a rapidly changing sector depends as much on retaining your workforce as it does on winning technology fights. The openness of the CEO acted as a rallying cry as much as a warning.
His message is that unless a corporation continuously adjusts, irrelevance will always lurk, regardless of how tall it may appear. Microsoft also needs to be on guard in this new AI-powered environment, or DEC could disappear despite its early supremacy.
However, Nadella’s remarks also highlighted the emotional strain of running a business with such a past. He seems eager to find a balance between leading Microsoft into the future and re-establishing trust with its employees, despite being haunted by the demise of previous titans and confronted by internal worries.
Quick
Shots
•At an internal town hall, Nadella
shared his personal fears about Microsoft’s survival in the AI era.
•Nadella cited Digital Equipment
Corporation (DEC) as a reminder of once-dominant tech giants that collapsed.
•Nadella revealed his first computer
was a DEC VAX, making the story emotionally significant.
•Nadella stressed the need for
constant adaptation, empathy, and cultural resilience.
The Reserve Bank of India (RBI) has granted Walmart-owned fintech PhonePe full approval to function as an online payment aggregator (PA). This comes more than two years after the RBI granted PhonePe in-principle permission to function as an online payment aggregator in August 2023.
With the approval, PhonePe will be able to access more online retailers, concentrating on small and medium-sized enterprises (SMEs) around the nation. Yuvraj Singh, the CBO merchant business for PhonePe, said that the company is in a good position to speed up financial inclusion by offering easily accessible payment options to underserved firms, especially in the SME sector. The company’s mission to facilitate wider digital financial inclusion is in line with its emphasis on working with both well-established companies and start-ups.
How PA Licence Will Empower PhonePe?
Fintech platforms can implement digital payment solutions and onboard businesses with a PA licence. Without having to develop a separate integration system, it allows licence holders to allow merchants to accept a variety of payment methods, pool customer collections, and receive settlements.
For almost five years, PhonePe has remained the market leader in India’s UPI space. It held a 46.5% market share in August 2025 after processing 915 Cr UPI transactions valued at around INR 12 Lakh Cr. Currently, the platform manages over 360 million transactions every day from 650 million registered users.
In addition to UPI, PhonePe has a diverse business portfolio that includes the Indus AppStore, the e-commerce app Pincode, investing tech, insurance, and financing. It recently stopped operating as an NBFC and turned in its licence to the RBI on 29 August.
PhonePe all Set for its IPO
The significant regulatory approval coincides with the fintech’s much-awaited public debut. Later this month, PhonePe is anticipated to submit its draft red herring prospectus (DRHP) to SEBI in a secret manner. In order to raise $1.2 billion to $1.5 billion (about INR 10,000 crore to INR 13,000 crore) at a valuation of $7 billion to $8 billion, it plans to go public in early 2026.
Both new shares and an offer-for-sale (OFS) are probably going to be part of the IPO. Although it is not anticipated that Walmart, the company’s largest shareholder, will significantly reduce its investment, investors Tiger Global and General Atlantic might think about making partial departures.
Quick
Shots
•Licence enables PhonePe to onboard
SMEs and startups, boosting digital financial inclusion.
•PhonePe holds 46.5% UPI market share
with 915 Cr transactions worth INR 12 Lakh Cr in Aug 2025.
•PhonePe has over 650M registered
users, processing 360M+ daily transactions.
•PhonePe is preparing to file DRHP
with SEBI; IPO expected in early 2026 at $7B–$8B valuation.
•PhonePe seeks to raise $1.2B–$1.5B
(INR 10K–13K Cr) through fresh issue + OFS.
Before the Trump administration’s September 21 deadline, when businesses would have to pay $100,000 annually for each H-1B worker visa, Microsoft has urged its employees on H-1B and H-4 visas to return to the US right now. The software juggernaut has also recommended individuals who are currently in the US to remain there for the foreseeable future, according to an internal email that Reuters examined.
“Those with H-1B visas ought to remain in the US for the foreseeable future. Retaining H-4 visa holders in the United States is also advised. In an email to staff members, Microsoft stated, “Strongly advise H-1B and H-4 visa holders to return to the US tomorrow before the deadline,” as reported by Reuters.
Recent $100,000 For H1-B Visas a Big Blow to Tech Giants
In a major setback to the IT industry, which mainly depends on highly qualified workers from China and India, Donald Trump issued an executive order on September 19, imposing an annual cost of $100,000 for H-1B visa applications.
Trump expressed his expectation that the tech sector would be extremely pleased with the adjustments. Howard Lutnick, the secretary of commerce for the United States, stated that if you are going to train someone, you should train a recent graduate from one of the top colleges in the United States.
Train Americans Instead of Foreigners: Trump’s Administration
Educate Americans. Stop hiring foreigners to fill American jobs. The H1-B non-immigrant visa programme is one of the most misused visa systems, according to White House staff secretary Will Scharf.
This is intended to make it possible for highly trained workers to enter the United States of America and work in industries that are not occupied by Americans. This decree will increase the cost of sponsoring H-1B applicants to $100,000 for businesses.
This will guarantee that they are bringing in highly skilled individuals who cannot be replaced by American workers. Last year, India continued to be the top country for H-1B visas. According to government data, 71% of approved recipients were from the nation alone, with China coming in second at 11.7%. Microsoft and Meta both received over 5,000 approvals for H-1B visas in the first half of 2025, while Amazon and its cloud division AWS received over 12,000 approvals.
Indian Government Engaging with the US Over H-1B issue
According to media reports on 20 September, the Indian government is working with the US administration and the IT sector to resolve the H-1B issue. They added that American businesses are particularly affected by the application fee hike because they use these visas extensively for highly qualified workers.
The order announced by US President Donald Trump on 19 September will increase the application price for H1-B visas to a hefty $100,000 per year. Depending on the size of the firm and other expenses, the H-1B visa fee might range from roughly $2,000 to $5,000.According to sources, the Indian government is actively working with the US government, the IT sector, and the Nasscom group to find a solution. According to sources, US firms are actively interacting with the US government on the issue, as they are among the largest users of these visas.
Indian technology services companies will be impacted by the United States’ decision to increase the H-1B visa application fee to $100,000, according to industry group Nasscom.
This is because onshore projects that may need “adjustments” will not be able to continue operating normally. Mohandas Pai, a seasoned industry veteran and former CFO of Infosys, added that the US decision to charge a high yearly cost to applicants for H-1B visas will discourage new business applications and could hasten offshore in the months ahead. According to data from the USCIS website, Amazon had the most H-1B visa approvals (10,044) for FY25 (as of June 30, 2025).
Quick
Shots
•Trump administration imposes $100,000
annual fee per H-1B visa, effective September 21.
•Microsoft advises foreign employees
already in the US to remain there for the foreseeable future.
•Firms like Microsoft, Meta, Amazon,
and Google face steep new costs for foreign talent.
•71% of H-1B approvals in 2024 went to
Indians; China was second with 11.7%.
•Trump team urges companies to train
U.S. graduates instead of hiring foreign workers.
In this exclusive virtual conversation with StartupTalky, Shilpa Arora, Co-founder and COO of Insurance Samadhan, shares her inspiring journey from corporate success to building a startup that resolves insurance grievances. She opens up about her transition from a reserved professional to a confident leader, her experience on Shark Tank India, and the unique challenges of being the only woman co-founder in her team. Shilpa also discusses the most common insurance complaints in India, the need for greater awareness, her vision for Insurance Samadhan, and practical advice for young professionals and women entrepreneurs.
From Corporate Success to Startup Leadership
Shilpa’s career began in the corporate sector, where she enjoyed a steady rise. Despite being among the top performers, she felt unfulfilled. “At one point, I threw all my awards out of my house. I wanted to create something of my own rather than bringing success to another company,” she said.
Her decision to co-found Insurance Samadhan was driven by a desire to build something meaningful and stand by people when policies failed them.
Overcoming Personal and Professional Barriers
Interestingly, Shilpa describes her younger self as shy and reserved. Startup life forced her to evolve. “I could never imagine doing this kind of discussion earlier. You come out of the shell when you lead a startup,” she explained.
Being the only woman among her co-founders also brought unique challenges. Balancing home responsibilities and leadership was demanding, but she believes women bring empathy that complements discipline and aggression in decision-making.
“A combination of male and female leaders brings balance—just like running a family,” she noted.
Shark Tank India: A Turning Point
Insurance Samadhan’s appearance in the first season of Shark Tank India proved transformational. Initially reluctant to go on television, Shilpa was persuaded by her co-founders. The exposure brought an overwhelming response.
“We were flooded with calls, even international ones. Within a week, we had to hire people. Shark Tank helped us build trust and attract talent quickly,” she recalled.
Common Insurance Complaints in India
Despite years of awareness campaigns, insurance continues to confuse customers. According to Shilpa, the most common complaints are:
Mis-selling, often by banks to elderly customers.
Claim rejections due to non-disclosure of medical history.
Hidden sub-limits, especially in health policies covering cancer or advanced robotic surgeries.
To address this, her team developed the “Know Your Policy” tool, which helps customers understand hidden clauses and potential risks.
“Insurance is protection, not an investment. People must know what they are signing up for,” she stressed.
Advice for Young Indians
Insurance is often ignored by Gen Z, but Shilpa warned of the risks of delaying. “You can only buy insurance when you are healthy. Once diagnosed with lifestyle diseases, it becomes tough or expensive,” she explained.
Her must-have list for young professionals includes:
Term insurance
Health insurance
Personal accident cover
Property insurance
Critical illness cover
Plans Ahead for Insurance Samadhan
The company continues to focus on grievance redressal while expanding services. New initiatives include:
Partnering with hospitals to reduce cashless claim rejections.
Supporting claimants in motor accident tribunal cases at lower costs.
Simplifying reimbursement processes through their app.
Shilpa emphasised that the goal is not to sell insurance but to serve policyholders.
Message for Women Entrepreneurs
Drawing from her journey, Shilpa urged women to keep learning and adapting. “You need to acquire knowledge in finance, technology, and operations. Otherwise, nobody will take you seriously in a startup,” she said.
She also highlighted the importance of co-founders with complementary skills and mental preparedness for a tough journey. “Have a strong belief in your idea, stay consistent, and don’t give up before four or five years,” she advised.
🎥 Watch the entire conversation here:
Shilpa Arora, Co-founder and COO, Insurance Samadhan in Conversation with StartupTalky
When a company like Canva turns its attention to India, the expectations are naturally huge. This isn’t just another market for the design platform; it’s their largest community outside of Australia and also one of the most competitive spaces where brand visibility can make or break growth.
Canva was in talks to sponsor Indian cricket in 2025. It could have been the perfect move, after all, cricket in India isn’t just a sport, it’s a culture, for a brand looking to win mass recognition. Yet, the deal never materialized.
On the surface, it may look like a missed branding opportunity. But for marketers and entrepreneurs, this story is far more insightful. Additionally, it highlights the challenges MNC companies go through when trying to localize in India, and why the right cultural entry points matter. So, what does Canva’s near-miss reveal about its India play? Let’s discuss in detail in this article.
Why Cricket Sponsorship is a Goldmine for Brands?
Cricket in India is a shared national passion that cuts across age, geography, and language. With a population of over 1.4 billion, the game commands one of the largest fan bases in the world, making it an unparalleled platform for brands.
The Indian Premier League (IPL) consistently delivers record-breaking television ratings and streaming numbers. The 2023 ODI World Cup final between India and Australia highlighted just how powerful cricket’s reach has become. The match was watched by approximately 300 million viewers on television in India, with a peak concurrency of 130 million viewers, the highest ever recorded for a cricket match. In terms of total viewing time, the IPL 2025 final amassed 15 billion minutes, surpassing the 14.2 billion minutes watched during the India vs South Africa T20 World Cup 2024 final.
The Indian Premier League (IPL) remains a significant platform for advertisers. The final match between Royal Challengers Bengaluru (RCB) and Punjab Kings attracted 169 million TV viewers in India, surpassing the previous high of 166 million viewers recorded during the India vs. Pakistan clash in the 2021 T20 World Cup. The opening weekend of IPL 2025 attracted over 253 million viewers and logged 27.7 billion minutes of watch time.
For brands, cricket sponsorship is not just about visibility. Jersey logos, stadium branding, and digital campaigns around cricket build an emotional association with fans. Consumers subconsciously trust and favor brands that are linked with Team India, turning sponsorship into a powerful trust-building and long-term equity strategy.
Why Team India Needed a New Jersey Sponsor?
The search for a fresh sponsor began after Dream11 stepped down from the role. The government’s Promotion and Regulation of Online Gaming Act had a direct impact on the company’s operations, leaving it unable to continue its association with Team India.
To prevent such conflicts in the future, the BCCI set strict eligibility rules in its tender documents. Brands linked to betting, crypto, online gaming, or tobacco products were barred from bidding. This opened the door for a diverse pool of established companies from various industries, ensuring more stability and credibility for one of the most high-profile sponsorships in the country.
Canva’s Global Rise with India at the Core
Since its launch in 2013, Canva has evolved into a global design powerhouse, boasting over 230 million users across 190 countries, a valuation of $40 billion+, and an annual recurring revenue of more than $3 billion.
Unlike traditional design software, Canva thrives on its simplicity. It empowers non-professionals, from students to small businesses, to create presentations, social media graphics, brochures, flyers, and even merchandise with ease.
During his visit to India earlier this year, Cameron Adams, Canva’s co-founder and Chief Product Officer, emphasized just how important the country has become for the company:
India is already Canva’s fourth-largest market by active users.
It could become Canva’s largest market within the next five years. The company will continue investing in localized tools and cultural relevance to deepen its presence.
Canva’s IPO preparations are closely watched in the tech and investment community. The success of Figma’s IPO has set a precedent for design software companies, potentially influencing Canva’s timing. With a valuation of $42 billion and over 240 million monthly active users, Canva is positioning itself as a strong contender in the public market, a move that could further strengthen its India strategy and brand credibility.
Building for Bharat: Canva’s Local Playbook
To strengthen its foothold in India, Canva has rolled out a series of initiatives tailored for local audiences:
A dedicated Hindi website to make the design more accessible in smaller towns and cities.
Flexible subscription plans, such as daily and weekly options, cater to India’s price-sensitive market.
Partnerships with schools, colleges, and government bodies to introduce Canva to students at an early stage.
AI-powered design features to help small and medium businesses scale their marketing efforts.
Adams also noted that 73% of Indian business leaders report improved performance through AI-driven communication, reinforcing Canva’s belief in AI’s role in shaping India’s business ecosystem.
During his first visit to India earlier this year, Cameron Adams, Canva’s co-founder and chief product officer, highlighted India’s growing importance for the company. He revealed that India is already Canva’s fourth-largest market by active user base and has the potential to become its biggest market within the next five years.
To strengthen this growth, Canva is focusing on localised products designed to fit India’s cultural context. A clear example of this is the launch of a dedicated Hindi version of its website, aimed at reaching users in smaller towns and cities.
In this context, bidding for the Indian cricket team’s jersey sponsorship makes perfect sense. Cricket is more than a sport in India; it’s a cultural phenomenon. Associating with it could have amplified Canva’s brand recognition and deepened its user base.
Reflecting this strategy, Canva wrote in its India outlook blog for 2025: “We’re deepening our commitment to this thriving market by building locally tailored tools and experiences that meet the unique needs of Indian users.”
Apollo Tyres Bags Team India Sponsorship, Canva a Close Contender
The bidding process, held on September 16, 2025, drew attention from several major players. Ultimately, Apollo Tyres emerged victorious, securing the sponsorship rights until 2027. The tyre giant agreed to pay INR 4.5 crore per game, higher than the INR 4 crore per game Dream11 had been paying. With 130 fixtures lined up during this period, the deal is worth a massive INR 579 crore.
Canva, however, wasn’t far behind. The Australian unicorn placed a bold bid of INR 554.48 crore (INR 4.28 crore per game), making it the second-highest bidder. While it narrowly missed out, Canva’s strong presence in the race surprised many and sent a clear signal of its long-term commitment to India.
Conclusion
Canva may not be the first brand that comes to mind for sports sponsorship, but in India, cricket is a phenomenon that exceeds the boundaries of sport. Aligning with the Indian team would have given Canva unmatched exposure and a direct connection with millions of passionate fans nationwide.
Even though Canva narrowly missed out on the top spot, its bold bid speaks volumes about its commitment to India. It’s a clear signal that the company isn’t just here to serve users; it wants to become a familiar name in every Indian household, just as it has in design communities worldwide.
Did Canva win the Team India jersey sponsorship rights in 2025?
No, Canva narrowly missed the deal. Apollo Tyres won the sponsorship rights until 2027 by bidding INR 4.5 crore per game, while Canva came second with a bid of INR 4.28 crore per game.
How much did Canva bid for the Indian cricket team sponsorship?
Canva placed a bold bid of INR 554.48 crore (about INR 4.28 crore per game) for the Team India jersey sponsorship but lost by a slim margin to Apollo Tyres.
Who was the previous sponsor of the Indian cricket team before Apollo Tyres?
The sponsorship was previously held by Dream11, but they stepped down due to regulatory challenges after the Indian government introduced the Promotion and Regulation of Online Gaming Act.
OpenAI is on a new project to create its own AI smart gadget. You can expect it to be a small, pocket-sized device specially designed for AI models. However, it’s not a phone or a computer. Recently, on the People by WTF podcast hosted by Zerodha co-founder Nikhil Kamath (in August 2025), Sam Altman called the modern phones “outdated.” He emphasized a hands-free, constant digital companion to do everything. Is he building one now? Are we not satisfied with smartphones, laptops, watches, and glasses that we need one more? More interestingly, OpenAI has tapped Apple’s supplier Luxshare. Learn more.
Who’s Making It for OpenAI?
According to Reuters, OpenAI has signed a deal with Apple’s supplier Luxshare to build its hardware. Luxshare is a renowned Chinese company that makes iPhones and AirPods for Apple.
Additionally, OpenAI has also reached out to Goertek, which makes Apple’s AirPods, Watches, and HomePods. This deal is specifically for the production of the device’s speaker parts.
All this means that OpenAI’s new device is sure to be the next big thing.
Why Is This Important?
We already use AI on our phones, tablets, PCs, and more.
But there isn’t a separate device for it, meaning an “AI-native” product.
Built to work with AI models.
If such devices work out in the real world, it will change the face of the mobile industry forever. Using AI on a day-to-day basis can potentially drive this change.
So, we can expect OpenAI to challenge tech giants like Apple, Samsung, and Google.
OpenAI officially accquired ioProducts
Backstory & Big Moves:
On July 9, 2025, OpenAI officially merged with a hardware startup called io Products. It was built by Jony Ive, the famous ex-Apple designer. OpenAI closed the deal for $6.5 billion.
And that’s when the world knew that OpenAI and Sam Altman are serious about the hardware side of AI.
The face of personal devices is going to change soon. Because:
OpenAI’s device has already reached the prototype state.
Although we don’t know what the design looks like, many suggest that they’ll be:
Pocket-sized (comfortable to carry).
Context-aware (meaning it can understand you, your feelings, and accordingly respond better.
The design will support different AI models, not just OpenAI.
Final Words…
The official confirmation is due, and no company has openly commented on the subject.
Ever heard what an Acquihire is? It is when a company acquires another company and its talent. Nvidia just spent over $900 million on an acquihire. It acquired Enfabrica and not just any talent from its team, but the CEO (plus others) directly. The deal was closed on September 19, 2025. Well, this is unusual for Nvidia because they invest but never acquire the whole company. Notably, Enfabrica’s technology can connect 100,000+ GPUs (graphics chips) more or less like a giant computer. Does this mean that Nvidia is trying to build complete, ready-to-go AI systems instead of just chips?
What Did Nvidia Do?
Nvidia poured $900 million into two things of Enfabrica:
To hire Enfabrica’s CEO, Rochan Sankar, and some other employees, too.
To get hands on Licensing (renting the rights to use) Enfabrica’s technology.
Nvidia Acquired Enfabrica for $9000 million
Who Is Enfabrica?
Enfabrica is a U.S. startup founded in 2019. Its technology connects 100,000+ GPUs (graphics chips) so they work like a big computer. Now, such technology is paramount in terms of AI models (for instance, ChatGPT) because they use huge amounts of computing power.
Nvidia Acquired Enfabrica for $9000 million
Why Did Nvidia Do This?
Nvidia’s GPUs are the most popular ones in the AI industry (they are like the backbone). Almost all tech giants like ChatGPT, Gemini, Claude, and more run on their chips.
These GPUs are like shelves full of chips put together.
The more the chips, the more powerful the tech is, but putting them together is tough (the more the chips, the harder it gets to work them out).
Enfabrica’s technology has the efficiency to solve this problem. Nvidia can now scale up AI supercomputers. So, yes, Nvidia can sell a complete, ready-to-go AI system instead of just chips.
How Does This Fit Into Nvidia’s History?
Past acquisitions:
In 2019, Nvidia bought Mellanox, spending $6.9B → It’s a networking technology that is backing Nvidia’s Blackwell chips.
In 2022, Nvidia failed to buy Arm for $40B because of regulators.
In 2024, it bought Run:ai for $700 million, and it optimizes AI workloads for Nvidia.
Recent investments:
Just a few days ago (September 17, 2025), Nvidia invested in U.K. startup Nscale’s data centers.
Now (September 18, 2025), a whopping $5B stake in Intel to partner and develop AI processors.
How Does This Compare to Other Tech Giants?
So why do companies acquire (buying talent + tech)? Basically, to avoid legal and regulatory risk. Nvidia is not alone; several others are following the same business strategy, like:
Meta put $14.3B on Scale AI founder + team, took 49% stake on June 13, 2025.
Google spent about $2.4B on the Windsurf founder + team on July 11, 2025.
In August 2024, Google acquired the Character.AI team.
Microsoft onboarded a team from Inflection AI in March 2024.
Amazon hired a team from Adept AI on June 28, 2024.
Why Is This Important for Nvidia?
The AI race is picking up its pace, and Nvidia wants to win it with the best chips + best computing talent.
Nvidia is making sure:
To onboard the best engineers.
To own the networking tech and connect big clusters of GPUs.
The domain name “blu-smart.com” of the now-defunct electric ride-hailing business BluSmart is for sale. A cursory examination of the BluSmart website showed that users are taken to a parked page indicating that the domain is available for purchase. The development follows a string of issues that the business was experiencing.
Anmol Singh Jaggi and Puneet Singh Jaggi, cofounders of BluSmart and promoters of Gensol, were found guilty in April by markets regulator SEBI of misusing business funds in a “fraudulent manner”. According to the regulator’s judgement, Gensol attempted to deceive investors, lenders, credit rating agencies (CRAs), and SEBI by submitting fraudulent conduct letters purportedly from its lenders.
Additionally, SEBI prohibited Gensol Engineering’s promoters from serving as directors or other important managers of the struggling business. BluSmart then stopped offering taxi booking services, making the app available but inoperable.
In June, BluSmart’s App Stopped working
Users reported that the app broke upon starting and displayed the warning “something went wrong!” on both iOS and Android smartphones by June, at which point it completely stopped functioning. Due to BluSmart’s financial problems, the Ahmedabad bench of the National Company Law Tribunal (NCLT) accepted an insolvency plea against the company in August.
Since then, several former executives have claimed compensation under employee claims, and around 200 applicants—including lenders like Catalyst Trusteeship and the Indian Renewable Energy Development Agency (IREDA)—have filed claims against the company totalling almost INR 500 Cr. Gensol Engineering, the publicly traded business that BluSmart’s cofounders, the Jaggi brothers, founded, had been integrated into BluSmart’s operations. Up until recently, Gensol was the largest fleet supplier to BluSmart, which in turn depended significantly on BluSmart as its biggest client.
However, due to purported governance shortcomings, Gensol has been under regulatory investigation, debt, and lowered credit ratings. Investor confidence was further eroded when credit rating agencies even noted BluSmart’s tardiness in fulfilling some debt obligations.
BluSmart’s Final Nail in the Coffin
BluSmart lost the vital support network that enabled them to establish one of India’s largest fleets of EVs exclusively as Gensol’s financial difficulties worsened. This year, the CEO, CBO, CTO, and other senior executives left the organisation, causing a top-level exodus as well. The Jaggi brothers have been under investigation by enforcement agencies and regulators, including SEBI, for potential financial malfeasance, which has further hampered BluSmart’s ability to raise money.
Earlier this year, it was rumoured that investors, including responsAbility and bp Ventures, were considering a $30 million proposal to revive BluSmart. There has been no indication on whether such a rescue is still possible, though, given that the domain is currently for sale, the app is not working, and insolvency claims are mounting.
Quick
Shots
•The website now redirects users to a
parked page showing the domain is available for purchase.
•Founders Anmol Singh Jaggi and Puneet
Singh Jaggi were found guilty by SEBI of misusing company funds in a
fraudulent manner.
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 and has already received the DRHP approval. The IPO may go live at the end of this month.
Founded in 2021, Zelio has built a strong footprint in the EV market with an installed annual capacity of 72,000 units. Its portfolio includes a range of electric scooters and three-wheelers distributed through a network of more than 280 dealers across 20+ states and union territories.
The company has showcased strong financial growth in a short span. For FY25 (provisional), Zelio reported revenue of ₹172.19 crore, EBITDA of ₹21.02 crore (12.20% margin), and profit after tax of ₹16 crore (9.29% margin). Net worth stood at ₹26.67 crore, while both ROE and ROCE were close to 60%. Between FY23 and FY25, revenue grew at a CAGR of 83.29%, and PAT expanded at a CAGR of 128.76%.
The IPO, with Hem Securities Ltd. as the Book Running Lead Manager, is expected to support the company’s next phase of growth. Investor participation details and specific use of proceeds will be shared closer to the issue.
About Zelio E-Mobility Ltd.
Zelio E-Mobility Ltd. is a 100% Indian electric two-wheeler manufacturing company founded in 2021 with a mission to create vehicles that drive our present towards a sustainable future. Zelio E-Mobility offers 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 products are designed to win hearts across the nation.
With over 100 dealers nationwide and more than 200,000 satisfied riders, 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.
India’s startup and business ecosystem on 19th September 2025 witnessed notable developments across funding and corporate news. Aerospace startup SpaceFields and climate-tech venture Equilibrium announced fresh capital infusions, while in the corporate sector, ITC Ltd confirmed passing GST benefits to consumers and reports emerged of Taj Hotels considering an exit from New York’s iconic Pierre Hotel.
Daily Indian Funding Roundup – 19th September 2025
Aerospace startup SpaceFields has secured $5 million in its pre-Series A round led by Transition VC and Speciale Invest, with participation from growX, Anicut Capital, and Atrium Angels. The company develops advanced propulsion systems for satellites and space launch vehicles, aiming to improve efficiency and lower costs in the global space industry.
Equilibrium raises $3 Mn from Kalaari, Avaana, and Peak XV
Climate-tech startup Equilibrium has raised $3 million in its first institutional funding round from Kalaari Capital, Avaana Capital, and Peak XV Partners. Founded in 2024, Equilibrium provides full-stack carbon removal solutions through agroforestry, regenerative farming, mangrove planting, and biochar projects, involving over 60,000 farmers and coastal communities.
Blue Energy Motors raises $30 Mn to develop EV & LNG trucks
Blue Energy Motors (BEM), an Indian startup specializing in heavy-duty trucks powered by LNG and electric technology, has secured $30 million in a growth/expansion round led by Nikhil Kamath and Omnitex Industries. The new capital will be used to fully utilise its current manufacturing capacity (10,000 trucks/year), accelerate development of both LNG and EV truck models, and scale its presence across India.
Key Business News for 19th September 2025
ITC to pass on full GST rate-cut benefits to consumers by September 22
FMCG giant ITC Ltd has announced that following the GST Council’s tax rationalisation (moving to a two-slab structure of 5% and 18%), it will pass on the full benefit of the rate cut to consumers across its product portfolio. Starting September 22, 2025, ITC’s FMCG products—sold through about 7 million retail outlets nationwide—will reflect lower prices. The move aims to increase affordability, stimulate consumption, and boost economic growth.
Taj Hotels may exit NYC’s iconic Pierre Hotel in $2-billion deal
Reports indicate that the Taj Hotels chain (IHCL) may exit its management/leasehold arrangement of New York’s Pierre Hotel following interest from prospective buyers—including the Sultan of Brunei and Saudi businessman Essam Khashoggi—in a possible US$2 billion deal. The iconic property, in Manhattan overlooking Central Park, has been operated by Taj since 2005. While financial performance and rising costs are said to be part of the backdrop, IHCL has clarified it holds leasehold rights, and at the time of reporting, operations continue as usual.
