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  • SEBI Probes IndusInd Bank Execs Over ‘Egregious Violations’

    On 23 May, the Securities and Exchange Board of India (Sebi) declared that it is looking into possible infractions by senior management of IndusInd Bank, which is accused of accounting crimes worth an estimated INR 3,400 crore.

     Sebi is especially looking into the suspected securities market infractions by bank staff, although the Reserve Bank of India (RBI) will conduct the main probe.

    The Reserve Bank of India is investigating whatever Sebi needs to do in connection with… whatever Sebi’s mandate is… Sebi is doing… According to a report by a media agency, Sebi Chairman Tuhin Kanta Pandey told reporters at an Assocham industry event, “Sebi is looking into any egregious violations by anyone in their capacity.”

    The board of IndusInd Bank confirmed on 22 May that some employees may have been involved in the scam and directed management to alert regulatory and investigation bodies.

    Fraudulent Activities Observed in Various Banking Operations

    The private sector bank is under investigation for engaging in fraudulent practices related to balance sheet disclosures, microfinance portfolios, and derivatives. The bank has started a forensic inquiry and an internal audit examination in response to high-level resignations.

    Senior bank executives, including former Key Management Personnel, had circumvented important internal controls, according to internal audit findings. The central government has been informed by the bank that high management was probably involved in the accounting fraud.

    The financial results for the quarter and year ended March 31, 2025, have been updated to reflect all found errors, according to IndusInd Bank. Incorrect recognition of derivative trades cost INR 1,960 crore, interest income was reversed by INR 674 crore, microfinance fraud cost INR 172 crore, manual entry errors cost INR 595 crore, and slippages climbed by INR 3,400 crore during the March quarter.

    Due to accounting problems in the areas of derivatives, microfinance, and assets/liabilities, the bank had its worst performance in the March quarter of FY25, with a net loss of INR 2,329 crore. The first financial report since the accounting errors were reported was this one.

     However, IndusInd Bank shares rebounded Thursday, closing 1.82% higher at INR 785.10 on the BSE after initially declining 5.89% to INR 725.65, despite the company’s bad quarterly reports. Another aspect concerning the bank is that, as a result of the index rejig, defence PSU Bharat Electronics Limited (BEL) would take IndusInd Bank’s spot in the BSE Sensex.

    The Turmoil will Hamper Bank Performance

    According to financial analysts, IndusInd firm may see muted performance in the near future. The new MD and CEO will have a difficult time reconstructing the firm and winning back investor trust.

    The bank’s Board formed an Executive Committee for temporary operational management after CEO Sumant Kathpalia and Deputy CEO Arun Khurana resigned on April 29. The Board has until June 30 to submit new MD candidates to the RBI, according to a number of media publications.

  • Glance Launches AI Shopping App with Virtual Try-On & Smart Style Picks

    In an effort to revolutionise how consumers find and purchase clothes, InMobi’s mobile content platform Glance has introduced Glance AI, a generative artificial intelligence (Gen AI) commerce engine.

    The site combines AI-styled looks with photorealistic try-ons, including avatar modelling, to provide a customised shopping experience. A similar application that allows customers to visually try on clothing was also introduced by Google earlier this week in the United States.

    According to Glance CEO Naveen Tewari, the company has collaborated with Google and a few other players, and then all of the components were put together at Glance’s end and adjusted the model to function flawlessly. Almost $100 million, if not more, would be needed to get it here.

     Glance runs digital platforms like the trends-first platform Roposo and lock screen search Glance. In addition to Google, Glance, an InMobi subsidiary, is backed by Jio Platforms and Mithril Capital. Now accessible globally on the Google Play Store and the Apple App Store, the latest product from the Singapore-based company is available.

    Expansion Plans of Glance

    The Glance intends to expand into more recent sectors like beauty, accessories, and travel later this year, even if the original model is educated in fashion. The model itself is trained on Google’s Gemini and Imagen on Vertex AI, providing consumers with individualised, incredibly lifelike experiences.

    The foundation of Glance’s AI model is an open architecture with extensive hardware and software connections with telecom providers, manufacturers, and brands. It transforms brand shopfronts into AI shopfronts, TVs into home commerce gadgets, and phones into AI phones.

    According to Glance, the site has more than 1.5 million active users in a few weeks. Over 40 million style requests have been made by users, of whom 50% have downloaded or shared their customised looks and 40% have tapped through to start a shopping adventure.

     Glance AI’s unique selling proposition, according to CEO Naveen Tewari, is that it enables consumers to find their AI-curated, stylised looks, in contrast to traditional e-commerce sites that merely present a variety of products for browsing or searching.

    Offering Users 400 Global Brands on Just One Click

    With a single click, customers may buy from more than 400 international brands. Users will continue to have control over their data, according to Glance. Regarding pricing, CEO Naveen Tewari claimed that Glance AI is the most sophisticated and economical picture-generating system available today.

    “That’s among the most important concepts we collaborate with Google on. If the prices had been ten times greater, we couldn’t have made this sustainable,” the CEO continued.

    Tewari added that he anticipates cost reductions as the brand develops. He went on to say that one of their most valuable intellectual properties is the low-cost, high-fidelity image.

    According to the corporation, the model is trained using data from almost 20 years of international trade, picking up fresh insights from emerging trends, cultures, and consumer behaviour. Additionally, the transaction journey model’s agent AI recognises shoppers’ intentions before they do.

  • Builder.ai Bankruptcy: How 1,500 Employees, $450M Funding, and Thousands of Client Businesses Got Locked Out

    In a shocking turn of events, Builder.ai, a VC-funded startup valued for its no-code and low-code software development platform, abruptly filed for bankruptcy — leaving thousands of clients stranded and millions of dollars at stake. One of the most vocal victims is a $65,000 EdTech startup client, whose business is now effectively held hostage.

    Background: The Builder.ai Collapse

    Builder.ai, which raised a staggering $450 million in funding and employed 1,500 people, was once a beacon of promise for startups looking to build technology without deep engineering resources. The company offered development-as-a-service, but, as recent events show, it also sold dependency on their platform.

    Suddenly, Builder.ai fired all employees and locked clients out of their own software code and data. Many startups relying on their infrastructure face a sudden existential threat.

    The Human and Business Cost

    Muhammad Umar, a founder and startup advisor, shared a firsthand account from his client:

    “Muhammad, they fired everyone. ALL 1,500 employees. They’re keeping my code hostage. My startup will be dead in days.”

    When asked about the contract and ownership of the code, the client revealed the harsh reality:

    “There’s nobody left to give it to me. The entire company is GONE.”

    This incident exposes a critical flaw in depending on third-party platforms that lock down code, data, and hosting — effectively holding businesses hostage.



    Why This Matters: Lessons for Founders

    • Code Ownership is King: Without owning your core code, your business future rests on someone else’s stability.
    • Platform Dependency is Risky: No export options, locked-in hosting, and inaccessible data are business killers.
    • Bankruptcy Equals Business Death: When your vendor folds suddenly, your startup may vanish with it.

    The Bigger Picture: VC-Funded Startups and the Risk of Dependency

    Builder.ai’s downfall serves as a cautionary tale against unchecked reliance on venture-backed platforms without clear ownership or exit plans. While VC money accelerates growth, it can also mask underlying risks that materialize abruptly in crises.

    Final Thoughts

    Builder.ai’s bankruptcy is a stark reminder that startup success isn’t just about fast growth or shiny tech — it’s about control, ownership, and sustainable foundations. Founders must prioritize these over convenience to protect their ventures from becoming collateral damage.

  • Mumbai Leads India’s Fresher Pay Race at INR 4.29 LPA: GetWork Report

    In a dynamic job market, fresher hiring opportunities are growing at an unprecedented pace and Mumbai, the financial capital of India has emerged as the highest-paying city for freshers with an average salary package of INR 4.29 Lakh followed by National Capital Delhi at INR 4.05 Lakh per annum, according to an analysis by AI-powered hiring platform GetWork.

    On the other hand, Pune offers an average package of INR 3.34 lakh, while Bangalore, India’s startup and tech hub, recorded an average salary of INR 2.95 lakh. Chennai recorded the lowest among metros, with average fresher compensation at INR 2.65 lakh per annum. All the figures are from the jobs posted on GetWork in the financial year 2025. 

    Commenting on the trends,  GetWork CEO & Founder, Rahul Veerwal said, “The variation in average fresher salaries across metro cities demonstrates a strong demand originating from regional cities, cost-of-living and industry specific concentration. Metro cities that are densely populated with corporate headquarters and financial institutions, naturally offer higher-level compensation at entry level than tech-centric hubs that are majorly dominated by startups. Subsequently, these trends reflect how local economic ecosystems shape fresher hiring scenarios in India.”

    Overall, companies hiring freshers in FY25 offered an average salary of  INR 3.22 Lakh, which is 3.4% higher than the INR 3.12 Lakh average salary offered in FY24. The trend report by GetWork also found that Sales and Finance roles offer the highest salaries to fresh graduates. This showcases the sustenance in demand in these high-performance job functions.

    Fresher Salary Spectrum on GetWork

    Average salary packages exhibit an overall market health, however, a closer look at the salary range reveals the diverse realities freshers face as they enter the workforce. Freshers draw the highest salary of INR 10 Lakh, hired through GetWork in FY25. This indicates lucrative opportunities in select roles or sectors for top-tier talent. 

    In contrast, the lowest fresher salary recorded at INR 2.1 lakh, which illustrates the broad range of compensation at the entry level depending on skillset, location and employer type.

    India’s job market is stabilising than before, and hence, the fresher compensation is gradually improving. The rise in salaries, especially in metro cities like Mumbai and Delhi NCR and the strong growth in Sales and Finance roles indicate companies are willing to invest in entry-level talent to bring adaptability and new-age skills to the work. This serves as a benchmark for students to prepare for campus placements and recruiters to stay competitive in the race for young talent.

    About GetWork

    GetWork is a next-gen HR tech platform that leverages the power of agentic AI to redefine the hiring process. Its digital recruiters intelligently read job descriptions, source from a verified talent pool, engage candidates across phone, email, and WhatsApp, and continuously learn from HR feedback and candidate interactions to improve outcomes over time, saving recruiters over 100 hours a week. Further, GetWork’s GenAI-powered Horizon AI acts as a copilot for job seekers, offering mock interviews, personalised upskilling suggestions, and more, especially empowering candidates from Tier 2 and 3 cities and colleges. 

    With industry-trained agents, customizable recruiter behaviour, unified communication, and seamless integration with existing HR tools, GetWork.ai helps fast-growing teams scale hiring with speed, efficiency, and unmatched quality, transforming recruitment from a manual bottleneck into an automated growth engine. Since 2019, GetWork has enabled 50,000+ placements through a network of 900+ enterprise partners, including HDFC, Sharekhan, Motilal Oswal, and Aditya Birla Group.

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  • Indrajaal Launches ‘Indrajaal Infra’ to Protect India’s Critical Infrastructure from Drone Threats

    • The system is designed to safeguard high-value critical infrastructure such as nuclear power plants, oil refineries, ports, airports, and energy grids from drone-based attacks
    • With the advanced SkyOS™ platform, Indrajaal Infra offers autonomous, real-time airspace security across vast areas up to 4,000 sq km.

    Indrajaal, India’s leading autonomous drone defence company, announces the launch of Indrajaal Infra, a specialised product line designed to safeguard high-value critical infrastructure such as nuclear power plants, oil refineries, ports, airports, and energy grids from drone-based attacks.

    Built on Indrajaal’s advanced SkyOS™ platform, Indrajaal Infra offers autonomous, real-time airspace security across vast areas up to 4,000 sq km. The system integrates AI-driven threat detection with a layered defence approach, combining sensors, spoofers, jammers, and command intelligence to deliver 24/7 autonomous protection against rogue drones.

    Currently, Indrajaal Infra is already operational at a strategic naval port in Gujarat, following successful trials during recent cross-border escalations. Deployment is also underway at India’s largest naval port in Karnataka, signalling a critical step in fortifying India’s maritime and industrial defence infrastructure.

    The launch is especially timely given the recent India–Pakistan conflict, which witnessed an increase in drone-based threats targeting sensitive assets near the western border. While many were intercepted before causing damage, the incidents exposed critical gaps in conventional surveillance and perimeter defences.

    “Peacetime readiness is wartime insurance. The cost of protecting critical assets today is far lower than the cost of rebuilding them after an attack,” said Kiran Raju, Founder & CEO of Indrajaal. “Indrajaal Infra is designed to ensure operational continuity, national resilience, and industrial sovereignty in a rapidly evolving threat environment.”

    Drone Warfare: A New Age of Strategic and Economic Risk

    The global rise in asymmetric drone warfare has drastically lowered the cost of causing strategic damage. Incidents like the Pelham oil terminal attack, power station strikes in Sudan, and energy infrastructure targeting in Ukraine have proven that state and non-state actors can now paralyse billion-dollar assets using low-cost commercial drones.

    Economic Disruption

    • Drone strikes can halt refinery operations, costing upwards of INR 400–800 crore per day.
    • Logistics hubs and port facilities face weeks of downtime and export disruption.
    • Power grid and nuclear facility damage could paralyse city-scale regions.

    Strategic Fallout

    • Drones undermine conventional defence systems by operating below radar and outside fixed perimeters.
    • Infrastructure attacks during peacetime weaken deterrence and embolden adversaries.
    • Reactive emergency mobilisation diverts armed forces and security resources from primary defence mandates.

    Indrajaal Infra directly addresses this threat landscape with a plug-and-play, interoperable solution that integrates into existing infrastructure while enabling future expansion. Its AI-led, C5ISRT-capable architecture ensures seamless detection, decision-making, and autonomous threat mitigation.

    The company is actively working with national and state agencies, defence establishments, and strategic enterprises to scale Indrajaal Infra across India’s most sensitive and economically vital infrastructure corridors.

    About Indrajaal

    Indrajaal stands at the forefront of air defence, an AI-powered drone infrastructure powerhouse born from 15 years of expertise in autonomous solutions and fortified by three decades of defence manufacturing excellence. Proudly Made in India, Indrajaal delivers powerful anti-drone solutions that safeguard critical infrastructure, cities, and military assets with unparalleled precision. As pioneers in autonomous drone infrastructure, Indrajaal led the charge with groundbreaking innovations in anti-drone systems, drone ports, drone highways, and drone traffic control systems. Indrajaal is redefining the future of aerial security, protecting our skies with unmatched vision and resilience.

    Titan Capital Bets Big on India’s Defence-Tech Founders
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  • Neha Dhupia-Backed BlackCarrot Secures Seed Funding from Venture Catalysts & Others

    Venture Catalysts, India’s leading integrated incubator and accelerator platform, has participated in BlackCarrot’s seed funding round, an innovative dinnerware brand redefining the Indian dining experience with a focus on health and contemporary design. The round also saw participation from notable investors, including We Founder Circle, EvolveX Accelerator, GX Ventures, and Suraj Nalin, Co-Founder of PlaySimple Games, alongside celebrity investors Neha Dhupia and Agnello Dias, who bring valuable expertise and visibility to support BlackCarrot’s growth trajectory.

    Founded by Yadupati Gupta (Ex-J.P. Morgan and Avendus Capital Investment Banker) and Vishal Gupta (former Head of Marketing and Sales at Wipro Consumer Care and VIP Luggage Group Company), BlackCarrot has quickly established itself as India’s first mass premium dinnerware brand dedicated to health-conscious consumers. The company offers a comprehensive range of products, including bone china (animal bone ash)-free ceramics, lead-free glassware, and 304 food-grade stainless steel cutlery, serving a growing customer base through a robust omnichannel presence across leading e-commerce platforms such as Tata Cliq Luxury, Myntra, Amazon, Flipkart, and Nykaa Fashion, as well as offline retail chains like Nature’s Basket and Food Square. The company has also partnered with Zepto for fast delivery through quick commerce.

    Commenting on the investment, Dr. Apoorva Ranjan Sharma, Co-founder and Managing Director from Venture Catalysts++, said, “BlackCarrot represents a new wave of consumer brands in India that combine health consciousness, design innovation, and scalable business models. The company’s impressive progress in building a strong omnichannel presence and its commitment to eliminating harmful materials from everyday dining products position it well for rapid growth. With the Indian dinnerware market undergoing a shift toward wellness and sustainability, we see immense potential in BlackCarrot’s vision to become the go-to brand for modern households. This investment aligns with our strategy of backing companies that are transforming traditional sectors through innovation and consumer focus.”

    Yadupati Gupta and Vishal Gupta, Co-founders of BlackCarrot, said, “At BlackCarrot, our mission is to make every dining experience safer and more enjoyable for Indian families. With the support of our investors, we are poised to accelerate our expansion, invest further in product innovation, and reach new markets nationwide. We are grateful to Venture Catalysts and our investor partners for believing in our vision and joining us on this journey to redefine how India dines. This funding will be used to accelerate growth across D2C, marketplaces, offline retail, and quick commerce. We have already initiated conversations for a larger fundraise in our next round to support the fast-scaling momentum.”

    India’s tableware market is witnessing significant transformation, with increasing consumer awareness around health and material safety driving demand for premium, sustainable products. The dinnerware sector is poised for significant growth over the next few years, with mass premium dinnerware emerging as one of the fastest-growing categories in the broader home lifestyle segment. This growth is being driven by consumers seeking high-quality, design-forward options that do not compromise on safety or aesthetics. BlackCarrot’s product philosophy aligns with this demand, providing safer, toxin-free alternatives to conventional dinnerware. The company’s innovative approach has earned it recognition from the Government of India as a promising startup, further validating its vision and potential in a rapidly evolving market.

    The seed funding will enable BlackCarrot to expand its footprint across key markets, enhance its product offerings, and strengthen its position as a leader in the health-conscious dinnerware segment. The company plans to focus on scaling its distribution, deepening its retail partnerships, and investing in new product development while maintaining its commitment to quality and consumer well-being. Venture Catalysts’ strategic backing of BlackCarrot aligns closely with the firm’s mission to cultivate groundbreaking ideas and propel high-potential ventures shaping the Indian as well as international marketplace. 

    About Venture Catalysts

    Venture Catalysts is India’s first integrated incubator. It typically invests $250K – $2 Mn in early-stage start-ups with the potential to create enduring value for over a long period of time. Founded in 2016 by Dr Apoorva Ranjan Sharma, Anuj Golecha, Anil Jain and Gaurav Jain, Venture Catalysts has invested in over 300+ startups since inception. The cumulative valuation of the startups invested by Venture Catalysts is $10 Bn+. Venture Catalysts has its presence across 55 cities in 9 countries and is one of the most active early-stage investors globally.

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  • Titan Capital Bets Big on India’s Defence-Tech Startups with New Investment Vertical

    Titan Capital, one of India’s most active seed-stage venture capital firms, has announced the launch of a specialised investment vertical to fund startups innovating in India’s defence and strategic technology space.

    While India has made notable strides in digital infrastructure, semiconductors, and space, defence-tech remains a critical frontier where public R&D and procurement still dominate. With rising geopolitical uncertainty and rapid advances in AI, drone warfare, and satellite-based systems, Titan Capital believes private capital must now step in to catalyse the next era of indigenous military innovation.

    With this program, Titan Capital is actively seeking to invest in startups working at the intersection of advanced hardware, aerospace, cybersecurity, and manufacturing. The focus is not only on national security but also on fostering deep-tech innovation, creating high-value jobs, and helping India become a net exporter of strategic technologies.

    Kunal Bahl, Co-founder of Titan Capital, said, “We are at a historic inflection point where national security, deep-tech innovation, and startup agility are converging. India cannot achieve true self-reliance in defence by relying on imports or public funding alone. We need to back our brightest minds—engineers, researchers, and builders—to create sovereign, dual-use technologies that can shape not just India’s future, but the future of global defence. At Titan, we’ve always been a founder-first firm. This vertical extends that ethos into a sector that has national consequences.”

    As part of this initiative, Titan Capital is also looking to collaborate with veterans from the armed forces, scientists, and experienced technologists who can help assess and guide these investments with strategic insight and domain expertise.

    Globally, venture capital is accelerating its focus on defence tech. U.S.-based Anduril Industries recently raised $1.5 billion for its AI-enabled combat systems, while Europe’s Helsing secured €450 million in backing from General Catalyst to develop defence AI. India is now at the brink of a similar inflection, and Titan Capital wants to ensure that the ecosystem doesn’t miss its moment.

    The Indian government has increased the defence budget to INR 6.81 lakh crore for FY 2025–26 and launched schemes like iDEX and the Technology Development Fund (TDF) to support homegrown solutions. But capital gaps remain for early-stage companies working on complex, high-risk, high-reward technologies, precisely where venture capital firms like Titan Capital can play a catalytic role by unlocking speed, conviction, and long-term support that traditional systems often lack.

    Titan Capital has backed over 250 startups to date, including Ola, Razorpay, Urban Company, OfBusiness and Giva. With this new initiative, it hopes to shape the next generation of strategic innovation at the intersection of purpose, tech, and nation-building.

    Defence-tech founders and collaborators are encouraged to reach out at: startups@titancapital.vc

    About Titan Capital

    Titan Capital backs world-class entrepreneurs building transformative companies. As one of India’s most prolific seed-stage investors, Titan has supported startups across sectors, helping visionary founders scale from idea to IPO.

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  • Zomato Rolls Out Extra Charges for Long-Distance Deliveries

    Zomato, a key player in the foodtech industry, has allegedly begun collecting a new “long-distance service fee” for orders that are delivered more than four kilometres. The company would now charge its clients INR 15 for deliveries within a 4- to 6-kilometre radius if the order value exceeds INR 150, according to a media report that cited people familiar with the situation.

     Depending on the city, the fee for orders over 6 km will range from INR 25 to INR 35. According to the report, the foodtech giant assured its restaurant partners that, excluding other expenses, the total service fees, including this additional distance charge, would not exceed 30%.

    However, according to some eateries, their overall commission fees may reach 45%. The news occurs weeks after the company’s fourth quarter financial results were released, which showed that despite a solid topline growth, its bottomline suffered greatly due to rising competition in the rapid commerce industry and stubbornly high expenses.

    Zomato Realigning its Business Strategies

    While operating revenue soared 64% to INR 5,833 Cr in the quarter under review from INR 3,562 Cr in the previous year, Zomato parent company Eternal’s consolidated profit after tax (PAT) fell 77.8% to INR 39 Cr in Q4 FY25 from INR 175 Cr in the same period last year.

    In an effort to boost its bottom line, the foodtech behemoth founded by Deepinder Goyal is reportedly raising prices and taking away some privileges from its customers and restaurant partners.

    Zomato Also Altering its Gold Membership Benefits

    Zomato recently introduced a significant modification to its Gold membership benefits: starting on May 16, users who were already enrolled in its Gold membership plan will be subject to an extra rain fee.

     The platform cost, which is now INR 10 per order, was previously increased by the corporation four times in the last year alone.

    In light of this, the Competition Commission of India (CCI) declared in April that the foodtech giant’s platform fees, food prices, and delivery fees did not constitute unfair or discriminatory conduct.

    Competition is Getting Tougher as Swiggy Rolls Out New Scheme for Corporates

    To further strengthen its food delivery business, listed foodtech firm Swiggy has established a corporate rewards programme, just days after unveiling a new initiative to attract students.

    The CEO of Swiggy’s food marketplace segment, Rohit Kapoor, stated in a LinkedIn post that the new programme will provide corporate personnel with a number of advantages, such as lower Swiggy One membership costs and order discounts.

    Kapoor went on to say that Swiggy’s new Corporate Rewards programme truly excites him. A wealth of advantages can be accessed with just a basic email verification. Customers can receive at least INR 125 off simply by using their work email, or they can have a Swiggy One subscription that offers unlimited free deliveries for a full quarter.

    Corporate personnel will receive “a minimum of INR 125 off on food orders”, “flat INR 1,000 on top of pre-book offers”, and Swiggy One membership at “INR 30” (with “free” delivery for 3+1 months).

  • Walmart to Slash 1,500 Corporate Jobs in Major Restructuring Move

    According to a media source, the US retail giant Walmart intends to eliminate some 1,500 corporate positions as part of a reorganisation initiative to streamline its business practices.

    Divisions like Walmart Connect, its advertising business, e-commerce fulfilment in US stores, and worldwide technology operations will all be impacted by the layoffs.

    According to a memo seen by a media house, “We must sharpen our focus to accelerate our progress delivering the experiences that will define the future of retail.”

    A media outlet was previously informed by a source with knowledge of the matter that the biggest retailer in the world would lay off about 1,500 employees and replace them with new positions that better fit its long-term objectives.

    Walmart Currently Employs 2.1 People Globally

    Walmart employs over 1.6 million people in the US and 2.1 million worldwide, making it the largest private employer in the nation, according to its website. Given that the company’s supply chains have been disrupted and costs have increased due to President Donald Trump’s trade war, the action comes after another significant announcement to hike prices on a few products by the end of May.

    Interestingly, it is the biggest importer in the nation, importing almost 60% of its goods from China, mostly toys, electronics, and apparel. The company is happy with the progress the [Trump] administration has made on tariffs from the levels that were announced in early April, but they’re still too high, CFO John David Rainey stated in a recent interview with a media source.

    As part of a plan to move employees to its main centres in California and Arkansas, the corporation laid off employees and closed its North Carolina headquarters in February.

     “The brand values and culture are strategic differentiators for us as a company, and they are fostered by being together,” stated Donna Morris, Walmart’s chief people officer, in an internal memo that US media outlets were able to get in February.

    Layoffs have Become a New Normal for Bigger Players

    This layoff announcement coincides with employment cuts by a number of multinational corporations, such as Amazon, Intel, and Goldman Sachs. Such developments are happening mainly owing to the growing impact of artificial intelligence (AI) and uncertainties in the global economy. Intel is getting ready for a massive restructure following a large financial loss in 2024.

    Similarly, Amazon also plans to eliminate about 14,000 administrative roles in order to save $3 billion yearly.

    Companies are increasingly focusing on cost optimisation and automation as a result of the rapid growth in AI adoption. This adoption is resulting in job losses across a number of industries.

    Goldman Sachs is also getting ready to lay off employees, with intentions to trim staff by 3–5% after an annual performance review. About 150 junior banker positions were recently cut by Bank of America; nevertheless, the majority of impacted workers were offered opportunities outside of investment banking.

  • Zomato, Temasek-Backed Shiprocket Pre-Files for IPO with Sebi

    Shiprocket, a rapidly expanding logistics technology firm supported by Temasek and Zomato, has filed a draft red herring prospectus (DRHP) with Sebi in confidence through the pre-filing process, marking the first official step towards becoming public.

    It is anticipated that the proposed IPO will cost between INR 2,000 and INR 2,500 crore. A new issuance component of around INR 1,000 to INR 1,200 crore will be part of this. Existing stockholders will make an offer to sell the remainder.

    The offering is being advised by investment banks Bank of America, JM Financial, Kotak Mahindra Capital, and Axis Capital.

    Shiprocket Opting for Confidential Filing Mechanism

    Shiprocket has chosen to use the Sebi confidential filing process, which enables businesses to postpone making sensitive business information publicly available until closer to the initial public offering. Swiggy, Boat, PhysicsWallah, and other well-known firms have already taken this approach.

    Established in 2012, Shiprocket offers complete logistics services to more than 100,000 small sellers and direct-to-consumer (D2C) firms throughout India. More than half of its merchant base currently resides in Tier-II and Tier-III cities, where the company has established itself as a leader in facilitating e-commerce shipments.

    According to one of its investors, Shiprocket achieved an estimated 20–25% increase and turned cash-flow positive in FY25, even though the growth of e-commerce as a whole slowed.

    Although its net loss increased to INR 595 crore in FY24 as a result of the financial impact of integrating several acquisitions, including RocketBox, Omuni, and Pickrr, it reported operating revenue of INR 1,316 crore, up 21% from the year before.

    Shiprocket Focusing on Three Startegic Areas

    These days, Shiprocket is concentrating on three key areas: rapid commerce, cross-border shipping, and digital payments. It is incorporating logistics platforms such as Porter, Borzo, and Shadowfax under its fast commerce vertical to enable hyperlocal delivery for small and medium-sized enterprises.

    Additionally, it has started collaborating with Swiggy Instamart and Zepto to oversee stock replenishment for dark businesses.

     In a funding extension round last year, Shiprocket raised INR 219 crore at a valuation of $1.2 billion, adding new investors Koch Group, MUFG Bank, Tribe Capital, and Susquehanna to its current backers Temasek, Bertelsmann, PayPal, and Info Edge Ventures.

    IPO Getting Popular Among Indian Startups

    According to a survey by venture debt firm InnoVen Capital, despite global obstacles, a number of high-quality startup companies are expected to go public in 2025, and the funding environment is also expected to improve this year.

    Additionally, it stated that 47% of the 100 startup entrepreneurs who took part in the study anticipate hiring to pick up speed this year.

    According to the India Startup Outlook Report, 63% of people who tried to raise money in 2024 had a positive experience. 79% of founders believe that by 2025, the fundraising climate will improve.

     According to the report, 73% of startup founders now choose domestic initial public offerings (IPOs) as their preferred exit strategy, up from 64% in 2023.

    As per the report, 28% of respondents think AI would significantly affect their business models over the next two to three years, mainly in the fintech and enterprise sectors, given the speed at which AI capabilities are developing. Hiring is also anticipated to increase in 2025.