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  • How a US Student Turned a College Trip to India into a $23 Million Business

    When Bert Mueller picked India instead of Europe for his study abroad program, people were hardly placing bets that it would lead to the establishment of a company worth millions. While many of his fellow students chose the well-trodden paths of Spain and Italy, Mueller opted for the narrow, less-frequented roads of India, the places not covered in the guidebooks. Aside from kindling his personal passion for India, his years there also sparked the idea for a chain of Mexican-inspired restaurants he calls California Burrito, which now has more than 100 locations across India. Back in Bengaluru, where he runs the operation, he’s plotting the company’s next move. 

    The concept of bringing Mexican gastronomy to India germinated in 2011 when Mueller, with childhood friends Dharam Khosla and Gaelan Connell, established their first outlet. At the time, the Mexican flavor profile was mostly a mystery to Indian diners, making our launch a rather daring and risky proposition.

    From Modest Beginnings to a $23 Million Revenue Stream

    The venture began with an initial investment from close family and friends of the founders, who together invested around USD 250,000. Their first-year revenue, close to USD 500,000, was a promising start for a brand-new concept in a competitive market. Fast forward twelve years, and the brand now generates around USD 23 million annually. This figure is even more impressive when you consider the devaluation of the rupee over the same period (from approximately INR 44 to about INR 85 to the dollar).

    Even with the remarkable figures he has posted, Mueller has remained down to earth. He lives on a budget that is modest by American standards but puts him in a pretty comfortable place. He spends around $150 to $200 monthly on groceries, and about another $100 dining out, with a lifestyle focused more on building the business than on making himself too comfortable.

    Accomplishing success was not without its hurdles. It meant steering through an unfamiliar legal system, building a supply chain from scratch, and convincing consumers in a diverse marketplace to embrace a never-before-seen cuisine.

    Mueller’s ambition for California Burrito goes well beyond the present 103 outlets. He sets his sights on reaching 300 locations by 2030, and in the methodical way he has built the company so far, there’s little reason not to expect he’ll hit that target. In the same stretch of time, he hopes to make the brand a household name across India. Following that expansion, an initial public offering is very much in the cards, which should grease the wheels for the next phase of the company’s growth.

  • Rupee Strengthens to Under 85 Against Dollar on Robust Equity Inflows

    On Monday, the Indian rupee staged a swift rally, momentarily appreciating to 84.96 against the US dollar before settling at 85.03. This was the rupee’s best trading day since December 20, 2024, and a marked improvement from a close of 85.49 last Friday. Dealers attributed the gains to very strong buying in domestic equities and active dollar-selling by foreign banks. In fact, the rupee’s 0.49% intraday rise was the largest single-day gain since April 11, clearly reflecting a market that has taken a strong shine to the currency.

    At the start of this month, the rupee had also dipped beneath the 85 threshold on April 4, reaching as low as 84.95. However, meagre customer demand and a stronger dollar due to rising U.S. Treasury yields, along with expectations of a more aggressive Federal Reserve, kept the rupee under pressure. On Monday,  the Indian currency had gained some demand along with a slight boost coming from a more stable dollar. By the end of trading, the rupee had managed to push up a little, offering some direction. 

    Equity Markets and Foreign Inflows Boost Sentiment

    The resurgence of the rupee was fueled by a jump in the domestic equity market, where heavyweight stocks like Reliance Industries vaulted over 5 percent after they too beat quarterly earnings estimates. Reliance’s stellar performance helped lift the broader market sentiment, in turn attracting foreign portfolio investment back into Indian equities.

    A declining dollar worldwide also added to the rupee’s momentum. The dollar index, which measures the greenback against six major currencies, dipped to 99.6. Meanwhile, other major global currencies, including the euro, pound sterling, and a number of Asian currencies like the Thai baht and the Malaysian ringgit, gained some ground against the dollar in April and early May, which further boosted the rupee’s trajectory.

    While Treasury officials observed a psychological resistance level around 85, they said that a convincing breach at that level could open a path for further appreciation. Most heads of Treasury believe that if the momentum continued, there was a chance that it could open below 85 in the next session and reach an additional movement of anywhere from 60 to 70 paise beyond that.

    Bond Yields Rise Amid Foreign Selling

    Though the rupee saw gains, the government bond market felt some pressure. The yield on the 10-year benchmark bond rose 4 basis points, to 6.40 percent, up from 6.36 percent at the previous close. 

    Dealers linked the sell-off to profit-taking by foreign banks that had purchased the bonds. And they cited as reasons for the seemingly contrary movement the uptick in India-Pakistan tensions and the need for some participants to take profits after a recent run in both the rupee and the bond market. 

    Accordingly, the authorities aim to offer a fresh 10-year bond, with INR 30,000 crore of securities available in the first auction on Friday. The new bond is likely to see strong demand, given the risk-off sentiment in the markets and the surging demand for fixed-income assets. The positive outlook for bonds is brightened further by the Reserve Bank of India’s announcement that it would buy government securities in open market operations worth INR 1.25 trillion.

  • US Treasury Chief: China Must Take Lead in De-escalating Trade Tensions

    Scott Bessent, Secretary of the Treasury, has made it clear that easing current trade tensions is the responsibility of China. In an interview with CNBC’s Squawk Box, Bessent explained that the trade relationship between the US and China is heavily tilted in China’s favor, with it selling five times more goods to the US than it gets in return. He highlighted the steep tariffs, 120% to 145%, are unsustainable and suggested that China take some steps toward making the trade relationship a little more balanced. That, he said, would de-escalate the current situation, which is in China’s best interest.

    Market uncertainty has been heightened by President Donald Trump’s announcement in early April of global tariffs affecting pretty much all trade partners. Although the metal tariffs have been put on hold for 90 days while negotiations are carried out, the pressure is very much on for talks to produce something that all sides can live with.

    Signs of Progress with Other Trading Partners

    Although there are many problems with China, Bessent had a much more optimistic view of our other trade partners. He said that the U.S. has been given very promising signals from a number of countries and expects to see new trade agreements with them very soon. One country he seemed to suggest could be a front-runner for announcing a deal was India. He indicated that developments concerning a trade agreement with India might be announced in the next few days.

    Currently, about 15 to 18 major trading relationships are under negotiation. Bessent said that many countries have put forward very strong proposals, and the administration is taking a close look at them. His remarks suggest that even as the China situation looms large, steps taken with other countries could, in the end, serve to cushion the U.S. economy.

    Europe Grapples with a Strong Euro

    Focusing on Europe, Bessent proposed that the region’s monetary policymakers are expressing heightened concern over the euro’s strength against the U.S. dollar. Since the onset of 2014, the euro has appreciated almost 10%, reversing dangerously close to parity levels in early January, not to mention the sort of levels that almost got European leaders to endorse currency interventions back in 2012.

    He forecast that the European Central Bank might have to reduce interest rates to combat the euro’s ascent. While the US keeps a strong-dollar policy, European countries are probably looking for ways to maintain their currency’s value in a fast-changing global market.

    The recent status of the trade discussions with China is a bit murky, and the White House has sent out some mixed signals. President Trump has suggested that the talks are indeed continuing, which China has refuted.

  • Urban Company Files DRHP for INR 1,900 Crore IPO, Stake Sale by Accel, Elevation, and Tiger Global

    Urban Company, a leading on-demand services platform, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) valued at up to INR 1,900 crore. The IPO is a mix of a primary issuance and an offer-for-sale (OFS) by existing investors, aimed at boosting the company’s growth and technological capabilities.

    Structure of the IPO

    Urban Company’s IPO will comprise two components: a fresh issue of shares worth INR 429 crore and an offer-for-sale (OFS) of INR 1,471 crore. The initial approval from the company’s board was for a fresh issue size of INR 528 crore, but the DRHP indicates a reduction to INR 429 crore. This will be used primarily for technology development, including cloud infrastructure, as well as marketing and operational expenses.

    Key Shareholders and Ownership Breakdown

    As per the details in the DRHP, Elevation Capital holds the largest share of 10.84% in Urban Company, making it the biggest external stakeholder. Following closely are Accel India with 10.5% and VY Capital, which owns 9.18%. Other notable investors include Steadview and Prosus, each possessing 6.80% of the company. Additionally, Bessemer India and Tiger Global own 6.46% and 4.73%, respectively. The company’s co-founders, Abhiraj Singh Bhal, Varun Khaitan, and Raghav Chandra, together own 20.01% of the company, with their stakes equally distributed among them.

    Offer-for-Sale (OFS) Component

    The offer-for-sale component will see several major investors offload shares:

    • Accel India plans to sell shares worth INR 433 crore.
    • Elevation Capital will offer shares worth INR 346 crore.
    • Tiger Global (via Internet Fund V) is set to offload INR 303 crore worth of shares.
    • Bessemer India and VY Capital will also participate, selling shares valued at INR 173 crore and INR 216 crore, respectively.

    Financial Growth and Future Plans

    Urban Company has demonstrated strong financial performance. For the financial year ending March 2024, the company reported a revenue of INR 828 crore, marking a 30% growth from INR 636.5 crore in the previous fiscal year. In terms of profitability, the company successfully narrowed its losses to INR 93 crore from a more substantial loss of INR 312.4 crore in FY23, reflecting its ongoing efforts to improve operational efficiency.

    The company plans to allocate the IPO proceeds towards developing its technological infrastructure and enhancing its digital capabilities. Also, some funds will be used for expanding marketing efforts and covering overhead costs, including expenses related to office space.

    Company Background and Market Position

    Urban Company was founded nearly a decade ago by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan. Since its inception, the company has grown to become a leader in the on-demand services industry, offering a variety of services such as beauty treatments, appliance repairs, plumbing, and cleaning.

    Lead Managers and Investor Expectations

    The lead bookrunning managers for the IPO include Kotak Mahindra Capital, Morgan Stanley India, Goldman Sachs, and JM Financial. With a strong track record and expanding market demand, Urban Company’s IPO is expected to generate significant interest from investors, looking to tap into the fast-growing home services market.

    Urban Company Business Model | How does Urban Company Makes Money
    Urban Company is a service provider business that connects service seekers with service providers. Here’s its Business Model & how it makes money.
    StartupTalkyMuskaan Kapoor

  • The Government will Shorten Time it Takes to Process EV Subsidy Claims

    According to reports, the Ministry of Heavy Industries (MHI) intends to cut the 40-day processing period for EV subsidy claims to just five days. The Centre aims to resolve technical bottlenecks and expedite verification procedures in order to carry out such a move.

    Under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) programme, the government is taking this action in an effort to reduce the backlog and guarantee the prompt distribution of EV subsidies.

    There is already a massive backlog of 126,000 pending subsidy claims for 2024–2025. There are 109,000 claims for e-2Ws alone out of 893,000 claims altogether. Face authentication concerns have been blamed for these delays since buyers’ appearances may differ from their Aadhaar images, which makes identity verification difficult. One of the MHI’s main initiatives to hasten EV adoption and build out supporting infrastructure nationwide is the PM E-DRIVE Scheme.

    The programme will replace previous programmes like FAME and EMPS-2024 and has a budgetary investment of INR 10,900 CR. It will run from October 2024 to March 2026.

    Government Pushing the Usage of EVs in India

    The action is in line with the government’s objective of having 30% of all automobile sales be electric by 2030. Additionally, this includes sector-specific goals, such as 80% of two- and three-wheelers, 40% of buses, and 70% of commercial vehicles being electric by 2030.

    The Ministry of Heavy Industries (MHI) earlier told the Lok Sabha that, as of December 2023, the government has given EV producers a total of INR 52.28 billion in subsidies, depending on the sale of around 1.15 million EVs.

     The development coincides with the nation’s EV industry’s growth, which is predicted to reach 20 million sales by 2030 and generate a $132 billion EV market by that time. The government has traditionally taken a protectionist stance towards the auto industry, enforcing high tariffs to encourage the development of a domestic EV ecosystem while keeping international players at bay.

     Furthermore, international businesses usually formed joint ventures with local firms to reach the Indian market. In the meantime, programmes such as PM e-Bus Sewa, FAME, and the PLI projects, among others, have contributed to the development of the necessary environment for local players to prosper.

    India has thus become the third-largest vehicle market in the world, giving rise to four soonicorns and two unicorns in the EV startup space.

    India’s EV Sector Spreading its Wings

    Since 2014, more than 119 EV businesses have raised over $3.7 billion in investment. With Ather starting its IPO subscription process on 28 April and Ola Electric listing last year, these businesses have also started to establish themselves on Indian exchanges.

    However, in response to increased international interest in gaining a piece of the Indian EV industry, the government is now considering opening the market to overseas competitors under certain restrictions.

    Prior to this, India was considering reducing import taxes on luxury EVs (those costing more than $35,000) from 110% to 15%, but only if automakers met specific requirements, such as investing at least INR 4,150 Cr ($500 Mn) in India and establishing a local production plant within three years.

     Recently, Elon Musk’s Tesla and Indonesian EV powerhouse VinFast have been attempting to enter the market.

  • Dixon to Enter Manufacturing of Electronic Components

    According to reports, Dixon Technologies, a domestic electronics maker, is joining the nation’s electronics component manufacturing sector (ECMS) for captive needs before branching out to exports. Dixon’s CEO, Atul Lal, told a media agency that the company’s next growth phase will involve electronics components.

    Dixon is currently considering producing parts like camera modules, mechanical enclosures, and lithium-ion batteries after apparently beginning work on a project for display modules. According to Lal, the business has already launched a display module project.

    The company is assessing a number of other component types, including mechanical enclosures, camera modules, and lithium-ion batteries. Dixon is therefore taking the evaluation very seriously and will be actively involved in ECMS.

    Lal added that the components will first be manufactured for internal use before being expanded to meet the demands of the external market.

    Tata Electronics to Join the Sector

    According to various reports, Tata Electronics plans to invest INR 2,000 Cr in the production of electronic components as part of the Centre’s INR 23,000 Cr incentive programme. The announcement follows Union Minister Ashwini Vaishnaw’s announcement a few days earlier that the electronics components scheme’s criteria have been finalised and that its web portal will soon be established.

     According to Vaishnaw, the plan is anticipated to increase domestic output, generate employment, and lessen reliance on imports. An INR 22,919 Cr production-linked incentive (PLI) programme for non-semiconductor electronics components was authorised by the Union Cabinet last month.

    A few days ago, Vaishnaw also stated that in order for makers of electronics components to take advantage of the government’s ECMS, they must create internal design teams and meet Six Sigma quality standards.

    Taking note of the requirement, Lall stated that Dixon will talk about it within the team and welcomes the directive for Six Sigma level and design team formation.

    Dixon Enabling Computing and Smartphone Manufacturing Capabilities

    In recent months, Dixon has partnered with laptop and smartphone manufacturers Vivo and HP in the electronics manufacturing sector. It signed an agreement with Vivo India to establish a joint venture for the opening of an original equipment manufacturer (OEM) facility.

    Vivo India will own 49% of the joint venture, while Dixon will own 51%. Under the production-linked incentive 2.0 programme, Dixon Technologies’ wholly owned subsidiary Padget Electronics and Asus entered an agreement in September of last year to produce notebooks for the Taiwanese tech giant.

    Dixon and the Tamil Nadu government also inked a memorandum of understanding (MoU) for the establishment of a manufacturing plant close to Chennai, which will cost INR 1,000 Cr in total. It is anticipated that the proposed facility will give 5,000 individuals in the state new job prospects.

    Additionally, the publicly traded firm with its headquarters in Noida assembles smartphones for companies including Oppo, Xiaomi, and Google.

    It is important to remember that Dixon is negotiating the establishment of a $3 billion display fabrication plant in India. Lall made the statement on the company’s Q3 results call in January.

  • Zepto Looking to Structure a Debt Deal with Edelweiss and Others for INR 1,500 Cr

    For over INR 1,500 crore (more than $175 million) in structured debt, Zepto founders Aadit Palicha and Kaivalya Vohra are in advanced discussions with Edelweiss Alternative Asset, local family offices, and smaller credit funds.

    According to a report, the acquisition aims to assist the fast commerce company consolidate local control ahead of its planned initial public offering (IPO) by purchasing shares from current international investors. Edelweiss has made a legally binding offer.

    The loan includes a minimum interest rate of 16% and an equity-linked upside that could raise total profits to almost 18%. According to various media reports, it is being carried out at a valuation of over $5 billion, which is the same as when Zepto sought equity financing the previous year.

    Binding Term Sheet by Edelweiss

    With a three-year term, the deal is anticipated to close by July, with Edelweiss serving as the primary underwriter. Edelweiss will anchor the rise by contributing half of the money and has provided a firm term sheet.

     Family offices and smaller credit funds are contributing the remaining INR 750 crore, and it is anticipated that they will do so on the same terms. According to the company’s IPO valuation, they might wind up making an 18% return, the individual continued.

    The promoter-level purchase funding will enable the Zepto founders to raise their ownership position in the business from the current 18% to about 20%. Once the acquisition is finalised, Zepto’s domestic shareholding is expected to rise to around 30%, according to a report. Y Combinator, General Catalyst, and Nexus Venture Partners are some of its largest backers.

    Ownership Dynamics

    The founders are making the transition to ensure that they satisfy the Indian ownership threshold and comply with foreign direct investment (FDI) regulations that govern online retail. This could be essential for regulatory clearances and initial public offering (IPO) eligibility.

    India’s FDI regulations prohibit FDI in inventory-led e-commerce but permit 100% foreign investment in online marketplace models. Inventory-led models can only be lawfully operated by Indian Owned and Controlled Companies (IOCCs).

    A business must have more than 50% Indian ownership and control in order to be eligible as an IOCC. The board of Eternal, the publicly traded parent company of Zomato, adopted a plan on April 19 to limit foreign ownership of the company to 49.5%, the company informed stock exchanges.

    The objective of the action was to grant Blinkit “greater operational flexibility” by enabling it to maintain inventory, rather than exclusively operating as a marketplace, as mandated by India’s foreign investment regulations.

    Zepto arrangement “is classic promoter financing—a high-yield debt deal with embedded equity upside.” However, securing a commitment of promoter stock is uncommon for Indian new-age tech enterprises, particularly those with a significant cash burn.

  • JetSynthesys Leads Thrilling Launch of GEPL Season 2 in Bengaluru

    Day 1 of GEPL Season 2 featured four high-energy matches, including a double header for the home team, Bengaluru Badgers and Mumbai Grizzlies.

    Season 2 of the highly anticipated Global e-Cricket Premier League (GEPL), powered by JetSynthesys, a global leader in digital entertainment and technology, got underway at the Koramangala Indoor Stadium in Bengaluru, marking the first time that the Garden City has hosted the league’s national launch. Conceptualised and developed by JetSynthesys, GEPL has swiftly evolved into one of India’s most structured and franchise-led esports properties, bringing together the nation’s cricketing fervour and the dynamism of competitive gaming.

    This season features six city-based franchises, each backed by prominent names from India’s entrepreneurial and entertainment ecosystem:

    • Mumbai Grizzlies: Owned by Ms. Sara Tendulkar, an entrepreneur and philanthropist
    • Delhi Sharks: Owned by Mr. Peyush Bansal, Founder & CEO, Lenskart
    • Bengaluru Badgers: Co-owned by Mr. Nikhil Kamath (Co-founder, Zerodha & True Beacon), Mr. Ankit Nagori (Founder, Curefoods), and Mr. Prashant Prakash (Founding Partner, Accel India)
    • Chennai Falcons: Co-owned by Mr. Gopal Srinivasan (Chairman, TVS Capital Funds), Mr. Madhusudanan R (Founder, YAP), and Mr. Arjun Santhanakrishnan (Investor & Entrepreneur)
    • Hyderabad Rhinos: Owned by Mr. Amit Mehta, Director, LNB Group
    • Pune Stallions: Owned by Mr. Suniel Shetty, actor and investor

    The opening day witnessed strong on-ground participation from league stakeholders, including JetSynthesys Founder & CEO Mr. Rajan Navani, and franchise owners Ms. Sara Tendulkar, Mr. Prashant Prakash, Mr. Ankit Nagori, Mr. Amit Mehta, and Mr. Gopal Srinivasan — underlining the growing investor confidence in India’s esports landscape.

    Speaking at the launch, Mr. Rajan Navani said, “GEPL reflects our commitment to building structured and scalable formats that bring India’s video gaming and sports cultures together. With Bengaluru hosting the opening for the first time and some of the country’s most credible business minds backing the league, Season 2 is a leap forward in making esports more mainstream, aspirational, and commercially viable.”

    Expressing her excitement, Ms. Sara Tendulkar, owner of the Mumbai franchise said, “Cricket is deeply personal for me — it’s in our family’s DNA, a thread that ties generations together. I’ve seen how sport can inspire, unite, and empower. With GEPL, I see the future — a bold, digital frontier of cricket that reflects how today’s youth connect, compete, and create communities. I want to play my part in powering this ecosystem, where young Indians not only engage as fans but also explore exciting new career avenues.”

    As a co-owner of the home team (Bengaluru Badgers), Mr. Prashant Prakash pointed to the potential of e-cricket to create national icons: “GEPL has the potential to give us the Dhoni or Virat Kohli of e-cricket, individuals who can inspire pride, followership, and global recognition.”

    Highlighting the cultural relevance of Bengaluru co-owner Mr. Ankit Nagori added, “Bengaluru is at the intersection of talent, technology, and youth culture. Supporting an esports team here felt instinctive — this is where the future of fan engagement is heading.”

    From an investor’s lens, Mr. Gopal Srinivasan (co-owner, Chennai Falcons) said, “GEPL is a meaningful step toward building a sustainable, investable esports ecosystem in India. The league’s format and quality of participation make it an exciting platform for both business and talent.”

    Mr. Amit Mehta (owner, Hyderabad Rhinos), who has long championed digital-first ventures, noted, “I’ve always believed in platforms that amplify young voices. GEPL gives rising esports athletes a real shot at visibility, reward, and community recognition.”

    Mr. Rohit Potphode, CEO, GEPL added, “The energy and enthusiasm we witnessed on the opening day of GEPL Season 2 was truly phenomenal. From the electric atmosphere to the incredible response from fans, players, and team owners, it was a powerful reminder of how far the league has come. This season is all about taking e-cricket to the next level, and today’s kickoff has set the perfect tone for the days ahead. We’re excited for what’s to come.”

    Day 1 of GEPL Season 2 featured four high-energy matches, including a double header for the home team, Bengaluru Badgers and Mumbai Grizzlies. The tournament will be streamed live on JioHotstar and broadcast across the country on Star Sports, delivering the thrill of e-cricket to millions of fans across India.

    Season 2 of GEPL marks a major milestone in the league’s evolution, with player registrations soaring from 2 lakh in Season 1 to over 9.1 lakh this year — a phenomenal fivefold surge. The upcoming edition raises the bar with enhanced league dynamics, elite talent, and next-level action powered by Real Cricket 24. 

    This season will feature 34 high-intensity matches and an upgraded prize pool of INR 3.05 crore (up from INR 2.51 crore), as GEPL continues to blur the lines between traditional cricket and cutting-edge esports through its immersive gameplay and franchise-based team format.

    About GEPL

    The Global e-Cricket Premier League (GEPL), launched by JetSynthesys, is the world’s first and largest franchise-based e-cricket league, bridging the gap between cricket, esports, and entertainment. The league offers a unique platform for aspiring players to showcase their skills while engaging millions of fans across India and beyond. Backed by JetSynthesys, GEPL is a cornerstone in the evolution of cricket gaming.

    About JetSynthesys

    JetSynthesys is a global leader in digital entertainment and technology, specialising in gaming, esports, and digital content. With a reach spanning 180 countries and millions of users, JetSynthesys is committed to building innovative ecosystems where technology, gaming, and entertainment converge. Founded in 2014 by Rajan Navani, JetSynthesys continues to redefine digital experiences while championing inclusivity and engagement across its platforms.

  • Reliance on the Race to Obtain Significant Shares in Haier India

    According to media reports, Reliance Industries (RIL), headed by Mukesh Ambani, has become a serious candidate for a sizeable share in China’s Haier’s Indian business. By enlisting a domestic strategic partner, Haier hopes to localise its consumer electronics and appliance manufacturing operations.

    Similar to their rivalry in the telecom industry, the move places Reliance Industries up against a group that includes Sunil Mittal of the Bharti Group, among others.

    An MG Motors-style structure, in which an Indian business becomes the single largest stakeholder, is one of the plans to dilute 25–51% of equity that Haier Appliances India, which ranks third behind LG and Samsung, has been examining. With a control premium included, it has been aiming for a valuation of $2–2.3 billion.

    RIL Advisors Directly Approached Haier’s Headquarters in Quingdao

    Following the issuance of non-binding offers at the start of the year, RIL entered the competition. Its advisors have gone straight to Haier’s Qingdao headquarters. According to various reports, Mittal also travelled to China a few weeks ago to meet with Haier’s top management.

    It is acknowledged that the possible acquisition will be carried out through the Reliance retail division. Unlike the others, Reliance is eager to go it alone for the time being. It has been developing its own electronics brand under licensed brands like Kelvinator and BPL. Reliance established the brands Wyzr and Reconnect, both of which have had little success.

    Other groups in this battle of billionaires include Goldman Sachs and the Amit Jatia family; TPG and the Burman family of Dabur; and GIC of Singapore and BK Goenka of Welspun, after initially partnering with Uday Kotak.

    Bain Capital and Puneet Dalmia’s family office, which is part of the Dalmia Bharat Group, have chosen not to participate.

    Chinese Firms Eager to Gain Ground in India

    If Chinese corporations wish to grow, they are now more receptive to terms that require dilution of their stake in favour of Indian entities. Chinese businesses are keen to expand in India as a result of US President Donald Trump’s tariff blitz, which threatens to price their goods out of the American market.

    In light of the fact that the majority of Indian companies and private equity firms have indicated that they are unlikely to remain subordinate partners in any alliance, Haier is currently investigating the possibility of diluting 45-48% of its equity to a local partner.

    An additional 3-6% will be reserved for Indian employees and local distributors, while the remaining portion will be retained. Since late last year, the company has been collaborating with Citi to access private equity funds and sizable family offices.

    According to media citations, the final structure is anticipated to change over the coming weeks. The original list of bidders that submitted a non-binding offer for the Haier India stake did not include Reliance. They just joined the race and have already arrived at Haier headquarters.

    They are highly interested because they want to expand their own brand space in electronics, similar to what they are doing with Campa Cola in FMCG (fast-moving consumer goods).

  • Several Days After Acquiring Team-BHP, Cars24 Fires More than 200 Employees

    More than 200 employees were let go by used automobile marketplace Cars24 as part of its cost-cutting initiatives in the technology and product verticals. The layoffs coincide with the recent completion of a new $131 million investment round by Spinny, a competitor of Cars24.

    A well-known media site broke the story of Cars24’s layoffs first, and since then, a lot more information about the company’s decision to fire more than 200 workers has surfaced.

    In a blog post, Cars24 founder and CEO Vikram Chopra stated that the company had to make the tough choice to let go of almost 200 of its coworkers in a variety of roles over the course of the last few weeks. How hard someone works is not the point of this. This relates to the firm’s wagers and the instances in which it made mistakes.

    Various Perks Offered to Exiting Employees and Reasons for Layoff

    Employees will receive severance support, a résumé, LinkedIn assistance, mentorship, resources for emotional wellness, and information about new employment within the network, according to Chopra.

    “The organisation has realised that some projects did not deliver what it expected,” he continued. A few positions were introduced too soon. When tested, a few theories just didn’t hold up. Additionally, there were instances in which Cars24 was unable to provide the kind of development or education that people genuinely needed.

    It is simple to place the blame on outside forces or the market. However, the brand is accountable. Cars24 purchased Team-BHP, India’s biggest automotive platform, in the days preceding the layoffs. It was a “small but meaningful step towards a more trustworthy auto ecosystem in India”, according to Chopra.

    Layoff has Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing. Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports.

    According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

    Vikram Chopra’s Linguistic Employment Dispute

    Last year, Chopra made headlines when he invited Bengaluru-based employees to Delhi, sparking a discussion about linguistic identity and workplace inclusion.

    Chopra’s post on X read: After living in Bengaluru for years, are you still unable to speak Kannada? It’s all right. Come to Delhi, or “Aa jao Dilli”.

    The Cars24 CEO went on, “If you would like to return, please write to me at vikram@cars24.com with the subject ‘Delhi meri jaan.’