April witnessed a sharp setback for Indian equity markets, with investors seeing the wipeout of INR 11.3 lakh crore in market capitalization among BSE-listed firms. The turbulence started with the escalation of global trade tensions, which was followed by the U.S. announcing, instead of a negotiated solution, a series of aggressive tariffs targeting multiple countries, including India and China.
Between April 2 and mid-April, the BSE Sensex suffered a decline of 1,460 points, reflecting a 1.9% drop. The total market cap of listed companies went down from INR 412.98 lakh crore to INR 401.67 lakh crore, highlighting the depth of investor anxiety.
India Caught in US-China Crossfire
Although the most recent tariffs were directed at China, Indian imports took a hit as the U.S. slapped on a 26% duty. In turn, the Indian markets were jolted as Chinese authorities responded to the tariff hikes by levying 125% on a range of U.S. exports. While no one is sure how this will end, the announcement stoked fears that this is morphing into a full-on trade war, with global ramifications. Even though the Indian markets have proven to be more resilient than some others, we have not been insulated from the increased volatility that this is causing.
Temporary Relief Fails to Calm Nerves
The decision by the U.S. administration to put a hold on the tariffs for 90 days brought some instant relief. While it didn’t include China, it did cover most of America’s other trading partners, which are responsible for a lot of the trade going on across the globe. That announcement actually brought a lift to the market, with the Indian benchmark indices, and a few other global indices, bumping up by almost 2%. Then again, even with this temporary pause, people are still concerned about the trade situation and what it means for corporate profits, especially if these trade squabbles end up dragging the U.S. into a recession.
Eyes on FY26 for Recovery Prospects
The second half of FY26 could turn out to be a vital watershed for the Indian stock market, not just for equities but for the entire capital market. If global conditions stabilize and corporate earnings show signs of revitalization, Indian equities could regain momentum in the second half of FY26. Despite the current atmosphere of unsettling challenge, the Indian macroeconomic fundamentals hold solid, with attractive valuations that could trigger inflows from long-term investors abroad.
In the immediate term, the market is seen as highly susceptible to swings in sentiment. It could just as easily trend downward as upward. A downward trend would likely see a broad swath of stocks head lower. Conversely, a period of upward movement would likely be concentrated in a narrow band of stocks. That means, in all probability, U.S. equity investors are going to have to steel themselves for more volatility in the upcoming weeks.
While global markets appeared buoyed by the latest signs that U.S. tariff threats might pull back temporarily, China maintained a placid public demeanor. A senior official with Chinese customs went so far as to say that the real crisis in exports existed in the imaginations of American commentators. In fact, countering any notion of an imminent Chinese export collapse, the official said, was necessary not just for public relations but for maintaining social harmony.
Investor sentiment brightened upon news that some tariffs on electronics would be lifted. But the brightness seems to be momentary. The Trump administration keeps sending semiconductor- and smartphone-related muddled signals. Meanwhile, China keeps saying that it is ready for all of this, that it has already diversified its supply chains sufficiently and has boosted internal consumption enough to be safe from U.S. actions.
Tech Uncertainty Lingers Despite Exemptions
Global equities experienced immediate relief following the Trump administration’s decision to not put additional tariffs on certain high-tech consumer goods like smartphones and laptops. But subsequent remarks from U.S. Commerce Secretary Howard Lutnick injected more uncertainty into the markets. He suggested that these goods could be subject to tariffs, after all.
Trump insisted that no country or company would escape scrutiny under his administration. But it was really his insistence that phones and the like were under a 20% tariff, with potential for increases, that kept global equities on edge.
This ambiguity influenced tech stocks around the world, with traders trying to understand in a global and national context the polemics and politics that make for policy direction. Firms like Sony, for instance, have already taken the necessary steps, raising prices on popular consumer items like the PlayStation 5 in several markets, citing economic pressure from the trade dispute.
Global Stocks Surge Despite Policy Jitters
Global markets advanced as investors shifted their attention from policy short-termism to look at the bigger economic picture. In Asia, Japan’s Nikkei climbed 1.2% and Hong Kong’s Hang Seng surged 2.2%. Meanwhile, the main Chinese markets also had a good day: the Shanghai Composite rising 0.8%; the Shenzhen index, 1.2%.
The result gained momentum in Europe, where big indices enjoyed comparable upturns. London’s FTSE 100 soared 2.1%. Germany’s Dax squeezed out a 2.6% increase, while France’s Cac 40 notched a 2.4% rise. The strength seen in these large European indices was then passed along to Wall Street, where the S&P 500 and Dow Jones both enjoyed a 0.8% increase, while the Nasdaq Composite added a 0.6% bump.
Domestic Consumption: China’s Strategic Cushion
In reaction to U.S. actions, China accentuated its increasing dependence on domestic consumption as a bulwark against worldwide uncertainty. The most recent customs report trotted out China’s extensive internal market as an economic stabilizer. That, officials say, is what demand of such immense proportions does for a country: It protects you from outside forces.
During a visit to Vietnam, President Xi Jinping condemned the rising trade tensions and cautioned that protectionism would boomerang back on everyone involved. China’s message to the world, as the 90-day cease-fire on the broader tariffs approaches its conclusion, is straightforward: It will stand firm, adapt and not increase tensions.
Indian stock markets ended Friday on a strong note thanks to foreign developments that served to bolster investor sentiment. A development back home in which the Reserve Bank of India clarified its recent stance on the health of the country’s banking system, in favoring the banks, combined with the stateside news of tariffs that won’t affect most of their exports, accounted for the massive gains among all sectors.
The BSE Sensex surged 1,310 points to finish at 75,157; while the Nifty shot up 429 points to finish at 22,829. Even with the positive close, analysts are cautiously optimistic. Rupak De of LKP Securities noted that the Nifty had trouble holding above the 21-day EMA, which is a potential resistance point near 23,000. If the Nifty can break above that level, De believes it has room to run toward 23,500. However, if the index falls back below 22,750, bearish sentiment may return.
Stocks to Watch: Bharti Hexacom, Medplus, NTPC
Bharti Hexacom is on analysts’ radars because it is breaking out above important areas of resistance on the daily chart. Currently, it is executed at INR 1,504.75, and the recommendation is to target INR 1,580 with a stop-loss at INR 1,465. If the stock moves above the immediate resistance at INR 1,515, we will be looking at much more bullish price action with an upside potential to INR 1,600.
Medplus Health Services is also showing strength following a symmetrical triangle breakout. The price has recently closed above INR 780 with a bullish candlestick formation that was backed by rising volumes. Currently marked at INR 789.20, the stock has an upside target of INR 875, while a stop loss is advised at INR 760.
NTPC is another selection, selling at INR 360. Technical indicators show a trend reversal as the stock approaches its 200-day moving average. If the uptrend continues, short-term price targets expect to push NTPC up to INR 430, with longer-term potential to reach INR 480. A stop loss is recommended at INR 330.
Avoiding Weak Links: Asian Paints and Sun Pharma
Although a few stocks seem ready to rise, others are looking weak. Take for example Asian Paints. Bearish engulfing candlestick patterns are a clear indication that a bullish trend has come to an end and a bearish trend is taking over. The daily chart for Asian Paints clearly shows such a pattern. Moreover, the stock is trading below its 10-day EMA, signaling more bearish moves ahead. If it breaks below INR 2,390, there is a good chance it could hit INR 2,300. A stop loss near INR 2,446 is recommended.
Sun Pharmaceuticals is under pressure after contending with the 50-day EMA and falling below the 21-day EMA. A bearish RSI crossover suggests a move downward toward INR 1,630. If prices break below INR 1,685, further weakness could follow. A stop loss at INR 1,715 is advised.
In what is looking to be a pivotal occurrence for the oversight of companies in our digital time, the umbrella company of Facebook, Instagram, and WhatsApp, Meta Platforms, this week stepped into a Washington, D.C. courtroom to respond to antitrust charges leveled against it by the Federal Trade Commission (FTC). The FTC alleges that, far from being the forward-looking, innovative company it likes to portray itself as, Meta is a digital-age monopolist and has become so, in part, by buying up companies that might otherwise have posed serious competition to it.
Meta has faced no more serious legal challenge in its nearly two-decade history than the trial that commenced on April 14. Should the case brought by the Federal Trade Commission and its lawyers prove successful, it could compel Meta to divest two of its most significant recent acquisitions, Assets that have been crucial to its current business model.
FTC’s Core Argument: Innovation or Elimination?
At the start of the arguments, the FTC claimed that when Meta acquired other companies, it was not really trying to grow but was instead trying to kill off the threats that these companies posed to it. The FTC’s lead attorney, Daniel Matheson, told the judge that the question of whether or not Meta is innovative is not at issue here. What is at issue, according to Matheson and the FTC, is the apparently preferred path of acquiring innovation instead of competing and how that has allowed Meta to create and maintain its dominant position in the space where people socialize with each other using digital tools.
The government’s aim is not just to disassemble the company’s assets but to reach far beyond that to demand much more transparency and a far deeper level of oversight for Meta’s future purchases.
Meta’s Defense: Growth and Free Access
Meta’s legal team, helmed by attorney Mark Hansen, countered the monopoly claims, noting that both Instagram and WhatsApp have blossomed under Meta’s aegis. They argued that the FTC’s case lacks a legitimate basis, underscoring that the two services are free and continue to enhance their offerings. Hansen went further, stressing that the no-fee model in the context of the alleged monopoly is significant, and that using their impressive scale to enhance and spread the two platforms is, too.
According to Meta, its business model encourages innovation and does not suppress it. The company’s acquisitions, it argues, were in line with standard practice in the tech industry, and were part of a strategy that, too, is an industry standard: to integrate acquired companies into the larger business.
A Trial That Could Reshape Tech Regulation
The trial, expected to last several weeks, is under the direction of U.S. District Judge James Boasberg and features some high-profile testimony, including that of Meta CEO Mark Zuckerberg; former COO Sheryl Sandberg; and Instagram co-founder Kevin Systrom. This legal face-off is fueled by a lawsuit the FTC first lodged against Facebook in 2020, which got a new lease on life after the agency jury-rigged a couple of its own internal complaints to make them look more complaint-like.
The way this case turns out could change how U.S. authorities go after Big Tech for mergers. It could change the way they see those mergers in terms of antitrust laws. If the authorities view the mergers more aggressively than they have in the past, it could force Big Tech to operate more in line with those laws. This could set a new standard for antitrust enforcement.
According to media reports, pharmaceutical giant Dr. Reddy’s Laboratories has started a comprehensive downsizing programme with the goal of reducing its personnel costs by over 25%. According to the report, numerous senior officials, including numerous workers who make more than INR 1 crore a year, have been asked to step down. According to a media report, voluntary retirement has been extended to employees in the company’s research and development (R&D) division who are between the ages of 50 and 55. According to the article, a number of high-paid employees from different departments have already been asked to step down.
Move Aligned with Company’s Aim of Improving Operational Efficiencies
This occurs when Dr. Reddy’s Laboratories keeps making strategic decisions to increase operational efficiencies. The pharmaceutical company recently launched a number of new medications and ventured into digital treatments and nutraceuticals (via a joint venture with Nestlé). The business has made significant hiring in recent years to support these new endeavours. The corporation may have to reduce the number of its staff if these new endeavours do not perform as expected. The nutraceuticals arm may experience some downsizing, while the therapeutics branch may be completely shut down. 300–400 individuals might be laid off as a result of this. Interestingly, in Q3 of FY25, the company recorded consolidated employee benefits expenses of INR 1,367 crore. Compared to the INR 1,276 crore in employee benefits expenses recorded in Q3 of FY24, this represented an almost 7% increase.
Layoffs have 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.
In its Platforms and Devices division, which manages important products including Android, Pixel devices, and the Chrome browser, Google, a subsidiary of Alphabet, laid off hundreds of workers. The action comes after the corporation launched a voluntary exit programme in January, indicating that it is working towards a more streamlined and flexible organisational structure. According to reports, Microsoft is also preparing for another round of layoffs that may begin as early as May 2025. Talks are apparently underway to boost the proportion of engineers to non-technical personnel and decrease middle-management positions.
The tsunami of IT layoffs in 2025 is not limited to industry titans; many other businesses in many sectors are also reducing their workforces significantly. The parent company of WordPress, Automattic, announced a 16% layoff that will impact about 270 workers. Likewise, Canva fired 10–12 technical writers in response to the company’s push for AI-generated content.
Foxconn, the leading worldwide supplier to Apple, is apparently considering establishing a production plant in Greater Noida, Uttar Pradesh. The business is purportedly interested in a 300-acre tract of land along the Yamuna Motorway, according to a media outlet that reported on the 14th. The plant would be Foxconn’s first presence in North India and might even be bigger than its next location in Bengaluru. The corporation and the government are reportedly in preliminary discussions, and specifics regarding the goods that will be produced have not yet been decided. The report went on to say that Foxconn benefits from a safety net and improved access to new electronics manufacturing services (EMS) prospects as a result of growing its operations in India. Like Chennai, Greater Noida is developing into a strong centre for electronics production, supported by a thriving supplier network and enabling infrastructure.
More Details of the Land
The HCL-Foxconn joint venture has already obtained 50 acres for an outsourced semiconductor assembly and test (OSAT) facility in the specified area, which is located in the same zone as the Yamuna Motorway Industrial Development Authority (YEIDA). The government has yet to approve that project. Strategic connection is another advantage of the planned location, as it is close to the future Jewar airport and important highways in the National Capital Region.
Foxconn Spreading its Business Operations in India
The action is a component of Foxconn’s larger plan to diversify and grow its Indian manufacturing base. The Taiwanese electronics giant recently closed its operations in Sri City, Andhra Pradesh, and currently has facilities in Tamil Nadu, Karnataka, and Telangana. With the United States imposing import tariffs ranging from 10 to 50%, the development coincides with ongoing global supply chain realignments and geopolitical unpredictability. A 90-day tariff delay has been imposed on other nations, while China has been hit with an unprecedented 145% tax. India’s exports were subject to a 26% tariff. In the meantime, Apple has been shifting its production to India. India is now expected to produce $22 billion worth of iPhones, according to reports that surfaced recently. According to a previous study by an international news agency, India currently produces about 20% of the world’s iPhones. In the most recent fiscal year, which concluded on March 31, 2025, the tech giant shipped iPhones from India valued at INR 1.5 trillion ($17.4 billion).
Apple Airlifts 600 Tonnes of iPhones from India
After increasing manufacturing in India to try to get around President Donald Trump’s tariffs, tech giant Apple hired cargo planes to transport 600 tonnes of iPhones—up to 1.5 million—to the US from India. As per a media report, the move’s specifics shed light on the American smartphone company’s change of plan. Apple has taken this step to increase its stock of iPhones in the US. Given Apple’s heavy reliance on imports from China, the primary location for iPhone manufacturing, which is subject to Trump’s maximum tariff rate of 125%, analysts have cautioned that the price of iPhones in the United States may rise. That amount is significantly more than the 26% duty on Indian imports, which is currently on hold after Trump announced a 90-day truce this week that does not apply to China. Apple “wanted to beat the tariff”, as reported by a media house. The corporation pushed Indian airport authorities to reduce the 30-hour customs clearance period at Chennai airport in Tamil Nadu’s southern region to six hours.
According to a media outlet, cash-strapped company BluSmart intends to leave its primary taxi business and become a fleet partner of rival Uber. Nearly six years have passed since the EV ride-hailing firm first joined the market in 2019. A plan to start moving BluSmart’s current fleet to Uber in the coming weeks has been authorised by the company’s owners. According to reports, the change would be implemented gradually, beginning with 700–800 vehicles. The transition’s timeframe is still being decided.
High Rate of Cash Burn-Out
According to reports, the taxi startup spends more over INR 20 crore every month. In addition to outside fundraising rounds, the company has been receiving significant financial infusions from its founders, Anmol Singh Jaggi and Puneet Singh Jaggi. Cash is no longer readily available to invest in the business, according to the reports, because to Gensol Engineering’s severe debt crisis, which was also sponsored by the Jaggi brothers. According to the most recent report, the corporation now intends to return to its original role as a fleet operator. Due to claims of fabricated debt servicing documents and excessive debt levels, Gensol Engineering has come under investigation. Gensol Engineering has started an internal investigation and denies any role in the falsification.
Delays in Salaries, Deals Cancelled Adding More Pain to the Agony
According to various reports, BluSmart Mobility, an electric taxi-hailing firm that is currently experiencing financial difficulties, has postponed its March salary payments. Cofounder Anmol Singh Jaggi promised in an email to the staff that all outstanding debts will be paid by the end of April. Jaggi stated in an email that there will be a little delay in processing salaries because of present cash flow issues. The firm would like to reassure its employees, nonetheless, that all outstanding payments will be paid by the end of April. He said that the company will be releasing pay cheques in stages, beginning with the lowest pay grades and working up, to guarantee equity and consideration for those who might be more affected. BluSmart was established in 2019 by Jaggi and Punit K. Goyal and provides EV ride-hailing services as well as charging stations in Bengaluru and Delhi NCR. In January of this year, it extended its services to Mumbai and maintained a presence in Dubai.
Refex Industries cancelled its agreement with Gensol Engineering to purchase 2,997 electric vehicles a few weeks ago. Gensol EV Lease Pvt Ltd, Gensol’s EV financing division, agreed in January to sell 2,997 EV vehicles—originally leased to BluSmart—to Refex Green Mobility Limited (RGML), a subsidiary of Refex. Before that, rumours circulated that Uber was in preliminary discussions to buy BluSmart, a claim the latter once more refuted. Additionally, it was stated that the startup’s activities in Dubai were shut down in mid-March, and its intentions to expand its services in Saudi Arabia were shelved.
Mumbai’s first hybrid healthcare store offering instant diagnostics and virtual consultations.
One Health Assist, a leading HIPAA-compliant preventive healthcare ecosystem, has launched its first offline experience centre, OHA Health+, in Mumbai. This marks a significant milestone in the company’s journey to bridge the digital and physical healthcare ecosystems. Over the next two years, One Health Assist plans to expand its offline experience centre presence to 50+ locations across India.
Designed to make healthcare more accessible, affordable, and efficient, OHA Health+ stores feature advanced Health Pods that provide instant e-consultations by Doctors and Experts, making the experience hassle-free with advanced diagnostics, offering a wide variety of quick and precise tests delivering immediate results to its customers. These further include Blood Pressure Monitoring for hypertension management, Blood Sugar Level testing for diabetic care and routine checks, ECG Tests to detect potential heart conditions, and Complete Blood Tests to evaluate overall health. The stores also feature One Health Assist’s exclusive bouquet of product lines of health supplements, medicines, baby care, pet care, skin & hair care, women’s care, and many more.
Additionally, One Health Assist offers a range of medical subscription plans for its online users, including the specially curated #HerWellness Plan, which gives you one nutrition plan session, one mental wellness session & a home workout session for a duration of 3 months. The other plans that are provided under the Well-Wisher program are the Elite, Nexus, and Apex plans. These medical subscriptions consist of General Physician consultancy, lab tests, mental wellness sessions, home workouts, and nutrition plans.
Continuing its commitment to holistic wellness, One Health Assist recently launched #HerWellnessHerStory, a digital-first initiative that champions women’s health and well-being through real stories and community-driven efforts. The campaign highlights the journeys of seven inspiring women leaders namely Dr. Kalpana Sarangi, Dr. Anju Methil, Naina Toor, Manjit Sachdev, Benaisha Kharas Dongre, Snehil Mehra, and Elizabeth Roy, who have successfully balanced professional achievement with personal wellness. With support from Grow Fitter, AU Small Finance Bank, Big FM, and Dr. Rax, the campaign continues to spark important conversations around self-care, resilience, and the power of prioritizing women’s health.
Davinder Bhasin, Founder, One Health Assist, said, “Our mission is to build a seamless, end-to-end wellness ecosystem that merges the gap between digital and physical care, meeting the diverse and evolving needs of our customers. With the Indian telemedicine market expected to reach $19.9 billion by 2033. Recognizing the critical need for this integrated approach, the launch of OHA Health+ is a significant step toward providing accessible, connected, and holistic care. We’re not just creating another offline pharmacy—we’re building a one-stop healthcare ecosystem for every individual needs.”
Karan Arora, Co-Founder of One Health Assist, added, “The healthcare industry is witnessing exponential demand, with a significant shift towards digital and hybrid care models. Key drivers include an aging population, increased urbanization, and a post-pandemic shift towards telemedicine. The global digital health market is projected to grow at a CAGR of 15%, emphasizing the urgent need for integrated solutions like OHA Health+. With its unique combination of online convenience and offline accessibility, One Health Assist is positioning itself as a leader in the evolving healthcare landscape, ensuring individuals have access to cutting-edge, holistic healthcare solutions wherever they are.”
OHA Health+ combines physical presence with digital innovation, addressing the needs of modern consumers who value convenience and reliability. It also offers a “Well-Wisher Plan” which are tailored health plans that provide exclusive discounts and services, and AI-driven recommendations for personalized medicine and supplement suggestions. One Health Assist is dedicated to making healthcare more patient-centric and efficient, ensuring that individuals can access the services they need, when they need them.
Comprehensive Healthcare Solutions
OHA Health+ is more than just a diagnostic and teleconsultation hub. The store offers tailored health plans under the “Well-Wisher Plan,” which provides exclusive discounts, AI-driven personalized medicine recommendations, and wellness services. This hybrid model ensures a streamlined healthcare experience for modern consumers who prioritize convenience, reliability, and affordability.
Additionally, OHA Health+ encompasses:
OneHealth Locker: A secure platform for storing and sharing medical records, ensuring easy access for future consultations.
Teleconsultations: Quick access to general physicians and specialists across various fields, from cardiology to dermatology.
Lab Testing & Diagnostics: A broad spectrum of diagnostic services with digital results, enabling seamless follow-ups.
Pharmacy & Medicine Delivery: On-demand access to medications with home delivery services.
Preventive & Wellness Services: Personalized health check-ups, mental health support, and lifestyle consultations.
About One Health Assist:
One Health Assist is a leading HIPAA-compliant preventive health and wellness eco-system focused on disrupting healthcare through its innovative online and offline ecosystem. By combining AI-driven analytics with traditional healthcare services, the company provides personalized, accessible, and preventive care. The platform’s unique feature is OneHealth Locker, which allows you to upload, store and share records with the flick of a button anytime anywhere, as well as calculate health scores on the basis your vitals, diagnostics and mental wellness to give you updates on your health and create a Younger, Fitter, Healthier You.
One Health Assist offers a variety of other services like booking wellness expert sessions, shopping from one health shop, booking diagnostic tests, managing pet care, medicine subscriptions and delivery and a plethora of other services. With a mission to make quality healthcare accessible to all, One Health Assist is setting new standards in digital healthcare, offering innovative solutions that cater to the needs of modern consumers.
According to a media report, Cred, a credit card payment network, is in negotiations to raise $100–200 million in new capital, mostly from current investors. The startup established by Kunal Shah would be valued down at about $4 billion in the acquisition, compared to $6.4 billion three years prior. The Singapore state fund GIC, which spearheaded the last infusion in 2022, is probably going to lead this financing. Participation is also anticipated from other significant Cred shareholders, including Peak XV Partners, Tiger Global, Ribbit Capital, and QED Innovation Labs. According to many media sources, talks are in progress with investors, but the valuation will be less than its 2022 round. On the basis of better financial performance and a decrease in the company’s financial burn, new funds are to be raised. Three years ago, Cred amassed $140 million in a variety of main and secondary deals, led by GIC, as the fintech company’s valuation increased from $3.8 billion to $6.3 billion.
Cred to Focus on Profitability
Cred is focused on profitability and plans to enter the public markets in around two years. A few profitable quarters prior to its IPO (initial public offering) is the internal strategy. According to a media report, the valuation decrease is consistent with the IPO pricing strategy. The lower valuation coincides with a worldwide reset in the IT industry across all industries. Last year, the payments juggernaut Stripe, based in Silicon Valley, reduced its valuation from its top of $95 billion in 2021 to $50 billion. Employee shares were purchased by investors for $91.5 billion earlier this year through a tender offer. The capitalisation of Swedish finance company Klarna fell from $46 billion to $6.7 billion. Aiming for a valuation of more than $15 billion for its IPO, Klarna has postponed listing.
Cred Cutting Cost to Reduce Cash Burn
Cred has been reducing expenses in an effort to lower cash burn over the past year as it seeks to become profitable. Cred has not yet submitted its most recent financial statements, although its revenue has been increasing year over year. Various media reports state that it recorded total revenues of about INR 3,000 crore in FY25. With operating losses dropping to INR 609 crore from roughly INR 1,024 crore in FY24, Cred claimed total revenue of INR 2,473 crore. As part of a larger plan to expand credit distribution beyond unsecured personal loans, one of the company’s main sources of income, the fintech company introduced loans backed by mutual funds in February.
Cred also runs Newtap Finance, which, as of the end of December 2024, had a net loss of INR 5.3 crore and total assets under control of INR 1,141 crore. Shah, the founder of Cred, owns all of Newtap Technologies, which is the primary owner of Newtap Finance. Originally founded in 2018 as a platform for paying credit card bills, the firm has subsequently expanded into credit, commerce, insurance, and transactions via the Unified Payments Interface (UPI). In terms of the quantity of transactions handled, it is now the seventh-largest UPI payment app. There were 144 million transactions in March. It settled compensation totalling INR 55,000 crore, which is one of the biggest amounts in the sector.
HDFC Capital Advisors Limited, the real estate private equity arm of HDFC Group, has created a INR 1,500 crores platform in partnership with the Eldeco Group to develop 18 residential projects across multiple towns including Panipat (Haryana), Sonipat (Haryana), Rudrapur (Uttarakhand), Ludhiana (Punjab), Kasauli (Himachal Pradesh) and Rishikesh (Uttarakhand), with total development area of more than 10 million square feet and combined revenue potential of about INR 11,000 crores.
This platform underscores HDFC Capital’s continued commitment to bridging India’s housing gap through the development of high-quality residential communities, particularly in emerging tier 2 and 3 towns.
Vipul Roongta, Managing Director & CEO, HDFC Capital, commented on the investment, stating, “We are bullish on the potential of tier 2 and tier 3 towns situated within a 300-kilometer radius of major metropolitan areas. Our partnership with Eldeco aligns with our long-term vision of catalyzing the development of sustainable aspirational housing for India’s expanding middle class. This collaboration is aimed at leveraging the growing infrastructure development in these regions which is bringing these towns closer to the metro cities and employment hubs. Eldeco has a successful track record of developing townships in tier 2 and 3 towns and we’re excited to partner with them.”
Pankaj Bajaj, Chairman & Managing Director, Eldeco Group, said, “We are happy to partner with HDFC Capital in our mission to develop vibrant, well-planned communities across India. This investment allows us to accelerate our expansion into high-growth markets that are increasingly being connected to India’s economic centers. There is a huge unmet demand for quality housing in tier 2 & 3 cities across India. There is just not enough supply. In this platform with HDFC Capital, we will be able to address some of this demand in cities of North India.”
This collaboration is part of HDFC Capital’s broader strategy to support the development of affordable and mid-income housing and marks another key milestone in its goal of addressing the housing needs across India’s growth corridors in tier 2 and tier 3 towns.
The platform with HDFC Capital is with Eldeco Infrastructure & Properties Ltd (EIPL), the unlisted arm of the Eldeco Group. Promoted by Pankaj Bajaj, the group also operates the listed Eldeco Housing & Industries Ltd in the Lucknow market under a brand license agreement with EIPL.
About HDFC Capital Advisors Limited
HDFC Capital, a subsidiary of HDFC Bank Ltd, is the real estate private equity arm of HDFC Group. HDFC Capital is aligned with the Government of India’s ‘Housing for All’ initiative and is focused on financing the development of affordable and mid-income homes in a sustainable manner. HDFC Capital also seeks to promote innovation and the adoption of new technologies within the real estate sector by investing in and partnering with technology companies.
HDFC Capital is the investment manager to four SEBI-registered Category II Alternative Investment Funds. These funds combine to create a US$ 4.2 billion platform targeting the development of affordable and mid-income housing in India.
About Eldeco Group
Eldeco Group, promoted by Pankaj Bajaj, is one of North India’s leading real estate developers. Apart from its presence in NCR, the Group was one of the early movers in tier 2 & tier 3 cities of North India. The Group operates in Lucknow through the listed entity Eldeco Housing & Industries Limited (EHIL) and in the rest of India through the privately held Eldeco Infrastructure & Properties Limited (EIPL). Eldeco Group has delivered more than 200 projects with an aggregate delivered area of more than 60 million square feet. Apart from Lucknow, Eldeco is a leading real estate developer in most key cities of North India, such as Kanpur, Delhi, Noida, Greater Noida, Gurugram, Panipat, Sonipat, Ludhiana, Rudrapur, Bareilly, Panchkula, Neemrana, Sitarganj, Jhansi, and Jalandhar.
