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Accel-backed Infra.Market, a leading construction materials solutions firm, has filed for an initial public offering (IPO) worth INR 5,000 crore through SEBI’s confidential filing mechanism. The company plans to split the IPO equally between a fresh issue of shares and an offer-for-sale (OFS) by existing investors.

The Bengaluru-based company’s move comes weeks after it closed what is likely its final private funding round ahead of the IPO. The Series G round raised INR 730 crore ($84–85 million), led by Zerodha co-founder Nikhil Kamath’s family office NK Squared, along with INR 250 crore from founders Souvik Sengupta and Aaditya Sharda. Existing investors including Accel, Tiger Global, Nexus Ventures, and Evolvence also participated. The fresh capital allowed the founders to increase their combined stake to about 30 percent, officially classifying them as promoters ahead of the IPO.

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Company Financials

Infra.Market reported a strong financial performance. For FY25, the company closed with revenues of around INR 18,000 crore, EBITDA of INR 1,500 crore, and profit after tax of INR 300 crore. In FY24, revenue grew 23 percent year-on-year to INR 14,530 crore, while net profit jumped 2.5 times to INR 378 crore.

The firm has also raised debt financing to support its growth. In June, it secured $150 million from Mars Growth Capital, a joint venture between MUFG Bank and Liquidity Group. Earlier this year, Infra.Market raised $120 million from a mix of existing and new investors.

What Infra.Market Does

Founded in 2016, Infra.Market provides end-to-end construction materials solutions. Its portfolio spans over 15 categories, including concrete, steel, walling, tiles, paints, and electricals. The company operates through more than 250 manufacturing units and 10,000 retail touchpoints across India.

Infra.Market serves both institutional clients (B2B) and retail buyers (B2R). It is the second-largest player in India by revenue in ready-mix concrete and holds the second-largest capacity in AAC blocks and flooring tiles. The company has also expanded through acquisitions, buying stakes in Emcer Tiles, Metro Group, RDC Concrete, and Shalimar Paints in recent years.

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Why the Confidential IPO Route

Infra.Market opted for SEBI’s confidential pre-filing route, introduced in 2022. This allows companies to file IPO documents without immediately disclosing sensitive financial or strategic details. The method gives companies flexibility to keep rivals from accessing business information and allows them to withdraw or adjust plans based on market conditions.

Other notable firms that have used this route include PhonePe, Swiggy, PhysicsWallah, Groww, boAt, and Aequs. Investment bankers for the IPO include Kotak Mahindra Capital, ICICI Securities, Goldman Sachs, IIFL Capital, Jefferies, HSBC Securities, Motilal Oswal Financial Services, and Nuvama Wealth Management.

Infra.Market’s IPO comes as India’s construction and infrastructure sector grows rapidly. The move positions the company to capitalize on demand while giving existing investors a chance to exit partially. The filing marks a key milestone for the unicorn, which has raised over $700 million to date from marquee investors.

Infra.Market Bags $150M Boost from MARS Growth Capital

Infra.Market has secured $150 million in financing from MARS Growth Capital, backed by Liquidity and MUFG. The deal includes a $100 million extension for five years and an extra $50 million. This marks Infra.Market’s second major fundraise in 2025.

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In a major agreement announced on 30 September 2025, pharmaceutical giant Pfizer has struck a deal with the Trump administration to lower the cost of prescription drugs sold to Medicaid, the U.S. government health programme for low-income Americans.

Under the deal, Pfizer will match what is known as “most-favoured nation” pricing: it will charge Medicaid the lowest price it gives to any other developed country. In return, the company secured a three-year grace period during which its products will be exempt from new pharmaceutical tariffs. In addition, the firm committed to invest $70 billion into research and development and domestic manufacturing initiatives.

What Did the Deal Involve?

• Pricing concessions: Pfizer will guarantee that new drugs launched in the U.S. will be priced no higher than in comparable high-income countries.
• Tariff relief: The administration had threatened a 100% tariff on branded or patented pharmaceutical imports starting 1 October 2025 unless drugmakers built U.S. manufacturing capacity.
• Platform launch: The White House also unveiled plans for “TrumpRx,” a direct-to-consumer drug purchasing website, scheduled for launch in early 2026, that aims to offer treatments at an average 50 % discount.

Who Is Affected and Why It Matters

Who: The deal primarily affects Medicaid beneficiaries (about 70 million Americans) and Pfizer, as well as other pharmaceutical firms observing this precedent.
Where & When: The agreement was announced in Washington, D.C., on 30 September 2025, with tariff protections effective immediately and set to expire in three years.

The why is twofold: the administration seeks to curb sharply rising drug prices in the U.S. and to exert pressure on pharmaceutical companies via the threat of tariffs. For Pfizer, the deal avoids punitive trade measures while securing favourable terms for its operations.

How Did This Come About?

The Trump administration has long criticised high U.S. drug prices, repeatedly linking domestic costs to lower international rates. In May 2025, Trump signed an executive order promoting the “most-favoured nation” approach. The deal with Pfizer is the first major outcome of those efforts. Officials admitted they used the looming 100 % tariff as leverage to clinch the agreement.

Reactions & Challenges

The market reacted quickly: Pfizer’s shares rose about 8% to a high of INR 5,422.95 on the Bombay Stock Exchange on 1 October 2025, reflecting investor approval of its avoidance of harsher penalties.

However, experts remain cautious. Some analysts argue that the drugs singled out for discounting are not among the most expensive or commonly used, limiting the real benefit for many patients. Others warn that past efforts to tie U.S. drug prices to international formulas have faltered when implementation complexities arise. Critics on both political sides say such a major pricing shift should be handled through legislation, not executive action.

Looking Ahead

The success of this initiative will depend on the implementation of the TrumpRx platform and the willingness of other pharmaceutical companies to enter into similar agreements. As the situation develops, it will be crucial to monitor the effects on both the pharmaceutical industry and the American public’s access to affordable medications.

• Raipur-based Mishmash Naturals is India’s first Ayurvedic beauty and self-care brand focused on children aged 3–14.
• The funding will be used to expand their portfolio, invest in R&D and venture into UAE and other GCC markets where demand for certified-safe and natural children’s products continues to grow.
• Mishmash Naturals aims to redefine children’s beauty and self-care by blending Ayurveda with global safety standards.
• So far, Inflection Point Ventures has invested over INR 800 Cr across 250+ startups.

Mishmash Naturals, India’s first Ayurvedic beauty and self-care brand focused on children aged 3–14, has raised INR 2.4 crore in a pre-seed funding round. The round saw participation from Inflection Point Ventures, IIT Delhi Angels Network (led by marquee IIT Delhi alumni, Tejinderpal Miglani, Mohit Rana, Alok Mittal, Shivani Singh Kapoor, Pradeep Gupta and Priyank Shanker Garg), along with 37 other prominent angel investors, including Nihit Jain (MakeMyTrip), Rahul Anurag (Voltas), Kamlakar Rao (BCG), Piyush Kumar (Urban Vault), Riddhi Verma Ayyagari (Baby-Led Weaning India), and Anurag Tayal (Google).

The funding will be used to expand Mishmash’s product portfolio, invest in R&D and dermatological testing, support the upcoming launch of skincare, body care and haircare products tailored for sensitive skin and strengthen the distribution of its clean beauty line for children. In the coming months, the company also plans to launch additional SKUs and expand its offerings in self-care for children. 

Founded by Kanika Singh Chopda, Labdhi Chopda, and Aditi Chaturvedi, Mishmash Naturals was born out of a personal experience when Kanika’s daughter suffered a severe allergic reaction to adult makeup during a school event. Recognising a critical gap in the market for safe, age-appropriate products for children, the founders set out to build India’s first Ayurvedic beauty and self-care brand exclusively for kids.

Mitesh Shah, Co-Founder, IPV, says, “There is a clear gap in the market for safe, purpose-built personal care products for children. Mishmash Naturals fills that void with a balance of empathy and science. Their products are not only clean and natural, but they are also dermatologically tested, age-appropriate, and formulated with a deep knowledge of what developing skin needs, not just for the moment, but every single step of the way. By merging the wisdom of traditional Ayurvedic practices with global safety standards, the team is creating a new category of self-care products for children that is both thoughtful and scalable. It’s an innovation that’s long overdue, and Mishmash is leading it with clarity and conviction.”

Kanika Singh Chopda, Co-Founder, says, “At Mishmash Naturals, we’re redefining how children engage with beauty and wellness by blending Ayurvedic tradition with scientific rigour. Over 40% of our resources go into product development to meet pharmaceutical-grade safety standards, even if it costs us three times more than conventional cosmetics. For us, premium means uncompromised safety and formulations designed especially for children. We believe kids should have safe choices to explore their creativity.”

Tejinderpal Miglani, lead investor at the IIT Delhi Angels Network, says, “Mishmash Naturals represents the future of conscious beauty and self-care, starting with our youngest consumers. Their mother-led, research-intensive approach is exactly the kind of innovation we believe can create global products from India. This is also our first investment as a network, which makes it especially meaningful and aligned with our vision to support strong IIT Delhi alumni teams in creating world-class products.”

The brand currently offers a wide range of toxin-free products, including the Ayurvedic Play Safe Makeup Set for kids with natural blush, eyeshadow, lip balms, and glosses made with sunflower wax, shea butter, and beetroot; Ayurvedic child-safe sunscreen; and a complete Ayurvedic body care range with shampoo, lotion, body wash, and oil. All products are natural, ayurvedic, vegan, cruelty-free, free from parabens, sulfates, artificial fragrances and other well-known irritants.

The children’s beauty and personal care market in India is still at a nascent stage, but rising demand for certified-safe, natural products is witnessing rapid growth. With a strong regulatory edge through AYUSH certification and formulations aligned with international safety standards, Mishmash Naturals is uniquely positioned for global expansion. Building on their foundation in India, Mishmash is also seeking expansion into the UAE and other GCC markets, where the demand for age-appropriate, safe, and natural products is on the rise.

The Enforcement Directorate (ED) on 30 September, 2025 carried out searches at six locations in Indore and Mumbai. The action was part of its probe into alleged illegal remittances abroad by Reliance Infrastructure, a company under the Anil Dhirubhai Ambani Group (ADAG). The searches were linked to violations under the Foreign Exchange Management Act (FEMA).

Focus on Loan Diversion Allegations

According to officials, the probe revolves around alleged diversion of loans worth more than INR 17,000 crore by Reliance Infrastructure (R Infra). Findings from a SEBI report claimed that R Infra routed funds to other Reliance Group companies through inter-corporate deposits (ICDs). These transactions were allegedly done via a firm named CLE, which was not disclosed as a “related party.” Officials say this was to avoid approvals from shareholders and audit committees.

ED sources also said they have contacted 39 banks to check whether due diligence was followed when the loans were sanctioned. Questions have been raised on why banks did not flag the defaults earlier.

Reliance Infra’s Response

In a statement, Reliance Infrastructure said that the current ED searches relate to an old matter from 2010. That year, the company had awarded a contract for the Jaipur-Ringus toll road to Prakash Asphaltings & Toll Highways. The company said the project was domestic in nature, with no foreign exchange involved, and was later handed over to the NHAI.

Reliance Infra added that the searches will have “absolutely no impact on the business operations, financial performance, shareholders, employees, or stakeholders of the company.” The firm also said it is cooperating with the authorities.

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Wider Probe Against Anil Ambani

The action comes as part of a larger investigation into alleged financial irregularities across several ADAG companies. ED officials are looking into suspected laundering of over INR 20,000 crore, some of which may have been moved abroad through undisclosed bank accounts and foreign assets.

Earlier in August, Anil Ambani was summoned to the ED headquarters in New Delhi. His statement was recorded under the Prevention of Money Laundering Act (PMLA). He was asked about foreign assets and transactions linked to his companies.

The ED has also issued a Look Out Circular (LOC) against Ambani, preventing him from leaving India. On August 23, his Mumbai residence was searched by the CBI in a separate case involving alleged misuse of funds received from the State Bank of India.

Previous Arrests and Developments

In a related case, the ED arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Pvt Ltd, on August 1. He is accused of arranging fake bank guarantees worth INR 68.2 crore on behalf of Reliance Power, another ADAG company.

The Reliance Group has consistently denied wrongdoing. It has claimed that past allegations, including those of fund diversion, are based on old matters and that actual exposures were far lower than reported.

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India has approved Novo Nordisk’s diabetes drug Ozempic, marking a major step in modernising treatment for type-2 diabetes and obesity. The once-a-week injection, already popular worldwide for its dual benefits in blood sugar control and weight management, will soon be available in India on prescription. Experts say this move could reshape chronic disease care in a country where lifestyle illnesses are rising sharply.

A New Step in Chronic Disease Care

India’s drug regulator, the Central Drugs Standard Control Organisation (CDSCO), has approved Ozempic (semaglutide injection) for adults with type-2 diabetes. The once-a-week injectable drug, developed by Danish pharma giant Novo Nordisk, will be available only on prescription.

Novo Nordisk India’s managing director, Vikrant Shrotiya, called it a “much needed move” for diabetes care. He said the launch will complete the company’s semaglutide portfolio in India, which also includes oral tablets and obesity treatments.

Why Ozempic Matters

Ozempic was first cleared by the US FDA in 2017. While its main use is blood sugar control in type-2 diabetes, the drug is also known for helping with weight loss. This dual benefit has made it one of the most talked-about medicines worldwide.

India has over 101 million people living with diabetes and more than 254 million with obesity. The numbers have doubled in the past decade. With such high rates, experts see Ozempic as an important addition to India’s fight against lifestyle diseases.

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Costs and Competition

Novo Nordisk has not yet revealed the Indian price of Ozempic. However, its related product Wegovy, approved for obesity management, is reported to cost between INR 17,000 and INR 26,000 per month depending on the dose. Other competing GLP-1 drugs, like tirzepatide (Mounjaro), are also in the market with prices starting at around INR 14,000.

Industry experts expect costs to come down when patents expire and generic versions enter the market. Novo Nordisk’s patent for semaglutide is due to expire in 2026, opening the door for Indian drugmakers.

Benefits and Risks

The main benefits of Ozempic include:

• Better blood sugar control in diabetes
• Noticeable weight loss at higher doses
• Reduced risk of heart attack and stroke in high-risk patients

But there are also cautions:

• Common side effects include nausea and vomiting
• Some reports link it to pancreatitis, gallbladder issues, and kidney problems
• Animal studies showed thyroid tumour risks, leading to safety warnings
• High costs may limit access for many Indians

Doctors say the drug should only be taken with proper medical supervision.

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Global Buzz and Local Relevance

Globally, Ozempic has become a household name, partly due to celebrity users like Elon Musk and Amy Schumer. In India, however, the focus is on its medical role rather than its weight-loss fame.

The World Health Organization recently added semaglutide to its essential medicines list, reflecting its importance in treating diabetes and obesity.

Experts believe the approval could boost India’s anti-obesity market, valued at about INR 752 crore, with semaglutide already contributing more than half of it.

What This Means for Patients

For Indian patients, Ozempic offers a modern, convenient, once-a-week option for managing diabetes and possibly weight. But the true impact will depend on affordability, supply, and how widely doctors prescribe it.

If generics and insurance support expand access, Ozempic could become a game-changer in tackling India’s growing diabetes crisis.

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LG Electronics India is ready to launch its first Initial Public Offering (IPO) next week. The public issue will open for bidding on October 7, 2025, and close on October 9, 2025. This is one of the biggest IPOs of the year and is expected to attract strong investor interest.

The Gurugram-based company is a subsidiary of LG Electronics Inc., South Korea, and is a leading name in home appliances and consumer electronics in India.

IPO Dates and Offer Details

The IPO subscription will be open from October 7 to October 9, 2025.

• Anchor investors will get a chance one day earlier on October 6, 2025.
• Share allotment is expected on October 10, 2025.
• The listing of shares on the BSE and NSE is likely to happen on October 14, 2025.

The IPO consists of an Offer for Sale (OFS) of 10.18 crore shares. The company is offering shares in a price band of INR 1,080–INR 1,140 per share. At the upper end, LG could raise up to INR 11,600 crore, valuing the company at about INR 77,500 crore ($8.7 billion).

Quick LG Electronics IPO Snapshot

Promoter and Objective of the IPO

The entire IPO is an OFS by the parent company, LG Electronics Inc. This means the funds will go to the promoter selling its stake, and LG Electronics India will not receive fresh capital.

Despite this, the IPO is being seen as a major milestone. At its peak valuation, LG India could become the No.1 listed appliance maker in India by market cap.

Market Context and Revival of Plans

LG Electronics had first filed papers with SEBI in December 2024. While approvals came earlier, the company delayed the listing due to market volatility. Now, with stable conditions and strong investor demand, the IPO plan has been revived.

The issue also comes at a busy time for the Indian market. Tata Capital’s INR 15,500 crore IPO is opening just a day before, on October 6, 2025. LG’s public issue will be the fourth billion-dollar IPO in 2025, after HDB Financial Services, Hexaware, and Tata Capital.

Industry Standing and Growth Potential

LG Electronics India is already a market leader in appliances and consumer electronics. It is ahead of peers like Havells India, Voltas, Whirlpool, and Blue Star in terms of revenue and earnings.

India’s appliances and electronics market has grown about 7% between 2019 and 2024, and experts expect it to expand by 11% from 2024 to 2029. Rising incomes, urbanisation, and wider adoption in rural areas are driving this growth.

Bottom Line

The LG Electronics India IPO is set to be one of the largest in 2025. With strong brand trust, high revenues, and a leadership position in its sector, the IPO will be closely watched by investors.

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A 32-year-old French American, Charlie Javice, popularly known for her own company, Frank, is now going to jail for fraud. She faked a company to defraud JP Morgan and got caught, found guilty, and is now headed to serve 7 years in prison. JP Morgan, being such a big bank, fell for it and paid around $175 million. It is said that she feels bad and cried, apologising. But will this compensate for the crime committed? Why was JP Morgan careless? So, what’s her story? What did she fake about? For all that, learn more.

Who Is Charlie Javice, and What Happened?

• Charlie Javice is a passionate entrepreneur. She was 24 years old when she started her online business, Frank.
• It was a company that aimed to help college students complete the complex U.S. financial aid application form (for college).
• The idea was so fascinating to JP Morgan that it saw Frank as a good value addition.
• Let’s go back to 2021, JP Morgan acquired Frank for $175 million. The purchase was a strategic move by JPMorgan. It sought to obtain the students’ data (in millions) to expand its customer base.

Here’s the big catch: those millions didn’t exist. 

How She Pulled It Off?

• JPMorgan, as part of due diligence, wanted proof of Frank’s customer base before buying it, as any company would.
• Javice understood the gravity of the situation and asked her company engineer to fake it. The engineer was brave enough to refuse the idea and warned that it was against the law.
• Ignoring all the warnings, Javice went ahead and hired an outside data scientist to create a “synthetic dataset” (in short, a fake one).
• A full-fledged list of famous names and information on millions of students was ready.
• The act convinced JPMorgan that Frank is genuine, with 4.25 million users, when in reality, it only had around 300,000.

Javice Vs JPMorgan – The Trial and Sentence

• Finally, in March 2025, after careful consideration, a New York jury found Javice guilty of fraud.
• Today, September 30, 2025, the U.S. District Judge Alvin Hellerstein sentenced her to 85 months (just over 7 years) in prison.
• However, the prosecutors demanded 12 years, calling the act an “audacious” and “greedy” crime.
• In response, the judge said that she had no criminal history and had done some good work for charities and her family. That’s the reason why she was exempted a little.

Javice in Court

• Charlie Javice is almost 33 years old and has paid her due apologies to JPMorgan, Frank’s investors, and employees.
• She admitted in court that she, in fact, committed that crime, saying that she made terrible choices at 28 and claimed that it was a “collapse in character.”
• She even cried in court, addressing her parents. Apparently, she deeply regrets her mistake and will do so every day. 

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