According to officials, starting in December, green taxes would be collected from cars travelling from other states to Uttarakhand. Officials say the decision is intended to keep the state clean, safeguard the environment, and limit pollution. This tax will start to be collected in December.
ANPR Cameras to Act as a Scanner
Automatic Number Plate Recognition (ANPR) cameras placed at the state’s borders will record the registration numbers of approaching cars, according to State Additional Transport Commissioner Sanat Kumar Singh. According to him, there are now 37 cameras in the border areas, up from the initial 16 that were put there. According to Singh, a vendor company has been chosen by the transport department to collect the green tax.
How Green Tax’s Eco-System will Work?
Singh stated that the vendor will get the camera data via software, which will then separate the data pertaining to government, two-wheeler, and Uttarakhand-registered vehicles and send it to the National Payments Corporation of India (NPCI) database.
He explained that after that, the wallet numbers of the car owners would be looked up, and the appropriate sum would be automatically taken out and placed into the transport department’s account. Various vehicle classifications have different tax rates: buses pay INR 140, trucks pay between INR 120 and INR 700, depending on their weight, small vehicles pay INR 80, small cargo vehicles pay INR 250, and trucks pay INR 140.
Quick Shots
•Green
tax collection to begin from December for vehicles entering Uttarakhand from
other states.
•Aimed
at reducing pollution, protecting the environment, and keeping the state
clean.
•Automatic
Number Plate Recognition (ANPR) cameras to detect and record vehicle numbers
at state borders.
•7
cameras currently operational (up from 16 earlier).
•Vendor
company appointed by the Transport Department to handle tax collection.
•Data sent to NPCI database, which
identifies vehicle owners’ wallets for automatic deduction of tax.
In a pre-IPO (initial public offering) funding round, billionaire investor Radhakishan Damani, the creator of Avenue Supermarts (DMart), spent approximately INR 90 crore in eyewear retailer Lenskart Solutions, according to a report by ET. The investment is made in advance of Lenskart’s IPO, which is anticipated to go live for subscriptions next week. According to the Draft Red Herring Prospectus (DRHP), the eyeglasses retailer plans to raise INR 2,150 crore through the new issuing of equity shares. In addition, investors and promoters will sell 13.22 crore equity shares.
What is New OFS Deal?
The OFS would involve the sale of shares by investors SVF II Lightbulb (Cayman) Ltd, Schroders Capital Private Equity Asia Mauritius Ltd, PI Opportunities Fund-II, Macritchie Investments Pte. Ltd., Kedaara Capital Fund II LLP, and Alpha Wave Ventures LP, as well as promoters Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi.
The IPO proceeds will be used for a number of strategic initiatives, such as capital expenditures for the establishment of new company-operated, company-owned (CoCo) stores in India; payments for leases, rents, and licenses for these CoCo stores; investments in cloud infrastructure and technology; raising brand awareness through business promotion and marketing; possible unidentified inorganic acquisitions; and general corporate purposes, according to Lenskart.
About Lenskart
Through its online platform and vast retail network, Lenskart, one of India’s biggest omni-channel eyewear retailers, provides a large selection of reasonably priced and stylish prescription eyeglasses, sunglasses, and contact lenses. Lenskart, which was founded in 2008, began as an online marketplace for eyewear in 2010 and launched its first physical location in New Delhi in 2013. It has developed over time into one of the most well-known consumer brands in the eyewear sector in the nation. The business operates internationally in Southeast Asia and the Middle East and is present in metro, Tier-1, and Tier-2 locations.
Quick Shots
•Billionaire
DMart founder Radhakishan Damani invests INR 90 crore in Lenskart Solutions
ahead of its IPO.
•Lenskart
aims to raise INR 2,150 crore via fresh equity issue; 13.22 crore shares to
be sold by promoters and investors through OFS.
•Founded
in 2008, Lenskart is India’s leading omni-channel eyewear retailer, offering
eyeglasses, sunglasses, and contact lenses.
•Operates across India, Southeast
Asia, and the Middle East, with a strong foothold in metro, Tier-1, and
Tier-2 cities.
As it ramps up production of Apple AirPods, Foxconn Interconnect Technology (FIT), Hyderabad, a fully owned subsidiary of Taiwanese contract maker Foxconn, plans to increase its workforce and production lines over the course of the next six to eight months, as reported by ET.
In April, the Kongara Kalan factory started producing AirPods on a commercial basis. As Foxconn expands its business outside of China, it is moving machinery out of its plants in Vietnam.
In order to meet global demand, FIT plans to modernise five current production lines to create new AirPods models. According to the sources, FIT Hyderabad’s planned capacity will increase from the current projection of over 100,000 AirPods each month to 200,000.
Apple Growing its Manufacturing Nexus in India
The growth is consistent with Apple’s expanding domestic manufacturing ecosystem. In the first half of this fiscal year, Apple exported a record $10 billion worth of iPhones from India, up 75% from $5.71 billion in the same period last year, according to an October 8 ET story.
According to the ET article, the FIT plant presently employs about 2,000 people, and in the next six to eight months, that number is expected to rise to 5,000. A lack of dysprosium, a direct outcome of China’s crackdown on the export of rare earth metals, has impeded the production of Apple’s AirPods at FIT’s Telangana factory, according to an ET story from July.
When Beijing loosened export restrictions on essential minerals and rare earth metals in August, the bottleneck was lessened. The most recent models are the AirPods Pro 3, which were released in September of this year, and the AirPods 4, which were released in September of last year.
FIT’s Hyderabad Factory and its Operations
In addition to components like cables and connectors for many brands, FIT produces wearables like AirPods. The village of Kongara Kalan, located 15 km from the Hyderabad airport, is a part of a broader plan to increase the company’s production capacity and offer goods like true wireless stereo (TWS) earbuds to the Indian local market as well as the US and Europe.
With the construction of the facility, the business established a new production hub for audio devices in India. A strategic strategy to diversify electronics manufacturing and create a more robust supply chain, particularly in new priority areas, is the investment in the Hyderabad factory.
In order to serve its worldwide activities, FIT has been investing in new facilities in Vietnam for at least 16 years. Foxconn’s larger plan to diversify its supply chain and lessen its reliance on China includes the growth in Vietnam.
Quicks Shots
•FIT
Hyderabad plans to upgrade five production lines to boost output of AirPods.
•Monthly
production set to rise from 100,000 to 200,000 units within six to eight
months.
•FIT
Hyderabad workforce to grow from 2,000 to 5,000 employees to support ramp-up.
•Kongara Kalan plant, operational
since April, produces AirPods and TWS earbuds for India, US, and Europe.
The Economic Times reported that Google, a prominent US tech company, has leased over 617,000 square feet of office space at Atrium Place in Gurugram, one of the biggest office space agreements of 2025. The building, which was created in collaboration with DLF and Hines, represents Google’s ongoing foray into the corporate real estate sector in India.
The deal is a component of Google’s long-term strategy to increase its footprint in the National Capital Region (NCR), even if the lease’s terms and financials are still unknown. The most recent agreement was reached months after the business leased 550,000 square feet from Table Space, a managed office provider in another commercial facility in Gurugram.
India a Hot Spot for Google as it Renews Bangaluru Office Lease
Google IT Services India extended its office lease at Bengaluru’s Bagmane Capital Business Park for a further five years in May 2025, paying INR 90 crore a year. The 870,000 square foot workspace is spread between two towers, Kyoto East and Kyoto West, and is next to Google Ananta, the company’s largest campus in India, which can accommodate 5,000 workers. Propstack records state that Google will pay INR 7.5 crore in rent each month, or INR 86.25 per square foot. Additionally, a total of INR 38 crore has been deposited as security, divided between the two towers.
Google Also Renews Mumbai’s BKC Lease
Google Cloud and Google India extended their office leases at the First International Financial Centre (FIFC) in Mumbai’s Bandra-Kurla Complex (BKC), one of the priciest corporate districts in India, in February 2025. The Mumbai contract, according to the property records Square Yards examined, spans two floors and 110,980 square feet. The monthly rent is INR 3.55 crore, and the lease will be in effect for five years beginning in June 2025. After three years, there is a 15% rent increase clause in the agreement. Google paid a security deposit of INR 9.64 crore, stamp duty of INR 1.87 crore, and registration fees of INR 30,000.
Quick Shots
•Google
leases 617,000 sq ft at Atrium Place, one of the largest office deals in
2025.
•Atrium
Place developed by DLF and Hines; part of Google’s strategy to grow its NCR
footprint.
•Google
had earlier leased 550,000 sq ft from Table Space in Gurugram.
•Mumbai
lease includes INR 3.55 crore/month rent, INR 9.64 crore security deposit,
and stamp duty of INR 1.87 crore.
•Google is strengthening its
presence in key Indian metros—Gurugram, Bengaluru, and Mumbai.
On October 25, Reliance Industries declared that Reliance Intelligence Limited, its wholly owned subsidiary, has formed a new business, Reliance Enterprise Intelligence Limited (REIL), as part of a joint venture with Facebook’s Indian division.
The unit, which will concentrate on creating, promoting, and disseminating enterprise AI services, has received an initial combined investment of about INR 855 crore from the businesses run by Mark Zuckerberg and Mukesh Ambani.
Facebook Overseas, Inc., a fully owned subsidiary of Meta Platforms Inc., will own the remaining 30% of REIL, with Reliance Intelligence holding the remaining 70%. Additionally, RIL’s AI division will contribute INR 2 crore to the inaugural 20 million equity share purchase at INR 10 per share.
REIL’s Incorporation Doesn’t Require Any Regulatory Approval
The filing states that none of the promoters, the promoter group, or the group companies of Reliance Industries have any stake in the transaction and that the incorporation of REIL does not qualify as a related party transaction. Additionally, the filing stated that the incorporation of REIL did not require any regulatory or governmental clearances.
The partnership, which was first revealed at RIL’s Annual General Meeting in August, would provide AI solutions for a variety of industries by combining Reliance’s enterprise reach with Meta’s open-source Llama models. This collaboration will concentrate on two primary products: a portfolio of pre-configured solutions for sectors including sales, marketing, IT operations, customer support, and finance, and an enterprise AI platform-as-a-service that allows businesses to design and implement generative AI models.
Reliance will make use of its digital infrastructure and access to thousands of Indian small and enterprise firms, while Meta will contribute its technological know-how in creating Llama-based models. With a focus on reducing total cost of ownership, the solutions will be deployable in cloud, on-premises, and hybrid settings.
RIL and its Operations
RIL is the biggest private sector enterprise in India. Hydrocarbon production and exploration, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (hydrogen and solar), retail, and digital services are all included in its operations. With a 9.94% increase in operating revenue to INR 2,58,898 crore in Q2 FY26 compared to Q2 FY25, RIL’s consolidated net profit soared 9.54% to INR 18,165 crore.
Quick Shots
•Reliance
Industries announces incorporation of REIL, a joint venture with Facebook’s
Indian arm.
•The
JV has received an initial investment of INR 855 crore — Reliance holds 70%,
Meta (via Facebook Overseas Inc.) owns 30%.
•Incorporation
of REIL does not require any government or regulatory clearances and is not a
related party transaction.
•REIL
will develop, promote, and deliver enterprise AI services for sectors like
sales, marketing, IT, customer support, and finance.
•Includes
a portfolio of pre-configured AI solutions and an enterprise AI
platform-as-a-service for building generative AI models.
The Washington Post reported on 25 October that Indian officials allegedly droughted and approved a plan in May to redirect approximately $3.9 billion in investments from the state-owned insurer to Adani Group enterprises. The Life Insurance Corporation of India (LIC) refuted the claims.
The claims were deemed “false” by LIC. In a statement, LIC said that the alleged remarks in the article seemed to have been made with the objective to “tarnish the reputation and image” of LIC and the solid financial sector foundations in India, as well as to “prejudice” the company’s established decision-making process.
According to LIC’s official response, the Washington Post’s accusations that LIC’s investment selections are impacted by outside forces are untrue, unfounded, and far from accurate. The report claims that LIC has never created a plan or document that lays out a strategy for LIC to invest money in the Adani group of firms.
Investment was Made as per Board Approved Policy: LIC
The group stated that LIC independently makes investment decisions in accordance with board-approved regulations following thorough due diligence. Such judgements are not made by the Department of Financial Services or any other organisation.
According to LIC, it has made sure that the “highest standards of due diligence” have been followed and that all of its investment decisions have been made in the best interests of all of its stakeholders by adhering to current policies, act provisions, and regulatory requirements. The $570 million LIC investment in Adani Ports & SEZ (APSEZ), which has the highest ‘AAA’ credit rating in India, was also highlighted in the report.
The Adani Group was under investigation and dealing with a mountain of debt at the time in the United States. LIC also has a sizable amount of corporate debt and government bonds. It spreads risk through a broadly diversified portfolio.
Less than 2% of LIC’s total debt is held by the Adani group, which is led by Gautam Adani, the second-richest man in India. Global confidence in the firm is shown in the recent investments made in Adani debt by international investors such as Germany’s second-biggest bank, DZ Bank, and Japan’s major banks, Mizuho and MUFG, as well as the US’s largest funds, BlackRock and Apollo.
Response from Adani Group
In reaction to the Washington Post article, the Adani Group stated that it vehemently denies any role in any purported government schemes to allocate LIC funding. The organisation also disclosed that LIC makes investments in a variety of corporate companies; therefore, it is false to imply that Adani receives preferential treatment. Additionally, LIC has profited from its investment in our portfolio. The business stated that “our growth predates PM Modi’s national leadership” and that claims of excessive political favour are baseless.
Quick Shots
•LIC
rejects The Washington Post’s claim of a $3.9 billion investment plan for
Adani Group.
•Terms
the allegations “false” and intended to “tarnish” its reputation and India’s
financial system.
•LIC
asserts investment decisions are made independently, not influenced by any
government department.
•Adani Group denies any link to
government plans involving LIC funds; says LIC invests across multiple
companies.
Gold prices have dropped to a record low in the last few days. It has dropped about 14 times so far in 2025; however, it hasn’t had any effect on gold until now. The price of gold in India has doubled by 60%. But right now, in October, the rates have fallen significantly, making many wonder why. The real questions are: will it drop further and rise in the coming days? Should gold investors be worried about this? What’s the current scenario with gold in the market? For all that, learn more.
International Market Situation
In global trading (Comex platform), gold for December delivery dropped by $20.61.
It’s 0.50%, to $4,124.99 per ounce. The previous day saw a 2% rise.
Several analysts stated that gold has become too expensive to afford, having consistently hit record levels this year.
To profit from this rise, many began selling part of their gold holdings, leading to today’s fall.
This fall, for several days, may end gold’s 9-week winning streak.
And on the other hand, the cost of silver fell too:
The Comex silver for December delivery fell by 1.06% to $48.19 per ounce.
Indian Market (MCX)
Gold futures in India also fell hard:
The December contract dropped by INR 1,109 or 0.89% to INR 1,22,995 per 10g.
The February 2026 contract fell by INR 1,075, or 0.86%, to INR 1,24,200 per 10g.
Silver fell to big losses:
The December contract dropped by INR 2,683 or 1.81% to INR 1,45,829/kg.
The March 2026 contract fell by INR 2,206, or 1.47%, to INR 1,47,878/kg.
Why Did the Gold Price Fall?
Stronger US Dollar
The dollar index rose 0.11% to 99.05. So, whenever the dollar strengthens, gold becomes more expensive, and demand falls.
Hope of US-China Trade Deal
Lower trade tensions mean less need for “safe assets” like gold.
Profit Booking
As the prices skyrocketed, traders sold parts of their gold to secure profits, and that’s what is happening right now.
Large withdrawals from gold ETFs
Apparently, it’s the biggest single-day drop in ETF holdings (by tonnage) in 5 months.
Correction after huge gains
Though the price is down now, it’s already up by more than 50% this year. So, this fall is quite natural.
What’s Next? (Events to Watch)
The following events can affect the gold prices, and the experts are watching out:
US President Donald Trump and China’s Xi Jinping meeting.
Updates on the US government shutdown.
US-Russia tension and new sanctions on Russia.
US CPI inflation data, which could most likely affect the interest rates.
The Federal Reserve will likely cut rates two more times before the year ends, and this could support gold.
Final Words…
It’s indeed a good time to buy (because there’s a massive dip in the gold price) and okay to hold on to your reserves. However, it’s a bad time to sell because you won’t make much profit at the moment.
India’s startup and business ecosystem saw notable developments on 24th October 2025, with multiple funding rounds and key corporate announcements. From sports infrastructure and trade finance to enterprise AI and urban water solutions, startups continue to attract significant investments. In parallel, prominent business leaders and organizations, including Deepinder Goyal and Tata Trusts, made major commitments and governance updates, reflecting ongoing growth and strategic moves across sectors.
Bengaluru-based sports infrastructure startup raises $2.5 million in pre-Series A
Michezo Sports offers end-to-end solutions for sports facilities including tracks, turfs, and courts, along with distribution of sports equipment. The pre-Series A funding led by Centre Court Capital and Rainmatter will help expand into swimming pools and civil sports infrastructure, while scaling its technology-driven platform to enhance accessibility and efficiency in sports infrastructure across India.
Trade finance platform CapitalXB secures $15 million seed funding
CapitalXB provides invoice discounting, factoring, and supply chain financing to MSMEs through the RBI-regulated TReDS platform. The $15 million seed funding led by Nicolas Walewski will help the startup expand nationwide, implement AI-based credit assessments, and improve platform efficiency, enabling faster access to working capital and helping MSMEs grow sustainably across India’s manufacturing and trade sectors.
Digital asset bank Pave Bank raises $39 million Series A
Pave Bank integrates fiat and digital asset banking, including cryptocurrencies, in one platform. The $39 million Series A, led by Accel and other investors, will strengthen regulatory compliance, scale institutional-grade infrastructure, and enhance offerings. Pave Bank aims to simplify digital asset adoption, providing secure, transparent services to retail and institutional clients while bridging traditional and crypto banking.
Enterprise AI startup UnifyApps raises $50 million Series B
UnifyApps integrates AI with enterprise tools like Salesforce and Workday to automate tasks such as HR, claims, and workflows. The $50 million Series B led by WestBridge Capital and ICONIQ will fund workforce expansion, platform enhancements, and European growth. With co-founder Pavitar Singh and Sprinklr founder Ragy Thomas as co-CEO, UnifyApps aims to set global standards for AI-driven enterprise automation.
Urban water startup Megaliter Varunaa raises INR 15 crore in seed round
Megaliter Varunaa converts sewage treatment plants into circular water utilities through a zero-CapEx, subscription-based model. The Hyderabad-based startup’s INR 15 crore seed funding from institutional investors will accelerate project development, implement innovative water reuse solutions, and scale operations. Its flagship ‘Megaliter Model’ addresses urban water scarcity while providing sustainable, scalable, and efficient wastewater management solutions.
Key Business News for 24th October 2025
Deepinder Goyal Commits $25 Million to Longevity Venture
Deepinder Goyal, founder and CEO of Eternal, has pledged $25 million from his personal funds to Continue Research, a venture focused on extending human life and enhancing overall health. The initiative aims to explore areas such as aging, nutrition, sleep, and mental wellness through scientific research. Goyal emphasizes that the project is fully self-funded and operates independently from Eternal, reflecting his commitment to advancing human health and longevity.
Tata Trusts Proposes Reappointment of Mehli Mistry
Tata Trusts has proposed reappointing Mehli Mistry as a lifetime trustee, just days before his current three-year term concludes on October 28. Mistry, associated with the Shapoorji Pallonji family, holds a significant position in the governance of Tata Trusts, which owns a majority stake in Tata Sons. The proposal has sparked internal debates among trustees regarding the interpretation of the lifetime trusteeship resolution, highlighting ongoing discussions about leadership and legacy within the organization.
Tech giants and startups are filling the void left by Meta’s announcement that it will lay off 600 workers from its AI business. Among them is Sudarshan Kamath, an Indian entrepreneur and the creator of Smallest AI. The US-based businessman said on X that his organisation will appoint former Meta staff members to its San Francisco-based speaking team.
He stated in the post that Meta had laid him off. “We are hiring in speech team for Smallest AI in San Francisco!” According to Kamath, the positions offer flexible equity options in addition to basic salaries that range from $200,000 (INR 1.75 crore) to $600,000 (INR 5.26 crore) annually. Selected personnel are likely to make more than half a million dollars annually with such appealing base salary, bringing the remuneration comparable to that of larger software organisations.
Eligibility
Candidates must fulfil certain requirements. In his posting, Kamath described the requirements, saying that he was seeking experience in speech evaluations, speech generation, full duplex speech-to-speech, etc. It must be both intelligent and hungry. “DM me.” In an effort to increase the agility of its AI section, Meta is laying off over 600 employees from its Superintelligence Labs. According to news agency Reuters, the layoffs impact teams in Facebook Artificial Intelligence Research (FAIR), product-focused AI units, and AI infrastructure organisations.
There will be no impact on the recently established TBD Lab, which employs a few dozen engineers and researchers developing next-generation foundation models. According to Chief AI Officer Alexandr Wang, the change will increase the accountability and influence of each remaining function while streamlining decision-making. Additionally, the organisation is urging impacted workers to look for other roles within Meta.
Meta’s Mega AI Mission
To support its largest data centre project to date, Meta recently secured a $27 billion financing transaction with Blue Owl Capital, its largest private capital agreement to date. According to analysts, the agreement transfers a large portion of the risk and expense to outside investors while enabling Meta to pursue its AI objectives.
Following the departure of top workers and a lacklustre reception to its open-source Llama 4 model, Meta restructured its AI operations under Superintelligence Labs in June. To bolster the sector, CEO Mark Zuckerberg personally spearheaded a significant hiring drive.
With an emphasis on creating the company’s next-generation AI models, Superintelligence Labs currently houses Meta’s Foundations, Product, FAIR, and TBD teams. By creating the FAIR unit and hiring Yann LeCun as its top AI scientist, Meta made its initial investments in AI in 2013 and established a global deep learning research network.
Quick Shots
•Smallest
AI, founded by Sudarshan Kamath, offers roles to laid-off Meta AI staff.
•Salaries
range from $200,000 to $600,000 (INR 1.75–INR 5.26 crore) with flexible
equity options.
•Positions
open for experts in speech evaluation, speech generation, and full-duplex
speech-to-speech AI.
•Over 600 employees cut from Meta’s
Superintelligence Labs, including FAIR and AI infrastructure teams.
Michezo Sports, an early leader in India’s sports infrastructure sector, today announced the close of a pre-Series A investment round of approximately $2.5 million, led by Centre Court Capital, a VC fund focused on Sports and Gaming. Rainmatter, the investment arm of Zerodha, also participated in the round. This investment marks the formal entry of venture capital into India’s largely unorganised sports infrastructure sector, signalling growing investor confidence in the country’s aspirations to host international sporting events, including the 2036 Olympics.
For decades, Indian sportspersons have trained with passion but often lacked access to quality facilities. Since its inception in August 2019, Michezo has developed sports infrastructure for over 175 clients across 350 projects nationwide. The company adheres to global sports federation standards, including FIFA, FIH, ITF, and World Athletics, for both product selection and certification of installations. Michezo’s portfolio spans athletic tracks; football and hockey pitches; badminton, squash, basketball, and volleyball courts; as well as paddle and pickleball arenas in sports complexes, club training facilities, educational campuses, and real estate projects.
The latest funding will enable Michezo to expand into additional infrastructure verticals, including pools, civil and public sports facilities, and distribution platforms for sports infrastructure materials.
“As a former professional tennis player, I experienced the difference in good sports infrastructure made to an athlete’s journey, and the frustration when it was inaccessible. The industry today remains largely informal and fragmented. Michezo was founded with the long-term vision to bring player-centricity, professionalism, formal organisation, and governance to a sector that has remained on the sidelines of India’s growth story,” said Maharishi Sridhar, Founder, Michezo Sports.
Commenting on the investment, Mustafa Ghouse, Founding General Partner, Centre Court Capital, said, “India’s sports infrastructure sector is entering a pivotal growth phase. We are seeing rising participation, public and private investment, and accelerating this is the country’s broader sporting ambitions. At Centre Court Capital, we believe the next decade of Indian sport will be defined by the quality, accessibility, and integration of its infrastructure. Michezo embodies that vision by not just building facilities but building the blueprint for the next decade of Indian sport. Our investment reflects a long-term conviction that formalising and scaling this sector will not only unlock significant enterprise value but also develop the foundation for India’s sporting future.”
Nithin Kamath, Founder and CEO, Rainmatter, said, “Sports is a way to build a healthier India, and for that, we need more sports infrastructure that is available and accessible to all. We believe infrastructure is the backbone of any sporting culture, and now is the moment to build it right.”
